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1
Wang, Cheng, Hailei Zou, and Juncheng Yin. "Fourier Transform of Lookback Option Price." ISRN Applied Mathematics 2011 (November 30, 2011): 1–7. http://dx.doi.org/10.5402/2011/518172.
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The Fourier transform of the damped price of Lookback option under B-S model is presented. Thus, the Lookback option across a range of strikes can be simultaneously priced via FFT algorithm. FFT algorithm is more efficient than both Monte Carlo simulation method and the integral of the usual pricing formula. In addition, by FFT algorithm, investors can easily capture the sensitivity of option prices when the strike prices vary as to make reasonable investment decisions.
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Chinnakum, Warattaya, and Sean Aguilar. "Why Black-Scholes Equations Are Effective Beyond Their Usual Assumptions: Symmetry-Based Explanation." International Journal of Uncertainty, Fuzziness and Knowledge-Based Systems 28, Supp01 (August 28, 2020): 1–10. http://dx.doi.org/10.1142/s0218488520400012.
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Nobel-Prize-winning Black-Scholes equations are actively used to estimate the price of options and other financial instruments. In practice, they provide a good estimate for the price, but the problem is that their original derivation is based on many simplifying statistical assumptions which are, in general, not valid for financial time series. The fact that these equations are effective way beyond their usual assumptions leads to a natural conclusion that there must be an alternative derivation for these equations, a derivation that does not use the usual too-strong assumptions. In this paper, we provide such a derivation in which the only substantial assumption is a natural symmetry: namely, scale-invariance of the corresponding processes. Scale-invariance also allows us to describe possible generalizations of Black-Scholes equations, generalizations that we hope will lead to even more accurate estimates for the corresponding prices.
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D’Haultfœuille, Xavier, Isis Durrmeyer, and Philippe Février. "Automobile Prices in Market Equilibrium with Unobserved Price Discrimination." Review of Economic Studies 86, no. 5 (October 29, 2018): 1973–98. http://dx.doi.org/10.1093/restud/rdy064.
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Abstract In markets where sellers are able to price discriminate, individuals pay different prices that may be unobserved by the econometrician. This article considers the structural estimation of a demand and supply model of differentiated products with such price discrimination and limited information on prices taking the form of, e.g., observing list prices from catalogues or average prices. Within this framework, identification is achieved not only with usual moment conditions on the demand side, but also through supply-side restrictions. The model can be estimated by GMM using a nested fixed point algorithm that extends the usual contraction mapping algorithm to our setting. We apply our methodology to estimate the demand and supply in the French new automobile market. Our results suggest that discounting arising from price discrimination is important. The average discount is estimated to be 9.6%, with large variation depending on buyers’ characteristics and cars’ specifications. Our results are consistent with other evidence on transaction prices in France.
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EKSTRÖM, ERIK, and JOHAN TYSK. "DUPIRE'S EQUATION FOR BUBBLES." International Journal of Theoretical and Applied Finance 15, no. 06 (September 2012): 1250041. http://dx.doi.org/10.1142/s0219024912500410.
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We study Dupire's equation for local volatility models with bubbles, i.e. for models in which the discounted underlying asset follows a strict local martingale. If option prices are given by risk-neutral valuation, then the discounted option price process is a true martingale, and we show that the Dupire equation for call options contains extra terms compared to the usual equation. However, the Dupire equation for put options takes the usual form. Moreover, uniqueness of solutions to the Dupire equation is lost in general, and we show how to single out the option price among all possible solutions. The Dupire equation for models in which the discounted derivative price process is merely a local martingale is also studied.
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Cabral, Luís, and Arthur Fishman. "Business as usual: A consumer search theory of sticky prices and asymmetric price adjustment." International Journal of Industrial Organization 30, no. 4 (July 2012): 371–76. http://dx.doi.org/10.1016/j.ijindorg.2012.01.003.
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Board, Simon, and Marek Pycia. "Outside Options and the Failure of the Coase Conjecture." American Economic Review 104, no. 2 (February 1, 2014): 656–71. http://dx.doi.org/10.1257/aer.104.2.656.
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A buyer wishes to purchase a good from a seller who chooses a sequence of prices over time. Each period the buyer can also exercise an outside option, abandoning their search or moving on to another seller. We show there is a unique equilibrium in which the seller charges a constant price in every period equal to the monopoly price, contravening the Coase conjecture. We then embed the single-seller model into a search framework and show the result provides a foundation for the usual “no haggling” assumption. (JEL C78, D42, D43, L12, L13)
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Olvik, Ander, and Raul Kangro. "PRICING OF WARRANTS WITH STOCK PRICE DEPENDENT THRESHOLD CONDITIONS." Mathematical Modelling and Analysis 20, no. 4 (July 20, 2015): 516–28. http://dx.doi.org/10.3846/13926292.2015.1073187.
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Warrants with stock price dependent threshold conditions give the right to buy specially issued stocks, if the performance of the stock price satisfies some requirements. Existence of these derivatives changes the price process of the underlying. We show that in the presence of such warrants one cannot assume that the stock market is arbitrage free and that the stock is tradeable at every time moment with the same price for buying and selling. This means that the usual methods for deriving fair prices for such warrants cannot be used. We start from a simple model for the firm’s value process and discuss some ways to specify a related model for the stock price process in the presence of warrants with threshold conditions. We also discuss how indifference pricing approach can be used for pricing such warrants.
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Goodchild, Mark, and Rong Zheng. "Tobacco control and Healthy China 2030." Tobacco Control 28, no. 4 (July 20, 2018): 409–13. http://dx.doi.org/10.1136/tobaccocontrol-2018-054372.
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BackgroundThe Healthy China 2030 strategy sets ambitious targets for China’s policy-makers, including a decrease in the smoking rate from 27.7% in 2015 to 20% by 2030. China has made progress on tobacco control in recent years, but many key measures remain underused. This study explores the potential for full implementation of these measures to achieve the targeted reduction in smoking by 2030.MethodsFirst, a ‘business as usual’ scenario for China’s cigarette market was developed based only on underlying economic parameters. Second, non-price tobacco control measures were then added assuming they are fully implemented by 2030. Third, excise per pack was raised to a level that would increase the real price of cigarettes by 50% in 2030.FindingsUnder the business as usual scenario, the rate of smoking falls to around 26.6% in 2030. When non-price measures are included, the rate of smoking falls to 22.0% (20.9%~23.1%). Thus, non-price measures alone are unlikely to achieve the Healthy China target. Under the third scenario, excise per pack was roughly doubled in 2030 in order to increase real cigarette prices by 50%. The rate of smoking then falls to 19.7% (18.2%~21.3%), reflecting 78 million (59~97 million) fewer smokers compared with 2016. In addition, real excise revenue from cigarettes increases by 21% (−3%~47%) compared with 2016.ConclusionSignificantly higher tobacco taxes will be needed to achieve Healthy China 2030 target for reduced smoking even after the implementation of other tobacco control measures.
