Business marketing: understand what customers value.

Science.gov (United States)

Anderson, J C; Narus, J A

1998-01-01

How do you define the value of your market offering? Can you measure it? Few suppliers in business markets are able to answer those questions, and yet the ability to pinpoint the value of a product or service for one's customers has never been more important. By creating and using what the authors call customer value models, suppliers are able to figure out exactly what their offerings are worth to customers. Field value assessments--the most commonly used method for building customer value models--call for suppliers to gather data about their customers firsthand whenever possible. Through these assessments, a supplier can build a value model for an individual customer or for a market segment, drawing on data gathered form several customers in that segment. Suppliers can use customer value models to create competitive advantage in several ways. First, they can capitalize on the inevitable variation in customers' requirements by providing flexible market offerings. Second, they can use value models to demonstrate how a new product or service they are offering will provide greater value. Third, they can use their knowledge of how their market offerings specifically deliver value to craft persuasive value propositions. And fourth, they can use value models to provide evidence to customers of their accomplishments. Doing business based on value delivered gives companies the means to get an equitable return for their efforts. Once suppliers truly understand value, they will be able to realize the benefits of measuring and monitoring it for their customers.

Market review: Market values summary July market review/current market data

International Nuclear Information System (INIS)

Anon.

1996-01-01

A summary of financial data for the uranium spot market is provided. Recent transactions are tabulated, including uranium sales, natural uranium loans, conversion sales, and enrichment sales. A market values summary and long-term price indicators are also provided. The July 1996 market review data includes summaries of near-term uranium sales, near-term supply/demand, NUEXCO values, USEC prices, and calculated worth of enriched uranium. Active projects in uranium, conversion, and separative work supply and demand are listed. International market values are tabulated for 22 selected currencies

Harem: Hardwood lumber remanufacturing program for maxmizing value based on size, grade and current market prices

Science.gov (United States)

C.J. Schwehm; P. Klinkhachorn; Charles W. McMillin; Henry A. Huber

1990-01-01

This paper describes an expert system computer program which will determine the optimum way to edge and trim a hardwood board so as to yield the highest dollar value based on the grade, size of each board, and current market prices. The program uses the Automated Hardwood Lumber Grading Program written by Klinkhachorn, et al. for determining the grade of each board...

a European Global Navigation Satellite System — the German Market and Value Adding Chain Effects

Science.gov (United States)

Vollerthun, A.; Wieser, M.

2002-03-01

Since Europe is considering to establish a "market-driven" European Global Navigation Satellite System, the German Center of Aerospace initiated a market research to justify a German investment in such a European project. The market research performed included the following market segments: aviation, railway, road traffic, shipping, surveying, farming, military, space applications, leisure, and sport. In these market segments, the forementioned inputs were determined for satellite navigation hardware (receivers) as well as satellite navigation services. The forecast period was from year 2007 to 2017. For the considered period, the market amounts to a total of DM 83.0 billion (approx. US $50 billion), whereas the satellite navigation equipment market makes up DM 39.8 billion, and charges for value-added-services amount to DM 43.2 billion. On closer examination road traffic can be identified as the dominant market share, both in the receiver-market and service-market. With a share of 96% for receivers and 73% for services the significance of the road traffic segment becomes obvious. The second part of this paper investigates the effects the market potential has on the Value-Adding-Chain. Therefore, all participants in the Value-Adding-Chain are identified, using industrial cost structure models the employment effect is analyzed, and possible tax revenues for the state are examined.

Value oriented strategic marketing

Directory of Open Access Journals (Sweden)

Milisavljević Momčilo

2013-01-01

Full Text Available Changes in today's business environment require companies to orient to strategic marketing. The company accepting strategic marketing has a proactive approach and focus on continuous review and reappraisal of existing and seeking new strategic business areas. Difficulties in achieving target profit and growth require turning marketing from the dominant viewpoint of the tangible product to creating superior value and developing relationships with customers. Value orientation implies gaining competitive advantage through continuous research and understanding of what value represents to the consumers and discovering new ways to meet their required values. Strategic marketing investment requires that the investment in the creation of values should be regularly reviewed in order to ensure a focus on customers with high profit potential and environmental value. This increases customer satisfaction and retention and long-term return on investment of companies.

Economic value added or earnings: What explains market value in Indian firms?

Directory of Open Access Journals (Sweden)

Nufazil Altaf

2016-12-01

Full Text Available The purpose of this paper is to empirically test the claim made by Stern Stewart & Company that economic value added is a better metric that traditional earning based measures in explaining market value. For better exposition, a sample of 325 Indian firms has been divided into two parts- 170 firms belonging to Indian manufacturing companies and 155 companies belonging to the Indian service sector. After performing univariate and multivariate regression analyses, the results of the study reveal that the operating income has a strong linkage with market value added in both manufacturing and service sectors. For both the sectors, the economic value added shows weaker but positive relationship with the market value added.

Cost vs. Market Value: The Case for Reporting Endowment Investments at Market Value.

Science.gov (United States)

Bland, Harold

1992-01-01

The difference between cost and market value of endowment investments is significant for many colleges and universities. These investments should always be reported at market value to provide relevant, comparable, consistent, and understandable financial information. Nonmanagement users of institutional financial statements prefer market rather…

Dynamic market behaviour of autonomous network based power systems

NARCIS (Netherlands)

Jokic, A.; Wittebol, E.H.M.; Bosch, van den P.P.J.

2006-01-01

Dynamic models of real-time markets are important since they lead to additional insights of the behavior and stability of power system markets. The main topic of this paper is the analysis of real-time market dynamics in a novel power system structure that is based on the concept of autonomous

A matrix model for valuing anesthesia service with the resource-based relative value system.

Science.gov (United States)

Sinclair, David R; Lubarsky, David A; Vigoda, Michael M; Birnbach, David J; Harris, Eric A; Behrens, Vicente; Bazan, Richard E; Williams, Steve M; Arheart, Kristopher; Candiotti, Keith A

2014-01-01

The purpose of this study was to propose a new crosswalk using the resource-based relative value system (RBRVS) that preserves the time unit component of the anesthesia service and disaggregates anesthesia billing into component parts (preoperative evaluation, intraoperative management, and postoperative evaluation). The study was designed as an observational chart and billing data review of current and proposed payments, in the setting of a preoperative holing area, intraoperative suite, and post anesthesia care unit. In total, 1,195 charts of American Society of Anesthesiology (ASA) physical status 1 through 5 patients were reviewed. No direct patient interventions were undertaken. Spearman correlations between the proposed RBRVS billing matrix payments and the current ASA relative value guide methodology payments were strong (r=0.94-0.96, Pbilling matrix yielded payments that were 3.0%±1.34% less than would have been expected from commercial insurers, using standard rates for commercial ASA relative value units and RBRVS relative value units. Compared with current Medicare reimbursement under the ASA relative value guide, reimbursement would almost double when converting to an RBRVS billing model. The greatest increases in Medicare reimbursement between the current system and proposed billing model occurred as anesthetic management complexity increased. The new crosswalk correlates with existing evaluation and management and intensive care medicine codes in an essentially revenue neutral manner when applied to the market-based rates of commercial insurers. The new system more highly values delivery of care to more complex patients undergoing more complex surgery and better represents the true value of anesthetic case management.

Market Values Summary/December Market Review/Current Market Data

International Nuclear Information System (INIS)

Anon.

1995-01-01

A summary of financial data for the 1994 uranium market is provided. Price ranges for the restricted and unrestricted markets, conversion, and separative work are listed. Detailed transactions are listed for enrichment services, enriched uranium product, sales and loans, uranium supply and demand, conversion supply and demand, and separative work supply and demand. Previous 6-month and yearly values are noted. A table of market values expressed in selected currencies is also provided

Market segmentation in tourism: An application of the Schwartz's value theory

Directory of Open Access Journals (Sweden)

Veljković Saša

2015-01-01

Full Text Available Tourism is one of the fastest growing economic sectors. As nowdays tourism market is characterized by rapid changes and strong competition, the struggle for tourists represents everyday issue which tourist entities face with. In the past few decades, tourism demand has significantly been changed. From the unified and mass, it has become highly informed, personalized, with different individual requirements and preferences. Market segmentation occurs as an inevitable process in delivering appropriate value to tourists. To achieve better business outcomes, tourism businesses are looking for ways to make their offer suitable for tourists needs. The aim of this paper is to show if there is an impact of the value system on the consumer decision-making in choosing travel arrangements. The survey was conducted on a sample of 168 respondents, who were primarily selected from the population of students of the University of Belgrade. In order to answer the research questions, Schwartz's system of values model was used. Thus defined value system was used as the basis for segmentation of the tourist market. The survey showed that based on such segmentation, tourist can be divided into four clusters: 'individualists', 'modest traditionalists', 'hedonists' and 'social adventurers'.

48 CFR 1352.228-74 - Fair market value of aircraft.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Fair market value of... Fair market value of aircraft. As prescribed in 48 CFR 1328.310-70(e) and 48 CFR 1328.310-70(g) insert the following in all applicable contracts for leased aircraft: Fair Market Value of Aircraft (APR 2010...

Market values summary/October market review/current market data

International Nuclear Information System (INIS)

Anon.

1994-01-01

This article is the October uranium market summary. During this period, volume increased to 2.2 Mlb U3O8 on the spot concentrates market. The unrestricted and restricted exchange values remained steady at $7.00 and $9.05 per pound U3O8 respectively. There were two UF6 deals during this period, and with supply more than adequate to meet the demand, the restricted UF6 price remained unchanged at $29.00 per kgU as UF6. The unrestricted value increased slightly to $24.50. The conversion value was unchanged, and the enrichment services market/prices weakened. Both active supply and demand decreased during this period

48 CFR 1252.228-71 - Fair market value of aircraft.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Fair market value of....228-71 Fair market value of aircraft. As prescribed in (TAR) 48 CFR 1228.306-70(a) and (c), insert the following clause: Fair Market Value of Aircraft (OCT 1994) For purposes of the clause entitled “Loss of or...

Threshold values in acquisitions in the power market

International Nuclear Information System (INIS)

2002-01-01

This report discusses weather the authorities should define threshold values for the market concentration in the power market for reasons of future competition. It is shown that special circumstances in the power market dictate that the competition authorities may have good reasons to adopt a precautionary attitude to acquisitions in that market. The assessment must consider the fact that it is the competition in individual hours that is relevant for the market. Thus the competition authorities should use threshold values based on the producers' share of the power capacity in all relevant market areas that are affected by the acquisition. The threshold values may still be used only as a first filtering out procedure. A final decision about intervention must be founded on a closer assessment of all the socioeconomic consequences of the acquisition in each case

How PV system ownership can impact the market value of residential homes

Energy Technology Data Exchange (ETDEWEB)

Klise, Geoffrey Taylor [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Johnson, Jamie L. [Energy Sense Finance, LLC, Punta Gorda, FL (United States)

2014-01-01

There are multiple ways for a homeowner to obtain the electricity generating and savings benefits offered by a photovoltaic (PV) system. These include purchasing a PV system through various financing mechanisms, or by leasing the PV system from a third party with multiple options that may include purchase, lease renewal or PV system removal. The different ownership options available to homeowners presents a challenge to appraisal and real estate professionals during a home sale or refinance in terms of how to develop a value that is reflective of the PV systems operational characteristics, local market conditions, and lender and underwriter requirements. This paper presents these many PV system ownership options with a discussion of what considerations an appraiser must make when developing the contributory value of a PV system to a residential property.

48 CFR 3052.228-92 - Fair market value of aircraft (USCG).

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Fair market value of... PROVISIONS AND CONTRACT CLAUSES Text of Provisions and Clauses 3052.228-92 Fair market value of aircraft... clause: Fair Market Value of Aircraft (DEC 2003) For purposes of the clause entitled “Loss of or Damage...

Measuring Value in the Commons-Based Ecosystem: Bridging the Gap Between the Commons and the Market

OpenAIRE

De Filippi , Primavera; Hassan , Samer

2014-01-01

International audience; Commons-based peer-production (CBPP) constitutes today an important driver for innovation and cultural development, both online and offline. This led to the establishment of an alternative, Commons-based ecosystem, based on peer-production and collaboration of peers contributing to a common good. Yet, to the extent that this operates outside of the market economy, we cannot rely on traditional market mechanisms (such as pricing) to estimate the value of CBPP. We presen...

Values-Based Education for Sustainability Marketers: Two Approaches for Enhancing Student Social Consciousness

Science.gov (United States)

Markley Rountree, Melissa; Koernig, Stephen K.

2015-01-01

Sustainable development has been a hot button issue for decades, and yet business schools continue to struggle with accessible, meaningful and effective strategies to incorporate the topic into their curricula. To extend the teaching toolbox of educators, we describe two complementary marketing courses that use values-based learning to incorporate…

THE FAIR VALUE – REPRESENTATION OF THE MARKET VALUE IN ACCOUNTING. TRENDS AND PERSPECTIVES IN ROMANIAN ACCOUNTING PRACTICE

Directory of Open Access Journals (Sweden)

Marinela-Daniela Manea

2011-06-01

Full Text Available The market value, as a method of measuring the right value, also provides the highest objectivity due to the fact that it is based on information exterior to the entity, impossible to influence in anyway. For the fair value of a product to be equivalent to the market value, a prerequisite needs to be followed: the market must be perfect, namely organized and active. In this case, the evaluation’s type is mark et to market. In certain fields, the active’s market existence is clearly difficult (for instance for the derived products or specialized, unique assets etc. In such situations – imperfect market – we will valorize that specific good by calculating its fair value by using an evaluation technique, an alternative technique in the absence of a price set by the market. There are two possible approaches: the first one belongs to the analogy method; the second approach belongs to valuing an asset using the modeling technique also known as market to model. The method of determining the value of an asset by analogy or similarity is theoretically valid, but in practice this is difficult, since the notion of similar characteristics is often difficult to establish and prove. This article proposes a valuation of the market value concept based on Romanian realities - legal, accounting practices in that area,and taking into account the existing fiscal limitations.

Consumer Complaints and Company Market Value

Directory of Open Access Journals (Sweden)

Danny Pimentel Claro

2014-07-01

Full Text Available Consumer complaints affect company market value and common sense suggests that a negative impact is expected. However, do complaints always negatively impact company market value? We hypothesize in this study that complaints may have a non-linear effect on market value. Positive (e.g. avoiding high costs to solve complaints and negative (e.g. speedy and intense diffusion tradeoffs may occur given the level of complaints. To test our non-linear hypothesis, a panel data was collected from cell phone service providers from 2005 to 2013. The results supported our tradeoff rationale. Low levels of complaints allow for companies to increase market value, while high levels of complaints cause increasing harm to market value. The sample, model and period considered in this study, indicates a level of 0.49 complaints per thousand consumers as the threshold for a shift in tradeoffs. The effects on market value become increasingly negative when trying to make reductions to move below this level, due to negative tradeoffs.

Indigenous values and water markets: Survey insights from northern Australia

Science.gov (United States)

Nikolakis, William D.; Grafton, R. Quentin; To, Hang

2013-09-01

Drawing upon on the literature on Indigenous values to water, water markets and the empirical findings from a survey of 120 Indigenous and non-Indigenous respondents across northern Australia, the paper makes important qualitative and statistical comparisons between Indigenous and non-Indigenous values to water markets. The study is the first comparison of Indigenous and non-Indigenous values to water markets based on the same survey instrument. Key results from Indigenous respondents include: (1) water markets are held to be an acceptable approach to managing water; (2) markets must be carefully designed to protect customary and ecological values; (3) the allocation of water rights need to encompass equity considerations; and (4) water and land rights should not be separated even if this enhances efficiency, as it runs counter to Indigenous holistic values. Overall, the survey results provide the basis for a proposed adaptive decision loop, which allows decision makers to incorporate stakeholder values in water markets.

Market valuation perspectives for photovoltaic systems

Energy Technology Data Exchange (ETDEWEB)

Klise, Geoffrey Taylor [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

2014-08-01

Sandia National Laboratories, working with Energy Sense Finance developed the proof-ofconcept PV Valueª tool in 2011 to provide real estate appraisers a tool that can be used to develop the market value and fair market value of a solar photovoltaic system. PV Valueª moved from a proof-of-concept spreadsheet to a commercial web-based tool developed and operated exclusively by Energy Sense Finance in June 2014. This paper presents the results of a survey aimed at different user categories in order to measure how the tool is being used in the marketplace as well as elicit information that can be used to improve the tools effectiveness.

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.

Value Based International Relationship Marketing

NARCIS (Netherlands)

Dr. Ulrich Scholz

2009-01-01

The developement of a "general theory" of relationship marketing must be considered as distant vision rather than as imminent reality.We now use the existing stock of knowledge to identify some largely unexplored,yet relevant, aspects of relationship marketing and call for these issues to be

Fuel cell added value for early market applications

Science.gov (United States)

Hardman, Scott; Chandan, Amrit; Steinberger-Wilckens, Robert

2015-08-01

Fuel Cells are often considered in the market place as just power providers. Whilst fuel cells do provide power, there are additional beneficial characteristics that should be highlighted to consumers. Due to the high price premiums associated with fuel cells, added value features need to be exploited in order to make them more appealing and increase unit sales and market penetration. This paper looks at the approach taken by two companies to sell high value fuel cells to niche markets. The first, SFC Energy, has a proven track record selling fuel cell power providers. The second, Bloom Energy, is making significant progress in the US by having sold its Energy Server to more than 40 corporations including Wal-Mart, Staples, Google, eBay and Apple. Further to these current markets, two prospective added value applications for fuel cells are discussed. These are fuel cells for aircraft APUs and fuel cells for fire prevention. These two existing markets and two future markets highlight that fuel cells are not just power providers. Rather, they can be used as solutions to many needs, thus being more cost effective by replacing a number of incumbent systems at the same time.

Identifying the determinants of value creation in the market

DEFF Research Database (Denmark)

Harmsen, Hanne; Jensen, Bjarne

2004-01-01

information. The methodological approach to translating market demands into company competencies presented in this article also allows us to develop a method for determining how to create value in a given market, by investigating the links between market demand and company competencies. The theoretical basis...... of our approach is drawn from the competence literature, while the method is based on the concept of managerial cognition. After identifying market demands, we then link these to company competencies through a cognitive mapping procedure using key informants from industry. The article contributes...... to an increased understanding of the complex relationship between market and company and to the development of methodological approaches to determining the creation of market value in a specific situation. It also serves to link the market orientation and competence literature....

Expert Advisor (EA) Evaluation System Using Web-based ELECTRE Method in Foreign Exchange (Forex) Market

Science.gov (United States)

Satibi; Widodo, Catur Edi; Farikhin

2018-02-01

This research aims to optimize forex trading profit automatically using EA but its still keep considering accuracy and drawdown levels. The evaluation system will classify EA performance based on trading market sessions (Sydney, Tokyo, London and New York) to determine the right EA to be used in certain market sessions. This evaluation system is a web-based ELECTRE methods that interact in real-time with EA through web service and are able to present real-time charts performance dashboard using web socket protocol communications. Web applications are programmed using NodeJs. In the testing period, all EAs had been simulated 24 hours in all market sessions for three months, the best EA is valued by its profit, accuracy and drawdown criteria that calculated using web-based ELECTRE method. The ideas of this research are to compare the best EA on testing period with collaboration performances of each best classified EA by market sessions. This research uses three months historical data of EUR/USD as testing period and other 3 months as validation period. As a result, performance of collaboration four best EA classified by market sessions can increase profits percentage consistently in testing and validation periods and keep securing accuracy and drawdown levels.

Expert Advisor (EA Evaluation System Using Web-based ELECTRE Method in Foreign Exchange (Forex Market

Directory of Open Access Journals (Sweden)

Satibi Satibi

2018-01-01

Full Text Available This research aims to optimize forex trading profit automatically using EA but its still keep considering accuracy and drawdown levels. The evaluation system will classify EA performance based on trading market sessions (Sydney, Tokyo, London and New York to determine the right EA to be used in certain market sessions. This evaluation system is a web-based ELECTRE methods that interact in real-time with EA through web service and are able to present real-time charts performance dashboard using web socket protocol communications. Web applications are programmed using NodeJs. In the testing period, all EAs had been simulated 24 hours in all market sessions for three months, the best EA is valued by its profit, accuracy and drawdown criteria that calculated using web-based ELECTRE method. The ideas of this research are to compare the best EA on testing period with collaboration performances of each best classified EA by market sessions. This research uses three months historical data of EUR/USD as testing period and other 3 months as validation period. As a result, performance of collaboration four best EA classified by market sessions can increase profits percentage consistently in testing and validation periods and keep securing accuracy and drawdown levels.

Measuring Risk-adjusted Customer Lifetime Value and its Impact on Relationship Marketing Strategies and Shareholder Value

OpenAIRE

Ryals, Lynette; Knox, Simon

2005-01-01

The calculations which underlie efforts to balance marketing spending on customer acquisition and customer retention are usually based on either single- period customer profitability or forecasts of customer lifetime value (CLTV). This paper argues instead for risk-adjusted CLTV, which is termed the economic value (EV) of a customer, as the means for marketing to assess both customer profitability and shareholder value gains.

A matrix model for valuing anesthesia service with the resource-based relative value system

Directory of Open Access Journals (Sweden)

Sinclair DR

2014-10-01

essentially revenue neutral manner when applied to the market-based rates of commercial insurers. The new system more highly values delivery of care to more complex patients undergoing more complex surgery and better represents the true value of anesthetic case management. Keywords: payment reform, billing, crosswalk

The value chains of the heating market; Vaermemarknadens vaerdekedjor

Energy Technology Data Exchange (ETDEWEB)

Wiren, Christer

2007-07-01

In order to evaluate the competitive positions of different parts of the heat market in Sweden, the purpose of this study is to describe the current market and identify relevant trends. The idea has also been to develop a model for the analyses of the heat market. A model has been developed and the heat markets of district heating, heat pumps and pellets have been analysed with the help of this model. The markets for heating by electricity, oil and natural gas have been briefly described but not analysed. The reason is that these markets have been made irrelevant as markets for new heat installations because of heavy taxation. There is however still a limited amount of replacement going on for those lacking other alternatives. In addition the markets for solar heat and interior climate have also been described but not analysed in this report. Information has been gathered by interviewing researchers and specialists from the industry. Research studies and reports from universities and from the trade organizations have been used for facts and general information. The chosen variant of the value chain analysis was used for each of the analysed markets; district heating, heat pumps and pellets. The value chain was broken down into four basic processes; fuel, heat supply, in-house heat systems and space heating and hot water. Each process was described and analyses were made of support processes and influencing factors. As the ability of each chain to deliver value according to the needs and demands of the different customer groups is crucial, the analyses were made in relation to three customer groups; big real-estate companies, small real-estate companies and housing cooperatives and single-family houses. The pros and cons of the three heat markets were evaluated according to their competitiveness in the market. This evaluation was made the base for the evaluation of each value chain and the comparison between them. The result shows that no single value chain is the

Strategy of investment in electricity sources--Market value of a power plant and the electricity market

Science.gov (United States)

Bartnik, R.; Hnydiuk-Stefan, A.; Buryn, Z.

2017-11-01

This paper reports the results of the investment strategy analysis in different electricity sources. New methodology and theory of calculating the market value of the power plant and value of the electricity market supplied by it are presented. The financial gain forms the most important criteria in the assessment of an investment by an investor. An investment strategy has to involve a careful analysis of each considered project in order that the right decision and selection will be made while various components of the projects will be considered. The latter primarily includes the aspects of risk and uncertainty. Profitability of an investment in the electricity sources (as well as others) is offered by the measures applicable for the assessment of the economic effectiveness of an investment based on calculations e.g. power plant market value and the value of the electricity that is supplied by a power plant. The values of such measures decide on an investment strategy in the energy sources. This paper contains analysis of exemplary calculations results of power plant market value and the electricity market value supplied by it.

The Influence of the Technical Condition of a Building on the Property’s Market Value

Directory of Open Access Journals (Sweden)

Ziembicka Beata

2016-12-01

Full Text Available The housed property’s market value is influenced by a set of characteristic qualities, among which is the technical condition of a building. The aim of this paper is to study the influence of the technical condition of a building on the market price of the dwelling units, depending, among others, on the chosen method and the approach to the assessment of the housing wear degree. The analysis has been performed based on the estimation of the market value of an illustrative dwelling unit located in a building erected with the use of prefabricated large panel technology in selected variants. The study is based on data from the period between January and December 2012, which are related to the sale of rights to dwelling units from the secondary market. The information was obtained from a transactional database based on the Partner Data Exchange system with the Walor software.

25 CFR 700.61 - Fair market value.

Science.gov (United States)

2010-04-01

... 25 Indians 2 2010-04-01 2010-04-01 false Fair market value. 700.61 Section 700.61 Indians THE OFFICE OF NAVAJO AND HOPI INDIAN RELOCATION COMMISSION OPERATIONS AND RELOCATION PROCEDURES General Policies and Instructions Definitions § 700.61 Fair market value. Fair market value shall mean the value...

7 CFR 1221.17 - Net market value.

Science.gov (United States)

2010-01-01

... 7 Agriculture 10 2010-01-01 2010-01-01 false Net market value. 1221.17 Section 1221.17 Agriculture... INFORMATION ORDER Sorghum Promotion, Research, and Information Order Definitions § 1221.17 Net market value. Net market value means: (a) Except as provided in paragraph (b)and (c) of this section, the value...

7 CFR 1230.14 - Market value.

Science.gov (United States)

2010-01-01

... 7 Agriculture 10 2010-01-01 2010-01-01 false Market value. 1230.14 Section 1230.14 Agriculture... value. Market value means, with respect to porcine animals which are sold, the price at which they are... imported porcine animals, the term means the declared value. With respect to imported pork and pork...

Profitability and Market Value of Orphan Drug Companies: A Retrospective, Propensity-Matched Case-Control Study.

Science.gov (United States)

Hughes, Dyfrig A; Poletti-Hughes, Jannine

2016-01-01

Concerns about the high cost of orphan drugs has led to questions being asked about the generosity of the incentives for development, and associated company profits. We conducted a retrospective, propensity score matched study of publicly-listed orphan companies. Cases were defined as holders of orphan drug market authorisation in Europe or the USA between 2000-12. Control companies were selected based on their propensity for being orphan drug market authorisation holders. We applied system General Method of Moments to test whether companies with orphan drug market authorization are valued higher, as measured by the Tobin's Q and market to book value ratios, and are more profitable based on return on assets, than non-orphan drug companies. 86 companies with orphan drug approvals in European (4), USA (61) or both (21) markets were matched with 258 controls. Following adjustment, orphan drug market authorization holders have a 9.6% (95% confidence interval, 0.6% to 18.7%) higher return on assets than non-orphan drug companies; Tobin's Q was higher by 9.9% (1.0% to 19.7%); market to book value by 15.7% (3.1% to 30.0%) and operating profit by 516% (CI 19.8% to 1011%). For each additional orphan drug sold, return on assets increased by 11.1% (0.6% to 21.3%), Tobin's Q by 2.7% (0.2% to 5.2%), and market to book value ratio by 5.8% (0.7% to 10.9%). Publicly listed pharmaceutical companies that are orphan drug market authorization holders are associated with higher market value and greater profits than companies not producing treatments for rare diseases.

The Value of Learning about Natural History in Biodiversity Markets.

Science.gov (United States)

Bruggeman, Douglas J

2015-01-01

Markets for biodiversity have generated much controversy because of the often unstated and untested assumptions included in transactions rules. Simple trading rules are favored to reduce transaction costs, but others have argued that this leads to markets that favor development and erode biodiversity. Here, I describe how embracing complexity and uncertainty within a tradable credit system for the Red-cockaded Woodpecker (Picoides borealis) creates opportunities to achieve financial and conservation goals simultaneously. Reversing the effects of habitat fragmentation is one of the main reasons for developing markets. I include uncertainty in habitat fragmentation effects by evaluating market transactions using five alternative dispersal models that were able to approximate observed patterns of occupancy and movement. Further, because dispersal habitat is often not included in market transactions, I contrast how changes in breeding versus dispersal habitat affect credit values. I use an individually-based, spatially-explicit population model for the Red-cockaded Woodpecker (Picoides borealis) to predict spatial- and temporal- influences of landscape change on species occurrence and genetic diversity. Results indicated that the probability of no net loss of abundance and genetic diversity responded differently to the transient dynamics in breeding and dispersal habitat. Trades that do not violate the abundance cap may simultaneously violate the cap for the erosion of genetic diversity. To highlight how economic incentives may help reduce uncertainty, I demonstrate tradeoffs between the value of tradable credits and the value of information needed to predict the influence of habitat trades on population viability. For the trade with the greatest uncertainty regarding the change in habitat fragmentation, I estimate that the value of using 13-years of data to reduce uncertainty in dispersal behaviors is $6.2 million. Future guidance for biodiversity markets should at

The Value of Learning about Natural History in Biodiversity Markets

Science.gov (United States)

Bruggeman, Douglas J.

2015-01-01

Markets for biodiversity have generated much controversy because of the often unstated and untested assumptions included in transactions rules. Simple trading rules are favored to reduce transaction costs, but others have argued that this leads to markets that favor development and erode biodiversity. Here, I describe how embracing complexity and uncertainty within a tradable credit system for the Red-cockaded Woodpecker (Picoides borealis) creates opportunities to achieve financial and conservation goals simultaneously. Reversing the effects of habitat fragmentation is one of the main reasons for developing markets. I include uncertainty in habitat fragmentation effects by evaluating market transactions using five alternative dispersal models that were able to approximate observed patterns of occupancy and movement. Further, because dispersal habitat is often not included in market transactions, I contrast how changes in breeding versus dispersal habitat affect credit values. I use an individually-based, spatially-explicit population model for the Red-cockaded Woodpecker (Picoides borealis) to predict spatial- and temporal- influences of landscape change on species occurrence and genetic diversity. Results indicated that the probability of no net loss of abundance and genetic diversity responded differently to the transient dynamics in breeding and dispersal habitat. Trades that do not violate the abundance cap may simultaneously violate the cap for the erosion of genetic diversity. To highlight how economic incentives may help reduce uncertainty, I demonstrate tradeoffs between the value of tradable credits and the value of information needed to predict the influence of habitat trades on population viability. For the trade with the greatest uncertainty regarding the change in habitat fragmentation, I estimate that the value of using 13-years of data to reduce uncertainty in dispersal behaviors is $6.2 million. Future guidance for biodiversity markets should at

Patent Races and Market Value

DEFF Research Database (Denmark)

Czarnitzki, Dirk; Hussinger, Katrin; Leten, Bart

Patent races are models of strategic interactions between firms competing to develop an invention. The winning firm secures a patent, protecting the invention from imitation. This paper tests the assumption made about the reward structure in patent races, both in discrete and complex industries. We...... identify patent race winners using detailed information from the patent examination reports at the European Patent Office (EPO). Estimates of a market value equation featuring large, R&D-intensive U.S., European and Japanese firms, show that if firms win patent races, their market value increases...... significantly. We further show that the gain in market value is significantly larger for patent race winners in discrete industries than for firms in complex industries....

23 CFR 710.707 - Fair market value.

Science.gov (United States)

2010-04-01

... 23 Highways 1 2010-04-01 2010-04-01 false Fair market value. 710.707 Section 710.707 Highways... REAL ESTATE Concession Agreements § 710.707 Fair market value. A highway agency shall receive fair market value for any concession agreement involving a federally funded highway. ...

FAIR VALUE IMPLICATIONS ON ROMANIAN CAPITAL MARKET

Directory of Open Access Journals (Sweden)

Ciprian-Dan COSTEA

2014-12-01

Full Text Available Fair value generated intense debate during the last years, as the financial turmoil influenced many economies and capital markets, including the Romanian ones, too. Some researchers and professionals consider fair value in charge with the financial crisis and they ask for historical cost accounting basis for financial reporting. Fair value has its supporters, too. They consider that fair value reflects the effects of changes in market conditions when they take place, and accounting information is more reliable in this framework. Following recent regulations, Romanian entities activating on capital market as investors in capital market instruments, or whose shares are traded on a regulated market, must prepare their individual financial statements in accordance with the International Financial Reporting Standards. The study provides some conclusions that could enlarge the utility of fair value related to entities that activate on Romanian capital market.

Market value of wind power

NARCIS (Netherlands)

Haan, de J.E.S.; Shoeb, M.A.; Lopes Ferreira, H.M.; Kling, W.L.

2013-01-01

Variability and predictability constraints of wind hinder the cost-efficient integration of wind power generation into power markets. Within the framework of EIT KIC INNOENERGY Offwindtech project, a ‘Market Value’ tool is developed. Here, the market value of wind power generation can be assessed

A Research on The Effects of Marketing Spending on Firm Value

Directory of Open Access Journals (Sweden)

Mesut Doğan

2015-06-01

Full Text Available The purpose of this study is to investigate the influence of “Marketing Expenses”on firm value. The study uses data belonging to 120 firms, which are traded in Borsa Istanbul (BIST in the period of 2009-2012. The independent variables used in the study consist of “Return on Assets” (ROA and “Return on Equity”(ROE, which are accounting based performance indicators. The other is "Tobin's q" ratio which is market-based ratio. The regression and correlation analysis have been employed in empirical analyzes. The result of the conducted analysis showed that the increase in marketing expenses influences value of the firms in a positive way. As a result, organizations should accept the marketing expenses not only as a spending but also an investment as a value added to business

36 CFR 223.60 - Determining fair market value.

Science.gov (United States)

2010-07-01

... 36 Parks, Forests, and Public Property 2 2010-07-01 2010-07-01 false Determining fair market value... Determining fair market value. The objective of Forest Service timber appraisals is to determine fair market value. Fair market value is estimated by such methods as are authorized by the Chief, Forest Service...

‘It's almost like taking the sales out of selling’—Towards a conceptualization of value-based selling in business markets

OpenAIRE

Terho Harri; Haas Alexander; Eggert Andreas; Ulaga Wolfgang

2012-01-01

While the creation of superior customer value is regarded as fundamental to a firm's long term survival and growth little is known about the effective implementation of a firm's value orientation at sales force level. As the sales force plays a pivotal role in implementing marketing strategies this study adopts a discovery oriented approach and conceptualizes value based selling as an effective sales approach in business markets. Based on in depth interviews with sales managers in a variety o...

Management of operational enterprise value in value-based management system

OpenAIRE

Protasova, Yelizaveta V.

2014-01-01

The economic criteria of effectiveness and efficiency for the value-based management system have been proposed. Also, the methodological approach to the management of operational enterprise value on the basis of the definite limit values of influence factors is proposed.

The market value and impact of offshore wind on the electricity spot market: Evidence from Germany

International Nuclear Information System (INIS)

Ederer, Nikolaus

2015-01-01

Highlights: • Market value of offshore wind based on feed-in and weather data is assessed. • Merit order effect caused by wind energy is simulated for 2006–2014. • Results indicate same impact of on- and offshore wind on market price and value. • Steadier wind resource offshore imposes less variability on market price. • Characteristic of variable wind feed-in cannot be blamed for price deterioration. - Abstract: Although the expansion of offshore wind has recently increased in Germany, as in other countries, it is still forced to defend its role in long-term energy policy plans, particularly against its onshore counterpart, to secure future expansion targets and financial support. The objective of this article is to investigate the economic effects of offshore wind on the electricity spot market and thus open up another perspective that has not been part of the debate about offshore vs. onshore wind thus far. A comprehensive assessment based on a large amount of market, feed-in and weather data in Germany revealed that the market value of offshore wind is generally higher than that of onshore wind. Simulating the merit order effect on the German day-ahead electricity market for the short term and long term in the years 2006–2014 aimed to identify the reason for this observation and show whether it is also an indication of a lower impact on the electricity spot market due to a steadier wind resource prevailing offshore. Although the results suggest no difference regarding the impact on market price and value, they indeed reveal that offshore wind imposes less variability on the spot market price than onshore wind. In addition, the long-term simulation proved that the ongoing price deterioration cannot be blamed on the characteristic of variable wind production

Market Value Analysis - Urban Redevelopment Authority

Data.gov (United States)

Allegheny County / City of Pittsburgh / Western PA Regional Data Center — In late 2016, the URA, in conjunction with Reinvestment Fund, completed the 2016 Market Value Analysis (MVA) for the City of Pittsburgh. The Market Value Analysis...

