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INEEL Liquid Effluent Inventory
Energy Technology Data Exchange (ETDEWEB)
Major, C.A.
The INEEL contractors and their associated facilities are required to identify all liquid effluent discharges that may impact the environment at the INEEL. This liquid effluent information is then placed in the Liquid Effluent Inventory (LEI) database, which is maintained by the INEEL prime contractor. The purpose of the LEI is to identify and maintain a current listing of all liquid effluent discharge points and to identify which discharges are subject to federal, state, or local permitting or reporting requirements and DOE order requirements. Initial characterization, which represents most of the INEEL liquid effluents, has been performed, and additional characterization may be required in the future to meet regulations. LEI information is made available to persons responsible for or concerned with INEEL compliance with liquid effluent permitting or reporting requirements, such as the National Pollutant Discharge Elimination System, Wastewater Land Application, Storm Water Pollution Prevention, Spill Prevention Control and Countermeasures, and Industrial Wastewater Pretreatment. The State of Idaho Environmental Oversight and Monitoring Program also needs the information for tracking liquid effluent discharges at the INEEL. The information provides a baseline from which future liquid discharges can be identified, characterized, and regulated, if appropriate. The review covered new and removed buildings/structures, buildings/structures which most likely had new, relocated, or removed LEI discharge points, and at least 10% of the remaining discharge points.
Dynamic pricing and learning with finite inventories
den Boer, A.V.; Zwart, Bert
We study a dynamic pricing problem with finite inventory and parametric uncertainty on the demand distribution. Products are sold during selling seasons of finite length, and inventory that is unsold at the end of a selling season, perishes. The goal of the seller is to determine a pricing strategy
Dynamic pricing and learning with finite inventories
den Boer, A.V.; Zwart, Bert
We study a dynamic pricing problem with finite inventory and parametric uncertainty on the demand distribution. Products are sold during selling seasons of finite length, and inventory that is unsold at the end of a selling season perishes. The goal of the seller is to determine a pricing strategy
Dynamic pricing and learning with finite inventories
Boer, den A.V.; Zwart, B.
We study a dynamic pricing problem with finite inventory and parametric uncertainty on the demand distribution. Products are sold during selling seasons of finite length, and inventory that is unsold at the end of a selling season perishes. The goal of the seller is to determine a pricing strategy
Dynamic Pricing and Learning with Finite Inventories
Zwart, Bert; Boer, Arnoud
We study a dynamic pricing problem with finite inventory and parametric uncertainty on the demand distribution. Products are sold during selling seasons of finite length, and inventory that is unsold at the end of a selling season, perishes. The goal of the seller is to determine a pricing strategy that maximizes the expected revenue. Inference on the unknown parameters is made by maximum likelihood estimation. We propose a pricing strategy for this problem, and show that the Regret - which i...
Inventories and upstream gasoline price dynamics
Kuper, Gerard H.
This paper sheds new light on the asymmetric dynamics in upstream U.S. gasoline prices. The model is based on Pindyck's inventory model of commodity price dynamics. We show that asymmetry in gasoline price dynamics is caused by changes in the net marginal convenience yield: higher costs of marketing
Dynamic Pricing and Learning with Finite Inventories
A.P. Zwart (Bert); A.V. den Boer (Arnoud)
htmlabstractWe study a dynamic pricing problem with finite inventory and parametric uncertainty on the demand distribution. Products are sold during selling seasons of finite length, and inventory that is unsold at the end of a selling season perishes. The goal of the seller is to determine a
Commodity derivatives pricing with inventory effects
DEFF Research Database (Denmark)
Bach, Christian; Dziubinski, Matt P.
We introduce tractable models for commodity derivatives pricing with inventory and volatility eects, and illustrate with applications to the oil market. We contribute to the existing literature in several respects. First, whereas the previous literature uses futures data for investigating...... the relationship between inventory and volatility, we use the information available in options traded on futures. Second, performance assessment in the previous literature has primarily evolved around explaining moments of data or forecasting prices of futures. Instead, we asses the performance of our model...... by considering both the ability of explaining prices in-sample and out-of-sample - assessing both the pricing-performance and the hedging-performance of the models. Third, we model the futures surface rather than the spot price process, and from the no-arbitrage relationship between spot and futures prices we...
Dynamic pricing and inventory control with delivery flexibility
DEFF Research Database (Denmark)
Chen, Wen; He, Ying
We study a multi-period inventory system with price-sensitive demand and uncertain supplier, focusing on the advantage of delivery flexibility. The optimal pricing and inventory replenishment decisions are explored. We also investigate the changes of marginal profit, optimal order quantities...
Pricing Liquidity Risk with Heterogeneous Investment Horizons
Beber, A.; Driessen, J.; Tuijp, P.F.A.
We develop a new asset pricing model with stochastic transaction costs and investors with heterogenous horizons. Short-term investors hold only liquid assets in equilibrium. This generates segmentation effects in the pricing of liquid versus illiquid assets. Specifically, the liquidity (risk) premia
Price and inventory dynamics in petroleum product markets
International Nuclear Information System (INIS)
Considine, T.J.; Heo, Eunnyeong
Unlike many studies of commodity inventory behavior, this paper estimates a model with endogenous spot and forward prices, inventories, production, and net imports. Our application involves markets for refined petroleum products in the United States. Our model is built around the supply and demand for storage. We estimate the model using Generalized Method of Moments and perform dynamic, simultaneous simulations to estimate the impacts of supply and demand shocks. Supply curves for the industry are inelastic and upward sloping. High inventory levels depress prices. Inventories fall in response to higher sales, consistent with production smoothing. Under higher input prices, refiners reduce their stocks of crude oil but increase their product inventories, consistent with cost smoothing. In some cases, imports of products are more variable than production or inventories. 25 refs
Prices, production, and inventories over the automotive model year
Adam Copeland; Wendy E. Dunn; George J. Hall
This paper studies the within-model-year pricing and production of new automobiles. Using new monthly data on U.S. transaction prices, we document that for the typical new vehicle, prices typically fall over the model year at a 9.2 percent annual rate. Concurrently, both sales and inventories are hump shaped. To explain these time series, we formulate a market equilibrium model for new automobiles in which inventory and pricing decisions are made simultaneously. On the demand side, we use mic...
Joint inventory control and pricing in a service-inventory system
DEFF Research Database (Denmark)
Marand, Ata Jalili; Li, Hongyan Jenny; Thorstenson, Anders
This study addresses joint inventory control and pricing decisions for a service-inventory system. In such a system both an on-hand inventory item and a positive service time are required to fulfill customer demands. The service-inventory system also captures main features of the classical...... inventory systems with a positive processing time, e.g., make-to-order systems. In this study, the service-inventory system is modeled as an M/M/1 queue in which the customer arrival rate is price dependent. The inventory of an individual item is continuously reviewed under an (r,Q) policy....... The replenishment lead times of the inventory are exponentially distributed. Furthermore, customers arriving during stock-out periods are lost. The stochastic customer inter-arrival times, service times, and inventory replenishment lead times cause the high complexity of the problem and the difficulty in solving it...
Pricing, Variety, and Inventory Decisions in Retail Operations Management
Maddah, Bacel
This dissertation is concerned with decision making in retail operations management. Specifically, we focus on pricing, variety, and inventory decisions, which are at the interface of the marketing and operations functions of a retail firm. We consider two problems that relate to two major types of retail goods. First, we study joint pricing, variety, and inventory decisions for a set of substitutable" items that serve the same need for the consumer (commonly referred to as a "retailer's ...
Joint pricing and inventory replenishment decisions with returns and expediting
Zhu, Stuart X.
We study a single-item periodic-review model for the joint pricing and inventory replenishment problem with returns and expediting. Demand in consecutive periods are independent random variables and their distributions are price sensitive. At the end of each period, after the demand is realized, a
Pricing Liquidity Risk with Heterogeneous Investment Horizons
Beber, Alessandro; Driessen, Joost; Neuberger, A.; Tuijp, P
We develop an asset pricing model with stochastic transaction costs and investors with heterogeneous horizons. Depending on their horizon, investors hold different sets of assets in equilibrium. This generates segmentation and spillover effects for expected returns, where the liquidity (risk)
Price changing and inventory sharing in supply chain management
Directory of Open Access Journals (Sweden)
Kristina Šorić
Full Text Available The main task of supply chain management is to balance efficiency and effectiveness. Numerous operational management strategies are used to make a supply chain efficient, one such is inventory management. In this paper, we will consider a particular part of a supply chain consisting comprising a manufacturer and a retailer with the goal of minimizing associated inventory costs. We will focus on an inventory of final products determined as the difference between supply and demand and are expressed as a function of price, inflation rate and change in inflation rate resulting in the possible speculations. The manufacturer's inventory cost is a function of these same variables, with the retailer's inventory cost having the same function in addition to the margin. The problem is formulated as a dynamic game to share the speculation problem. The optimization problems to be solved are optimal control theory problems with objective functions in the form of integral functional with the integrand depending on the state function and its first and second derivative.
Developing a new stochastic competitive model regarding inventory and price
Rashid, Reza; Bozorgi-Amiri, Ali; Seyedhoseini, S. M.
Within the competition in today's business environment, the design of supply chains becomes more complex than before. This paper deals with the retailer's location problem when customers choose their vendors, and inventory costs have been considered for retailers. In a competitive location problem, price and location of facilities affect demands of customers; consequently, simultaneous optimization of the location and inventory system is needed. To prepare a realistic model, demand and lead time have been assumed as stochastic parameters, and queuing theory has been used to develop a comprehensive mathematical model. Due to complexity of the problem, a branch and bound algorithm has been developed, and its performance has been validated in several numerical examples, which indicated effectiveness of the algorithm. Also, a real case has been prepared to demonstrate performance of the model for real world.
Testing For Seasonal Cointegration and Error Correction: The U.S. Pecan Price-Inventory Relationship
Ibrahim, Mohammed; Florkowski, Wojciech J.
Using time series data we examine behavior of pecan prices and inventories at zero and seasonal frequencies, given results of seasonal cointegration tests. Both, seasonally unadjusted and adjusted quarterly data are used (1991-2002). Results suggest that, first, shelled and total pecan inventories and shelled pecan prices have common unit roots at both the non-seasonal and seasonal frequencies; second, there is no long run equilibrium between pecan prices and shelled or total inventories when...
Optimal pricing and lot-sizing for perishable inventory with price and time dependent ramp-type demand
Panda, S.; Saha, S.; Basu, M.
Product perishability is an important aspect of inventory control. To minimise the effect of deterioration, retailers in supermarkets, departmental store managers, etc. always want higher inventory depletion rate. In this article, we propose a dynamic pre- and post-deterioration cumulative discount policy to enhance inventory depletion rate resulting low volume of deterioration cost, holding cost and hence higher profit. It is assumed that demand is a price and time dependent ramp-type function and the product starts to deteriorate after certain amount of time. Unlike the conventional inventory models with pricing strategies, which are restricted to a fixed number of price changes and to a fixed cycle length, we allow the number of price changes before as well as after the start of deterioration and the replenishment cycle length to be the decision variables. Before start of deterioration, discounts on unit selling price are provided cumulatively in successive pricing cycles. After the start of deterioration, discounts on reduced unit selling price are also provided in a cumulative way. A mathematical model is developed and the existence of the optimal solution is verified. A numerical example is presented, which indicates that under the cumulative effect of price discounting, dynamic pricing policy outperforms static pricing strategy. Sensitivity analysis of the model is carried out.
Forecasting short-run crude oil price using high- and low-inventory variables
International Nuclear Information System (INIS)
Ye, Michael; Zyren, John; Shore, Joanne
Since inventories have a lower bound or a minimum operating level, economic literature suggests a nonlinear relationship between inventory level and commodity prices. This was found to be the case in the short-run crude oil market. In order to explore this inventory-price relationship, two nonlinear inventory variables are defined and derived from the monthly normal level and relative level of OECD crude oil inventories from post 1991 Gulf War to October 2003: one for the low inventory state and another for the high inventory state of the crude oil market. Incorporation of low- and high-inventory variables in a single equation model to forecast short-run WTI crude oil prices enhances the model fit and forecast ability
Optimal pricing and lot sizing vendor managed inventory
Directory of Open Access Journals (Sweden)
Mohsen Ziaee
Full Text Available Vendor Managed Inventory (VMI is one of the effective techniques for managing theinventory in supply chain. VMI models have been proven to reduce the cost of inventorycompared with traditional economic order quantity method under some conditions such asconstant demand and production expenditure. However, the modeling of the VMI problem hasnever been studied under some realistic assumptions such as price dependent demand. In thispaper, three problem formulations are proposed. In the first problem formulation, we study aVMI problem with one buyer and one supplier when demand is considered to be a function ofprice and price elasticity to demand, and production cost is also a function of demand. Theproposed model is formulated and solved in a form of geometric programming. For the secondand the third models, we consider VMI problem with two buyers and two suppliers assumingthat each buyer centre is relatively close to the other buyer centre. Each supplier has only oneproduct which is different from the product of the other supplier. Two suppliers cooperate incustomer relationship management and two buyers cooperate in supplier relationshipmanagement as well, so the suppliers send the orders of two buyers by one vehicle,simultaneously. For the third model, an additional assumption which is practically applicableand reasonable is considered. For all the proposed models, the optimal solution is comparedwith the traditional one. We demonstrate the implementation of our proposed models usingsome numerical examples.
Perishable inventory management and dynamic pricing using RFID ...
Indian Academy of Sciences (India)
R. Narasimhan (Krishtel eMaging) 1461 1996 Oct 15 13:05:22
Controlling inventories is an important aspect of supply chain management. ... and managerial perspective, has various elements such as identification and .... his technical report analysed how and why various packaging logistics activities in.
Joint pricing, inventory, and preservation decisions for deteriorating items with stochastic demand and promotional efforts
Soni, Hardik N.; Chauhan, Ashaba D.
This study models a joint pricing, inventory, and preservation decision-making problem for deteriorating items subject to stochastic demand and promotional effort. The generalized price-dependent stochastic demand, time proportional deterioration, and partial backlogging rates are used to model the inventory system. The objective is to find the optimal pricing, replenishment, and preservation technology investment strategies while maximizing the total profit per unit time. Based on the partial backlogging and lost sale cases, we first deduce the criterion for optimal replenishment schedules for any given price and technology investment cost. Second, we show that, respectively, total profit per time unit is concave function of price and preservation technology cost. At the end, some numerical examples and the results of a sensitivity analysis are used to illustrate the features of the proposed model.
Pricing and inventory policies for Hi-tech products under replacement warranty
Tsao, Yu-Chung; Teng, Wei-Guang; Chen, Ruey-Shii; Chou, Wang-Ying
Companies, especially in the Hi-tech (high-technology) industry (such as computer, communication and consumer electronic products), often provide a replacement warranty period for purchased items. In reality, simultaneously determining the price and inventory decisions under warranty policy is an important issue. The objective of this paper is to develop a joint pricing and inventory model for Hi-tech products under replacement warranty policy. In the first model, we consider a Hi-tech product feature in which the selling price is declining in a trend. We determine the optimal inventory level for each period and retail price for the first period while maximising the total profit. In the second model, we further determine the optimal retail price and inventory level for each period in the dynamic demand market. This study develops solution approaches to solve the problems described above. Numerical analysis discusses the influence of system parameters on the company's decisions and behaviours. The results of this study could serve as a reference for business managers or administrators.
Informed Traders as Liquidity Providers: Anonymity, Liquidity and Price Formation
Barbara Rindi
The tendency to introduce anonymity into financial markets apparently runs counter to the theory supporting transparency. This paper studies the impact of pre-trade transparency on liquidity in a market where risk-averse traders accommodate the liquidity demand of noise traders. When some risk-averse investors become informed, an adverse selection problem ensues for the others, making them reluctant to supply liquidity. Hence the disclosure of traders' identities improves liquidity by mitigat...
Optimal Dynamic Pricing of Inventories with Stochastic Demand over Finite Horizons
Guillermo Gallego; Garrett van Ryzin
In many industries, managers face the problem of selling a given stock of items by a deadline. We investigate the problem of dynamically pricing such inventories when demand is price sensitive and stochastic and the firm's objective is to maximize expected revenues. Examples that fit this framework include retailers selling fashion and seasonal goods and the travel and leisure industry, which markets space such as seats on airline flights, cabins on vacation cruises, and rooms in hotels that ...
The liquidity management of institutional investors and the pricing of liquidity risk
Xing, Ran
This dissertation studies how mutual funds and hedge funds manage their liquidity and reduce trading costs, and the pricing of liquidity level and liquidity risk in financial markets. Chapter 1 documents the trading behavior of actively managed equity mutual funds from the perspective of their
Dynamic Pricing and Production Control of an Inventory System with Remanufacturing
Directory of Open Access Journals (Sweden)
Chunyan Gao
Full Text Available We consider optimal pricing and manufacturing control of a continuous-review inventory system with remanufacturing. Customer demand and product return follow independent Poisson processes. Customer demand is filled by serviceable product, which can be either manufactured or remanufactured from the returned product. The lead times for both manufacturing and remanufacturing are exponentially distributed. The objective is to maximize the expected total discounted profit over an infinite planning horizon. We characterize the structural properties of the optimal policy through the optimality equation. Specifically, the optimal manufacturing policy is a base-stock policy with the base-stock level nonincreasing in the return inventory level. The optimal pricing policy is also a threshold policy, where the threshold level is nonincreasing in the return inventory level.