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Rumler, Fabio, Alfred Stiglbauer, and Josef Baumgartner. "Patterns and Determinants of Price Changes: Analysing Individual Consumer Prices in Austria." German Economic Review 12, no. 3 (August 1, 2011): 336–50. http://dx.doi.org/10.1111/j.1468-0475.2010.00523.x.
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Abstract We provide empirical evidence on the degree and characteristics of price stickiness in Austria by estimating the average frequency of price changes and the duration of price spells from a large dataset of individual price records collected for the computation of the Austrian consumer price index. The mean (median) duration of price spells in Austria amounts to 14 (11) months, but there is considerable heterogeneity across sectors and products. We find that price increases occur only slightly more often than price decreases. For both directions, the average magnitude of price changes is quite large (11% and 14%, respectively). The introduction of the euro cash in January 2002 led to more frequent but, on average, smaller price adjustments than usual. Estimating the probability of a price change in a panel probit model, we find a small but positive effect of the price spell duration on the incidence of price changes. Furthermore, product-specific inflation, the size and the sign of the last price change and the period of the euro introduction significantly affect the probability of a price change.
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Tiriplica, Petre Gheorghe, Cristian Doicin, Cristian Tarba, Ionut Gabriel Ghionea, and Florian Draganescu. "Analysis of the Product Cost and Price Variation." Applied Mechanics and Materials 760 (May 2015): 677–82. http://dx.doi.org/10.4028/www.scientific.net/amm.760.677.
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The paper presents a method for analysing the variance of manufacturing cost and price components using a scenario method. The analysis model is based on the usual relations for calculus of the total manufacturing cost and final price of the product, by integrating relationships that take into account complex dependencies between different components of a product cost and selling price.
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Kwoka, John, and Vladlena Sabodash. "Price Spikes in Energy Markets: “Business by Usual Methods” or Strategic Withholding?" Review of Industrial Organization 38, no. 3 (May 2011): 285–310. http://dx.doi.org/10.1007/s11151-011-9294-8.
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Ward, Derek J., Lucy Doos, and Andrew Stevens. "Trends in the costs of drugs launched in the UK between 1981 and 2015: an analysis of the launch price of drugs in five disease areas." BMJ Open 9, no. 5 (May 2019): e027625. http://dx.doi.org/10.1136/bmjopen-2018-027625.
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ObjectivesTo investigate the trend in the launch price of new drugs for five common health conditions.DesignCross-sectional study using data on new drugs launched in the UK between 1981 and 2015 for hypertension, asthma, rheumatoid arthritis, schizophrenia and colorectal cancer.Data and sourcesAll drugs marketed in the UK between 1981 and 2015 (inclusive), and licensed specifically for the treatment of one of the five chosen conditions were included in the study. Newly launched medicines and their launch prices were identified by hand-searching all editions of the British National Formulary in addition to searching the websites of relevant regulatory agencies (European Medicines Agency and Medicines and Healthcare products Regulatory Agency). The launch price in UK pounds for a 28-day supply of each medicine at a typical or usual maintenance dose was adjusted for the effects of general inflation using the gross domestic product deflator series.Results104 drugs were included in our study with a mean inflation-adjusted 28-day launch price of £288 (SD £678). The launch price of new drugs varied significantly across the five conditions, with drugs for hypertension having the lowest mean price (£27) and drugs for colorectal cancer having the highest mean price (£1590) (p<0.001). There were large increases in launch prices across the study period, but the magnitude and pattern was markedly different between therapeutic areas. Biological drugs represented 13.5% of all included drugs and had a significantly higher launch price than non- biological drugs (£1233 vs £141, p<0.001). 22.1% of included drugs were first-of-kind and had a significantly higher launch price than follow-on drugs (£768 vs £151) (p<0.0001).ConclusionDrugs prices continue to increase across different therapeutic areas. This has some association with novelty, but, it is not clear if this increase in price is associated with medical benefits.
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Švábová, Lucia. "ESTIMATING THE PARAMETER DELTA IN THE BLACK MODEL USING THE FINITE DIFFERENCE METHOD FOR FUTURES OPTIONS." CBU International Conference Proceedings 3 (September 19, 2015): 109–14. http://dx.doi.org/10.12955/cbup.v3.591.
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Financial derivatives are a widely used tool for investors to hedge against the risk caused by changes in asset prices in the financial markets. A usual type of hedging derivative is an asset option. In case of unexpected changes in asset prices, in the investment portfolio, the investor will exercise the option to eliminate losses resulting from these changes. Therefore, it is necessary to include the options in the investor´s portfolio in such a ratio that the losses caused by decreasing of assets prices will be covered by profits from those options. Futures option is a type of call or put option to buy or to sell an option contract at a designated strike price. The change in price of the underlying assets or underlying futures contract causes a change in the prices of options themselves. For investor exercising option as a tool for risk insurance, it is important to quantify these changes. The dependence of option price changes, on the underlying asset or futures option price changes, can be expressed by the parameter delta. The value of delta determines the composition of the portfolio to be risk-neutral. The parameter delta is calculated as a derivation of the option price with respect to the price of the underlying asset, if the option price formula exists. But for some types of more complex options, the analytical formula does not exist, so calculation of delta by derivation is not possible. However, it is possible to estimate the value of delta numerically using the principles of the numerical method called “Finite Difference Method.” In the paper the parameter delta for a Futures call option calculated from the analytical formula and estimated from the Finite difference method are compared.
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Lolli, Nicola, Anne Gunnarshaug Lien, and Øystein Rønneseth. "Cost Optimization of a Zero-Emission Office Building." Buildings 10, no. 12 (November 30, 2020): 222. http://dx.doi.org/10.3390/buildings10120222.
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The cost-effectiveness of energy efficiency measures meant to achieve a zero-emission office building is investigated and compared to business as usual energy efficiency measures. The laboratory for zero emission buildings, the ZEB Lab, located in Trondheim, Norway, is an office building designed and built to compensate its lifecycle emissions with the use of a large array of building-integrated photovoltaic panels, pursuing a zero-emissions ambition level. Three design alternatives are investigated by downgrading the building insulation level to the values recommended by the currently enforced Norwegian building code, the byggteknisk forskrift TEK17. A sensitivity analysis of the variation of the installed area of the photovoltaic panels is performed to evaluate if smaller areas give better cost performances. Net present values are calculated by using three scenarios of future increase of electricity price for a time horizon of 20 years. Results show that business as usual solutions give higher net present values. Optimized areas of the photovoltaic panels further increase the net present values of the business as usual solutions in the highest electricity price scenario. The zero-emission ambition level shows a higher net present value than that of the business as usual solutions for a time horizon of at least 36 years.
