Journal articles: 'Standard price'

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Ang, James S., Gwoduan David Jou, and Tsong-Yue Lai. "Alternative Formulas to Compute Implied Standard Deviation." Review of Pacific Basin Financial Markets and Policies 12, no. 02 (June 2009): 159–76. http://dx.doi.org/10.1142/s0219091509001599.

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We assume that the call option's value is correctly priced by Black and Scholes' option pricing model in this paper. This paper derives an exact closed-form solution for implied standard deviation under the condition that the underlying asset price equals the present value of the exercise price. The exact closed-form solution provides the true implied standard deviation and has no estimate error. This paper also develops three alternative formulas to estimate the implied standard deviation if this condition is violated. Application of the Taylor expansion on a single call option value derives the first formula. The accuracy of this formula depends on the deviation between the underlying asset price and the present value of the exercise price. Use of the Taylor formula on two call option prices with different exercise prices is used to develop the second formula, which can be used even though the underlying asset price deviates significantly from the present value of the exercise price. Extension of the second formula's approach to third options value derives the third formula. A merit of the third formula is to circumvent a required parameter used in the second formula. Simulations demonstrate that the implied standard deviations calculated by the second and third formulas provide accurate estimates of the true implied standard deviations.

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Barsky, Robert B., Christopher L. House, and Miles S. Kimball. "Sticky-Price Models and Durable Goods." American Economic Review 97, no. 3 (May 1, 2007): 984–98. http://dx.doi.org/10.1257/aer.97.3.984.

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The inclusion of a durable goods sector in sticky-price models has strong and unexpected implications. Even if most prices are flexible, a small durable goods sector with sticky prices may be sufficient to make aggregate output react to monetary policy as though most prices were sticky. In contrast, flexibly priced durables with sufficiently long service lives can undo the implications of standard sticky price models. In a limiting case, flexibly priced durables cause monetary policy to have no effect on aggregate output. Our analysis suggests that durable goods prices are the most relevant data for calibrating price rigidity. (JEL E21, E23, E31, E52)

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MITOV, GEORGI K., SVETLOZAR T. RACHEV, YOUNG SHIN KIM, and FRANK J. FABOZZI. "BARRIER OPTION PRICING BY BRANCHING PROCESSES." International Journal of Theoretical and Applied Finance 12, no. 07 (November 2009): 1055–73. http://dx.doi.org/10.1142/s0219024909005555.

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This paper examines the pricing of barrier options when the price of the underlying asset is modeled by a branching process in a random environment (BPRE). We derive an analytical formula for the price of an up-and-out call option, one form of a barrier option. Calibration of the model parameters is performed using market prices of standard call options. Our results show that the prices of barrier options that are priced with the BPRE model deviate significantly from those modeled assuming a lognormal process, despite the fact that for standard options, the corresponding differences between the two models are relatively small.

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Gonçalves, Tânia, João Rebelo, Lina Lourenço-Gomes, and José Caldas. "Wine price determinants. Is there a homogeneous international standard?" Wine Economics and Policy 10, no. 1 (April 7, 2021): 33–55. http://dx.doi.org/10.36253/wep-8879.

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This article presents an international comparison of the main determinants of wine prices in specialist online wine shops. Hedonic price functions were estimated for 9624 wines spread among four datasets from France, Italy, Germany and Australia. To explain price variation data was collected on wine classification, closure type, wine origin, medals or awards, vintage, alcohol content, color, and grape variety. Results from quantile regression models show that the wine vintage is a common price driver in all markets and quantiles. A quite similar effect was found for alcohol content. In terms of color, the implicit prices for red and white wines are also structurally different between countries, particularly in origin, blend, closure, awards and age. Thus, the markets should be assumed as heterogeneous, and the extrapolation of the results from one market to another may lead to erroneous management decisions.

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Yamaki, Satoru, and Nobuyoshi Yabuki. "Concentration of Bid Prices Just Above the Standard Minimum Price in Public Construction Works." Journal of Civil Engineering and Construction 10, no. 3 (August 15, 2021): 177–95. http://dx.doi.org/10.32732/jcec.2021.10.3.177.

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In Japan, contract offices are mandated to set threshold prices for public works. A threshold price is the upper limit of the bid price, and a contractor who exceeds this threshold is disqualified. Furthermore, based on the threshold price, a minimum price is set as a price requiring investigation before acceptance. In recent years, bids and contracts for public works have generally had bid prices concentrated slightly above the standard minimum for investigation. It has been pointed out that this tendency is detrimental in terms of the motivation of engineers and social costs. In this study, we confirm that this tendency was alleviated and that the level of the winning bidder's technical evaluation score was feasible at the same time. In addition, we obtained quantitative findings on variables that affect both above. Furthermore, although it is impossible to achieve a perfect balance between alleviating the tendency of prices to concentrate slightly above the standard minimum for investigation and sufficient technical evaluation scores, elements necessary to improve the overall situation were quantitatively identified.

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Rajendran, K. N., and Gerard J. Tellis. "Contextual and Temporal Components of Reference Price." Journal of Marketing 58, no. 1 (January 1994): 22–34. http://dx.doi.org/10.1177/002224299405800102.

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An emerging consensus in marketing is that consumers respond to price relative to some standard or reference price. Most researchers modeling brand choice have reasoned that this standard is based on past prices of the brand. The authors argue that consumers do use reference prices, but one that is also based on context—other prices in the store—rather than on past prices alone. An analysis of households’ brand choices in two subcategories and over three cities supports this premise. Within context, the lowest price seems to be an important cue for reference price, whereas within time, a brand's own past prices seem to be the most important cue. Households’ use of a contextual reference price also varies predictably across some consumer characteristics. Though their model can be applied to other categories, the findings have important managerial implications: Managerial focus on temporal reference prices could lead to an everyday high price, whereas focus on contextual reference prices could lead to an everyday low price. Only the inclusion of both contextual and temporal reference prices justifies variable pricing.