Tritium inventory and permeation in liquid breeder blankets
International Nuclear Information System (INIS)
Reiter, F.
This report reviews studies of the transport of hydrogen isotopes in the DEMO relevant water-cooled Pb-17Li blanket to be tested in NET and in a self-cooled blanket which uses Pb-17Li or Flibe as a liquid breeder material and V or Fe as a first wall material. The time dependences of tritium inventory and permeation in these blankets and of deuterium and tritium recycling in the self-cooled blanket are presented and discussed
Ordering Cost Reduction in Inventory Model with Defective Items and Backorder Price Discount
Directory of Open Access Journals (Sweden)
Karuppuchamy Annadurai
Full Text Available In the real market, as unsatisfied demands occur, the longer the length of lead time is, the smaller the proportion of backorder would be. In order to make up for the inconvenience and even the losses of royal and patient customers, the supplier may offer a backorder price discount to secure orders during the shortage period. Also, ordering policies determined by conventional inventory models may be inappropriate for the situation in which an arrival lot contains some defective items. To compensate for the inconvenience of backordering and to secure orders, the supplier may offer a price discount on the stockout item. The purpose of this study is to explore a coordinated inventory model including defective arrivals by allowing the backorder price discount and ordering cost as decision variables. There are two inventory models proposed in this paper, one with normally distributed demand and another with distribution free demand. A computer code using the software Matlab 7.0 is developed to find the optimal solution and present numerical examples to illustrate the models. The results in the numerical examples indicate that the savings of the total cost are realized through ordering cost reduction and backorder price discount.
A Partial Backlogging Inventory Model for Deteriorating Items with Fluctuating Selling Price and Purchasing Cost
Directory of Open Access Journals (Sweden)
Hui-Ling Yang
Full Text Available In today's competitive markets, selling price and purchasing cost are usually fluctuating with economic conditions. Both selling price and purchasing cost are vital to the profitability of a firm. Therefore, in this paper, I extend the inventory model introduced by Teng and Yang (2004 to allow for not only the selling price but also the purchasing cost to change from one replenishment cycle to another during a finite time horizon. The objective is to find the optimal replenishment schedule and pricing policy to obtain the profit as maximum as possible. The conditions that lead to a maximizing solution guarantee that the existence, uniqueness, and global optimality are proposed. An efficient solution procedure and some theoretical results are presented. Finally, numerical examples for illustration and sensitivity analysis for managerial decision making are also performed.
Optimal Pricing and Production Master Planning in a Multiperiod Horizon Considering Capacity and Inventory Constraints
Directory of Open Access Journals (Sweden)
Neale R. Smith
Full Text Available We formulate and solve a single-item joint pricing and master planning optimization problem with capacity and inventory constrains. The objective is to maximize profits over a discrete-time multiperiod horizon. The solution process consists of two steps. First, we solve the single-period problem exactly. Second, using the exact solution of the single-period problem, we solve the multiperiod problem using a dynamic programming approach. The solution process and the importance of considering both capacity and inventory constraints are illustrated with numerical examples.
Joint Inventory, Pricing, and Advertising Decisions with Surplus and Stockout Loss Aversions
Directory of Open Access Journals (Sweden)
Bing-Bing Cao
Full Text Available The newsvendor models considering decision-makers' behavioral factors remain a fruitful research area in operation management field in past decade. In this paper, we further extend the current literatures to look into joint inventory, pricing, and advertising decisions considering loss aversion effects under the newsvendor setting. The purpose is to explore how the loss aversions affect the optimal policy of order quantity, price, and advertising effort level. We present an integrated utility model to measure both economic payoff and loss aversion utility of the newsvendor, where surplus loss aversion and stockout loss aversion are first separately defined and quantified. Then, we analyze the optimal solution conditions of the integrated model under exogenous and endogenous price cases, respectively. Under exogenous price case, we find that the uniquely optimal policy exists and is presented in the closed form. Under endogenous price case, the optimal policy is determined under mild conditions; we also provide the solutions when order quantity factor or advertising effort level is fixed in this case. In addition, the sensitivity analysis shows that the loss aversions affect the optimal decisions of order quantity, price, and advertising effort level in a systematic way.
A Study on the Pricing Model for 3PL of Inventory Financing
Directory of Open Access Journals (Sweden)
Zhilan Song
Full Text Available Being a new research area, logistics finance solves the contradiction between banks and SMEs (small and medium enterprises about financing; it is beneficial to financial market and logistics market development too. As a service innovation, it unites the interests of bank, 3PL (third-party logistics providers, and SMEs and integrates material, finance, and information. Logistics finance has been developed in recent years in China, but the research is not enough on 3PL enterprises. On the background of that, the paper makes a research in the field of logistics finance with different pricing methods, based on the perspective of third-party logistics enterprises. This paper proposes a pricing model of inventory financing that can maximize the cash flow of 3PL enterprise, when the default rate of the small- and medium-sized enterprise is affected by the pledge price. And then this paper studies the model of inventory financing that can maximize the cash flow of enterprise under the condition of the existence of cash discount rate. The core factors affecting the loan-to-value ratio were established through analysis of mathematical model. We also consider the loan-to-value ratio of cash discount rate in the model. Results show that in the pledge of the known function and cash discount the price change can be calculated to meet enterprise cash flow lending rates and get biggest loan-to-value ratio.
Optimal dynamic pricing and replenishment policy for perishable items with inventory-level-dependent demand
Lu, Lihao; Zhang, Jianxiong; Tang, Wansheng
An inventory system for perishable items with limited replenishment capacity is introduced in this paper. The demand rate depends on the stock quantity displayed in the store as well as the sales price. With the goal to realise profit maximisation, an optimisation problem is addressed to seek for the optimal joint dynamic pricing and replenishment policy which is obtained by solving the optimisation problem with Pontryagin's maximum principle. A joint mixed policy, in which the sales price is a static decision variable and the replenishment rate remains to be a dynamic decision variable, is presented to compare with the joint dynamic policy. Numerical results demonstrate the advantages of the joint dynamic one, and further show the effects of different system parameters on the optimal joint dynamic policy and the maximal total profit.
An inventory model for generalized weibull deteriorating items with price dependent demand and permissible delay in payments under inflation
Directory of Open Access Journals (Sweden)
Full Text Available This paper derives an inventory model is developed for items that deteriorates at a generalized Weibull distributed rate when demand for the items is dependent on the selling price. Shortages are not allowed and price inflation is taken into consideration over finite planning horizon. A brief analysis of the cost involved is carried out by theoretical analysis.
Compensation schemes, liquidity provision, and asset prices: An experimental analysis
Baghestanian, Sascha; Gortner, Paul; Massenot, Baptiste
In an experimental setting in which investors can entrust their money to traders, we investigate how compensation schemes affect liquidity provision and asset prices. Investors face a trade-off between risk and return. At the benefit of a potentially higher return, they can entrust their money to a trader. However this investment is risky, as the trader might not be trustworthy. Alternatively, they can opt for a safe but low return. We study how subjects solve this trade-off when traders are ...
Asymmetric Effects of Global Liquidity Expansion on Foreign Portfolio Inflows, Exchange Rates, and Stock Prices
Directory of Open Access Journals (Sweden)
Dong-Eun Rhee
Full Text Available This paper examines the effects of global liquidity expansion on advanced and emerging economies by using panel VAR methodology. The results show that global liquidity expansion tends to boost economy by increasing GDP growth and stock prices. However, we find that the effects are asymmetric. The effects of global liquidity on GDP and stock prices are greater and more persistent in emerging economies than in liquidity recipient advanced economies. Moreover, global liquidity appreciates emerging economies' exchange rates more persistently than those of advanced economies. Lastly, while global liquidity expansion increases foreign portfolio investment inflows to Asian countries and liquidity recipient advanced economies, there is no evidence for Latin American countries.
Two-warehouse inventory model for deteriorating items with price-sensitive demand and partially backlogged shortages under inflationary conditions
Directory of Open Access Journals (Sweden)
Chandra K. Jaggi
Full Text Available In today's competition inherited business world, managing inventory of goods is a major challenge in all the sectors of economy. The demand of an item plays a significant role while managing the stock of goods, as it may depend on several factors viz., inflation, selling price, advertisement, etc. Among these, selling price of an item is a decisive factor for the organization; because in this competitive world of business one is constantly on the lookout for the ways to beat the competition. It is a well-known accepted fact that keeping a reasonable price helps in attracting more customers, which in turn increases the aggregate demand. Thus in order to improve efficiency of business performance organization needs to stock a higher inventory, which needs an additional storage space. Moreover, in today's unstable global economy there is consequent decline in the real value of money, because the general level of prices of goods and services is rising (i.e., inflation. And since inventories represent a considerable investment for every organization, it is inevitable to consider the effects of inflation and time value of money while determining the optimal inventory policy. With this motivation, this paper is aimed at developing a two-warehouse inventory model for deteriorating items where the demand rate is a decreasing function of the selling price under inflationary conditions. In addition, shortages are allowed and partially backlogged, and the backlogging rate has been considered as an exponentially decreasing function of the waiting time. The model jointly optimizes the initial inventory and the price for the product, so as to maximize the total average profit. Finally, the model is analysed and validated with the help of numerical examples, and a comprehensive sensitivity analysis has been performed which provides some important managerial implications.
An asset pricing approach to liquidity effects in corporate bond markets
Bongaerts, Dion; de Jong, Frank; Driessen, Joost
We use an asset pricing approach to compare the effects of expected liquidity and liquidity risk on expected U.S. corporate bond returns. Liquidity measures are constructed for bond portfolios using a Bayesian approach to estimate Roll's measure. The results show that expected bond liquidity and
The pass through of oil prices into euro area consumer liquid fuel prices in an environment of high and volatile oil prices
Energy Technology Data Exchange (ETDEWEB)
Meyler, Aidan [European Central Bank, Frankfurt am Main (Germany)
Crude and refined oil prices have been relatively high and volatile on a sustained basis since 1999. This paper considers the pass through of oil prices into consumer liquid (i.e. petrol, diesel and heating) fuel prices in such an environment. The pass through of oil prices into consumer liquid fuel prices has already been addressed extensively in the literature. Nonetheless much of this literature has either focused on the United States or on a time period when oil prices were relatively stable, or has used monthly data. The main contribution of this paper is a comprehensive combination of many features that have been considered before but rarely jointly. These features include: (1) the analysis of the euro area as an aggregate and a large number of countries (the initial 12 member states); (2) the consideration of different time periods; (3) the modelling of the data in raw levels rather than in log levels. This turns out to have important implications for our findings; (4) the use of high frequency (weekly) data, which, as results will suggest, are the lowest frequency one should consider; (5) the investigation of the different stages of the production chain from crude oil prices to retail distribution - refining costs and margins, distribution and retailing costs and margins; (6) the examination of prices including and excluding taxes - excise and value-added; (7) the modelling of prices for three fuel types - passenger car petrol and diesel separately and home heating fuel oil; (8) lastly we also address the issue of possible asymmetries, allowing for the pass through to vary according to (a) whether price are increasing or decreasing and (b) whether price levels are above or below their equilibrium level. The main findings are as follows: First, as distribution and retailing costs and margins have been broadly stable on average, the modelling of the relationship between consumer prices excluding taxes and upstream prices in raw levels rather than in
The pass through of oil prices into euro area consumer liquid fuel prices in an environment of high and volatile oil prices
International Nuclear Information System (INIS)
Meyler, Aidan
Crude and refined oil prices have been relatively high and volatile on a sustained basis since 1999. This paper considers the pass through of oil prices into consumer liquid (i.e. petrol, diesel and heating) fuel prices in such an environment. The pass through of oil prices into consumer liquid fuel prices has already been addressed extensively in the literature. Nonetheless much of this literature has either focused on the United States or on a time period when oil prices were relatively stable, or has used monthly data. The main contribution of this paper is a comprehensive combination of many features that have been considered before but rarely jointly. These features include: (1) the analysis of the euro area as an aggregate and a large number of countries (the initial 12 member states); (2) the consideration of different time periods; (3) the modelling of the data in raw levels rather than in log levels. This turns out to have important implications for our findings; (4) the use of high frequency (weekly) data, which, as results will suggest, are the lowest frequency one should consider; (5) the investigation of the different stages of the production chain from crude oil prices to retail distribution - refining costs and margins, distribution and retailing costs and margins; (6) the examination of prices including and excluding taxes - excise and value-added; (7) the modelling of prices for three fuel types - passenger car petrol and diesel separately and home heating fuel oil; (8) lastly we also address the issue of possible asymmetries, allowing for the pass through to vary according to (a) whether price are increasing or decreasing and (b) whether price levels are above or below their equilibrium level. The main findings are as follows: First, as distribution and retailing costs and margins have been broadly stable on average, the modelling of the relationship between consumer prices excluding taxes and upstream prices in raw levels rather than in
North American natural gas liquids pricing and convergence : an energy market assessment
International Nuclear Information System (INIS)
A background on natural gas liquids (NGL) pricing was presented along with a discussion regarding the impact of energy price convergence. The high energy prices in the fall of 2000 were a result of many factors, including the high price of NGLs. All NGL components such as ethane, propane and butane can be used as petrochemical feedstock. In the winter of 2000/2001 the relationship between liquids and crude oil prices collapsed when high energy prices led to a situation where, for a short while, extraction of liquids from natural gas became uneconomic since producers got more value for NGLs left in the gas stream. As a result, when the supply and demand balances for NGL tightened in many regions of North America, NGL prices were reflecting the unprecedented high natural gas prices. This paper also explained how the four major North American NGL trading hubs in Alberta, Ontario, Kansas and Texas operate. The pricing events of 2000 have impacted on the NGL industry and energy prices remain an issue since both crude oil and natural gas price are forecasted to remain strong in the near future. 5 figs
Derivative pricing with liquidity risk : Theory and evidence from the credit default swap market
Bongaerts, D.; de Jong, F.C.J.M.; Driessen, J.J.A.G.
We derive an equilibrium asset pricing model incorporating liquidity risk, derivatives, and short-selling due to hedging of nontraded risk. We show that illiquid assets can have lower expected returns if the short-sellers have more wealth, lower risk aversion, or shorter horizon. The pricing of
Pricing and Inventory Control Strategy for a Periodic-Review Energy Buy-Back System
Institute of Scientific and Technical Information of China (English)
ZHANG Jihong; CHEN Hongqiao; DING Xiaosong; LI Xian
Along with the rapid development of economics and enhancement of industrialization,the power demand keeps rising and frequently creates mismatch between demand and supply in electricity.This provides miscellaneous energy buy-back programs with great opportunities.Such programs,when activated,offer certain amount of financial compensations to participants for reducing their energy consumption during peak time.They aim at encouraging participants to shift their electricity usage from peak to non-peak time,and thereby release the demand pressure during peak time.This paper considers a periodic-review joint pricing and inventory decision model under an energy buy-back program over finite planning horizons,in which the compensation levels,setup cost and additive random demand function are incorporated.The objective is to maximize a manufacturer's expected total profit.By using Veinott's conditions,it is shown that the manufacturer's optimal decision is a state dependent (s,S,P) policy under a peak market condition,or partly an (s,S,A,P) policy under the normal market condition.
Market Makers' Supply and Pricing of Financial Market Liquidity
Shen, Pu; Starr, Ross M.
This study models the bid-ask spread in financial markets as a function of asset price variability and order flow. The market-maker is characterized as passively accepting orders to buy and to sell a security at the market's prevailing price (plus or minus half the bid-ask spread). The bid-ask spread adjusts to cover market-makers' average costs. The bid-ask spread then varies positively with: the security's price volatility, the volatility of order flow, and the absolute value of the market-...
Crude oil price shocks and stock returns. Evidence from Turkish stock market under global liquidity conditions
Energy Technology Data Exchange (ETDEWEB)
Berk, Istemi [Koeln Univ. (Germany). Energiewirtschaftliches Inst.; Aydogan, Berna [Izmir Univ. of Economics (Turkey). Dept. of International Trade and Finance
The purpose of this study is to investigate the impacts of crude oil price variations on the Turkish stock market returns. We have employed vector autoregression (V AR) model using daily observations of Brent crude oil prices and Istanbul Stock Exchange National Index (ISE- 1 00) returns for the period between January 2, 1990 and November 1, 2011. We have also tested the relationship between oil prices and stock market returns under global liquidity conditions by incorporating a liquidity proxy variable, Chicago Board of Exchange's (CBOE) S and P 500 market volatility index (VIX), into the model. Variance decomposition test results suggest little empirical evidence that crude oil price shocks have been rationally evaluated in the Turkish stock market. Rather, it was global liquidity conditions that were found to account for the greatest amount of variation in stock market returns.