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Cook, Eli. "THE NEOCLASSICAL CLUB: IRVING FISHER AND THE PROGRESSIVE ORIGINS OF NEOLIBERALISM." Journal of the Gilded Age and Progressive Era 15, no. 3 (July 2016): 246–62. http://dx.doi.org/10.1017/s1537781416000104.
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AbstractIn examining the mathematical models, theories of value, and price statistics wielded by leading economist and social reformer Irving Fisher, this article explores the overlooked impact that Neoclassical Economics had on Progressive Era reform and thought. By offering a neoclassical theory of marginal utility that claimed that market prices reflected subjective value, Fisher formalized, legitimized, and popularized the use of price statistics in progressive political discourse, teaching the American people that if they wanted to argue over the nature of progress or the worthiness of a certain reform, they would have to price it first. The article argues that such a “pricing of progressivism” served as an important foundational precursor to the rise of neoliberal thought in the 1980s. In light of such a significant intellectual legacy, it seems imperative that intellectual historians of the Progressive Era turn their attention away from the usual suspects of this period, such as Pragmatists William James and John Dewey, and shift their analytical focus away from the “Metaphysical Club” and toward a neoclassical one.
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Moreira, Ajax R. B., and Helio S. Migon. "Core Inflation: Robust Common Trend Model Forecasting." Brazilian Review of Econometrics 24, no. 2 (November 2, 2004): 203. http://dx.doi.org/10.12660/bre.v24n22004.2710.
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Monetary authorities need a measure of the future inflation trend to keep inflation on target. Many alternative core inflation measures appear in the recent literature intending to avoid the deficiencies of the usual headline inflation index as a predictor. This price index is defined as some weighted average of the individual price change for a list of goods and services. Its use as a future inflation indicator is criticized in the literature because the products are heterogeneous in respect to the variability and some of the prices involved have relevant seasonal movements. A multivariate model simultaneously including the seasonal effects of each component of the price index and a common trend - core inflation - will be developed in this paper. The model is phrased as a dynamic model and a robust sequential filter is introduced. The posterior and predictive distributions of the quantities of interest are evaluated via stochastic simulation techniques, MCMC - Markov chain Monte Carlo. Different models are compared using the minimum posterior predictive loss approach and many graphical illustrations are presented.
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Romer, Christina D. "Why Did Prices Rise in the 1930s?" Journal of Economic History 59, no. 1 (March 1999): 167–99. http://dx.doi.org/10.1017/s0022050700022336.
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Prices rose in most years between 1933 and 1941 even though output was substantially below trend. This inflation cannot be explained as simply the effect of devaluation and changes in expectations. Rather, because prewar price changes depended significantly on the growth rate of real output, the extraordinarily rapid growth after 1933 was an important force leading to inflation. At the same time, the NIRA, by encouraging minimum wages and collusive pricing arrangements, caused a crucial diminution of the usual deviation-from-trend effect. The conjunction of these forces caused inflation at a time when the U.S. economy remained depressed.
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Fauzi, Iif Rahmat, and Lindawati Lindawati. "RESPON PETANI KARET THAILAND, INDONESIA, MALAYSIA, VIETNAM, INDIA, DAN LAOS MENGHADAPI RENDAHNYA HARGA KARET." Jurnal Agro Estate 5, no. 1 (June 14, 2021): 1–13. http://dx.doi.org/10.47199/jae.v5i1.189.
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In several years ago, the natural rubber price shows a negative trend. This condition make a rubber smallholder face difficulties in life. This paper study the efforts made by rubber smallholder to face low rubber prices. Methods in this paper used descriptive analysis with literature studies of the efforts undertaken by rubber smallholder in several rubber producer countries, especially in Thailand, Indonesia, Malaysia, Vietnam, India, and Laos to face low rubber price. This study show that the alternative effort undertaken by rubber smallholder to face low rubber price generally was 1) management of cost production by reduced fertilizer and others factor production which no disturbed rubber income; 2) develop other crops by intercropping technique on rubber interrow; 3) looking for side jobs such as construction laborers, public transportation drivers, opening stalls and catching fish; 4) take of loans to maintain the standard of household living; 5) implement a joint marketing system to obtain a better rubber price; 6 continue to tapping as usual and trying to access the government assistance programs that were oriented towards the sustainability of rubber agribusiness; 7) selling or renting out some of the old rubber land that is no longer productive; 8) carry out new plantings with or without government assistance. The alternative strategy that is considered the most relevant in dealing with low rubber prices and supporting the sustainability of natural rubber agribusiness at this time is the intercropping strategy
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MIYAKE, MASATOSHI, HIROSHI INOUE, and SATORU TAKAHASHI. "OPTION PRICING FOR WEIGHTED AVERAGE OF ASSET PRICES." Asia-Pacific Journal of Operational Research 28, no. 05 (October 2011): 651–72. http://dx.doi.org/10.1142/s0217595911003491.
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Average options are path-dependent and have payoffs which depend on the average price over a fixed period leading up to the maturity date. This option is of interest and important for thinly-traded assets since price manipulation is prohibited, and both the investor and issuer may enjoy a certain degree of protection from the caprice of the market. However, to deal with unexpected situations incurred the usual simple average options may not be sufficient. Therefore, in this paper, we consider to propose a more general weight instead of the simple average, for which it may be possible to control the weight in the light of the unexpected circumstances. Further, we derive approximate solutions for the weighted sums of asset prices, and in order for these formulae to be applicable some adjustment must be taken into account along with Monte Carlo simulations. Finally, some comparisons for these results are made.
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Gerolimetto, Margherita, Christine Mauracher, and Isabella Procidano. "Analyzing Wine Demand with Artificial Neural Networks." Journal of Wine Economics 3, no. 1 (2008): 30–50. http://dx.doi.org/10.1017/s1931436100000547.
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AbstractIn this paper we analyse wine demand in Italy with microdata. Instead of estimating a parametric model, we study the demand following a non parametric approach by means of Artificial Neural Networks. The input set includes the usual economic variables (price and income) and some sociodemographic factors that are also shown to be relevant for demand analysis. We compute price elasticities using two different nonparametric procedures. (JEL Classification: C14, C21, Q11, Q13)
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Ribeiro, Eduardo Pontual, Luiz Teles Menezes Neto, and Rosemarie Bröker Bone. "Reservas de Óleo e Gás em Modelos de Avaliação para Empresas Petrolíferas." Brazilian Review of Finance 9, no. 4 (January 18, 2011): 549. http://dx.doi.org/10.12660/rbfin.v9n4.2011.2708.
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The aim of the article is to evaluate the effect of oil and gas reserve increases on firm market value. The estimates are based on Olson’s market value prediction model – that nests the multiples P/E (price-earnings), P/B (price-book value) and in the oil industry, the P/R (price-reserves) ratio. Reserves are an important characteristic of these firms, but they are not part of equity under usual accounting practices. Using data from firms listed on NYMEX, the results suggest that reserves are positively correlated with firm equity market price. Yet, reserve increases without profit or equity expansions will be penalized by the market, if the reserve increases do not boost profits or the book value of the firm. The evaluation using price multiples appears inefficient, as earnings (or equity) and price proportionality is rejected in our empirical model.