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Richards, Timothy J., and Stephen F. Hamilton. "Retail price discrimination and food waste." European Review of Agricultural Economics 47, no. 5 (July 29, 2020): 1861–96. http://dx.doi.org/10.1093/eurrag/jbaa012.

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Abstract We examine a food retailer’s incentive to use a minimum quality standard as part of a quality-based price-discrimination strategy and show how price discrimination can result in a substantial level of retail food waste. Using data from a major US food retailer, we estimate a structural model of retail price discrimination and conduct a series of counter-factual experiments to demonstrate that observed retail prices are consistent with quality-based price discrimination in the retail market. Our findings indicate that quality standards on fresh produce can explain a substantial proportion ($7.5\%$) of food waste by retailers in the US.

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Carvalho, Carlos, Jae Won Lee, and Woong Yong Park. "Sectoral Price Facts in a Sticky-Price Model." American Economic Journal: Macroeconomics 13, no. 1 (January 1, 2021): 216–56. http://dx.doi.org/10.1257/mac.20190205.

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We develop a multisector sticky-price DSGE model that can endogenously deliver differential responses of prices to aggregate and sectoral shocks. Input-output production linkages and a (standard) monetary policy rule contribute to a slow response of prices to aggregate shocks. In turn, labor market segmentation at the sectoral level induces within-sector strategic substitutability in price-setting decisions, which helps the model deliver a fast response of prices to sector-specific shocks. We estimate the model using aggregate and sectoral price and quantity data for the United States and find that it accounts well for a range of sectoral price facts. (JEL E12, E21, E31, E32, E43, E52)

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LEHN, FRIEDERIKE, and ENNO BAHRS. "QUANTILE REGRESSION OF GERMAN STANDARD FARMLAND VALUES: DO THE IMPACTS OF DETERMINANTS VARY ACROSS THE CONDITIONAL DISTRIBUTION?" Journal of Agricultural and Applied Economics 50, no. 4 (May 2, 2018): 453–77. http://dx.doi.org/10.1017/aae.2018.8.

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Abstract Because of considerably increased farmland prices, not only in Germany, the question arises whether farmland is still affordable for farmers. Hence, there is a call for price caps. If farmland prices are to be capped by political intervention, identifying the main farmland price determinants especially for the highest prices is essential. Using quantile regression for German standard farmland values, we find heterogeneous relationships across the estimated quantiles for several covariates. Nonagricultural factors are often more pronounced at the upper tail of the conditional distribution. We recommend focusing primarily on factors in the upper quantiles to prevent further farmland price increases.

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Melching, Konstantin, and Tristan Nguyen. "On the Impact of Dividend Payments on Stock Prices - an Empirical Analysis of the German Stock Market." Studies in Business and Economics 16, no. 1 (April 1, 2021): 255–69. http://dx.doi.org/10.2478/sbe-2021-0020.

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Abstract This paper examines the relation between dividend payments and stock prices of all firms in the German prime standard DAX 30 in the time period from 2012 to 2019. The irrelevance theory introduced by Miller and Modigliani states that dividend payments must not have an impact on stock prices in a perfect market. In contrast, the signaling theory and the dividend puzzle indicate that dividend payments are likely to have a profound impact on the stock price. According to our findings the ex-dividend decrease of stock prices was significantly smaller than the dividend payment. Nevertheless, the results support the impact of the dividend payment on the share price. Firstly, the existence of the ex-dividend markdown is a proof that dividend payments cause share price losses. Secondly, the study explains in particular that high dividend payments result in high share prices over the examined period. Thirdly, our analysis demonstrates a positive correlation between the dividend and the stock price development according to the signaling theory. Considering the above- mentioned results, we can conclude that the share price of a company is highly affected by the decision making of the company regarding the dividend policy.

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11

Graves, Frank, and Paul Liu. "Price Caps for Standard Offer Service." Electricity Journal 11, no. 10 (December 1998): 67–76. http://dx.doi.org/10.1016/s1040-6190(98)00105-5.

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Kołodziejczyk, Miłosz, and Marcin Pęksyk. "In search of the economic justification of the buy-out price (standard of value)." Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse, Rynki Finansowe, Ubezpieczenia 2015, no. 74/1 (September 30, 2015): 281–93. http://dx.doi.org/10.18276/frfu.2015.74/1-24.

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13

Gollust, Sarah E., Xuyang Tang, Carlisle Ford Runge, Simone A. French, and Alexander J. Rothman. "The effect of proportional v. value pricing on fountain drink purchases: results from a field experiment." Public Health Nutrition 21, no. 13 (May 15, 2018): 2518–22. http://dx.doi.org/10.1017/s1368980018001143.

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AbstractObjectiveReducing sugar-sweetened beverage consumption is a public health priority, yet finding an effective and acceptable policy intervention is challenging. One strategy is to use proportional pricing (a consistent price per fluid ounce) instead of the typical value-priced approach where large beverages offer better value. The purpose of the present study was to evaluate whether proportional pricing affects the purchasing of fountain beverages at a university cinema concession stand.DesignFour price strategies for beverages were evaluated over ten weekends of film screenings. We manipulated two factors: the price structure (value pricing v. proportional pricing) and the provision of information about the price per fluid ounce (labels v. no labels). The key outcomes were the number and size of beverages purchased. We analysed data using regression analyses, with standard errors clustered by film and controlling for the day and time of purchase.SettingA university cinema concession stand in Minnesota, USA, in spring 2015.SubjectsUniversity students.ResultsOver the study period (360 beverages purchased) there were no significant effects of the proportional pricing treatment. Pairing a label with the standard value pricing increased the likelihood of purchasing large drinks but the label did not affect purchasing when paired with proportional pricing.ConclusionsProportional prices did not significantly affect the size of beverages purchased by students at a university cinema, but adding a price-per-ounce label increased large drink purchases when drinks were value-priced. More work is needed to address whether pricing and labelling strategies might promote healthier beverage purchases.