Acquisition Pricing and Inventory Decisions on Dual-Source Spare-Part System with Final Production and Remanufacturing
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Yancong Zhou
Full Text Available The life spans of durable goods are longer than their warranty periods. To satisfy the service demand of spare parts and keep the market competition advantage, enterprises have to maintain the longer inventory planning of spare parts. However, how to obtain a valid number of spare parts is difficult for those enterprises. In this paper, we consider a spare-part inventory problem, where the inventory can be replenished by two ways including the final production order and the remanufacturing way. Especially for the remanufacturing way, we consider the acquisition management problem of used products concerning an acquisition pricing decision. In a multiperiod setting, we formulate the problem into a dynamic optimization problem, where the system decisions include the final production order and acquisition price of used products at each period. By stochastic dynamic programming, we obtain the optimal policy of the acquisition pricing at each period and give the optimal policy structure of the optimization problem at the first period. Then, a recursion algorithm is designed to calculate the optimal decisions and the critical points in the policy. Finally, the numerical analyses show the effects of demand information and customer's sensitive degree on the related decisions and the optimal cost.
Derivative pricing with liquidity risk: Theory and evidence from the credit default swap market
Bongaerts, D.; de Jong, F.; Driessen, J.
We derive a theoretical asset-pricing model for derivative contracts that allows for expected liquidity and liquidity risk, and estimate this model for the market of credit default swaps (CDS). Our model extends the LCAPM of Acharya and Pedersen (2005) to a setting with derivative instruments and
Optimality of cycle time and inventory decisions in a two echelon inventory system with exponential price dependent demand under credit period
Krugon, Seelam; Nagaraju, Dega
This work describes and proposes an two echelon inventory system under supply chain, where the manufacturer offers credit period to the retailer with exponential price dependent demand. The model is framed as demand is expressed as exponential function of retailer's unit selling price. Mathematical model is framed to demonstrate the optimality of cycle time, retailer replenishment quantity, number of shipments, and total relevant cost of the supply chain. The major objective of the paper is to provide trade credit concept from the manufacturer to the retailer with exponential price dependent demand. The retailer would like to delay the payments of the manufacturer. At the first stage retailer and manufacturer expressions are expressed with the functions of ordering cost, carrying cost, transportation cost. In second stage combining of the manufacturer and retailer expressions are expressed. A MATLAB program is written to derive the optimality of cycle time, retailer replenishment quantity, number of shipments, and total relevant cost of the supply chain. From the optimality criteria derived managerial insights can be made. From the research findings, it is evident that the total cost of the supply chain is decreased with the increase in credit period under exponential price dependent demand. To analyse the influence of the model parameters, parametric analysis is also done by taking with help of numerical example.
Integrated Supply Chain Cooperative Inventory Model with Payment Period Being Dependent on Purchasing Price under Defective Rate Condition
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Ming-Feng Yang
Full Text Available In most commercial transactions, the buyer and vendor may usually agree to postpone payment deadline. During such delayed period, the buyer is entitled to keep the products without having to pay the sale price. However, the vendor usually hopes to receive full payment as soon as possible, especially when the transaction involves valuable items; yet, the buyer would offer a higher purchasing price in exchange of a longer postponement. Therefore, we assumed such permissible delayed period is dependent on the purchasing price. As for the manufacturing side, defective products are inevitable from time to time, and not all of those defective products can be repaired. Hence, we would like to add defective production and repair rate to our proposed model and discuss how these factors may affect profits. In addition, holding cost, ordering cost, and transportation cost will also be considered as we develop the integrated inventory model with price-dependent payment period under the possible condition of defective products. We would like to find the maximum of the joint expected total profit for our model and come up with a suitable inventory policy accordingly. In the end, we have also provided a numerical example to clearly illustrate possible solutions.
Retailer's inventory system in a two-level trade credit financing with selling price discount and partial order cancelations
Thangam, A.
In today's fast marketing over the Internet or online, many retailers want to trade at the same time and change their marketing strategy to attract more customers. Some of the customers may decide to cancel their orders partially with a retailer due to various reasons such as increase in customer's waiting time, loss of customer's goodwill on retailer's business, attractive promotional schemes offered by other retailers etc. Even though there is a lag in trading and order cancelation, this paper attempts to develop the retailer's inventory model with the effect of order cancelations during advance sales period. The retailer announces a price discount program during advance sales period to promote his sales and also he offers trade credit financing during the sales periods. The retailer availing trade credit period from his supplier offers a permissible delay period to his customers. The customer who gets an item has allowed paying on or before the permissible delay period which is accounted from the buying time rather than the start period of inventory sales. This accounts for significant changes in the calculations of interest payable and interest earned by the retailer. The retailer's total cost is minimized so as to find out the optimal replenishment cycle time and price discount policies through a solution procedure. The results derived in mathematical theorems are implemented in numerical examples and sensitivity analyses on several inventory parameters are obtained.
Retailer's inventory system in a two-level trade credit financing with selling price discount and partial order cancellations
Thangam, A.
In today's fast marketing over the Internet or online, many retailers want to trade at the same time and change their marketing strategy to attract more customers. Some of the customers may decide to cancel their orders partially with a retailer due to various reasons such as increase in customer's waiting time, loss of customer's goodwill on retailer's business, and attractive promotional schemes offered by other retailers. Even though there is a lag in trading and order cancellation, this paper attempts to develop the retailer's inventory model with the effect of order cancellations during advance sales period. The retailer announces a price discount program during advance sales period to promote his sales and also offers trade credit financing during the sales periods. The retailer availing trade credit period from his supplier offers a permissible delay period to his customers. The customer who gets an item is allowed to pay on or before the permissible delay period which is accounted from the buying time rather than from the start period of inventory sales. This accounts for significant changes in the calculations of interest payable and interest earned by the retailer. The retailer's total cost is minimized so as to find out the optimal replenishment cycle time and price discount policies through a solution procedure. The results derived in mathematical theorems are implemented in numerical examples, and sensitivity analyses on several inventory parameters are obtained.
The impact of tritium solubility and diffusivity on inventory and permeation in liquid breeder blankets
International Nuclear Information System (INIS)
Caorlin, M.; Gervasini, G.; Reiter, F.
The authors reviewed hydrogen solubility and diffusivity data for liquid lithium-based compounds which are potential breeding blanket materials in NET-type fusion devices. These data have been used to assess tritium permeation and inventory in separately cooled NET blankets and in self cooled blankets with a vanadium first wall. The results for the separately cooled NET-liquid breeder show that tritium permeation is negligible for lithium, a serious problem for Pb-17Li and a critical one for Flibe. The total tritium inventory is lowest in lithium, high in Pb-17Li and very high in Flibe. The high tritium partial pressure for Flibe or Pb-17Li can be reduced in a self cooled blanket with a vanadium first wall. Permeation into the plasma reduces the blanket tritium inventory and permeation. Tritium recovery can be combined with the plasma exhaust
Asset Pricing Model and the Liquidity Effect: Empirical Evidence in the Brazilian Stock Market
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Otávio Ribeiro de Medeiros
Full Text Available This paper is aims to analyze whether a liquidity premium exists in the Brazilian stock market. As a second goal, we include liquidity as an extra risk factor in asset pricing models and test whether this factor is priced and whether stock returns were explained not only by systematic risk, as proposed by the CAPM, by Fama and French's (1993 three-factor model, and by Carhart's (1997 momentum-factor model, but also by liquidity, as suggested by Amihud and Mendelson (1986. To achieve this, we used stock portfolios and five measures of liquidity. Among the asset pricing models tested, the CAPM was the least capable of explaining returns. We found that the inclusion of size and book-to-market factors in the CAPM, a momentum factor in the three-factor model, and a liquidity factor in the four-factor model improve their explanatory power of portfolio returns. In addition, we found that the five-factor model is marginally superior to the other asset pricing models tested.
An Inventory Model for Deteriorating Items with Permissible Delay in Payment and Inflation Under Price Dependent Demand
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Manisha Pal
Full Text Available Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif";} The paper studies an inventory model for deteriorating items when demand for the item is dependent on the selling price. Shortages are allowed and backlogged, and price inflation is taken into consideration. Further, it is assumed that the supplier permits the inventory manager to settle his accounts within a given specified time period. Numerical examples are cited to illustrate the model and to study the sensitivity of the model to change in model parameters.
Price dynamics in the market for Liquid Petroleum Gas transport
International Nuclear Information System (INIS)
Adland, Roar; Jia Haiying; Lu Jing
The purpose of this paper is to investigate the dynamics of the spot freight rate in the Liquid Petroleum Gas (LPG) shipping market. The spot freight rate process is nonparametrically specified so that the model allows for maximal flexibility in fitting the data. The model is estimated using data for the Very Large Gas Carrier (VLGC) sector and the estimation results are compared to those of crude oil tankers available in the literature. The empirical results suggest that the LPG spot freight rate can be appropriately described by a simple linear stochastic model and does not exhibit the non-linearity found in other bulk shipping sectors
Money, prices and liquidity effects: Separating demand from supply
Chadha, Jagjit S.; Corrado, Luisa; Sun, Qi
In the canonical monetary policy model, money is endogenous to the optimal path for interest rates and output. But when liquidity provision by banks dominates the demand for transactions money from the real economy, money is likely to contain information for future output and inflation because of its impact on financial spreads. And so we decompose broad money into primitive demand and supply shocks. We find that supply shocks have dominated the time series in both the UK and the US in the sh...
Availability, Price, and Packaging of Electronic Cigarettes and E-Liquids in Guatemala City Retailers.
Chacon, Violeta; Arriaza, Astrid; Cavazos-Rehg, Patricia; Barnoya, Joaquin
Electronic cigarettes (e-cigarettes) have the potential to normalize smoking and undermine tobacco control efforts. However, if well regulated, they also have a potential as smoking cessation aids. This study sought to determine the availability and types of e-cigarettes and e-liquids in Guatemala. We also assessed packaging characteristics and price. We surveyed a convenient sample of 39 Guatemala City retailers and purchased all e-cigarettes and e-liquids available. Duplicate samples (same brand, e-liquid type, flavor, nicotine content, or packaging) were purchased when prices were different between each other. Country of manufacture, flavor, expiration date, nicotine concentration, and price were recorded. We also documented package marketing strategies and warning labels. We purchased 64 e-cigarettes (53 unique and 11 duplicates) and 57 e-liquids (52 unique and 5 duplicates), mostly found on mall retailers. Most e-cigarettes (42, 66%) were first generation, followed by second (18, 28%) and third generations (4, 6%). Price of e-cigarettes differed significantly by generation. Most e-cigarettes (31, 58%) and 24 (46%) e-liquids did not include warning labels. Nicotine content was reported in 21 (39%) e-cigarettes that included e-liquids and 41 (79%) e-liquids' packages. E-cigarettes and e-liquids are available among a variety of retailers in Guatemala City and the industry is taking advantage of the fact that they are not regulated (eg, health claims, minimum sales age, and taxation). Our findings support the need for further research on e-cigarettes and e-liquids in Guatemala. To the best of our knowledge, this is the first study describing e-cigarettes and e-liquids available in retailers in a low/middle-income country like Guatemala. E-cigarettes and e-liquids were found in a variety of types, flavors, and nicotine concentrations in Guatemalan retailers. Our findings support the need for further research on e-cigarettes and e-liquids in Guatemala. © The Author
Anomalous Price Impact and the Critical Nature of Liquidity in Financial Markets
Tóth, B.; Lempérière, Y.; Deremble, C.; de Lataillade, J.; Kockelkoren, J.; Bouchaud, J.-P.
We propose a dynamical theory of market liquidity that predicts that the average supply/demand profile is V shaped and vanishes around the current price. This result is generic, and only relies on mild assumptions about the order flow and on the fact that prices are, to a first approximation, diffusive. This naturally accounts for two striking stylized facts: First, large metaorders have to be fragmented in order to be digested by the liquidity funnel, which leads to a long memory in the sign of the order flow. Second, the anomalously small local liquidity induces a breakdown of the linear response and a diverging impact of small orders, explaining the "square-root" impact law, for which we provide additional empirical support. Finally, we test our arguments quantitatively using a numerical model of order flow based on the same minimal ingredients.
Anomalous Price Impact and the Critical Nature of Liquidity in Financial Markets
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B. Tóth
Full Text Available We propose a dynamical theory of market liquidity that predicts that the average supply/demand profile is V shaped and vanishes around the current price. This result is generic, and only relies on mild assumptions about the order flow and on the fact that prices are, to a first approximation, diffusive. This naturally accounts for two striking stylized facts: First, large metaorders have to be fragmented in order to be digested by the liquidity funnel, which leads to a long memory in the sign of the order flow. Second, the anomalously small local liquidity induces a breakdown of the linear response and a diverging impact of small orders, explaining the "square-root" impact law, for which we provide additional empirical support. Finally, we test our arguments quantitatively using a numerical model of order flow based on the same minimal ingredients.
26 CFR 1.472-8 - Dollar-value method of pricing LIFO inventories.
... terms of total dollars rather than the quantity and price of specific goods as the unit of measurement... processes, and the maintenance of separate profit and loss records with respect to separate operations are... manufacturer or processor, a natural business unit ordinarily consists of the entire productive activity of the...
Jelena Minović; Boško Živković
The goal of this paper is to examine the impact of an overall market factor, the factor related to the firm size, the factor related to the ratio of book to market value of companies, and the factor of liquidity risk on expected asset returns in the Serbian market. For this market we estimated different factor models: Capital Asset Pricing Model (CAPM by Sharpe, 1964), Fama-French (FF) model (1992, 1993), Liquidity-augmented CAPM (LCAPM) by Liu (2006), and combination LCAPM with FF factors. W...
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Tobi Olasojiand
Full Text Available The focus of this research was to investigate the short-term influence of U.S. crude oil inventories on WTI crude oil prices from 1993 to 2013. This study is important for policy makers who wish to reduce the persistent and growing price volatility of crude oil and its related products as well as businesses such as airline companies who wish to make annual budgetary sales decisions. Using OLS multiple regression, cointegration, VECM and Ex-post forecast techniques; we provide evidence of an inelastic relationship in which a 1% increase in U.S. crude oil inventories is associated with 0.46% decrease in WTI crude oil prices; however this was only valid for 22% of WTI crude oil price variation. We also find that past data on U.S. crude oil inventories could be used to predict future WTI crude oil prices movement. Contrary to literature, the results of the VECM analysis indicate there is no short-run relationship between both variables over the trajectory.
A credit policy approach in a two-warehouse inventory model for deteriorating items with price- and stock-dependent demand under partial backlogging
Panda, Gobinda Chandra; Khan, Md. Al-Amin; Shaikh, Ali Akbar
Advertisement of the product is an important factor in inventory analysis. Also, price and stock have an important role to attract more customers in the competitive business situations. Trade credit policy is another important role in inventory analysis. We have combined these three factors together in a two-warehouse inventory model and represented it mathematically. In addition, we have added deteriorating factor of our proposed problem with price- and stock-dependent demand under partial backlogged shortage and solved. The frequency of advertisement is considered constant for a year in this paper. The proposed model is highly nonlinear in nature. Due to highly nonlinearity, we could not find the closed form solution. In this paper, trade credit facility is taken in the perspective of retailer, and all the possible cases and subcases of the model are discussed and solved using lingo 10.0 software. The results of sensitivity analysis prove the effectiveness of the proposed model.
International Nuclear Information System (INIS)
The price terms in wheeling contracts very substantially, reflecting the differing conditions affecting the parties contracting for the service. These terms differ in the manner in which rates are calculated, the formulas used, and the philosophy underlying the accord. For example, and EEI study found that firm wheeling rates ranged from 20 cents to $1.612 per kilowatt per month. Nonfirm rates ranged from .15 mills to 5.25 mills per kilowatt-hour. The focus in this chapter is on cost-based rates, reflecting the fact that the vast majority of existing contracts are based on rate designs reflecting embedded costs. This situation may change in the future, but, for now, this fact can't be ignored
The impact of liquidity and size premium on equity price formation in Serbia
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Minović Jelena
Full Text Available The goal of this paper is to examine the impact of an overall market factor, the factor related to the firm size, the factor related to the ratio of book to market value of companies, and the factor of liquidity risk on expected asset returns in the Serbian market. For this market we estimated different factor models: Capital Asset Pricing Model (CAPM by Sharpe, 1964, Fama-French (FF model (1992, 1993, Liquidity-augmented CAPM (LCAPM by Liu (2006, and combination LCAPM with FF factors. We used daily data for the period from 2005 to 2009. Using a demanding methodology and complex dataset, we found that liquidity and firm size had a significant impact on equity price formation in Serbia. On the other hand, our results suggest that the factor related to the ratio of book to market value of companies does not have an important role in asset pricing in Serbia. We found that Liu's two factor LCAPM model performs better in explaining stock returns than the standard CAPM and the Fama-French three factor model. Additionally, Liu's LCAPM may indeed be a good tool for realistic assessment of the expected asset returns. The combination of the Fama-French model and the LCAPM could improve the understanding of equilibrium in the Serbian equity market. Even though previous papers have mostly dealt with examining different factor models of developed or emerging markets worldwide, none of them has tested factor models on the countries of former Yugoslavia. This paper is the first to test the FF model and LCAPM with FF factors in the case of Serbia and the area of ex-Yugoslavia. [Projekat Ministarstva nauke Republike Srbije, br. 179015: Challenges and Prospects of Structural Changes in Serbia: Strategic Directions for Economic Development and Harmonization With EU Requirements
Analisis Portofolio Optimum Saham Syariah Menggunakan Liquidity Adjusted Capital Asset Pricing Model (LCAPM
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Nila Cahyati
Full Text Available Investasi mempunyai karakteristik antara return dan resiko. Pembentukan portofolio optimal digunakan untuk memaksimalkan keuntungan dan meminimumkan resiko. Liquidity Adjusted Capital Asset Pricing Model (LCAPM merupakan metode pengembangan baru dari CAPM yang dipengaruhi likuiditas. Indikator likuiditas apabila digabungkan dengan metode CAPM dapat membantu memaksimalkan return dan meminimumkan resiko. Tujuan penelitian adalah membandingkan expected retun dan resiko saham serta mengetahui proporsi pada portofolio optimal. Sampel yang digunakan merupakan saham JII (Jakarta Islamic Index periode Januari 2013 – November 2014. Hasil penelitian menunjukkan bahwa expected return portofolio LCAPM sebesar 0,0956 dengan resiko 0,0043 yang membentuk proporsi saham AALI (55,19% dan saham PGAS (44,81%.
