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Pironneau, Olivier. "Pricing futures by deterministic methods." Acta Numerica 21 (April 19, 2012): 577–671. http://dx.doi.org/10.1017/s0962492912000074.
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In this article we will focus on only a small part of financial mathematics, namely the use of partial differential equations for pricing futures. Even within this narrow range it is hard to be systematic and complete, or even to do better than existing books such as Wilmott, Howison and Dewynne (1995), Achdou and Pironneau (2005), or software manuals such as Lapeyre, Martini and Sulem (2010). So this article may be valuable only to the extent that it reflects ten years of teaching, conferences and interaction with the protagonists of financial mathematics.Also, because the theory of partial differential equations is not always well known, we have chosen a pragmatic approach and left out the details of the theory or the proofs of some results, and refer the reader to other books. The numerical algorithms, on the other hand, are given in detail.
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McGavock, H. "Prescription pricing databases should include more details to assess prescribing rationality." BMJ 322, no. 7279 (January 20, 2001): 173. http://dx.doi.org/10.1136/bmj.322.7279.173.
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Gilardino, R., D. Guarin, Márquez MC Bustos, and J. C. Forero. "PMU43 VALUE-Based Pricing in Colombia: The Devil Is in the Details." Value in Health 24 (June 2021): S152. http://dx.doi.org/10.1016/j.jval.2021.04.755.
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Zahid, Adnan, M. Adeel Zaffar, and Hamza Aurengzeb. "A Johnny Amidst Jugnus." Asian Journal of Management Cases 18, no. 1 (January 20, 2021): 23–33. http://dx.doi.org/10.1177/0972820120978709.
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The case recounts the story of Johnny and Jugnu, the fast-food restaurant’s initial journey. The story is then supplemented by details of the marketing mix (price, product, place and promotion). All decisions have been made, except for the pricing decision. The case hinges on this important decision. The four partners seem to disagree on pricing, and the case data helps students make this decision for the protagonists.
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Pandey, Neeraj, and Anish Kumar. "Responding to 4G telecom pricing war: ignore, accommodate or retaliate." Emerald Emerging Markets Case Studies 8, no. 2 (June 26, 2018): 1–23. http://dx.doi.org/10.1108/eemcs-11-2017-0251.
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Subject area Marketing, Pricing, Strategic marketing. Study level/applicability The case is developed for an MBA-level program. Case overview In May 2017, the telecom industry in India witnessed an intense price war over 4G (fourth generation) data prices. Gopal Vittal, CEO of Bharti Airtel was exploring various options on how best to respond to the situation. He had to take a final call regarding Bharti Airtel’s marketing team’s counter move to tackle this price war by Jio – should Bharti Airtel ignore it, accommodate it or retaliate with even lower prices? Bharti Airtel strongly believed that Jio pricing structure had violated “fair pricing” norms, and its pricing was anti-competitive. It had filed a case with the Telecom Regulatory Authority of India (TRAI) and the Competition Commission of India (CCI) to restrain Jio from further giving “free” promotional offers and penalize it for it. Could the legal recourse by Bharti Airtel dampen Jio’s consistent subscriber growth rate? Expected learning outcomes The case provides the students with an insight into how the competition focused on pricing happens in the telecom industry. The pricing war affects the profit margin of all competing companies. It changes the customer reference point for evaluating the competing products and services. The students would also learn practical applications of positive-sum pricing, pricing war, fair pricing and legal aspects of pricing. This case provides the students with an opportunity to understand the pricing war and how to respond to it in a particular situation; understand positive-sum pricing and negative-sum pricing in telecom industry context; understand legal aspects of pricing; and how to leverage data for gaining newer customer insights. Supplementary materials Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes. Subject code CSS 8: Marketing.
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Viglia, Giampaolo, Marta Maras, Jan Schumann, and Daniel Navarro-Martinez. "Paying Before or Paying After? Timing and Uncertainty in Pay-What-You-Want Pricing." Journal of Service Research 22, no. 3 (March 10, 2019): 272–84. http://dx.doi.org/10.1177/1094670519835308.
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Pay what you want (PWYW) is a relatively new and promising pricing mechanism, where consumers have full control over the price they pay. It can potentially increase profits, but its practical applications have produced mixed results. The time of payment, and its implications for consumer uncertainty, might constitute an important determinant of the profitability of such pricing schemes for service providers. A large field experiment conducted in conventional and fast-food restaurants provides initial support that paying after consumption increases PWYW amounts. A laboratory study then details the underlying psychological process; payments after consumption help resolve uncertainty about the service process and service outcome. Another study affirms these insights and further shows that PWYW after consumption, compared with fixed pricing, can increase profitability due to enhanced service capacity utilization. By detailing how timing and uncertainty reduction affect consumers’ chosen payments, this article contributes to PWYW research in particular, as well as more general literature pertaining to the dynamics that affect consumers’ service experiences and service pricing studies.
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SENGUPTA, INDRANIL. "GENERALIZED BN–S STOCHASTIC VOLATILITY MODEL FOR OPTION PRICING." International Journal of Theoretical and Applied Finance 19, no. 02 (March 2016): 1650014. http://dx.doi.org/10.1142/s021902491650014x.
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In this paper, a class of generalized Barndorff-Nielsen and Shephard (BN–S) models is investigated from the viewpoint of derivative asset analysis. Incompleteness of this type of markets is studied in terms of equivalent martingale measures (EMM). Variance process is studied in details for the case of Inverse-Gaussian distribution. Various structure preserving subclasses of EMMs are derived. The model is then effectively used for pricing European style options and fitting implied volatility smiles.
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Salinger, Michael A. "The New Vertical Merger Guidelines: Muddying the Waters." Review of Industrial Organization 59, no. 2 (August 10, 2021): 161–76. http://dx.doi.org/10.1007/s11151-021-09824-z.
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AbstractThe new U.S. Department of Justice and Federal Trade Commission Vertical Merger Guidelines focus on how vertical mergers are likely to affect static pricing incentives. While vertical mergers can create incentives to increase prices, they can also provide incentives to decrease prices. Which of the possible outcomes is likely to occur depends on details that are generally difficult to measure. Potential competition between dominant firms, the theory of potential harm to competition that the 1984 Department of Justice Merger Guidelines stressed, remains a more compelling rationale for blocking vertical mergers than the likely effect on static pricing incentives.
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Zimmermann, Fabian, Mikko Heino, and Stein Ivar Steinshamn. "Does size matter? A bioeconomic perspective on optimal harvesting when price is size-dependent." Canadian Journal of Fisheries and Aquatic Sciences 68, no. 9 (September 2011): 1651–59. http://dx.doi.org/10.1139/f2011-093.
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Body size is a key parameter influencing demographic characteristics of fish populations as well as market value of landed catch. Yet in bioeconomic modelling, body size is often an overlooked biological and economic parameter. Here we evaluate how size-dependent pricing influences optimal harvest strategies in a model parameterized for two pelagic fisheries, those targeting Atlantic herring ( Clupea harengus ) and Atlantic mackerel ( Scomber scombrus ), in Norway. In our model, positively size-dependent pricing clearly shifts optimal harvest strategies towards lower harvest rates and higher mean body size of caught fish. The results are relatively insensitive to biological (e.g., natural mortality) and economic details of the model (e.g., discount rate or demand function). These findings show that size-dependent pricing influences optimal harvest strategies aiming at maximum economic yield and, hence, requires more attention in resource economics and in fisheries management.
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Docters, Robert G. "The real mission of pricing: beyond numbers to management partner." Journal of Business Strategy 37, no. 3 (May 16, 2016): 12–21. http://dx.doi.org/10.1108/jbs-02-2015-0023.