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Stupnikova, Anna. "Spatial Differentiation of Prices in the Russian Pharmaceutical Market in the Covid-19 Pandemic." SHS Web of Conferences 110 (2021): 01037. http://dx.doi.org/10.1051/shsconf/202111001037.
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The article presents the results of a study of a pandemic on the usual differentiation of price drugs in Russia. It is determined that the pandemic led to a significant increase in consumption and values in the first months of the regime. It was found that in the context of a pandemic in 90,6% of the studied regional markets, an increase in the level of differentiation of prices for medicines compared to 2019. It was revealed that the greatest volatility of prices for medicines was observed in the St. Petersburg market. The grouping of regional markets according to the level of spatial differentiation of prices for medicines in a pandemic showed that the group with the maximum volatility of prices for medicines was formed by four regions: Saint Petersburg, the Jewish Autonomous Region, the Republic of Khakassia and the Republic of Tatarstan.
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Barrell, R. J., Andrew Gurney, and Stephen Dulake. "Chapter II. The World Economy." National Institute Economic Review 133 (August 1990): 24–49. http://dx.doi.org/10.1177/002795019013300103.
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Uncertainties over the prospects for the oil price mean that the short-term forecast is subject to a wider margin of error than usual. The Iraqi invasion of Kuwait could lead to a reduction of world oil production by at least eight per cent immediately and has already produced a significant rise in oil prices. Our central forecast assumes that in the short term oil prices will stay firmer, but that in the longer run there will be no major change in oil market conditions. We have assumed that oil prices (or more precisely the arithmetic average of Brent and Dubai spot prices) will be around $25 per barrel in the second half of 1990, but that they will fall thereafter. This should leave crude oil prices in the range $20–22 per barrel by the end of 1991. Annex I to the chapter investigates the effects of an oil price rise on the world economy, and looks in particular at the distribution of the effects across the major economies. The conclusion of the Annex is that a 25 per cent rise in oil prices is likely to raise inflation in the major seven economies by only a quarter to a half a per cent in the short run, and to lower output by up to a half per cent.
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Sumithra, R. "Monetary Policy Goals for Economic Stability in India." Shanlax International Journal of Economics 8, no. 2 (March 1, 2020): 5–11. http://dx.doi.org/10.34293/economics.v8i2.2155.
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This paper focused on the goals of monetary policy on how to take action to reduce the inflation rate and achieve economic stability in India. The monetary policy the arm of public policy the usual goals of monetary policy are to achieve full employment, to achieve high rate of economic growth, and to stabilize prices and wages, to maintain equilibrium the balance of payment, influencing the cost and availability of credit and increasing the repo rate by central bank and Government of India. Every country needs to achieve price stability in economic development. The inflation rate below close to 2% is low enough to allow the economy to benefit fully from price stability and avoid deflation risk and, beyond the level of inflation above 3 to 10% in any economy of the country, it’s harmful to the economy. Present India’s consumer price inflation rate was (CPI) 3.9% and the whole sale inflation rate of (WPI) 1.8% in the Financial Year of 2019. According to Econometric models estimated in 2020, India’s inflation rate is projected around 4.5%.
In this study, we study whether inflation is an effective tool for controlling inflation and achieving economic stability in India?
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Semerád, Pavel. "How to Avoid the Usual Price Rule on the Fuel Market in the Czech Republic." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 64, no. 1 (2016): 351–55. http://dx.doi.org/10.11118/actaun201664010351.
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The paper deals with value added tax evasions on the fuel market in the Czech Republic. This commodity is used in carousel fraud. In the chains of taxpayers there are missing traders who fail to meet their tax obligations. Their business strategy is based on quick sales at unusually low prices which do not allow honest parties to compete. Tax administrators should focus on unusual prices which constitute a higher probability of tax evasions. This paper aims to verify whether or not there are ways to evade the measure, focusing specifically on applying methods which could help achieve lower sales prices while avoiding the possibility to require unpaid tax from the recipients of taxable supply. The weaknesses thus found are described and demonstrated in more detail in the paper. During a research some ways were found which could be used for avoiding this specific measure. Methods of Cash Back and Free Shipping were identified and described.
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Plastun, Alex, Nataliya Strochenko, Olga Zhmaylova, Liudmyla Sliusareva, and Sergiy Bashlay. "Momentum and contrarian effects in the Ukrainian stock market: case of daily overreactions." Investment Management and Financial Innovations 17, no. 1 (February 10, 2020): 24–34. http://dx.doi.org/10.21511/imfi.17(1).2020.03.
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This paper examines momentum and contrarian effects in the Ukrainian stock market after one-day abnormal returns. To do this, UX futures data over the period 2010–2018 are used. The following hypotheses are tested: H1) hourly returns on overreaction days differ from hourly returns on normal days, H2) there are price patterns on overreaction days, and H3) to test these hypotheses, visual inspection and average analysis are used, as well as t-tests, cumulative abnormal returns, and trading simulation approaches. The results suggest that there are statistically significant differences between intraday dynamics during the usual days and the overreactions day. There is a strong momentum effect present on the day of overreaction: prices tend to change only in the direction of the overreaction during the whole day. The fact of the overreaction becomes clear after 13:00-14:00. This gives a lot of time to explore the momentum effect in the day of overreaction. On the day after the overreaction, prices tend to go in the opposite direction: contrarian pattern is detected, which is in line with the overreaction hypothesis. Based on detected price patterns, rules of trading and trading strategies for the Ukrainian stock market are developed. Momentum Strategy (based on price patterns on the day of overreaction) generates several successful trades; close to with 90%, and their number being is profitable (trading results differ from the random ones – confirmed by t-tests). Contrarian Strategy (based on price patterns on the day after the overreaction) demonstrates low efficiency, and results do not differ from random trading.
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Diewert, W. Erwin. "INDEX NUMBER APPROACHES TO SEASONAL ADJUSTMENT." Macroeconomic Dynamics 3, no. 1 (March 1999): 48–68. http://dx.doi.org/10.1017/s1365100599010020.
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A seasonal commodity is one that either (1) is not available during certain seasons or (2) is always available but its prices or quantities fluctuate with the season or time of year. The existence of type-1 seasonal commodities in consumer preference functions means that the usual economic approach to index number theory cannot be applied to construct a short-term month-to-month or quarter-to-quarter consumer price index. We postulate various separability assumptions on intertemporal preferences that can be used to justify various seasonal index number formulas. One of our approaches leads to an index number solution to the problem of seasonal adjustment.
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Kopczuk, Wojciech, and David Munroe. "Mansion Tax: The Effect of Transfer Taxes on the Residential Real Estate Market." American Economic Journal: Economic Policy 7, no. 2 (May 1, 2015): 214–57. http://dx.doi.org/10.1257/pol.20130361.