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Blisard, Noel, and James R. Blaylock. "Estimating the Variance of Food Price Inflation." Journal of Agricultural and Applied Economics 25, no. 1 (July 1993): 245–52. http://dx.doi.org/10.1017/s1074070800018800.

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AbstractStochastic index theory views each commodity price change as an independent observation on the rate of inflation that can be estimated by averaging over all prices. Our methodology estimates both the overall rate of inflation and relative price changes along with standard errors.

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15

JOKO, Masanori, and Nobuyoshi YABUKI. "DEVELOPMENT OF A STANDARD PRICE FEEDBACK SYSTEM." Journal of Japan Society of Civil Engineers, Ser. F4 (Construction and Management) 69, no. 4 (2013): I_81—I_88. http://dx.doi.org/10.2208/jscejcm.69.i_81.

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16

Wackernagel, Rick. "Potential Economic Impacts of the Northeast Interstate Dairy Compact on Vermont Dairy Farms." Agricultural and Resource Economics Review 27, no. 1 (April 1998): 53–62. http://dx.doi.org/10.1017/s1068280500001696.

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The Northeast Interstate Dairy Compact has been established to regulate milk prices. Simulation models show impacts on Vermont farms of alternative milk prices and accelerated productivity growth. Enhancing prices (by $0.85/cwt) improves financial performance the most, while impacts of doubling growth in milk production/cow (to 2.6% per year) and setting a price floor (which reduces the standard deviation of the price by 19% and raises prices $0.12/cwt) are substantially smaller. These impacts are inversely related to farm profitability. However, impacts on larger farms are not proportionately larger than those on smaller farms. Reducing price variability has smaller impacts than the $0.12/cwt price increase.

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MacGorman, Timothy R. "The Comparable Properties Standard." 2017 Student Articles Edition 4, no. 4 (March 2018): 361–82. http://dx.doi.org/10.37419/jpl.v4.i4.4.

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The Texas Constitution mandates that taxation shall be equal and uniform, and that property shall be appraised at market value for the purposes of ad valorem property taxation. While valuation methodology is crucial to property owners in such a context, the “Comparable Properties Standard” embodied in Sections 41.43(b)(3) and 42.26(a)(3) of the Texas Tax Code appears to allow wealthy property owners to unconstitutionally manipulate the appraised value of their property for ad valorem taxation purposes and shift their tax burden to other taxpayers. Unless the Texas legislature enacts a mandatory sales price disclosure statute, or directly amends or repeals the Comparable Properties Standard, such unconstitutional results will continue to diminish revenues for taxing units and shift the tax burden from the wealthy to Texas’ lower and middle-class taxpayers. While scholars and practitioners have previously expressed the need for a Texas mandatory sales price disclosure statute in order to reduce inequity in other valuation contexts, City of Austin v. Travis Central Appraisal District (“City of Austin”) highlights the longstanding complaint that the Comparable Properties Standard, absent mandatory sales price disclosure, has distorted the appraisal process for ad valorem taxation purposes. With millions of dollars of tax revenue at stake, and a continuing shift of the tax burden from the wealthy to other Texans, the Comparable Properties Standard presents serious concerns that may ultimately affect Texans for years to come. Through the framework of City of Austin, this Article analyzes Texas’ difficulties in implementing an equal and uniform system of ad valorem taxation throughout the state, exposing the ways in which wealthy residential and commercial property owners exploit the Comparable Properties Standard in order to reduce their tax burden, and highlighting the necessity of mandatory sales price disclosure to ensure constitutionality in the ad valorem taxation process.

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CONTE, MARC N., and MATTHEW J. KOTCHEN. "EXPLAINING THE PRICE OF VOLUNTARY CARBON OFFSETS." Climate Change Economics 01, no. 02 (August 2010): 93–111. http://dx.doi.org/10.1142/s2010007810000091.

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This paper identifies factors that explain the large variability in the price of voluntary carbon offsets. We estimate hedonic price functions using a variety of provider- and project-level characteristics as explanatory variables. We find that providers located in Europe sell offsets at prices that are approximately 30% higher than providers located in either North America or Australasia. Contrary to what one might expect, offset prices are generally higher, by roughly 20%, when projects are located in developing or least-developed nations. But this result does not hold for forestry-based projects. We find evidence that forestry-based offsets sell at lower prices, and the result is particularly strong when projects are located in developing or least-developed nations. Offsets that are certified under the Clean Development Mechanism or the Gold Standard, and therefore qualify for emission reductions under the Kyoto Protocol, sell at a premium of more than 30%; however, third-party certification from the Voluntary Carbon Standard, one of the popular certifiers, is associated with a price discount. Variables that have no effect on offset prices are the number of projects that a provider manages and a provider's status as for-profit or not-for-profit.

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Oestmann, Marco, and Lars Bennöhr. "Determinants of house price dynamics. What can we learn from search engine data?" Review of Economics 66, no. 1 (April 1, 2015): 99–127. http://dx.doi.org/10.1515/roe-2015-0106.

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Abstract There is a broad literature on determinants of house price dynamics, which received increasing attention in the aftermath of the subprime crisis. Additional to macroeconomic standard variables, there might be other hard to measure or even unobservable factors influencing real estate prices. Using quarterly data, we try to increase the informational input of conventional models and capture such effects by including Google search engine query information into a set of standard fundamental variables explaining house prices. We use the house price index (HPI) published by Eurostat to perform fixed-effects regressions for a panel of 14 EU-countries comprising the years 2005-2013. We find that Google data as a single aggregate measure plays a prominent role in explaining house price developments.

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Sydor, Tymur, and Brooks C. Mendell. "Transaction evidence analysis: stumpage prices and risk in central Georgia." Canadian Journal of Forest Research 38, no. 2 (February 2008): 239–46. http://dx.doi.org/10.1139/x07-126.