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Purpose The purpose of this paper is to point out that most pricing organizations are not forward looking, rather they are focused on outdated price points and reviewing past negotiations. For the greatest return, pricing organizations must be strategic, and this will boost returns from 1-2 per cent (which may represent the “Hawthorne Effect”) to 5-10+% revenue growth. Design/methodology/approach The author examines best practices in the airline, hi-tech, software, chemical, diagnostic testing and manufacturing industries. Case studies show that sales and other line organizations are highly adept at subverting pricing rules not compatible with market dynamics. Findings Pricing organizations must be designed with broader scope of influence and situated so as to work closely with other functions. Pricing organizations require “analytic horsepower” to correctly anticipate the market, and be credible within company. The head of pricing must be sufficiently senior (VP or SVP) to be part of top-management dialogues for sufficient results. Research limitations/implications This paper is based on examination of 20+ industries only. Practical implications The author offers guidance on organizational structure, resources and return on building a world-class pricing function, and highlights common mis-steps and best practices. Social implications The paper also details the differences between a narrow “transactional” approval function and a strategic market-oriented function. Social implication is moving from focus on increasing price level to increasing revenues and better price structures which address needs. Originality/value This paper offers a new perspective on pricing functions within companies. Most managers are not aware that pricing organizations are focused on the past. The papers’ value is to shift management focus to future pricing challenges, new structures, price points, discounting rules and competitors.
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LEVIN, ALEXANDER. "ONE- AND MULTI-FACTOR VALUATION OF MORTGAGES: COMPUTATIONAL PROBLEMS AND SHORTCUTS." International Journal of Theoretical and Applied Finance 02, no. 04 (October 1999): 441–69. http://dx.doi.org/10.1142/s0219024999000224.
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A new valuation method is proposed that can be mathematically viewed as a numerical shortcut to approximately solve the partial differential equation written for Expected Instantaneous Return. The method derives OAS as "static spread plus cost of convexity" and is based on some simplified parametric assumption about the static spread's time behavior. The modeling and numerical procedure details are disclaimed with proven accuracy and time efficiency in option-adjusted valuation. The method is especially effective for multi-scenario pricing, portfolio pricing, risk management and reporting, and for quantifying the impact of "non-traded" factors on reward and risk of holding mortgages. A systematic methodology for comprehensive multi-factor analysis is covered.
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Quoquab, Farzana, Fauziah Sh Ahmad, Nor Hazarina, and Maisarah Ahmad. "Baby Dreams: pricing for products and apparel." Emerald Emerging Markets Case Studies 6, no. 1 (April 29, 2016): 1–13. http://dx.doi.org/10.1108/eemcs-03-2015-0056.
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Subject area Marketing Management, Entrepreneurship. Study level/applicability This case meant for advanced undergraduate students, taking courses of marketing management that covers the topics related to pricing strategies. With regard to strategic marketing class, this case can be used to explain how pricing strategy plays significant role in attracting and retaining customers. Case overview This case teaches about the importance of understanding the marketing strategies pertaining to pricing. Nora the entrepreneur of Baby Dreams focusing on baby items was in a dilemma in deciding the appropriate pricing strategy for her business. She was in doubt whether her low-price strategy which she believed was appropriate for the low- and middle-income groups was the best strategy for her business. The drastic decrease in sales pushed her to think about the effectiveness of her pricing. All together, Nora owned three Baby Dreams’ outlets. However, due to poor sales, she had to shut down two outlets in 2013. For the last outlet, she had to take an immediate decision in terms of pricing, as the start-up money was depleting, and with no improvement, it was expected to be finished by May 2014. Expected learning outcomes Using this case, students will be able to have an intellectual openness in accepting different ways of finding a solution for a particular problem. This case illustrates the importance of understanding the marketing strategies pertaining to pricing. Moreover, it is also highlighted that, offering low price is not the panacea of sales decrease. It is also necessary for the small business’s survival to look at competitors’ pricing effort to come up with a better pricing policy. Supplementary materials Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.
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Singh, Gaganpreet, and Neeraj Pandey. "ALLISCO: pricing multiple joint products." Emerald Emerging Markets Case Studies 5, no. 4 (July 10, 2015): 1–5. http://dx.doi.org/10.1108/eemcs-09-2014-0214.
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Subjectarea Pricing, Marketing Management, Strategic Marketing, Strategic Management. Studylevel/applicability The case can be used for a Pricing Course and Strategic Marketing, Marketing Management and Strategic Management courses delivered to post-graduate management programme (Master’s level) students and/or for Management Development Programme’s. Caseoverview Alliance Intercontinental Sourcing Company LLP (ALLISCO) manufactured Steel Blanks for clutch plates used in two- and three-wheeler automobiles. Steel Blank plates further underwent a processing phase which included coating with leather cover to form the finished clutch plate. The primary raw material used by ALLISCO for its manufacturing process was sheet metal. The processing of the principal raw material resulted in the production of three joint products. The first joint product was “Steel Blank”, the main product; the second joint product was “Inner Circle”, which may be classified as a by-product; the third joint product was the left-over waste material and could be categorized as sheet scrap. The approximate increase in procurement cost of 8 per cent had considerably impacted the firm’s profit margins. The dilemma that Rishabh Singla, Managing Partner, ALLISCO, now faced was how the increased differential could be distributed systematically among the three joint products. The challenge for ALLISCO was to preserve the percentage of gross profit margins by altering its existing pricing strategy. Expectedlearning outcomes Understand the concept of multiple joint products; learn about choosing appropriate pricing strategies to price multiple joint products; comprehend how value-based pricing can extract untapped profits; and understand the importance of retaining gross profit margins (%). Supplementarymaterials Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.
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Liebenberg, Francois, Gary Van Vuuren, and Andre Heymans. "Pricing contingent convertible bonds in African banks." South African Journal of Economic and Management Sciences 19, no. 3 (September 5, 2016): 369–87. http://dx.doi.org/10.4102/sajems.v19i3.1413.
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In times of financial distress, banks struggle to source additional capital from reluctant private investors. Sovereign bailouts prevent disruptive insolvencies, but distort bank incentives. Contingent convertible capital instruments (CoCos) – securities which possess a loss-absorbing mechanism in situations where the capital of the issuing bank reaches a level lower than a predefined level – offer a potential solution. Although gaining in popularity in developed economies, CoCo issuance in Africa is still in its infancy, possibly due to pricing complexity and ambiguity about conversion triggers. In this paper, the pricing of these instruments is investigated and the influence of local conditions (using data from three major African markets and an all- African index) on CoCo prices is explored. We find that the African milieu (high interest rates and equity volatility compared with the situation in developed markets) makes CoCos particularly attractive instruments for the simultaneous reduction of debt and the enhancement of capital. If CoCo issuance becomes a viable bank recapitalisation tool in Africa, these details will be valuable to future investors and issuers.
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Farías, Pablo. "Alianza: pricing to enter the pension industry." Emerald Emerging Markets Case Studies 4, no. 4 (September 1, 2014): 1–6. http://dx.doi.org/10.1108/eemcs-05-2013-0052.