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Using discontinuities in housing transaction taxes in New York and New Jersey we find robust price bunching. Incidence for transactions local to the notch falls on sellers, with no evidence of evasion. The volume of missing transactions above the notch exceeds those bunching (beyond the usual extensive-margin response), indicating incentives for buyers and sellers not to transact (market unravels). The possibility of unraveling affects interpretation and estimation of bunching. Away from the threshold, we find increased discounts and weaker relationship between listing and sale prices. Equilibrium bargaining framework highlights that taxation affects the ultimate allocation in this search market. (JEL H71, R21, R31)
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Borenstein, Severin, James Bushnell, Frank A. Wolak, and Matthew Zaragoza-Watkins. "Expecting the Unexpected: Emissions Uncertainty and Environmental Market Design." American Economic Review 109, no. 11 (November 1, 2019): 3953–77. http://dx.doi.org/10.1257/aer.20161218.
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We study potential equilibria in California’s cap-and-trade market for greenhouse gases (GHGs) based on information available before the market started. We find large ex ante uncertainty in business-as-usual emissions and in the abatement that might result from non-market policies, much larger than the reduction that could plausibly occur in response to an allowance price within a politically acceptable range. This implies that the market price is very likely to be determined by an administrative price floor or ceiling. Similar factors seem likely to be present in other cap-and-trade markets for GHGs. (JEL D47, D81, Q54, Q58, R11)
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Saberi Derakhtenjani, Ali, and Andreas K. Athienitis. "Model Predictive Control Strategies to Activate the Energy Flexibility for Zones with Hydronic Radiant Systems." Energies 14, no. 4 (February 23, 2021): 1195. http://dx.doi.org/10.3390/en14041195.
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This paper presents control strategies to activate energy flexibility for zones with radiant heating systems in response to changes in electricity prices. The focus is on zones with radiant floor heating systems for which the hydronic pipes are located deep in the concrete and, therefore, there is a significant thermal lag. A perimeter zone test-room equipped with a hydronic radiant floor system in an environmental chamber is used as a case study. A low order thermal network model for the perimeter zone, validated with experimental measurements, is utilized to study various control strategies in response to changes in the electrical grid price signal, including short term (nearly reactive) changes of the order of 10–15 min notice. An index is utilized to quantify the building energy flexibility with the focus on peak demand reduction for specific periods of time when the electricity prices are higher than usual. It is shown that the developed control strategies can aid greatly in enhancing the zone energy flexibility and minimizing the cost of electricity and up to 100% reduction in peak power demand and energy consumption is attained during the high-price and peak-demand periods, while maintaining acceptable comfort conditions.
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Bimantio, Mohammad Prasanto. "System Dynamic Simulation of Salacca-Pondoh’s Business as Usual Condition in Sleman District, Yogyakarta Province, Indonesia." Jurnal Teknik Industri 21, no. 1 (June 28, 2019): 25–32. http://dx.doi.org/10.9744/jti.21.1.25-32.
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Production of horticultural crops in Sleman District is dominated by salacca-pondoh with total production in 2016 reaching 73 kton, cover up to 98% of total salacca-pondoh’s production in Yogyakarta Province. But salacca-pondoh’s farmers actually got very low-price during harvest season and they only act as a price taker that had low bargaining position, so that their welfare. This research formulated salacca-pondoh’s business as usual condition in Sleman District in form of system dynamic simulation. The factors influenced the low income of farmers during harvest season were identified. Result showed there are several seasonal “pitfalls” points in the farmer’s income which made it dropped far below the average value. It has potential to make the farmers not to replant salacca-pondoh then switch to other fruits that are more profitable. Product diversification either vertically or horizontally by allocating some of the fruit and waste to be convert into derivative products can be a step to increase the income of salacca-pondoh’s farmers and intensify the economic activity in Sleman District.
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Johnson, H. Clark. "The Gold Deflation, France, and the Coming of the Depression, 1919–1932." Journal of Economic History 55, no. 2 (June 1995): 378–79. http://dx.doi.org/10.1017/s0022050700041140.
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The dissertation argues for a distinction between two varieties of price deflation, one offset by declining costs, the other induced by declining profits. Where the second type of deflation occurs, the usual result is contraction of output, income, and employment. We can roughly measure the relative amounts of cost and profit deflation underway in different situations. Price declines usually aggravate profit downturns, and in some cases directly cause them. An international profit deflation that (except for its milder consequences) anticipated that of 1929 to 1932 occurred during 1891 to 1896.
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Mention, Anne-Laure, João José Pinto Ferreira, and Marko Torkkeli. "Moonshot innovations: Wishful Thinking or Business-As-Usual?" Journal of Innovation Management 7, no. 1 (May 27, 2019): 1–6. http://dx.doi.org/10.24840/2183-0606_007.001_0001.
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‘Our mind-set will be to avoid the moonshot’ said Boeing CEO James McNerney at a Wall Street analysts meeting in Seattle nearly 5 years ago (see Gates, 2014). The ambitious, exploratory and risky endeavour dubbed as moonshot project of the Boeing 787 Dreamliner had sunk billions of dollars in an industry where end-users demanded more comfort and convenience for less cost. According to McNerney, moonshots do not work in a price-sensitive environment. It is argued that they also tend to take the focus away from more immediate value capture opportunities as seen through Google’s loss on its core Cloud Platform to Amazon Web Services (AWS). Google’s parent company Alphabet which oversees Google X (a semi-secret moonshot project lab) more recently reported that it had incurred a US$1.3billion in operating loss on moonshot projects with a sizeable increase in compensation of employees and executives working on these projects (Alphabet, 2018). Notably, none of the Google X lab spin-outs (e.g. Loon – a balloon-based internet project, Waymo – self-driving car project, Wing – drone delivery project) have been identified as commercially viable. Despite the uncertainties and failures, the focus on moonshot innovations continues to proliferate in academia (Kaur, Kaur and Singh, 2016; Strong and Lynch, 2018) and practice (Martinez, 2018). Yourden (1997) even wrote an interesting book on perseverance and tenacity to keep going even after failed projects. Proponents of moonshot thinking have claimed that it can help solve society’s biggest challenges (e.g. cure cancer, see Kovarik, 2018) with some suggesting to encourage such thinking by paying failure bonuses (Figueroa, 2018). Yet others remain sceptical, positing that moonshot is ‘awesome and pointless’ (Haigh, 2019, p.4). A proverbial question, thus, emerges: are moonshot innovations simply wishful thinking or can they be part of business-as-usual? In part, the answer may be two-fold – 1) understanding the value of moonshot thinking, and 2) understanding moonshot challenges. (...)
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GRUNDLING, HENDRIK, and FERNANDO LLEDÓ. "LOCAL QUANTUM CONSTRAINTS." Reviews in Mathematical Physics 12, no. 09 (September 2000): 1159–218. http://dx.doi.org/10.1142/s0129055x00000459.