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This paper uses hedonic regression techniques to analyze timber bid transactions in central Georgia. Softwood stumpage prices from pay-as-cut transactions are regressed against timber sale and stand characteristics. We identify observable factors that are statistically associated with the volatility of pine sawtimber stumpage prices in the market. The remaining price volatility, defined as market risk, characterizes undiversifiable price volatility in the market. Isolating market risk in this way has implications for relative price risk across predefined timber markets. Applications of this these techniques suggest that analyzing market price variability with total measures alone, such as standard deviation, may provide false senses of timber price risk.

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Visockytė, Ligita. "Price Rigidity in Norway in the Nineteenth Century." Ekonomika 97, no. 1 (July 3, 2018): 32–46. http://dx.doi.org/10.15388/ekon.2018.1.11777.

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This paper analyzes nominal price development in Norway from 1830 to 1920 and fills a gap in the literature on nominal price rigidity in Europe during the nineteenth and the beginning of the twentieth centuries. The research question: how did the nominal price rigidity change in Norway during this time period? The focus on Norway is justified because of the availability of historical data and gaps in literature concerning the nominal rigidities.The analysis of some of the digitized data for Oslo, Bergen and Stavanger during the period of 1830–1913 indicate that: a) The flexibility of prices did not change much during the classical Gold Standard in Norway; b) The change in price rigidity mainly came because of the changing magnitude of price changes; c) The decrease in magnitude might have happened before the Gold Standard took effect in Norway.

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Morales, L. Emilio. "The effects of international price volatility on farmer prices and marketing margins in cattle markets." International Food and Agribusiness Management Review 21, no. 3 (March 20, 2018): 335–50. http://dx.doi.org/10.22434/ifamr2017.0020.

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This study examines the effects of export price volatility in cattle markets using panel data from twelve countries between 1970 and 2013. Fixed-effects models with Driscoll and Kraay standard errors were estimated to control for cross-sectional dependence. Results indicate that price transmission depends on prices previously paid to farmers, variations in export prices and volatility of export prices, which reduces farmer prices in developed countries and it increases them in developing countries. In contrast, marketing margins are reduced by contemporaneous export price volatility and are increased by previous volatility. Exporters in developing countries take more time to transmit shocks in international prices, pay lower prices to farmers and absorb a bigger proportion of price fluctuations. These price transmission imperfections affect investments, technology adoption, production level and quality across the chain in developing countries, which negatively impact farmers, input and service providers, traders and other actors of the beef cattle chain.

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Chandrashakar, Gudipally. "Prediction and Analysis of Gold Prices using Ensemble Machine Learning Algorithms." International Journal for Research in Applied Science and Engineering Technology 9, no. VI (June 30, 2021): 4367–74. http://dx.doi.org/10.22214/ijraset.2021.36028.

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In this article, we used historical time series data up to the current day gold price. In this study of predicting gold price, we consider few correlating factors like silver price, copper price, standard, and poor’s 500 value, dollar-rupee exchange rate, Dow Jones Industrial Average Value. Considering the prices of every correlating factor and gold price data where dates ranging from 2008 January to 2021 February. Few algorithms of machine learning are used to analyze the time-series data are Random Forest Regression, Support Vector Regressor, Linear Regressor, ExtraTrees Regressor and Gradient boosting Regression. While seeing the results the Extra Tree Regressor algorithm gives the predicted value of gold prices more accurately.

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Wang, Shuo, and Michael Lynn. "The Effects of Service Charges Versus Service-Included Pricing on Deal Perception." Journal of Hospitality & Tourism Research 41, no. 2 (July 26, 2016): 246–54. http://dx.doi.org/10.1177/1096348014525636.

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Study participants rated menu prices with an automatic percentage service gratuity as better deals than equivalent service-included prices when the service component of price was below the standard 15% tipping rate. However, the reverse was true when the service component of price was above 15%. Furthermore, a move from percentage service gratuity toward dollar service gratuity impeded participants’ menu price judgment. These findings provide some insights regarding which pricing alternative to tipping should be implemented if and when restaurateurs decide to abandon voluntary tipping.

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Crabtree, R. M. "Certification/Classification Targets for Beef." Proceedings of the British Society of Animal Production (1972) 1987 (March 1987): 48. http://dx.doi.org/10.1017/s0308229600034851.

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Successive UK Governments have supported the market for finished cattle by various subsidy schemes. One of these depended on making up the difference between the average market price and a predetermined guaranteed price on an individual animal basis when market prices fell below the guaranteed price. To operate this deficiency payment scheme the classes of stock eligible for payment had to be defined and their average market price calculated, and so the concept of a “certification standard” or grade evolved.

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QIN, JULIA, and HYLKE VANDENBUSSCHE. "China–GOES (Article 21.5): Time to Clarify the Standard for Price Suppression and Price Depression in AD/CVD Investigations." World Trade Review 16, no. 2 (March 10, 2017): 203–26. http://dx.doi.org/10.1017/s1474745616000513.

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AbstractThis dispute concerns the measures China took to implement the Dispute Settlement Body's rulings inChina–GOES, which had found a number of violations with respect to China's antidumping and countervailing duties imposed on grain oriented flat-rolled electrical steel (GOES) imported from the United States. In this compliance proceeding, the United States claimed that the Redetermination issued by China's Ministry of Commerce (MOFCOM) continued to violate WTO law. At the center of the dispute were MOFCOM's findings that the US imports had the effect of suppressing and/or depressing the prices of domestic like products. While the Panel reached the conclusion that the MOFCOM findings were inconsistent with WTO rules, it did not clarify the criteria for determining such price effects. In this comment, we call for the adoption of a clearer and more objective standard for determining price suppression and price depression in antidumping and countervailing duty investigations, via the tools of economic modeling.