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Subject area The focus of the case is on the concepts of customer lifetime value (CLV) and customer equity (CE). Monitoring, measuring and maximizing CLV and CE have become a key priority for all marketers. Instructors can introduce these concepts and its key components. The main focus of the case is a quantitative assignment that asks students to analyze the convenience for the existing five AFPs (Administradora de Fondos de Pensiones, Pension Fund Administrator) of winning the tender. The use of CLV and CE measurements is particularly relevant. Students need to estimate the impact of pricing on the CLV and CE of the existing five AFPs. Study level/applicability BA, MSc, MBA Courses: CE, Marketing Metrics, Pricing. The case can also be used in courses that focus on Marketing Plan, Marketing Research or Services Marketing. Case overview In early 2009, Valentina Vial was given the assignment to develop the pricing strategy of Alianza to enter the pension industry. The company will propose a commission fee to compete with the country's existing five AFPs. Whichever AFP presents the lowest commission will be awarded the tender. When there are several competitors, the company must guess each competitor's likely pricing decision. In the analysis of the convenience for the existing five AFPs of winning the tender, the use of CLV and CE measurements is particularly relevant. Valentina Vial needed to estimate the impact of pricing on the CLV and CE of the existing five AFPs. Expected learning outcomes Understand the concepts of CLV and CE and the importance of maximizing a customer's lifetime value for the firm by calculating the CLV and the CE based on a combination of financial and non-financial data. Illustrate the importance of adopting a long-term strategic perspective (using CLV and CE) in choosing a pricing strategy. Once a firm commits to a pricing strategy, it is difficult to shift course. Given this, the choice of pricing levels should be informed by long-term strategic thinking, including consideration of potential competitive pricing decisions. Supplementary materials Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.
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Lovick, A. C., and P. K. W. Lee. "Redefining the deviance objective for generalised linear models." British Actuarial Journal 17, no. 3 (September 2012): 491–509. http://dx.doi.org/10.1017/s1357321712000190.
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AbstractThis paper defines the ‘Case Deleted’ Deviance - a new objective function for evaluating Generalised Linear Models, and applies this to a number of practical examples in the pricing of general insurance. The paper details practical approximations to enable the efficient calculation of the objective, and derives modifications to the standard Generalised Linear Modelling algorithm to allow the derivation of scaled parameters from this measure to reduce potential over fitting to historical data. These scaled parameters improve the predictiveness of the model when applied to previously unseen data points, the most likely being related to future business written. The potential for over fitting has increased due to number of factors now used, particularly in pricing personal lines business and the advent of price comparison sites which has increased the penalties of mis-estimation. New material in this paper has been included in a UK patent application No. 1020091.3.
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Pandey, Neeraj, and Gaganpreet Singh. "Radiance: transaction level pricing in the Indian fireworks industry." Emerald Emerging Markets Case Studies 4, no. 3 (August 11, 2014): 1–9. http://dx.doi.org/10.1108/eemcs-07-2013-0156.
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Subject area Pricing, Marketing Management, Strategic Marketing. Study level/applicability The case can be used for pricing course besides Marketing Management and Strategic Management course to MBA students and/or for Management Development Programmes. Case overview ABC Fireworks Private Limited, located in Saharanpur, was into business of manufacturing fireworks under the brand name of Radiance. The owner Mr Sudhir Kapoor was satisfied with the present revenue growth and profit margin except that the cash flow was quite intermittent. The consumption pattern of Indian fireworks industry was highly skewed. Approximately 90 per cent of the entire year manufactured stock had retail market of just 5 days ahead of Diwali festival. To cater to this massive demand, the production was carried out for the whole year. Mr Kapoor was planning to restructure pricing policy so as to have regular cash flow throughout the year. To meet this objective, he was considering price promotion strategy as a preferred option which would enable his marketing team to offer specific discounts to stockists using time slab mechanism. The fireworks industry had four channel distribution processes. The product line was broadly divided into three categories, namely, sound, aerial shots and sparkles. The organization was not into manufacturing of aerial shots product category but was planning to make a foray into it. The case provides interesting insights into pricing dynamics prevalent in the Indian fireworks industry. It includes first-hand information about fireworks price, cost break-up and profit distribution among various members of the industry's value chain. Expected learning outcomes The case enables students to learn the concept and application of pricing, price-based promotion, discounts and price waterfall analysis in the firework industry. Supplementary materials Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.
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FLORESCU, IONUT, RUIHUA LIU, MARIA CRISTINA MARIANI, and GRANVILLE SEWELL. "NUMERICAL SCHEMES FOR OPTION PRICING IN REGIME-SWITCHING JUMP DIFFUSION MODELS." International Journal of Theoretical and Applied Finance 16, no. 08 (December 2013): 1350046. http://dx.doi.org/10.1142/s0219024913500465.
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In this paper, we present algorithms to solve a complex system of partial integro-differential equations (PIDE's) of parabolic type. The system is motivated by applications in finance where the solution of the system gives the price of European options in a regime-switching jump diffusion model. The new algorithms are based on theoretical analysis in Florescu et al. (2012) where the proof of convergence of the algorithms is carried out. The problems are also solved using a more traditional approach, where the integral terms (but not the derivative terms) are treated explicitly. Another contribution of this work details a novel type of jump distribution. Empirical evidence suggests that this type of distribution may be more appropriate to model jumps as it makes them more clearly distinguishable from the signal variability.
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Norberg, Ragnar. "The Markov Chain Market." ASTIN Bulletin 33, no. 02 (November 2003): 265–87. http://dx.doi.org/10.2143/ast.33.2.503693.
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We consider a financial market driven by a continuous time homogeneous Markov chain. Conditions for absence of arbitrage and for completeness are spelled out, non-arbitrage pricing of derivatives is discussed, and details are worked out for some cases. Closed form expressions are obtained for interest rate derivatives. Computations typically amount to solving a set of first order partial differential equations. An excursion into risk minimization in the incomplete case illustrates the matrix techniques that are instrumental in the model.
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Norberg, Ragnar. "The Markov Chain Market." ASTIN Bulletin 33, no. 2 (November 2003): 265–87. http://dx.doi.org/10.1017/s0515036100013465.
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We consider a financial market driven by a continuous time homogeneous Markov chain. Conditions for absence of arbitrage and for completeness are spelled out, non-arbitrage pricing of derivatives is discussed, and details are worked out for some cases. Closed form expressions are obtained for interest rate derivatives. Computations typically amount to solving a set of first order partial differential equations. An excursion into risk minimization in the incomplete case illustrates the matrix techniques that are instrumental in the model.
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Atwood, T. J., and J. Kenneth Reynolds. "The Pricing of Realized Tax Benefits from NOL Carryforwards: Effect of Income Statement Presentation." Journal of the American Taxation Association 30, no. 1 (March 1, 2008): 1–27. http://dx.doi.org/10.2308/jata.2008.30.1.1.
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ABSTRACT: We examine the pricing of realized tax benefits from net operating loss (NOL) carryforwards across income statement presentations. During the period 1987 through 1992, firms adopting SFAS No. 96 reported these tax benefits as part of income before extraordinary items (via a reduced provision for income tax expense), while non-adopting firms reported these benefits as extraordinary income items under APB No. 11. We provide evidence that NOL tax benefits were priced rationally when reported as extraordinary income items under APB No. 11; however, NOL tax benefits were overpriced, relative to their one-year-ahead persistence, when included in income before extraordinary items under SFAS No. 96. Our results suggest that the rational pricing of income tax information is affected by its presentation in the income statement, despite the clear reporting of sufficient additional details in the footnotes. Our findings provide support for the Financial Accounting Standards Board’s tentative decision to report income taxes in a separate section of the income statement.
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Laoli, Victorinus, and Fatolosa Hulu. "Analisis Penetapan Harga Terhadap Keputusan Pembelian Konsumen." Jesya (Jurnal Ekonomi & Ekonomi Syariah) 1, no. 2 (June 1, 2018): 19–24. http://dx.doi.org/10.36778/jesya.v1i2.19.