A deterministic inventory model for deteriorating items with selling price dependent demand and three-parameter Weibull distributed deterioration
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Asoke Kumar Bhunia
Full Text Available In this paper, an attempt is made to develop two inventory models for deteriorating items with variable demand dependent on the selling price and frequency of advertisement of items. In the first model, shortages are not allowed whereas in the second, these are allowed and partially backlogged with a variable rate dependent on the duration of waiting time up to the arrival of next lot. In both models, the deterioration rate follows three-parameter Weibull distribution and the transportation cost is considered explicitly for replenishing the order quantity. This cost is dependent on the lot-size as well as the distance from the source to the destination. The corresponding models have been formulated and solved. Two numerical examples have been considered to illustrate the results and the significant features of the results are discussed. Finally, based on these examples, the effects of different parameters on the initial stock level, shortage level (in case of second model only, cycle length along with the optimal profit have been studied by sensitivity analyses taking one parameter at a time keeping the other parameters as same.
Institute of Scientific and Technical Information of China (English)
Hui Yu; Jie Deng
This study examines an optimal inventory strategy when a retailer markets a product at different selling prices through a dual-channel supply chain,comprising an online channel and an offline channel.Using the operating pattern of the offiine-to-online (O2O) business model,we develop a partial robust optimization (PRO) model.Then,we provide a closed-form solution when only the mean and standard deviation of the online channel demand distribution is known and the offline channel demand follows a uniform distribution (partial robust).Specifically,owing to the good structural properties of the solution,we obtain a heuristic ordering formula for the general distribution case (i.e.,the offline channel demand follows a general distribution).In addition,a series of numerical experiments prove the rationality of our conjecture.Moreover,after comparing our solution with other possible policies,we conclude that the PRO approach improves the performance of incorporating the internet into an existing supply chain and,thus,is able to adjust the level of conservativeness of the solution.Finally,in a degenerated situation,we compare our PRO approach with a combination of information approach.The results show that the PRO approach has more "robust" performance.As a result,a reasonable trade-off between robustness and performance is achieved.
The estimation and prediction of the inventories for the liquid and gaseous radwaste systems using the linear regression analysis
International Nuclear Information System (INIS)
Kim, J. Y.; Shin, C. H.; Kim, J. K.; Lee, J. K.; Park, Y. J.
The variation transitions of the inventories for the liquid radwaste system and the radioactive gas have being released in containment, and their predictive values according to the operation histories of Yonggwang(YGN) 3 and 4 were analyzed by linear regression analysis methodology. The results show that the variation transitions of the inventories for those systems are linearly increasing according to the operation histories but the inventories released to the environment are considerably lower than the recommended values based on the FSAR suggestions. It is considered that some conservation were presented in the estimation methodology in preparing stage of FSAR
Optimal transfer, ordering and payment policies for joint supplier-buyer inventory model with price-sensitive trapezoidal demand and net credit
Shah, Nita H.; Shah, Digeshkumar B.; Patel, Dushyantkumar G.
This study aims at formulating an integrated supplier-buyer inventory model when market demand is variable price-sensitive trapezoidal and the supplier offers a choice between discount in unit price and permissible delay period for settling the accounts due against the purchases made. This type of trade credit is termed as 'net credit'. In this policy, if the buyer pays within offered time M1, then the buyer is entitled for a cash discount; otherwise the full account must be settled by the time M2; where M2 > M1 ⩾ 0. The goal is to determine the optimal selling price, procurement quantity, number of transfers from the supplier to the buyer and payment time to maximise the joint profit per unit time. An algorithm is worked out to obtain the optimal solution. A numerical example is given to validate the proposed model. The managerial insights based on sensitivity analysis are deduced.
Price formation and intertemporal arbitrage within a low-liquidity framework. Empirical evidence from European natural gas markets
Energy Technology Data Exchange (ETDEWEB)
Nick, Sebastian
In this study, the informational efficiency of the European natural gas market is analyzed by empirically investigating price formation and arbitrage efficiency between spot and futures markets. Econometric approaches are specified that explicitly account for nonlinearities and the low liquidity framework of the considered gas hubs. The empirical results reveal that price discovery takes place on the futures market, while the spot price subsequently follows the futures market price. Furthermore, there is empirical evidence of significant market frictions hampering intertemporal arbitrage. UK's NBP seems to be the hub at which arbitrage opportunities are exhausted most efficiently, although there is convergence in the degree of intertemporal arbitrage efficiency over time at the hubs investigated.
Liquidity Traps and the Price (In)Determinacy of Monetary Rules
Eagle, David M
This paper proposes a new methodology for assessing price indeterminacy to supplant the discredited nonexplosive criterion. Using this methodology, we find that nominal GDP targeting and price-level targeting do determine prices when the central bank follows a sufficiently strong feedback rule for setting the nominal interest rate. However, inflation targeting leads to price indeterminacy, a result consistent with the principles of calculus. This price indeterminacy of inflation targeting ...
Agent-based models for latent liquidity and concave price impact
Mastromatteo, Iacopo; Tóth, Bence; Bouchaud, Jean-Philippe
We revisit the "ɛ-intelligence" model of Tóth et al. [Phys. Rev. X 1, 021006 (2011), 10.1103/PhysRevX.1.021006], which was proposed as a minimal framework to understand the square-root dependence of the impact of meta-orders on volume in financial markets. The basic idea is that most of the daily liquidity is "latent" and furthermore vanishes linearly around the current price, as a consequence of the diffusion of the price itself. However, the numerical implementation of Tóth et al. (2011) was criticized as being unrealistic, in particular because all the "intelligence" was conferred to market orders, while limit orders were passive and random. In this work, we study various alternative specifications of the model, for example, allowing limit orders to react to the order flow or changing the execution protocols. By and large, our study lends strong support to the idea that the square-root impact law is a very generic and robust property that requires very few ingredients to be valid. We also show that the transition from superdiffusion to subdiffusion reported in Tóth et al. (2011) is in fact a crossover but that the original model can be slightly altered in order to give rise to a genuine phase transition, which is of interest on its own. We finally propose a general theoretical framework to understand how a nonlinear impact may appear even in the limit where the bias in the order flow is vanishingly small.
Optimising multi-product multi-chance-constraint inventory control system with stochastic period lengths and total discount under fuzzy purchasing price and holding costs
Allah Taleizadeh, Ata; Niaki, Seyed Taghi Akhavan; Aryanezhad, Mir-Bahador
While the usual assumptions in multi-periodic inventory control problems are that the orders are placed at the beginning of each period (periodic review) or depending on the inventory level they can happen at any time (continuous review), in this article, we relax these assumptions and assume that the periods between two replenishments of the products are independent and identically distributed random variables. Furthermore, assuming that the purchasing price are triangular fuzzy variables, the quantities of the orders are of integer-type and that there are space and service level constraints, total discount are considered to purchase products and a combination of back-order and lost-sales are taken into account for the shortages. We show that the model of this problem is a fuzzy mixed-integer nonlinear programming type and in order to solve it, a hybrid meta-heuristic intelligent algorithm is proposed. At the end, a numerical example is given to demonstrate the applicability of the proposed methodology and to compare its performance with one of the existing algorithms in real world inventory control problems.
A hybrid credibility-based fuzzy multiple objective optimisation to differential pricing and inventory policies with arbitrage consideration
Ghasemy Yaghin, R.; Fatemi Ghomi, S. M. T.; Torabi, S. A.
In most markets, price differentiation mechanisms enable manufacturers to offer different prices for their products or services in different customer segments; however, the perfect price discrimination is usually impossible for manufacturers. The importance of accounting for uncertainty in such environments spurs an interest to develop appropriate decision-making tools to deal with uncertain and ill-defined parameters in joint pricing and lot-sizing problems. This paper proposes a hybrid bi-objective credibility-based fuzzy optimisation model including both quantitative and qualitative objectives to cope with these issues. Taking marketing and lot-sizing decisions into account simultaneously, the model aims to maximise the total profit of manufacturer and to improve service aspects of retailing simultaneously to set different prices with arbitrage consideration. After applying appropriate strategies to defuzzify the original model, the resulting non-linear multi-objective crisp model is then solved by a fuzzy goal programming method. An efficient stochastic search procedure using particle swarm optimisation is also proposed to solve the non-linear crisp model.
Generalized stochastic target problems for pricing and partial hedging under loss constraints - Application in optimal book liquidation
Bouchard , Bruno; Dang , Ngoc Minh
International audience; We consider a singular with state constraints version of the stochastic target problems studied in Soner and Touzi (2002) and more recently Bouchard, Elie and Touzi (2008), among others. This provides a general framework for the pricing of contingent claims under risk constraints. Our extended version perfectly suits to market models with proportional transaction costs and to order book liquidation issues. Our main result is a PDE characterization of the associated pri...
A closed-loop supply chain inventory model for manufacturer - Collector system with inspection, waste disposal and price-quality dependent return rate
Putri, Anissa Rianda; Jauhari, Wakhid Ahmad; Rosyidi, Cucuk Nur
This paper studies a closed-loop supply chain inventory model, where the primary market demand is fulfilled by newly produced products and remanufactured products. We intend to integrate a manufacturer and a collector as a supply chain system. Used items are collected and will be inspected and sorted by the collector, and the return rate of used items is depended upon price and quality factor. Used items that aren't pass this process, will be considered as waste and undergone waste disposal process. Recoverable used items will be sent to the manufacturer for recovery process. This paper applies two types of the recovery process for used products, i.e. remanufacture and refurbish. The refurbished items are sold to a secondary market with lower price than primary market price. Further, the amount of recoverable items depend upon the acceptance level of the returned items. This proposed model gives an optimal solution by maximizing the joint total profit. Moreover, a numerical example is presented to describe the application of the model.
A propane price spike nails users
International Nuclear Information System (INIS)
Milke, M.
The increase in price for propane was discussed. In 1993, propane cost about 5 cents per litre; by December 1996, the price has risen to 27 cents wholesale, while retail prices for auto propane reached 40 cents per litre. As a result, farmers and fleet operators are considering switching to an alternative energy supply. The five factors which may have played a role in the propane price spike were described. These included a cold winter which lowered inventories, a Pemex gas plant in Mexico which had been damaged by fire, forcing Mexico to import natural gas and natural gas liquids from the USA, the failure of propane distributors to restock during the summer months in the hope of lower prices, and increased cost of competing fuels in the face of increased demand. It was noted that these factors are transitory, which could mean better prices this summer
Price formation and market mechanisms
International Nuclear Information System (INIS)
Neff, T.L.
World markets for nuclear fuel have changed greatly since the 1970s. In earlier days, firms specializing in mining, conversion, enrichment and fabrication negotiated directly with end users, primarily under long term contracts at specified prices. This old model is gone. Market structure has been transformed: traditional suppliers now compete with traders, some of whom can offer a much larger menu of products and terms than primary suppliers. Utilities act as traders, converters as brokers, brokers as traders, producers as buyers, and so on. De-enrichment, de-conversion, loans, swaps, interchanges and other new kinds of transactions have proliferated. These changes in market structure and market mechanisms have been accompanied by substantial changes in price formation, that is the process by which market price is set. Today, the level and direction of price are set in a trading dominated spot market environment, fuelled by inventory liquidation and Soviet and other non-traditional supply. (author)
26 CFR 1.1321-1 - Involuntary liquidation of lifo inventories.
... it impossible during such period for a taxpayer using the last-in first-out inventory method to have... foreign government, by unusual exchange restrictions, or by other unusual circumstances or conditions...
Limits to Arbitrage in Sovereign Bonds Price and Liquidity Discovery in High Frequency Quote Driven Markets
DEFF Research Database (Denmark)
Pelizzon, Loriana; Subrahmanyam, Marti G.; Tomio, Davide
The progressively stronger linkages across markets, due to faster access to information and trade execution, cause market liquidity to be rapidly transmitted across markets. In contrast to the resultant commonality of liquidity across markets that are affected by common market-wide factors...... between markets, and liquidity discovery, the transmission of liquidity shocks, through changes in the quotes posted by market makers and the reactions of arbitrageurs. Our analysis is in the context of the Italian sovereign bond cash and future markets, during the recent Euro-zone sovereign bond crisis...... discovery, the cash market leads the futures market in liquidity discovery, i.e., the willingness of the market makers to trade (measured by market depth as the key liquidity measure). More specifically, the liquidity in the cash market also has a significant impact on the changes in the basis (and...
Density, movement, and transuranic tissue inventory of small mammals at a liquid-radioactive waste disposal area
International Nuclear Information System (INIS)
Halford, D.K.
Linear movement, density, and transuranic radionuclide inventory were estimated for small mammals residing at a liquid radioactive waste disposal area in southeastern Idaho. Deer mice (Peromyscus maniculatus), kangaroo rats (Dipodomys ordii), western harvest mice (Reithrodontomys megalotis), and Great Basin pocket mice (Perognathus parvus) were the predominant species. The total small mammal population within the 3.0-ha waste area was estimated to be 93. The distance between consecutive captures for all species combined averaged 41 m and ranged from 7 to 201 m. About 30% of the rodents captured inside the waste area were also captured outside its boundaries. The total population inventory of 238 Pu, /sup 239,240/Pu, 241 Am, 242 Cm, and 244 Cm was 44 pCi, 30 pCi, 19 pCi, 21 pCi, and <1 pCi, respectively. One-third, or about 35 pCi of transuranics, could be removed from the waste area by small mammals during the summer of 1981. 16 references, 3 figures, 3 tables
Institutional investors' involuntary trading behaviors,commonality in liquidity change and stock price fragility
Institute of Scientific and Technical Information of China (English)
Guojin Chen; Aihuan Xu; Xiangqin Zhao
Purpose-The aim of this paper is to empirically analyze the source of commonality in liquidity change in China's stock market.Design/methodology/approach-This paper used two-step test method in Coughenour and Saad and empirically tested the relationship between institutional investors' involuntary trading behaviors and commonality in liquidity change in China's stock market.Findings-The results showed that to take the open-end fund as a representative of institutional investors,their involuntary trading behaviors were an important source of commonality in liquidity change in China's stock market.Originality/value-For a long time,the domestic researchers have ignored the study about the source of commonality in liquidity change in China's stock market.But,this study's conclusion expanded the explanation about the source of commonality in liquidity change in China's stock market from a new point of view that the demand-side explanation.Because there is no market-maker trading behaviors in China's stock market,the paper cannot explain the source of commonality in liquidity change in China's stock market from the point of view of the supply-side explanation.
A Regular Production-Remanufacturing Inventory Model for a Two-Echelon System with Price-dependent Return Rate and Environmental Effects Investigation
Dwicahyani, A. R.; Jauhari, W. A.; Jonrinaldi
Product take-back recovery has currently became a promising effort for companies in order to create a sustainable supply chain. In addition, some restrictions including government regulations, social-ethical responsibilities, and up to economic factors have contributed to the reasons for the importance of product take-back recovery. This study aims to develop an inventory model in a system of reverse logistic management consisting of a manufacturer and a collector. Recycle dealer collects used products from the market and ships it to manufacturer. Manufacturer then recovers the used products and sell it eventually to the market. Some recovered products that can not be recovered as good as new one will be sold to the secondary market. In this study, we investigate the effects of environmental factors including GHG emissions and energy usage from transportation, regular production, and remanufacturing operations conducted by manufacturer and solve the model to get the maximum annual joint total profit for both parties. The model also considers price-dependent return rate and determine it as a decision variable as well as number of shipments from collector to manufacturer and optimal cycle period. An iterative procedure is proposed to determine the optimal solutions. We present a numerical example to illustrate the application of the model and perform a sensitivity analysis to study the effects of the changes in environmental related costs on the model's decision.