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Hill, Robert J., and Marcel P. Timmer. "Standard Errors as Weights in Multilateral Price Indexes." Journal of Business & Economic Statistics 24, no. 3 (July 2006): 366–77. http://dx.doi.org/10.1198/073500105000000270.

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Chakraborty, Indranil. "RESERVE PRICE VERSUS ENTRY FEE IN STANDARD AUCTIONS." Economic Inquiry 57, no. 1 (September 6, 2018): 648–53. http://dx.doi.org/10.1111/ecin.12715.

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Karadi, Peter, and Adam Reiff. "Menu Costs, Aggregate Fluctuations, and Large Shocks." American Economic Journal: Macroeconomics 11, no. 3 (July 1, 2019): 111–46. http://dx.doi.org/10.1257/mac.20160054.

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We document that the aggregate price level responds flexibly and asymmetrically to large positive and negative value-added tax changes. We present a price-setting model with menu costs, trend inflation, and fat-tailed product-level shocks that is consistent with these observations. The model predicts a flexible price-level response to standard monetary policy shocks because it anticipates a large number of firms on the verge of price adjustment and far from their optimal prices when the shock hits. (JEL E31, E32, E52, E62, H25)

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Azizah, Nur, Dwi Oktaviani, and Windy Lia Safitri. "RANCANG BANGUN SISTEM INFORMASI STANDAR HARGA BARANGPADA KOTA TANGERANG." CCIT Journal 8, no. 2 (January 21, 2015): 78–90. http://dx.doi.org/10.33050/ccit.v8i2.323.

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In planning the procurement of goods and services the government city of Tangerang, will be compiled in a budget plan regional work units (RKA-on education) allocated from the Budget Revenue and Expenditure for Fiscal Year 2013, the compilation takes into account Standard Price of Goods. The problem faced now is the drafting, discussion and Standard Storage Unit Price still use the document to be signed by the Drafting Team and the Mayor of Tangerang as authorizing the Mayor's decision, and the data is stored in a file on Ms. Excel 2007. This proved to be less effective and time efficiency, especially when searching required by the standard price of sector departments. And waste paper for printing the books for sector departments in the form of a report each fiscal year. To overcome these problems were created Standards Information System using the web-based Goods Price CodeIgniter 2.0 framework and data storage using MySQL. With the construction of this system is expected to boost the quality of information transmission standard price of goods in the city of Tangerang.

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Pandey, Ashish. "Reference Prices and Turnover: Evidence from Small-Capitalization Stocks." Journal of Risk and Financial Management 14, no. 1 (January 9, 2021): 29. http://dx.doi.org/10.3390/jrfm14010029.

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A large amount of literature in the field of social psychology and product pricing discusses the role of reference prices in affecting buyer’s price perception and purchase intention. Reference price denotes a standard against which the consumer compares the offer price of a product. In this paper, we investigate whether reference prices play any role in affecting the trading decision of stock market investors. We use firm-level, fixed-effect panel data methodology to empirically investigate whether investors respond to a violation of their internalized reference price range by executing a trading decision. Our results, based on a sample of Indian firms with small capitalization, show that investors respond to a violation of their internalized reference price range by executing a trading decision. However, consistent with the prior findings that investors suffer from myopic loss aversion, they continue to hold the positions when the reference price range is violated on the downside but sell stocks that have violated the high point of the reference price range. Our findings are robust for the reference price ranges that are constructed using the prior day’s trading prices, prior week’s trading prices, and prior year’s trading prices. The portfolio managers can develop a better understanding of expected trading intensity by incorporating reference price range in their models. The policymakers can use our results to find ways to improve the liquidity and efficiency of financial markets.

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Pandey, Ashish. "Reference Prices and Turnover: Evidence from Small-Capitalization Stocks." Journal of Risk and Financial Management 14, no. 1 (January 9, 2021): 29. http://dx.doi.org/10.3390/jrfm14010029.

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A large amount of literature in the field of social psychology and product pricing discusses the role of reference prices in affecting buyer’s price perception and purchase intention. Reference price denotes a standard against which the consumer compares the offer price of a product. In this paper, we investigate whether reference prices play any role in affecting the trading decision of stock market investors. We use firm-level, fixed-effect panel data methodology to empirically investigate whether investors respond to a violation of their internalized reference price range by executing a trading decision. Our results, based on a sample of Indian firms with small capitalization, show that investors respond to a violation of their internalized reference price range by executing a trading decision. However, consistent with the prior findings that investors suffer from myopic loss aversion, they continue to hold the positions when the reference price range is violated on the downside but sell stocks that have violated the high point of the reference price range. Our findings are robust for the reference price ranges that are constructed using the prior day’s trading prices, prior week’s trading prices, and prior year’s trading prices. The portfolio managers can develop a better understanding of expected trading intensity by incorporating reference price range in their models. The policymakers can use our results to find ways to improve the liquidity and efficiency of financial markets.

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SETIAWANI, PUTU AMANDA, KOMANG DHARMAWAN, and I. WAYAN SUMARJAYA. "IMPLEMENTASI METODE MARKOV CHAIN MONTE CARLO DALAM PENENTUAN HARGA KONTRAK BERJANGKA KOMODITAS." E-Jurnal Matematika 4, no. 3 (August 30, 2015): 122. http://dx.doi.org/10.24843/mtk.2015.v04.i03.p099.

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The aim of the research is to implement Markov Chain Monte Carlo (MCMC) simulation method to price the futures contract of cocoa commodities. The result shows that MCMC is more flexible than Standard Monte Carlo (SMC) simulation method because MCMC method uses hit-and-run sampler algorithm to generate proposal movements that are subsequently accepted or rejected with a probability that depends on the distribution of the target that we want to be achieved. This research shows that MCMC method is suitable to be used to simulate the model of cocoa commodity price movement. The result of this research is a simulation of future contract prices for the next three months and future contract prices that must be paid at the time the contract expires. Pricing future contract by using MCMC method will produce the cheaper contract price if it compares to Standard Monte Carlo simulation.