The Marketing of Cultural Values

Directory of Open Access Journals (Sweden)

Ionel Enache

2015-01-01

Full Text Available The current, fast and unpredictable changes required a rapid transformation of Marketing. Marketing 3.0 can be the solution. Marketing 3.0 is a cultural and social marketing, a marketing of high values: moral, legal, esthetic and a marketing of superior needs: peace, justice, spiritual accomplishments, all globally approached. The goal of Marketing 3.0 is to convince all commercial and cultural structures to get involved in creating the Millennium Development Goals (MDGs: eradicating poverty, access to education, promoting the equality of the sexes, reducing infantile mortality, improving maternal health, fighting diseases, ensuring environment sustainability.

Establishing values-based leadership and value systems in healthcare organizations.

Science.gov (United States)

Graber, David R; Kilpatrick, Anne Osborne

2008-01-01

The importance of values in organizations is often discussed in management literature. Possessing strong or inspiring values is increasingly considered to be a key quality of successful leaders. Another common theme is that organizational values contribute to the culture and ultimate success of organizations. These conceptions or expectations are clearly applicable to healthcare organizations in the United States. However, healthcare organizations have unique structures and are subject to societal expectations that must be accommodated within an organizational values system. This article describes theoretical literature on organizational values. Cultural and religious influences on Americans and how they may influence expectations from healthcare providers are discussed. Organizational cultures and the training and socialization of the numerous professional groups in healthcare also add to the considerable heterogeneity of value systems within healthcare organizations. These contribute to another challenge confronting healthcare managers--competing or conflicting values within a unit or the entire organization. Organizations often fail to reward members who uphold or enact the organization's values, which can lead to lack of motivation and commitment to the organization. Four key elements of values-based leadership are presented for healthcare managers who seek to develop as values-based leaders. 1) Recognize your personal and professional values, 2) Determine what you expect from the larger organization and what you can implement within your sphere of influence, 3) Understand and incorporate the values of internal stakeholders, and 4) Commit to values-based leadership.

[Conflicting values in Colombia's health system: balancing the market economy and constitutional legislation, 2007-2009].

Science.gov (United States)

Molina, Gloria; Ramírez, Andrés

2013-04-01

To present the conflicting moral issues that arise in clinical and administrative decision-making processes in Colombia's General Health Social Security System (SGSSS). A study was conducted between 2007 and 2009 in six Colombian cities (Barranquilla, Bogotá, Bucaramanga, Leticia, Medellín, and Pasto) using a theory-based qualitative methodology. A total of 179 in-depth interviews were held with physicians, nursing personnel, and administrators with broad experience in the health sector, as well as 10 focus groups representing users and leaders of community organizations involved in health. The interviews, which followed a predetermined script and used semistructured questions, gathered personal and professional information from the respondents. The health care decision-making process in Colombia is seen from two different moral perspectives: the rentier, or profit-making, motive, characterized by a neoliberal view of the market economy (the practical perspective), and the constitutional axiology of social democracy (the regulatory perspective). It was found that the utilitarian and individualistic motive predominates, in which individual and business profits are promoted over the collective interest, and this trend favors practices that undermine the rights of people and the community. Predominance of a morality that views the Colombian SGSSS in terms of the market model generates conditions that go against the principles and values that are supposed to guide the health system as guarantor of the right to health and human dignity. Health decisions should take into account not only technical and scientific criteria but also the principles and values involved, and consideration should be given to safeguarding them.

Developing a district energy system in a competitive urban market

Energy Technology Data Exchange (ETDEWEB)

Mitola, J.P. [Unicom Thermal Technologies, Chicago, IL (United States)

1995-09-01

In two year`s time, Unicorn Thermal Technologies has grown into one of the largest district cooling systems of 25,000 tons with a 1996 plan to grow to 40,000 tons. This growth is attributed to the development and implementation of a marketing and sales plan based on thorough market research and innovative marketing and sales strategies, and the consistent implementation of those strategies. The beginning of the sales effort was focused around the company`s first district cooling facility, However, it quickly grew into a much broader vision as market acceptance increased. Although the district energy industry has often based its message on being a low cost energy provider, market research and early sales experience indicated that customers choose district cooling as a value added service. As customers began to reserve capacity in the first plant, the idea that district cooling is a value added service and not a commodity energy product was continually reinforced through marketing communications. Although this analysis is a review of developing a district energy system in a competitive urban market, it purposely avoids a long winded discussion of head to head competition.

Value-informed space systems design and acquisition

Science.gov (United States)

Brathwaite, Joy

Investments in space systems are substantial, indivisible, and irreversible, characteristics that make them high-risk, especially when coupled with an uncertain demand environment. Traditional approaches to system design and acquisition, derived from a performance- or cost-centric mindset, incorporate little information about the spacecraft in relation to its environment and its value to its stakeholders. These traditional approaches, while appropriate in stable environments, are ill-suited for the current, distinctly uncertain, and rapidly changing technical and economic conditions; as such, they have to be revisited and adapted to the present context. This thesis proposes that in uncertain environments, decision-making with respect to space system design and acquisition should be value-based, or at a minimum value-informed. This research advances the value-centric paradigm by providing the theoretical basis, foundational frameworks, and supporting analytical tools for value assessment of priced and unpriced space systems. For priced systems, stochastic models of the market environment and financial models of stakeholder preferences are developed and integrated with a spacecraft-sizing tool to assess the system's net present value. The analytical framework is applied to a case study of a communications satellite, with market, financial, and technical data obtained from the satellite operator, Intelsat. The case study investigates the implications of the value-centric versus the cost-centric design and acquisition choices. Results identify the ways in which value-optimal spacecraft design choices are contingent on both technical and market conditions, and that larger spacecraft for example, which reap economies of scale benefits, as reflected by their decreasing cost-per-transponder, are not always the best (most valuable) choices. Market conditions and technical constraints for which convergence occurs between design choices under a cost-centric and a value

Marketing communications in industrial B2b markets enhancing the value of the corporate brand relying on common added values

Directory of Open Access Journals (Sweden)

Jose Ignacio Monrabal

2013-09-01

Full Text Available Today, industrial Business-to-Business (B2B markets are mainly characterized by a highly trained customer for making rational decisions in a highly competitive and global market, requiring more than ever organizations to approach their markets with a single and consistent message. Such demanding scenario requires to define a corporate brand transmitting in one message all the advantages that a Customer may appreciate in the long-term, based not only on what the company stands for in the market, but also the benefits of all its products throughout its portfolio. Such elements are referred as Common Added Values (CAVs, being some general examples the technology, quality, innovation and reliability; the capacity, infrastructure and distribution network; after-sales service policies, support and training; or the price and financial policies. This paper tries to explain the source of this need, describing the main differences between a brand communications model focused on the product or including the main B2B corporate values; and highlighting the main CAVs, to get an industry player either small or large, can succeed in generating brand equity through an integrated marketing communications strategy.

Market orientation seen in a value chain perspective

DEFF Research Database (Denmark)

Sonne, Anne-Mette; Stacey, Julia; Grunert, Klaus G.

2002-01-01

Market orientation is regarded as a prerequisite for a company's ability to create customer value and higher profits. Market orientation is usually regarded as something, which characterises a company. However, companies are part of value chains, and a lot of competition taking place...... in international markets is between the different value chains rather than between the individual companies. This is the reason why it makes more sense to look at the degree of market orientation in a complete value chain rather than the degree of market orientation of a single company....

25 CFR 700.119 - Establishment of fair market value.

Science.gov (United States)

2010-04-01

... 25 Indians 2 2010-04-01 2010-04-01 false Establishment of fair market value. 700.119 Section 700... value. (a) General. The Commission shall establish the amount of fair market value to be offered to the... recommendations as to the fair market value of the habitations and/or improvements; or (2) The fair market value...

Forecasting the Electricity Demand and Market Shares in Retail Electricity Market Based on System Dynamics and Markov Chain

OpenAIRE

Qingyou Yan; Chao Qin; Mingjian Nie; Le Yang

2018-01-01

Due to the deregulation of retail electricity market, consumers can choose retail electric suppliers freely, and market entities are facing fierce competition because of the increasing number of new entrants. Under these circumstances, forecasting the changes in all market entities, when market share stabilized, is important for suppliers making marketing decisions. In this paper, a market share forecasting model was established based on Markov chain, and a system dynamics model was construct...

The Value of Institutions for Financial Markets; Evidence From Emerging Markets

OpenAIRE

Thomas Stratmann; Bernardin Akitoby

2009-01-01

This paper investigates the value of political institutions for financial markets, using panel data from emerging market countries. We test the hypothesis that changes in political institutions, such as improvements in democratic rights and increased government accountability, have a direct effect on sovereign interest rate spreads. We find that financial markets value institutions over and above the economic and fiscal outcomes these institutions shape. Democracy and accountability generally...

StakeMeter: value-based stakeholder identification and quantification framework for value-based software systems.

Science.gov (United States)

Babar, Muhammad Imran; Ghazali, Masitah; Jawawi, Dayang N A; Bin Zaheer, Kashif

2015-01-01

Value-based requirements engineering plays a vital role in the development of value-based software (VBS). Stakeholders are the key players in the requirements engineering process, and the selection of critical stakeholders for the VBS systems is highly desirable. Based on the stakeholder requirements, the innovative or value-based idea is realized. The quality of the VBS system is associated with the concrete set of valuable requirements, and the valuable requirements can only be obtained if all the relevant valuable stakeholders participate in the requirements elicitation phase. The existing value-based approaches focus on the design of the VBS systems. However, the focus on the valuable stakeholders and requirements is inadequate. The current stakeholder identification and quantification (SIQ) approaches are neither state-of-the-art nor systematic for the VBS systems. The existing approaches are time-consuming, complex and inconsistent which makes the initiation process difficult. Moreover, the main motivation of this research is that the existing SIQ approaches do not provide the low level implementation details for SIQ initiation and stakeholder metrics for quantification. Hence, keeping in view the existing SIQ problems, this research contributes in the form of a new SIQ framework called 'StakeMeter'. The StakeMeter framework is verified and validated through case studies. The proposed framework provides low-level implementation guidelines, attributes, metrics, quantification criteria and application procedure as compared to the other methods. The proposed framework solves the issues of stakeholder quantification or prioritization, higher time consumption, complexity, and process initiation. The framework helps in the selection of highly critical stakeholders for the VBS systems with less judgmental error.

StakeMeter: value-based stakeholder identification and quantification framework for value-based software systems.

Directory of Open Access Journals (Sweden)

Muhammad Imran Babar

Full Text Available Value-based requirements engineering plays a vital role in the development of value-based software (VBS. Stakeholders are the key players in the requirements engineering process, and the selection of critical stakeholders for the VBS systems is highly desirable. Based on the stakeholder requirements, the innovative or value-based idea is realized. The quality of the VBS system is associated with the concrete set of valuable requirements, and the valuable requirements can only be obtained if all the relevant valuable stakeholders participate in the requirements elicitation phase. The existing value-based approaches focus on the design of the VBS systems. However, the focus on the valuable stakeholders and requirements is inadequate. The current stakeholder identification and quantification (SIQ approaches are neither state-of-the-art nor systematic for the VBS systems. The existing approaches are time-consuming, complex and inconsistent which makes the initiation process difficult. Moreover, the main motivation of this research is that the existing SIQ approaches do not provide the low level implementation details for SIQ initiation and stakeholder metrics for quantification. Hence, keeping in view the existing SIQ problems, this research contributes in the form of a new SIQ framework called 'StakeMeter'. The StakeMeter framework is verified and validated through case studies. The proposed framework provides low-level implementation guidelines, attributes, metrics, quantification criteria and application procedure as compared to the other methods. The proposed framework solves the issues of stakeholder quantification or prioritization, higher time consumption, complexity, and process initiation. The framework helps in the selection of highly critical stakeholders for the VBS systems with less judgmental error.

StakeMeter: Value-Based Stakeholder Identification and Quantification Framework for Value-Based Software Systems

Science.gov (United States)

Babar, Muhammad Imran; Ghazali, Masitah; Jawawi, Dayang N. A.; Zaheer, Kashif Bin

2015-01-01

Value-based requirements engineering plays a vital role in the development of value-based software (VBS). Stakeholders are the key players in the requirements engineering process, and the selection of critical stakeholders for the VBS systems is highly desirable. Based on the stakeholder requirements, the innovative or value-based idea is realized. The quality of the VBS system is associated with the concrete set of valuable requirements, and the valuable requirements can only be obtained if all the relevant valuable stakeholders participate in the requirements elicitation phase. The existing value-based approaches focus on the design of the VBS systems. However, the focus on the valuable stakeholders and requirements is inadequate. The current stakeholder identification and quantification (SIQ) approaches are neither state-of-the-art nor systematic for the VBS systems. The existing approaches are time-consuming, complex and inconsistent which makes the initiation process difficult. Moreover, the main motivation of this research is that the existing SIQ approaches do not provide the low level implementation details for SIQ initiation and stakeholder metrics for quantification. Hence, keeping in view the existing SIQ problems, this research contributes in the form of a new SIQ framework called ‘StakeMeter’. The StakeMeter framework is verified and validated through case studies. The proposed framework provides low-level implementation guidelines, attributes, metrics, quantification criteria and application procedure as compared to the other methods. The proposed framework solves the issues of stakeholder quantification or prioritization, higher time consumption, complexity, and process initiation. The framework helps in the selection of highly critical stakeholders for the VBS systems with less judgmental error. PMID:25799490

Network value and optimum analysis on the mode of networked marketing in TV media

Directory of Open Access Journals (Sweden)

Xiao Dongpo

2012-12-01

Full Text Available Purpose: With the development of the networked marketing in TV media, it is important to do the research on network value and optimum analysis in this field.Design/methodology/approach: According to the research on the mode of networked marketing in TV media and Correlation theory, the essence of media marketing is creating, spreading and transferring values. The Participants of marketing value activities are in network, and value activities proceed in networked form. Network capability is important to TV media marketing activities.Findings: This article raises the direction of research of analysis and optimization about network based on the mode of networked marketing in TV media by studying TV media marketing Development Mechanism , network analysis and network value structure.

Market orientation of value chains: A conceptual framework based on four case studies from the food industry

DEFF Research Database (Denmark)

Grunert, Klaus G.; Jeppesen, Lisbeth Fruensgaard; Jespersen, Kristina Risom

2005-01-01

the areas of agribusiness and fisheries are conducted. For each value chain, desk research is combined with interviews with decision-makers of all types of value chain members. Interview guidelines were derived from a conceptual model of potential determinants of value chain market orientation. Findings....... Research limitations/implications: The results point at two areas, where additional research on market orientation is called for: a better conceptualization of market intelligence and theorizing on most cost effective ways of being market oriented, including implications for the distribution of market...

Value of flexible consumption in the electricity markets

DEFF Research Database (Denmark)

Biegel, Benjamin; Hansen, Lars Henrik; Stoustrup, Jakob

2014-01-01

A transition from an oil and coal based energy system to a systems based on renewable and sustainable energy sources has begun in many countries throughout the developed world. As a pioneer, Denmark currently has a wind energy penetration of 30% in the electricity sector and an end goal of 100......% renewables in all energy sectors by 2050. The main elements in this transition are an increase in the wind energy production and electrification of main energy sectors such as transport and heating. Activation of flexible consumption in the electricity markets is believed to be one of the means to compensate...... for the growth of fluctuating renewables and the decrease of conventional power plants providing system-stabilizing services. In this work, we examine the requirements for flexible consumption to be active in the spot market and the regulating power market in the Nordic system and estimate the costs of entering...

7 CFR 765.353 - Determining market value.

Science.gov (United States)

2010-01-01

... 7 Agriculture 7 2010-01-01 2010-01-01 false Determining market value. 765.353 Section 765.353... Determining market value. (a) Security proposed for disposition. (1) The Agency will obtain an appraisal of... estimated value is less than $25,000. (b) Security remaining after disposition. The Agency will obtain an...

The Exchange Value Embedded in a Transport System

International Nuclear Information System (INIS)

Xia Qinglan; Xu Shaofeng

2010-01-01

This paper shows that a well designed transport system has an embedded exchange value by serving as a market for potential exchange between consumers. Under suitable conditions, one can improve the welfare of consumers in the system simply by allowing some exchange of goods between consumers during transportation without incurring additional transportation cost. We propose an explicit valuation formula to measure this exchange value for a given compatible transport system. This value is always nonnegative and bounded from above. Criteria based on transport structures, preferences and prices are provided to determine the existence of a positive exchange value. Finally, we study a new optimal transport problem with an objective taking into account of both transportation cost and exchange value.

23 CFR 710.709 - Determination of fair market value.

Science.gov (United States)

2010-04-01

... RIGHT-OF-WAY AND REAL ESTATE Concession Agreements § 710.709 Determination of fair market value. (a) Fair market value may be determined either on a best value basis, highest net present value of the... 23 Highways 1 2010-04-01 2010-04-01 false Determination of fair market value. 710.709 Section 710...

7 CFR 760.5 - Fair market value of milk.

Science.gov (United States)

2010-01-01

... 7 Agriculture 7 2010-01-01 2010-01-01 false Fair market value of milk. 760.5 Section 760.5... Farmers for Milk § 760.5 Fair market value of milk. (a) The county committee shall determine the fair market value of the affected farmer's normal marketings, which, for the purposes of this subpart, shall...

FAIR VALUE IMPLICATIONS ON ROMANIAN CAPITAL MARKET

OpenAIRE

Ciprian-Dan COSTEA

2014-01-01

Fair value generated intense debate during the last years, as the financial turmoil influenced many economies and capital markets, including the Romanian ones, too. Some researchers and professionals consider fair value in charge with the financial crisis and they ask for historical cost accounting basis for financial reporting. Fair value has its supporters, too. They consider that fair value reflects the effects of changes in market conditions when they take place, and accounting informatio...

A systems approach framework for the transition to sustainable development: Potential value based on coastal experiments

DEFF Research Database (Denmark)

Hopkins, Tom S.; Bailly, Denis; Elmgren, Ragnar

2012-01-01

This article explores the value of the Systems Approach Framework (SAF) as a tool for the transition to sustainable development in coastal zone systems, based on 18 study sites in Europe, where the SAF was developed and tested. The knowledge gained from these experiments concerns the practical......-dependent and system-independent problems, and the inclusion of non-market evaluations. It also develops a real partnership among research, management, and stakeholders to establish a quantitative basis for collaborative decision making. Furthermore, the article argues that the transition to sustainable development...

CORPORATE GOVERNANCE AND FIRM VALUE IN EMERGING MARKETS AN EMPIRICAL ANALYSIS OF ADR ISSUING EMERGING MARKET FIRMS

Directory of Open Access Journals (Sweden)

Aysun Ficici

2012-01-01

Full Text Available This study explores the value implications of good corporate governance for a sample of 54 ADR issuing emerging market firms (EMFs from 9 countries primarily located in the regions of Asia, Eastern Europe and Latin America and the and employs recently constructed company composite corporate governance metric along with some alternative corporate governance measures associated with the origin of the issuing firm. Although the ADR literature primarily focuses on the impact of subscription to US disclosure requirements we contend that company and country specific corporate governance standards play a significant role in the risk reduction and ensuing value capture.  The fundamental inquiry in this study has the following foci: The primary focus is on the impact of corporate governance structures on firm performance as to whether adherence to standards creates market value for ADR issuing EMFs.  Do good corporate governance practices affect the value of EMFs? The secondary focus is concerned with whether the impact of corruption level and legal system in a firm’s home country affect the corporate structures of EMFs thus affecting the market value of firms.  In this study, we utilize Tobin’s q as the measure of firm performance/market value.  Our findings suggest that there is a significant correlation between corporate governance structures of ADR issuing EMFs and their market values and/or performances.  The results also indicate that the level of corruption and legal structures in home countries of EMFs strongly impact the corporate governance structures of these firms and sequentially affect their market values. Therefore, this research further contributes to the scholarly findings and suppositions that corporate structures of firms do create consequences on firm value.

Understanding Financial Market States Using an Artificial Double Auction Market.

Science.gov (United States)

Yim, Kyubin; Oh, Gabjin; Kim, Seunghwan

2016-01-01

The ultimate value of theories describing the fundamental mechanisms behind asset prices in financial systems is reflected in the capacity of such theories to understand these systems. Although the models that explain the various states of financial markets offer substantial evidence from the fields of finance, mathematics, and even physics, previous theories that attempt to address the complexities of financial markets in full have been inadequate. We propose an artificial double auction market as an agent-based model to study the origin of complex states in financial markets by characterizing important parameters with an investment strategy that can cover the dynamics of the financial market. The investment strategies of chartist traders in response to new market information should reduce market stability based on the price fluctuations of risky assets. However, fundamentalist traders strategically submit orders based on fundamental value and, thereby stabilize the market. We construct a continuous double auction market and find that the market is controlled by the proportion of chartists, Pc. We show that mimicking the real state of financial markets, which emerges in real financial systems, is given within the range Pc = 0.40 to Pc = 0.85; however, we show that mimicking the efficient market hypothesis state can be generated with values less than Pc = 0.40. In particular, we observe that mimicking a market collapse state is created with values greater than Pc = 0.85, at which point a liquidity shortage occurs, and the phase transition behavior is described at Pc = 0.85.

Understanding Financial Market States Using an Artificial Double Auction Market.

Directory of Open Access Journals (Sweden)

Kyubin Yim

Full Text Available The ultimate value of theories describing the fundamental mechanisms behind asset prices in financial systems is reflected in the capacity of such theories to understand these systems. Although the models that explain the various states of financial markets offer substantial evidence from the fields of finance, mathematics, and even physics, previous theories that attempt to address the complexities of financial markets in full have been inadequate. We propose an artificial double auction market as an agent-based model to study the origin of complex states in financial markets by characterizing important parameters with an investment strategy that can cover the dynamics of the financial market. The investment strategies of chartist traders in response to new market information should reduce market stability based on the price fluctuations of risky assets. However, fundamentalist traders strategically submit orders based on fundamental value and, thereby stabilize the market. We construct a continuous double auction market and find that the market is controlled by the proportion of chartists, Pc. We show that mimicking the real state of financial markets, which emerges in real financial systems, is given within the range Pc = 0.40 to Pc = 0.85; however, we show that mimicking the efficient market hypothesis state can be generated with values less than Pc = 0.40. In particular, we observe that mimicking a market collapse state is created with values greater than Pc = 0.85, at which point a liquidity shortage occurs, and the phase transition behavior is described at Pc = 0.85.

Extreme value theory in emerging markets

Directory of Open Access Journals (Sweden)

Anđelić Goran

2010-01-01

Full Text Available This paper investigates the performance of extreme value theory (EVT with the daily stock index returns of four different emerging markets. The research covers the sample representing the Serbian (BELEXline, Croatian (CROBEX, Slovenian (SBI20, and Hungarian (BUX stock indexes using the data from January 2006 - September 2009. In the paper a performance test was carried out for the success of application of the extreme value theory in estimating and forecasting of the tails of daily return distribution of the analyzed stock indexes. Therefore the main goal is to determine whether EVT adequately estimates and forecasts the tails (2.5% and 5% at the tail of daily stock index return distribution in the emerging markets of Serbia, Croatia, Slovenia, and Hungary. The applied methodology during the research includes analysis, synthesis and statistical/mathematical methods. Research results according to estimated Generalized Pareto Distribution (GPD parameters indicate the necessity of applying market risk estimation methods, i.e. extreme value theory (EVT in the framework of a broader analysis of investment processes in emerging markets.

Combined analyses of costs, market value and eco-costs in circular business models : eco-efficient value creation in remanufacturing

NARCIS (Netherlands)

Vogtländer, J.G.; Scheepens, A.E.; Bocken, N.M.P.; Peck, D.P.

2017-01-01

Eco-efficient Value Creation is a method to analyse innovative product and service design together with circular business strategies. The method is based on combined analyses of the costs, market value (perceived customer value) and eco-costs. This provides a prevention-based single indicator for

Distributed, price-based control approach to market-based operation of future power systems

NARCIS (Netherlands)

Jokic, A.; Bosch, van den P.P.J.; Hermans, R.M.

2009-01-01

In this paper we present, discuss and illustrate on examples the price-based control paradigm as a suitable approach to solve some of the challenging problems facing future, market-based power systems. It is illustrated how global objectives and constraints are optimally translated into time-varying

U.S. Residential Photovoltaic (PV) System Prices, Q4 2013 Benchmarks: Cash Purchase, Fair Market Value, and Prepaid Lease Transaction Prices

Energy Technology Data Exchange (ETDEWEB)

Davidson, C.; James, T. L.; Margolis, R.; Fu, R.; Feldman, D.

2014-10-01

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. This report provides a Q4 2013 update for residential PV systems, based on an objective methodology that closely approximates the book value of a PV system. Several cases are benchmarked to represent common variation in business models, labor rates, and module choice. We estimate a weighted-average cash purchase price of $3.29/W for modeled standard-efficiency, polycrystalline-silicon residential PV systems installed in the United States. This is a 46% decline from the 2013-dollar-adjusted price reported in the Q4 2010 benchmark report. In addition, this report frames the cash purchase price in the context of key price metrics relevant to the continually evolving landscape of third-party-owned PV systems by benchmarking the minimum sustainable lease price and the fair market value of residential PV systems.

How Feedback Can Improve Managerial Evaluations of Model-based Marketing Decision Support Systems

NARCIS (Netherlands)

U. Kayande (Ujwal); A. de Bruyn (Arnoud); G.L. Lilien (Gary); A. Rangaswamy (Arvind); G.H. van Bruggen (Gerrit)

2006-01-01

textabstractMarketing managers often provide much poorer evaluations of model-based marketing decision support systems (MDSSs) than are warranted by the objective performance of those systems. We show that a reason for this discrepant evaluation may be that MDSSs are often not designed to help users

Asset price and trade volume relation in artificial market impacted by value investors

Science.gov (United States)

Tangmongkollert, K.; Suwanna, S.

2016-05-01

The relationship between return and trade volume has been of great interests in a financial market. The appearance of asymmetry in the price-volume relation in the bull and bear market is still unsettled. We present a model of the value investor traders (VIs) in the double auction system, in which agents make trading decision based on the pseudo fundamental price modelled by sawtooth oscillations. We investigate the system by two different time series for the asset fundamental price: one corresponds to the fundamental price in a growing phase; and the other corresponds to that in a declining phase. The simulation results show that the trade volume is proportional to the difference between the market price and the fundamental price, and that there is asymmetry between the buying and selling phases. Furthermore, the selling phase has more significant impact of price on the trade volume than the buying phase.

Economic and Biological Values for Pasture-Based Dairy Cattle Porduction Systems and their Application in Genetic Improvement in the Tropics

DEFF Research Database (Denmark)

Wahinya, P K; Otieno, Tobias Okeno; Kosgey, I S

2015-01-01

estimated under fixed herd (FH) and pasture (FP) production circumstances assuming milk marketing based on volume, and volume and butter fat. Further, economic values were estimated involving risk using the Arrow Pratt coefficients at two levels. For the former economic values for the traits ranged from KSh...... during the estimation of economic values. Genetic improvements targeting MY and growth traits would be recommended to production system with unlimited feed supply for profit maximization. However, since dairy production systems in the tropics are characterised by feed scarcity, fixing the herd...

Business model innovation in electricity supply markets: The role of complex value in the United Kingdom

International Nuclear Information System (INIS)

Hall, Stephen; Roelich, Katy

2016-01-01

This research investigates the new opportunities that business model innovations are creating in electricity supply markets at the sub-national scale. These local supply business models can offer significant benefits to the electricity system, but also generate economic, social, and environmental values that are not well accounted for in current policy or regulation. This paper uses the UK electricity supply market to investigate new business models which rely on more complex value propositions than the incumbent utility model. Nine archetypal local supply business models are identified and their value propositions, value capture methods, and barriers to market entry are analysed. This analysis defines 'complex value' as a key concept in understanding business model innovation in the energy sector. The process of complex value identification poses a challenge to energy researchers, commercial firms and policymakers in liberalised markets; to investigate the opportunities for system efficiency and diverse outcomes that new supplier business models can offer to the electricity system. - Highlights: •Business models of energy supply markets shape energy transitions. •The British system misses four opportunities of local electricity supply. •Nine new business model archetypes of local supply are analysed. •New electricity business models have complex value propositions. •A process for policy response to business model innovation is presented.

Value Investing in the Stock Market of Thailand

Directory of Open Access Journals (Sweden)

Gerardo “Gerry” Alfonso Perez

2017-11-01

Full Text Available Value investment and growth investment have attracted a large amount of research in recent decades, but most of this research focuses on the U.S. and Europe. This article covers the Thai stock market which has very different characteristics compared to western markets and even South East Asian countries such as Indonesia or Malaysia. Among South East Asian countries, Thailand has one of the most dynamic capital markets. In order to see if some well-known trends in other markets exist in Thailand the performance of value and growth stocks in the Thai market were analyzed for a period of 17 years using existing style indexes (MSCI as well as creating portfolios using individual stocks. For this entire period, when using the indexes, returns are statistically significant superior for value stocks compared to growth stocks. However, when analyzing the performance of the market in any given calendar year from 1999 to 2016, the results are much more mixed with in fact growth stocks outperforming in several of those years. Interestingly, when building portfolios using criteria such as low P/E or low P/B the results are not statistically different. Suggesting perhaps that the classification into value or growth stocks is more complex than it would appear. One of the common assumptions of value investing is that those stocks outperform over long periods of time. It might well be that in the Thai case one year is not a long enough period for value stocks to outperform. While there have been some clear efforts over recent years to modernize the stock market of Thailand, it remains relatively underdeveloped, particularly when compared to markets such as the U.S. Hence, its behavior regarding value versus growth investment might be rather different.

Pengukuran Kinerja Perusahaan Melalui Economic Value Added (Eva) Dan (Mva) Market Value

OpenAIRE

Andhaniwati, Erry

2011-01-01

Performance corporating to constitute one of prescriptive factor gets on descent of stock price because firm performance constitute to refuse fathom for investor deeping to determine stock bid price. Economic Value Added, and Market Value Added are umpteen corporate performance grader that can be utilized by investor in assesses how well firm performance. Therefore to the effect this research is subject to be analyse influence among Economic Value Added , and Market Value Added to stock pr...

The Risks and Rewards of Value-Based Reimbursement.

Science.gov (United States)

Henkel, Robert J; Maryland, Patricia A

2015-01-01

As healthcare systems across the country shift to value-based care, they face an enormous challenge. Not only must they reimagine how they identify, engage, and manage the care of patients, they also need to determine new ways of engaging and aligning physicians and other caregivers in creating better-coordinated care across the continuum. This article explores how healthcare systems making the transition from volume to value can maximize their reward while managing their risk. As the largest not-for-profit healthcare system in the United States and the largest Catholic healthcare system in the world, Ascension is committed to making its own transition, marked by broad-based innovation. We call this goal the Quadruple Aim: improving health outcomes, patient experiences, and provider experiences while lowering the overall cost of care. Healthcare systems and providers have many value-based models to choose from, including pay for performance (P4P), shared savings, bundled payments, shared risk, global capitation, and provider-sponsored health plans. Analysis of these options should include an evaluation of market readiness (i.e., the ability of a health system to align with the needs of employers or commercial insurers in a given market). Healthcare systems also must be prepared to invest in resources that facilitate effective transitions and continuity of care--for example, care management. In addition, they need to recognize that as they focus on wellness, inpatient volumes will decline, requiring cost-structure adjustments and added ancillary services to compensate for this decline. Some healthcare systems are even exploring the possibility of becoming their own payer, taking on more risk and responsibility for the health of patients and populations.

77 FR 9226 - Physical Systems Integration, LLC; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2012-02-16

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER12-1013-000] Physical Systems Integration, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... Physical Systems Integration, LLC's application for market-based rate authority, with an accompanying rate...

Value assessment of hydrogen-based electrical energy storage in view of electricity spot market

DEFF Research Database (Denmark)

You, Shi; Hu, Junjie; Zong, Yi

2016-01-01

electricity spot market that has high price volatility due to its high share of wind power. An economic dispatch model is developed as a mixed-integer programming (MIP) problem to support the estimation of variable cost of such a system taking into account a good granularity of the technical details. Based...

The Value Premium on the Danish Stock Market

DEFF Research Database (Denmark)

Risager, Ole

2005-01-01

research on this issue. The purpose of this paper is to report evidence for the Danish stock market and to test whether the value premium is a genuine long-term feature of the market or just a phenomenon that pops up now and then. To research this issue we have collected accounting and stock market data......A number of influential studies have documented a strong value premium for US stocks over the period 1963 to 1990 (Fama and French (1992), Lakonishok et al. (1994)). Stocks with low price-earnings multiples, price-book values and other measures of value are reported to have given a higher mean...... return than the high multiple growth firms. Work by Basu (1997) and others have shown that the value dominance is also a feature of the earlier market history of the United States. The value premium is reported also to exist in a number of other countries over the period 1975 to 1995 (Fama and French...

The market value of nuclear power

International Nuclear Information System (INIS)

Gupta, N.K.; Thompson, H.G. Jr.

1999-01-01

What are the factors and circumstances that have made some plants more valuable to others than to their original owners? What is currently keeping nuclear plants, with their relatively low operating cost and environmental impacts, at the bottom of the heap? Why will some nuclear plants have significantly higher market values in the future while others will fail? What circumstances are likely to change in the near future that could significantly alter this market? In this article, the authors address these questions and attempt to provide insights into the unique market for nuclear power. The authors will proceed by first introducing the components of generation asset valuation, then discussing recent experiences with the sales of non-nuclear and nuclear power plants. Next, the authors will provide some explanation for why non-nuclear assets are enjoying a robust market while the market for nuclear plants remains immature. Finally, the authors present an analysis of the future value of nuclear power and a view of one road to take to get there

The market value of nuclear power

Energy Technology Data Exchange (ETDEWEB)

Gupta, N.K.; Thompson, H.G. Jr.

1999-10-01

What are the factors and circumstances that have made some plants more valuable to others than to their original owners? What is currently keeping nuclear plants, with their relatively low operating cost and environmental impacts, at the bottom of the heap? Why will some nuclear plants have significantly higher market values in the future while others will fail? What circumstances are likely to change in the near future that could significantly alter this market? In this article, the authors address these questions and attempt to provide insights into the unique market for nuclear power. The authors will proceed by first introducing the components of generation asset valuation, then discussing recent experiences with the sales of non-nuclear and nuclear power plants. Next, the authors will provide some explanation for why non-nuclear assets are enjoying a robust market while the market for nuclear plants remains immature. Finally, the authors present an analysis of the future value of nuclear power and a view of one road to take to get there.

The impact of market-based 'reform' on cultural values in health care.

Science.gov (United States)

Curtin, L L

1999-12-01

. Just what form their involvement ought to take is being tested as "managed care" attempts to control the costs. What limits are acceptable to providers?: lower profit margins? quality controls? acceptable risk levels? To patients?: restricted choice? restricted mobility? restricted access to high tech? And to the general public?: decreased access to high tech? higher taxes? underserved populations? Abandonment of the sick or poor? Which "techniques" are acceptable, and which are not?: risk-sharing with providers? financial incentives for decision makers? rationing access? imposing behavioral parameters? The issues posed by market-based managed care cannot be adequately addressed merely in terms of social resources, nor will answers be found in subordinating human rights to practical materialism. Negotiating ethical guidelines for the "safe" handling of such problems to the good of individuals and of society requires a revitalization of the "old" values: the old commitment to master craftsmanship and altruism, the old emphasis on patient advocacy and human rights. However, these old values must be applied with the "new" knowledge of lifestyle choices (and thus personal responsibility), likely outcomes (and thus reasonable options), and the limits of success (and thus fair redeployment of health resources).