Comparison of power exchanges. Liquidity and prices in spot transactions; Stromboersen im Vergleich. Liquiditaet und Preise im Spothandel
Energy Technology Data Exchange (ETDEWEB)
Simon, Manuel
The liberalization of the world's electricity markets in the past 20 years provided new challenges for operators of power distribution systems as well as producers: Especially in Europe, the integration of renewable energy sources is another challenge. The increasing importance of wind energy, solar energy and hydro power as a CO{sub 2} free energy source raises the question which market design is the best for the description of the constant fluctuations of these energy sources. As a result of liberalization, two market models are distinguished: the stock market model and the pool model. The author of the contribution under consideration analyzes empirically the power exchanges EEX (European energy Exchange, Leipzig, Federal Republic of Germany), Nordpool (Lysaker, Norway) and PJM (Norristown, Pennsylvania, USA). The parameters are determined which significantly affect the prices and the liquidity in the spot market.
Price Earnings Ratio and Stock Return Analysis (Evidence from Liquidity 45 Stocks Listed in Indonesia Stock Exchange
Directory of Open Access Journals (Sweden)
Liem Pei Fun
Full Text Available Price to Earnings Ratio (PE Ratio has been broadly used by analysts and investors for stock selection. Stocks with low PE ratio are perceived as having cheaper current price hence expected to generate higher return in subsequent period. This paper aims to examine predictability of stock return using PE Ratio based on historical relationship between PE Ratio and subsequent stock return. Particularly, it seeks to find whether stocks with high PE Ratio followed by low stocks return and on the contrary, stocks with low PE Ratio followed by high stocks return. Using stocks which are included as member of Liquidity 45 and observation period 2005-2010 as samples, results show that there is significance difference between low PE and high PE portfolio stock return in short term (holding period of 6 months but there is no significance difference between both portfolio stock return if they are hold for one, two, three, and four years. This research also finds that there is no significant relationship between stock return and (trailing PE Ratio which suggests that (trailing PE Ratio is not useful in estimating both short term and long term stock returns
Intraday liquidity dynamics and news releases around price jumps: Evidence from the DJIA stocks
Boudt, K.M.R.; Petitjean, M.
We study the dynamics of liquidity and news releases around jumps by identifying their intraday timing for the Dow Jones Industrial Average index constituents. Jumps are found to coincide with a significant increase in trading costs and demand for immediacy, amplified by the release of news.
SUCIU Titus
In individual companies, price is one significant factor in achieving marketing success. In many purchase situations, price can be of great importance to customers. Marketers must establish pricing strategies that are compatible with the rest of the marketing mix. Management should decide whether to charge the same price to all similar buyers of identical quantities of a product (a one-price strategy) or to set different prices (a flexible price strategy). Many organizations, especially retai...
R.P. Faber (Riemer)
textabstractThis thesis studies price data and tries to unravel the underlying economic processes of why firms have chosen these prices. It focuses on three aspects of price setting. First, it studies whether the existence of a suggested price has a coordinating effect on the prices of firms.
Analysis of the differences in breeding ratio and fissile inventory between heterogeneous and homogeneous liquid-metal fast breeder reactors
International Nuclear Information System (INIS)
Tzanos, C.P.
The differences in fissile inventory and breeding ratio, with respect to the differences in fertile inventory and neutron spectrum, between equivalent heterogeneous and homogeneous configurations were analyzed. To quantify the effect of spectral changes on reaction rate ratios, a calculational scheme based on properly prepared one-group cross-section sets was used
Investigation of tritium inventory and permeation behaviour in the liquid breeder blanket concept of Demo as a function of design and material parameters
International Nuclear Information System (INIS)
Tominetti, S.; Perujo, A.; Reiter, F.
A numerical code has been used to estimate the time dependence of tritium inventory and of tritium transport into the coolant, into the first wall boxes and through the liquid breeder in the Pb-17Li blanket concept of DEMO. Several issues in both design and material parameters have been considered and the effect on inventory and permeation of coatings with low surface recombination coefficient and/or low diffusivity at various surfaces of the structural material has been studied. TiC has been chosen as reference material for these calculations and a general database on coating efficiency as a function of its properties has also been produced on the basis of TiC data
Dynamic Price Dispersion of Storable Goods
DEFF Research Database (Denmark)
Gao, Cixiu
with different search costs and willingness to wait. I demonstrate that the high-price-low-price pattern is rational for storable goods. In a Markov-perfect equilibrium, agents' actions depend on consumer inventory, and purchase decisions are characterized by a critical price. The equilibrium price series...
Implied liquidity : towards stochastic liquidity modeling and liquidity trading
Corcuera, J.M.; Guillaume, F.M.Y.; Madan, D.B.; Schoutens, W.
In this paper we introduce the concept of implied (il)liquidity of vanilla options. Implied liquidity is based on the fundamental theory of conic finance, in which the one-price model is abandoned and replaced by a two-price model giving bid and ask prices for traded assets. The pricing is done by
Recent evidence on the muted inventory cycle
Andrew J. Filardo
Inventories play an important role in business cycles. Inventory build-ups add momentum to the economy during expansions, while inventory liquidations sap economic strength during recessions. In addition, because inventory fluctuations are notoriously difficult to predict, they present considerable uncertainty in assessing the economic outlook.> The role of inventories in shaping the current outlook for the U.S. economy is particularly uncertain. In the early 1990s, inventory swings appeared ...
Price sensitive demand with random sales price - a newsboy problem
Sankar Sana, Shib
Up to now, many newsboy problems have been considered in the stochastic inventory literature. Some assume that stochastic demand is independent of selling price (p) and others consider the demand as a function of stochastic shock factor and deterministic sales price. This article introduces a price-dependent demand with stochastic selling price into the classical Newsboy problem. The proposed model analyses the expected average profit for a general distribution function of p and obtains an optimal order size. Finally, the model is discussed for various appropriate distribution functions of p and illustrated with numerical examples.
Diller, Hermann
Purpose – The purpose of this article is to integrate the various strands of fair price research into a concise conceptual model. Design/methodology/approach – The proposed price fairness model is based on a review of the fair pricing literature, incorporating research reported in not only English but also German. Findings – The proposed fair price model depicts seven components of a fair price: distributive fairness, consistent behaviour, personal respect and regard for the partner, fair dea...
Optimal Dynamic Pricing for Perishable Assets with Nonhomogeneous Demand
Wen Zhao; Yu-Sheng Zheng
We consider a dynamic pricing model for selling a given stock of a perishable product over a finite time horizon. Customers, whose reservation price distribution changes over time, arrive according to a nonhomogeneous Poisson process. We show that at any given time, the optimal price decreases with inventory. We also identify a sufficient condition under which the optimal price decreases over time for a given inventory level. This sufficient condition requires that the willingness of a custom...
DEFF Research Database (Denmark)
Sharifi, Reza; Anvari-Moghaddam, Amjad; Fathi, S. Hamid
Dynamic pricing scheme, also known as real-time pricing (RTP), can be more efficient and technically beneficial than the other price-based schemes (such as flat-rate or time-of-use (TOU) pricing) for enabling demand response (DR) actions. Over the past few years, advantages of RTP-based schemes h...... of dynamic pricing can lead to increased willingness of consumers to participate in DR programs which in turn improve the operation of liberalized electricity markets.......Dynamic pricing scheme, also known as real-time pricing (RTP), can be more efficient and technically beneficial than the other price-based schemes (such as flat-rate or time-of-use (TOU) pricing) for enabling demand response (DR) actions. Over the past few years, advantages of RTP-based schemes...
Illiquidity Contagion and Liquidity Crashes
Giovanni Cespa; Thierry Foucault
Liquidity providers often learn information about an asset from prices of other assets. We show that this generates a self-reinforcing positive relationship between price informativeness and liquidity. This relationship causes liquidity spillovers and is a source of fragility: a small drop in the liquidity of one asset can, through a feedback loop, result in a very large drop in market liquidity and price informativeness (a liquidity crash). This feedback loop provides a new explanation for c...
Stores, Prices, and Currency Substitution
Gabriele, Camera; Winkler, Johannes
We study endogenous currency substitution in a decentralized trade environment. Sellers maximize profits from sales of imperfectly substitutable goods by posting prices in either one of two currencies. A unique symmetric equilibrium exists where goods are priced only in the local currency. This occurs if foreign trade is sporadic, there is sufficient but not excessive liquidity, and discounting is low. Excess or scarcity of liquidity, however, induces sellers to extract all surplus from bu...
DEFF Research Database (Denmark)
Nielsen, Søren Bo
Against a background of rather mixed evidence about transfer pricing practices in multinational enterprises (MNEs) and varying attitudes on the part of tax authorities, this paper explores how multiple aims in transfer pricing can be pursued across four different transfer pricing regimes. A MNE h...
Joseph G. Haubrich
The price of gold commands attention because it serves as an indicator of general price stability or inflation. But gold is also a commodity, used in jewelry and by industry, so demand and supply affect its pricing and need to be considered when gold is a factor in monetary policy decisions.
DEFF Research Database (Denmark)
Kokholm, Thomas
. With the existence of a liquid market for derivatives with variance as underlying, such as VIX options, VIX futures and a well-developed over-the-counter market for options on variance swaps, it is important to consider models that are able to fit these markets while consistently pricing vanilla options...... financial models, and most importantly, to be aware of their limitations. Following that belief, this thesis consists of three independent and self-contained papers, all dealing with topics in derivatives pricing. The first paper considers the pricing of traffic light options, which are appropriate...... the market for multivariate credit instruments, we take a step back and focus on single-name default modeling and introduce two new model classes for modeling of the default time of a company. Finally, in the third paper we propose a consistent pricing model for index and volatility derivatives...
Sharma, Sanjay
This book provides a detailed overview of various parameters/factors involved in inventory analysis. It especially focuses on the assessment and modeling of basic inventory parameters, namely demand, procurement cost, cycle time, ordering cost, inventory carrying cost, inventory stock, stock out level, and stock out cost. In the context of economic lot size, it provides equations related to the optimum values. It also discusses why the optimum lot size and optimum total relevant cost are considered to be key decision variables, and uses numerous examples to explain each of these inventory parameters separately. Lastly, it provides detailed information on parameter estimation for different sectors/products. Written in a simple and lucid style, it offers a valuable resource for a broad readership, especially Master of Business Administration (MBA) students.
26 CFR 1.471-2 - Valuation of inventories.
...-2 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Inventories § 1.471-2 Valuation of inventories. (a) Section 471 provides two tests...-5.) Any goods in an inventory which are unsalable at normal prices or unusable in the normal way...
Teaching Accounting for Inventory by Calling on Students' Personal Experiences
Briginshaw, John
This essay seeks to give practical guidance to accounting instructors seeking to convey the difficult concepts of accounting for inventory. Techniques to convey the concepts of assumed inventory flow, inventory valuation under inflation and deflation, impairment of inventories, LIFO [Last In, First Out] liquidations and the concept of the periodic…
International Nuclear Information System (INIS)
Lynch, M.C.
This PowerPoint presentation included 36 slides that described the state of oil prices and how to predict them. Prices are random, stochastic, chaotic, mean-reverting and driven by speculators, oil companies and OPEC. The many factors that enable price forecasting are economic growth, weather, industry behaviour, speculators, OPEC policy choices, Mexico/Russia production policy, non-OPEC supply and the interpretation of the above factors by OPEC, speculators, traders and the petroleum industry. Several graphs were included depicting such things as WTI price forecasts, differentials, oil market change in 2001, inventory levels, and WTI backwardation. The presentation provided some explanations for price uncertainties, price surges and collapses. U.S. GDP growth and the volatility of Iraq's production was also depicted. The author predicted that economic growth will occur and that oil demand will go up. Oil prices will fluctuate as the Middle East will be politically unstable and weather will be a major factor that will influence oil prices. The prices are likely to be more volatile than in the 1986 to 1995 period. 2 tabs., 22 figs
Kansas Data Access and Support Center — This dataset is a digital representation of the 1:24,000 Land Use Riparian Areas Inventory for the state of Kansas. The dataset includes a 100 foot buffer around all...
Periodic Pricing of Seasonal Products in Retailing
Gabriel R. Bitran; Susana V. Mondschein
This paper studies intertemporal pricing policies when selling seasonal products in retail stores. We first present a continuous time model where a seller faces a stochastic arrival of customers with different valuations of the product. For this model, we characterize the optimal pricing policies as functions of time and inventory. We use this model as a benchmark against which we compare more realistic models that consider periodic pricing reviews. We show that the structure of the optimal p...
DEFF Research Database (Denmark)
Rohde, Carsten; Rossing, Christian Plesner
trade internally as the units have to decide what prices should be paid for such inter-unit transfers. One important challenge is to uncover the consequences that different transfer prices have on the willingness in the organizational units to coordinate activities and trade internally. At the same time...... the determination of transfer price will affect the size of the profit or loss in the organizational units and thus have an impact on the evaluation of managers" performance. In some instances the determination of transfer prices may lead to a disagreement between coordination of the organizational units...
Pricing end-of-life components
Vadde, Srikanth; Kamarthi, Sagar V.; Gupta, Surendra M.
The main objective of a product recovery facility (PRF) is to disassemble end-of-life (EOL) products and sell the reclaimed components for reuse and recovered materials in second-hand markets. Variability in the inflow of EOL products and fluctuation in demand for reusable components contribute to the volatility in inventory levels. To stay profitable the PRFs ought to manage their inventory by regulating the price appropriately to minimize holding costs. This work presents two deterministic pricing models for a PRF bounded by environmental regulations. In the first model, the demand is price dependent and in the second, the demand is both price and time dependent. The models are valid for single component with no inventory replenishment sale during the selling horizon . Numerical examples are presented to illustrate the models.
Oil transformation sector modelling: price interactions
International Nuclear Information System (INIS)
Maurer, A.
A global oil and oil product prices evolution model is proposed that covers the transformation sector incidence and the final user price establishment together with price interactions between gaseous and liquid hydrocarbons. High disparities among oil product prices in the various consumer zones (North America, Western Europe, Japan) are well described and compared with the low differences between oil supply prices in these zones. Final user price fluctuations are shown to be induced by transformation differences and competition; natural gas market is also modelled
International Nuclear Information System (INIS)
Chevallier, B.
The 'AFTP' conference on 'petroleum prices' organized by Total last March, tries to explain the different aspects of the crisis we undergo for July 2007 and its consequential effects on the petroleum markets (supply, demand evolvements, impacts on reserves, prices, refining...). (O.M.)
Essays on Arbitrage and Market Liquidity
DEFF Research Database (Denmark)
Tomio, Davide
The first essay investigates how credit risk, the risk that a bond issuer will default, affects bond market liquidity. Specifically, we depart from the current literature in that we analyze the direct and indirect channels through which credit risk affects market liquidity, rather than determining...... whether both are priced in the bond. We focus on the Italian sovereign bond market, which allows us to determine how central bank interventions affect the sensitivity of the liquidity provision by market makers to default risk. We motivate our empirical analysis with a simple model of a risk averse market...... maker, holding an inventory of a risky asset and setting her optimal marginal quotes (and, therefore, the optimal bid-ask spread), in the presence of margin constraints and borrowing costs. The margins, set by a clearing house, depend on the risk of the asset, as measured by the CDS spread...
International Nuclear Information System (INIS)
Groenewegen, G.G.
On a conference (Gas for Europe in the 1990's) during the Gasexpo '91 the author held a speech of which the Dutch text is presented here. Attention is paid to the current European pricing methods (prices based on the costs of buying, transporting and distributing the natural gas and prices based on the market value, which is deducted from the prices of alternative fuels), and the transparency of the prices (lack of information on the way the prices are determined). Also attention is paid to the market signal transparency and gas-gas competition, which means a more or less free market of gas distribution. The risks of gas-to-gas competition for a long term price stability, investment policies and security of supply are discussed. Opposition against the Third Party Access (TPA), which is the program to implement gas-to-gas competition, is caused by the fear of natural gas companies for lower gas prices and lower profits. Finally attention is paid to government regulation and the activities of the European Commission (EC) in this matter. 1 fig., 6 ills., 1 tab
Please take note that after five years of stable prices at Restaurant No 1 a price increase will come into force on 1st January 2006. This increase has been agreed after discussions between the CSR (Comité de Surveillance des Restaurants) and the catering company Novae and will reflect the inflation rate of the last few years. In addition, a new children's menu will be introduced, as well as 'Max Havelaar' fair-trade coffee at a price of 1.70 CHF.
Please take note that after five years of stable prices at Restaurant No 1 a price increase will come into force on 1st January 2006. This increase has been agreed after discussions between the CSR (Comité de Surveillance des Restaurants) and the catering company Novae and will reflect the inflation rate of the last few years. In addition, a new children's menu will be introduced as well as 'Max Havelaar' fair-trade coffee at a price of 1.70 CHF.
DEFF Research Database (Denmark)
Pokutta, Sebastian; Schmaltz, Christian
Large banking groups face the question of how to optimally allocate and generate liquidity: in a central liquidity hub or in many decentralized branches. We translate this question into a facility location problem under uncertainty. We show that volatility is the key driver behind (de......-)centralization. We provide an analytical solution for the 2-branch model and show that a liquidity center can be interpreted as an option on immediate liquidity. Therefore, its value can be interpreted as the price of information, i.e., the price of knowing the exact demand. Furthermore, we derive the threshold...... above which it is advantageous to open a liquidity center and show that it is a function of the volatility and the characteristic of the bank network. Finally, we discuss the n-branch model for real-world banking groups (10-60 branches) and show that it can be solved with high granularity (100 scenarios...