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Kwark, Noe-Keol, Hyoung-Goo Kang, and Sang-Gyung Jun. "Can Derivative Information Predict Stock Price Jumps?" Journal of Applied Business Research (JABR) 31, no. 3 (May 1, 2015): 845. http://dx.doi.org/10.19030/jabr.v31i3.9222.

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<p>This study examines the predictability of jumps in stock prices using options-trading information, the futures basis spread, the cross-sectional standard deviation of returns on components in the stock index, and exchange rates. A stock price jump was defined as a large fluctuation in the stock price that deviated from the distribution thresholds of the past rates of return. This empirical analysis shows that the implied volatility spread between ATM call and put options was a significant predictor for both upward and downward jumps, whereas the volatility skew was less significant. In addition, the futures basis spread was moderately significant for downward stock price jumps. Both the cross-sectional standard deviation of the rates of return on component stocks in the KOSPI 200 and the won-dollar exchange rates were significant predictors for both upward and downward jumps.</p>

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Shao, Haimei, and Jiongmin Yong. "Implied prepayment in agency passing-through mortgage backed securities." International Journal of Financial Engineering 04, no. 02n03 (June 2017): 1750023. http://dx.doi.org/10.1142/s2424786317500232.

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This paper studies the empirical facts of agency mortgage-backed securities price dynamics. Based on an explicit formula for MBS pricing developed in this paper, the prepayment rate can be implied from the market price. The standard structural form approach calculates the prices from the structure of prepayments. We reverse the problem, deriving the prepayment from the price. We find that the price change does not necessarily reflect the change of actual prepayment. The explicit formula and calibration strategies developed in this paper provide an alternative way to analyze and valuate the MBS.

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Gabrielsen, Tommy Staahl, and Bjørn Olav Johansen. "Resale Price Maintenance with Secret Contracts and Retail Service Externalities." American Economic Journal: Microeconomics 9, no. 1 (February 1, 2017): 63–87. http://dx.doi.org/10.1257/mic.20140280.

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We analyze a setting where a monopolist sells through retailers that set prices and provide valuable but non-contractible services to customers. We assume that contracts are private. We find that purely bilateral price restraints have no effect on the equilibrium outcome and that the standard Bertrand prices and service levels prevail. We also show that if manufacturers can commit to industry-wide resale prices, they can obtain higher prices and service levels but will generally not be able to achieve the fully integrated outcome. Using a specific linear demand system, we find that industry-wide price floors are harmful to consumers. (JEL L12, L42, L81, L60, D42, D86, D62)

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Burnett, John E., and Bruce M. Wampler. "Unit Price Contracts: A Practical Framework For Determining Competitive Bid Prices." Journal of Applied Business Research (JABR) 14, no. 3 (August 31, 2011): 63. http://dx.doi.org/10.19030/jabr.v14i3.5704.

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<span>A general analytical framework within which to solve the competitive bidding problem is developed by considering a unit price contract. By viewing the problem in the standard capital budgeting framework and exploiting the linearity of the firms objective function and constraints, the problem can be formulated as a standard linear programming (LP) application whose solution is the optimal bid. We also investigate a so-called unbalanced bidding strategy as an effective way for bidding firms to hedge the risk, or uncertainty, inherent in may unit price contracts.</span>

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Mohanty, Samarendu, E. Wesley F. Peterson, and Darnell B. Smith. "Fractional Cointegration and the False Rejection of the Law of One Price in International Commodity Markets." Journal of Agricultural and Applied Economics 30, no. 2 (December 1998): 267–76. http://dx.doi.org/10.1017/s1074070800008270.

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AbstractThis study examines the Law of One Price (LOP) in international commodity markets using fractional cointegration analysis. For proper evaluation of the LOP, fractional cointegration analysis seems to be appropriate because of its flexibility in capturing a wider range of mean reversion behavior than standard cointegration analysis. Out of nine pairs of price series examined, fractional cointegration supports the existence of the LOP in eight cases, as compared to three cases using standard cointegration procedures. Overall, these results suggest that there is a long-run tendency for the LOP to hold for commodity prices.

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Godman, Brian, Steven Simoens, Amanj Kurdi, Gisbert Selke, John Yfantopoulos, Andrew Hill, Jolanta Gulbinovic, et al. "Variation in the prices of oncology medicines across Europe and the implications for the future." Generics and Biosimilars Initiative Journal 10, no. 2 (June 15, 2021): 72–82. http://dx.doi.org/10.5639/gabij.2021.1002.008.

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Introduction/Objectives: Health authorities are facing increasing challenges to the sustainability of their healthcare systems because of the growing expenditures on medicines, including new, high-priced oncology medicines, and changes in disease prevalence in their ageing populations. Medicine prices in European countries are greatly affected by the ability to negotiate reasonable prices. Concerns have been expressed that prices of patented medicines do not fall sufficiently after the introduction of lower-cost generic oncology medicines. The objective of this study was to examine the associations over time in selected European countries between the prices of oral oncology medicines, population size, and gross domestic product (GDP) before and after the introduction of generic versions. Evidence of periodic reassessments of the price, value, and place in treatment of these medicines was also looked for. The goal of this review was to stimulate debate about possible improvements in approaches to reimbursement negotiations. Methodology: Analysis was performed of reimbursed prices of three oral oncology medicines (imatinib, erlotinib and fludarabine) between 2013 and 2017 across Europe. Correlations were explored between GDP, population size, and prices. Findings were compared with previous research regarding prices of generic oral oncology medicines. Results: The prices of imatinib, erlotinib and fludarabine varied among European countries, and there was limited price erosion over time in the absence of generics. There appeared to be no correlation between population size and price, but higher prices of on-patent oral cancer medicines were seen among countries with higher GDP per capita. Conclusion: Limited price erosion for patented medicines contributed to increases in oncology medicine budgets across the region. There was also a concerning lack of evidence re-assessments of the price, value, and place in treatment of patented oncology medicines following the loss of patent protection of standard medicines. The use of such proactive re-assessments in negotiating tactics might positively impact global expenditures for oncology medicines.