System of marketing deciding support based on game theory

Directory of Open Access Journals (Sweden)

Gordana Dukić

2008-12-01

Full Text Available Quantitative methods and models can be applied in numerous spheres of marketing deciding. The choice of optimal strategy in product advertising is one of the problems that the marketing-management often meets. The use of models developed within the framework of game theory makes significantly easier to find out the solutions of conflict situations that appear herewith. The system of deciding support presented in this work is based on the supposition that two opposed sides take part in the game. With the aim of deciding process promotion, the starting model incorporates computer simulation of percentile changes in the market share that represent elements of payment matrix. The supposition is that the random variables that represent them follow the normal division. It is necessary to carry out the evaluation of their parameters because of relevant data. Information techniques, computer and the adequate program applications take the special position in solving and analysis of the suggested model. This kind of their application represents the basic characteristic of the deciding support system.

Creating value added to customers: Marketing and sales role

OpenAIRE

Damnjanović Vesna; Filipović Vinka

2006-01-01

This paper presents the new trends in sales and marketing areas which reshaping markets and changing the way business is done. Marketing and sales management need a well-defined strategy for added value exploration, creation and delivery. The holistic marketing process involves all stakeholders and required them to participate in the value added creation process.

Creating value added to customers: Marketing and sales role

Directory of Open Access Journals (Sweden)

Damnjanović Vesna

2006-01-01

Full Text Available This paper presents the new trends in sales and marketing areas which reshaping markets and changing the way business is done. Marketing and sales management need a well-defined strategy for added value exploration, creation and delivery. The holistic marketing process involves all stakeholders and required them to participate in the value added creation process.

View Estimation Based on Value System

Science.gov (United States)

Takahashi, Yasutake; Shimada, Kouki; Asada, Minoru

Estimation of a caregiver's view is one of the most important capabilities for a child to understand the behavior demonstrated by the caregiver, that is, to infer the intention of behavior and/or to learn the observed behavior efficiently. We hypothesize that the child develops this ability in the same way as behavior learning motivated by an intrinsic reward, that is, he/she updates the model of the estimated view of his/her own during the behavior imitated from the observation of the behavior demonstrated by the caregiver based on minimizing the estimation error of the reward during the behavior. From this view, this paper shows a method for acquiring such a capability based on a value system from which values can be obtained by reinforcement learning. The parameters of the view estimation are updated based on the temporal difference error (hereafter TD error: estimation error of the state value), analogous to the way such that the parameters of the state value of the behavior are updated based on the TD error. Experiments with simple humanoid robots show the validity of the method, and the developmental process parallel to young children's estimation of its own view during the imitation of the observed behavior of the caregiver is discussed.

Toward Value-Based Pricing to Boost Cancer Research and Innovation.

Science.gov (United States)

Ocana, Alberto; Amir, Eitan; Tannock, Ian F

2016-06-01

The high market price of new anticancer agents has stimulated debate about the long-term sustainability of healthcare systems and whether these new agents can continue to be supported by public healthcare or by private insurers. In addition, some drugs have been approved with limited clinical benefit, raising concerns about setting a minimum requirement for medical benefit. Options to resolve these problems include raising the bar for approval of new drugs and/or pricing of new agents based on the medical benefit that they offer to patients. In this commentary, we suggest that new agents should be marketed in a two-step process that would include first the approval of the new drug by the regulatory agencies and second the introduction of a market price based on the medical benefit that the new intervention offers to patients. Introduction of value-based pricing would maintain the sustainability of health care systems and would improve drug development, as it would pressure pharmaceutical companies to become more innovative and avoid the development of compounds with limited benefit. Value-based pricing could also stimulate the funding of research directed to development of new anticancer drugs with novel mechanisms of action. Cancer Res; 76(11); 3127-9. ©2016 AACR. ©2016 American Association for Cancer Research.

Operations Optimization of Hybrid Energy Systems under Variable Markets

Energy Technology Data Exchange (ETDEWEB)

Chen, Jun; Garcia, Humberto E.

2016-07-01

Hybrid energy systems (HES) have been proposed to be an important element to enable increasing penetration of clean energy. This paper investigates the operations flexibility of HES, and develops a methodology for operations optimization to maximize its economic value based on predicted renewable generation and market information. The proposed operations optimizer allows systematic control of energy conversion for maximal economic value, and is illustrated by numerical results.

The Economic Value of Fundamental and Technical Information in Emerging Currency Markets

NARCIS (Netherlands)

G.J. de Zwart (Gerben); T.D. Markwat (Thijs); L.A.P. Swinkels (Laurens); D.J.C. van Dijk (Dick)

2007-01-01

textabstractWe measure the economic value of information derived from macroeconomic variables and from technical trading rules for emerging markets currency investments. Our analysis is based on a sample of 21 emerging markets with a floating exchange rate regime over the period 1997-2007 and

Marketing and finance: creating shareholder value

OpenAIRE

M. McDonald; B.D. Smith; K. Ward

2013-01-01

Written for marketing and finance directors, CEOs, and strategists, as well as MBA students, this practical book explains the principles and practice behind rigorous due diligence in marketing. It connects marketing plans and investment to the valuation of the firm and how it can contribute to increasing stakeholder value. Completely revised and updated throughout, the Second Edition features new case examples as well as a completely new first chapter containing the results of new research in...

Customer segmentation model based on value generation for marketing strategies formulation

Directory of Open Access Journals (Sweden)

Alvaro Julio Cuadros

2014-01-01

Full Text Available When deciding in which segment to invest or how to distribute the marketing budget, managers generally take risks in making decisions without considering the real impact every client or segment has over organizational profits. In this paper, a segmentation framework is proposed that considers, firstly, the calculation of customer lifetime value, the current value, and client loyalty, and then the building of client segments by self-organized maps. The effectiveness of the proposed method is demonstrated with an empirical study in a cane sugar mill where a total of 9 segments of interest were identified for decision making.

A Comparative Analysis of Value at Risk Measurement on Emerging Stock Markets: Case of Montenegro

Directory of Open Access Journals (Sweden)

Cerović Julija

2015-03-01

Full Text Available Background: The concept of value at risk gives estimation of the maximum loss of financial position at a given time for a given probability. The motivation for this analysis lies in the desire to devote necessary attention to risks in Montenegro, and to approach to quantifying and managing risk more thoroughly. Objectives: This paper considers adequacy of the most recent approaches for quantifying market risk, especially of methods that are in the basis of extreme value theory, in Montenegrin emerging market before and during the global financial crisis. In particular, the purpose of the paper is to investigate whether extreme value theory outperforms econometric and quantile evaluation of VaR in emerging stock markets such as Montenegrin market. Methods/Approach: Daily return of Montenegrin stock market index MONEX20 is analyzed for the period January, 2004 - February, 2014. Value at Risk results based on GARCH models, quantile estimation and extreme value theory are compared. Results: Results of the empirical analysis show that the assessments of Value at Risk based on extreme value theory outperform econometric and quantile evaluations. Conclusions: It is obvious that econometric evaluations (ARMA(2,0- GARCH(1,1 and RiskMetrics proved to be on the lower bound of possible Value at Risk movements. Risk estimation on emerging markets can be focused on methodology using extreme value theory that is more sophisticated as it has been proven to be the most cautious model when dealing with turbulent times and financial turmoil.

The Value of Transparency in Distributed Solar PV Markets

Energy Technology Data Exchange (ETDEWEB)

OShaughnessy, Eric J [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Zamzam, Ahmed S [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

2017-12-01

Market transparency refers to the degree of customer awareness of product options and fair market prices for a given good. In The Value of Transparency in Distributed Solar PV Markets, we use residential solar photovoltaic (PV) quote data to study the value of transparency in distributed solar PV markets. We find that improved market transparency results in lower installation offer prices. Further, the results of this study suggest that PV customers benefit from gaining access to more PV quotes.

MARKETING CAPABILITIES FOR INNOVATION-BASED COMPETITIVE ADVANTAGE IN THE SLOVENIAN MARKET

Directory of Open Access Journals (Sweden)

Vojko Potocan

2013-01-01

Full Text Available The primary role of marketing within the competitive advantage is innovation. The customer value-based differentiation strategies will drive the company’s market research efforts, its selection of target markets, its product development processes, its market communications programs, and its delivery processes. These processes require many specific capabilities that enable the firm to carry out activities necessary to move its products or services through the value chain. We must explore the role of distinctive marketing capabilities in competitive strategy of the company. As sources of competitive advantage, companies try to create their product or service differentiation by developing higher product or service quality, by using their knowledge to solving marketing problems, by communicating with their customers, and by satisfying customer’s needs. We also would like to confirm that superior customer service lead to company’s innovation. The paper closes with the implications of the findings and highlights promising future research avenues.

Desiccant-Based Preconditioning Market Analysis

Energy Technology Data Exchange (ETDEWEB)

Fischer, J.

2001-01-11

A number of important conclusions can be drawn as a result of this broad, first-phase market evaluation. The more important conclusions include the following: (1) A very significant market opportunity will exist for specialized outdoor air-handling units (SOAHUs) as more construction and renovation projects are designed to incorporate the recommendations made by the ASHRAE 62-1989 standard. Based on this investigation, the total potential market is currently $725,000,000 annually (see Table 6, Sect. 3). Based on the market evaluations completed, it is estimated that approximately $398,000,000 (55%) of this total market could be served by DBC systems if they were made cost-effective through mass production. Approximately $306,000,000 (42%) of the total can be served by a non-regenerated, desiccant-based total recovery approach, based on the information provided by this investigation. Approximately $92,000,000 (13%) can be served by a regenerated desiccant-based cooling approach (see Table 7, Sect. 3). (2) A projection of the market selling price of various desiccant-based SOAHU systems was prepared using prices provided by Trane for central-station, air-handling modules currently manufactured. The wheel-component pricing was added to these components by SEMCO. This resulted in projected pricing for these systems that is significantly less than that currently offered by custom suppliers (see Table 4, Sect. 2). Estimated payback periods for all SOAHU approaches were quite short when compared with conventional over-cooling and reheat systems. Actual paybacks may vary significantly depending on site-specific considerations. (3) In comparing cost vs benefit of each SOAHU approach, it is critical that the total system design be evaluated. For example, the cost premium of a DBC system is very significant when compared to a conventional air handling system, yet the reduced chiller, boiler, cooling tower, and other expense often equals or exceeds this premium, resulting in a

Value co-creation in sharing systems: Airbnb guests' participation in value co-creation practices

OpenAIRE

Silva, Pedro Poças Reis da

2018-01-01

Dissertação de mestrado em Marketing and Strategy Sharing systems, i.e., systems of economic actors who participate in a flow of exchange enabled or managed by a physical or virtual platform, have captured the interest of the industry and academia, for its disruptive innovation, growth curves, flexible supply and potential to extract value from underused resources. Given its novelty, marketing research on such systems is underwhelming. Timely, marketing researchers, have been e...

Market orientation at industry and value chain levels

DEFF Research Database (Denmark)

Grunert, Klaus G.; Jeppesen, Lisbeth Fruensgaard; Jespersen, Kristina Risom

2002-01-01

The term market orientation, defined as sets of activities dealing with the generation and dissemination of, and response to, market intelligence , is extended from the organisational level to the industry and value chain levels. By drawing on theories from industrial economics, neo......-institutional theory, transaction cost economics, network theory and the political-economic approach to the analysis of marketing channels, we try to find potential determinants of market orientation at the industry and value chain levels. We summarise these determinants and their possible interaction in two...... conceptual models, which may serve as guiding principles for empirical research....

76 FR 2368 - Balance Power Systems, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2011-01-13

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-2331-000] Balance Power Systems, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket... proceeding of Balance Power Systems, LLC's application for market-based rate authority, with an accompanying...

[The pharmaceutical market in Mexico: size, value, and concentration].

Science.gov (United States)

Torres Guerra, Sandra; Gutiérrez, Juan Pablo

2009-07-01

To describe the pharmaceutical drug market in Mexico in terms of its size, structure, business' market power, and consumer negotiating power. A descriptive study based on data from the 2004 Economics Census and the reports of IMS Health, Inc. (Norwalk, Connecticut, United States of America). Sales amounts and volumes of Mexico's pharmaceutical companies from 2002-2005 were obtained and the Herfindahl-Hirschman Index (HHI) and its inverse were calculated as indicators of the market's degree of concentration; also, price elasticity was determined by a product index. The total value of the products manufactured by the pharmaceutical sector was 115 billion in 2006 Mexican pesos, of which 99% pertained to companies categorized as large. This amount constituted 1.2% of the national gross domestic product that year (20.0% of the health sector's portion, estimated to be 6.0%) and 3.9% of the total value of manufactured goods. The HHI of Mexico's pharmaceutical market during the study period was about 0.04, albeit with a steady decline, and its inverse decreased from 23 to 26. The price elasticity of pharmaceutical products was minimal (0.007, 0.003, and -0.002). This study constitutes a preliminary description of Mexico's pharmaceutical market, one of the country's most dynamic economic sectors. It confirmed that the market is a rigid oligopoly, and thus supports enactment of firmer regulatory tools to reduce the power of the manufacturers in favor of that of the consumers.

Research on energy stock market associated network structure based on financial indicators

Science.gov (United States)

Xi, Xian; An, Haizhong

2018-01-01

A financial market is a complex system consisting of many interacting units. In general, due to the various types of information exchange within the industry, there is a relationship between the stocks that can reveal their clear structural characteristics. Complex network methods are powerful tools for studying the internal structure and function of the stock market, which allows us to better understand the stock market. Applying complex network methodology, a stock associated network model based on financial indicators is created. Accordingly, we set threshold value and use modularity to detect the community network, and we analyze the network structure and community cluster characteristics of different threshold situations. The study finds that the threshold value of 0.7 is the abrupt change point of the network. At the same time, as the threshold value increases, the independence of the community strengthens. This study provides a method of researching stock market based on the financial indicators, exploring the structural similarity of financial indicators of stocks. Also, it provides guidance for investment and corporate financial management.

Marketing reporting system

OpenAIRE

Hanić Hasan M.

2004-01-01

The main components of a developed and good organized marketing information system are: internal reporting system, marketing reporting system, market research system and analytical marketing system. Marketing reporting system provides data and information about changes in business and micro marketing environment. This component of MIS ensures that marketing managers are up-to-date with what is going on, and to be informed about changes in company marketing environment.

Marketing reporting system

Directory of Open Access Journals (Sweden)

Hanić Hasan M.

2004-01-01

Full Text Available The main components of a developed and good organized marketing information system are: internal reporting system, marketing reporting system, market research system and analytical marketing system. Marketing reporting system provides data and information about changes in business and micro marketing environment. This component of MIS ensures that marketing managers are up-to-date with what is going on, and to be informed about changes in company marketing environment.

The potential global market size and public health value of an HIV-1 vaccine in a complex global market.

Science.gov (United States)

Marzetta, Carol A; Lee, Stephen S; Wrobel, Sandra J; Singh, Kanwarjit J; Russell, Nina; Esparza, José

2010-07-05

An effective HIV vaccine will be essential for the control of the HIV pandemic. This study evaluated the potential global market size and value of a hypothetical HIV vaccine and considered clade diversity, disease burden, partial prevention of acquisition, impact of a reduction in viral load resulting in a decrease in transmission and delay to treatment, health care system differences regarding access, and HIV screening and vaccination, across all public and private markets. Vaccine product profiles varied from a vaccine that would have no effect on preventing infection to a vaccine that would effectively prevent infection and reduce viral load. High disease burden countries (HDBC; HIV prevalence > or = 1%) were assumed to routinely vaccinate pre-sexually active adolescents (10 years old), whereas low disease burden countries (LDBC; HIV prevalence rate market value of $210 million to $2.7 billion, depending on the vaccine product profile. If one-time catch-up campaigns were included (11-14 years old for HDBC and higher risk groups for LDBC), the additional cumulative approximately 70-237 million doses were needed over a 10-year period with a potential market value of approximately $695 million to $13.4 billion, depending on the vaccine product profile. Market size and value varied across market segments with the majority of the value in high income countries and the majority of the demand in low income countries. However, the value of the potential market in low income countries is still significant with up to $550 million annually for routine vaccination only and up to $1.7 billion for a one-time only catch-up campaign in 11-14 years old. In the most detail to date, this study evaluated market size and value of a potential multi-clade HIV vaccine, accounting for differences in disease burden, product profile and health care complexities. These findings provide donors and suppliers highly credible new data to consider in their continued efforts to develop an HIV-1

Research on Marketing Channel of Mobile Manufacturer Based on Analytic Hierarchy Process

Institute of Scientific and Technical Information of China (English)

XIONG Hui; LI Shi-ming; LAN Yong

2006-01-01

Research on "marketing channel" of mobile attracts much attention in these years,but there're only few articles referring to how to optimize the disposition of channel resources for mobile manufacturers. Based on a typically multiplex marketing channel system of mobile manufacturer, the analytic hierarchy process (AHP) structure model is established. Through the judgment matrix, simple and total hierarchy arrangement, consistent test, this paper gets the weight of each kind of marketing channel of mobile manufacturer. It provides the practical reference value for mobile manufacturers to distribute resources of marketing channels.

Consumption value theory and the marketing of public health: an effective formative research tool.

Science.gov (United States)

Nelson, Douglas G; Byus, Kent

2002-01-01

Contemporary public health requires the support and participation of its constituency. This study assesses the capacity of consumption value theory to identify the basis of this support. A telephone survey design used simple random sampling of adult residents of Cherokee County, Oklahoma. Factor analysis and stepwise discriminant analysis was used to identify and classify personal and societal level support variables. Most residents base societal level support on epistemic values. Direct services clientele base their support on positive emotional values derived from personal contact and attractive programs. Residents are curious about public health and want to know more about the health department. Where marketing the effectiveness of public health programs would yield relatively little support, marketing health promotion activities may attract public opposition. This formative research tool suggests a marketing strategy for public health practitioners.

THE MARKET VALUE OF HUMAN CAPITAL: AN EMPIRICAL ANALYSIS

Directory of Open Access Journals (Sweden)

NEAGU OLIMPIA

2012-12-01

Full Text Available There is a general consensus that human capital is a major determinant of economic growth. Reflections on how human capital is related to growth can be extended by viewing on the market value of the human capital. The concept of the market value of human capital reflects the efficiency of allocation and utilisation of the human capital in the economy. To measure this efficiency the concept of the market value of human capital is explained and developed in the present paper. The aim of the paper is to introduce the concept of market value of human capital and the specific objectives are targeted to define his content, to propose a method for estimating it and to provide calculations of it for OECD countries. The concept of human capital is complex and multifaceted one, consisting of: native human capital (biological, educational capital, health capital and social skills (Neagu, 2010. Clearly, human capital is intangible, a stock that is not directly observable as physical capital. Therefore, the estimation of human capital must be constructed indirectly. The stock of human capital in economy creates economic value, expressed through the economic output per capita. In order to estimate this economic value we have to find an appropriate proxy for the human capital stock producing that value. In the purpose of our paper, we consider that the economic value of human capital can be estimated by calculating the aggregate value created by the active human capital in the economy. In this view, GDP per person employed is a relevant estimation of value created by the employed labour force. The aggregate value is created by the employed persons with different educational level. The market value of human capital is calculated by dividing the GDP per person employed to the human capital stocks active in the economy. The human capital stock depends on educational costs ( on primary, seconadry, tertiary education as a the share of GDP per capita weighted by the

Governance of market-oriented fresh food value chains

NARCIS (Netherlands)

Trienekens, Jacques; Velzen, van Mariska; Lees, Nic; Saunders, Caroline; Pascucci, Stefano

2018-01-01

The competition in international food markets is increasingly moving towards products with higher levels of added value and higher degrees of differentiation, requiring companies to become more market-oriented. Market orientation is 'the extent to which an actor in the marketplace uses knowledge

Fair Value or Market Value?

Directory of Open Access Journals (Sweden)

Bogdan Cosmin Gomoi

2014-12-01

Full Text Available When taking into consideration the issue of defining the “fair value” concept, those less experimented in the area often fall in the “price trap”, which is considered as an equivalent of the fair value of financial structures. This valuation basis appears as a consequence of the trial to provide an “accurate image” by the financial statements and, also, as an opportunity for the premises offered by the activity continuing principle. The specialized literature generates ample controversies regarding the “fair value” concept and the “market value” concept. The paper aims to debate this issue, taking into account various opinions.

Impact of Germany's energy transition on the Nordic power market – A market-based multi-region energy system model

International Nuclear Information System (INIS)

Zakeri, Behnam; Virasjoki, Vilma; Syri, Sanna; Connolly, David; Mathiesen, Brian V.; Welsch, Manuel

2016-01-01

The EU energy policy aims at creating a single European electricity market through market couplings and grid expansions. To analyse the implications of such power market couplings, we propose a market-based multi-region energy system model. The model simulates a multi-region power market (by applying market optimization and network theory), with detailed representation of each region as an energy system (by simulation of both heat and power sectors). We examine the impact of further integration of variable renewable energy (VRE) in Germany on the Nordic power market. The results indicate that the average electricity price slightly grows in the Nordic power market after Germany's Energy Transition (Energiewende). Hence, the economic surplus of Nordic consumers diminishes while Nordic producers improve their gain under new market conditions. Considering the gird congestion income, the overall system-level benefits (social welfare) will improve in the Nordic region after Germany's Energiewende. However, this gain is not equally distributed among different Nordic countries and across different stakeholders. Furthermore, the Energiewende slightly increases carbon emissions from power and district heating (DH) sectors, and reduces the flexibility in integration of VRE in some Nordic countries like Denmark. The direct interconnection of Norway and Germany through NordLink will contribute to the flexibility in wind integration in other Nordic countries, such as Denmark and Finland. - Highlights: • By an integrated hourly analysis, we model the energy systems of several networked countries and their common electricity market. • The proposed model can inform energy policy on implications of renewable energy integration in an international power market. • Among Nordic countries, Norway gains the highest economic benefits from Germany's energy transition. • Germany's energy transition constrains the flexibility of the Nordic countries in wind integration. • Nord

THE MARKET VALUE OF HUMAN CAPITAL: AN EMPIRICAL ANALYSIS

OpenAIRE

NEAGU OLIMPIA

2012-01-01

There is a general consensus that human capital is a major determinant of economic growth. Reflections on how human capital is related to growth can be extended by viewing on the market value of the human capital. The concept of the market value of human capital reflects the efficiency of allocation and utilisation of the human capital in the economy. To measure this efficiency the concept of the market value of human capital is explained and developed in the present paper. The aim of the pap...

30 CFR 206.265 - Value enhancement of marketable coal.

Science.gov (United States)

2010-07-01

... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Value enhancement of marketable coal. 206.265... MANAGEMENT PRODUCT VALUATION Federal Coal § 206.265 Value enhancement of marketable coal. If, prior to use, sale, or other disposition, the lessee enhances the value of coal after the coal has been placed in...

30 CFR 206.464 - Value enhancement of marketable coal.

Science.gov (United States)

2010-07-01

... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Value enhancement of marketable coal. 206.464... MANAGEMENT PRODUCT VALUATION Indian Coal § 206.464 Value enhancement of marketable coal. If, prior to use, sale, or other disposition, the lessee enhances the value of coal after the coal has been placed in...

Culture and values - their relevance for marketing strategies

OpenAIRE

Rewerts, Astrid Lucie; Hanf, Jon Henrich

2006-01-01

Research on consumer behaviour has revealed that the prospect of reaching a personal value is the virtual buying motive. Bearing this in mind, the researcher, as well as the marketer, is not only able to observe whether one product is preferred to another, but also to understand why this product is preferred. Hence, identifying consumers' personal values contributes to explaining consumer preferences and buying motives, which is of great importance for marketing practice. Personal values that...

Market-based multiagent system for reconfiguration of shipboard power systems

International Nuclear Information System (INIS)

Huang, Kai; Srivastava, Sanjeev K.; Cartes, David A.; Sun, Li-Hsiang

2009-01-01

On ships, the electric shipboard power system (SPS) supplies electrical power to critical functions such as navigation, communication, emergency systems, and in the case of warships, weapon systems. During ship operation, some parts of the SPS may become unavailable due to damage, fault, or maintenance. For the survivability and reliability of ships, it is desired to make the SPS highly reconfigurable. This paper presents a market-based multiagent system (MAS) for the reconfiguration of radial SPS. Radial SPSs are found on majority of ships. In the proposed MAS, each agent only communicates with its neighbor agents to make the system work in a fully decentralized manner. The MAS is implemented using Java Agent Development Framework (JADE), which is fully implemented in Java and compliant with Foundation of Intelligent Physical Agents (FIPA). An SPS with two generators and four loads is used for testing the proposed MAS. The results show the proposed MAS can successfully reconfigure a radial SPS. (author)

Transmission market support system

International Nuclear Information System (INIS)

Reinschmidt, K.F.; Coles, B.C.

1995-01-01

An interactive, computer-based market support system has been developed for transmission access that is efficient, equitable, and fair to all parties concerned with electrical transmission: utilities, electric generators, owners of transmission networks, and wholesale purchasers of electrical power. Each participant transmits electronically to the computer system his proposed price schedule for buying, selling, or transmitting power for each future time period. The price for transmission on a single line in one direction can differ from the price in the other direction. The total quantity offered in the transmission bid represents the capacity of the line, and the flow on the line cannot exceed this value. The system automatically computes the prices that clear the market; that is, the price that each generator receives at each bus, the price that each transmission operator receives on each line, and the price that each customer pays at each bus. The computer system maximizes the benefits to all three classes while satisfying the electrical characteristics of the transmission system by means of load flow calculations. Customers never pay more than their bid prices (but may pay less), and generators and transmission operators never receive less than their bid prices (but may receive more). The price at each bus applies to all buyers and sellers at that bus: all buyers at the same bus pay the same price and all generators at a bus receive the same price

THE INFLUENCE OF ECONOMIC VALUE ADDED AND MARKET VALUE ADDED ON CORPORATE VALUE

Directory of Open Access Journals (Sweden)

Taslim F.A.

2018-02-01

Full Text Available This research aims to determine the influence of economic value added and market value added on corporate value of manufacturing companies on sector consumer goods industry listed in Indonesia Stock Exchanges of 2011-2014. The sample of this research was 10 manufacturing companies on sector consumer goods industry listed in Indonesia Stock Exchanges. The method used was purposive sampling technique. This research used confirmatory factor analysis to form a combined proxy of corporate value comprised price earning ratio, price to book value and Tobin's Q.

Total value of the customer and targeted marketing strategies

OpenAIRE

Ryals , L.

2002-01-01

The literature shows some recent calls for an end to 'unaccountable' marketing (Rust et al., 2001; Sheth and Sharma, 2001) and the use of customer lifetime value as an appropriate marketing metric (Rust et al., 2001). Some commentators recommend the application of shareholder value measures to the valuation of customer relationships (Uyemara, 1997; Mariotti, 1996). The thesis evaluates the application of shareholder value measures to the valuation of customers. Shareholder valu...

Old but sexy: Value creation of old technology-based businesses models

Directory of Open Access Journals (Sweden)

Oke Christian Beckmann

2016-12-01

Full Text Available The purpose of this study is to contribute to a better understanding of the strategic and organisational con gurations that companies can use to generate value with product-market systems and their busi- ness models that have been dominant in the past but forced back into niche positions by innovation. The former dominant music format vinyl was rapidly substituted after the introduction of digital music. However, still nowadays some customers use and buy old technology-based products – vinyl sales boom again since 2007. Due to the two-sided nature of the market, customers have to get access to complementary goods. We are thus interested in technologies which have been outdated by the emergence of new technologies. The originality lies in the combination of the two areas: business models and old technologies. Furthermore, vinyl is an example not analysed in depth by scholars so far. We approached this by undertaking an in-depth literature review to generate hypotheses regarding the value-adding activities of old-technology based businesses as a basis for further research in this area. In addition the paper gives insights into the constellations to be expected over time for old technology-based businesses models in platform markets. We here focus on a neglected topic in the strategy literature which, however, bears relevance for many businesses locked into product-market systems which make it hard for them to (completely switch to a new technology emerging in the market. It is especially valuable to describe the consequences in a systematic fashion.

Stark laws and fair market value exceptions: an introduction.

Science.gov (United States)

Siebrasse, Paul B

2007-01-01

This article will focus on one aspect of complexity in modern healthcare, namely the implications of Stark laws and other fraud and abuse provisions, including anti-kickback statutes and HIPAA. Also, this article explores the prevalence of fair market value as an exception in the Stark laws and discusses the meanings of those exceptions. Finally, the article explores basic approaches to assessing fair market value, including cost, income, and marketing approaches.

Collaborative Decision Model on Stockpile Material of a Traditional Market Infrastructure using Value-Based HBU

Science.gov (United States)

Utomo, C.; Rahmawati, Y.; Pararta, D. L.; Ariesta, A.

2017-11-01

Readiness of infrastructure establishment is needed in the early phase of real estate development. To meet the needs of retail property in the form of traditional markets, the Government prepares to build a new 1300 units. Traditional market development requires infrastructure development. One of it is the preparation of sand material embankment as much as ± 200,000 m3. With a distance of 30 km, sand material can be delivered to the project site by dump trucks that can only be operated by 2 trip per day. The material is managed by using stockpile method. Decision of stockpile location requires multi person and multi criteria in a collaborative environment. The highest and the best use (HBU) criteria was used to construct a value-based decision hierarchy. Decision makers from five stakeholders analyzed the best of three locations by giving their own preference of development cost and HBU function. Analytical Hierarchy Process (AHP) based on satisfying options and cooperative game was applied for agreement options and coalition formation on collaborative decision. The result indicates that not all solutions become a possible location for the stockpile material. It shows the ‘best fit’ options process for all decision makers.

How long the singular value decomposed entropy predicts the stock market? - Evidence from the Dow Jones Industrial Average Index

Science.gov (United States)

Gu, Rongbao; Shao, Yanmin

2016-07-01

In this paper, a new concept of multi-scales singular value decomposition entropy based on DCCA cross correlation analysis is proposed and its predictive power for the Dow Jones Industrial Average Index is studied. Using Granger causality analysis with different time scales, it is found that, the singular value decomposition entropy has predictive power for the Dow Jones Industrial Average Index for period less than one month, but not for more than one month. This shows how long the singular value decomposition entropy predicts the stock market that extends Caraiani's result obtained in Caraiani (2014). On the other hand, the result also shows an essential characteristic of stock market as a chaotic dynamic system.

Understanding the role and value of marketing communications by a regulated, monopoly firm

Science.gov (United States)

Guzek, Frederick J.

2003-10-01

Expenditures on advertising and other marketing efforts have been found to generate profits for the firm and savings for the consumer in competitive industries. However, prior research has not addressed the use of these practices by price-regulated monopolies such as electric utility companies. Surprisingly, many utilities spend substanstially on advertising and sales despite having a captive customer base. Moreover, a unique feature within electric utilities is that much utility advertising involves demarketing, with a view to lessen strain on the system and to help avoid situations demanding high-cost energy. In this context, I ask the following questions: Is spending on marketing by monopoly firms justified? Does the consumer pay a higher price for electricity because of marketing or do shareholders pay for it? Do such activities provide a net welfare benefit? Finally, do measurable differences in marketing expenditures exist along the continuum from heavily regulated to nearly competitive markets? I analyze data from the Federal Energy Regulatory Commission and from the National Regulatory Research Institute. I find a significant positive relationship between advertising and net income, supporting the notion that advertising expenditures benefit the utility firm. I do not, however, find a significant relationship between marketing effort and consumer price, suggesting that consumers may not be bearing the expense of such practices. I also investigate the manner in which advertising improves net earnings. Speciifically, I find that advertising is negatively related to indirect expenses in this industry. Surprisingly, advertising is also negatively related to electricity consumption. Overall, the results suggest that advertising creates value by reducing indirect expenses without raising prices. These finds thus support the premise of a net welfare gain. Finally, I also find that progress toward deregulation and the level of advertising expenditures are

Extreme Value Theory and Value at Risk. Application to oil market

International Nuclear Information System (INIS)

Marimoutou, Velayoudoum; Raggad, Bechir; Trabelsi, Abdelwahed

2009-01-01

Recent increases in energy prices, especially oil prices, have become a principal concern for consumers, corporations, and governments. Most analysts believe that oil price fluctuations have considerable consequences on economic activity. Oil markets have become relatively free, resulting in a high degree of oil-price volatility and generating radical changes to world energy and oil industries. Consequently, oil markets are naturally vulnerable to significant high price shifts. An example of such a case is the oil embargo crisis of 1973. In this newly created climate, protection against market risk has become a necessity. Value at Risk (VaR) measures risk exposure at a given probability level and is very important for risk management. Appealing aspects of Extreme Value Theory (EVT) have made convincing arguments for its use in managing energy price risks. In this paper, we model VaR for long and short trading positions in oil market by applying both unconditional and conditional EVT models to forecast Value at Risk. These models are compared to the performances of other well-known modelling techniques, such as GARCH, Historical Simulation and Filtered Historical Simulation. Both conditional EVT and Filtered Historical Simulation procedures offer a major improvement over the conventional methods. Furthermore, GARCH(1, 1)-t model may provide equally good results which are comparable to two combined procedures. Finally, our results confirm the importance of filtering process for the success of standard approaches. (author)

Extreme Value Theory and Value at Risk. Application to oil market

Energy Technology Data Exchange (ETDEWEB)

Marimoutou, Velayoudoum [GREQAM, Universite de la Mediterranee, Institut Francais de Pondichery (France); Raggad, Bechir; Trabelsi, Abdelwahed [BESTMOD, Institut Superieur de Gestion de Tunis (Tunisia)

2009-07-15

Recent increases in energy prices, especially oil prices, have become a principal concern for consumers, corporations, and governments. Most analysts believe that oil price fluctuations have considerable consequences on economic activity. Oil markets have become relatively free, resulting in a high degree of oil-price volatility and generating radical changes to world energy and oil industries. Consequently, oil markets are naturally vulnerable to significant high price shifts. An example of such a case is the oil embargo crisis of 1973. In this newly created climate, protection against market risk has become a necessity. Value at Risk (VaR) measures risk exposure at a given probability level and is very important for risk management. Appealing aspects of Extreme Value Theory (EVT) have made convincing arguments for its use in managing energy price risks. In this paper, we model VaR for long and short trading positions in oil market by applying both unconditional and conditional EVT models to forecast Value at Risk. These models are compared to the performances of other well-known modelling techniques, such as GARCH, Historical Simulation and Filtered Historical Simulation. Both conditional EVT and Filtered Historical Simulation procedures offer a major improvement over the conventional methods. Furthermore, GARCH(1, 1)-t model may provide equally good results which are comparable to two combined procedures. Finally, our results confirm the importance of filtering process for the success of standard approaches. (author)

State-of-the-art research: optimal investment in market-based electric power systems

Energy Technology Data Exchange (ETDEWEB)

Hope, Einar; Skjeret, Frode

2008-04-15

The purpose of this state-of-the-art research paper is to surveying the literature on investment in market based electric power systems as a background for identifying and discussing some important issues in the optimal design and operation of such systems. A fundamental distinction has to be made between investment in the competitive part of the power system (generation and trading) on the one hand and the natural monopoly part (network infrastructure) on the other. The paper starts with a listing and discussion on market characteristics and properties of electric power and goes on to discussing performance criteria and potential sources of market failure for optimal electric power investment. After the literature survey there is a discussion of conditions under which optimal investment may occur. (author). 78 refs., figs

Assessing the Value of E-Learning Systems

Science.gov (United States)

Levy, Yair

2006-01-01

"Assessing the Value of E-Learning Systems" provides an extensive literature review pulling theories from the field of information systems, psychology and cognitive sciences, distance and online learning, as well as marketing and decision sciences. This book provides empirical evidence for the power of measuring value in the context of e-learning…

New era of marketing

Directory of Open Access Journals (Sweden)

Mihailović Božo

2003-01-01

Full Text Available At the beginning of a new millennium there are qualitative changes in the concept of mass marketing. Companies have to concentrate more on value creation for single customer. Main reasons that brought such a change are: globalization of the economy, informatisation of the society, new customer and new way of leading the company. New (holistic marketing' is based on completely different relationship with customers. It presumes creation of "demanded" values to customers based on the "research of values". Customers are regarded and individuals and they have their system of value for what is offered. New role of marketing in the company is made of its integration with global management. That brings new relation of marketing towards all other business functions.