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We analyze the situation of a local quantum field theory with constraints, both indexed by the same set of space-time regions. In particular we find "weak" Haag–Kastler axioms which will ensure that the final constrained theory satisfies the usual Haag–Kastler axioms. Gupta–Bleuler electromagnetism is developed in detail as an example of a theory which satisfies the "weak" Haag–Kastler axioms but not the usual ones. This analysis is done by pure C*-algebraic means without employing any indefinite metric representations, and we obtain the same physical algebra and positive energy representation for it than by the usual means. The price for avoiding the indefinite metric, is the use of nonregular representations and complex valued test functions. We also exhibit the precise connection with the usual indefinite metric representation. We conclude the analysis by comparing the final physical algebra produced by a system of local constrainings with the one obtained from a single global constraining and also consider the issue of reduction by stages. For the usual spectral condition on the generators of the translation group, we also find a "weak" version, and show that the Gupta–Bleuler example satisfies it.
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Griffin, Paul, and Herbert Smith. "Price reopeners—challenges and opportunities." APPEA Journal 50, no. 2 (2010): 681. http://dx.doi.org/10.1071/aj09045.
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The long-term sale and purchase agreements which have long under-pinned the LNG business have seen increasing sophistication in their price review provisions and price re-openers in recent years. But, for all the contractual ingenuity and foresight of these provisions at the time these agreements are entered into, the emergence of connected geographical markets and the increasing volatility of price and volume risk have meant that these provisions are now regularly applied and a number of these provisions found wanting when submitted to practical application. Among the factors that have contributed to these difficulties are recent changes in the commercial and political aims of a number of the important producer economies and the rapid change in the circumstances of a number of the economies of those states and regions that are consumers of LNG. This paper contemplates the ways in which today’s circumstances are putting increased stress on these traditional provisions and looks particularly at the challenges of developing effective strategies to mitigate risks and enhance opportunities while maintaining relationships during periods of disagreement. It also includes case studies that highlight some of the issues of triggering price re-openers and then managing their progress through the resulting re-negotiations or, increasingly, arbitrations and expert determinations. These case studies include reviews of published decisions on price re-openers and analyses of some of the more usual contractual provisions found in the price and price clauses revision of long-term LNG sale and purchase agreements.
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MASTROENI, LORETTA, and MICHELE MATZEU. "A DEGENERATE PARABOLIC VARIATIONAL INEQUALITY FOR THE AMERICAN OPTION PRICING PROBLEM." Mathematical Models and Methods in Applied Sciences 08, no. 03 (May 1998): 485–93. http://dx.doi.org/10.1142/s0218202598000214.
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A formulation in terms of degenerate parabolic variational inequalities for the price of an American put option is stated. The usual uniform ellipticity condition is weakened by the presence of a weight function. Then the appropriate framework is that of some suitable "weighted" Sobolev spaces. One applies a result previously stated by the authors in Ref. 8.
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Vormedal, Irja, Lars H. Gulbrandsen, and Jon Birger Skjærseth. "Big Oil and Climate Regulation: Business as Usual or a Changing Business?" Global Environmental Politics 20, no. 4 (November 2020): 143–66. http://dx.doi.org/10.1162/glep_a_00565.
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There is a long and continuing debate in the literature on corporate political power about whether businesses that advocate public-interest regulation do so for strategic political reasons or because they anticipate economic gains. Previous research on Big Oil’s strategies in climate politics has largely converged on the first view, arguing that global majors feign support for moderate carbon pricing largely to prevent the adoption of more drastic and costly policies. In contrast, this article argues that Big Oil’s growing stake in natural gas expansion is its economic motive for supporting favorably designed carbon pricing. The article finds that policy, technology, and energy market changes have paved the way for a shift toward natural gas and that a moderate carbon price, by triggering coal-to-gas switching, supports the realization of a gray transition in which “Big Gas” can expand its market share at the expense of coal and become a major bridge fuel next to renewables. Our findings underscore the importance of studying the competitive rivalry that underpins evolving industry demands for climate policy and regulation.
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Filipishina, Liliia, Viktoriya Gonchar, and Oleksii Bohachov. "Research of IT influence on the price perception." Economics. Ecology. Socium 4, no. 2 (June 12, 2020): 40–51. http://dx.doi.org/10.31520/2616-7107/2020.4.2-5.
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Introduction. The study contributes to the theoretical knowledge by expanding understanding of auditory encoding of prices, further testing the working memory capacities, and understanding the psychological underpinnings of price perceptions. From a managerial perspective, our findings will help marketers to better understand the cognitive processes of price perception while voice-ordering through smart devices, thus improving company pricing decisions and increasing number of sales.
Aim and tasks. In this study, we aim to understand the psychological underpinnings of price perception during “auditory” price information encoding. In particular, we research how the price pronunciation order of the item on sale (first the sale price and then the usual price or vice versa) affects the sale evaluation and subsequent purchase intention.
Results. Prior to making predictions about price perception through auditory sense and its subsequent evaluation, we need to understand the cognitive processes underlying numbers encoding. Numerical cognition process follows five stages: (1) initial exposure to numerical information (i.e., numerical presentation in visual or verbal format), (2) numerical information encoding, (3) representation of the numerical information in memory, (4) retrieval of that information in order to perform some cognitive task (e.g. price evaluation), and (5) consumer response based on processed information. Thus, the internal consistency reliability of the questions has already been tested using Cronbach’s alpha parameter and has been proved to be of the appropriate level. Lastly, in addition to these context-related questions, we include two attention checks questions and the question on the questionnaire purpose in order to control for random box-checking and exclude responses which guessed the study reasons from further analysis.
Conclusions. From a theoretical standpoint, this study contributes to two literature streams: (1) marketing literature on pricing and (2) the psychological literature on numerical cognition. In the pricing area, the findings of the study further support and shed light on the application of the anchoring effect during purchase decisions. The study taps into the area of conscious and unconscious comparisons with price anchors and helps to reconcile previous researches who found different effects of price anchors on willingness to pay for the product or service. In addition, the study provides novel insights regarding pricing decisions in “auditory” rather than “visual” domain, laying a foundation for further exploration of this area.
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Kokovin, Sergey, and Fedor Vasilev. "SCREENING IN SPACE: RICH AND POOR CONSUMERS IN A LINEAR CITY." Ural Mathematical Journal 7, no. 1 (July 30, 2021): 66. http://dx.doi.org/10.15826/umj.2021.1.005.
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Unlike standard models of monopolistic screening (second-degree price discrimination), we consider a situation where consumers are heterogeneous not only vertically, in their willingness to pay, but also horizontally, in their tastes or "addresses'' a la Hotelling's Linear City. For such a screening game, a novel model is composed. We formulate the game as an optimization program, prove the existence of equilibria, develop a method to calculate equilibria, and characterize their properties. Namely, the solution structure of the resulting menu of contracts can be either a "chain of envy'' like in usual screening or a number of disconnected chains. Unlike usual screening, "almost all'' consumers get positive informational rent. Importantly, the model can be extended to oligopoly screening.