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Hirayama, Kenjiro, and Yoshiro Tsutsui. "International Stock Price Co-movement." Asian Economic Papers 12, no. 3 (October 2013): 157–91. http://dx.doi.org/10.1162/asep_a_00242.

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Two possible causes of international stock price co-movement are examined: the existence of global common shocks and portfolio adjustments by international investors. Empirical analyses indicate that the former explains a significant part of the co-movement and the latter is unlikely to play an important role. We extend the analysis to intra-day high-frequency data. For example, when the Tokyo Stock Exchange begins its daily trading at 9:00 A.M. Japan Standard Time (JST), stock prices in Tokyo exhibit responses to preceding changes in New York. An analysis with minute-byminute data indicates that Tokyo's response to New York dissipates within about six minutes after opening. On the other hand, when the New York Stock Exchange (NYSE) opens at 9:30 A.M. Eastern Standard Time (EST), its response to Tokyo dissipates within 14 minutes. Thus, the movement of stock prices is transmitted rapidly across countries. Finally real-time simultaneous interactions between Shanghai (Shenzhen) and Tokyo are analyzed for a 30-minute period in the morning and a 60-minute period in the afternoon. Investors in Tokyo are watching stock prices in Shanghai, but not vice versa. Tight regulations on Chinese investors to prevent them from holding foreign stocks may be the reason why they do not pay any attention to stock price movements in Tokyo.

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Jiang, Christine X., Tanakorn Likitapiwat, and Thomas H. McInish. "Information Content of Earnings Announcements: Evidence from After-Hours Trading." Journal of Financial and Quantitative Analysis 47, no. 6 (October 4, 2012): 1303–30. http://dx.doi.org/10.1017/s002210901200049x.

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AbstractWe study after-hours trading (AHT), price contributions, and price discovery following quarterly earnings announcements released outside of the normal trading hours. For Standard & Poor’s (S&P) 500 index stocks from 2004–2008, AHT is heightened on announcement days. A significant portion of the price change and price discovery occurs immediately after the earnings releases. Prices in AHT show a large degree of informational efficiency, further demonstrating the importance of price discovery in AHT. We also provide evidence suggesting that firms prefer after-hours earnings announcements, as trades are mainly from informed traders, and those trades are relied upon to convey information to the general public.

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Gaudin, S. "Using water bills to reinforce price signals: evidence from the USA." Water Supply 5, no. 6 (December 1, 2005): 163–71. http://dx.doi.org/10.2166/ws.2005.0061.

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In areas subject to drought and/or high population growth, measures to encourage conservation have become an important part of water management and planning. Residential consumers' low sensitivity to prices reduces the effectiveness and desirability of using price signals as a conservation tool. We hypothesize that consumers' sluggish response to prices is partly due to the fact that price information is not conveniently available to them. If the hypothesis is true, including clear price information on water bills should reinforce consumers' sensitivity to price and therefore increase the power of price-based policies in demand management strategies. A standard aggregate water demand model is augmented with qualitative variables describing the informational content of bills and estimated using a cross section of US utilities. Our results indicate that a utility that spells out unit prices on the water bill can achieve the same level of conservation as others with a thirty to forty percent lower rate increase. We find no evidence that non-price information such as history of use or conservation messages has a significant effect on demand.

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Kakietek, Jakub. "Determinants of the Global Prices of Ready-to-Use Therapeutic Foods." Food and Nutrition Bulletin 39, no. 3 (May 6, 2018): 435–48. http://dx.doi.org/10.1177/0379572118767149.

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Background: A therapy based on ready-to-use therapeutic food (RUTF) in outpatient settings is considered the gold standard in the treatment of severe acute malnutrition in children younger than 5 years. The price of RUTF is the key cost driver of the therapy. However, no studies to date have systematically examined the determinants of RUTF prices. Objective: This article presents the first analysis of factors associated with the prices of RUTF, focusing on the impact of competition and tendering. Methods: This article examines data on the prices of RUTF purchased by UNICEF Supply Division from 2006 through 2015 (90% of RUTF purchased globally). To assess the association between price, competition, and tender introduction, controlling for potential confounding factors, regression analysis using a generalized estimating equation was used. Results: Competition, measured as the number of suppliers, was negatively associated with RUTF price. On the other hand, no statistically significant association was found between RUTF price tendering. Quantities sold were also significantly associated with RUTF prices. Conclusions: Significant price reductions have been achieved by increasing competition in the RUTF market. In contrast, introduction of tendering did not result in decreases in prices. Tendering is an effective price-lowering mechanism because it awards the bidder(s) with the lowest price with market exclusivity. However, the current tender system promotes market fragmentation and reduces the incentives for price reductions. Further reduction in RUTF prices can likely be achieved by modifying the current tendering procedures and putting a greater emphasis on price competition.

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Panagushin, V. P., and V. Y. Ivanisov. "METHODS OF FINANCING AND PRICING OF DEVELOPMENT - DESIGN DEVELOPMENT OF AERONAUTICAL ENGINEERING DEFENSE." Strategic decisions and risk management, no. 2 (June 25, 2015): 72–83. http://dx.doi.org/10.17747/2078-8886-2015-2-2.

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The evaluation of the cost of development - development (R & D) at the conclusion of the state contract is proposed to conduct an estimated price of the replacement steps of the current standard OCD OCD stages, which are adequate and include several stages. At each stage, the limit is determined by the estimated price of the ROC, while retail prices are determined by the following steps and stages of their amount. Upon completion of all stages of the ROC, it is converted indicative price stages and the ROC in the fixed-price into the cost to the planned profit.