Market orientated design studies for SOFC based systems

Energy Technology Data Exchange (ETDEWEB)

Nietsch, T.; Clark, J.

1999-07-01

This report examines the development status of Solid Oxide Fuel Cell (SOFC) technology, assesses its commercial potential for heat and power generation in the UK and identifies key development areas for both the SOFC stack and associated system components. A range of Distributed Generation (DG) and Combined Heat and Power (CHP) applications were considered in arriving at these recommendations. The project commenced with initial surveys of leading SOFC technology companies and centres world-wide. These surveys were conducted in parallel with consultations with key operator organisations in the UK which enabled the requirements of these organisations within the UK Energy Supply Industry to be identified. As a result of the initial survey, over 30 fuel cell based power plants, of size ranging from 1 kW{sub e} to 20 MW{sub e} for both DG and CHP applications, were identified. Outline designs of these applications were then set up and simulated. These candidate systems were then assessed against each other in terms of efficiency, cost of electricity, specific costs, technical risk and market potential for the UK industry. The final ranking obtained was then confirmed with the key operator organisations. On the basis of the ranking process noted above, nine SOFC based power generation/CHP applications were chosen for more detailed investigation in terms of their potential in both UK and overseas markets. Detailed simulations were conducted for each application to allow study of: the influence of efficiency on the economics of the different plants/stacks; the combination of stack and Balance of Plant (BoP) costs; and the cost and availability of key balance of plant devices. These systems were then again assessed in terms of the criteria noted for the outline stage. Finally key development areas for both SOFC stacks and associated Balance of Plant devices were identified. (author)

Determining the fair market value of gas plants

International Nuclear Information System (INIS)

Severs, K.H.F.

1999-01-01

Issues regarding ownership and transfer arrangements of natural gas processing facilities are reviewed. Means by which to determine the worth of a processing plant (capacity, throughput, process fees, plant limitation, reservoir capability, gathering system capacity, production to reserve ratios), the valuation process and the risks to consider are also examined. In the final analysis the mark of fair market value is a successfully completed negotiation. It should represent a win-win situation for both the plant owner and the gas producer

Value-Creation Potential from Multi-Market Trading for a Hydropower Producer

Directory of Open Access Journals (Sweden)

Marte Fodstad

2017-12-01

Full Text Available We study a hydropower producer’s potential for value-creation from multi-market trading given the price variations in the markets and the flexibility provided through access to hydro reservoirs. We use a perfect foresight optimization model for a price-taking hydropower producer co-optimizing his trades in the day-ahead, intra-day and balancing markets. The model is used on real market data from Norway, Sweden and Germany. The study shows a theoretical potential for added value when selling energy in multiple markets relative to optimal day-ahead sale. Most of this value is achievable also when the perfect foresight is limited to the period from day-ahead bidding until operation. Flexible production plants achieve the largest relative added values for multi-market sales, and has the largest benefit from a long horizon with perfect foresight.

Support System Model for Value based Group Decision on Roof System Selection

Directory of Open Access Journals (Sweden)

Christiono Utomo

2011-02-01

Full Text Available A group decision support system is required on a value-based decision because there are different concern caused by differing preferences, experiences, and background. It is to enable each decision-maker to evaluate and rank the solution alternatives before engaging into negotiation with other decision-makers. Stakeholder of multi-criteria decision making problems usually evaluates the alternative solution from different perspective, making it possible to have a dominant solution among the alternatives. Each stakeholder needs to identify the goals that can be optimized and those that can be compromised in order to reach an agreement with other stakeholders. This paper presents group decision model involving three decision-makers on the selection of suitable system for a building’s roof. The objective of the research is to find an agreement options model and coalition algorithms for multi person decision with two main preferences of value which are function and cost. The methodology combines value analysis method using Function Analysis System Technique (FAST; Life Cycle Cost analysis, group decision analysis method based on Analytical Hierarchy Process (AHP in a satisfying options, and Game theory-based agent system to develop agreement option and coalition formation for the support system. The support system bridges theoretical gap between automated design in construction domain and automated negotiation in information technology domain by providing a structured methodology which can lead to systematic support system and automated negotiation. It will contribute to value management body of knowledge as an advanced method for creativity and analysis phase, since the practice of this knowledge is teamwork based. In the case of roof system selection, it reveals the start of the first negotiation round. Some of the solutions are not an option because no individual stakeholder or coalition of stakeholders desires to select it. The result indicates

Has the First Global Financial Crisis Changed the Entrepreneurial Values in Digitalized Marketing-based Societies? The Case of GEM Latin American Countries

Directory of Open Access Journals (Sweden)

José Manuel Saiz Álvarez

2017-07-01

Full Text Available As the world economy is globalized, crises are rapidly spread due to the massive use of ICTs (Information and Communication Technologies, also affecting the entrepreneurial values involved in business creation processes. In this sense, digital marketing has a key role to play, as it can serve as a tool based on technology applied to foster nascent entrepreneurship. Using data for GEM Latin American countries, and applying clustering analysis based on the K-means method, the objective of this work is to test if the actual First Global Financial Crisis (FGFC has altered the entrepreneurial values in Latin American firms. The main result of this work is that the traits of entrepreneurial activity in GEM Latin American countries have progressively shifted from quantity to quality, so digital marketing is having an increasing importance.

Value system for distruptive innovation

DEFF Research Database (Denmark)

Li, Jizhen; Zhang, Si; Hu, Yimei

After reviewing the theory of disruptive innovation, this paper forms a new framework for analyzing disruptive innovation from the perspective of value system, which suggests that the technology per se is the value source, industrial Ecosystem is the carrier, business model is the instrument...... and the market trajectory is the terminal, through the coordination of the elements in the value system the success of firms in disruptive innovation could be obtained and sustained. In other words, with the understanding of how value system works in disruptive innovation, the failure of incumbent firms may...... hopefully find its root. According to the framework, it summarizes different types of disruption that LED brings to traditional lighting industry in Guangdong Province, and proposes policy recommendations to accelerate the development of LED lighting industry in Guangdong Province....

Tycoon market-based system: integration with EGEE

CERN Document Server

Dana Perez, J M

2007-01-01

Tycoon is a market-based system for trading resources. The idea is to integrate Tycoon with EGEE, obtaining a dynamic Grid ready to share resources with others (Universities, research centres, etc.). Tycoon will run as a new service, deploying and destroying virtual machines (Worker Nodes and Computing Elements) on demand. Tycoon will give to EGEE a dynamic, flexible, secure and transparent platform/service to trade resources more efficiently. It could attract small and medium VOs to the EGEE project, they could take advantage of the Grid resources and obtain extra computing power while EGEE could obtain credits/money for its service. Our goal is to integrate Tycoon as a new service of EGEE, we do not have special requirements, we do not need to modify the EGEE middleware, Grid special services, etc. Standard and ‘tycoonized’ nodes (Computing Elements and Worker Nodes) must coexist in the same Grid, working without problems. Our main issue would be to ensure the security of the whole system (EGEE platform...

Value-based management: Theoretical base, shareholders' request and the concept

Directory of Open Access Journals (Sweden)

Kaličanin Đorđe M.

2005-01-01

Full Text Available The pressure of financial markets, which is a consequence of shareholder revolution, directly affects the solution to the following dilemma: is the mission of corporations to maximize shareholders' wealth or to satisfy interests of other stakeholders? The domination of shareholder theory has caused the appearance of the valuebased management concept. Value-based management is a relevant concept and a process of management in modern environment. The importance of shareholder value requires transformation of traditional enterprise into value driven enterprise. This paper addresses theoretical base, shareholder revolution and the main characteristics of value-based management.

Market orientation at the value chain level: Concept and determinants

DEFF Research Database (Denmark)

Grunert, Klaus G.; Hansen, Kåre; Jeppesen, Lisbeth Fruensgaard

-institutional theory, transaction cost economics, network theory and the political-economic approach to the analysis of marketing channels, potential determinants of market orientation at value chain levels are identified. These determinants and their possible interaction may serve as guiding principles for empirical......The term market orientation, defined as sets of activities dealing with the generation and dissemination of market intelligence as well as with responding to it, is extended from the organisation level to the value chain level. By drawing on theories from industrial economics, neo...

Market orientation at the value chain level: Concept and determinants

DEFF Research Database (Denmark)

Grunert, Klaus G.; Hansen, Kåre; Jeppesen, Lisbeth Fruensgaard

The term market orientation, defined as sets of activities dealing with the generation and dissemination of market intelligence as well as with responding to it, is extended from the organisation level to the value chain level. By drawing on theories from industrial economics, neo......-institutional theory, transaction cost economics, network theory and the political-economic approach to the analysis of marketing channels, potential determinants of market orientation at value chain levels are identified. These determinants and their possible interaction may serve as guiding principles for empirical...

Potential markets for a satellite-based mobile communications system

Science.gov (United States)

Jamieson, W. M.; Peet, C. S.; Bengston, R. J.

1976-01-01

The objective of the study was to define the market needs for improved land mobile communications systems. Within the context of this objective, the following goals were set: (1) characterize the present mobile communications industry; (2) determine the market for an improved system for mobile communications; and (3) define the system requirements as seen from the potential customer's viewpoint. The scope of the study was defined by the following parameters: (1) markets were confined to U.S. and Canada; (2) range of operation generally exceeded 20 miles, but this was not restrictive; (3) the classes of potential users considered included all private sector users, and non-military public sector users; (4) the time span examined was 1975 to 1985; and (5) highly localized users were generally excluded - e.g., taxicabs, and local paging.

Quality issues in the market based dissemination of solar home systems

Energy Technology Data Exchange (ETDEWEB)

Lindner, Klara [MicroEnergy International, Berlin (Germany)

2011-07-01

In general, Photovoltaic systems are built to last and require little maintenance. However, field studies have revealed a high number of system failures, which are linked to a lack of quality assurance. This paper depicts problems that occur with solar home systems (SHS) disseminated on a market-based approach. The research methodology is based on three pillars: A literature review covers documented projects around the world dealing with solar home system dissemination. Expert practitioners drawn together in a workshop have shared valuable experiences, while a trip to rural Tanzania has been carried out to collect personal insights from the field. To facilitate continuous sharing of challenges between different stakeholders, common quality issues are grouped into four categories according to their cause: component quality, system integration, business model and framework conditions. While the solar component and the user are often initially blamed for system failure, it shows that difficulties arise at various levels of the SHS life cycle - this paper highlights focus problems within each stage. As a root, three underlying challenges are suggested: maladjusted systems, inadequate installations and a disorganized after-sales service. A possible instrument to assure better quality in this context is the enforcement of standards also in market-based SHS sales. Microfinance institutions are assumed as an important partner, because only clients with a functioning system are willing to repay the linked loan. As most of these institutions lack technical knowledge, they can only become an agent for their clients' wish for customer protection, if an independent facility certifies the system's functionality. The given recommendation is that a sustainable approach for solar home system dissemination should not attempt to increase the affordability by developing cheaper products but by fostering income-generating activities, which facilitate paying for good quality

Miniature and micro spectrometers market: who is going to catch the value?

Science.gov (United States)

Bouyé, Clémentine; d'Humières, Benoît

2017-02-01

The market of miniature and micro spectrometers is evolving fast. The technology is getting ever smaller and cheaper while keeping high performances. The market is attracting new players: spin-offs from major research institutes, large companies outside the classic spectroscopy market, software providers with innovative analytical solutions, … The goal of this involvement is to bring spectroscopy closer to the end-users and provide spectrometers able to operate on-field or in-line. The high potential of compact spectrometers is recognized for a wide variety of applications: chemistry, pharmaceutics, agro-food, agriculture, forensics, healthcare, consumer applications, … But its emergence as a large volume market faces a major bottleneck. Each application implies specific processes and analyses and specific parameters to control, i.e. a specific interpretation of the raw spectra in order to provide information usable by nonphotonic experts. Who is going to pay for that adaptation effort? Are there ways for reducing the adaptation costs, by means of selflearning algorithms and/or flexible and easily adaptable sensors? In other words, who is going to catch the value? In this article, we will investigate the potential of each major industrial application market and provide market data. We will also wonder, what are the strengths and weaknesses of the different players - spectrometer manufacturers, algorithms developers, full-systems providers, … - to catch the value of the compact spectrometer market.

A CBR-Based and MAHP-Based Customer Value Prediction Model for New Product Development

Science.gov (United States)

Zhao, Yu-Jie; Luo, Xin-xing; Deng, Li

2014-01-01

In the fierce market environment, the enterprise which wants to meet customer needs and boost its market profit and share must focus on the new product development. To overcome the limitations of previous research, Chan et al. proposed a dynamic decision support system to predict the customer lifetime value (CLV) for new product development. However, to better meet the customer needs, there are still some deficiencies in their model, so this study proposes a CBR-based and MAHP-based customer value prediction model for a new product (C&M-CVPM). CBR (case based reasoning) can reduce experts' workload and evaluation time, while MAHP (multiplicative analytic hierarchy process) can use actual but average influencing factor's effectiveness in stimulation, and at same time C&M-CVPM uses dynamic customers' transition probability which is more close to reality. This study not only introduces the realization of CBR and MAHP, but also elaborates C&M-CVPM's three main modules. The application of the proposed model is illustrated and confirmed to be sensible and convincing through a stimulation experiment. PMID:25162050

Firm Value and Cross Listings: The Impact of Stock Market Prestige

Directory of Open Access Journals (Sweden)

Nicola Cetorelli

2015-03-01

Full Text Available This study investigates the valuation impact of a firm’s decision to cross list on a more (or less prestigious stock exchange relative to its own domestic market. We use a network analysis methodology to derive broad market-based measures of prestige for 45 country or regional stock exchange destinations between 1990 and 2006. We find that firms cross listing in a more prestigious market enjoy significant valuation gains over the five-year period following the listing. In contrast, firms cross listing in less prestigious markets experience a significant valuation discount over this post-listing period. The reputation of the cross-border listing destinations is therefore a useful signal of firm value going forward. Our findings are consistent with the view that cross listing in a prestigious market enhances firm visibility, strengthens corporate governance, and lowers informational frictions and capital costs.

Uncertainties in the Value of Bill Savings from Behind-the-Meter, Residential Photovoltaic Systems: The Roles of Electricity Market Conditions, Retail Rate Design, and Net Metering

Science.gov (United States)

Darghouth, Naim Richard

Net metering has become a widespread policy mechanism in the U.S. for supporting customer adoption of distributed photovoltaics (PV), allowing customers with PV systems to reduce their electric bills by offsetting their consumption with PV generation, independent of the timing of the generation relative to consumption. Although net metering is one of the principal drivers for the residential PV market in the U.S., the academic literature on this policy has been sparse and this dissertation contributes to this emerging body of literature. This dissertation explores the linkages between the availability of net metering, wholesale electricity market conditions, retail rates, and the residential bill savings from behind-the-meter PV systems. First, I examine the value of the bill savings that customers receive under net metering and alternatives to net metering, and the associated role of retail rate design, based on current rates and a sample of approximately two hundred residential customers of California's two largest electric utilities. I find that the bill savings per kWh of PV electricity generated varies greatly, largely attributable to the increasing block structure of the California utilities' residential retail rates. I also find that net metering provides significantly greater bill savings than alternative compensation mechanisms based on avoided costs. However, retail electricity rates may shift as wholesale electricity market conditions change. I then investigate a potential change in market conditions -- increased solar PV penetrations -- on wholesale prices in the short-term based on the merit-order effect. This demonstrates the potential price effects of changes in market conditions, but also points to a number of methodological shortcomings of this method, motivating my usage of a long-term capacity investment and economic dispatch model to examine wholesale price effects of various wholesale market scenarios in the subsequent analysis. By developing

Market based generation: A promising market management option

International Nuclear Information System (INIS)

Siddiqi, R.

1992-01-01

It is proposed to ease the tension between demand management and supply side management at electric utilities through the introduction of a concept called market management. Market management provides a framework for developing and evaluating the attractiveness of new products and services such as dispersed generation hardware, implementation services, and complementary pricing structures. A market management strategy is the definition of market segments, creating products for those segments, evaluation of the profitability of the product-segment combinations, commitment of resources to those segments, and development of product and marketing plans for those segments. A brief analysis of backup generation is presented as an example of market management. In this example, the customer that is backed up shares some portion of the capital and maintenance costs of the backup unit through priority service rates; the utility and customers that are not backed up can obtain the use of the generating resource but pay only a portion of its costs. Backup generation programs have been found to provide utilities with the ability to meet peak load requirements more cheaply than by investing in peaking capacity. Other benefits for utilities include protection of market share, more efficient rates, and a new source of revenues. With the advances in the technology of small-scale generation, utilities can examine bundling various pricing options with market based generation to offer alternative value-added service options to customer segments with demand characteristics that make these technologies attractive. 3 figs

Value-Based Care and Strategic Priorities.

Science.gov (United States)

Gross, Wendy L; Cooper, Lebron; Boggs, Steven; Gold, Barbara

2017-12-01

The anesthesia market continues to undergo disruption. Financial margins are shrinking, and buyers are demanding that anesthesia services be provided in an efficient, low-cost manner. To help anesthesiologists analyze their market, Drucker and Porter's framework of buyers, suppliers, quality, barriers to entry, substitution, and strategic priorities allows for a structured analysis. Once this analysis is completed, anesthesiologists must articulate their value to other medical professionals and to hospitals. Anesthesiologists can survive and thrive in a value-based health care environment if they are capable of providing services differently and able to deliver cost-effective care. Copyright © 2017 Elsevier Inc. All rights reserved.

Value Measurement Systems, Professional Narratives and the (Un)Making of Market Regimes in Twentieth-Century American Advertising

DEFF Research Database (Denmark)

Schwarzkopf, Stefan

During the 1920s, consumer psychologists and market researchers began to develop measurement systems that allowed their clients to express in ‘hard’ figures, and thus to put a financial value on, the impact that particular advertisements had on consumers. At the same time, advertising designers...... owners, their clients and by media organizations which printed, aired or screened commercial messages. Drawing on the notion of the socio-technical ‘agencements’, and on theories of the performativity of measurement regimes in the making of markets, economic sociologists have developed a good...... understanding of how the act of measuring itself can affect the behaviour of those whose social actions are being measured. Much less well developed is an economic-sociological account of how such measurement regimes are being resisted and how and why they decline. This paper uses the rise and fall...

Endocrine surgery as a model for value-based health care delivery.

Science.gov (United States)

Abdulla, Amer G; Ituarte, Philip H G; Wiggins, Randi; Teisberg, Elizabeth O; Harari, Avital; Yeh, Michael W

2012-01-01

Experts advocate restructuring health care in the United States into a value-based system that maximizes positive health outcomes achieved per dollar spent. We describe how a value-based system implemented by the University of California, Los Angeles UCLA Section of Endocrine Surgery (SES) has optimized both quality and costs while increasing patient volume. Two SES clinical pathways were studied, one allocating patients to the most appropriate surgical care setting based on clinical complexity, and another standardizing initial management of papillary thyroid carcinoma (PTC). The mean cost per endocrine case performed from 2005 to 2010 was determined at each of three care settings: A tertiary care inpatient facility, a community inpatient facility, and an ambulatory facility. Blood tumor marker levels (thyroglobulin, Tg) and reoperation rates were compared between PTC patients who underwent routine central neck dissection (CND) and those who did not. Surgical patient volume and regional market share were analyzed over time. The cost of care was substantially lower in both the community inpatient facility (14% cost savings) and the ambulatory facility (58% cost savings) in comparison with the tertiary care inpatient facility. Patients who underwent CND had lower Tg levels (6.6 vs 15.0 ng/mL; P = 0.024) and a reduced need for re-operation (1.5 vs 6.1%; P = 0.004) compared with those who did not undergo CND. UCLA maintained its position as the market leader in endocrine procedures while expanding its market share by 151% from 4.9% in 2003 to 7.4% in 2010. A value-driven health care delivery system can deliver improved clinical outcomes while reducing costs within a subspecialty surgical service. Broader application of these principles may contribute to resolving current dilemmas in the provision of care nationally.

Early evaluation and value-based pricing of regenerative medicine technologies.

Science.gov (United States)

Koerber, Florian; Rolauffs, Bernd; Rogowski, Wolf

2013-11-01

Since the first pioneering scientists explored the potential of using human cells for therapeutic purposes the branch of regenerative medicine has evolved to become a mature industry. The focus has switched from 'what can be done' to 'what can be commercialized'. Timely health economic evaluation supports successful marketing by establishing the value of a product from a healthcare system perspective. This article reports results from a research project on early health economic evaluation in collaboration with developers, clinicians and manufacturers. We present an approach to determine an early value-based price for a new treatment of cartilage defects of the knee from the area of regenerative medicine. Examples of using evaluation results for the purpose of business planning, market entry, preparing the coverage decision and managed entry are discussed.

Value-based management of design reuse

Science.gov (United States)

Carballo, Juan Antonio; Cohn, David L.; Belluomini, Wendy; Montoye, Robert K.

2003-06-01

Effective design reuse in electronic products has the potential to provide very large cost savings, substantial time-to-market reduction, and extra sources of revenue. Unfortunately, critical reuse opportunities are often missed because, although they provide clear value to the corporation, they may not benefit the business performance of an internal organization. It is therefore crucial to provide tools to help reuse partners participate in a reuse transaction when the transaction provides value to the corporation as a whole. Value-based Reuse Management (VRM) addresses this challenge by (a) ensuring that all parties can quickly assess the business performance impact of a reuse opportunity, and (b) encouraging high-value reuse opportunities by supplying value-based rewards to potential parties. In this paper we introduce the Value-Based Reuse Management approach and we describe key results on electronic designs that demonstrate its advantages. Our results indicate that Value-Based Reuse Management has the potential to significantly increase the success probability of high-value electronic design reuse.

Value chain and marketing margins of cassava: An assessment of ...

African Journals Online (AJOL)

Value chain and marketing margins of cassava: An assessment of cassava marketing in ... African Journal of Food, Agriculture, Nutrition and Development ... Cassava is one of the emerging market oriented agricultural commodities with ...

Nonlinear multi-analysis of agent-based financial market dynamics by epidemic system

Science.gov (United States)

Lu, Yunfan; Wang, Jun; Niu, Hongli

2015-10-01

Based on the epidemic dynamical system, we construct a new agent-based financial time series model. In order to check and testify its rationality, we compare the statistical properties of the time series model with the real stock market indices, Shanghai Stock Exchange Composite Index and Shenzhen Stock Exchange Component Index. For analyzing the statistical properties, we combine the multi-parameter analysis with the tail distribution analysis, the modified rescaled range analysis, and the multifractal detrended fluctuation analysis. For a better perspective, the three-dimensional diagrams are used to present the analysis results. The empirical research in this paper indicates that the long-range dependence property and the multifractal phenomenon exist in the real returns and the proposed model. Therefore, the new agent-based financial model can recurrence some important features of real stock markets.

The wisdom of crowds in action: Forecasting epidemic diseases with a web-based prediction market system.

Science.gov (United States)

Li, Eldon Y; Tung, Chen-Yuan; Chang, Shu-Hsun

2016-08-01

The quest for an effective system capable of monitoring and predicting the trends of epidemic diseases is a critical issue for communities worldwide. With the prevalence of Internet access, more and more researchers today are using data from both search engines and social media to improve the prediction accuracy. In particular, a prediction market system (PMS) exploits the wisdom of crowds on the Internet to effectively accomplish relatively high accuracy. This study presents the architecture of a PMS and demonstrates the matching mechanism of logarithmic market scoring rules. The system was implemented to predict infectious diseases in Taiwan with the wisdom of crowds in order to improve the accuracy of epidemic forecasting. The PMS architecture contains three design components: database clusters, market engine, and Web applications. The system accumulated knowledge from 126 health professionals for 31 weeks to predict five disease indicators: the confirmed cases of dengue fever, the confirmed cases of severe and complicated influenza, the rate of enterovirus infections, the rate of influenza-like illnesses, and the confirmed cases of severe and complicated enterovirus infection. Based on the winning ratio, the PMS predicts the trends of three out of five disease indicators more accurately than does the existing system that uses the five-year average values of historical data for the same weeks. In addition, the PMS with the matching mechanism of logarithmic market scoring rules is easy to understand for health professionals and applicable to predict all the five disease indicators. The PMS architecture of this study affords organizations and individuals to implement it for various purposes in our society. The system can continuously update the data and improve prediction accuracy in monitoring and forecasting the trends of epidemic diseases. Future researchers could replicate and apply the PMS demonstrated in this study to more infectious diseases and wider

Economic Value Of Garcinia kola Marketing In Enugu State, Nigeria ...

African Journals Online (AJOL)

Economic Value Of Garcinia kola Marketing In Enugu State, Nigeria. ... returns and identifying and determining the Socio-economic variables that affect the marketers net returns. Three markets, one ... EMAIL FULL TEXT EMAIL FULL TEXT

Metrix Matrix: A Cloud-Based System for Tracking Non-Relative Value Unit Value-Added Work Metrics.

Science.gov (United States)

Kovacs, Mark D; Sheafor, Douglas H; Thacker, Paul G; Hardie, Andrew D; Costello, Philip

2018-03-01

In the era of value-based medicine, it will become increasingly important for radiologists to provide metrics that demonstrate their value beyond clinical productivity. In this article the authors describe their institution's development of an easy-to-use system for tracking value-added but non-relative value unit (RVU)-based activities. Metrix Matrix is an efficient cloud-based system for tracking value-added work. A password-protected home page contains links to web-based forms created using Google Forms, with collected data populating Google Sheets spreadsheets. Value-added work metrics selected for tracking included interdisciplinary conferences, hospital committee meetings, consulting on nonbilled outside studies, and practice-based quality improvement. Over a period of 4 months, value-added work data were collected for all clinical attending faculty members in a university-based radiology department (n = 39). Time required for data entry was analyzed for 2 faculty members over the same time period. Thirty-nine faculty members (equivalent to 36.4 full-time equivalents) reported a total of 1,223.5 hours of value-added work time (VAWT). A formula was used to calculate "value-added RVUs" (vRVUs) from VAWT. VAWT amounted to 5,793.6 vRVUs or 6.0% of total work performed (vRVUs plus work RVUs [wRVUs]). Were vRVUs considered equivalent to wRVUs for staffing purposes, this would require an additional 2.3 full-time equivalents, on the basis of average wRVU calculations. Mean data entry time was 56.1 seconds per day per faculty member. As health care reimbursement evolves with an emphasis on value-based medicine, it is imperative that radiologists demonstrate the value they add to patient care beyond wRVUs. This free and easy-to-use cloud-based system allows the efficient quantification of value-added work activities. Copyright © 2017 American College of Radiology. Published by Elsevier Inc. All rights reserved.

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

International Nuclear Information System (INIS)

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

2008-01-01

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

THE EFFECT OF LEVERAGE AND ECONOMIC VALUE ADDED ON MARKET VALUE ADDED

Directory of Open Access Journals (Sweden)

Kristína Jančovičová BOGNÁROVÁ

2018-05-01

Full Text Available Economic value added (EVA is a performance measure developed by Stern Stewart & Co. that attempts to measure the true economic profit produced by a company. Such a metric is useful for investors who wish to determine how well a company has produced value for its investors, and it can be compared against the company's peers for a quick analysis of how well the company is operating in its industry. Market value added (MVA, on the other hand, is simply the difference between the current total market value of a company and the capital contributed by investors (including both shareholders and bondholders. It is typically used for companies that are larger and publicly-traded. MVA is not a performance metric like EVA, but instead is a wealth metric, measuring the level of value a company has accumulated over time. In order to maximise the value for shareholders, companies should strive towards maximising MVA and not necessarily their total market value. It is believed, that the best way to do so is to maximize EVA, which reflects a company’s ability to earn returns above the cost of capital. The leverage available to companies that incur fixed costs and use borrowed capital with a fixed interest charge has been known and quantified by financial managers for some time. In this research the effect of leverage and EVA on MVA as the measure of shareholder wealth creation was analysed. Leverage and EVA have been used as the independent variables whereas MVA has been used as the measure of shareholder wealth creation. Correlation and regression methods have been employed to find out in what way financial managers can practice the effects of leverage and EVA to maximize MVA. The results showed that EVA and leverage have no profound impact on MVA of the selected Slovak companies

Stock market modeling and forecasting a system adaptation approach

CERN Document Server

Zheng, Xiaolian

2013-01-01

Stock Market Modeling translates experience in system adaptation gained in an engineering context to the modeling of financial markets with a view to improving the capture and understanding of market dynamics. The modeling process is considered as identifying a dynamic system in which a real stock market is treated as an unknown plant and the identification model proposed is tuned by feedback of the matching error. Like a physical system, a stock market exhibits fast and slow dynamics corresponding to internal (such as company value and profitability) and external forces (such as investor sentiment and commodity prices) respectively. The framework presented here, consisting of an internal model and an adaptive filter, is successful at considering both fast and slow market dynamics. A double selection method is efficacious in identifying input factors influential in market movements, revealing them to be both frequency- and market-dependent.   The authors present work on both developed and developing markets ...

Mobile marketing: A literature review on its value for consumers and retailers

OpenAIRE

Ström, Roger; Vendel, Martin; Bredican, John

2014-01-01

The article describes the existing knowledge of how mobile marketing can increase the value for consumers and retailers. Mobile device shopping, and consumers0 use of mobile devices while shopping is shown to be both an extension of consumers0 shopping behaviours developed on Internet-connected desktop and laptop computers (PC), and potentially new behaviours based on a mobile devices0 uniquely integrated features such as camera, scanners and GPS. The article focuses on how mobile marketing c...

Outpatient imaging center valuations: do you need a fair-market value analysis?

Science.gov (United States)

Koonsman, G S

2001-01-01

Typically, outpatient diagnostic imaging centers are formed as partnerships between radiologists, radiologists and hospitals, and/or radiologists and diagnostic imaging center management companies. As a result of these partnership structures, the question of equity valuation frequently arises. It is not only important to understand when an independent valuation would be required, but also what "type" of valuation needs to be performed. The type of valuation may vary based upon the use of the valuation. In partnerships that involve hospitals and physicians, the federal anti-kickback statutes (fraud and abuse laws) require that all transactions between referring physicians and hospitals be consummated at fair-market value. In addition, tax-exempt hospitals that enter into partnerships with physicians are required to enter into those transactions at fair-market value or risk losing their tax-exempt status. Fair-market value is also typically the standard of value that all partnerships strive to conduct equity transactions with shareholders. Qualifications required by those who perform independent fair-market value opinions include: Proper business valuation training and focus on valuations as a primary business Focus on the healthcare industry and specifically on the valuation of diagnostic imaging centers In order to perform a reasonable business valuation analysis, the appraiser must have access to a significant amount of financial, operational and legal information. The analyst must be able to understand the history of the imaging center as well as the projected future of the center. Ultimately, a valuation is a measurement of the estimated future cash flows of the center--risk adjusted--in order to quantify the present value of those cash flows.

Advertising Systems in Japan Marketing Behavior, Advertising Industry, Advertising Literacy

OpenAIRE

KISHIYA, Kazuhiro

2005-01-01

This paper clarifies advertising systems unique to Japan. As typical of Japanese advertising systems, advertising expression tend to adopt soft sell and transformational type. The advertising expression is explained not only by the cultural value but also marketing behavior of advertisers and the characteristics of Advertising transactions. As to marketing behavior channel-oriented marketing behavior has an impact on advertising expressions. As to characteristics of Advertising transactions, ...

Marketing automation processes as a way to improve contemporary marketing of a company

Directory of Open Access Journals (Sweden)

Witold Świeczak

2013-09-01

Full Text Available The main aim of this article is to identify the possibilities which are given to contemporary companies thanks to the usage of processes included in marketing automation system. This publication deals with the key aspects of this issue. Its shows how the importance of the organization changes, how its value increases, as a result of using the tools which are provided by the processes included in the concept of marketing automation. This article defines the factors and processes which influence an effective course of actions taken as a part of marketing automation. Because the concept of marketing automation is a completely new reality; it is giving up the communication based on mass distribution of a uniform contents for really personalized individual and fully automated communication. This is a completely new idea, a kind of coexistence, in which both a sales department and a marketing department cooperate with each other closely to achieve the best result. It is also a situation in which marketing can definitely confirm its contribution to the income generated by the company. But marketing automation also means huge analytical possibilities and a real increase of a company’s value, its value added generated by the system – the source of information about clients, about all processes both marketing and sales, taking place in a company. The introduction of marketing automation system alters not only the current functioning of a marketing department, but also marketers themselves. In fact, everything that marketing automation system provides, including primarily accumulated unique knowledge of the client, is also a critical marketing value of every modern enterprise.

A Knowledge-Based Consultant for Financial Marketing

OpenAIRE

Kastner, John; Apte, Chidanand; Griesmer, James

1986-01-01

This article describes an effort to develop a knowledge-based financial marketing consultant system. Financial marketing is an excellent vehicle for both research and application in artificial intelligence (AI). This domain differs from the great majority of previous expert system domains in that there are no well-defined answers (in traditional sense); the goal here is to obtain satisfactory arguments to support the conclusions made. A large OPS5-based system was implemented as an initial pr...

Self-Organization, Resilience and Robustness of Complex Systems Through an Application to Financial Market from an Agent-Based Approach

Science.gov (United States)

Lucas, Iris; Cotsaftis, Michel; Bertelle, Cyrille

This paper introduces the implementation of a computational agent-based financial market model in which the system is described on both microscopic and macroscopic levels. This artificial financial market model is used to study the system response when a shock occurs. Indeed, when a market experiences perturbations, financial systems behavior can exhibit two different properties: resilience and robustness. Through simulations and different scenarios of market shocks, these system properties are studied. The results notably show that the emergence of collective herding behavior when market shock occurs leads to a temporary disruption of the system self-organization. Numerical simulations highlight that the market can absorb strong mono-shocks but can also be led to rupture by low but repeated perturbations.

Stability of power systems coupled with market dynamics

Science.gov (United States)

Meng, Jianping

This Ph.D. thesis presented here spans two relatively independent topics. The first part, Chapter 2 is self-contained, and is dedicated to studies of new algorithms for power system state estimation. The second part, encompassing the remaining chapters, is dedicated to stability analysis of power system coupled with market dynamics. The first part of this thesis presents improved Newton's methods employing efficient vectorized calculations of higher order derivatives in power system state estimation problems. The improved algorithms are proposed based on an exact Newton's method using the second order terms. By efficiently computing an exact gain matrix, combined with a special optimal multiplier method, the new algorithms show more reliable convergence compared with the existing methods of normal equations, orthogonal decomposition, and Hachtel's sparse tableau. Our methods are able to handle ill-conditioned problems, yet show minimal penalty in computational cost for well-conditioned cases. These claims are illustrated through the standard IEEE 118 and 300 bus test examples. The second part of the thesis focuses on stability analysis of market/power systems. The work presented is motivated by an emerging problem. As the frequency of market based dispatch updates increases, there will inevitably be interaction between the dynamics of markets determining the generator dispatch commands, and the physical response of generators and network interconnections, necessitating the development of stability analysis for such coupled systems. We begin with numeric tests using different market models, with detailed machine/exciter/turbine/governor dynamics, in the New England 39 bus test system. A progression of modeling refinements are introduced, including such non-ideal effects as time delays. Electricity market parameter identification algorithms are also studied based on real time data from the PJM electricity market. Finally our power market model is augmented by optimal

Major Trends in the Development of the Marketing Information System

Directory of Open Access Journals (Sweden)

Gheorghe Orzan

2008-01-01

Full Text Available Marketing data base is a very useful instrument through whitch you can use the marketing information from the internal system of the firm and any other information from the outside environment in order to reach the marketing objectives and functions. The development of a modern marketing information system using the systems of the unique data bases offer the possibility of stocking and using of an incredible volume of marketing information of numerical nature, text, graphic, sounds, voice and video images, simple and easy to access through automatic procedures delivered by the host systems of data bases administration (SGBD, locally or at distance.