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This study aims to know to know and analyze the pricing of purchasing decisions on UD. Sentosa Gunungsitoli. Population determination in this study is as many as 450 people per day. With average visitor details of 15 people per day multiplied by one month (30 days). The sample to be taken is 10% of 450 people that is 45 people. Sample collection method used is stratified random sampling (random sampling study). Researchers use Likert scale as a measuring tool. From result of calculation of correlation coefficient between variable X (price determination) influence to variable Y (decision of purchase) obtained rhitung (rxy) = 0,818 if consulted at price critics table r product moment for 5% confidence interval after counting it r count = 0,818> from rtabel = 0,514. Thus it can be concluded that there is a strong or positive influence between the pricing of purchasing decisions on building materials at UD. Sentosa Gunungsitoli. The contribution of working price determination to purchase decision is = 66,91%.
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Yang, Meijian, and Enjun Xia. "A Systematic Literature Review on Pricing Strategies in the Sharing Economy." Sustainability 13, no. 17 (August 31, 2021): 9762. http://dx.doi.org/10.3390/su13179762.
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As an emerging business model, the sharing economy has gained a large amount of academic attention; the pricing problem in the sharing economy has also been widely investigated. Aiming to capture the current state-of-the-art research on pricing strategies in the sharing economy and foreseeing directions for future research, this article conducts a systematic literature review and content analysis of 158 articles from the Scopus and Web of Science databases. As a result, first, this review proposes an extended definition covering B2C and C2C models and a model structure covering the entire supply chain, based on which 158 articles are categorized into nine sub-models covering 30 scenarios. Second, the general characteristics (i.e., research fields, time and journal distributions, research themes and scenarios) and technical details (i.e., theories, methodologies, approaches, models, and conclusions) of the 158 articles are reviewed and summarized by the pricing party, business mode, and scenario. Finally, this review proposes some future research directions of existing scenarios from the perspectives of information asymmetry, market competition, and empirical approaches, and discusses some extensions, including uninvestigated scenarios and COVID-19-related topics; correspondingly, this review suggests some analytical models and empirical approaches that can be employed to fill these gaps. The proposed research directions and corresponding approaches can be references for future research.
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Thavaneswaran, A., S. S. Appadoo, and C. R. Bector. "Recent developments in volatility modeling and applications." Journal of Applied Mathematics and Decision Sciences 2006 (November 30, 2006): 1–23. http://dx.doi.org/10.1155/jamds/2006/86320.
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In financial modeling, it has been constantly pointed out that volatility clustering and conditional nonnormality induced leptokurtosis observed in high frequency data. Financial time series data are not adequately modeled by normal distribution, and empirical evidence on the non-normality assumption is well documented in the financial literature (details are illustrated by Engle (1982) and Bollerslev (1986)). An ARMA representation has been used by Thavaneswaran et al., in 2005, to derive the kurtosis of the various class of GARCH models such as power GARCH, non-Gaussian GARCH, nonstationary and random coefficient GARCH. Several empirical studies have shown that mixture distributions are more likely to capture heteroskedasticity observed in high frequency data than normal distribution. In this paper, some results on moment properties are generalized to stationary ARMA process with GARCH errors. Application to volatility forecasts and option pricing are also discussed in some detail.
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Zhang, Xu Mei, Jie Tong, Min Zhao, and Jia Rong Guo. "Game Analysis of Selecting Manufacturing Service Modes for Manufacturers." Advanced Materials Research 201-203 (February 2011): 1107–11. http://dx.doi.org/10.4028/www.scientific.net/amr.201-203.1107.
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This analysis details manufacturers’ choices of self-service and outsourcing service modes, and the factors which influence manufacturers’ mode selection and pricing decisions, such as customer distribution for high-end and low-end markets, customer utility evaluation and transfer costs are analyzed in the frame work of the Hotelling model. The results indicate that customer utility evaluation for manufacturers’ self-service mode should be enhanced when manufacturers select this mode. And it is important for manufacturers who choose outsourcing service mode to improve service quality considering customer personal needs, expand differentiation of outsourcing services.
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Han, Yan. "Cloud storage for digital preservation: optimal uses of Amazon S3 and Glacier." Library Hi Tech 33, no. 2 (June 15, 2015): 261–71. http://dx.doi.org/10.1108/lht-12-2014-0118.
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Purpose – The purpose of this paper is to use cloud storage in digital preservation by analyzing the pricing and data retrieval models. The author recommends strategies to minimize the costs and believes cloud storage is worthy of serious consideration. Design/methodology/approach – Few articles have been published to show the uses of cloud storage in libraries. The cost is the main concern. An overview of cloud storage pricing shows a price drop once every one or one-and-a-half years. The author emphasize the data transfer-out costs and demonstrate a case study. Comparisons and analysis of S3 and Glacier have been conducted to show the differences in retrieval and costs. Findings – Cloud storage solutions like Glacier can be very attractive for long-term digital preservation if data can be operated within the provider’s same data zone and data transfer-out can be minimized. Practical implications – Institutions can benefit from cloud storage by understanding the cost models and data retrieval models. Multiple strategies are suggested to minimize the costs. Originality/value – The paper is intended to bridge the gap of uses of cloud storage. Cloud storage pricing especially data transfer-out pricing charts are presented to show the price drops over the past eight years. Costs and analysis of storing and retrieving data in Amazon S3 and Glacier are discussed in details. Comparisons of S3 and Glacier show that Glacier has uniqueness and advantages over other cloud storage solutions. Finally strategies are suggested to minimize the costs of using cloud storage. The analysis shows that cloud storage can be very useful in digital preservation.
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Amri, Adil El, Rachid Boutti, Salah Oulfarsi, Florence Rodhain, and Brahim Bouzahir. "Carbon financial markets underlying climate risk management, pricing and forecasting: Fundamental analysis." Financial Markets, Institutions and Risks 4, no. 4 (2020): 31–44. http://dx.doi.org/10.21272/fmir.4(4).31-44.2020.
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Climate Change (CC) is a major issue of our century. Controlling the constraints of Greenhouse Gas (GHG) emissions through transformation into opportunities, in an organization to increase industrial production, has become a necessity. The main reason for this adoption was the effectiveness of energy management and responsible linkages that are being developed to determine the issues and opportunities of carbon finance for organizations. Through analysis of the European Union Emissions Trading Scheme (EU ETS) and the Clean Development Mechanism (CDM), this article presents and demonstrates a variety of determinants of CO2 prices (EUA) to be used in econometric techniques. This paper details the main carbon price drivers related to institutional decisions, energy prices, and weather events. Our study focuses on price changes in the EUA, being the most liquid carbon asset. In this regard, we highlighted the daily spot price of the EUA to highlight the daily changes affecting this price, given the high volatility in this Carbon financial market. The treatments of the determinants of CO2 prices (EUA) can be used to analyze the evolving and expanding Carbon financial markets sphere. It features stylized facts about Carbon financial markets from an economics and management perspective, as well as covering key aspects of pricing strategies (institutional decisions, energy prices, and extreme weather events), risk, and portfolio management. Aimed at those with fundamental analysis, the CO2 prices within the framework of the EU ETS depend on several determinants. This paper constitutes an introduction to emission trading and an overview of the regulations governing Carbon financial markets. First, we detail the price changes in the EUA and primary energy prices. Second, we introduce the main characteristics of emissions trading, be it in terms of spatial and temporal limits, Clean Dark Spread, Clean Spark Spread, and Switch Price. Third, we provide a descriptive analysis of atmospheric variables, structural variations, and the Subprime crisis and their impacts on the price development of EU CO2 allowances. Keywords: Fundamental analysis, European Union Emissions Trading Scheme, Clean Development Mechanism (CDM), Determinants of CO2 prices (EUA), Climate risk management.