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Chandra, Vivek. "The relative attractiveness of US LNG exports—is the threat to Australian projects real?" APPEA Journal 55, no. 2 (2015): 420. http://dx.doi.org/10.1071/aj14055.

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The competitiveness of Australian LNG projects against US projects has been a subject of much debate; however, as oil prices have fallen since mid-2014, the debate has shifted from the relative commercial terms of the LNG sales contracts to the relative cost of supply. Falling oil prices have decreased the price of LNG in the traditionally oil-linked price markets of Asia. A lower cost of LNG will increase the demand for gas, especially in the power generation sector. New gas supplies would be required to meet increased demand, but the new supply must be at a competitive cost. The market price will be set by the marginal cost of incremental supply. Legacy projects in Southeast Asia, the Middle East and Australia are unable to increase their volumes. The only other source of incremental supply that can profitably sell at these lower prices are new projects in the US Gulf Coast. Australian greenfield projects will not be able to sell at these prices as they suffer from high capital expenditure (capex), high feed gas prices and high operating costs. In contrast, US Gulf Coast LNG projects are being constructed at significantly lower unit costs, have access to massive low-cost shale gas volumes and will operate at low costs using standard technology. These projects are ideally placed to operate in the lower priced environment, irrespective of the LNG sales contracts’ commercial terms.

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Bartling, Björn, and Andreas Park. "How Syndicate Short Sales Affect the Informational Efficiency of IPO Prices and Underpricing." Journal of Financial and Quantitative Analysis 45, no. 2 (February 19, 2010): 441–71. http://dx.doi.org/10.1017/s0022109010000128.

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AbstractWhen a company goes public, it is standard practice that the underwriting syndicate allocates more shares than are issued. The underwriter thus holds a short position that it commonly fills by aftermarket trading when market prices fall or, when prices rise, by executing the so-called overallotment option. This option is a standard feature of initial public offering (IPO) arrangements that allows the underwriter to purchase more shares from the issuer at the original offer price. We propose a theoretical model to study the implications of this combination of short position and overallotment option on the pricing of the IPO. Maximizing the sum of both the profits from their share of the offer revenue and the potential profits from aftermarket trading, we show that underwriters strategically distort the offer price. This results either in exacerbated underpricing when favorably informed underwriters lower prices to secure a signaling benefit, or in informationally inefficient offer prices when underwriters pool in offer prices irrespective of their information.

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Vulpiani, Marco. "Purchase Price Allocation and Choice of the Valuation Methods." Business Valuation Review 27, no. 2 (January 1, 2008): 79–84. http://dx.doi.org/10.5791/0882-2875-27.2.79.

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Abstract As known, the purchase price allocation (PPA) process implies the valuation of tangible and intangible assets to allocate the price paid to the assets acquired. The rationale that drove the standards setters (FASB and IASB) in the formulation of the relevant standards (SFAS 141 and IFRS3) was to give a full explanation of the purchase price (PP) paid to the stakeholders of the acquiring company. During the PPA process, this simple, underlying rationale of the accounting standard is sometimes set aside. One of the most critical phases of the valuation process, represented by the choice of the valuation method, is done on the basis of the critical issue of the assets under valuation, instead of considering the valuation criteria followed during the formulation of the price. In other words, the analysis is performed as if it were a single, autonomous process completely separate from the PP formulation process. In this paper it is shown that to respect the underlying principle of the standard setters, the methods chosen for the valuation of the assets should be consistent with the method used during the formulation of the price, even for tangible assets. Otherwise the PPA implementation determines inconsistencies that can give distorted information about the acquisition to stakeholders, against the genuine underlying principles of the standard setters.

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Soudek, Jan, and Jiří Skuhrovec. "Procurement procedure, competition and final unit price: The case of commodities." Journal of Public Procurement 16, no. 1 (March 1, 2016): 1–21. http://dx.doi.org/10.1108/jopp-16-01-2016-b001.

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We show how institutional and procedural characteristics affect the final price in public procurement. In order to obtain comparable unit prices, our analysis examined public procurement of homogeneous goods only. We examined two Czech commodity markets: electricity and natural gas, which enabled us to use a private market price as a benchmark metric. The regression analysis is based on the standard ordinary least squares method. On a dataset of 277 tenders, we found that the final unit price of the procurement is sensitive to movements in both commodity market price and price estimated ex ante by the procurer. Moreover, we identified that the final price is reduced when the procurer uses an open procedure, an electronic auction, or attracts more competitors.

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PUTRI, LUH HENA TERECIA WISMAWAN, KOMANG DHARMAWAN, and I. WAYAN SUMARJAYA. "PENENTUAN HARGA JUAL OPSI BARRIER TIPE EROPA DENGAN METODE ANTITHETIC VARIATE PADA SIMULASI MONTE CARLO." E-Jurnal Matematika 7, no. 2 (May 13, 2018): 71. http://dx.doi.org/10.24843/mtk.2018.v07.i02.p187.

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The purpose of this research is to compare the selling price of down and out barrier option when the prices are simulated by the Antithetic Variate Monte Carlo and the standar Monte Carlo. Barrier options are path dependent options and the payoff depend on whether the underlying asset price touched the barrier or not during the life of the option. In this research, we conducted simulations against the closing price of the shares of PT Adhi Karya using Standard Monte Carlo simulation and the Monte Carlo-Antithetic Variate simulation. After the simulation, we obtained that the option prices using Antithetic Variate produces a cheaper price than the standar one. We also found that the analytic solution has a smaller error on its confidence interval compare to the Monte Carlo Standar.

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Savage, Philip, Sarah Mahmoud, Yogin Patel, and Hagop Kantarjian. "Cancer Drugs: An International Comparison of Postlicensing Price Inflation." Journal of Oncology Practice 13, no. 6 (June 2017): e538-e542. http://dx.doi.org/10.1200/jop.2016.014431.

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

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Journal articles on the topic 'Standard price'

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