Competition and equilibria in electricity markets based on two-settlement system: A conjectural variation approach

Science.gov (United States)

Watts, David

This dissertation studies electricity markets based on two-settlement systems and applies the concept of conjectural variation (CV) as a tool for representing different levels of competitiveness in the market. Some recent theoretical works are addressed to support the use of CV as a solution concept. A notion of consistency is introduced to make the level of competitiveness of the market endogenous, and allows finding consistent CV equilibria and the corresponding conditions for existence of equilibria. First, a case is studied in which firms hold exogenous levels of forward commitments. Then, backward induction and sub-game perfection are used to solve sequentially for the spot and forward market equilibrium. This allows analyzing how firms take positions in the forward market, based on considering their later impact on the spot market. It is concluded that positions taken in the forward market depend largely on firms expectations about the competitiveness of both the spot and the forward market. Forward markets are welfare enhancing even if they are not as competitive as the associated spot market as long as they are not too oligopolistie. The above formulation is used to model a dynamic scenario to analyze market stability, linking this research to Dr. Alvarado's earlier research on market stability. This brings about interesting trade offs between market power and market stability.

Simulation of sovereign CDS market based on interaction between market participant

Science.gov (United States)

Ko, Bonggyun; Kim, Kyungwon

2017-08-01

A research for distributional property of financial asset is the subject of intense interest not only for financial theory but also for practitioner. Such respect is no exception to CDS market. The CDS market, which began to receive attention since the global financial debacle, is not well researched despite of the importance of research necessity. This research introduces creation of CDS market and use Ising system utilizing occurrence characteristics (to shift risk) as an important factor. Therefore the results of this paper would be of great assistance to both financial theory and practice. From this study, not only distributional property of the CDS market but also various statistics like multifractal characteristics could promote understanding about the market. A salient point in this study is that countries are mainly clustering into 2 groups and it might be because of market situation and geographical characteristics of each country. This paper suggested 2 simulation parameters representing this market based on understanding such CDS market situation. The estimated parameters are suitable for high and low risk event of CDS market respectively and these two parameters are complementary and can cover not only basic statistics but also multifractal properties of most countries. Therefore these estimated parameters can be used in researches preparing for a certain event (high or low risk). Finally this research will serve as a momentum double-checking indirectly the performance of Ising system based on these results.

The economics of renewable electricity market integration. An empirical and model-based analysis of regulatory frameworks and their impacts on the power market

Energy Technology Data Exchange (ETDEWEB)

Nicolosi, Marco

2012-07-01

As power systems increase in complexity due to higher shares of intermitting RES-E, so increase the requirements for power system modeling. This thesis shows empirically, with examples from Germany and Texas, that the increasing RES-E share strongly affects current power market operation. The markets further create price signals, which lead to system adaptations in the long-run. To get an estimate of the adaptation effects, 'The High Temporal Resolution Electricity Market Analysis Model' (THEA) has been developed. In a first application for the ERCOT market in Texas, particular model attributes are tested and compared to some complexity reducing approaches, i.e. the reduction of temporal resolution and the reduction of operational constraints. In both cases, the results show significant differences compared to the results when the full spectrum of THEA's capabilities is utilized. The ERCOT case study additionally shows that the adaptation to RES-E in an isolated, mainly thermal-based power system is quite severe. Market signals which underline this conclusion are the severely reduced value of wind energy, the increasing curtailment and the strong shift towards peak-oriented generating capacities. The second application of THEA models the German power market with its interconnected markets. This analysis increases the complexity significantly by modeling a well interconnected system, increasing the amount of different RES-E technologies and adding CAES investment options. In order to assess the impact on the different system component's supply, demand and grid infrastructure, specific measures are applied to compare several scenarios. Each scenario represents a policy option, which either reduces or increases the flexibility of the power system. The scenario comparisons capture the effects of a lower RES-E share, a larger baseload capacity fleet, higher interconnector capacities, various RES-E support scheme designs and the capability of RES-E to

ECONOMIC VALUE ADDED AND MARKET VALUE ADDED - MODERN INDICATORS FOR ASSESSMENT THE FIRM’S VALUE

Directory of Open Access Journals (Sweden)

NICOLAE SICHIGEA

2015-12-01

Full Text Available The financial theory developed different categories of indicators - traditional and modern - in order to evaluate the firm’s value creation. The shareholders are directly interested by the value added in the company. The value creation is a complex process that implies correct decisions, common responsibility (managers and shareholders and actions towards an efficient and profitable activity. The traditional indicators of performance are not teoritically correlated with the the value creation and in these circumstances, should be used appropriate financial indicators in order to reflect the value of the company. Therefore, the modern indicators used in the value based management framework offer a greater flexibility and efficiency and represent a good alternative for companies. Such performance indicators used to measure the financial results correlated with shareholder wealth are the Economic Value Added (EVA, as a measure of internal performance and the Market Value Added (MVA as a measure of external performance of the company. Starting from the main deficiencies of the accounting indicators, the objective of this this study is to present the relationship between EVA and MVA and their implications on firms’valuation. Thus, the presentation and analysis of these indicators – EVA and MVA - will underline the main features, their correlations, and influence factors but also the main advantage and disadvantage of each indicator, which will enable the managers to make the correct choice and subsequently the best decision regarding the performance measures.

Smallholder Pig Marketing Systems in the Southern Highlands of Tanzania

DEFF Research Database (Denmark)

Kimbi, Eliakunda C.; Mlangwa, James; Thamsborg, Stig Milan

2016-01-01

A study using two cross-sectional and a longitudinal research designs was undertaken to assess smallholder pig marketing system to explore basic information for improving smallholder pig production and marketing systems. The first design involved a cross-sectional survey of 300 pig farmers randomly...... by informal marketing channels, hence, limit the effectiveness of pig production and marketing. Marketed pigs had smaller weights compared to their ages, therefore contributing to poor returns to pig farmers and sub-optimal pork market supply. The study recommends strategic development of pig value chain...... villages who had also participated in the first design. Results showed that, pig-marketing systems had various channels and segments moving mainly pigs and pork to farmers, traders and consumers. Major market participants in the pig market chain were the pig farmers who played a dual role as pig producers...

Properties of sports competitions and relation to market value

OpenAIRE

Tribušon , Matic

2018-01-01

Sports are a very popular type of entertainment around the world. Consequently, they have become very important from a business perspective. In this thesis, we research the influence of sports competition competitive balance on its market value. The aim is to determine the competitive balance of various sports competitions and explore the correlation between competitive balance and market value of sports competitions. We propose a method for assessing competitive balance of an arbitrary team ...

Minimising the expectation value of the procurement cost in electricity markets based on the prediction error of energy consumption

OpenAIRE

Yamaguchi, Naoya; Hori, Maiya; Ideguchi, Yoshinari

2018-01-01

In this paper, we formulate a method for minimising the expectation value of the procurement cost of electricity in two popular spot markets: {\\it day-ahead} and {\\it intra-day}, under the assumption that expectation value of unit prices and the distributions of prediction errors for the electricity demand traded in two markets are known. The expectation value of the total electricity cost is minimised over two parameters that change the amounts of electricity. Two parameters depend only on t...

CRM Systems with Social Networking Capabilities: The Value of Incorporating a CRM 2.0 System in Sales/Marketing Education

Science.gov (United States)

Wang, Xin; Dugan, Riley; Sojka, Jane

2013-01-01

Implementation of a customer relationship management (CRM) 2.0 system can provide both a valuable pedagogical tool and a needed skill set in a marketing and sales curriculum. A CRM 2.0 system incorporated in the sales and marketing curriculum can help manage relationships between students, practitioners, and faculty while teaching students a…

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.

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.

Foundations of Constructing a Marketing Data Base; Profitable Applications of the Computer to Marketing Management.

Science.gov (United States)

Podell, Harold J.

An introduction into the foundations of constructing a marketing data base is presented for the systems and marketing executives who are familiar with basic computer technology methods. The techniques and concepts presented are now being implemented by major organizations in the development of Management Information Systems (MIS). A marketing data…

Characteristic-Based, Task-Based, and Results-Based: Three Value Systems for Assessing Professionally Produced Technical Communication Products.

Science.gov (United States)

Carliner, Saul

2003-01-01

Notes that technical communicators have developed different methodologies for evaluating the effectiveness of their work, such as editing, usability testing, and determining the value added. Explains that at least three broad value systems underlie the assessment practices: characteristic-based, task-based, and results-based. Concludes that the…

Energy Flexometer : an effective implementation of internet of things for market-based demand response in an energy management system

NARCIS (Netherlands)

Babar, M.S.; Grela, J.; Ozadowicz, A.; Nguyen, P.H.; Hanzelka, Z.; Kamphuis, I.G.

2017-01-01

Market-based control mechanism (MCM) needs the IoT environment to fully explore flexibility potential from the end-users to offer to involved actors of the smart energy system. On the other hand, many IoT based energy management systems are already available to a market. This paper presents an

A Risk Metric Assessment of Scenario-Based Market Risk Measures for Volatility and Risk Estimation: Evidence from Emerging Markets

Directory of Open Access Journals (Sweden)

Sitima Innocent

2015-03-01

Full Text Available The study evaluated the sensitivity of the Value- at- Risk (VaR and Expected Shortfalls (ES with respect to portfolio allocation in emerging markets with an index portfolio of a developed market. This study utilised different models for VaR and ES techniques using various scenario-based models such as Covariance Methods, Historical Simulation and the GARCH (1, 1 for the predictive ability of these models in both relatively stable market conditions and extreme market conditions. The results showed that Expected Shortfall has less risk tolerance than VaR based on the same scenario-based market risk measures

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

OpenAIRE

Robert J. Quinlan; Isaya Rumas; Godfrey Naiskye; Marsha Quinlan; Jonathan Yoder

2016-01-01

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, Tropi...

The marketing concept of customer value of hospitality service

OpenAIRE

O.V. Gerasimenko

2015-01-01

Customer value is a significant part of marketing activity of the company, especially in the modern state of Ukrainian economy. Globalization, crisis transformation in the service sector, falling consumer demand, a glut of supply of hotel services and increased competition actualize scientific problem solving improving marketing concepts according to external challenges unstable business environment. Applying effective marketing tool businesses will proactively adapt to the turbulent business...

Correct fair market value calculation needed to avoid regulatory challenges.

Science.gov (United States)

Dietrich, M O

1997-09-01

In valuing a physician practice for acquisition, it is important for buyers and sellers to distinguish between fair market value and strategic value. Although many buyers would willingly pay for the strategic value of a practice, tax-exempt buyers are required by law to consider only the fair market value in setting a bid price. Valuators must adjust group earnings to exclude items that do not apply to any willing seller and include items that do apply to any willing seller to arrive at the fair market value of the practice. In addition, the weighted average cost of capital (WACC), which becomes the discount rate in the valuation model, is critical to the measure of value of the practice. Small medical practices are assumed to have few hard assets and little long-term debt, and the WACC is calculated on the basis of those assumptions. When a small practice has considerable debt, however, this calculated WACC may be inappropriate for valuing the practice. In every case, evidence that shows that a transaction has been negotiated "at arm's length" should stave off any regulatory challenge.

Consentaneous agent-based and stochastic model of the financial markets.

Science.gov (United States)

Gontis, Vygintas; Kononovicius, Aleksejus

2014-01-01

We are looking for the agent-based treatment of the financial markets considering necessity to build bridges between microscopic, agent based, and macroscopic, phenomenological modeling. The acknowledgment that agent-based modeling framework, which may provide qualitative and quantitative understanding of the financial markets, is very ambiguous emphasizes the exceptional value of well defined analytically tractable agent systems. Herding as one of the behavior peculiarities considered in the behavioral finance is the main property of the agent interactions we deal with in this contribution. Looking for the consentaneous agent-based and macroscopic approach we combine two origins of the noise: exogenous one, related to the information flow, and endogenous one, arising form the complex stochastic dynamics of agents. As a result we propose a three state agent-based herding model of the financial markets. From this agent-based model we derive a set of stochastic differential equations, which describes underlying macroscopic dynamics of agent population and log price in the financial markets. The obtained solution is then subjected to the exogenous noise, which shapes instantaneous return fluctuations. We test both Gaussian and q-Gaussian noise as a source of the short term fluctuations. The resulting model of the return in the financial markets with the same set of parameters reproduces empirical probability and spectral densities of absolute return observed in New York, Warsaw and NASDAQ OMX Vilnius Stock Exchanges. Our result confirms the prevalent idea in behavioral finance that herding interactions may be dominant over agent rationality and contribute towards bubble formation.

Personal health systems and value creation mechanisms in occupational health care.

Science.gov (United States)

Auvinen, Ari-Matti

2007-01-01

Personal Health Systems are believed to have great business potential among citizens, but they might reach also an important market in occupational health care. However, in reaching the occupational health care market, it is important to understand the value creation and value configuration mechanisms of this particular market. This paper also claims that in such a business-to-business market service integrators are needed to compose for the various customers specific offerings combing a tailored variety of products and services to suit their specific needs.

Beyond Crowd Judgments: Data-driven Estimation of Market Value in Association Football

DEFF Research Database (Denmark)

Müller, Oliver; Simons, Alexander; Weinmann, Markus

2017-01-01

concern. Market values can be understood as estimates of transfer fees—that is, prices that could be paid for a player on the football market—so they play an important role in transfer negotiations. These values have traditionally been estimated by football experts, but crowdsourcing has emerged......Association football is a popular sport, but it is also a big business. From a managerial perspective, the most important decisions that team managers make concern player transfers, so issues related to player valuation, especially the determination of transfer fees and market values, are of major......’ market values using multilevel regression analysis. The regression results suggest that data-driven estimates of market value can overcome several of the crowd's practical limitations while producing comparably accurate numbers. Our results have important implications for football managers and scouts...

Managing hybrid marketing systems.

Science.gov (United States)

Moriarty, R T; Moran, U

1990-01-01

As competition increases and costs become critical, companies that once went to market only one way are adding new channels and using new methods - creating hybrid marketing systems. These hybrid marketing systems hold the promise of greater coverage and reduced costs. But they are also hard to manage; they inevitably raise questions of conflict and control: conflict because marketing units compete for customers; control because new indirect channels are less subject to management authority. Hard as they are to manage, however, hybrid marketing systems promise to become the dominant design, replacing the "purebred" channel strategy in all kinds of businesses. The trick to managing the hybrid is to analyze tasks and channels within and across a marketing system. A map - the hybrid grid - can help managers make sense of their hybrid system. What the chart reveals is that channels are not the basic building blocks of a marketing system; marketing tasks are. The hybrid grid forces managers to consider various combinations of channels and tasks that will optimize both cost and coverage. Managing conflict is also an important element of a successful hybrid system. Managers should first acknowledge the inevitability of conflict. Then they should move to bound it by creating guidelines that spell out which customers to serve through which methods. Finally, a marketing and sales productivity (MSP) system, consisting of a central marketing database, can act as the central nervous system of a hybrid marketing system, helping managers create customized channels and service for specific customer segments.

The effect of Islamic values on relational marketing basics

Directory of Open Access Journals (Sweden)

Jafar Beikzad

2012-04-01

Full Text Available In this paper, we present an empirical study to measure the relationship between Islamic values and marketing affairs in the field of alimentary industries of West Azarbaijan province, Iran. The proposed study distributes a questionnaire among 105 managers out of 145 ones and analyzes the data using different statistical methods such as linear regression analysis. The preliminary results indicate that Islamic values significantly influence trust, commitment and communication among members of business units and it could help resolve conflict management, substantially. The paper provides some guidelines for better managing firms in the region by attaching on Islamic values for marketing products and preventing unethical methods in mislead customers.

Market review - Market values summary/July market review/current market data

International Nuclear Information System (INIS)

Anon.

1995-01-01

This article is the July 1995 uranium market review. Data for current uranium market is presented, and a summary of recent transactions is also given. During this reporting period, there was one concentrate deal, two transactions in the long-term natural uranium market and conversion market, and three spot market transactions in the enrichment market. Active uranium supply fell, as did demand, and prices in all sectors were relatively stable

Value Relevance of Investment Properties: Evidence from the Brazilian Capital Market

Directory of Open Access Journals (Sweden)

Ketlyn Alves Gonçalves

2017-04-01

Full Text Available This study investigates the relevance to the capital market of the assets recognized as investment properties of companies listed on the BM&F BOVESPA, in the period from 2011 to 2014. The research conducted was based on the Ohlson model (1995 and panel analysis was carried out using linear regression with POLS and Fixed and Random Effects estimators. Two hypothesis were made: (i that Earning and Equity generate accounting information relevant to investors; and (2 that Earning, Equity and Investment Property generate accounting information relevant to investors, assuming that investment properties have incremental effect on the relevance of this information relative only to earning and to equity. Both hypotheses were rejected, so it is concluded that Investment Property assets are not of value relevance in the determination of share price and do not influence the decision making of users of accounting information. The study adds to the limited literature on the value relevance of Investment Property, permitting a better understanding of the impact of accounting disclosures used by companies on their market value.

20 CFR 416.1246 - Disposal of resources at less than fair market value.

Science.gov (United States)

2010-04-01

... at less than fair market value. (a) General. (1) An individual (or eligible spouse) who gives away or sells a nonexcluded resource for less than fair market value for the purpose of establishing SSI or Medicaid eligibility will be charged with the difference between the fair market value of the resource and...

MODEL INOVASI SISTEM PEMASARAN PERBANKAN SYARIAH BERBASIS FLOATING MARKET UNTUK PENCIPTAAN DAYA SAING (MODEL OF ISLAMIC BANKING MARKETING INNOVATION SYSTEMS BASED ON FLOATING MARKET FOR CREATION COMPETITIVENESS

Directory of Open Access Journals (Sweden)

Diana Sulianti K. Tobing

2016-05-01

Full Text Available AbstractGovernment in implementing policies dual banking system in fact is still unrealized, whereas considerablemarket potential with many established Islamic banks. One solution offered is a marketing system innovationin Islamic banking market floating base. The purpose of this study identifies spiritual and floating marketbehavior and determine the factors that influence the customer’s decision in choosing Islamic banks based onpersonal and social nature. The study population is Islamic bank customers located in the region of Jember,Bondowoso, Situbondo, and Banyuwangi with a sample of 200 people. The research method used logisticregression analysis. The results achieved are the majority of customers are female, in the productive age, andemployees. The majority of customers are in a group associated with Islamic banks and conventional.

Value addition - a marketing strategy for MCL

Energy Technology Data Exchange (ETDEWEB)

Sagar, C.K.; Mishra, P.K.; Baranwal, P.K. [Central Mine Planning and Design Institute, Ranchi (India)

2002-07-01

The energy sector will remain dependent on coal because of depletion of oil reserves. With deterioration of power grade coal, the emission of greenhouse gas is going to increase thereby stressing the need of using prepared low ash coal for protection of global environment. Further, recent stipulation of MOEF imposing restriction on use of high ash coal at distant power houses and those at sensitive localities and critically polluted areas have made the aspect of marketing of coal more challenging. This has necessitated a long-term strategy for improving the quality of coal in light of national environment policy. This is more relevant in the present scenario of open market, where we need to market our coal rather simply supplying r.o.m. coal to the linked users. Mahanadi Coalfields, Limited (MCL), the youngest subsidiary of Coal India Limited bestowed with a huge reserve of inferior grade and mainly linked to power sector, is taken as a sample case study. To fulfil the demand of coal with due regard to the national environmental policy, there is need of value addition as strategy of marketing for power coal of MCL. Value addition of coal can be achieved by two distinct different ways i.e. beneficiating high ash coal at pit head or blending high ash coal with low ash coal which is a less preferred option due to non-availability of low ash coal in MCL. 7 refs., 7 tabs.

Commercial Capabilities and Entrepreneurial Value Capturing in Dynamic Maritime Markets

DEFF Research Database (Denmark)

Sløk-Madsen, Stefan Kirkegaard

This paper develops and tests a theory of entrepreneurial value capturing in maritime markets. The framework is argued to be applicable in all maritime fields and other fields with similar attributes but is specifically tested on Oil Service companies operating in the North Sea region...... market process view; building on Kirznerian alertness, Hayekian capital heterogeneity, and Knightian uncertainty. The theory helps explain value capturing from a firm perspective but also subsequent new firm creation or value loss. The model is tested and relevant managerial implications, as well...

Fair market value: taking a proactive approach.

Science.gov (United States)

Romero, Richard A

2008-04-01

A valuation report assessing the fair market value of a contractual arrangement should include: A description of the company, entity, or circumstance being valued. Analysis of general economic conditions that are expected to affect the enterprise. Evaluation of economic conditions in the medical services industry. Explanation of the various valuation approaches that were considered. Documentation of key underlying assumptions, including revenue and expense projections, projected profit, and ROI.

Short- and Long-Term Effects of Innovations on Enterprise Market Value: A Case of the Tourism Industry

Directory of Open Access Journals (Sweden)

Dawid Szutowski

2014-01-01

Full Text Available Abstract Innovations seem crucial for contemporary enterprises willing to achieve the objective of increasing firm’s value. The aim of this paper is to examine, both conceptually and empirically, the relationship between innovations and tourism enterprises’ market value. Tourism sector was taken into consideration in order to fulfill the existing research gap. This focused paper was based on relevant market data. Event study and calendar time portfolio approaches were chosen to test investors’ responses to innovation announcements. Six tourism companies listed on the Main Market of Warsaw Stock Exchange were examined within the six years research period and 34 innovation announcements were identified. Polish Press Agency database and Warsaw Stock Exchange databases were used to collect data. Results indicate that innovations affected positively investors’ valuation of tourism enterprises. The average event day market value change equaled 0.63% and differed considerably from the one-year one of 3.02% meaning that investors adjust their initial reaction over time. Initially investors reacted mostly to marketing, distributional and external relations innovations while within one-year period they attributed the most value to marketing and external relations ones.

Electricity system expansion studies to consider uncertainties and interactions in restructured markets

Science.gov (United States)

Jin, Shan

This dissertation concerns power system expansion planning under different market mechanisms. The thesis follows a three paper format, in which each paper emphasizes a different perspective. The first paper investigates the impact of market uncertainties on a long term centralized generation expansion planning problem. The problem is modeled as a two-stage stochastic program with uncertain fuel prices and demands, which are represented as probabilistic scenario paths in a multi-period tree. Two measurements, expected cost (EC) and Conditional Value-at-Risk (CVaR), are used to minimize, respectively, the total expected cost among scenarios and the risk of incurring high costs in unfavorable scenarios. We sample paths from the scenario tree to reduce the problem scale and determine the sufficient number of scenarios by computing confidence intervals on the objective values. The second paper studies an integrated electricity supply system including generation, transmission and fuel transportation with a restructured wholesale electricity market. This integrated system expansion problem is modeled as a bi-level program in which a centralized system expansion decision is made in the upper level and the operational decisions of multiple market participants are made in the lower level. The difficulty of solving a bi-level programming problem to global optimality is discussed and three problem relaxations obtained by reformulation are explored. The third paper solves a more realistic market-based generation and transmission expansion problem. It focuses on interactions among a centralized transmission expansion decision and decentralized generation expansion decisions. It allows each generator to make its own strategic investment and operational decisions both in response to a transmission expansion decision and in anticipation of a market price settled by an Independent System Operator (ISO) market clearing problem. The model poses a complicated tri-level structure

Value in business markets : what do we know? where are we going?

NARCIS (Netherlands)

Lindgreen, A.; Wynstra, J.Y.F.

2005-01-01

This article presents a review of the existing literature on value in business markets, from the perspective of both business marketing and purchasing and supply management, in three steps. First, some of the early research strands on value are examined including value analysis and engineering, the

Market structure and performance of value chain actors in hides and ...

African Journals Online (AJOL)

Market structure and performance of value chain actors in hides and skins processing and marketing in Nigeria. ... There was high performance in hides and skins processing and marketing in Nigeria. ... EMAIL FULL TEXT EMAIL FULL TEXT

Marketing information system - concept and components

Directory of Open Access Journals (Sweden)

Domazet Ivana S.

2003-01-01

Full Text Available Current conditions for the carrying out of business activities are being characterized by an intensive changing of the business surrounding, as well as by a need for a flexible adapting to the newly-created conditions. Dynamisation of economic ambience, based on the principles of a propulsive marketing economy is affirming a business philosophy which will be based on requests of the strategic marketing. Vital component of every successful company is information system, which helps data acquisition and analysis, and its transfer into information, which is then forwarded to users and management. Bearing that in mind, we have created marketing information system, which collects relevant data, analyses it and then produces information, which can be used in planning, implementation and control, those making your company more efficient.

Accounting Standards and Market Value of Firms with Pension Plans

Directory of Open Access Journals (Sweden)

Sara Paralta

2014-11-01

Full Text Available This article investigates the impact of the adoption of International Accounting Standards on the market value of non-financial listed firms of the Euronext Lisbon Stock Exchange, in the PSI-20. The study of the impact of these standards is focused on the items of the Financial Statements, particularly on items subjected to the criteria of the fair value of assets and liabilities of pensions. Most of these companies have obligations to pay annuity benefits, particularly for retirement, which are managed by outsourced independent companies, such as pension funds and life insurance companies. By using a panel of the largest non-financial companies during the period 2004-2010, the results show that the setting of the fair value of those liabilities in the post-2005 period affects the market value of firms, not only on account of the adoption of the standards, but also due to the effect of the 2008 stock market crash.

Marketing Recommender Systems: A New Approach in Digital Economy

Directory of Open Access Journals (Sweden)

Loredana MOCEAN

2012-01-01

Full Text Available Marketing information systems are those systems which make the gathering, processing, selection, storage, transmission and display of coordinated and continuous internal and external information. Includes systematic and formal methods used for managing all of an organization's information market. Recommendation systems are those systems that are widely used in online systems to suggest items that users might find interesting. These recommendations are generated using in particular two techniques: content-based and collaborative filtering. This paper aims to define a new system, namely Marketing Recommender System, a system that serves marketing and uses techniques and methods of the digital economy.

Do values matter? The impact of work ethic and traditional gender role values on female labour market supply

NARCIS (Netherlands)

Stam, K.; Verbakel, C.M.C.; Graaf, P.M. de

2014-01-01

This article aims to gain a better understanding of the explanatory value of work ethic and traditional gender role values with regard to variation in female labour market supply. Although women's labour market participation has increased dramatically over the past decades, it still lacks behind

A comprehensive market-based scheme for VAR management and pricing in the electricity markets

Energy Technology Data Exchange (ETDEWEB)

El-Araby, E.E. [Qassim Univ., Alqassim, Meldia (Saudi Arabia). Dept. of Electrical Engineering

2009-07-01

In order to enable a power system to operate within an acceptable degree of reliability and security, the provision of VAR ancillary services from the VAR sources in electricity markets is the most effective method. The procurement of VAR services is particularly problematic for transmission operators as it relates to pricing mechanism and various technical issues during system operation. This paper proposed an integrated market-based approach for pricing VAR service in the electricity market. The paper was an extension of the authors' proposal for the provision of the VAR service from dynamic VAR sources in a competitive market-based environment. The formulation was modified to include VAR utilization payment and possible power system transition states multiple base cases and contingencies with their associated occurrence probabilities. The paper discussed the basic terms of the proposed approach including the VAR market objective and generator VAR output and its compensation. The mathematical formulation that considered VAR capacity payment, utilization payment and operating costs under the previous transition states in a unified single problem were introduced. The overall problem formulation and solution algorithm were also presented as a large-scale mixed integer nonlinear optimization problem. It was concluded that the proposed method was suited for the simulation and analysis of the existing VAR market. 8 refs., 3 tabs., 5 figs., 2 appendices.

THE EFFECT OF LEVERAGE AND ECONOMIC VALUE ADDED ON MARKET VALUE ADDED

OpenAIRE

Kristína Jančovičová BOGNÁROVÁ

2018-01-01

Economic value added (EVA) is a performance measure developed by Stern Stewart & Co.) that attempts to measure the true economic profit produced by a company. Such a metric is useful for investors who wish to determine how well a company has produced value for its investors, and it can be compared against the company's peers for a quick analysis of how well the company is operating in its industry. Market value added (MVA), on the other hand, is simply the difference between the c...

Do you know the fair market value of quality?

Science.gov (United States)

Johnson, Jen

2009-10-01

To develop a physician compensation package that includes fair-market-value incentive payments for their efforts to improve healthcare quality, a hospital first needs to: Evaluate current market data on quality incentive payments. Be familiar with the existing regulatory guidelines related to paying for quality. Understand the requirements for complying with the regulations.

Do values matter? : The impact of work ethic and traditional gender role values on female labour market supply

NARCIS (Netherlands)

Stam, Kirsten; Verbakel, Ellen; de Graaf, Paul M.

2014-01-01

This article aims to gain a better understanding of the explanatory value of work ethic and traditional gender role values with regard to variation in female labour market supply. Although women’s labour market participation has increased dramatically over the past decades, it still lacks behind

Customer Lifetime Value as the 21st Century Marketing Strategy Approach

Directory of Open Access Journals (Sweden)

Jan Rozek

2014-06-01

Full Text Available Many studies show that marketing has recently lost its strategic position within companies. Customer Lifetime Value represents a relatively new approach to reestablishing marketing´s position as the core management instrument in market driven companies. The main goal of this paper is to summarize the current development and basic principles of the Customer Lifetime Value conceptual model, which sets customers back into the position of key company assets. The paper presents findings that prove the need for a marketing focus change in order to be able to properly manage customer relationships and secure a company’s long-term sustainable development.

Fair market value vs. net investment

International Nuclear Information System (INIS)

Lagassa, G.K.

1991-01-01

This paper reports that among the 300 some hydro electric power stations coming up for relicensing in the 1990s, some of them will certainly be taken over by the federal government or by competing license applications. Under prevailing interpretations of net investment value contained in the Federal Power Act, it is entirely likely that companies who lose a hydro station this way will go substantially uncompensated. Professional appraisal techniques for determining fair market value of property could produce substantially higher payments for lost hydro stations and may be a more appropriate standard for such applications

Value in business markets: What do we know? Where are we going?

OpenAIRE

Lindgreen, Adam; Wynstra, Finn

2005-01-01

Purpose - To present a literature review on value in business markets, both from the perspective of the marketing and the purchasing and supply process.\\ud \\ud Design/methodology/approach - Explores some of the early research strands on value including value analysis and engineering, the augmented product concept, consumer values and economic value of customers. Categorizes the past and more recent research according to two distinct levels of analysis - the value of good and services versus t...

Impact of electricity market deregulation on information systems

International Nuclear Information System (INIS)

Pharabod, E.; Berrier, M.

2005-01-01

Electricity market deregulation is based on un-bundling of activities between generation, transmission and distribution. In a very short time, mechanisms were put in place in order to allow the new market participants to buy and sell electricity. The market operation requires to exchange information at various time horizon, from yearly to real time exchanges, between various actors geographically distributed. The recent market opening to professional customers has also increased the amount of data involved. The information system developed by RTE to manage these data is organised around referential data base, internal and external exchange tools. It must be operated respecting confidentiality of commercial data and being non discriminatory with actors. The security of this information system is now a key issue for the electricity market operation. (authors)

United States industrial electric motor systems market opportunities assessment: Executive summary

Energy Technology Data Exchange (ETDEWEB)

None, None

1998-12-01

The Market Assessment is designed to be of value to manufacturers, distributors, engineers, and others in the supply channels for motor systems. It provides a detailed and highly differentiated portrait of their end-use markets.

Nuclear power and the market value of the shares of electric utilities

Science.gov (United States)

Lyons, Joseph T.

The most basic principle of security valuation is that market prices are determined by investors' expectations of the firm's performance in the future. These expectations are generally understood to be related to the risk that investors will bear by holding the firm's equity. There is considerable evidence that financial statements prepared in accordance with accrual-based accounting standards consistent with Generally Accepted Accounting Principles (GAAP) have information content relevant to the establishment of market prices. In 2001, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standard No. 143, "Accounting for Asset Retirement Obligations," changing the accounting standards that must be used to prepare financial statements. This paper investigates the effect that investment in nuclear power has on the market value of electric utilities and the impact on the securities markets of the significant changes in financial statement presentation mandated by this new standard.

Coordination and decision making of regulation, operation, and market activities in power systems

Science.gov (United States)

Nakashima, Tomoaki

are explored. Two typical ISO models, centralized and decentralized, have been identified and compared. These ISO models have been simulated to observe the advantages and disadvantages of the different systems. If no powerful players exist, the centralized system would achieve the maximum market efficiency. However, in decentralized systems, freedom of trade protects market participants from strategic bidding caused by powerful players. Reduced market efficiency is the price markets have to pay to prevent strategic bidding. Secondly, from the regulator's point of view, the effects of different policies imposed by regulators on power transactions are examined. The optimal schedule could be affected greatly by the ideal goals and their allowable values. Therefore, when the ISO defines its objectives and their allowable ranges, an agreeable conclusion among market participants is required. Fuzzy multiobjective optimization methods can be suitably applied to the scheduling of the ISO, reflecting its objectives and their allowable ranges properly. Thirdly, from market participants' point of view, models to represent and forecast the price and demand of power are developed. Electricity consumption and price are forecasted based on possibility theory and fuzzy autoregression. The fuzzy model can represent highly volatile demand-price relations as a range, and gives the possibility distribution of prices. Based on the proposed model, a procedure to help consumers decide whether to accept a bilateral transaction contract or market-based purchases of electricity has been developed. The same procedure can also be used by an electricity supplier or broker to determine an offering price.

E-laboratories : agent-based modeling of electricity markets

International Nuclear Information System (INIS)

North, M.; Conzelmann, G.; Koritarov, V.; Macal, C.; Thimmapuram, P.; Veselka, T.

2002-01-01

Electricity markets are complex adaptive systems that operate under a wide range of rules that span a variety of time scales. These rules are imposed both from above by society and below by physics. Many electricity markets are undergoing or are about to undergo a transition from centrally regulated systems to decentralized markets. Furthermore, several electricity markets have recently undergone this transition with extremely unsatisfactory results, most notably in California. These high stakes transitions require the introduction of largely untested regulatory structures. Suitable laboratories that can be used to test regulatory structures before they are applied to real systems are needed. Agent-based models can provide such electronic laboratories or ''e-laboratories.'' To better understand the requirements of an electricity market e-laboratory, a live electricity market simulation was created. This experience helped to shape the development of the Electricity Market Complex Adaptive Systems (EMCAS) model. To explore EMCAS' potential as an e-laboratory, several variations of the live simulation were created. These variations probed the possible effects of changing power plant outages and price setting rules on electricity market prices

Pengaruh Faktor Individual Wisatawan dan Kinerja Bauran Pemasaran terhadap Nilai Jasa Pariwisata Alam (The Effect of Individual Tourist and the Mixed Marketing to Services Value on Nature-Based Tourism Services

Directory of Open Access Journals (Sweden)

Henry Purnomo

2011-07-01

Full Text Available Perum Perhutani, an Indonesian State Owned Forest Company has been developed nature-based tourism services(a tourism services based on nature or environment services since 1978. Ecotourism is considered as potentialalternative answering the change of paradigm of forest products which had been ignoring forest resourcesproduct as part of the forest products. However, these ecotourism objects have not been optimally managed yet.This research was conducted by the use of descriptive and verificative methods. Structural Equation Modelingwas employed as tool analyses in order to determine proper modeling approach and its solution.  The researchresults showed that internal, external individual factors, and mixed marketing performance gave a significantinfluence to the tourism service value.  A deeper analysis revealed that among the aspects, mixed marketingperformance which was consisted of product, price, place, promotion, people, physical evidence, and processshowed the most significant effect to the tourism service value.  In the other side, the results also showed that themost dominant factor that causing tourist hedonism was services value incrementy. The analyses finally showed thatthe increasing tourist hedonism through the offering a superior service value will  form a superior customer value.Keywords: nature-based tourism, individual factors, services marketing value, mixed marketing, hedonism

Market orientation at industry and value chain levels: Concepts, determinants and consequences

DEFF Research Database (Denmark)

Grunert, Klaus G.; Jeppesen, Lisbeth Fruensgaard; Jespersen, Kristina Risom

-institutional theory, transaction cost economics, network theory and the political-economic approach to the analysis of marketing channels, potential determinants of market orientation at value chain levels are identified. These determinants and their possible interaction may serve as guiding principles for empirical......The term market orientation, defined as sets of activities dealing with the generation and dissemination of market intelligence as well as with responding to it, is extended from the organisation level to the value chain level. By drawing on theories from industrial economics, neo...