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Gengeswari, K., and P. Padmashantini. "Impact of Customer Retention Practices on Firm Performance in the Retailing Sector: A comparison between a foreign and home grown retailer in Malaysia." INTERNATIONAL JOURNAL OF MANAGEMENT & INFORMATION TECHNOLOGY 6, no. 1 (September 30, 2013): 672–88. http://dx.doi.org/10.24297/ijmit.v6i1.749.
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As customers are the backbone of any business, firms without customers would not be able to sustain their performance. This is because such firms are believed to have no revenues, no profits and therefore no market value. Accordingly, managing customers is deemed to be very crucial business agenda in which the key focus has been switched in recent years from attracting new customers to preserving existing ones. Both practitioners and scholars have discovered that it is much easier and cheaper to retain the exiting customers than investing on the potential customers. A decent customer retention level is believed to be a significant contributor towards improvement in the overall firm performance. A glimpse on the existing researches on customer retention highlights that financial sector has been thoroughly investigated which leave a room for a detailed investigation on customer retention within retailing sector. Accordingly, this study intends to explore the customer retention practices adopted by service-oriented firms in general and retailers in particular. As a comparison study on a foreign and home grown retailer, this study examines factors that retain customers and the subsequent impact of retention practices on firms performance. This study had carried out mall-intercept surveys among 400 shoppers at two major retailers within Klang Valley, Malaysia. Findings show that influencing factors of retention practices and type of retailer (namely foreign and home grown) significantly influences the retailers customer retention practices. It was also discovered that the inclusion of retailers type had enhanced the relationship between influencing factors and retailers retention practices. In addition, it was also found that customer retention practices significantly affect retailers performance at a moderate level. This study has uncovered that customers are in deed price sensitive despite being loyal and retained by firms. Hence, it is advisable for retailers to pursue a genuine pricing strategy to appeal to price conscious customers. The pricing strategy ideally should be transparent (i.e. no-bogus sales), clarity (i.e. provide accurate details of merchandises), simplicity (i.e. avoid psychological pricing) and trustable (i.e. provide accurate balances).
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KUNITA, HIROSHI, and TAKUYA YAMADA. "AVERAGE OPTIONS FOR JUMP DIFFUSION MODELS." Asia-Pacific Journal of Operational Research 27, no. 02 (April 2010): 143–66. http://dx.doi.org/10.1142/s0217595910002612.
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In this paper, we study the problem of pricing average strike options in the case where the price processes are jump diffusion processes. As to the striking value we take the geometric average of the price process. Two cases are studied in details: One is the case where the jumping law of the price process is subject to a Gaussian distribution called Merton model, and the other is the case where the jumping law is subject to a double exponential distribution called Kou model. In both cases the price of the average strike option is represented as a time average of a suitable European put option.
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LUDKOVSKI, MICHAEL. "FINANCIAL HEDGING OF OPERATIONAL FLEXIBILITY." International Journal of Theoretical and Applied Finance 11, no. 08 (December 2008): 799–839. http://dx.doi.org/10.1142/s0219024908005044.
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We extend the framework of real options to value the compound timing option owned by a manager of an industrial asset. The operator has control over the production modes, but faces operational constraints which introduce path-dependency. Moreover, the operator is only able to imperfectly hedge her income on the futures market. Using an exponential indifference valuation approach we construct a combined stochastic control formulation that merges the problems of optimal switching and indifference pricing in incomplete markets. We then present an iterative scheme for valuing operational flexibility which in particular shows additivity of indifference value over time. After discussing details of numerical implementation, we illustrate our results with several computational examples and comparative statics.
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Kansara, Surendra. "Exploring the wine sector in the Nashik district of India." International Journal of Wine Business Research 32, no. 2 (October 29, 2019): 203–17. http://dx.doi.org/10.1108/ijwbr-10-2018-0058.
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Purpose In India, Nashik District of Maharashtra State is a major Indian wine-producing region. This study aims to critically explore multiple aspects of an area and bring to the forefront of various sociological or educational variables (Kerlinger, 1973). The variables can help in the generation of the conjectures and premises. Design/methodology/approach Methodologically, to explore the wine sector in the Nashik District of India total 304 number of wine products and its pricing along with a total 26 number of wineries attributes has evaluated by collecting details of different product attributes of wine products and retail pricing. These were regressed with backward integration to arrive at the characteristics that govern wine prices. Concerning their motivation for wine tourism, a survey of 197 visitors conducted. Seven winery owners/ officials were interviewed that includes the Coordinator of the Wineries association. The interview schedule included open-ended questions. Thus, providing more in-depth insight into the wine sector in the Nashik District of India. Findings An investigation of the wine industry in the Nashik district of India suggests the potential for combined effects between wineries, local communities and the economy by discovering the sociological or educational variables associated with the considered geographic region. Research limitations/implications The research is the field study aimed at discovering the relations or interactions among sociological or educational variables. There can be variables beyond the considered variables affecting the wine product mix and pricing, wine tourism motivation factors and the factors responsible for the economic development of the region. Originality/value The empirical research throws light on an unexplored wine-producing region and its potential impact on livelihood. The exploratory study discovers the interactions among educational variables, as asserted by Kerlinger (1973). It can also help in the generation of premises about the wine sector from the area.
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Shah, Vidhi. "Impact of Privatization on Airlines." International Journal for Research in Applied Science and Engineering Technology 9, no. 9 (September 30, 2021): 820–26. http://dx.doi.org/10.22214/ijraset.2021.38049.
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Abstract: The purpose of this paper is to study and identify the factors such Boarding and clearance time, Ease of E-ticketing and luggage capacity and their effect on Customer Preference in the airline. This study examines the underlying forces of service quality influences on passenger’s satisfaction in aircraft transport. The study examines which dimensions have a positive influence on service quality and which dimensions have the most and least important impact on service quality in international air travel, as perceived by airline passengers, thereby ultimately targeting maximum monetary benefits. It is a qualitative research based on subjective examination of behavior, attitude & impressions. The simplification of research support is mainly based on group discussion of respondents. The data was collected through a Focused Group Discussion. Two FGD’s each consisting of 10 participants were recorded. The findings show that how the customers preferred one airline to others because of its quality, pricing and technology and frequency of flights. The participants talked much in depth about the quality and the treatment by staff inside the airplane. They also mentioned the details about the slowdown and fallout of the airline sector in India. The limitations are that it is constraint only to Mumbai. The participants lacked knowledge of the working of the airline industry as they did not travel frequently through airplanes. Keywords: Quality, Preference, Technology, Pricing, and Punctuality
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Tanwani, Reetu. "ROLE OF ANTI PROFITEERING CLAUSE IN GST AND POPULAR COURT CASES." GAP iNTERDISCIPLINARITIES - A GLOBAL JOURNAL OF INTERDISCIPLINARY STUDIES 3, no. 3 (July 27, 2020): 110–14. http://dx.doi.org/10.47968/gapin.330019.
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To curb the unfair pricing strategies and ensure consumers get the products at the right prices in GST(Goods and Services Tax) Anti profiteering clause was inserted and NAA(National Anti-Profiteering Authority) was formed to check the unfair profiteering activities and within a short span of time there has been number of cases filled by the customers for the anti-profiteering. Some cases were of profiteering and others were not of profiteering. The research focuses on the some of the popular cases, their details and how decisions were delivered by the NAA. The purpose is to find the role of NAA and look into the cases in depth. How efficiently NAA takes decisions on the basis of available facts. The clause of Anti Profiteering further can be boon for the consumers.