7 CFR 1955.124 - Sale with inventory real estate (chattel).
... 7 Agriculture 14 2010-01-01 2009-01-01 true Sale with inventory real estate (chattel). 1955.124... Property Chattel Property § 1955.124 Sale with inventory real estate (chattel). Inventory chattel property may be sold with inventory real estate if a higher aggregate price can be obtained. Proceeds from a...
DEFF Research Database (Denmark)
Runge, Julian; Wagner, Stefan; Claussen, Jörg
Firms commonly run field experiments to improve their freemium pricing schemes. However, they often lack a framework for analysis that goes beyond directly measurable outcomes and focuses on longer term profit. We aim to fill this gap by structuring existing knowledge on freemium pricing...... into a stylized framework. We apply the proposed framework in the analysis of a field experiment that contrasts three variations of a freemium pricing scheme and comprises about 300,000 users of a software application. Our findings indicate that a reduction of free product features increases conversion as well...... as viral activity, but reduces usage – which is in line with the framework's predictions. Additional back-of-the-envelope profit estimations suggest that managers were overly optimistic about positive externalities from usage and viral activity in their choice of pricing scheme, leading them to give too...
The pricing of illiquidity and illiquid assets : Essays on empirical asset pricing
Tuijp, Patrick
This dissertation studies the pricing of liquidity and illiquid assets. For this thesis, liquidity will generally refer to the ease with which an asset can be traded. The first chapter investigates the role of the investment horizon in the impact of illiquidity on stock prices. We obtain a clientele
International Nuclear Information System (INIS)
Maurice, J.
The oil market is the most volatile of all markets, with the exception of the Nasdaq. It is also the biggest commodity market in the world. Therefore one cannot avoid forecasting oil prices, nor can one expect to avoid the forecasting errors that have been made in the past. In his report, Joel Maurice draws a distinction between the short term and the medium-long term in analysing the outlook for oil prices. (author)
Gas prices: realities and probabilities
International Nuclear Information System (INIS)
Broadfoot, M.
An assessment of price trends suggests continuing rise in 2001, with some easing of upward price movement in 2002 and 2003. Storage levels as of Nov. 1, 2000 are expected to be at 2.77 Tcf, but if the winter of 2000/2001 proves to be more severe than usual, inventory levels could sink as low as 500 Bcf by April 1, 2001. With increasing demand for natural gas for non-utility electric power generation the major challenge will be to achieve significant supply growth, which means increased developmental drilling and inventory draw-downs, as well as more exploratory drilling in deepwater and frontier regions. Absence of a significant supply response by next summer will affect both growth in demand and in price levels, and the increased demand for electric generation in the summer will create a flatter consumption profile, erasing the traditional summer/winter spread in consumption, further intensifying price volatility. Managing price fluctuations is the second biggest challenge (after potential supply problems) facing the industry
DEFF Research Database (Denmark)
Malinova, Katya; Park, Andreas
the breakdown of trading fees between liquidity demanders and suppliers matters. Posted quotes adjust after the change in fee composition, but the transaction costs for liquidity demanders remain unaffected once fees are taken into account. However, as posted bid-ask spreads decline, traders (particularly......Facing increased competition over the last decade, many stock exchanges changed their trading fees to maker-taker pricing, an incentive scheme that rewards liquidity suppliers and charges liquidity demanders. Using a change in trading fees on the Toronto Stock Exchange, we study whether and why...... retail) use aggressive orders more frequently, and adverse selection costs decrease....
International Nuclear Information System (INIS)
As discussed in this chapter, interest in marketplace pricing has been increasing in recent years, reflecting the societal trend toward substituting competition for regulation where appropriate. Competition is valuable because it encourages utilities to make efficient decisions with a minimum of regulatory intervention. It enhances efficiency through the incentive for innovation by the regulated companies and by increasing the likelihood they will come forward with proposals for better services, lower prices or both. Ultimately, consumers are beneficiaries. Marketplace pricing is emblematic of the view that the degree of regulation should reflect the degree of market power, that workably competitive markets should be allowed to operate with as little regulatory interference as possible. The Edison Electric Institute has made perhaps the most detailed proposal on marketplace pricing. It and others perceive numerous benefits from this method of pricing transmission services. Given the undeniable market power resulting from line ownership, FERC has emphasized the need to find a workably competitive market before approving such proposals. The ability to make this distinction without a full-blown antitrust review for every transaction is questionable, and FERC has yet to provide generic guidance. Finally, FERC's legal ability to depart from cost-based standards is questionable
PROKOPOVÁ, Nikola
The subject of this thesis is optimization of inventory in selected organization. Inventory optimization is a very important topic in each organization because it reduces storage costs. At the beginning the inventory theory is presented. It shows the meaning and types of inventory, inventory control and also different methods and models of inventory control. Inventory optimization in the enterprise can be reached by using models of inventory control. In the second part the company on which is...
International Nuclear Information System (INIS)
Wijayatunga, P.D.C.
Electricity pricing in most countries, especially in the developing world, has been determined by traditional accounting criteria where it raises revenue requirements to cover the operating costs and a return on past and future capital investments in possible power systems. The use of economic principles to improve the total economic efficiency in the electricity industry is discussed. Basic marginal cost theory, long run marginal costing (LRMC) cost categories and rating periods, marginal capacity costs, marginal energy costs, consumer costs, short run marginal costing (SRMC), marginal cost of fuel, marginal cost of network losses, market clearing price, value of unserved energy and network quality of supply cost are discussed
International Nuclear Information System (INIS)
Leigh, C.
The purpose of the inventory abstraction as directed by the development plan (CRWMS M and O 1999b) is to: (1) Interpret the results of a series of relative dose calculations (CRWMS M and O 1999c, 1999d). (2) Recommend, including a basis thereof, a set of radionuclides that should be modeled in the Total System Performance Assessment in Support of the Site Recommendation (TSPA-SR) and the Total System Performance Assessment in Support of the Final Environmental Impact Statement (TSPA-FEIS). (3) Provide initial radionuclide inventories for the TSPA-SR and TSPA-FEIS models. (4) Answer the U.S. Nuclear Regulatory Commission (NRC)'s Issue Resolution Status Report ''Key Technical Issue: Container Life and Source Term'' (CLST IRSR) (NRC 1999) key technical issue (KTI): ''The rate at which radionuclides in SNF [Spent Nuclear Fuel] are released from the EBS [Engineered Barrier System] through the oxidation and dissolution of spent fuel'' (Subissue 3). The scope of the radionuclide screening analysis encompasses the period from 100 years to 10,000 years after the potential repository at Yucca Mountain is sealed for scenarios involving the breach of a waste package and subsequent degradation of the waste form as required for the TSPA-SR calculations. By extending the time period considered to one million years after repository closure, recommendations are made for the TSPA-FEIS. The waste forms included in the inventory abstraction are Commercial Spent Nuclear Fuel (CSNF), DOE Spent Nuclear Fuel (DSNF), High-Level Waste (HLW), naval Spent Nuclear Fuel (SNF), and U.S. Department of Energy (DOE) plutonium waste. The intended use of this analysis is in TSPA-SR and TSPA-FEIS. Based on the recommendations made here, models for release, transport, and possibly exposure will be developed for the isotopes that would be the highest contributors to the dose given a release to the accessible environment. The inventory abstraction is important in assessing system performance because
International Nuclear Information System (INIS)
Ragan, G.
The purpose of the inventory abstraction, which has been prepared in accordance with a technical work plan (CRWMS M andO 2000e for/ICN--02 of the present analysis, and BSC 2001e for ICN 03 of the present analysis), is to: (1) Interpret the results of a series of relative dose calculations (CRWMS M andO 2000c, 2000f). (2) Recommend, including a basis thereof, a set of radionuclides that should be modeled in the Total System Performance Assessment in Support of the Site Recommendation (TSPA-SR) and the Total System Performance Assessment in Support of the Final Environmental Impact Statement (TSPA-FEIS). (3) Provide initial radionuclide inventories for the TSPA-SR and TSPA-FEIS models. (4) Answer the U.S. Nuclear Regulatory Commission (NRC)'s Issue Resolution Status Report ''Key Technical Issue: Container Life and Source Term'' (CLST IRSR) key technical issue (KTI): ''The rate at which radionuclides in SNF [spent nuclear fuel] are released from the EBS [engineered barrier system] through the oxidation and dissolution of spent fuel'' (NRC 1999, Subissue 3). The scope of the radionuclide screening analysis encompasses the period from 100 years to 10,000 years after the potential repository at Yucca Mountain is sealed for scenarios involving the breach of a waste package and subsequent degradation of the waste form as required for the TSPA-SR calculations. By extending the time period considered to one million years after repository closure, recommendations are made for the TSPA-FEIS. The waste forms included in the inventory abstraction are Commercial Spent Nuclear Fuel (CSNF), DOE Spent Nuclear Fuel (DSNF), High-Level Waste (HLW), naval Spent Nuclear Fuel (SNF), and U.S. Department of Energy (DOE) plutonium waste. The intended use of this analysis is in TSPA-SR and TSPA-FEIS. Based on the recommendations made here, models for release, transport, and possibly exposure will be developed for the isotopes that would be the highest contributors to the dose given a release
IPO Pricing with Bookbuilding and a When-Issued Market
Stomper, Alex; Aussenegg, Wolfgang; Pichler, Pegaret
This paper examines the German IPO pricing process which combines bookbuilding with a liquid pre-IPO when-issued market. We find no partial adjustment phenomenon, as has been documented for U.S. IPOs. We thus find no evidence that bookbuilding provides information for IPO pricing, beyond the information that is required to set preliminary price ranges. Once price ranges are set, when-issued trading commences and indicates how IPOs should be priced in the primary market. However, the evidence ...
Inventory of miscellaneous streams
International Nuclear Information System (INIS)
Lueck, K.J.
On December 23, 1991, the US Department of Energy, Richland Operations Office (RL) and the Washington State Department of Ecology (Ecology) agreed to adhere to the provisions of the Department of Ecology Consent Order. The Consent Order lists the regulatory milestones for liquid effluent streams at the Hanford Site to comply with the permitting requirements of Washington Administrative Code. The RL provided the US Congress a Plan and Schedule to discontinue disposal of contaminated liquid effluent into the soil column on the Hanford Site. The plan and schedule document contained a strategy for the implementation of alternative treatment and disposal systems. This strategy included prioritizing the streams into two phases. The Phase 1 streams were considered to be higher priority than the Phase 2 streams. The actions recommended for the Phase 1 and 2 streams in the two reports were incorporated in the Hanford Federal Facility Agreement and Consent Order. Miscellaneous Streams are those liquid effluents streams identified within the Consent Order that are discharged to the ground but are not categorized as Phase 1 or Phase 2 Streams. This document consists of an inventory of the liquid effluent streams being discharged into the Hanford soil column
Optimal Liquidation under Stochastic Liquidity
Becherer, Dirk; Bilarev, Todor; Frentrup, Peter
We solve explicitly a two-dimensional singular control problem of finite fuel type for infinite time horizon. The problem stems from the optimal liquidation of an asset position in a financial market with multiplicative and transient price impact. Liquidity is stochastic in that the volume effect process, which determines the inter-temporal resilience of the market in spirit of Predoiu, Shaikhet and Shreve (2011), is taken to be stochastic, being driven by own random noise. The optimal contro...
Annual Forest Inventory: An Industry Perspective
Roger Lord
The Forest Inventory and Analysis Program serves important public interests by providing credible data for informed public forest policy debates as well as feedback to the forest-based economic market. This feedback, which affects timber price expectations, helps ensure resource sustainability by promoting better investment decision making within the forest products...
Competitive Analysis of the Online Inventory Problem
DEFF Research Database (Denmark)
Larsen, Kim Skak; Wøhlk, Sanne
We consider a real-time version of the inventory problem with deterministic demand in which decisions as to when to replenish and how much to buy must be made in an online fashion without knowledge of future prices. We suggest online algorithms for each of four models for the problem and use...
Liquidity risk premia in corporate bond markets
Driessen, J.J.A.G.; de Jong, F.C.J.M.
This paper explores the role of liquidity risk in the pricing of corporate bonds. We show that corporate bond returns have significant exposures to fluctuations in treasury bond liquidity and equity market liquidity. Further, this liquidity risk is a priced factor for the expected returns on
Svetlozar Stefanov
The focus in the article is on the issues of valuation and presentation of the inventories under the meaning on the International Accounting Standard 2 Inventories. The Standard provides guidance on the determination of costs of finished products and its recognition as and expense in the production and sale finished products, including guidance for determination of the net realizable value. The latter is defined as the estimated selling price less the estimated costs of complet...
Heterogeneous fundamentalists and market maker inventories
International Nuclear Information System (INIS)
Carraro, Alessandro; Ricchiuti, Giorgio
In this paper, we develop a heterogeneous agents model of asset price and inventory with a market maker who considers the excess demand of two groups of agents that employ the same trading rule (i.e. fundamentalists) with different beliefs on the fundamental value. The dynamics of our model is driven by a bi-dimensional discrete non-linear map. We show that the market maker has a destabilizing role when she actively manages the inventory. Moreover, inventory share and the distance between agents' beliefs strongly influence the results: market instability and periodic, or even, chaotic price fluctuations can be generated. Finally, we show through simulations that endogenous fluctuations of the fractions of agents may trigger instability for a larger set of parameters.
Dynamical Models For Prices With Distributed Delays
Directory of Open Access Journals (Sweden)
Mircea Gabriela
Full Text Available In the present paper we study some models for the price dynamics of a single commodity market. The quantities of supplied and demanded are regarded as a function of time. Nonlinearities in both supply and demand functions are considered. The inventory and the level of inventory are taken into consideration. Due to the fact that the consumer behavior affects commodity demand, and the behavior is influenced not only by the instantaneous price, but also by the weighted past prices, the distributed time delay is introduced. The following kernels are taken into consideration: demand price weak kernel and demand price Dirac kernel. Only one positive equilibrium point is found and its stability analysis is presented. When the demand price kernel is weak, under some conditions of the parameters, the equilibrium point is locally asymptotically stable. When the demand price kernel is Dirac, the existence of the local oscillations is investigated. A change in local stability of the equilibrium point, from stable to unstable, implies a Hopf bifurcation. A family of periodic orbits bifurcates from the positive equilibrium point when the time delay passes through a critical value. The last part contains some numerical simulations to illustrate the effectiveness of our results and conclusions.
Photovoltaic system and components price development in the Netherlands
van Sark, W.G.J.H.M.; Schoen, Tony
Market inventories have been made since fall 2011 for modules, inverters, and systems that are available for purchase in the Netherlands to provide the fast growing Dutch market with proper market information. The most recent inventory was made in December 2016. After the drop in module price in
7 CFR 1955.113 - Price (housing).
... 7 Agriculture 14 2010-01-01 2009-01-01 true Price (housing). 1955.113 Section 1955.113 Agriculture Regulations of the Department of Agriculture (Continued) RURAL HOUSING SERVICE, RURAL BUSINESS-COOPERATIVE... REGULATIONS (CONTINUED) PROPERTY MANAGEMENT Disposal of Inventory Property Rural Housing (rh) Real Property...
DEFF Research Database (Denmark)
Andersen, Steffen; Meisner Nielsen, Kasper
We exploit a natural experiment in Denmark to investigate when forced sales lead to fire sale discounts. Forced sales result from sudden deaths of house owners in an institutional environment in which beneficiaries are forced to settle the estate, and hence sell the house, within 12 months. We...... and the urgency of the sale also affect the average discount: Discounts are larger when house prices contract, in thin markets where demand is lower, and when the sale is more likely to be a fire sale because of financial or liquidity constraints. Late fire sales are more likely when the house price...... forced sales lead to fire sale discounts....
Will the supply meet the demand? The future of the natural gas liquids market in the WCSB
International Nuclear Information System (INIS)
Stauft, T.
Natural Gas Liquids (NGL) price influences were reviewed in this presentation, as well as issues concerning North American propane demand and waterborne imports. A review of U.S. propane stocks was provided as well as regional temperature outlooks for 2004-2005. A cracking feedstock parity forecast was presented, as well as United States gross gas plant margins and propane prices to July 2005. Canadian propane inventories and prices were reviewed. A propane supply and demand forecast to 2020 was presented. Alberta's natural gas supply and intra-Alberta oil sand gas demand growth were discussed. Various market uncertainties include higher levels of activity; the potential of petroleum prices falling due to a reduction of geopolitical risk; the possibility of a U.S. recession; and the growth of Alberta's oil sands industry, with resulting demand for natural gas. It was concluded that the NGL market in North America will continue to be balanced, with waterborne imports becoming more critical. It was suggested that inventories are adequate for the expected winter season. It was also suggested that Canadian NGL supplies are expected to decline, and that prices are expected to soften in the spring of 2005, with falling natural gas and crude oil prices. refs., tabs., figs
International Nuclear Information System (INIS)
Energy Prices and Taxes contains a major international compilation of energy prices at all market levels: import prices, industry prices and consumer prices. The statistics cover main petroleum products, gas, coal and electricity, giving for imported products an average price both for importing country and country of origin. Every issue includes full notes on sources and methods and a description of price mechanisms in each country
Directory of Open Access Journals (Sweden)
V. I. Parshin
Full Text Available The price performs several economic functions: accounting, stimulation, distribution, demand and offer balancing, serving as production site rational choice criterion, information. Most important pricing principles are: price scientific and purpose-aimed substantiation, single pricing and price control process. Pricing process factors are external, internal, basic (independent on money-market, market-determined and controlling. Different pricing methods and models are to be examined, recommendations on practical application of those chosen are to be written.