Market review - Market values summary/August market review/current market data

International Nuclear Information System (INIS)

Anon.

1995-01-01

This article is the August 1995 uranium market review. During this reporting period, there were three transactions in the long-term concentrates sector, no transactions in the UF6 market, and limited activity in the spot conversion market and the enrichment services market. Active supply rose, as did active demand. Prices were stable to slightly increasing

Initial value sensitivity of the Chinese stock market and its relationship with the investment psychology

Science.gov (United States)

Ying, Shangjun; Li, Xiaojun; Zhong, Xiuqin

2015-04-01

This paper discusses the initial value sensitivity (IVS) of Chinese stock market, including the single stock market and the Chinese A-share stock market, with respect to real markets and evolving models. The aim is to explore the relationship between IVS of the Chinese A-share stock market and the investment psychology based on the evolving model of genetic cellular automaton (GCA). We find: (1) The Chinese stock market is sensitively dependent on the initial conditions. (2) The GCA model provides a considerable reliability in complexity simulation (e.g. the IVS). (3) The IVS of stock market is positively correlated with the imitation probability when the intensity of the imitation psychology reaches a certain threshold. The paper suggests that the government should seek to keep the imitation psychology under a certain level, otherwise it may induce severe fluctuation to the market.

VALUE RELEVANCE OF GROUP FINANCIAL STATEMENTS BASED ON ENTITY VERSUS PARENT COMPANY THEORY: EVIDENCE FROM THE LARGEST THREE EUROPEAN CAPITAL MARKETS

Directory of Open Access Journals (Sweden)

Müller Victor-Octavian

2012-07-01

Full Text Available Financial statementsn#8217; main objective is to give information on the financial position, performance and changes in financial position of the reporting entity, which is useful to investors and other users in making economic decisions. In order to be useful, financial information needs to be relevant to the decision-making process of users in general, and investors in particular. Regarding consolidated financial statements, the accounting theory knows four perspectives (theories on which the preparation of those statements is based, namely, the proprietary theory, the parent company theory, the parent company extension theory and the entity theory (Baxter and Spinney, 1975. Of practical importance are especially the parent company extension perspective and the entity perspective. The IASB and FASB decided (within an ED regarding the Improvement of the Conceptual Framework that consolidated financial statements should be presented from the perspective of the group entity, and not from the perspective of the parent-company. However, this support for the entity theory is to our knowledge not backed by empirical findings in the academic literature. Therefore, in our paper we set to contribute with empirical arguments to finding an actual answer to the question about the superior market value relevance of one of the two concurrent perspectives (theories. We set to carry out an empirical association study on the problem of market value relevance of consolidated financial statements based on the entity theory respectively on the parent company (extension theory, searching for an answer to the above question. In this sense, we pursued an analysis of market value relevance of consolidated accounting information (based on the two perspectives of listed entities between 2003-2008 on the largest three European Stock Exchanges (London, Paris and Frankfurt. The obtained results showed that a n#8222;restrainedn#8221; entity perspective, which would combine

NETWORK BASED BUSINESS MODEL INNOVATION TARGETING THE BOP MARKET

DEFF Research Database (Denmark)

Ravn, Jacob; Kroghstrup Nielsen, Martin; Lindgren, Peter

2009-01-01

Through innovation of products, process and business models targeting the needs of 4 billion poor people living at "the base of pyramid" (BoP) (Prahalad & Hart 2002) in developing countries the private sector can actively support poverty alleviation and at the same time reach new untouched market....... - A market is estimated a value of 5.3 trillion US$ (Hammond, Kramer, Tran, Kratz 2007). A number of researchers has dealt with the BoP - market potential and not least tried to understand how to penetrate this apparent blue ocean. Two distinct lines of thought when targeting BoP markets in developing...... & Halme 2008). The market and customer line - exemplified by soap producers trying to penetrate the BoPline - exemplified by soap producers trying to penetrate the BoP market through product adaptation selling soap in smaller packages (Hart & Christensen 2002, Prahalad 2006). Based on the case study...

Extreme value theory in emerging markets: Evidence from the Montenegrin stock exchange

Directory of Open Access Journals (Sweden)

Cerović Julija

2015-01-01

Full Text Available The concept of Value at Risk(VaR estimates the maximum loss of a financial position at a given time for a given probability. This paper considers the adequacy of the methods that are the basis of extreme value theory in the Montenegrin emerging market before and during the global financial crisis. In particular, the purpose of the paper is to investigate whether the peaks-over-threshold method outperforms the block maxima method in evaluation of Value at Risk in emerging stock markets such as the Montenegrin market. The daily return of the Montenegrin stock market index MONEX20 is analyzed for the period January 2004 - February 2014. Results of the Kupiec test show that the peaks-over-threshold method is significantly better than the block maxima method, but both methods fail to pass the Christoffersen independence test and joint test due to the lack of accuracy in exception clustering when measuring Value at Risk. Although better, the peaks-over-threshold method still cannot be treated as an accurate VaR model for the Montenegrin frontier stock market.

Marketing information system - concept and components

OpenAIRE

Domazet Ivana S.

2003-01-01

Current conditions for the carrying out of business activities are being characterized by an intensive changing of the business surrounding, as well as by a need for a flexible adapting to the newly-created conditions. Dynamisation of economic ambience, based on the principles of a propulsive marketing economy is affirming a business philosophy which will be based on requests of the strategic marketing. Vital component of every successful company is information system, which helps data acquis...

36 CFR 18.5 - May property be leased without receiving fair market value rent?

Science.gov (United States)

2010-07-01

... without receiving fair market value rent? 18.5 Section 18.5 Parks, Forests, and Public Property NATIONAL... leased without receiving fair market value rent? Property may be leased under this part only if the lease requires payment of rent to the government equal to or higher than the property's fair market value rent...

Has the First Global Financial Crisis Changed the Entrepreneurial Values in Digitalized Marketing-based Societies? The Case of GEM Latin American Countries

OpenAIRE

José Manuel Saiz Álvarez; Alicia Coduras Martínez; Carlos Cuervo Arango

2017-01-01

As the world economy is globalized, crises are rapidly spread due to the massive use of ICTs (Information and Communication Technologies), also affecting the entrepreneurial values involved in business creation processes. In this sense, digital marketing has a key role to play, as it can serve as a tool based on technology applied to foster nascent entrepreneurship. Using data for GEM Latin American countries, and applying clustering analysis based on the K-means method, the objective of this...

The value of flexibility in power markets

International Nuclear Information System (INIS)

Goutte, Stephane; Vassilopoulos, Philippe

2017-01-01

In this paper we attempt to quantify the net revenues that can be captured by a flexible resource able to react to the short term price variations on the day-ahead and intra-day markets in Germany. We find that the difference between day-ahead and intra-day revenues for a flexible resource has been increasing (although the profitability has been decreasing on both markets). This difference is more pronounced once 15 mn price variations can be captured by a flexible resource. The net revenues from the local 15 mn auction (which is held 3 hours after the hourly 'coupled' day-ahead auction) are more than eight times higher than the day-ahead hourly auction but below the net revenues that can be captured with the high prices from the continuous market. The results of the backward-looking empirical estimations allow us to distinguish and quantify two components of flexibility: (1) the 'immediacy' value as we are approaching real-time and the urgency of the delivery increases (this value is revealed during the continuous intra-day process and is highly linked to the stochastic nature of power supply and demand (i.e. wind/solar forecasts, forced outages of thermal generation,...) forecast error risk), and (2) the 'flexibility' component as a resource can react to variations of shorter granularity (15 mn Vs 60 mn). We model and quantify the 'flexibility' component. (authors)

Visualization-based decision support for value-driven system design

Science.gov (United States)

Tibor, Elliott

In the past 50 years, the military, communication, and transportation systems that permeate our world, have grown exponentially in size and complexity. The development and production of these systems has seen ballooning costs and increased risk. This is particularly critical for the aerospace industry. The inability to deal with growing system complexity is a crippling force in the advancement of engineered systems. Value-Driven Design represents a paradigm shift in the field of design engineering that has potential to help counteract this trend. The philosophy of Value-Driven Design places the desires of the stakeholder at the forefront of the design process to capture true preferences and reveal system alternatives that were never previously thought possible. Modern aerospace engineering design problems are large, complex, and involve multiple levels of decision-making. To find the best design, the decision-maker is often required to analyze hundreds or thousands of combinations of design variables and attributes. Visualization can be used to support these decisions, by communicating large amounts of data in a meaningful way. Understanding the design space, the subsystem relationships, and the design uncertainties is vital to the advancement of Value-Driven Design as an accepted process for the development of more effective, efficient, robust, and elegant aerospace systems. This research investigates the use of multi-dimensional data visualization tools to support decision-making under uncertainty during the Value-Driven Design process. A satellite design system comprising a satellite, ground station, and launch vehicle is used to demonstrate effectiveness of new visualization methods to aid in decision support during complex aerospace system design. These methods are used to facilitate the exploration of the feasible design space by representing the value impact of system attribute changes and comparing the results of multi-objective optimization formulations

A Market-Based Virtual Power Plant

DEFF Research Database (Denmark)

You, Shi; Træholt, Chresten; Poulsen, Bjarne

2009-01-01

The fast growing penetration of Distributed Energy Resources (DER) and the continuing trend towards a more liberalized electricity market requires more efficient energy management strategies to handle both emerging technical and economic issues. In this paper, a market-based Virtual Power Plant...... (MBVPP) model is proposed which provides individual DER units the accesses to current electricity markets. General bidding scenario and price signal scenario as two optional operation scenarios are operated by one MBVPP. In the end, a use case of a MBVPP with micro Combined Heat and Power (μCHP) systems...

MARKETING – A WAY TO INCREASE THE VALUE OF THE PERFORMING ARTS

Directory of Open Access Journals (Sweden)

Claudia Maria CACOVEAN

2015-06-01

Full Text Available Several studies have focused on the marketing mix of goods, but it shouldn’t be neglected that services, through its characteristics, cause major problems for marketers, when adopting appropriate marketing strategies. This problem is prevalent in the field of cultural services, where marketers face the lack of funds to implement appropriate marketing strategies, either an internal system that restricts the possibilities for action, or simply a lack of experience and marketing information applied within cultural services. The purpose of this study is to compress information regarding the characteristics of cultural services and the specific marketing actions used in the field of performing arts, providing thus several directions in knowing and understanding it. Many cultural institutions are still adopting traditional marketing strategies but this approach is not sufficient. New approaches and strategies are required in order to ensure their survival on the cultural market. This paper offers for the reader a literature review of arts marketing and the main issues approached in specialized literature regarding marketing in performing arts. Several ideas based on this survey are formulated in order to improve the marketing strategies adopted by cultural institutions.

Certification of Markets, Markets of Certificates: Tracing Sustainability in Global Agro-Food Value Chains

Directory of Open Access Journals (Sweden)

Arthur P. J. Mol

2015-09-01

Full Text Available There is a blossoming of voluntary certification initiatives for sustainable agro-food products and production processes. With these certification initiatives come traceability in supply chains, to guarantee the sustainability of the products consumed. No systematic analysis exists of traceability systems for sustainability in agro-food supply chains. Hence, the purpose of this article is to analyze the prevalence of four different traceability systems to guarantee sustainability; to identify the factors that determine the kind of traceability systems applied in particular supply chains; and to assess what the emergence of economic and market logics in traceability mean for sustainability. Two conclusions are drawn. Globalizing markets for sustainable agro-food products induces the emergence of book-and-claim traceability systems, but the other three systems (identity preservation, segregation and mass balance will continue to exist as different factors drive traceability requirements in different supply chains. Secondly, traceability itself is becoming a market driven by economic and market logics, and this may have consequences for sustainability in agro-food supply chains in the future.

THE EFFECT OF PERSONAL AND PROFESSIONAL CULTURAL VALUES TOWARDS THE MARKETING ETHICS OF ACADEMICIANS

Directory of Open Access Journals (Sweden)

Chuah Chin Wei

2011-09-01

Full Text Available This study assesses the personal cultural values and professional values of academicians in regards to marketing ethics. This research uses Singhapakdi and Vitell’s (1993 marketing norms scale and professional value scale together with Yoo and Donthu’s (2002 three dimensional measures of culture operation alised at the individual level. The findings showed that Uncertainty Avoidance and Professional Values influenced academicians’ marketing ethics. It is therefore suggested that managers should look into methods and ways of cultivating professionalism among academicians in order for them to possess good marketing ethics. The findings also showed that demographic factors such as age, gender, years of working experience, academic qualification do not have any influence on academicians’ marketing ethics. Other implications of the study were also discussed.

Practical differences in business valuation using the market value, value in use and the value for price negotiations

OpenAIRE

Vlček, Michal

2010-01-01

This thesis aims to explain the basic characteristics of valuation method in practice use. The first chapter is about basic character of each method of valuation and factors which influence its applicability. The second chapter mentions estimation of market value/appraisal, includes affecting factors. Then, the third and fourth parts aim to comparing these appraisals (market. vs. price bargaining, subjective and objective, complex appraisal) and price formation for price bargaining in the Cze...

Market value calculation and the solution of circularity between value and the weighted average cost of capital WACC

Directory of Open Access Journals (Sweden)

Ignacio Vélez-Pareja

2009-12-01

Full Text Available Most finance textbooks present the Weighted Average Cost of Capital (WACC calculation as: WACC = Kd×(1-T×D% + Ke×E%, where Kd is the cost of debt before taxes, T is the tax rate, D% is the percentage of debt on total value, Ke is the cost of equity and E% is the percentage of equity on total value. All of them precise (but not with enough emphasis that the values to calculate D% y E% are market values. Although they devote special space and thought to calculate Kd and Ke, little effort is made to the correct calculation of market values. This means that there are several points that are not sufficiently dealt with: Market values, location in time, occurrence of tax payments, WACC changes in time and the circularity in calculating WACC. The purpose of this note is to clear up these ideas, solve the circularity problem and emphasize in some ideas that usually are looked over. Also, some suggestions are presented on how to calculate, or estimate, the equity cost of capital.

Assessing facade value - how clients make business cases in changing real estate markets

Directory of Open Access Journals (Sweden)

Alexandra den Heijer

2013-12-01

Full Text Available Relevance: The value of any intervention in the built environment is most relevant for the stakeholders that are investing in it. For them all costs need to be balanced with benefits - not necessarily directly financial, but adding value to the performance of the accommodated organization. Business cases contain performance criteria like competitive advantage (branding the organization, productivity (optimally supporting users of the building, profitability (on organizational level and sustainable development (monitoring the ecological footprint. In the changing real estate markets – from supply-driven to demand-driven and with increasingly higher vacancy rates – priorities in decisions about buildings have been shifting.Purpose: This paper elaborates on how (a the trends in real estate markets and (b changing priorities in decision making affect the quality demand for buildings and their facades.Design/methodology/approach: This paper is based on research of the Real Estate Management chair in general (market analysis, transformation trends, conceptual frameworks and more specifically on decisions about university campuses in the past 10 years (14 campuses and 57 buildings assessed.Findings: This paper provides both conceptual frameworks to assess the (added value of interventions in the built environment for the client and their (changing priorities in the brief for buildings and their facades.

Customer Oriented System of Values Research

Directory of Open Access Journals (Sweden)

Teodora ROMAN

2014-12-01

Full Text Available There is a wind of change in the past few years in the business environment regarding the customer value perspectives. This paper delivers a framework that entails the value creation development. Academics and business practitioners are interested in defining the concept of value and, more clearly, customer value. The objective met by the system of values in a company is to create principles that deliver the image of company internally and externally. It is about what the employees should know and what the customer should feel or see related to that company. It is very important from the point of view of competition in the market. The purpose of this study is to analyze and characterize through an econometric model the importance of customer oriented system of value in the companies from Iasi through a defined database. Identification of subgroups within the database could help elucidate trends and facilitate future model value building. The main objective is to reveal if the companies from Iasi have a stated or applied system of value and which is the place of customer-oriented value occupies in any system of value from the companies from Iasi. The foundations of the projects ensure that the design is conducted effectively and efficiently. Findings can be used as recommendations for the firms in Iasi because this paper considers and quantifies how the system of value of an organization is addressed and its importance in the context of the companies of Iasi County.

Multi-agent simulation of competitive electricity markets: Autonomous systems cooperation for European market modeling

International Nuclear Information System (INIS)

Santos, Gabriel; Pinto, Tiago; Morais, Hugo; Sousa, Tiago M.; Pereira, Ivo F.; Fernandes, Ricardo; Praça, Isabel; Vale, Zita

2015-01-01

Highlights: • Definition of an ontology allowing the communication between multi-agents systems. • Social welfare evaluation in different electricity markets. • Demonstration of the use of the proposed ontology between two multi-agents systems. • Strategic biding in electricity markets. • European electricity markets comparison. - Abstract: The electricity market restructuring, and its worldwide evolution into regional and even continental scales, along with the increasing necessity for an adequate integration of renewable energy sources, is resulting in a rising complexity in power systems operation. Several power system simulators have been developed in recent years with the purpose of helping operators, regulators, and involved players to understand and deal with this complex and constantly changing environment. The main contribution of this paper is given by the integration of several electricity market and power system models, respecting to the reality of different countries. This integration is done through the development of an upper ontology which integrates the essential concepts necessary to interpret all the available information. The continuous development of Multi-Agent System for Competitive Electricity Markets platform provides the means for the exemplification of the usefulness of this ontology. A case study using the proposed multi-agent platform is presented, considering a scenario based on real data that simulates the European Electricity Market environment, and comparing its performance using different market mechanisms. The main goal is to demonstrate the advantages that the integration of various market models and simulation platforms have for the study of the electricity markets’ evolution

The Value of Transparency in Distributed Solar PV Markets

Energy Technology Data Exchange (ETDEWEB)

OShaughnessy, Eric J. [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Margolis, Robert M. [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

2017-10-09

Distributed solar photovoltaic (PV) markets are relatively non-transparent: PV price and product information is not readily available, searching for this information is costly (in terms of time and effort), and customers are mostly unfamiliar with the new technology. Quote aggregation, where third-party companies collect PV quotes on behalf of customers, may be one way to increase PV market transparency. In this paper, quote aggregation data are analyzed to study the value of transparency for distributed solar PV markets. The results suggest that easier access to more quotes results in lower prices. We find that installers tend to offer lower prices in more competitive market environments. We supplement the empirical analysis with key findings from interviews of residential PV installers.

Dynamic Customer Management and the Value of One-to-One Marketing

OpenAIRE

Romana Khan; Michael Lewis; Vishal Singh

2009-01-01

The concept of one-to-one marketing is intuitively appealing, but there is little research that investigates the value of individual-level marketing relative to segment-level or mass marketing. In this paper, we investigate the financial benefits of and computational challenges involved in one-to-one marketing. The analysis uses data from an online grocery and drug retailer. Like many retailers, this firm uses multiple promotional instruments including discount coupons, free shipping offers, ...

Louis Vuitton in the bazaar: Negotiating the value of counterfeit goods in Shanghai's Xiangyang market

OpenAIRE

Hansen, Gard Hopsdal; Møller, Henrik Kloppenborg

2017-01-01

Abstract: Much work on counterfeiting takes the perspective of brand holders and focuses on strategies for restricting the infringement of their intellectual property rights (IPR). This article takes a different approach. Based on long-term ethnographic fieldwork in a market bazaar in Shanghai, the article examines the way in which market participants negotiate the value of counterfeit goods. Brand holders attempt to control the valuation of branded goods, which are usually traded in fixed-pr...

A Study on Market-based Strategic Procurement Planning in Convergent Supply Networks

Science.gov (United States)

Opadiji, Jayeola Femi; Kaihara, Toshiya

We present a market-based decentralized approach which uses a market-oriented programming algorithm to obtain Pareto-optimal allocation of resources traded among agents which represent enterprise units in a supply network. The proposed method divides the network into a series of Walrsian markets in order to obtain procurement budgets for enterprises in the network. An interaction protocol based on market value propagation is constructed to coordinate the flow of resources across the network layers. The method mitigates the effect of product complementarity in convergent network by allowing for enterprises to hold private valuations of resources in the markets.

European health systems and the internal market: reshaping ideology?

Science.gov (United States)

da Costa Leite Borges, Danielle

2011-12-01

Departing from theories of distributive justice and their relation with the distribution of health care within society, especially egalitarianism and libertarianism, this paper aims at demonstrating that the approach taken by the European Court of Justice regarding the application of the Internal Market principles (or the market freedoms) to the field of health care services has introduced new values which are more concerned with a libertarian view of health care. Moreover, the paper also addresses the question of how these new values introduced by the Court may affect common principles of European health systems, such as equity and accessibility.

36 CFR 223.280 - Waiver of fees and/or fair market value.

Science.gov (United States)

2010-07-01

... fees and/or fair market value. The Forest Service waives the collection of fees otherwise required... 36 Parks, Forests, and Public Property 2 2010-07-01 2010-07-01 false Waiver of fees and/or fair market value. 223.280 Section 223.280 Parks, Forests, and Public Property FOREST SERVICE, DEPARTMENT OF...

The economics of gasification: a market-based approach

Energy Technology Data Exchange (ETDEWEB)

Abadie, L. M. [Bilbao Bizkaia Kutxa, Gran Via 30, 48009 Bilbao (Spain); Chamorro, J. M. [Departamento Fundamentos del Analisis Economico I, University of the Basque Country, Av. Lehendakari Aguirre 83, 48015 Bilbao (Spain)

2009-07-01

This paper deals with the economics of gasification facilities in general and Integrated Gasification Combined Cycle (IGCC) power plants in particular. Regarding the prospects of these systems, passing the technological test is one thing, passing the economic test can be quite another. In this respect, traditional valuations assume constant input and/or output prices. Since this is hardly realistic, we allow for uncertainty in prices. We naturally look at the markets where many of the products involved are regularly traded. Futures markets on commodities are particularly useful for valuing uncertain future cash flows. Thus, revenues and variable costs can be assessed by means of sound financial concepts and actual market data. On the other hand, these complex systems provide a number of flexibility options (e.g., to choose among several inputs, outputs, modes of operation, etc.). Typically, flexibility contributes significantly to the overall value of real assets. Indeed, maximization of the asset value requires the optimal exercise of any flexibility option available. Yet the economic value of flexibility is elusive, the more so under (price) uncertainty. And the right choice of input fuels and/or output products is a main concern for the facility managers. As a particular application, we deal with the valuation of input flexibility. We follow the Real Options approach. In addition to economic variables, we also address technical and environmental issues such as energy efficiency, utility performance characteristics and emissions (note that carbon constraints are looming). Lastly, a brief introduction to some stochastic processes suitable for valuation purposes is provided. (author)

The economics of gasification: a market-based approach

International Nuclear Information System (INIS)

Abadie, L. M.; Chamorro, J. M.

2009-01-01

This paper deals with the economics of gasification facilities in general and Integrated Gasification Combined Cycle (IGCC) power plants in particular. Regarding the prospects of these systems, passing the technological test is one thing, passing the economic test can be quite another. In this respect, traditional valuations assume constant input and/or output prices. Since this is hardly realistic, we allow for uncertainty in prices. We naturally look at the markets where many of the products involved are regularly traded. Futures markets on commodities are particularly useful for valuing uncertain future cash flows. Thus, revenues and variable costs can be assessed by means of sound financial concepts and actual market data. On the other hand, these complex systems provide a number of flexibility options (e.g., to choose among several inputs, outputs, modes of operation, etc.). Typically, flexibility contributes significantly to the overall value of real assets. Indeed, maximization of the asset value requires the optimal exercise of any flexibility option available. Yet the economic value of flexibility is elusive, the more so under (price) uncertainty. And the right choice of input fuels and/or output products is a main concern for the facility managers. As a particular application, we deal with the valuation of input flexibility. We follow the Real Options approach. In addition to economic variables, we also address technical and environmental issues such as energy efficiency, utility performance characteristics and emissions (note that carbon constraints are looming). Lastly, a brief introduction to some stochastic processes suitable for valuation purposes is provided. (author)

A Reappraisal on Marketing Definition and Marketing Theory

OpenAIRE

Ran Liu

2017-01-01

This study examines the definition of marketing and different marketing theories for academic research based on historical literature review. After a comprehensive review on different approaches on marketing definition, the paper gives its own description of marketing, with a highlight on value creation and exchange. The paper also attempts to discuss the possibility that a potential new paradigm of marketing as a science by a value creation theory, which focus on the new role of marketing in...

The impact of the Internet of Things on value added to Marketing 4.0

Directory of Open Access Journals (Sweden)

Łukowski, Wojciech

2017-12-01

Full Text Available The evolution in the field of information technologies that has taken place in recent decades has transformed the world. The marketing sector has undergone similar changes. At present, the internet as a groundbreaking achievement resulting from the evolution of information technologies is being integrated with marketing activities. Thanks to this we can witness a new generation of the activities referred to as the age of Marketing 4.0. It is urgently needed as today customers demand something more than just products that meet their basic needs, satisfy their desires, and soothe their anxieties. Clients are now looking for products that will allow them to fulfil their creativity and find the values defined by Marketing 3.0, however, they want to be able to become a part of the product, that is, to contribute and interact with the product, and then, harnessing information technologies – to share their experiences and verify if the product is actually fulfilling the task that it was meant to. This is also why marketing no longer focuses on the product – just like the internet no longer centres around data. At present, both marketing and the internet focus on clients and enhance the interactions between the client and the product; while doing this, they are based on the values of the users and offer them more data. This article presents the key elements of Marketing 4.0., discusses its relationship with the Marketing 3.0 concept and explains the extent to which next generation marketing is an extrapolation of the concept of Marketing 3.0. At the end, some examples of technologies from the Internet of Things, which facilitate interaction between the user and the products and the internet have also been provided.

A customer value analysis of Taiwan ice cream market: a means-end chain approach across consumption situations.

Science.gov (United States)

Chen, Yan-Kwang; Tsai, Pei-Shan; Chiu, Fei-Rung

2015-01-01

In the highly competitive market, it is increasingly hard for ice cream stores to develop creative marketing strategies to retain existing customers and attract new ones. This study applies the means-end chain approach to identify the customer value, consequences, and attributes of ice cream and to suggest useful information for ice cream sellers to develop differential marketing strategies across various consumption situations (i.e. on a date, gathering with friends, craving for ice cream). This study conducted one-on-one in-depth interviews with participants. The interview content was subsequently analyzed and coded to produce an implication matrix and a hierarchical value map, which was further used to determine customers' value perceptions. The results indicate the terminal values of the highest strength comprised economy, pleasure, and efficiency. Pleasure was emphasized among consumers who were on a date or gathering with friends, whereas satisfaction was emphasized among consumers who craved ice cream. Based on the results, the study also provides suggestions to the industry and future researchers.

Microcap pharmaceutical firms: linking drug pipelines to market value.

Science.gov (United States)

Beach, Robert

2012-01-01

This article examines predictors of the future market value of microcap pharmaceutical companies. This is problematic since the large majority of these firms seldom report positive net income. Their value comes from the potential of a liquidity event such as occurs when a key drug is approved by the FDA. The typical scenario is one in which the company is either acquired by a larger pharmaceutical firm or enters into a joint venture with another pharmaceutical firm. Binary logistic regression is used to determine the impact of the firm's drug treatment pipeline and its investment in research and development on the firm's market cap. Using annual financial data from 2007 through 2010, this study finds that the status of the firm's drug treatment pipeline and its research and development expenses are significant predictors of the firm's future stock value relative to other microcap pharmaceutical firms.

Assessing the Value of Regulation Resources Based on Their Time Response Characteristics

Energy Technology Data Exchange (ETDEWEB)

Makarov, Yuri V.; Lu, Shuai; Ma, Jian; Nguyen, Tony B.

2008-06-01

Fast responsive regulation resources are potentially more valuable as a power system regulation resource (more efficient) because they allow applying controls at the exact moment and in the exact amount as needed. Faster control is desirable because it facilitates more reliable compliance with the NERC Control Performance Standards at relatively lesser regulation capacity procurements. The current California ISO practices and markets do not provide a differentiation among the regulation resources based on their speed of response (with the exception of some minimum ramping capabilities). Some demand response technologies, including some generation and energy storage resources, can provide quicker control actions. California ISO practices and markets could be updated to welcome more fast regulation resources into the California ISO service area. The project work reported in this work was pursuing the following objectives: • Develop methodology to assess the relative value of generation resources used for regulation and load following California ISO functions • This assessment should be done based on physical characteristics including the ability to quickly change their output following California ISO signals • Evaluate what power is worth on different time scales • Analyze the benefits of new regulation resources to provide effective compliance with the mandatory NERC Control Performance Standards • Evaluate impacts of the newly proposed BAAL and FRR standards on the potential value of fast regulation and distributed regulation resources • Develop a scope for the follow-up projects to pave a road for the new efficient types of balancing resources in California. The work included the following studies: • Analysis of California ISO regulating units characteristics • California ISO automatic generation system (AGC) analysis • California ISO regulation procurement and market analysis • Fast regulation efficiency analysis • Projection of the

The role of value-informed pricing in market-oriented product innovation management

NARCIS (Netherlands)

Ingenbleek, P.; Frambach, R.T.; Verhallen, T.M.M.

2010-01-01

Although the positive effect of a market orientation on new product success is widely accepted and the market orientation literature has increased its understanding of how a market orientation leads to performance, the extant literature has overlooked the role of value-informed pricing in the

The Role of Value-Informed Pricing in Market-Oriented Product Innovation Management

NARCIS (Netherlands)

Ingenbleek, P.T.M.; Frambach, R.T.; Verhallen, Th.M.M.

2010-01-01

Although the positive effect of a market orientation on new product success is widely accepted and the market orientation literature has increased its understanding of how a market orientation leads to performance, the extant literature has overlooked the role of value-informed pricing in the

A Systems Approach Framework for the Transition to Sustainable Development: Potential Value Based on Coastal Experiments

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Tom S. Hopkins

2012-09-01

Full Text Available This article explores the value of the Systems Approach Framework (SAF as a tool for the transition to sustainable development in coastal zone systems, based on 18 study sites in Europe, where the SAF was developed and tested. The knowledge gained from these experiments concerns the practical aspects of (a governance in terms of policy effectiveness, (b sustainability science in terms of applying transdisciplinary science to social-ecological problems, and (c simulation analysis in terms of quantifying dysfunctions in complex systems. This new knowledge can help broaden our perspectives on how research can be changed to better serve society. The infusion of systems thinking into research and policy making leads to a preference for multi-issue instead of single-issue studies, an expansion from static to dynamic indicators, an understanding of the boundaries between system-dependent and system-independent problems, and the inclusion of non-market evaluations. It also develops a real partnership among research, management, and stakeholders to establish a quantitative basis for collaborative decision making. Furthermore, the article argues that the transition to sustainable development for coastal systems requires consideration of the scale interdependency from individual to global and recognition of the probable global reorganizational emergence of scale-free networks that could cooperate to maximize the integrated sustainability among them.

Challenges in Albania for improving Labor Market Information System and Labor Market Governance

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Neshat Zeneli

2017-07-01

Full Text Available Labour Market Policy of the Republic of Albania in terms of design (preparation, case identification, formulation, and approval, programming and budgeting, implementation, monitoring and evaluation has a short experience (1995-ongoing. The influence and presence of hierarchy model is very high beside the support of different programs and projects through bilateral and EU programs. Still there are a lot of key issues to be addressed. The most important issues to be addressed in this paper are evidence based related to: • The Availability of Labor Market Information and its structure on national, regional and local level in Albania and how much this information is used for -policy making and –monitoring/evaluation in terms of input, output, outcome and impact. • Mode of the governance of the labor market in Albania and challenges to pass from the hierarchy to market and network governance. The main aim of this paper/article is to do a complete and deep analysis of the actual situation of labor market information system and labor market governance in Albania, and to propose conclusions and recommendations that will improve both labor market information system and the labor market governance from hierarchy to market and network governance, because good and standardized labor information system can help towards right policy decisions and good governance of LM policy means more employment, more stability, more social inclusion in the society.

Public Preferences for Endangered Species Recovery: An Examination of Geospatial Scale and Non-Market Values

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Kristy eWallmo

2015-08-01

Full Text Available Non-market valuation allows society to express their preferences for goods and services whose economic value is not reflected in traditional markets. One issue that arises in applying non-market values in policy settings is defining the extent of the economic jurisdiction – the area that includes all people who hold values – for a good or service. In this paper we estimate non-market values for recovering eight threatened and endangered marine species in the US for two geographically embedded samples: households on the west coast of the US and households throughout the nation. We statistically compare species values between the two samples to help determine the extent of and variation in the economic jurisdiction for endangered species recovery. Our findings offer support to the tenet that the summation of non-market values across the country is appropriate when evaluating alternative policies for endangered species recovery.

Value-based pricing: A success factor in the competitive struggle

Directory of Open Access Journals (Sweden)

Netseva-Porcheva Tatyana

2011-01-01

Full Text Available Over the past decade, the view that the main purpose of market oriented organizations is not to satisfy the consumer, but to create values has dominated. Exactly the values, their creation, retention and increase, are the main sources of competitive advantage of the company. The purpose of the present report is to present the price formation, based on product value, as a source of competitive advantage. In connection with the so-defined objective, the value and the product price for the customer are derived as key factors for success of the company in the competitive struggle; the role of the value of the product in the marketing and pricing is revealed; and theory clarifies the two basic approaches for determining the price of the product on the basis of value - customer value modeling (CVM and economic value modeling (EVM, their nature, scope of application, advantages and disadvantages.

25 CFR 700.121 - Statement of the basis for the determination of fair market value.

Science.gov (United States)

2010-04-01

... Statement of the basis for the determination of fair market value. At the time of the initiation of... which the offer of fair market value is made. (c) A recital of the amount of the offer and a declaration... property and is not less than the fair market value of the property as determined on the basis of the...

Market forces and technological substitutes cause fluctuations in the value of bat pest-control services for cotton.

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Laura López-Hoffman

Full Text Available Critics of the market-based, ecosystem services approach to biodiversity conservation worry that volatile market conditions and technological substitutes will diminish the value of ecosystem services and obviate the "economic benefits" arguments for conservation. To explore the effects of market forces and substitutes on service values, we assessed how the value of the pest-control services provided by Mexican free-tailed bats (Tadarida brasiliensis mexicana to cotton production in the southwestern U.S. has changed over time. We calculated service values each year from 1990 through 2008 by estimating the value of avoided crop damage and the reduced social and private costs of insecticide use in the presence of bats. Over this period, the ecosystem service value declined by 79% ($19.09 million U.S. dollars due to the introduction and widespread adoption of Bt (Bacillus thuringiensis cotton transgenically modified to express its own pesticide, falling global cotton prices and the reduction in the number of hectares in the U.S. planted with cotton. Our results demonstrate that fluctuations in market conditions can cause temporal variation in ecosystem service values even when ecosystem function--in this case bat population numbers--is held constant. Evidence is accumulating, however, of the evolution of pest resistance to Bt cotton, suggesting that the value of bat pest-control services may increase again. This gives rise to an economic option value argument for conserving Mexican free-tailed bat populations. We anticipate that these results will spur discussion about the role of ecosystem services in biodiversity conservation in general, and bat conservation in particular.