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Zheng, Yuan Ping, Lin Niu, and Yong Liang Liang. "A Residential Interactive End-Use Electric System with Electrical Engineering Materials Based on RTP and Load Forecasting." Advanced Materials Research 485 (February 2012): 588–91. http://dx.doi.org/10.4028/www.scientific.net/amr.485.588.
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As smart grid has been under rapid construction in China, this paper proposes an interactive information system according to the interaction feature of smart grid. End users are able to exchange electricity usage information with power utilities by using this system. Structures and functions of this system are demonstrated first. Smart meter plays a key role in the whole system and it is connected with other parts of the system by GPRS and serial communicating paths. Subsystems both of grid side and users side are designed in details. Information of real-time pricing(RTP) and load forecasting is applied to motivate users to participate the operation of the grid actively so that energy resources could be optimized and finally goals of economical and high-efficient using of energy can be achieved.
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Trejo, Kristal K., Julio B. Clempner, and Alexander S. Poznyak. "Computing the Stackelberg/Nash equilibria using the extraproximal method: Convergence analysis and implementation details for Markov chains games." International Journal of Applied Mathematics and Computer Science 25, no. 2 (June 1, 2015): 337–51. http://dx.doi.org/10.1515/amcs-2015-0026.
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Abstract In this paper we present the extraproximal method for computing the Stackelberg/Nash equilibria in a class of ergodic controlled finite Markov chains games. We exemplify the original game formulation in terms of coupled nonlinear programming problems implementing the Lagrange principle. In addition, Tikhonov’s regularization method is employed to ensure the convergence of the cost-functions to a Stackelberg/Nash equilibrium point. Then, we transform the problem into a system of equations in the proximal format. We present a two-step iterated procedure for solving the extraproximal method: (a) the first step (the extra-proximal step) consists of a “prediction” which calculates the preliminary position approximation to the equilibrium point, and (b) the second step is designed to find a “basic adjustment” of the previous prediction. The procedure is called the “extraproximal method” because of the use of an extrapolation. Each equation in this system is an optimization problem for which the necessary and efficient condition for a minimum is solved using a quadratic programming method. This solution approach provides a drastically quicker rate of convergence to the equilibrium point. We present the analysis of the convergence as well the rate of convergence of the method, which is one of the main results of this paper. Additionally, the extraproximal method is developed in terms of Markov chains for Stackelberg games. Our goal is to analyze completely a three-player Stackelberg game consisting of a leader and two followers. We provide all the details needed to implement the extraproximal method in an efficient and numerically stable way. For instance, a numerical technique is presented for computing the first step parameter (λ) of the extraproximal method. The usefulness of the approach is successfully demonstrated by a numerical example related to a pricing oligopoly model for airlines companies.
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Figlewski, Stephen. "Risk-Neutral Densities: A Review." Annual Review of Financial Economics 10, no. 1 (November 2018): 329–59. http://dx.doi.org/10.1146/annurev-financial-110217-022944.
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Trading in options with a wide range of exercise prices and a single maturity allows a researcher to extract the market's risk-neutral density (RND) over the underlying price at expiration. The RND contains investors’ beliefs about the true probabilities blended with their risk preferences, both of which are of great interest to academics and practitioners alike. With a particular focus on US equity options, I review the historical development of this powerful concept, practical details of fitting an RND to options market prices, and the many ways in which investigators have tried to distill true expectations and risk premia from observed RNDs. I briefly discuss areas of active current research including the pricing kernel puzzle and the volatility surface, and offer thoughts on what has been learned about RNDs so far and fruitful directions for future research.
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KIMURA, TOSHIKAZU. "ALTERNATIVE RANDOMIZATION FOR VALUING AMERICAN OPTIONS." Asia-Pacific Journal of Operational Research 27, no. 02 (April 2010): 167–87. http://dx.doi.org/10.1142/s0217595910002624.
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This paper deals with randomization methods for valuing American options written on dividend-paying assets, which are based on the idea of treating the maturity date as a random variable. In the randomization method introduced by Carr in 1998, he used the Erlangian distributed random variable to develop a recursive algorithm starting from the so-called Canadian option with an exponentially distributed random maturity. The purposes of this paper are (i) to provide much simpler pricing formulas for the Canadian option; (ii) to interpret the Gaver–Stehfest method developed for inverting Laplace transforms as an alternative randomization method in the context of valuing American options; and (iii) to evaluate the performance of the Gaver–Stehfest method in details with theoretical and numerical views. Numerical experiments indicate that the Gaver–Stehfest method works well to generate accurate approximations for the early exercise boundary as well as the option value.
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Axford, Mary. "Oxford Bibliographies Online20114Oxford Bibliographies Online. Oxford: Oxford University Press 2010‐. Pricing varies, based on FTE. Contact publisher for details URL: www.oxfordbibliographiesonline.com/ Last visited June 2010." Reference Reviews 25, no. 1 (January 18, 2011): 12. http://dx.doi.org/10.1108/09504121111102994.
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Swamy, A. Kullaya, and Sarojamma B. "Stock market data modelling using fitness-oriented JAYA algorithm-based deep belief network." Kybernetes 49, no. 9 (October 16, 2019): 2309–34. http://dx.doi.org/10.1108/k-12-2018-0660.
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Purpose Data mining plays a major role in forecasting the open price details of the stock market. However, it fails to address the dimensionality and expectancy of a naive investor. Hence, this paper aims to study a future prediction model named time series model is implemented. Design/methodology/approach In this model, the stock market data are fed to the proposed deep neural networks (DBN), and the number of hidden neurons is optimized by the modified JAYA Algorithm (JA), based on the fitness function. Hence, the algorithm is termed as fitness-oriented JA (FJA), and the proposed model is termed as FJA-DBN. The primary objective of this open price forecasting model is the minimization of the error function between the modeled and actual output. Findings The performance analysis demonstrates that the deviation of FJA–DBN in predicting the open price details of the Tata Motors, Reliance Power and Infosys data shows better performance in terms of mean error percentage, symmetric mean absolute percentage error, mean absolute scaled error, mean absolute error, root mean square error, L1-norm, L2-Norm and Infinity-Norm (least infinity error). Research limitations/implications The proposed model can be used to forecast the open price details. Practical implications The investors are constantly reviewing past pricing history and using it to influence their future investment decisions. There are some basic assumptions used in this analysis, first being that everything significant about a company is already priced into the stock, other being that the price moves in trends Originality/value This paper presents a technique for time series modeling using JA. This is the first work that uses FJA-based optimization for stock market open price prediction.
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Guyon, Hervé, and Jean-François Petiot. "Market Share Predictions: A New Model with Rating-Based Conjoint Analysis." International Journal of Market Research 53, no. 6 (November 2011): 831–57. http://dx.doi.org/10.2501/ijmr-53-6-831-857.
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Conjoint Analysis (CA) is a technique heavily used by industry in support of product development, pricing and positioning, and market share predictions. This generic term CA encompasses a variety of experimental protocols and estimation models (e.g. rating-based or choice-based), as well as several probabilistic models for predicting market share. As for the rating conjoint, existing probabilistic models from the literature cannot be considered as reliable because they suffer from the Independence of Irrelevant Alternatives (IIA) property, in addition to depending on an arbitrary rating scale selected by the experimenter. In this article, after a brief overview of CA and of models used for market share predictions, we propose a new model for market share predictions, RFC-BOLSE, which avoids the IIA problem, yields convergent results for different rating scales, and outputs predictions that match regression reliability. The model is described in details and simulations and a case study on truck tyres will illustrate the reliability of RFC-BOLSE.