Optimal ordering and pricing policy for price sensitive stock–dependent demand under progressive payment scheme
Directory of Open Access Journals (Sweden)
Nita H. Shah
Full Text Available The terminal condition of inventory level to be zero at the end of the cycle time adopted by Soni and Shah (2008, 2009 is not viable when demand is stock-dependent. To rectify this assumption, we extend their model for (1 an ending – inventory to be non-zero; (2 limited floor space; (3 a profit maximization model; (4 selling price to be a decision variable, and (5 units in inventory deteriorate at a constant rate. The algorithm is developed to search for the optimal decision policy. The working of the proposed model is supported with a numerical example. Sensitivity analysis is carried out to investigate critical parameters.
Energy Technology Data Exchange (ETDEWEB)
Bo, Sit [Forest Resource Div., Forest Department (Myanmar)
Forest inventory in Myanmar started in 1850s. Up till 1975, Myanmar Forest Department conducted forest inventories covering approximately one forest division every year. The National Forest Survey and Inventory Project funded by UNDP and assisted by FAO commenced in 1981 and the National Forest Management and Inventory project followed in 1986. Up till end March 1993, pre-investment inventory has covered 26.7 million acres, reconnaissance inventory 5.4 million acres and management inventory has carried out in 12 townships
International Nuclear Information System (INIS)
Sit Bo
Forest inventory in Myanmar started in 1850s. Up till 1975, Myanmar Forest Department conducted forest inventories covering approximately one forest division every year. The National Forest Survey and Inventory Project funded by UNDP and assisted by FAO commenced in 1981 and the National Forest Management and Inventory project followed in 1986. Up till end March 1993, pre-investment inventory has covered 26.7 million acres, reconnaissance inventory 5.4 million acres and management inventory has carried out in 12 townships
The risk components of liquidity
Chollete, Lorán; Næs, Randi; Skjeltorp, Johannes A.
Does liquidity risk differ depending on our choice of liquidity proxy? Unlike literature that considers common liquidity variation, we focus on identifying different components of liquidity, statistically and economically, using more than a decade of US transaction data. We identify three main statistical liquidity factors which are utilized in a linear asset pricing framework. We motivate a correspondence of the statistical factors to traditional dimensions of liquidity as well as the notion...
Oxygenates to hike gasoline price
International Nuclear Information System (INIS)
This paper reports that cost of achieving required US gasoline formulations this winter in Environmental Protection Agency carbon monoxide (CO) nonattainment areas could reach 3-5 cents/gal, an Energy Information Administration analysis has found. EIA says new winter demand for gasoline blending oxygenates such as methyl tertiary butyl ether (MTBE) or ethanol created by 190 amendments to the Clean Air Act (CAA) will exceed US oxygenate production by 140,000-220,000 b/d. The shortfall must be made up from inventory or imports. EIA estimates the cost of providing incremental oxygenate to meet expected gasoline blending demand likely will result in a price premium of about 20 cents/gal of MTBE equivalent over traditional gasoline blend octane value. That cost likely will be added to the price of oxygenated gasoline
Uranium price formation. Final report
International Nuclear Information System (INIS)
The modern uranium industry came into existence in 1946. Until 1966, its sole customer was the Atomic Energy Commission, whose needs for U 3 O 8 relative to industry capacity declined over the years. The development of the commercial market after 1965 coincided with a period of excess capacity and falling nominal and real prices. Gradually in 1973 and dramatically thereafter, market conditions changed and prices rose as utilities sought larger quantities of U 3 O 8 and longer term contracts. Questions about availability of long-run supplies were raised, given the known reserve base. The response of the supply of U 3 O 8 to incentives offered first by the AEC and later by the utilities in the context of new and developing market conventions is examined. The methodology used is microeconomic analysis, qualitatively applied to the history of price formation in the market. Because the study emphasizes the implications of the history of uranium price formation for forecasting supply response, the study presents many different kinds of data and evaluates their quality and appropriateness for forecasting. A simple, very-useful framework for analyzing the history of the market for U 3 O 8 was developed and used to describe supply responses in selected important periods of the industry's development. It is concluded that the response of supply of U 3 O 8 to rising prices or to expectations of demand growth has been impressively strong. The potential reserve inventory is large enough to meet the needs for nuclear power generation through the end of this century. The price necessary to induce producers to find and produce these reserves is uncertain, partly because of problems inherent in estimating long-run supply curves and partly because recent inflation has created major uncertainties about the cost of future supplies
Crude oil price dynamics: A study on effects of market expectation and strategic supply on price movements
Jin, Xin
Recent years have seen dramatic fluctuations in crude oil prices. This dissertation attempts to better understand price behavior. The first chapter studies the behavior of crude oil spot and futures prices. Oil prices, particularly spot and short-term futures prices, appear to have switched from I(0) to I(1) in early 2000s. To better understand this apparent change in persistence, a factor model of oil prices is proposed, where the prices are decomposed into long-term and short-term components. The change in the persistence behavior can be explained by changes in the relative volatility of the underlying components. Fitting the model to weekly data on WTI prices, the volatility of the persistent shocks increased substantially relative to other shocks. In addition, the risk premiums in futures prices have changed their signs and become more volatile. The estimated net marginal convenience yield using the model also shows changes in its behavior. These observations suggest that a dramatic fundamental change occurred in the period from 2002 to 2004 in the dynamics of the crude oil market. The second chapter explores the short-run price-inventory dynamics in the presence of different shocks. Classical competitive storage model states that inventory decision considers both current and future market condition, and thus interacts with spot and expected future spot prices. We study competitive storage holding in an equilibrium framework, focusing on the dynamic response of price and inventory to different shocks. We show that news shock generates response profile different from traditional contemporaneous shocks in price and inventory. The model is applied to world crude oil market, where the market expectation is estimated to experience a sharp change in early 2000s, together with a persisting constrained supply relative to demand. The expectation change has limited effect on crude oil spot price though. The world oil market structure has been studied extensively but no
Energy efficieny policy and carbon pricing
Energy Technology Data Exchange (ETDEWEB)
Ryan, Lisa; Moarif, Sara; Levina, Ellina; Baron, Richard
The main message of this paper is that while carbon pricing is a prerequisite for least-cost carbon mitigation strategies, carbon pricing is not enough to overcome all the barriers to cost-effective energy efficiency actions. Energy efficiency policy should be designed carefully for each sector to ensure optimal outcomes for a combination of economic, social and climate change goals. This paper aims to examine the justification for specific energy efficiency policies in economies with carbon pricing in place. The paper begins with an inventory of existing market failures that attempt to explain the limited uptake of energy efficiency. These market failures are investigated to see which can be overcome by carbon pricing in two subsectors -- electricity use in residential appliances and heating energy use in buildings. This analysis finds that carbon pricing addresses energy efficiency market failures such as externalities and imperfect energy markets. However, several market and behavioural failures in the two subsectors are identified that appear not to be addressed by carbon pricing. These include: imperfect information; principal-agent problems; and behavioural failures. In this analysis, the policies that address these market failures are identified as complementary to carbon pricing and their level of interaction with carbon pricing policies is relatively positive. These policies should be implemented when they can improve energy efficiency effectively and efficiently (and achieve other national goals such as improving socio-economic efficiency).
Energy Efficiency Policy and Carbon Pricing
Energy Technology Data Exchange (ETDEWEB)
The main message of this paper is that while carbon pricing is a prerequisite for least-cost carbon mitigation strategies, carbon pricing is not enough to overcome all the barriers to cost-effective energy efficiency actions. Energy efficiency policy should be designed carefully for each sector to ensure optimal outcomes for a combination of economic, social and climate change goals. This paper aims to examine the justification for specific energy efficiency policies in economies with carbon pricing in place. The paper begins with an inventory of existing market failures that attempt to explain the limited uptake of energy efficiency. These market failures are investigated to see which can be overcome by carbon pricing in two subsectors -- electricity use in residential appliances and heating energy use in buildings. This analysis finds that carbon pricing addresses energy efficiency market failures such as externalities and imperfect energy markets. However, several market and behavioural failures in the two subsectors are identified that appear not to be addressed by carbon pricing. These include: imperfect information; principal-agent problems; and behavioural failures. In this analysis, the policies that address these market failures are identified as complementary to carbon pricing and their level of interaction with carbon pricing policies is relatively positive. These policies should be implemented when they can improve energy efficiency effectively and efficiently (and achieve other national goals such as improving socio-economic efficiency).
Cebiroglu, Gökhan; Horst, Ulrich
We cross-sectionally analyze the presence of aggregated hidden depth and trade volume in the S&P 500 and identify its key determinants. We find that the spread is the main predictor for a stock's hidden dimension, both in terms of traded and posted liquidity. Our findings moreover suggest that large hidden orders are associated with larger transaction costs, higher price impact and increased volatility. In particular, as large hidden orders fail to attract (latent) liquidity to the market, hi...
Optimal dynamic pricing and replenishment policies for deteriorating items
Directory of Open Access Journals (Sweden)
Masoud Rabbani
Full Text Available Marketing strategies and proper inventory replenishment policies are often incorporated by enterprises to stimulate demand and maximize profit. The aim of this paper is to represent an integrated model for dynamic pricing and inventory control of deteriorating items. To reflect the dynamic characteristic of the problem, the selling price is defined as a time-dependent function of the initial selling price and the discount rate. In this regard, the price is exponentially discounted to compensate negative impact of the deterioration. The planning horizon is assumed to be infinite and the deterioration rate is time-dependent. In addition to price, the demand rate is dependent on advertisement as a powerful marketing tool. Several theoretical results and an iterative solution algorithm are developed to provide the optimal solution. Finally, to show validity of the model and illustrate the solution procedure, numerical results are presented.
Regulation of electricity prices?
International Nuclear Information System (INIS)
Mihok, P.
In this paper author deals with the regulation of electricity prices in the Slovak Republic. Author contests the social policy of the government through doped prices of electricity. Two thirds of electricity is generated in nuclear power plants in Slovakia. Hence, it is necessary to focus on the solution of problem of nuclear waste. In 2004 Ministry of Economy stated, that the deficit in nuclear fund, from which the country have to fully cover the costs of liquidation and final disposal of nuclear waste, is estimated in the amount of around 89 billion Slovak crowns (≅ 3.7 billion $). From it, so called historical deficit, which originated because of late foundation of fund, represents officially 15 billion Slovak crowns (≅ 0.62 billion $). In Slovakia exists the real risk, that by maintenance of present state by creation and draw of the fund, it will be possible to ensure only 39 per cent of financial sources necessary for full financial handling of the back part of nuclear energetic. Even though the Ministry of Economy in connection with privatisation of Slovenske elektrarne designed to decrease the transfers of operators of nuclear power plants into nuclear fund. In 2006 the Parliament decreased by the law the level of gains of the fund from sale of nuclear electricity (the second from two components of the gains of the fund) from 6.8 to 5.95 per cent from annual revenues. So the tax of forced reduction of the price of nuclear electricity will be represented by loading of the further generations
DEFF Research Database (Denmark)
Huck, Steffen; Ruchala, Gabriele K.; Tyran, Jean-Robert
-competitive (monopolistic) markets. We then introduce a regulated intermediate price above the oligopoly price and below the monopoly price. The effect in monopolies is more or less in line with standard intuition. As price falls volume increases and so does quality, such that overall efficiency is raised by 50%. However......We experimentally examine the effects of flexible and fixed prices in markets for experience goods in which demand is driven by trust. With flexible prices, we observe low prices and high quality in competitive (oligopolistic) markets, and high prices coupled with low quality in non...
7 CFR 1000.50 - Class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing... advanced pricing factors. Class prices per hundredweight of milk containing 3.5 percent butterfat, component prices, and advanced pricing factors shall be as follows. The prices and pricing factors described...
Competitive Pricing by a Price Leader
Abhik Roy; Dominique M. Hanssens; Jagmohan S. Raju
We examine the problem of pricing in a market where one brand acts as a price leader. We develop a procedure to estimate a leader's price rule, which is optimal given a sales target objective, and allows for the inclusion of demand forecasts. We illustrate our estimation procedure by calibrating this optimal price rule for both the leader and the follower using data on past sales and prices from the mid-size sedan segment of the U.S. automobile market. Our results suggest that a leader-follow...
Directory of Open Access Journals (Sweden)
Full Text Available The pricing methods in practice need really complex view of the business situation and depend on the strategy and market position of a company. The structure of a price seems simple: cost plus margin. Both categories are special area in the management accounting. Information about the product costs, the allocation methodologies in cost accounting, the analyzing of revenue and different level of the margin needs information from accounting system. This paper analyzes the pricing methods from management accounting aspects to show out the role of the accounting system in the short term and long term pricing and transfer pricing decisions.
Costs of many items drop systematically throughout their life-cycles, due to advances in technology and competition. Motivated by the management of service parts for some high-tech products, this paper studies inventory decisions for such items. In a periodic review setting with stochastic demand, we model the purchasing costs of successive periods as a stochastic and decreasing sequence. Unit selling price of the item is determined as some mark-up of the purchasing cost and, hence, will chan...
DEFF Research Database (Denmark)
Andreasen, Martin Møller; Christensen, Jens H.E.; Simon Riddell, Simon
We introduce an arbitrage-free term structure model of nominal and real yields that accounts for liquidity risk in Treasury inflation-protected securities (TIPS). The novel feature of our model is to identify liquidity risk from individual TIPS prices by accounting for the tendency that TIPS, lik...
Department of Housing and Urban Development — This report displays the data communities reported to HUD about the nature of their dedicated homeless inventory, referred to as their Housing Inventory Count (HIC)....
Integrated inventory information system
Digital Repository Service at National Institute of Oceanography (India)
Sarupria, J.S.; Kunte, P.D.
The nature of oceanographic data and the management of inventory level information are described in Integrated Inventory Information System (IIIS). It is shown how a ROSCOPO (report on observations/samples collected during oceanographic programme...
National Oceanic and Atmospheric Administration, Department of Commerce — The World Glacier Inventory (WGI) contains information for over 130,000 glaciers. Inventory parameters include geographic location, area, length, orientation,...
U.S. Department of Health & Human Services — The Enterprise Data Inventory (EDI) is the comprehensive inventory listing of agency data resources including public, restricted public, and non-public datasets.
The Science Inventory is a searchable database of research products primarily from EPA's Office of Research and Development. Science Inventory records provide descriptions of the product, contact information, and links to available printed material or websites.
National Wetlands Inventory Polygons
Minnesota Department of Natural Resources — Wetland area features mapped as part of the National Wetlands Inventory (NWI). The National Wetlands Inventory is a national program sponsored by the US Fish and...
Towards a Framework for Knowledge-based Pricing Services Improving Operational Agility in the Retail Industry
Kowatsch, Tobias; Maass, Wolfgang
Marketing research has identified several benefits of dynamic pricing models. For example, dynamic pricing in terms of inventory considerations and time horizons, bundling or personalized offerings has been found to increase sales volume, customer satisfaction and to skim reservation prices. However, today's retailers lack the capability to apply dynamic pricing models because of missing services that realize them and technologies such as smart product infrastructures that deliver the resu...
12 CFR 627.2760 - Inventory, audit, and reports.
... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Inventory, audit, and reports. 627.2760 Section..., RECEIVERS, AND VOLUNTARY LIQUIDATIONS Receivers and Receiverships § 627.2760 Inventory, audit, and reports...) With respect to each receivership, the receiver shall make an annual accounting or report, as...
Heterogeneity and option pricing
Benninga, Simon; Mayshar, Joram
An economy with agents having constant yet heterogeneous degrees of relative risk aversion prices assets as though there were a single decreasing relative risk aversion pricing representative agent. The pricing kernel has fat tails and option prices do not conform to the Black-Scholes formula.
Functional Assessment Inventory Manual.
Crewe, Nancy M.; Athelstan, Gary T.
This manual, which provides extensive new instructions for administering the Functional Assessment Inventory (FAI), is intended to enable counselors to begin using the inventory without undergoing any special training. The first two sections deal with the need for functional assessment and issues in the development and use of the inventory. The…
Regulation of Pharmaceutical Prices
DEFF Research Database (Denmark)
Kaiser, Ulrich; Mendez, Susan J.; Rønde, Thomas
On April 1, 2005, Denmark changed the way references prices, a main determinant of reimbursements for pharmaceutical purchases, are calculated. The previous reference prices, which were based on average EU prices, were substituted to minimum domestic prices. Novel to the literature, we estimate...... the joint eects of this reform on prices and quantities. Prices decreased more than 26 percent due to the reform, which reduced patient and government expenditures by 3.0 percent and 5.6 percent, respectively, and producer revenues by 5.0 percent. The prices of expensive products decreased more than...