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Dang, F., P. Habashi, Z. Gallinger, and G. C. Nguyen. "A241 PRICE: PREVENTING READMISSIONS IN IBD CENTRES OF EXCELLENCE." Journal of the Canadian Association of Gastroenterology 3, Supplement_1 (February 2020): 118–19. http://dx.doi.org/10.1093/jcag/gwz047.240.
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Abstract Background Hospital readmission rates are high in the IBD population, with 20% of patients readmitted within the same calendar year. Hospital discharge processes are not routinely standardized and deficiencies in the transition of care after discharge puts patients at increased risk of illness, hospital utilization and healthcare cost. In addition to increased healthcare expenditure, hospitalizations for IBD patients are associated with nosocomial complications such as venous thromboembolism and infection. Aims We hypothesize that implementing standardized follow-up by an IBD practice nurse and electronic health outcome monitoring through NoviSurvey can reduce the risk of hospital readmission compared to current approaches of hospital discharge alone. Methods This parallel randomized control trial is powered for N=400 and will include patients admitted for an IBD flare without requiring surgical intervention from the gastroenterology service or consulted from general internal medicine. Patients randomized to the control arm are discharged with usual standard of care. Patients in the intervention group will be eligible for usual post-discharge care in addition to organized telephone follow-up by an IBD practice nurse at 1, 7 and 30 days post-discharge. In addition, these patients will receive bi-weekly correspondence from NoviSurvey to complete a short questionnaire on clinical disease severity and medication adherence. Based on telephone interaction and survey scores, the IBD nurse may arrange readmission or expedited ambulatory visit for high-risk patients. Results 15 patients are currently enrolled into our study, with 7 randomized to the intervention and 8 to the control group. In the control group, 25% of patients were readmitted to hospital within 30 days of discharge and 13% failed to follow their steroid taper. There were no patients in the intervention group who were readmitted to hospital within 30 days and none who failed their steroid taper. In both the control or intervention group, there were no occurrences of deep vein thrombosis within 30 days post-discharge. Conclusions The preliminary findings in our small sample study indicate that a nurse led post-discharge intervention may translate to benefits including decreased readmission rates to hospital, better patient satisfaction and better medication adherence. Funding Agencies CCC
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HENDERSON, VICKY, DAVID HOBSON, and GLENN KENTWELL. "A NEW CLASS OF COMMODITY HEDGING STRATEGIES: A PASSPORT OPTIONS APPROACH." International Journal of Theoretical and Applied Finance 05, no. 03 (May 2002): 255–78. http://dx.doi.org/10.1142/s0219024902001390.
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We provide a new way of hedging a commodity exposure which eliminates downside risk without sacrificing upside potential. The tool used is a variant on the equity passport option and can be used with both futures and forwards contracts as the underlying hedge instrument. Results are given for popular commodity price models such as Gibson-Schwartz and Black with convenience yield. Two different scenarios are considered, one where the producer places his usual hedge and undertakes additional trading, and the other where the usual hedge is not held. In addition, a comparison result is derived showing that one scenario is always more expensive than the other. The cost of these methods are compared to buying a put option on the commodity.
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Alborn, Timothy. "Normal Bodies, Normal Prices: Interdisciplinarity in Victorian Life Insurance." Articles, no. 49 (April 9, 2008): 0. http://dx.doi.org/10.7202/017854ar.
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Abstract Victorian life insurance offices challenged disciplinarity by inviting doctors and statisticians to work together toward a single aim, hence prompting these professions to depart from the territorialism that otherwise motivated them. They facilitated these links among disciplines by diverting the attention of their expert employees from specific pathologies to a common-enough conception of what counted as "normal" or "natural" in a field of knowledge. Nor did they do so in a way that replicated the reformist agendas of eugenics or social hygiene, which carried the perfectionist impulse of most late-Victorian disciplines into the interdisciplinary arena. Instead, they took the normal as they found it, because it was easier to make money that way than to try and convince people to aspire to a norm that did not yet exist. If interdisciplinarity in life insurance altered usual conceptions of what it meant to possess a normal body or to find one's place on a normal curve, it had a similar effect on the late-Victorian concept of a natural or normal price. Unlike classical and neoclassical economists, who identified cases of price disequilibrium (the economic equivalent of the pathological) and sought to remove obstacles that stood in the way of normal prices, Victorian life offices started with a normal price (their standard set of premiums for healthy-enough lives) and exclusively sold their product to customers who were normal enough to pay it.
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CHEN, XIAOGUANG, HAIXIAO HUANG, and MADHU KHANNA. "LAND-USE AND GREENHOUSE GAS IMPLICATIONS OF BIOFUELS: ROLE OF TECHNOLOGY AND POLICY." Climate Change Economics 03, no. 03 (August 2012): 1250013. http://dx.doi.org/10.1142/s2010007812500133.
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This paper examines the changes in land use in the U.S. likely to be induced by biofuel and climate policies and the implications of these policies for greenhouse gas (GHG) emissions over the 2007–2022 period. The policies considered here include a modified Renewable Fuel Standard (RFS) by itself as well as combined with a cellulosic biofuel tax credit or a carbon price policy. We use a dynamic, spatial, multi-market equilibrium model, Biofuel and Environmental Policy Analysis Model (BEPAM), to endogenously determine the effects of these policies on cropland allocation, food and fuel prices, and the mix of first- and second-generation biofuels. We find that the RFS could be met by diverting 6% of cropland for biofuel production and would result in corn prices increasing by 16% in 2002 relative to the business-as-usual baseline. The reduction in GHG emissions in the U.S. due to the RFS is about 2%; these domestic GHG savings can be severely eroded by emissions due to indirect land-use changes and the increase in gasoline consumption in the rest of the world. Supplementing the RFS with a carbon price policy or a cellulosic biofuel tax credit induces a switch away from corn ethanol to cellulosic biofuels and achieves the mandated level of biofuel production with a smaller adverse impact on crop prices. These supplementary policies enhance the GHG savings achieved by the RFS alone, although through different mechanisms; greater production of cellulosic biofuels with the tax credit but larger reduction in fossil fuel consumption with a carbon tax.
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Kumar, Praveen, Nisan Langberg, and David Zvilichovsky. "Crowdfunding, Financing Constraints, and Real Effects." Management Science 66, no. 8 (August 2020): 3561–80. http://dx.doi.org/10.1287/mnsc.2019.3368.