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Feng, Fenling, Yunru Xu, and Ziwen Tang. "Research on the charge rate of railway value–guaranteed transportation based on competitive and cooperative relationships." Advances in Mechanical Engineering 10, no. 1 (January 2018): 168781401774769. http://dx.doi.org/10.1177/1687814017747691.
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With increasingly severe market competition, it is necessary to promote railway value–guaranteed transportation. The objective of this article is to propose a pricing strategy to optimize railway value–guaranteed transportation to increase revenue. The article describes the competitive and cooperative relationships between value-guaranteed transportation and railway freight insurance and details an appropriate charge rate for railway value–guaranteed transportation. First, the concept, the current situation and the relevant research on railway value–guaranteed transportation and railway freight insurance are introduced. Second, the service level and charge rate are chosen as indexes with which to calculate the generalized cost, and the logit model is used to analyze the market share. Third, the revenue function of railway value–guaranteed transportation and railway freight insurance is formulated under the scenarios of competition and cooperation. Finally, this article describes the optimal charge rate combination for railway value–guaranteed transportation and railway freight insurance under these two scenarios, and the feasibility of the model is verified.
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Haque, Ehsan ul. "DAWLANCE (Private) Limited: The Air Fryer Microwave Oven Launch." Asian Journal of Management Cases 17, no. 2 (August 22, 2019): 129–46. http://dx.doi.org/10.1177/0972820119858521.
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On September 17th, 2015, Mr Hasan Jameel, Head of Marketing at Dawlance’, needs to firm up marketing mix details for the planned launch of their first microwave oven with air fryer technology. The original plan was to launch the air fryer as a five-in-one microwave oven which would allow consumers to heat, cook, bake, grill, and air fry food items using the same oven. Some managers at Dawlance; however, are concerned that offering so many options in one oven would increase the complexity and costs leading to high prices and reduced sales. They think that air fryer technology should be offered as a stand-alone unit, similar to those of competitors. Pricing is also a concern. Various price points from PKR 18,000 to PKR 30,000 are possible. Finally, the advertising and distribution spend is under consideration. Mr Jameel needs to finalise his recommendations for the upcoming presentation to the MD.
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Pandey, Neeraj, and Gaganpreet Singh. "Value communication: low-cost marketing initiatives for “Guru Ki Bani 58282”." Emerald Emerging Markets Case Studies 3, no. 3 (June 28, 2013): 1–9. http://dx.doi.org/10.1108/eemcs-04-2013-0025.
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Subject area Pricing, digital marketing, marketing management and strategic marketing. Study level/applicability The case can be used for pricing or digital marketing courses as well as marketing management courses to MBA students and/or for management development programmes. Case overview Goldfinch Mobile Solutions, a Hong-Kong based value added services (VAS) and gaming platform provider, had an exclusive tie up with Bharti Airtel in India for providing value added voice applications on an interactive voice response system (IVRS) platform. The Goldfinch flagship service is “Guru Ki Bani” which may be subscribed to by dialing the short code 58282. This “58282” service has a repository of all Sikh religion daily prayers, religious songs, teachings, stories from Guru's life and similar information that is derived from the Sikh Holy book Guru Granth Sahib Ji. As per mutual agreement between Goldfinch Mobile Solutions and Bharti Airtel, the telecom operator had the responsibility to promote Goldfinch's Guru Ki Bani service amongst its subscriber base through its below the line (BTL) promotional channels such as short messaging service (SMS), outbound calls, cell information, notification SMS after call and above the line (ATL) activities such as posters, leaflets, print, promoters, regional TV, outdoors, etc. The revenue sharing arrangement between Airtel and Golfinch was in the ratio of 75 percent and 25 percent. However, with recent changes in the policies of Telephone Regulatory Authority of India (TRAI), promotional marketing used by telecom operators has been constrained. Declining customer share, decreasing profits (after Bharti Airtel halted promotions) and increasing organization cost per customer have made MD and CEO Mr Newton Bubber think of various options including low-cost marketing initiatives besides digital marketing to promote Guru Ki Bani services. Value communication to its huge potential customer base, i.e. 184.19 million Bharti Airtel subscribers was another challenge facing Mr Newton and his marketing team at Goldfinch. Expected learning outcomes The case enables students to learn the concepts and application of value creation, effective value communication, price waterfall analysis, importance of costing parameters in pricing decisions, low-cost marketing strategies and digital marketing. Supplementary materials Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.
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E. Schramm, Mary, Jennifer L. Herbst, and Angela Mattie. "The False Claims Act: a review and policy recommendations." International Journal of Pharmaceutical and Healthcare Marketing 8, no. 3 (August 26, 2014): 295–313. http://dx.doi.org/10.1108/ijphm-04-2014-0020.
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Purpose – The purpose of the study is to review The False Claims Act (FCA) settlements and challenges facing the industry to suggest the motivation behind firms’ alleged fraudulent activity. FCA has been applied against pharmaceutical companies by the US Government to combat marketing fraud including kickbacks, improper pricing and off-label promotion. The interests of the US Government and medical professionals are also considered. Changes to the law governing pharmaceutical marketing practices are recommended. Design/methodology/approach – Cases settled under the FCA between 2005 and 2012 were identified by accessing the US Department of Health and Human Services (DHHS) Corporate Integrity Agreements Web site and annual reports and the quitamhelp.com Web site. Case details were collected from US Department of Justice press releases, DHHS annual reports, and case documents in the Public Access to Court Electronic Records database. Findings – Of the settled cases in the final sample, improper pricing practices were evident in 33 per cent of the cases; off-label promotion in 52 per cent; and both in 15 per cent of the cases. Forty-eight per cent of the alleged fraudulent marketing activity occurred within the brands’ first year and 68 per cent within the first two years on the market. Reported settlements ranged from US$4 million to US$4.3 billion. Originality/value – This research simultaneously considers business issues facing the pharmaceutical industry and alleged fraudulent marketing activity to recommend changes to the law governing drug promotion. Changes have the potential to improve the balance between the respective interests of industry, medicine and government and to improve compliance and patient care in the future.
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MacMillan, Don. "Health Reference Center2008277Health Reference Center. New York: Facts on File Last visited March 2008. Pricing based on number of users, contact vendor for details URL: www.fofweb.com." Reference Reviews 22, no. 6 (August 8, 2008): 39–40. http://dx.doi.org/10.1108/09504120810896845.
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Mohapatra, Subhalaxmi, and Subhadip Roy. "Renault Duster: dusting away competition or facing a dust storm?" Emerald Emerging Markets Case Studies 5, no. 3 (April 16, 2015): 1–9. http://dx.doi.org/10.1108/eemcs-04-2014-0080.
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Subject area The major issues discussed in the case are related to first-mover advantage, segmenting, targeting and positioning and marketing strategy. Study level/applicability The case could be discussed in a postgraduate program for marketing and brand management and also for strategic management. It could also be used for an executive development program for marketing and business strategy. Case overview The present case is on the Renault Duster, a compact SUV (sports utility vehicle) launched by Renault India in 2012. Equipped with attractive design, innovative features and smart technology, the company used buzz marketing and social media marketing to promote the brand. Competitive pricing of Duster attracted both premium hatchback and sedan buyers in India as the company realized both sales and awards. However, sales started declining from the second half of 2013, and competition used both pricing strategy and exhaustive mass media advertising to compete with the Duster. The other cars from Renault India could not replicate the success of the Duster, which was contributing to around 80 per cent of the total sales of the company in India. Renault thus faced the challenge of losing their ground in the Indian market if they could not revive the sales of the Duster. Expected learning outcomes Product differentiation and brand positioning (the case is a good example of first-mover advantage); market segmentation and creating a new segment; branding strategy and the role of marketing communications in the same; analyze the role of a long term growth strategy and how it influences product/marketing strategy (business strategy course); understand the probable threats of business due to overdependence on one product (business strategy course); understand the impact of inter-firm rivalry on brandsuccess (business strategy course). Supplementary materials Teaching notes areavailable for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.