Market forces and technological substitutes cause fluctuations in the value of bat pest-control services for cotton

Science.gov (United States)

López-Hoffman, Laura; Wiederholt, Ruscena; Sansone, Chris; Bagstad, Kenneth J.; Cryan, Paul M.; Diffendorfer, James E.; Goldstein, Joshua; LaSharr, Kelsie; Loomis, John; McCracken, Gary; Medellin, Rodrigo A.; Russell, Amy; Semmens, Darius J.

2014-01-01

Critics of the market-based, ecosystem services approach to biodiversity conservation worry that volatile market conditions and technological substitutes will diminish the value of ecosystem services and obviate the “economic benefits” arguments for conservation. To explore the effects of market forces and substitutes on service values, we assessed how the value of the pest-control services provided by Mexican free-tailed bats (Tadarida brasiliensis mexicana) to cotton production in the southwestern U.S. has changed over time. We calculated service values each year from 1990 through 2008 by estimating the value of avoided crop damage and the reduced social and private costs of insecticide use in the presence of bats. Over this period, the ecosystem service value declined by 79% ($19.09 million U.S. dollars) due to the introduction and widespread adoption of Bt (Bacillus thuringiensis) cotton transgenically modified to express its own pesticide, falling global cotton prices and the reduction in the number of hectares in the U.S. planted with cotton. Our results demonstrate that fluctuations in market conditions can cause temporal variation in ecosystem service values even when ecosystem function – in this case bat population numbers – is held constant. Evidence is accumulating, however, of the evolution of pest resistance to Bt cotton, suggesting that the value of bat pest-control services may increase again. This gives rise to an economic option value argument for conserving Mexican free-tailed bat populations. We anticipate that these results will spur discussion about the role of ecosystem services in biodiversity conservation in general, and bat conservation in particular.

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.

A Value Chain and Marketing of Iranian Cashmere

Directory of Open Access Journals (Sweden)

H. R. Ansari-Renani

2014-04-01

Full Text Available Iran together with Afghanistan is the third largest producer and exporter of cashmere in the world, after China and Mongolia. This paper assesses the status of cashmere marketing of Iran in order to evaluate sustainability, and to identify some constraints limiting the productivity and compa-tibility. In August to December 2011 structured questionnaires and interviews were used to compile information regarding market chains cashmere industry of Iran. Information compiled revealed that nearly all the cashmere was marketed by direct buying in Iran. The principle centers for the gathering and rough sorting raw cashmere in Iran were Baft, Sirjan, Mashad, and Birjand. The principle cashmere-importing countries of Iranian cashmere were China, England, Belgium and Italy. The price for Iranian cashmere has showed large fluctuations in the last forty years: it increased from 25 dollars in 1972 to 110 dollars in 1988 and decreased to 65 dollars in 2006 and again increased to 110 dollars in 2012. Given the present status of production and marketing there seems to be substantial scope to improve the value addition of Iranian cashmere.

STOCK Market Differences in Correlation-Based Weighted Network

Science.gov (United States)

Youn, Janghyuk; Lee, Junghoon; Chang, Woojin

We examined the sector dynamics of Korean stock market in relation to the market volatility. The daily price data of 360 stocks for 5019 trading days (from January, 1990 to August, 2008) in Korean stock market are used. We performed the weighted network analysis and employed four measures: the average, the variance, the intensity, and the coherence of network weights (absolute values of stock return correlations) to investigate the network structure of Korean stock market. We performed regression analysis using the four measures in the seven major industry sectors and the market (seven sectors combined). We found that the average, the intensity, and the coherence of sector (subnetwork) weights increase as market becomes volatile. Except for the "Financials" sector, the variance of sector weights also grows as market volatility increases. Based on the four measures, we can categorize "Financials," "Information Technology" and "Industrials" sectors into one group, and "Materials" and "Consumer Discretionary" sectors into another group. We investigated the distributions of intrasector and intersector weights for each sector and found the differences in "Financials" sector are most distinct.

A model of determining a fair market value for teaching residents: who profits?

Science.gov (United States)

Cullen, Edward J; Lawless, Stephen T; Hertzog, James H; Penfil, Scott; Bradford, Kathleen K; Nadkarni, Vinay M; Corddry, David H; Costarino, Andrew T

2003-07-01

Centers for Medicare & Medicaid Services (CMS) Health Resources and Services Administration Children's Hospitals Graduate Medical Education (GME) Payment Program now supports freestanding children's teaching hospitals. To analyze the fair market value impact of GME payment on resident teaching efforts in our pediatric intensive care unit (PICU). Cost-accounting model, developed from a 1-year retrospective, descriptive, single-institution, longitudinal study, applied to physician teachers, residents, and CMS. Sixteen-bed PICU in a freestanding, university-affiliated children's teaching hospital. Pediatric critical care physicians, second-year residents. Cost of physician opportunity time; CMS investment return; the teaching physicians' investment return; residents' investment return; service balance between CMS and teaching service investment margins; economic balance points; fair market value. GME payments to our hospital increased 4.8-fold from 577 886 dollars to 2 772 606 dollars during a 1-year period. Critical care physicians' teaching opportunity cost rose from 250 097 dollars to 262 215 dollars to provide 1523 educational hours (6853 relative value units). Residents' net financial value for service provided to the PICU rose from 245 964 dollars to 317 299 dollars. There is an uneven return on investment in resident education for CMS, critical care physicians, and residents. Economic balance points are achievable for the present educational efforts of the CMS, critical care physicians, and residents if the present direct medical education payment increases from 29.38% to 36%. The current CMS Health Resources and Services Administration Children's Hospitals GME Payment Program produces uneven investment returns for CMS, critical care physicians, and residents. We propose a cost-accounting model, based on perceived production capability measured in relative value units and available GME funds, that would allow a clinical service to balance and obtain a fair

How the ownership structures cause epidemics in financial markets: A network-based simulation model

Science.gov (United States)

Dastkhan, Hossein; Gharneh, Naser Shams

2018-02-01

Analysis of systemic risks and contagions is one of the main challenges of policy makers and researchers in the recent years. Network theory is introduced as a main approach in the modeling and simulation of financial and economic systems. In this paper, a simulation model is introduced based on the ownership network to analyze the contagion and systemic risk events. For this purpose, different network structures with different values for parameters are considered to investigate the stability of the financial system in the presence of different kinds of idiosyncratic and aggregate shocks. The considered network structures include Erdos-Renyi, core-periphery, segregated and power-law networks. Moreover, the results of the proposed model are also calculated for a real ownership network. The results show that the network structure has a significant effect on the probability and the extent of contagion in the financial systems. For each network structure, various values for the parameters results in remarkable differences in the systemic risk measures. The results of real case show that the proposed model is appropriate in the analysis of systemic risk and contagion in financial markets, identification of systemically important firms and estimation of market loss when the initial failures occur. This paper suggests a new direction in the modeling of contagion in the financial markets, in particular that the effects of new kinds of financial exposure are clarified. This paper's idea and analytical results may also be useful for the financial policy makers, portfolio managers and the firms to conduct their investment in the right direction.

Economic-environmental active and reactive power scheduling of modern distribution systems in presence of wind generations: A distribution market-based approach

International Nuclear Information System (INIS)

Samimi, Abouzar; Kazemi, Ahad; Siano, Pierluigi

2015-01-01

Highlights: • A new market-based approach is proposed to schedule active and reactive powers. • Multi-component reactive power bidding structures for DERs is introduced. • A new economical/environmental operational scheduling method is proposed. • At distribution level, a reactive power market is developed in presence of DERs. - Abstract: Distribution System Operator (DSO) is responsible for active and reactive power scheduling in a distribution system. DSO purchases its active and reactive power requirements from Distributed Energy Resources (DERs) as well as the wholesale electricity market. In this paper, a new economical/environmental operational scheduling method based on sequential day-ahead active and reactive power markets at distribution level is proposed to dispatch active and reactive powers in distribution systems with high penetration of DERs. In the proposed model, after day-ahead active power market was cleared the participants submit their reactive power bids and then the reactive power market will be settled. At distribution level, developing a Var market, in which DERs like synchronous machine-based Distributed Generation (DG) units and Wind Turbines (WTs) could offer their reactive power prices, DERs are motivated to actively participate in the Volt/VAr Control (VVC) problem. To achieve this purpose, based on the capability curves of considered DERs, innovative multi-component reactive power bidding structures for DERs are introduced. Moreover, the effect of reactive power market clearing on the active power scheduling is explicitly considered into the proposed model by rescheduling of active power by usage of energy-balance service bids. On the other hand, environmental concerns that arise from the operation of fossil fuel fired electric generators are included in the proposed model by employing CO_2 emission penalty cost. The suggested reactive power market is cleared through a mixed-integer nonlinear optimization program. The

Carbon emission trading system of China: a linked market vs. separated markets

Science.gov (United States)

Liu, Yu; Feng, Shenghao; Cai, Songfeng; Zhang, Yaxiong; Zhou, Xiang; Chen, Yanbin; Chen, Zhanming

2013-12-01

The Chinese government intends to upgrade its current provincial carbon emission trading pilots to a nationwide scheme by 2015. This study investigates two of scenarios: separated provincial markets and a linked inter-provincial market. The carbon abatement effects of separated and linked markets are compared using two pilot provinces of Hubei and Guangdong based on a computable general equilibrium model termed Sino-TERMCo2. Simulation results show that the linked market can improve social welfare and reduce carbon emission intensity for the nation as well as for the Hubei-Guangdong bloc compared to the separated market. However, the combined system also distributes welfare more unevenly and thus increases social inequity. On the policy ground, the current results suggest that a well-constructed, nationwide carbon market complemented with adequate welfare transfer policies can be employed to replace the current top-down abatement target disaggregation practice.

SOCIAL VALUE AS A MARKETING STRATEGY IN A BRAZILIAN CREDIT UNION

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Edson Roberto Scharf

2016-04-01

Full Text Available The purpose is to examine the strategic Marketing direction of Brazil’s largest credit union adopted in order to enhance the social value of its brand. For this, a qualitative exploratory research, carried out by a triangulation of data from three in-depth interviews within a central credit union and an official published document was made. It is a single case study, with an expository rating, according to Yin (2003. The results indicated that engaging and relationship building actions can be efficient tools for the dissemination of cooperative principles and can be achieved at a lower cost than traditional banking marketing tools. This is the first study exploring the social value theme as a marketing strategy within credit unions in Brazil.

An analytical framework for evaluating the value of enhanced customisation: an integrated operations-marketing perspective

DEFF Research Database (Denmark)

Wong, Hartanto; Eyers, Daniel

2011-01-01

In this paper we present a formal approach to evaluate the value of enhanced customisation. The suggested approach is based on a new perspective addressing the important alignment between the operations and marketing functions, under which we are able to obtain a more holistic understanding...

Relationship between the international marketing research and the international marketing information system

Directory of Open Access Journals (Sweden)

Grubor Aleksandar

2004-01-01

Full Text Available Real and complete understanding relationship between the international marketing research and the international marketing information system requires recognizing essentials of the both concept. The international marketing research constitutes a process with coherent phases, whereas the international marketing information system is a part of integrated company's information system. Approach to learning relationship between the international marketing research and the international marketing information system is distinguish in domestic than in the foreign expert literature.

A Chaotic Particle Swarm Optimization-Based Heuristic for Market-Oriented Task-Level Scheduling in Cloud Workflow Systems.

Science.gov (United States)

Li, Xuejun; Xu, Jia; Yang, Yun

2015-01-01

Cloud workflow system is a kind of platform service based on cloud computing. It facilitates the automation of workflow applications. Between cloud workflow system and its counterparts, market-oriented business model is one of the most prominent factors. The optimization of task-level scheduling in cloud workflow system is a hot topic. As the scheduling is a NP problem, Ant Colony Optimization (ACO) and Particle Swarm Optimization (PSO) have been proposed to optimize the cost. However, they have the characteristic of premature convergence in optimization process and therefore cannot effectively reduce the cost. To solve these problems, Chaotic Particle Swarm Optimization (CPSO) algorithm with chaotic sequence and adaptive inertia weight factor is applied to present the task-level scheduling. Chaotic sequence with high randomness improves the diversity of solutions, and its regularity assures a good global convergence. Adaptive inertia weight factor depends on the estimate value of cost. It makes the scheduling avoid premature convergence by properly balancing between global and local exploration. The experimental simulation shows that the cost obtained by our scheduling is always lower than the other two representative counterparts.

Establishment of windows-based load management system for electricity cost savings in competitive electricity markets

International Nuclear Information System (INIS)

Chung, K.H.; Kim, B.H.; Hur, D.

2007-01-01

For electricity markets to function in a truly competitive and efficient manner, it is not enough to focus solely on improving the efficiencies of power supply. To recognize price-responsive load as a reliability resource, the customer must be provided with price signals and an instrument to respond to these signals, preferably automatically. This paper attempts to develop the Windows-based load management system in competitive electricity markets, allowing the user to monitor the current energy consumption or billing information, to analyze the historical data, and to implement the consumption strategy for cost savings with nine possible scenarios adopted. Finally, this modeling framework will serve as a template containing the basic concepts that any load management system should address. (author)

Market Concentration and Price Formation in the Global Cocoa Value Chain.

NARCIS (Netherlands)

Oomes, N.; Tieben, B.; Laven, A.; Ammerlaan, T.; Appelman, R.; Biesenbeek, Cindy; Buunk, E.

2016-01-01

This report explores to what extent market concentration in the cocoa value chain is responsible for the widespread poverty of cocoa farmers. The report finds that market concentration among chocolate manufacturers and cocoa processors is not the key cause. Instead, there are two other key reasons

A novel model for product bundling and direct marketing in e-commerce based on market segmentation

Directory of Open Access Journals (Sweden)

Arash Beheshtian-Ardakani

2018-01-01

Full Text Available Nowadays, companies offer product bundles with special discounts in order to sell more products. However, it is important to note that customers show different levels of loyalties to companies, and each segment of the market has unique features, which influences the customers’ buying patterns. The primary purpose of this paper is to propose a novel model for product bundling in e-commerce websites by using market segmentation variables and customer loyalty analysis. RFM model is employed to calculate customer loyalty. Subsequently, the customers are grouped based on their loyalty levels. Each group is then divided into different segments based on market segmentation variables. The product bundles are determined for each market segment via clustering algorithms. Apriori algorithm is also used to determine the association rules for each product bundle. Classification models are applied in order to determine which product bundle should be recommended to each customer. The results demonstrate that the silhouette coefficient, support, confidence, and accuracy values are higher when both customer loyalty level and market segmentation variables are used in product bundling. Accordingly, the proposed model increases the chance of success in direct marketing and recommending product bundles to customers.

Relationship between the international marketing research and the international marketing information system

OpenAIRE

Grubor Aleksandar

2004-01-01

Real and complete understanding relationship between the international marketing research and the international marketing information system requires recognizing essentials of the both concept. The international marketing research constitutes a process with coherent phases, whereas the international marketing information system is a part of integrated company's information system. Approach to learning relationship between the international marketing research and the international marketing in...

Flow-based market coupling. Stepping stone towards nodal pricing?

International Nuclear Information System (INIS)

Van der Welle, A.J.

2012-07-01

For achieving one internal energy market for electricity by 2014, market coupling is deployed to integrate national markets into regional markets and ultimately one European electricity market. The extent to which markets can be coupled depends on the available transmission capacities between countries. Since interconnections are congested from time to time, congestion management methods are deployed to divide the scarce available transmission capacities over market participants. For further optimization of the use of available transmission capacities while maintaining current security of supply levels, flow-based market coupling (FBMC) will be implemented in the CWE region by 2013. Although this is an important step forward, important hurdles for efficient congestion management remain. Hence, flow based market coupling is compared to nodal pricing, which is often considered as the most optimal solution from theoretical perspective. In the context of decarbonised power systems it is concluded that advantages of nodal pricing are likely to exceed its disadvantages, warranting further development of FBMC in the direction of nodal pricing.

A Novel Marketing Strategy based on Information Technology

Institute of Scientific and Technical Information of China (English)

Zhang Xiao

2012-01-01

Marketing, electronic data interchange, internet data center, electric ordering system Abstract：Marketing is the process of performing market research, selling products and/or services to customers and promoting them via advertising to further enhance sales. It generates the strategy that underlies sales techniques, business communication, and business developments. Information technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications.

Communicating Customer Value Based on Modern Technologies

Directory of Open Access Journals (Sweden)

Slawomir Czarniewski

2014-06-01

Full Text Available The article presents the idea of gaining a position of competitive advantage by companies operating in the knowledge-based economy and in the age of modern technology. The rate of change in companies’ environments forces organizations to react quickly to clients’ needs. In recent years, there has been an observed systematic increase in the importance of communicating customer value in Poland. This paper shows changes (trends in the system of market communication in the age of modern technology and changes in the economy. The author presents the mechanisms and effects of communication in age new technology in Poland. Modern technologies enable the collection, storage and transmission of information. Reflections contained in the paper do not have definite characteristics and should be treated as an opinion in the discussion.

Applications of the marketing perspective in nutrition education.

Science.gov (United States)

Fleming, P L

1987-09-01

The marketing paradigm is based on the premise of exchange of value, that is, value received for value given. The role of the nutrition educator as a marketer is to facilitate exchanges of value with consumers. To carry out this role, a strong orientation to the consumer, what she or he wants and needs and is willing to "pay," guides the development of the nutrition education mission, objectives, and strategies. The marketing paradigm calls for a marketing information system that includes internal record keeping, marketing intelligence gathering, and marketing research. The information is used in the marketing audit, which identifies organizational strengths and weaknesses and marketplace opportunities and barriers. Marketing objectives are formulated, and strategies for segmenting, positioning, and developing the marketing mix follow. These are translated in the marketing plan to an action plan, a budget, and profit and loss projections. Use of the marketing paradigm in nutrition education is not a panacea for organizational ills and marketplace problems. Instead, the paradigm raises issues to which nutrition educators must bring their expertise, commitment, ingenuity, and creativity.

Value based pricing: the least valued pricing strategy

OpenAIRE

Hoenen, Bob

2017-01-01

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

A market-driven commercialization strategy for gasification-based technologies

International Nuclear Information System (INIS)

Klara, J.M.; Tomer, B.J.; Stiegel, G.J.

1998-01-01

In the wake of deregulation of power generation in the US, market-based competition is driving electricity generators to low-cost risk system. In such an environment, gasification-based technologies will not be competitive with low capital cost, efficient, and reliable natural gas-fired facilities for baseload power generation in the foreseeable future. The lack of a near-term market application poses a serious threat to the progress of gasification technology. With a reduction in direct federal funding of large-scale demonstration plants as the trend to reduce the size of government continues, an alternate approach to commercialize gasification-based technologies has been developed at DOE/FETC. This new strategy employs gasification in near-term markets where, due to its ability to coproduce a wide variety of commodity and premium products to meet market requirements, it is an attractive alternative. By obtaining operating experience in near-term coproduction applications, gasification system modules can be refined and improved leading to commercial guarantees and acceptance of gasification technology as a cost-effective technology for baseload power generation when this market begins to open domestically, sometime after 2005

Studies in market-based electric power trade and regulation

International Nuclear Information System (INIS)

Hope, Einar

2000-01-01

This is a compilation of articles written by the author during the last fifteen years. Most of the articles are related to the reform of the Norwegian electric power market. This reform led to the Energy Act of 1990 and to the subsequent development of the power markets. Some of the sections are in Norwegian, some in English. The sections discuss (1) Markets for electricity trade in Norway, (2) Economic incentives and public firm behaviour, (3) Market alternatives to the present forms of occasional power trade, (4) Socio-economic considerations about electricity pricing, (5) Scenarios for market based power trade in Norway, (6) Markets for electricity: economic reform of the Norwegian electricity industry, (7) The Norwegian power market, (8) A common Nordic energy market?, (9) Organization of supply markets for natural gas in Europe, (10) The extent of the central grid, (11) Optimum regulation of grid monopolies in the power trade, (12) Power markets and competition policy, (13) Deregulation of the Norwegian power sector, (14) designing a market based system for the Icelandic electricity industry and (15) regulation regimes for the power sector

Value in business and industrial marketing: past, present, and future

OpenAIRE

Lindgreen, Adam; Hingley, Martin K.; Grant, David B.; Morgan, Robert E.

2012-01-01

This article offers an overview of research on the ‘value’ that businesses and industrial marketers analyze, create, and deliver. First, value literature (up to and around 2005 and post 2005) is discussed. This review highlights the changes in our notions of value and helps to identify seven areas for consideration that should drive future research: value proposition, relationship form, capabilities management, value metrics, temporal horizon, innovation imperative, and tactical focus. Follow...

Market-Based and System-Wide Fuel Cycle Optimization

Energy Technology Data Exchange (ETDEWEB)

Wilson, Paul Philip Hood [Univ. of Wisconsin, Madison, WI (United States); Scopatz, Anthony [Univ. of South Carolina, Columbia, SC (United States); Gidden, Matthew [Univ. of Wisconsin, Madison, WI (United States); Carlsen, Robert [Univ. of Wisconsin, Madison, WI (United States); Mouginot, Baptiste [Univ. of Wisconsin, Madison, WI (United States); Flanagan, Robert [Univ. of South Carolina, Columbia, SC (United States)

2017-06-13

This work introduces automated optimization into fuel cycle simulations in the Cyclus platform. This includes system-level optimizations, seeking a deployment plan that optimizes the performance over the entire transition, and market-level optimization, seeking an optimal set of material trades at each time step. These concepts were introduced in a way that preserves the flexibility of the Cyclus fuel cycle framework, one of its most important design principles.

Market-Based and System-Wide Fuel Cycle Optimization

International Nuclear Information System (INIS)

Wilson, Paul Philip Hood; Scopatz, Anthony; Gidden, Matthew; Carlsen, Robert; Mouginot, Baptiste; Flanagan, Robert

2017-01-01

This work introduces automated optimization into fuel cycle simulations in the Cyclus platform. This includes system-level optimizations, seeking a deployment plan that optimizes the performance over the entire transition, and market-level optimization, seeking an optimal set of material trades at each time step. These concepts were introduced in a way that preserves the flexibility of the Cyclus fuel cycle framework, one of its most important design principles.

Mapping the Sensitivity of the Public Emotion to the Movement of STOCK Market Value: a Case Study of Manhattan

Science.gov (United States)

Kang, Y.; Wang, J.; Wang, Y.; Angsuesser, S.; Fei, T.

2017-09-01

We examined whether emotion expressed by users in social media can be influenced by stock market index or can predict the fluctuation of the stock market index. We collected the emotion data by using face detection technology and emotion cognition services for photos uploaded to Flickr. Each face's emotion was described in 8 dimensions the location was also recorded. An emotion score index was defined based on the combination of all 8 dimensions of emotion calculated by principal component analysis. The correlation coefficients between the stock market values and emotion scores are significant (R > 0.59 with p analysis for cause and effect detection, we found that users' emotion is influenced by stock market value change. A multiple linear regression model was established (R-square = 0.76) to explore the potential factors that influence the emotion score. Finally, a sensitivity map was created to show sensitive areas where human emotion is easily affected by the stock market changes. We concluded that in Manhattan region: (1) there is an obvious relationship between human emotion and stock market fluctuation; (2) emotion change follows the movements of the stock market; (3) the Times Square and Broadway Theatre are the most sensitive regions in terms of public emotional reaction to the economy represented by stock value.

Mirror, mirror on the wall--evaluating Fair Market Value for manufacturer-physician consulting arrangements.

Science.gov (United States)

Eaton, Fred; Reid, Jaimee

2010-01-01

Pharmaceutical and medical device manufacturers contract with thousands of physicians each year, and struggle to comply with the Fair Market Value requirements of the Anti-Kickback Statute's "personal services" safe harbor. Consultant arrangements between physicians and manufactures have come under increasing scrutiny by regulators. In 2007, the five leading Hip & Knee manufacturers entered into settlement agreements related to their contract practices with physician consultants. Government sources do not provide guidance for calculating Fair Market Value; however, this article recommends four principles to use when evaluating Fair Market Value methodologies.

A Multidimensional Environmental Value Orientation Approach to Forest Recreation Area Tourism Market Segmentation

Directory of Open Access Journals (Sweden)

Cheng-Ping Wang

2016-04-01

Full Text Available This paper uses multidimensional environmental value orientations as the segmentation bases for analyzing a natural destination tourism market of the National Forest Recreation Areas in Taiwan. Cluster analyses identify two segments, Acceptance and Conditionality, within 1870 usable observations. Independent sample t test and crosstab analyses are applied to examine these segments’ forest value orientations, sociodemographic features, and service demands. The Acceptance group tends to be potential ecotourists, while still recognizing the commercial value of the natural resources. The Conditionality group may not possess a strong sense of ecotourism, given that its favored services can affect the environment. Overall, this article confirms the use of multidimensional environmental value orientation approaches can generate a comprehensive natural tourist segment comparison that benefits practical management decision making.

Pricing of reserves. Valuing system reserve capacity against spot prices in electricity markets

International Nuclear Information System (INIS)

Just, Sebastian; Weber, Christoph

2008-01-01

This paper models the interdependencies between markets for secondary reserve capacity and spot electricity to derive the pricing of reserves under equilibrium conditions. Starting with the indifference condition between offering in both markets, the reservation price is derived from the opportunity cost consideration and the unit commitment conditions in a fundamental interrelated market framework. The reserve market examined compares widely to the German market for secondary reserves, but the general approach may also be used to investigate other reserve markets. The approach explores and formalizes the influence of reserve capacity on the spot market supply function. A numerical solution procedure is provided to this non-trivial case of market interaction. The model is used to estimate the expected reservation price development over the last years in Germany. (author)

Incorporating Customer Lifetime Value into Marketing Simulation Games

Science.gov (United States)

Cannon, Hugh M.; Cannon, James N.; Schwaiger, Manfred

2010-01-01

Notwithstanding the emerging prominence of customer lifetime value (CLV) and customer equity (CE) in the marketing literature during the past decade, virtually nothing has been done to address these concepts in the literature on simulation and gaming. This article addresses the failing, discussing the nature of CLV and CE and demonstrating how…

THE MARKET VALUE OF THE REAL ESTATE IN A SIGNIFICANT DEVALUATION OF THE NATIONAL CURRENCY

Directory of Open Access Journals (Sweden)

VORONIN V. A.

2016-02-01

Full Text Available Raising of problem. The current state of the real estate market is characterized by high inflation and a significant devaluation of national currency. In markets with mixed prices impact of devaluation and inflation against the foreign currency have most complex nature and usually leads to slower growth in prices in local currency and partial de-dollarization of the market. Provided that the value of the real estate market is denominated in local and foreign currency, it is necessary to solve the problem of correspondence between these prices. With this condition must be satisfied that the market prices in local currency correspond to the state of the real estate market on the valuation date. Purpose. Development of the method, which should take into account the particular valuation procedures in determining the market value of the local currency in terms of the existence of high inflation and a significant devaluation. The study of this problem, especially for the markets of emerging economics, is an urgent and important task of applied economic analysis and, in particular, the theory and practice of evaluation as part of this analysis. Conclusion. To achieve this goal have been developed and used techniques and methods of applied economic analysis and, in particular, the theory and practice of evaluation as part of this analysis. Satisfactory agreement obtained values and the market rent rate, which are responsible of the real estate market in a significant devaluation of local currency, confirm the position that the correction in market conditions ("discount on the offer price" and "market conditions" must be done in determining the market value so and the market rent rate.

Value-at-Risk for South-East Asian Stock Markets: Stochastic Volatility vs. GARCH

Directory of Open Access Journals (Sweden)

Paul Bui Quang

2018-04-01

Full Text Available This study compares the performance of several methods to calculate the Value-at-Risk of the six main ASEAN stock markets. We use filtered historical simulations, GARCH models, and stochastic volatility models. The out-of-sample performance is analyzed by various backtesting procedures. We find that simpler models fail to produce sufficient Value-at-Risk forecasts, which appears to stem from several econometric properties of the return distributions. With stochastic volatility models, we obtain better Value-at-Risk forecasts compared to GARCH. The quality varies over forecasting horizons and across markets. This indicates that, despite a regional proximity and homogeneity of the markets, index volatilities are driven by different factors.

Social value and individual choice: The value of a choice-based decision-making process in a collectively funded health system.

Science.gov (United States)

Espinoza, Manuel Antonio; Manca, Andrea; Claxton, Karl; Sculpher, Mark

2018-02-01

Evidence about cost-effectiveness is increasingly being used to inform decisions about the funding of new technologies that are usually implemented as guidelines from centralized decision-making bodies. However, there is also an increasing recognition for the role of patients in determining their preferred treatment option. This paper presents a method to estimate the value of implementing a choice-based decision process using the cost-effectiveness analysis toolbox. This value is estimated for 3 alternative scenarios. First, it compares centralized decisions, based on population average cost-effectiveness, against a decision process based on patient choice. Second, it compares centralized decision based on patients' subgroups versus an individual choice-based decision process. Third, it compares a centralized process based on average cost-effectiveness against a choice-based process where patients choose according to a different measure of outcome to that used by the centralized decision maker. The methods are applied to a case study for the management of acute coronary syndrome. It is concluded that implementing a choice-based process of treatment allocation may be an option in collectively funded health systems. However, its value will depend on the specific health problem and the social values considered relevant to the health system. Copyright © 2017 John Wiley & Sons, Ltd.

Optimal Sizing of Energy Storage Systems for the Energy Procurement Problem in Multi-Period Markets under Uncertainties

Directory of Open Access Journals (Sweden)

Ryusuke Konishi

2018-01-01

Full Text Available In deregulated electricity markets, minimizing the procurement costs of electricity is a critical problem for procurement agencies (PAs. However, uncertainty is inevitable for PAs and includes multiple factors such as market prices, photovoltaic system (PV output and demand. This study focuses on settlements in multi-period markets (a day-ahead market and a real-time market and the installation of energy storage systems (ESSs. ESSs can be utilized for time arbitrage in the day-ahead market and to reduce the purchasing/selling of electricity in the real-time market. However, the high costs of an ESS mean the size of the system needs to be minimized. In addition, when determining the size of an ESS, it is important to identify the size appropriate for each role. Therefore, we employ the concept of a “slow” and a “fast” ESS to quantify the size of a system’s role, based on the values associated with the various uncertainties. Because the problem includes nonlinearity and non-convexity, we solve it within a realistic computational burden by reformulating the problem using reasonable assumptions. Therefore, this study identifies the optimal sizes of ESSs and procurement, taking into account the uncertainties of prices in multi-period markets, PV output and demand.

Contraceptive social marketing and community-based distribution systems in Colombia.

Science.gov (United States)

Vernon, R; Ojeda, G; Townsend, M C

1988-01-01

Three operations research experiments were carried out in three provinces of Colombia to improve the cost-effectiveness of Profamilia's nonclinic-based programs. The experiments tested: (a) whether a contraceptive social marketing (CSM) strategy can replace a community-based distribution (CBD) program in a high contraceptive use area; (b) if wage incentives for salaried CBD instructors will increase contraceptive sales; and (c) whether a specially equipped information, education, and communication (IEC) team can replace a cadre of rural promoters to expand family planning coverage. All three strategies proved to be effective, but only the CSM system yielded a profit. Despite this, Profamilia discontinued its CSM program soon after the experiment was completed. Unexpected government controls regulating the price and sale of contraceptives in Colombia made the program unprofitable. As a result, family planning agencies are cautioned against replacing CBD programs with CSM. Instead, CBD programs might adopt a more commercial approach to become more efficient.

Four proposals for market-based health care system reform.

Science.gov (United States)

Sumner, W

1994-08-01

A perfectly free, competitive medical market would not meet many social goals, such as universal access to health care. Micromanagement of interactions between patients and providers does not guarantee quality care and frequently undermines that relationship, to the frustration of all involved. Furthermore, while some North American health care plans are less expensive than others, none have reduced the medical inflation rate to equal the general inflation rate. Markets have always fixed uneven inflation rates in other domains. The suggested reforms could make elective interactions between patients and providers work more like a free market than did any preceding system. The health and life insurance plan creates cost-sensitive consumers, informed by a corporation with significant research incentives and abilities. The FFEB proposal encourages context-sensitive pricing, established by negotiation processes that weigh labor and benefit. Publication of providers' expected outcomes further enriches the information available to consumers and may reduce defensive medicine incentives. A medical career ladder would ease entry and exit from medical professions. These and complementary reforms do not specifically cap spending yet could have a deflationary impact on elective health care prices, while providing incentives to maintain quality. They accomplish these ends by giving more responsibility, information, incentives, and choice to citizens. We could provide most health care in a marketlike environment. We can incorporate these reforms in any convenient order and allow them to compete with alternative schemes. Our next challenge is to design, implement, and evaluate marketlike health care systems.

Identification of Factors Determining Market Value of the Most Valuable Football Players

Directory of Open Access Journals (Sweden)

Sebastian Majewski

2016-03-01

Full Text Available Purpose: The problem of identifying the most important determinants of the market value of football players is quite well described in the literature. There are many works that try to identify these factors. Some of them are focused on variables to make a set complete and others are on models and methods. The aim of this article is to present the variables influencing the valuation and to build an econometric model valuing footballers playing on the forward position, taking into consideration the assumptions of the econometric modelling. Such an approach indicates managers as other sources for obtaining information. Methodology: Econometric models were used to verify the hypothesis formulated in this research. The database was created on the basis of variables presented on the website www.transfermarkt. de that presents the values of the most valuable football players in the world playing on the forward position. The Gretl program was used in the research. Findings: The literature review showed that there are many independent variables having an impact on the value of the player. There are also many different models used to valuate footballers’ performance rights. The results of estimation of models in the research indicated that such factors as Canadian classification points adjusted the market value of the team and dummy variables describing “goodwill” (only for the best players had an impact on the market value of footballers’ performance rights. Limitations/implications: Information about different factors having an impact on football players’ market value could support the investment decision process of football managers. Originality/value: The results were part of a study concerning economics of sport, particularly processes of management of football clubs and valuation of intangible assets.

Inefficiency in the market for 'Fine Art': how this market inefficiency promotes 'Art Tourism' in South Africa

Directory of Open Access Journals (Sweden)

Peter Baur

2014-01-01

Full Text Available The market for 'Fine Art' is dominated by institutions and auction houses. These act as gatekeepers by monopolising the primary market. The choice of art as an investment vehicle is based on a combination of expected return and subjective preference. The reason for investing in 'Fine Art' is more than purely for financial gain. There are other more intrinsic factors that are considered as part of the investor decision-making process. This market for 'Fine Art' can be considered largely inefficient. Exclusivity, high prices, institutional based indexes and the overall lack of information are by far the greatest drivers of this market inefficiency. 'Art' prices are usually set in the primary market for 'Fine Art' through the auction process and the auction process should also typically reflect an efficient way of creating shared value. However, the auction process in the primary art market is not efficient and does not create shared value as would occur in a typical free market structure. The systems employed by the auction process in the primary art market is a strategy in itself, giving the impression that there is shared value, and thus distorting prices while simultaneously stimulating investor confidence. This becomes apparent when the price for 'Fine Art' does not necessarily reflect the 'true' value of the respective 'Fine Art' being sold. Thus investors may take advantage of this situation, by traveling across international borders to purchase what they would consider valuable art. In effect, art tourism is driven by market inefficiency in the 'Fine Art' market.

Customer value propositions in business markets.