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We study the feasibility and optimal design of presale crowdfunding contracts where participating consumers pay a premium above the future expected spot price and financially constrained entrepreneurs balance the potential product–market distortions introduced through presale crowdfunding against the cost of traditional external financing. Our analysis shows how such crowdfunding contracts enable the execution of projects that could not be otherwise undertaken and highlights novel interactions between the cost of capital, demand uncertainty, and production. Tighter financing constraints reduce the ability of the monopolist to extract surplus but, contrary to the usual result, may increase production. We evaluate how uncertainty and market size reduce the price-discriminating power of the monopolist and affect the optimal contract regime. Nevertheless, we show how such presale price-discriminating contracts are implementable even when the number of potential consumers is relatively high and their individual demand is stochastic. This paper was accepted by Gustavo Manso, finance.
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Gadidov, Anda, and M. C. Spruill. "Drift and the Risk-Free Rate." Journal of Probability and Statistics 2011 (2011): 1–19. http://dx.doi.org/10.1155/2011/595741.
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It is proven, under a set of assumptions differing from the usual ones in the unboundedness of the time interval, that, in an economy in equilibrium consisting of a risk-free cash account and an equity whose price process is a geometric Brownian motion on , the drift rate must be close to the risk-free rate; if the drift rate and the risk-free rate are constants, then and the price process is the same under both empirical and risk neutral measures. Contributing in some degree perhaps to interest in this mathematical curiosity is the fact, based on empirical data taken at various times over an assortment of equities and relatively short durations, that no tests of the hypothesis of equality are rejected.
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Price, Richard. "Apologies to Djankusó." New West Indian Guide / Nieuwe West-Indische Gids 77, no. 3-4 (January 1, 2003): 289–94. http://dx.doi.org/10.1163/13822373-90002525.
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[First paragraph]In 19901 published a photo and captioned it "Gaama Djankusó (tribal chief, 1898-1932) wearing his ceremonial gorget and his "lóndd"' (Price 1990: 410), with the image credited to Morton Kahn's Djuka (1931: facing p. 106). The adjoining text, discussing the Saramaka chief's ceremonial uniform, explains that Before its general shape was altered during the twentieth century, the gaama's cocked hat was called by Saramakas "löndö," the more usual meaning of which is "cunt," because the shape of its orifice resembles the female genitalia. Tebini described to me how Gaama Djankusó (who died in 1932) proudly told him that Queen Wilhelmina herself had sent him his, and he noted that, "like a woman's private parts, it's good forever." (Price 1990:411)
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Kulil, Vladimír. "Special Influences Affecting the Price of Real Estate / Zvláštní Vlivy Působící Na Cenu Nemovitostí." Transactions of the VŠB – Technical University of Ostrava, Civil Engineering Series 12, no. 2 (December 1, 2012): 86–94. http://dx.doi.org/10.2478/v10160-012-0021-7.
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Abstract The subject matter of this thesis is a proposal for a method of valuation of special effects that may have impact on real estate prices. It deals with proposed procedures for valuation of intangible assets, and definitions of such property. Special effects are in particular name, historical value, design, quality of layout, security aspects, accessibility, conflict groups of inhabitants in or near the property, and location. The value of special effects can be calculated as the difference between usual and material value of such property without coefficients of merchantability.
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Bošková, I. "Effects of the length of the milk collection route on the choice of the locality of milk processing." Agricultural Economics (Zemědělská ekonomika) 55, No. 10 (November 9, 2009): 501–7. http://dx.doi.org/10.17221/16/2009-agricecon.
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The goal of the research was to identify how important was the distance between the milk producer and the milk processor in their decision of which dairy plant would do the processing. The study should indicate if the advantage of a lower price offered by the distant milk producer would be eliminated or preserved by the transport costs. In the study, the cost of various lengths of milk collection routes in Central Europe has been examined. The difference in cost, whether a short or long journey was travelled, was compared to the range of raw milk prices within the chosen territories in Central Europe. The results proved that the milk collection costs in Europe enable rather long journeys, from the producer to the processor, to be made. In three of the four examined regions, the usual collection route of 200 km followed by an additional journey of 400 km enabled the preservation of the milk price advantage gained due to this journey. The feasibility of long collection journeys would reduce the impact of the success of local processors on the economics of the surrounding milk producers and vice-versa and could play an important role in the movement of raw milk in Europe in the ongoing concentration and liberalization process of milk production in the EU.
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Dorlach, Tim. "The AKP between populism and neoliberalism: lessons from pharmaceutical policy." New Perspectives on Turkey 55 (November 2016): 55–83. http://dx.doi.org/10.1017/npt.2016.23.
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AbstractIn September 2009, Turkey experienced a major reform of its pharmaceutical expenditure and price policy. By introducing a global budget, Turkey saved some 20 billion TL in public pharmaceutical expenditure in the 2010–2012 period. The lion’s share of this was achieved by introducing stricter price controls that reduced the profit margins of pharmaceutical producers and distributors (the populist policy solution), rather than by privatizing the cost of medicines through, for example, raising out-of-pocket payments (the neoliberal policy solution). This is a puzzle, given the Justice and Development Party (Adalet ve Kalkınma Partisi, AKP) government’s usual preference for lenient and business-friendly regulation. This article explains the policy reform with reference to (i) the pronounced electoral interests of the AKP’s political leadership in not substantially reducing access to public health services, (ii) the absence of powerful business interests in high medicine prices, and (iii) the absence of a developmentalist commitment to an industrial policy strategy for the pharmaceutical sector. This case study holds important lessons for scholars of Turkish politics. It suggests that externally the AKP’s economic and social policies are driven by the interests of its two major constituencies (namely, lower-class voters and “Anatolian capital”), while internally they are shaped by two camps of policy makers (namely, neoliberal-minded technocrats and election-focused party leaders).
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Bodapati, Anand V., and Aimee Drolet. "A Hybrid Choice Model that Uses Actual and Ordered Attribute Value Information." Journal of Marketing Research 42, no. 3 (August 2005): 256–65. http://dx.doi.org/10.1509/jmkr.2005.42.3.256.
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In the usual multinomial choice model, consumers choose to use “actual value” information; that is, utilities are continuous functions of product attributes (e.g., choices depend on actual magnitudes of price differences). The authors propose an alternative model in which consumers use only “ordered value” information; that is, utilities are functions only of the relative orderings of the attributes' values across alternatives (e.g., choices depend only on the price ordering and not on actual prices). The ordered value model is attractive because it fits well with psychological evidence that consumers often favor decision mechanisms that are cognitively less demanding. Using a supermarket shopper panel data set, the authors evaluate four models in which (1) all consumers use actual values; (2) all consumers use ordered values; (3) some consumers use actual values all the time, and some consumers use ordered values all the time; and (4) all consumers use both actual values and ordered values but with different propensities. In the analysis, the ordered value model finds stronger support than the actual value model: Model 1 outperforms Model 2; in the two hybrid choice models (Models 3 and 4), ordered value processing is more prevalent than actual value processing. These results suggest that consumers in some product categories engage more heavily in ordered value processing than in actual value processing.