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Sharma, Aasha Jayant, and Shashank Bhat. "Livestock online marketplace “Pashushala.com”: standardizing unstandardized operating procedures." Emerald Emerging Markets Case Studies 11, no. 3 (August 31, 2021): 1–18. http://dx.doi.org/10.1108/eemcs-09-2020-0336.
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Learning outcomes It enables students to understand and design a business model canvas, design standard operating procedure (SOP) for very unorganized business operations and also devise base pricing for vendor negotiation. Case overview/synopsis Mr Gaurav Chaudhary, chief executive officer and Founder of Pashushala.com, established a first-ever Livestock online marketplace in India, leveraging the penetration of internet users in 2019. Pashsuhala.com evolved as an all-inclusive ecosystem that offered an innovative business model by bundling financial aid, logistics, veterinary and insurance solutions to its buyers and sellers. While every other aspect seemed to have had fallen in place, Gaurav was not convinced with the everyday handling of the cattle especially during transportation. Transporting cattle was the most challenging task tempered with issues such as changing weather conditions, stock density, lack of training on handling cattle while loading and unloading, long journey hours, feeding and watering procedures and many more for which Gaurav had to depend on the logistics partners. Gaurav was in a dilemma whether to have his own fleet armed with trained personnel for transporting the cattle or to streamline the existing operating procedures into SOP to be followed by logistics partners. If he continued with logistics partners he also had to work on standard costs i.e. fixed and variable costs incurred during the transportation of livestock. The case deals with business concepts such as supply chain risk management in the livestock sector, SOPs for a very unstructured and unpredictable ecosystem, pricing strategies and business model canvas. Complexity academic level Masters in business administration (MBA) and Executive MBA level. Supplementary materials Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes. Subject code CSS 9: Operations and Logistics.
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Basiruddin, Rohaida, Siti Uzairiah Mohd Tobi, and Farzana Quoquab. "Aras Design and Multimedia Centre (ADMC): it’s pricing strategy for video internet market training." Emerald Emerging Markets Case Studies 6, no. 3 (October 18, 2016): 1–11. http://dx.doi.org/10.1108/eemcs-01-2016-0003.
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Subject area Managerial Accounting, Strategic Marketing. More specifically, cost behavior, cost estimation, cost prediction, cost-volume-profit (CVP) analysis, contribution income statement and pricing/promotional strategy. Study level/applicability This case is suitable to be used in advanced undergraduate level. Case overview This case demonstrates the issues relating to pricing strategy of “Video Internet Marketing Training”. Diyana Tahir and her husband, Abdul Rahim Abdul Shukor, established Aras Design & Multimedia Centre (ADMC) on January 17, 2009. The main office was located at Kuala Lumpur. Diyana was a well-known name in the field of internet video marketing training. In its early years, ADMC’s operation was limited to providing printing and graphic design services and offering printing materials for photocopy. However, with the passage of time, the company began to expand its services and offerings. At the beginning of 2010, ADMC offered editing facilities and services for video and multimedia in addition to its core services. As a unique marketing strategy, Diyana offered RM30 as the basic training fee for each participant, which was equivalent to RM470 value offered. In this way, she attracted customers to take part in further advanced level training that was conducted by ADMC. However, she felt that the number of participant to take advanced training was not satisfactory. She thought that it happened perhaps due to the fact that the participants were not much committed to the course since it was offered at a nominal price. Furthermore, she realized that the cost of providing such training had risen in the past six months. Currently, ADMC suffered losses in three consecutive months, and they really needed enough cash to sustain. As such, Diyana was thinking to reconsider the offered course fees whether to increase it. She was in a rush to make a decision to propose the new course fee in the monthly meeting with management committee at the end of April 2013. Expected learning outcomes Using this case, students can learn how a small-scale company can strategize its pricing strategy to survive in the highly competitive online market. The objectives of using this case are as follows: to help students in understanding the interrelationships between CVP in organization that can be used for future planning and decision-making; to be able to identify the cost structure of the basic training course (e.g. fixed and variable costs), determine the contribution margin, break-even point and prepare the contribution income statement that highlighting cost behavior; to help students to think critically while setting the price for the offered services; to develop students’ ability in analyzing the existing situation to come up with a viable and effective solution; to assist students in taking the right move in a right time; to broaden students’ views and understanding in considering the monetary aspect along with the human aspect in formulating an effective marketing strategy; to develop students’ understanding of the way to retain and attract customers through innovative pricing strategy; and to make students aware that innovation is the key to business success. Supplementary materials Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes. Subject codes CSS 1: Accounting and Finance.
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Jones, Riley, and Adriana Ocejo. "Assessing Guaranteed Minimum Income Benefits and Rationality of Exercising Reset Options in Variable Annuities." International Journal of Statistics and Probability 8, no. 5 (August 6, 2019): 13. http://dx.doi.org/10.5539/ijsp.v8n5p13.
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A variable annuity is an equity-linked financial product typically offered by insurance companies. The policyholder makes an upfront payment to the insurance company and, in return, the insurer is required to make a series of payments starting at an agreed upon date. For a higher premium, many insurance companies offer additional guarantees or options which protect policyholders from various market risks. This research is centered around two of these options: the guaranteed minimum income benefit (GMIB) and the reset option. The sensitivity of various parameters on the value of the GMIB is explored, particularly the guaranteed payment rate set by the insurer. Additionally, a critical value for future interest rates is calculated to determine the rationality of exercising the reset option. This will be able to provide insight to both the policyholder and policy writer on how their future projections on the performance of the stock market and interest rates should guide their respective actions of exercising and pricing variable annuity options. This can help provide details into the value of adding options to a variable annuity for companies that are looking to make variable annuity policies more attractive in a competitive market.
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Pinto, Telmo, Cláudio Alves, Raïd Mansi, and José Valério de Carvalho. "Solving the Multiscenario Max-Min Knapsack Problem Exactly with Column Generation and Branch-and-Bound." Mathematical Problems in Engineering 2015 (2015): 1–11. http://dx.doi.org/10.1155/2015/439609.
Full textAbstract:
Despite other variants of the standard knapsack problem, very few solution approaches have been devised for the multiscenario max-min knapsack problem. The problem consists in finding the subset of items whose total profit is maximized under the worst possible scenario. In this paper, we describe an exact solution method based on column generation and branch-and-bound for this problem. Our approach relies on a reformulation of the standard compact integer programming model based on the Dantzig-Wolfe decomposition principle. The resulting model is potentially stronger than the original one since the corresponding pricing subproblem does not have the integrality property. The details of the reformulation are presented and analysed together with those concerning the column generation and branch-and-bound procedures. To evaluate the performance of our algorithm, we conducted extensive computational experiments on large scale benchmark instances, and we compared our results with other state-of-the-art approaches under similar circumstances. We focused in particular on different relevant aspects that allow an objective evaluation of the efficacy of our approach. From different standpoints, the branch-and-price algorithm proved to outperform the other state-of-the-art methods described so far in the literature.