Science.gov (United States)

Anderson, James C; Narus, James A; van Rossum, Wouter

2006-03-01

Examples of consumer value propositions that resonate with customers are exceptionally difficult to find. When properly constructed, value propositions force suppliers to focus on what their offerings are really worth. Once companies become disciplined about understanding their customers, they can make smarter choices about where to allocate scarce resources. The authors illuminate the pitfalls of current approaches, then present a systematic method for developing value propositions that are meaningful to target customers and that focus suppliers' efforts on creating superior value. When managers construct a customer value proposition, they often simply list all the benefits their offering might deliver. But the relative simplicity of this all-benefits approach may have a major drawback: benefit assertion. In other words, managers may claim advantages for features their customers don't care about in the least. Other suppliers try to answer the question, Why should our firm purchase your offering instead of your competitor's? But without a detailed understanding of the customer's requirements and preferences, suppliers can end up stressing points of difference that deliver relatively little value to the target customer. The pitfall with this approach is value presumption: assuming that any favorable points of difference must be valuable for the customer. Drawing on the best practices of a handful of suppliers in business markets, the authors advocate a resonating focus approach. Suppliers can provide simple, yet powerfully captivating, consumer value propositions by making their offerings superior on the few elements that matter most to target customers, demonstrating and documenting the value of this superior performance, and communicating it in a way that conveys a sophisticated understanding of the customer's business priorities.

A company’s market value: the methodology of its valuation and methods for its maximization

Directory of Open Access Journals (Sweden)

Olexandr Kravchenko

2007-03-01

Full Text Available This article investigates the creation and monitoring of the fundamental value of a company, the methods of its valuation, and capital market responses to changes of the fundamental value. The author uses the basic theory of discounted cash flows as his main theoretical model. This theory states that the investment value equals the net present value of future cash flows that is created as a result of this investment. Other theories referred to in the article are derived from the aforementioned model. The article contains an empirical analysis of correlation dependence between the fundamental value and the market capitalization. The figures obtained from international companies during a 5-year time period showed that the highest indices of fundamental value increase were used as output data. The article argues that the total business return has the highest correlation index with respect to a company’s market value. The reasons affecting the results of the empirical research have been analyzed. The author gives some recommendations on the appreciation of a company’s market value.

Marketing Internships: How Values and Search Strategies Differ across the Student-Employer Dyad

Science.gov (United States)

Swanson, Scott R.; Tomkovick, Chuck

2012-01-01

This study identifies the value undergraduate marketing students are placing on various aspects of a marketing internship and compares the relative importance that internship providers place on these same factors. Results were obtained by surveying 140 internship providers and 336 undergraduate marketing majors. Internship providers rated…

Market based solutions for power pricing

International Nuclear Information System (INIS)

Wangensteen, Ivar

2002-06-01

The report examines how the price for effect reserves, spot market power and regulated power is formed provided ideal market conditions rule. Primarily the price determining factors in a market for power reserves are examined and how the connection between this market and the energy market (the spot market) is. In a free market there would be a balance between what the actors may obtain by operating in the open market for power reserves/regulated power on the one hand and the market for spot power on the other. Primarily we suppose that the desired amount of power reserve is known. Secondly the problem constellation is extended to comprise the size of the effect reserves i.e. the optimising of the requirement to the power reserves. The optimal amount of power reserves is obtained when there is a balance between the cost and the benefit. This optimal balance is achieved when expected macro economical loss due to outfacing balances against the cost of maintaining larger reserves. By using a simple model it is demonstrated that a system operator regulates the maximal price in the regulated market and this equals the rationing price. The actors will offer sufficient reserves even if the reserve price is zero (provided risk neutrality). If the maximal price for regulated power is lower the price of effect reserves will rise. Based on the same simple model calculations are made for how short and long term market balance will be for increasing demands

THE CHAIN VALUE INTO THE MARKET FOR VISUAL ARTS

Directory of Open Access Journals (Sweden)

Elio Amílcar Farfán Torrelles

2016-06-01

Full Text Available The added value allows a good or service meets a specific need. The value chain represents all activities organized properly, create the goods and services and make them available to end consumers. Through the document review was detected in the market for visual arts these roles are not always adequately defined and often the same agents involved know their roles and responsibilities, generating distortions and aesthetic and financial imbalances that hinder this economic activity. This article aims to discover this value chain as a way of legitimizing the work of art.

Essays in energy policy and planning modeling under uncertainty: Value of information, optimistic biases, and simulation of capacity markets

Science.gov (United States)

Hu, Ming-Che

Optimization and simulation are popular operations research and systems analysis tools for energy policy modeling. This dissertation addresses three important questions concerning the use of these tools for energy market (and electricity market) modeling and planning under uncertainty. (1) What is the value of information and cost of disregarding different sources of uncertainty for the U.S. energy economy? (2) Could model-based calculations of the performance (social welfare) of competitive and oligopolistic market equilibria be optimistically biased due to uncertainties in objective function coefficients? (3) How do alternative sloped demand curves perform in the PJM capacity market under economic and weather uncertainty? How does curve adjustment and cost dynamics affect the capacity market outcomes? To address the first question, two-stage stochastic optimization is utilized in the U.S. national MARKAL energy model; then the value of information and cost of ignoring uncertainty are estimated for three uncertainties: carbon cap policy, load growth and natural gas prices. When an uncertainty is important, then explicitly considering those risks when making investments will result in better performance in expectation (positive expected cost of ignoring uncertainty). Furthermore, eliminating the uncertainty would improve strategies even further, meaning that improved forecasts of future conditions are valuable ( i.e., a positive expected value of information). Also, the value of policy coordination shows the difference between a strategy developed under the incorrect assumption of no carbon cap and a strategy correctly anticipating imposition of such a cap. For the second question, game theory models are formulated and the existence of optimistic (positive) biases in market equilibria (both competitive and oligopoly markets) are proved, in that calculated social welfare and producer profits will, in expectation, exceed the values that will actually be received

Redefining German health care: moving to a value-based system

National Research Council Canada - National Science Library

Porter, Michael E; Guth, Clemens

2012-01-01

... organizations and systems that embodied value-based delivery principles to learn from them. The seeds of this book grew out of one such example, the West German Headache Centre (WGHC). We wrote a Harvard Business School case study on WGHC, which is an innovative integrated practice unit focused on headache care. Patients are treated in an interdisciplinary fa...

Islamic and conventional bank market value: Manager behavior and investor sentiment

Directory of Open Access Journals (Sweden)

Mouna Abdelhedi-Zouch

2016-12-01

Full Text Available This paper studies the effect of bank manager behavior and investor behavior on market value of Islamic and conventional banks in the Middle East and North Africa region. Firstly, our analysis denoted the positive effect of discretionary behavior of manager on both types of banks on share prices since discretionary behavior transmits to investor a positive signal of future earnings’ prospects. Also, we find that the conventional bank stock prices response is very high to negative signal compared with positive signal. This result is explained by prospect theory and loss aversion bias which specified that individuals are more sensitive to losses than gains of same magnitude. In particular, we discover that the negative effect of non-discretionary behavior is much lower on Islamic bank value since investors give more confidence to Islamic bank because they are motivated by the idea that Islamic banks are safer than conventional banks. Secondly, the results show that investor sentiment affects significantly both bank market prices. Thus, both Islamic and conventional banks’ market value depends similarly on manager and investor behavior. The implication of this paper is that Islamic bank concentrations reveal a positive effect on their price values because of the recently increased investments in Islamic banks.

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

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false What do I need to know about market yields, or market bid yields, to understand redemption value calculations in this subpart? 351.10 Section... Provisions § 351.10 What do I need to know about market yields, or market bid yields, to understand...

Stocks and energy shocks : the impact of energy accidents on stock market value

NARCIS (Netherlands)

Scholtens, B.; Boersen, A.

We investigate how financial market participants value energy accidents. We employ an event study to look into the response of stock markets to 209 accidents. These accidents were derived from Sovacool's (2008) database on major energy accidents from 1907 to 2007. It appears that the stock market in

The market value of freshness: observations from the swordfish and blue shark longline fishery

NARCIS (Netherlands)

Ishimura, G.; Bailey, M.L.

2013-01-01

One important component in determining the market value of fish is freshness, essentially the time period from capture to consumer. By shortening the time from harvest to landing, freshness can be improved and thus the market value may increase. The opportunistic nature of the marine capture

Marketing analysis support system; Marketing bunseki shien system

Energy Technology Data Exchange (ETDEWEB)

NONE

2000-01-10

Fuji Electric Co., Ltd., in collaboration with Shitashion Japan and Arthur Andersen Ltd., developed a 'marketing analysis support system' which integrally analyzes evaluation factors of various dimensions explaining consumers' purchasing behaviors and which supports business for the efficient operation of product development and demand prediction. This system breaks down products into each evaluation factor from psychological and physical viewpoints, and carries out various kinds of multivariate analysis, thereby making it easy to understand visually, for example, what evaluation factors decide relative positional relations between evaluation factors or between products as well as the position of a product in the whole. Further, more precise marketing analysis and prediction become possible by visually grasping blank areas of products, extent of competition, distribution of products, composition of product series, etc. (translated by NEDO)

7 CFR 766.113 - Buyout of loan at current market value.

Science.gov (United States)

2010-01-01

... Conservation Contract, if requested; (5) The present value of the restructured loans is less than the net... have non-essential assets for which the net recovery value is sufficient to pay the account current; (4... 7 Agriculture 7 2010-01-01 2010-01-01 false Buyout of loan at current market value. 766.113...

FAIR VALUE ILLUSTRATED IN OMFP 1802/2014

Directory of Open Access Journals (Sweden)

Valentin Gabriel CRISTEA

2016-06-01

Full Text Available The fair value of assets is calculated from the evidence of market data through an assessment by authorized appraisers, according to law. The fair value of tangible assets is calculated based on their market value, based on information that we would use market participants in setting asset price. The fair value is determined by reference to one of the following: a market value, for those financial instruments for which a reliable market easily identify. b a value resulting from models and generally accepted valuation techniques for financial instruments that can not easily identify a reliable market, so these models and valuation techniques to ensure a reasonable approximation of market value.

How to measure customer value and its relationship with shareholder value in a business-to-business market

Directory of Open Access Journals (Sweden)

Gustavo Bermejo

2010-10-01

Full Text Available Intangible assets are difficult to measure, but nowadays the value of the shares of firms in the stock exchange market contains a high percentage of intangible capital and customers are one of the main intangible assets which should be evaluated. This paper presents and discusses some tools to measure the value of customers. But first, it is mandatory to define and clarify the relationships among the concepts of Customer Equity (CE, Life Time Value (LTV and Customer Relationship Management (CRM. LTV is the best financial outcome to measure customer value, so the paper reviews the literature on some mathematical models to calculate LTV. We propose an equation for LTV in order to apply it in a business-to-business market, and an analysis of the influence factors involved in it is made, focusing especially in the link between LTV and shareholder value. Finally, we propose as future lines of research, the relational equity approach as the perfect complement to the customer equity analysis and a way to estimate LTV for actual cases of publicly traded firms using published information.

Portfolio Value at Risk Estimate for Crude Oil Markets: A Multivariate Wavelet Denoising Approach

Directory of Open Access Journals (Sweden)

Kin Keung Lai

2012-04-01

Full Text Available In the increasingly globalized economy these days, the major crude oil markets worldwide are seeing higher level of integration, which results in higher level of dependency and transmission of risks among different markets. Thus the risk of the typical multi-asset crude oil portfolio is influenced by dynamic correlation among different assets, which has both normal and transient behaviors. This paper proposes a novel multivariate wavelet denoising based approach for estimating Portfolio Value at Risk (PVaR. The multivariate wavelet analysis is introduced to analyze the multi-scale behaviors of the correlation among different markets and the portfolio volatility behavior in the higher dimensional time scale domain. The heterogeneous data and noise behavior are addressed in the proposed multi-scale denoising based PVaR estimation algorithm, which also incorporatesthe mainstream time series to address other well known data features such as autocorrelation and volatility clustering. Empirical studies suggest that the proposed algorithm outperforms the benchmark ExponentialWeighted Moving Average (EWMA and DCC-GARCH model, in terms of conventional performance evaluation criteria for the model reliability.

MAPPING THE SENSITIVITY OF THE PUBLIC EMOTION TO THE MOVEMENT OF STOCK MARKET VALUE: A CASE STUDY OF MANHATTAN

Directory of Open Access Journals (Sweden)

Y. Kang

2017-09-01

Full Text Available We examined whether emotion expressed by users in social media can be influenced by stock market index or can predict the fluctuation of the stock market index. We collected the emotion data by using face detection technology and emotion cognition services for photos uploaded to Flickr. Each face’s emotion was described in 8 dimensions the location was also recorded. An emotion score index was defined based on the combination of all 8 dimensions of emotion calculated by principal component analysis. The correlation coefficients between the stock market values and emotion scores are significant (R > 0.59 with p < 0.01. Using Granger Causality analysis for cause and effect detection, we found that users’ emotion is influenced by stock market value change. A multiple linear regression model was established (R-square = 0.76 to explore the potential factors that influence the emotion score. Finally, a sensitivity map was created to show sensitive areas where human emotion is easily affected by the stock market changes. We concluded that in Manhattan region: (1 there is an obvious relationship between human emotion and stock market fluctuation; (2 emotion change follows the movements of the stock market; (3 the Times Square and Broadway Theatre are the most sensitive regions in terms of public emotional reaction to the economy represented by stock value.

Sizing energy storage systems to make PV tradable in the Iberian electricity market

Energy Technology Data Exchange (ETDEWEB)

Beltram, H.; Perez, E.; Aparicio, N.; Vidal, R.; Belenguer, E. [Universitat Jaume I (UJI), Castello de la Plana (Spain). Electrical Engineering Area; Piqueres, T. [Energia Solar Aplicada (ESA), Valencia (Spain). Technical Dept.

2012-07-01

The work presented in this paper is intended to provide some reference values for the ratings required by an energy storage system, to be integrated in a large-scale PV power plant placed at any location of the Iberian Peninsula, to operate it according to an energy management strategy (EMS) whic allowed its participation in the Iberian electricity market while minimizing the economic penalties. The proposed EMS produces a constant-by-hours power reference to be tracked by the PV plant with storage and, in that way, mitigate the stochastic nature of the PV production. This operation mode will enable PV power plants to take part reliably in the different electricity markets, profiting the intraday market sessions to continuously refine the power production commitment. Different configurations of the EMS are analysed, introducing on each of them different meteorologically-based adjustments which allow minimizing the energy capacity required by the storage system. The proposals are analysed through one-year long simulations which use real-world data and PV power forecasting models extracted from solar databases. (orig.)

The market-incentive recycling system for waste packaging containers in Taiwan

International Nuclear Information System (INIS)

Bor Yunchang, Jeffrey; Chien, Y.-L.; Hsu, Esher

2004-01-01

This paper presents a new market-incentive (MI) system to recycle waste-packaging containers in Taiwan. Since most used packaging containers have no or insufficient market value, the government imposes a combined product charge and subsidy policy to provide enough economic incentive for recycling various kinds of packaging containers, such as iron, aluminum, paper, glass and plastic. Empirical results show that the new MI approach has stimulated and established the recycling market for waste-packaging containers. The new recycling system has provided 18,356 employment opportunities and generated NT$ 6.97 billion in real-production value and NT$ 3.18 billion in real GDP during the 1998 survey year. Cost-effectiveness analysis constitutes the theoretical foundation of the new scheme, whereas data used to compute empirical product charge are from two sources: marketing surveys of internal conventional costs of solid-waste collection, disposal and recycling in Taiwan, and benefit transfer of external environmental costs in the United States. The new recycling policy designed by the authors provides a reasonable solution for solid-waste management in a country with limited land resources such as Taiwan

Assessing facade value - how clients make business cases in changing real estate markets

Directory of Open Access Journals (Sweden)

Alexandra Den Heijer

2013-12-01

Full Text Available Corresponding author: Dr. ir. Alexandra den Heijer, Delft University of Technology (TU Delft, Faculty of Architecture and the Built Environment, Department of Real Estate & Housing, Julianalaan 134, 2628 BL Delft, The Netherlands. Tel.: +31 15 278 4159; E-mail: a.c.denheijer@tudelft.nl RELEVANCE: The value of any intervention in the built environment is most relevant for the stakeholders that are investing in it. For them all costs need to be balanced with benefits - not necessarily directly financial, but adding value to the performance of the accommodated organization. Business cases contain performance criteria like competitive advantage (branding the organization, productivity (optimally supporting users of the building, profitability (on organizational level and sustainable development (monitoring the ecological footprint. In the changing real estate markets – from supply-driven to demand-driven and with increasingly higher vacancy rates – priorities in decisions about buildings have been shifting. PURPOSE: This paper elaborates on how (a the trends in real estate markets and (b changing priorities in decision making affect the quality demand for buildings and their facades. DESIGN/METHODOLOGY/APPROACH: This paper is based on research of the Real Estate Management chair in general (market analysis, transformation trends, conceptual frameworks and more specifically on decisions about university campuses in the past 10 years (14 campuses and 57 buildings assessed. FINDINGS: This paper provides both conceptual frameworks to assess the (added value of interventions in the built environment for the client and their (changing priorities in the brief for buildings and their facades

Categories of Profit and Effectiveness of Business Activity in the System of Market Values

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Niyazi Musa ogly Ismailov

2016-10-01

Full Text Available The article describes the approaches to the interpretation of economic categories “profit” and “effectiveness of business activity”, studies the essence and manifestations of these concepts in business that allows us to consider their place in the system of market valuables. Due to the necessity of a broader view of the success of the business, the author discussed the basic provisions of methodological individualism in the categories of economic theory of property rights. Disclosing them the author focuses on the characteristics which show the formation of operating results in achieving its ultimate goal. Details reveal a mixed situation in respect of the appointment of the rate of profit in modern conditions, the potential motives and incentives of human activity. A list of targeted economic outcomes correlates with the solved economic issues. For example, when you build and study the business model in the form of chains of forming and maintaining value the most appropriate terms that define the goal of firms are profitability, balance and optimality. In this article, the following results are obtained: 1 terminological analysis of targeted economic results, which are put in touch in an appropriate relationship to solve economic problem; 2 conclusion on the profit’s universality and absoluteness loss in direct characterization of business activity effectiveness.

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)

Value-based pricing: A success factor in the competitive struggle

OpenAIRE

Netseva-Porcheva Tatyana

2011-01-01

Over the past decade, the view that the main purpose of market oriented organizations is not to satisfy the consumer, but to create values has dominated. Exactly the values, their creation, retention and increase, are the main sources of competitive advantage of the company. The purpose of the present report is to present the price formation, based on product value, as a source of competitive advantage. In connection with the so-defined objective, the value and the product price for the custo...

A Chaotic Particle Swarm Optimization-Based Heuristic for Market-Oriented Task-Level Scheduling in Cloud Workflow Systems

Directory of Open Access Journals (Sweden)

Xuejun Li

2015-01-01

Full Text Available Cloud workflow system is a kind of platform service based on cloud computing. It facilitates the automation of workflow applications. Between cloud workflow system and its counterparts, market-oriented business model is one of the most prominent factors. The optimization of task-level scheduling in cloud workflow system is a hot topic. As the scheduling is a NP problem, Ant Colony Optimization (ACO and Particle Swarm Optimization (PSO have been proposed to optimize the cost. However, they have the characteristic of premature convergence in optimization process and therefore cannot effectively reduce the cost. To solve these problems, Chaotic Particle Swarm Optimization (CPSO algorithm with chaotic sequence and adaptive inertia weight factor is applied to present the task-level scheduling. Chaotic sequence with high randomness improves the diversity of solutions, and its regularity assures a good global convergence. Adaptive inertia weight factor depends on the estimate value of cost. It makes the scheduling avoid premature convergence by properly balancing between global and local exploration. The experimental simulation shows that the cost obtained by our scheduling is always lower than the other two representative counterparts.

The value of electricity storage in energy-only electricity markets

Science.gov (United States)

McConnell, D.; Forcey, T.; Sandiford, M.

2015-12-01

Price volatility and the prospect of increasing renewable energy generation have raised interest in the potential opportunities for storage technologies in energy-only electricity markets. In this paper we explore the value of a price-taking storage device in such a market, the National Electricity Market (NEM) in Australia. Our analysis suggests that under optimal operation, there is little value in having more than six hours of storage in this market. However, the inability to perfectly forecast wholesale prices, particularly extreme price spikes, may warrant some additional storage. We found that storage devices effectively provide a similar service as peak generators (such as Open Cycle Gas Turbines) and are similarly dependent on and exposed to extreme price events, with revenue for a merchant generator highly skewed to a few days of the year. In contrast to previous studies, this results in the round trip efficiency of the storage being relatively insignificant. Financing using hedging strategies similar to a peak generator effectively reduces the variability of revenue and exposure of storage to extreme prices. Our case study demonstrates that storage may have a competitive advantage over other peaking generators on the NEM, due to its ability to earn revenue outside of extreme peak events. As a consequence the outlook for storage options on the NEM is dependent on volatility, in turn dependent on capacity requirements. Further to this, increased integration of renewable energy may both depend on storage and improve the outlook for storage in technologies in electricity markets.

Using Web-Based Foreign Advertisements in International Marketing Classes

Science.gov (United States)

Ryan, Jason

2011-01-01

The author examines the use of the Web-based foreign advertisements for enhancing the international awareness of undergraduate marketing students. An analysis compares the adaptation of advertisements for identical products to the cultural perceptions and values of consumers in different countries. In a sample of 110 international marketing…

Chebyshev polynomial functions based locally recurrent neuro-fuzzy information system for prediction of financial and energy market data

Directory of Open Access Journals (Sweden)

A.K. Parida

2016-09-01

Full Text Available In this paper Chebyshev polynomial functions based locally recurrent neuro-fuzzy information system is presented for the prediction and analysis of financial and electrical energy market data. The normally used TSK-type feedforward fuzzy neural network is unable to take the full advantage of the use of the linear fuzzy rule base in accurate input–output mapping and hence the consequent part of the rule base is made nonlinear using polynomial or arithmetic basis functions. Further the Chebyshev polynomial functions provide an expanded nonlinear transformation to the input space thereby increasing its dimension for capturing the nonlinearities and chaotic variations in financial or energy market data streams. Also the locally recurrent neuro-fuzzy information system (LRNFIS includes feedback loops both at the firing strength layer and the output layer to allow signal flow both in forward and backward directions, thereby making the LRNFIS mimic a dynamic system that provides fast convergence and accuracy in predicting time series fluctuations. Instead of using forward and backward least mean square (FBLMS learning algorithm, an improved Firefly-Harmony search (IFFHS learning algorithm is used to estimate the parameters of the consequent part and feedback loop parameters for better stability and convergence. Several real world financial and energy market time series databases are used for performance validation of the proposed LRNFIS model.

Emerging lessons from regional and state innovation in value-based payment reform: balancing collaboration and disruptive innovation.

Science.gov (United States)

Conrad, Douglas A; Grembowski, David; Hernandez, Susan E; Lau, Bernard; Marcus-Smith, Miriam

2014-09-01

In recent decades, practitioners and policymakers have turned to value-based payment initiatives to help contain spending on health care and to improve the quality of care. The Robert Wood Johnson Foundation funded 7 grantees across the country to design and implement value-based, multistakeholder payment reform projects in 6 states and 3 regions of the United States. As the external evaluator of these projects, we reviewed documents, conducted Internet searches, interviewed key stakeholders, cross-validated factual and narrative interpretation, and performed qualitative analyses to derive cross-site themes and implications for policy and practice. The nature of payment reform and its momentum closely reflects the environmental context of each project. Federal legislation such as the Patient Protection and Affordable Care Act and federal and state support for the development of the patient-centered medical home and accountable care organizations encourage value-based payment innovation, as do local market conditions for payers and providers that combine a history of collaboration with independent innovation and experimentation by individual organizations. Multistakeholder coalitions offer a useful facilitating structure for galvanizing payment reform. But to achieve the objectives of reduced cost and improved quality, multistakeholder payment innovation must overcome such barriers as incompatible information systems, the technical difficulties and transaction costs of altering existing billing and payment systems, competing stakeholder priorities, insufficient scale to bear population health risk, providers' limited experience with risk-bearing payment models, and the failure to align care delivery models with the form of payment. From the evidence adduced in this article, multistakeholder, value-based payment reform requires a trusted, widely respected "honest broker" that can convene and maintain the ongoing commitment of health plans, providers, and purchasers

The Essence of Equivalent Markets in Determining the Market Value of Land Property for Variable Planning Factors

Directory of Open Access Journals (Sweden)

Wójciak Ewelina

2016-09-01

Full Text Available The leading local legislation act defining the spatial policy is the local development plan, the financing of which is the commune’s responsibility. The beneficiary of activities aimed at the transformation of the intended property use is its owner or its perpetual lessee – with lessees incurring the costs of adopting the local development plans through so-called zoning fees, the amount of which, often controversial, has become the source of numerous lawsuits. The presented problem of an outside-business and often radical change of land value corresponds to the market dilemmas in determining equivalent markets, and establishing price-setting factors and their impact on the value of real estate.

Markets for Canadian bitumen-based feedstock

International Nuclear Information System (INIS)

Marshall, R.; Lauerman, V.; Yamaguchi, N.

2001-02-01

This study was undertaken in an effort to determine the market potential for crude bitumen and derivative products from the Western Canadian Sedimentary Basin in 2007. As part of the study, CERI assessed the economic viability of a wide range of bitumen-based feedstock based on their refining values, investigated the sensitivity of refinery demand to the prices of these feedstocks, and examined the competitiveness of bitumen-based feedstocks and conventional crudes. A US$18.00 per barrel price for West Texas Intermediate at Cushing, Oklahoma, was assumed in all calculations, including other crude prices, as well as for Western Canadian and US crude oil production forecasts. Four different scenarios have been considered, but only the 'most plausible' scenario is discussed in the report. Consequently, Hydrocracked/Aromatics Saturated Synthetic Crude Oil, which is currently only a hypothetical product, is excluded from consideration. The availability of historical price differentials for the various competing crudes was another assumption used in developing the scenario. Proxy prices for the bitumen-based feedstock were based on their respective supply costs. The study concludes that the principal dilemma facing bitumen producers in Western Canada is to determine the amount of upgrading necessary to ensure an economic market for their product in the future. In general, the greater the degree of upgrading, the higher is the demand for bitumen-based feedstock. However, it must be kept in mind that the upgrading decisions of other bitumen producers, along with many other factors, will have a decisive impact on the economics of any individual project. The combination of coking capacity and asphalt demand limits the market for heavy and extra-heavy crudes. As a result, the researchers concluded that major expansion of heavy crude conversion capacity may have to wait until the end of the current decade. The economic market for bitumen-based blends in 2007 is estimated at

Fundamental Value Trajectories and Trader Characteristics in an Asset Market Experiment

NARCIS (Netherlands)

Breaban, A.G.; Noussair, C.N.

2014-01-01

Abstract: We report results from an asset market experiment, in which we investigate how the time path of the fundamental value trajectory affects the level of adherence to fundamentals. In contrast to previous experiments with long-lived assets, there is a phase in which fundamental values are

What Is the Value of Value-Based Purchasing?

Science.gov (United States)

Tanenbaum, Sandra J

2016-10-01

Value-based purchasing (VBP) is a widely favored strategy for improving the US health care system. The meaning of value that predominates in VBP schemes is (1) conformance to selected process and/or outcome metrics, and sometimes (2) such conformance at the lowest possible cost. In other words, VBP schemes choose some number of "quality indicators" and financially incent providers to meet them (and not others). Process measures are usually based on clinical science that cannot determine the effects of a process on individual patients or patients with comorbidities, and do not necessarily measure effects that patients value; additionally, there is no provision for different patients valuing different things. Proximate outcome measures may or may not predict distal ones, and the more distal the outcome, the less reliably it can be attributed to health care. Outcome measures may be quite rudimentary, such as mortality rates, or highly contestable: survival or function after prostate surgery? When cost is an element of value-based purchasing, it is the cost to the value-based payer and not to other payers or patients' families. The greatest value of value-based purchasing may not be to patients or even payers, but to policy makers seeking a morally justifiable alternative to politically contested regulatory policies. Copyright © 2016 by Duke University Press.

Two spatiotemporally distinct value systems shape reward-based learning in the human brain.

Science.gov (United States)

Fouragnan, Elsa; Retzler, Chris; Mullinger, Karen; Philiastides, Marios G

2015-09-08

Avoiding repeated mistakes and learning to reinforce rewarding decisions is critical for human survival and adaptive actions. Yet, the neural underpinnings of the value systems that encode different decision-outcomes remain elusive. Here coupling single-trial electroencephalography with simultaneously acquired functional magnetic resonance imaging, we uncover the spatiotemporal dynamics of two separate but interacting value systems encoding decision-outcomes. Consistent with a role in regulating alertness and switching behaviours, an early system is activated only by negative outcomes and engages arousal-related and motor-preparatory brain structures. Consistent with a role in reward-based learning, a later system differentially suppresses or activates regions of the human reward network in response to negative and positive outcomes, respectively. Following negative outcomes, the early system interacts and downregulates the late system, through a thalamic interaction with the ventral striatum. Critically, the strength of this coupling predicts participants' switching behaviour and avoidance learning, directly implicating the thalamostriatal pathway in reward-based learning.

76 FR 11196 - Antidumping Methodologies in Proceedings Involving Non-Market Economies: Valuing the Factor of...

Science.gov (United States)

2011-03-01

... DEPARTMENT OF COMMERCE International Trade Administration Antidumping Methodologies in Proceedings Involving Non-Market Economies: Valuing the Factor of Production: Labor; Correction to Request for Comment...-Market Economies: Valuing the Factor of Production: Labor; Request for Comment, 76 FR 9544 (February 18...

Update on value-based medicine.

Science.gov (United States)

Brown, Melissa M; Brown, Gary C

2013-05-01

To update concepts in Value-Based Medicine, especially in view of the Patient Protection and Affordable Care Act. The Patient Protection and Affordable Care Act assures that some variant of Value-Based Medicine cost-utility analysis will play a key role in the healthcare system. It identifies the highest quality care, thereby maximizing the most efficacious use of healthcare resources and empowering patients and physicians.Standardization is critical for the creation and acceptance of a Value-Based Medicine, cost-utility analysis, information system, since 27 million different input variants can go into a cost-utility analysis. Key among such standards is the use of patient preferences (utilities), as patients best understand the quality of life associated with their health states. The inclusion of societal costs, versus direct medical costs alone, demonstrates that medical interventions are more cost effective and, in many instances, provide a net financial return-on-investment to society referent to the direct medical costs expended. Value-Based Medicine provides a standardized methodology, integrating critical, patient, quality-of-life preferences, and societal costs, to allow the highest quality, most cost-effective care. Central to Value-Based Medicine is the concept that all patients deserve the interventions that provide the greatest patient value (improvement in quality of life and/or length of life).

European Sugar Market – Impact of Quota System

Directory of Open Access Journals (Sweden)

Irena Benešová

2015-01-01

Full Text Available The European agricultural market has been criticized for its heavy regulations and subsidization. The sugar market is one of the most regulated ones; however, this will change radically in 2017 when the current system of production quotas will end. The aim of this paper is to present the basic characteristics of the EU quota sugar market. The analysis identifies the main drivers of EU sugar market and their position within the EU sugar market. The paper identifies especially those drivers/companies/alliances which take control over the EU sugar production realized under the quota production system. The paper also highlights the level of EU sugar market concentration and also identifies those countries and companies which are the main leaders in the sugar production area realized under the quota system. Based on the results deriving from the paper, it is possible to characterize the EU sugar market as a heavily concentrated one – nearly 75% (10 mil. tonnes of the quota is controlled by five multinational companies only; these companies are operating more than 50% of all the available sugar plants located in the EU. These multinational alliances are also in control of the production capacities of their subsidiaries. In most countries, this causes serious problems as the given quota is controlled by one or two producers only. The EU sugar market is extremely concentrated especially if we take into consideration the location of each alliance’s headquarters. The majority of production capacities are under (the control of especially German and French companies. These two countries are also the main beneficiaries in relation to the EU sugar production quota system.

ENTREPRENEURIAL STRATEGIC INNOVATION MODEL FOR ATTAINING PREMIUM VALUE FOR THE SRI LANKAN GEM AND JEWELLERY INDUSTRY

Directory of Open Access Journals (Sweden)

Shyamalie Ekanayake

2010-07-01

Full Text Available Entrepreneurial innovative action is a four-pronged strategic integration; it mitigates financial risk in knowledge transfer and technology transfer, it integrates manufacturing and business strategy, and it provides policy remedy to transform the assets and capabilities of the value system. The innovation process utilises market innovations to establish a competitive advantage, gathers intellectual assets, attains proprietary rights and fosters the ability to implement appropriate strategies and sustain a competitive advantage, thus generating premium value. The entrepreneur's commitment uncovers market opportunities and exploits the inventiveness of value-system technologies to result in market innovation. The integration of the above-mentioned four forces with changing market needs transforms the capabilities of the value system to allow it to sustain business value regeneration and thus generate premium value. The failure of either one or all four forces of entrepreneurs' innovative strategies will lead to a reduction in the market value of the products and disintegrate the industry value system. This phenomena was observed in the gem and jewellery industry in Sri Lanka, where the industry has been capable enough to develop a competitive product base but has been positioned to experience a reduction in market value. This reduction has resulted in the disintegration of the industry value system, forcing firms to work in isolation.

Market review: Market values summary/May market review/current market data

International Nuclear Information System (INIS)

Anon.

1996-01-01

This article is the May 1996 Uranium transactions summary. Data on Uranium supply and demand is included, as is data on conversion services and separative work units supply and demand. The spot market was active during this period, with 3.6 million pounds U3O8 changing hands in nine transactions. This brought a strengthing of prices. There were also five deals in the long-term market and three deals for natural UF6

Extension of market concept with market-driven optimisation of distribution system operation

DEFF Research Database (Denmark)

Wu, Qiuwei; Østergaard, Jacob

2013-01-01

not explicitly submitted, but derived from historic demand response behaviour. The locational prices resulting from this local optimisation were used to alleviate the congestion that would result from response to a global price, as issued within the EcoGrid EU real time market for system balancing services from......This report describes the development of a pricing mechanism for the alleviation of congestion at the 10kV distribution network level using demand flexibility in a 5-minute real-time market environment. Demand was incorporated into an OPF based market clearing procedure in which demand bids were...... distributed resources. A complementary direct control framework was developed to operate in tandem with the pricing mechanism to ensure the reliable alleviation of congestion...

A resource-based theory of market structure and organizational form

NARCIS (Netherlands)

van Witteloostuijn, A.; Boone, C.A.J.J.

We argue that combining the insights from both the industrial organization and organizational ecology perspectives is likely to produce value added. We develop a resource-based theory of market structure, where resources pertain to the environmental assets (together forming the resource space)

A mid-term, market-based power systems planning model

International Nuclear Information System (INIS)

Koltsaklis, Nikolaos E.; Dagoumas, Athanasios S.; Georgiadis, Michael C.; Papaioannou, George; Dikaiakos, Christos

2016-01-01

Highlights: • A mid-term Energy Planning along with a Unit Commitment model is developed. • The model identifies the optimum interconnection capacity. • Electricity interconnections affect the power mix and the day-ahead spot price. • Renewables’ penetration has impacts on the power reserves and the CO_2 emissions. • Energy policy and fuel pricing can have significant impacts on the power mix. - Abstract: This paper presents a generic Mixed Integer Linear Programming (MILP) model that integrates a Mid-term Energy Planning (MEP) model, which implements generation and transmission system planning at a yearly level, with a Unit Commitment (UC) model, which performs the simulation of the Day-Ahead Electricity Market. The applicability of the proposed model is illustrated in a case study of the Greek interconnected power system. The aim is to evaluate a critical project in the Ten Year Network Development Plan (TYNDP) of the Independent Power Transmission System Operator S.A. (ADMIE), namely the electric interconnection of the Crete Island with the mainland electric system. The proposed modeling framework identifies the implementation (or not) of the interconnection of the Crete Island with the mainland electric system, as well as the optimum interconnection capacity. It also quantifies the effects on the Day-Ahead electricity market and on the energy mix. The paper demonstrates that the model can provide useful insights into the strategic and challenging decisions to be determined by investors and/or policy makers at a national and/or regional level, by providing the optimal energy roadmap and management, as well as clear price signals on critical energy projects under real operating and design constraints.

Decision making in a competitive power system market

International Nuclear Information System (INIS)

Rodriguez, C.P.