Improvement of inventory management slow moving and perishable.
Directory of Open Access Journals (Sweden)
Maydelin Orozco García
Full Text Available The betterment of inventory management in products of low movement permitted to evaluate its effectives, based on the lowing of prices. This investigation permitted to create the bibliography that support the subsystem of inventory in which a set of instruments was applied taking into account theoretical and empirical methods, that permitted to justify the problem already stated, its feasibility was demonstrated quantitatively from the analyzes.
Jean Imbs; Haroon Mumtaz; Morten O. Ravn; Hélène Rey
We use a unique dataset on television prices across European countries and regions to investigate the sources of differences in price levels. Our findings are as follows: (i) Quality is a crucial determinant of price differences. Even in an integrated economic zone as Europe, rich economies tend to consume higher quality goods. This effect accounts for the lion's share of international price dispersion. (ii) Sizable international price differentials subsist even for the same television sets. ...
Netseva-Porcheva Tatyana
The main aim of the paper is to present the value-based pricing. Therefore, the comparison between two approaches of pricing is made - cost-based pricing and value-based pricing. The 'Price sensitively meter' is presented. The other topic of the paper is the perceived value - meaning of the perceived value, the components of perceived value, the determination of perceived value and the increasing of perceived value. In addition, the best company strategies in matrix 'value-cost' are outlined. .
Identifying Financially Sustainable Pricing Interventions to Promote Healthier Beverage Purchases in Small Neighborhood Stores.
Nau, Claudia; Kumanyika, Shiriki; Gittelsohn, Joel; Adam, Atif; Wong, Michelle S; Mui, Yeeli; Lee, Bruce Y
Residents of low-income communities often purchase sugar-sweetened beverages (SSBs) at small, neighborhood "corner" stores. Lowering water prices and increasing SSB prices are potentially complementary public health strategies to promote more healthful beverage purchasing patterns in these stores. Sustainability, however, depends on financial feasibility. Because in-store pricing experiments are complex and require retailers to take business risks, we used a simulation approach to identify profitable pricing combinations for corner stores. The analytic approach was based on inventory models, which are suitable for modeling business operations. We used discrete-event simulation to build inventory models that use data representing beverage inventory, wholesale costs, changes in retail prices, and consumer demand for 2 corner stores in Baltimore, Maryland. Model outputs yielded ranges for water and SSB prices that increased water demand without loss of profit from combined water and SSB sales. A 20% SSB price increase allowed lowering water prices by up to 20% while maintaining profit and increased water demand by 9% and 14%, for stores selling SSBs in 12-oz cans and 16- to 20-oz bottles, respectively. Without changing water prices, profits could increase by 4% and 6%, respectively. Sensitivity analysis showed that stores with a higher volume of SSB sales could reduce water prices the most without loss of profit. Various combinations of SSB and water prices could encourage water consumption while maintaining or increasing store owners' profits. This model is a first step in designing and implementing profitable pricing strategies in collaboration with store owners.
Directory of Open Access Journals (Sweden)
Svetlozar Stefanov
Full Text Available The focus in the article is on the issues of valuation and presentation of the inventories under the meaning on the International Accounting Standard 2 Inventories. The Standard provides guidance on the determination of costs of finished products and its recognition as and expense in the production and sale finished products, including guidance for determination of the net realizable value. The latter is defined as the estimated selling price less the estimated costs of completion and estimated costs necessary to make the sale. The cost of inventories comprises all costs of purchase, cost of conversion and other costs incurred in bringing the inventories to a condition suitable for subsequent use. The amount of the cost for materials used or products sold and the finished product is determined using one of the following methods: a specifically defined value, first-in � first out or weighted average cost of lots delivered. When inventories are sold, the carrying amount of those inventories is recognized as an expense in the period in which the related sales revenue is recognized. The amount of any write-down of inventories to net realizable value is recorded as a current expense and is recognized as an expense in the period the write-down occurs.
Alaska North Slope crude oil price and the behavior of diesel prices in California
International Nuclear Information System (INIS)
Adrangi, B.; Chatrath, A.; Raffiee, K.; Ripple, R.
In this paper we analyze the price dynamics of Alaska North Slope crude oil and L.A. diesel fuel prices. We employ VAR methodology and bivariate GARCH model to show that there is a strong evidence of a uni-directional causal relationship between the two prices. The L.A. diesel market is found to bear the majority of the burden of convergence when there is a price spread. This finding may be seen as being consistent with the general consensus that price discovery emanates from the larger, more liquid market where trading volume is concentrated. The contestability of the West Coast crude oil market tends to cause it to react relatively competitively, while the lack of contestability for the West Coast diesel market tends to limit its competitiveness, causing price adjustment to be slow but to follow the price signals of crude oil. Our findings also suggest that the derived demand theory of input pricing may not hold in this case. The Alaska North Slope crude oil price is the driving force in changes of L.A. diesel price
The pricing methods in practice need really complex view of the business situation and depend on the strategy and market position of a company. The structure of a price seems simple: cost plus margin. Both categories are special area in the management accounting. Information about the product costs, the allocation methodologies in cost accounting, the analyzing of revenue and different level of the margin needs information from accounting system. This paper analyzes the pricing methods from m...
International Nuclear Information System (INIS)
Samson, J.R.
Nuclear utilities are becoming more aware of the importance of having an inventory investment that supports two opposing philosophies. The business philosophy wants a minimal inventory investment to support a better return on invested dollars. This increase in return comes from having the dollars available to invest versus having the money tied up in inventory sitting on the shelf. The opposing viewpoint is taken by maintenance/operations organizations, which desire the maximum inventory available on-site to repair any component at any time to keep the units on-line at all times. Financial managers also want to maintain cash flow throughout operations so that plants run without interruptions. Inventory management is therefore a mixture of financial logistics with an operation perspective in mind. A small amount of common sense and accurate perception also help. The challenge to the materials/inventory manager is to optimize effectiveness of the inventory by having high material availability at the lowest possible cost
DEFF Research Database (Denmark)
Jäkel, Ina Charlotte; Sørensen, Allan
This paper provides new evidence on manufacturing firms' output prices: in Denmark, on average, exported varieties are sold at a lower price (i.e. a negative exporter price premium) relative to only domestically sold varieties. This finding stands in sharp contrast to previous studies, which have...... found positive exporter price premia. We also document that the exporter price premium varies substantially across products (both in terms of sign and magnitude). We show that in a standard heterogeneous firms model with heterogeneity in quality as well as production efficiency there is indeed no clear......-cut prediction on the sign of the exporter price premium. However, the model unambiguously predicts a negative exporter price premium in terms of quality-adjusted prices, i.e. prices per unit of quality. This prediction is broadly borne out in the Danish data: while the magnitude of the premium varies across...
Price strategy and pricing strategy: terms and content identification
Panasenko Tetyana
The article is devoted to the terminology and content identification of seemingly identical concepts "price strategy" and "pricing strategy". The article contains evidence that the price strategy determines the direction, principles and procedure of implementing the company price policy and pricing strategy creates a set of rules and practical methods of price formation in accordance with the pricing strategy of the company.
Valuation Struggles over Pricing
DEFF Research Database (Denmark)
Pallesen, Trine
of creating political markets, and political prices, here understood as market distortion. This paper studies the 'politics' of pricing by following the adoption of the first feed-in tariff in France. Pricing as a way of achieving non-economic ends, such as climate mitigation, brings the values of several...... public goods into play, all the while prompting a translation of these values into a single price. Following the struggles over the pricing of wind power in the early 2000s, the study illustrates that rather than a pollution of the market sphere by that of politics, a politics of pricing can be observed...
Business cycles and the behavior of energy prices
Energy Technology Data Exchange (ETDEWEB)
Serletis, A.; Hulleman, V. [Univ. of Calgary, Alberta (Canada)
This paper tests the theory of storage - the hypothesis that the marginal convenience yield on inventory falls at a decreasing rate as inventory increases in energy markets (crude oil, heating oil, and unleaded gas markets). We use the Fama and French (1988) indirect test, based on the relative variation in spot and futures prices. The results suggest that the theory holds for the energy markets. 11 refs., 4 tabs.
Business cycles and the behavior of energy prices
Serletis, Apostolos; Hulleman, Vaughn
This paper tests the theory of storage--the hypothesis that the marginal convenience yield on inventory falls at a decreasing rate as inventory increases in energy markets (crude oil, heating oil, and unleaded gas markets). We use the Fama and French (1988) indirect test, based on the relative variation in spot and futures prices. The results suggest that the theory holds for the energy markets.
BY tank farm waste inventory and transfer data for ITS-2 operation during January To December 1971
Energy Technology Data Exchange (ETDEWEB)
Reich, F.R., Westinghouse Hanford
Data record inventory of pumping activities and liquid level changes including occasional operations comments for the BY Tank Farm. Waste inventory and transfer data for ITS-2 operation during January to December 1971.
The rational expectations equilibrium inventory model theory and applications
This volume consists of six essays that develop and/or apply "rational expectations equilibrium inventory models" to study the time series behavior of production, sales, prices, and inventories at the industry level. By "rational expectations equilibrium inventory model" I mean the extension of the inventory model of Holt, Modigliani, Muth, and Simon (1960) to account for: (i) discounting, (ii) infinite horizon planning, (iii) observed and unobserved by the "econometrician" stochastic shocks in the production, factor adjustment, storage, and backorders management processes of firms, as well as in the demand they face for their products; and (iv) rational expectations. As is well known according to the Holt et al. model firms hold inventories in order to: (a) smooth production, (b) smooth production changes, and (c) avoid stockouts. Following the work of Zabel (1972), Maccini (1976), Reagan (1982), and Reagan and Weitzman (1982), Blinder (1982) laid the foundations of the rational expectations equilibrium inve...
DEFF Research Database (Denmark)
Govindan, Kannan
Vendor-managed inventory (VMI) represents the methodology through which the upstream stage of a supply chain (vendor) takes responsibility for managing the inventories at the downstream stage (customer) based on previously agreed limits. VMI is another method by which supply chains can be managed...... review, we have identified six dimensions of VMI: namely, inventory, transportation, manufacturing, general benefits, coordination/collaboration, and information sharing. In addition, there are, three methodological classifications: modelling, simulation, and case studies. Finally, we will consider...
Directory of Open Access Journals (Sweden)
Full Text Available Regularities of competitive market determine rules for determining prices and their dynamics. Orientation prices to competition (competitive pricing is the strategy most frequently used in countries with market economies and especially for exports. Moreover, in an economy dominated by market competition it cannot be ignored without certain risks the prices resulting from competition between products bidders. Companies that use this type of strategy seek to maintain a level of prices linked to that charged by other competitors (or exporting producers generally no longer covering production costs or demand, relying on the assumption that the average market price is a reasonable basis of costs. But the way how practical guidance and reporting to the competition in every price strategy, will be determined by the company's market position, by the available power and enjoyed prestige, objectives and prospects of its market share etc. according to these elements, there may be several versions of pricing strategies oriented to competitors.
The Retail Price Model is a tool to estimate the average retail electricity prices - under both competitive and regulated market structures - using power sector projections and assumptions from the Energy Information Administration.
International Nuclear Information System (INIS)
Freedenthal, C.
Natural gas pricing is the heart and soul of the gas business. Price specifically affects every phase of the industry. Too low a price will result in short supplies as seen in the mid-1970s when natural gas was scarce and in tight supply. To fully understand the pricing of this energy commodity, it is important to understand the total energy picture. In addition, the effect and impact of world and US economies, and economics in general are crucial to understanding natural gas pricing. The purpose of this presentation will be to show the parameters going into US natural gas pricing including the influence of the many outside industry factors like crude oil and coal pricing, market drivers pushing the gas industry, supply/demand parameters, risk management for buyers and sellers, and other elements involved in pricing analysis
DEFF Research Database (Denmark)
Kaiser, Ulrich; Mendez, Susan J.; Rønde, Thomas
Reference price systems for prescription drugs have found widespread use as cost containment tools. Under such regulatory regimes, patients co-pay a fraction of the difference between pharmacy retail price of the drug and a reference price. Reference prices are either externally (based on drug...... prices in other countries) or internally (based on domestic drug prices) determined. In a recent study, we analysed the effects of a change from external to internal reference pricing in Denmark in 2005, finding that the reform led to substantial reductions in prices, producer revenues, and expenditures...... for patients and the health insurance system. We also estimated an increase in consumer welfare but the size effect depends on whether or not perceived quality differences between branded and other drugs are taken into account....
Stock Price Manipulation: The Role of Intermediaries
Directory of Open Access Journals (Sweden)
Hammad Siddiqi
Full Text Available We model a scenario in which there are three types of investors: fundamentalists, speculators, and trend-followers and an intermediary who cares about his reputation. Fundamentalists are rational investors with long horizons who are interested in the dividend stream. Speculators are rational investors who have short horizons and are interested in profiting from short-term price movements or capital gains. Trend-followers are behavioral investors who extrapolate price trends, and, consequently, are late entrants in the market. We show that an informed intermediary (broker can manipulate demand (consequently stock price without losing his reputation when there is information asymmetry. We also show that there is a trade-off between broker level competition for reputation and market liquidity. Broker level competition checks manipulation, but it adversely affects market liquidity.
European bond markets: do illiquidity and concentration aggravate price shocks?
Boermans, M.A.; Frost, Jon; Steins Bisschop, Sophie
We study the effects of market liquidity and ownership concentration of European bonds on price volatility during periods of market stress. Specifically, using security-by-security data from euro area investors we examine if market illiquidity and concentrated holdings explain the large price shocks
National Wetlands Inventory Lines
Minnesota Department of Natural Resources — Linear wetland features (including selected streams, ditches, and narrow wetland bodies) mapped as part of the National Wetlands Inventory (NWI). The National...
NUKEM adjusts price definitions
International Nuclear Information System (INIS)
This article is the October-November 1994 market report, providing trading volume and prices in the Uranium market. During this period, there were five deals in the spot concentrates market, five deals in the medium and long-term market, one deal in the conversion market, and two deals in the enrichment market. Restricted prices strengthened while unrestricted prices held steady. Price re-definitions were also announced
Pradeep Bhardwaj
An outstanding problem in marketing is why some firms in a competitive market delegate pricing decisions to agents and other firms do not. This paper analyzes the impact of competition on the delegation decision and, in turn, the impact of delegation on prices and incentives. The theory builds on the simplest framework of competition in two dimensions: prices and (sales agents') effort. Specifically, we are interested in answering the following questions: (1) Does competition affect the price...
Currency Substitution and The Law of One Price
Gabriele Camera; Johannes Winkler
We study endogenous currency substitution in a decentralized trade environment. Sellers maximize profits from sales of imperfectly substitutable goods by posting prices in either one of two currencies. A unique symmetric equilibrium exists where goods are priced only in the local currency. This occurs if foreign trade is sporadic, there is sufficient but not excessive liquidity, and discounting is low. Excess or scarcity of liquidity, however, induces sellers to extract all surplus from buyer...
Soetevent, A.R.
This paper extends Hotelling's model of price competition with quadratic transportation costs from a line to graphs. I propose an algorithm to calculate firm-level demand for any given graph, conditional on prices and firm locations. One feature of graph models of price competition is that spatial
International Nuclear Information System (INIS)
Schilansky, J.L.
This document presents information and statistical data on the prices of the crude oils, refining and petroleum products, at the date of the 28 June 2005: evolution of the barrel price, supply and demand, geo-policy, consumption, diesel and gasoline, prices at the service station. (A.L.B.)
Price control and macromarketing
Directory of Open Access Journals (Sweden)
Kancir Rade
Full Text Available Price control at macro level is part of integral macro marketing strategic control system, or more precisely, part of social marketing mix control. Price impact is direct, if it is regarded in the context of needs satisfaction, and indirect, within the context of resource allocation. These two patterns of price impact define control mechanism structuring. Price control in sense of its direct impact at process of need satisfaction should comprise qualitative and quantitative level of needs satisfaction at a given price level and its structure, informational dimension of price and different disputable forms of corporate pricing policies. Control of price allocation function is based at objectives of macro marketing system management in the area of resource allocation and the role of price as allocator in contemporary market economies. Control process is founded, on one hand, at theoretical models of correlation between price and demand in different market structures, and on the other hand, at complex limits that price as allocator has, and which make whole control process even more complex because of reduction of the degree of determinism in functioning of contemporary economic systems. Control of price allocation function must be continuous and dynamic process if it is to provide for convergence with environmental changes and if it is to provide for placing control systems at micro marketing levels in the function of socially valid objectives.
Engelhardt, Lucas M.
In this article, the author presents a price-takers' market simulation geared toward principles-level students. This simulation demonstrates that price-taking behavior is a natural result of the conditions that create perfect competition. In trials, there is a significant degree of price convergence in just three or four rounds. Students find this…
Dutch house price fundamentals
Haffner, M.E.A.; de Vries, P.
This paper discusses house price developments in the Netherlands, specifically focussing on the question whether current house prices in the Dutch owner-occupied market are likely to decrease. We analyse three aspects of the question based on a literature review: (1) whether there is a house price
Gravity insensitive inventory control device for a two-phase flow system
International Nuclear Information System (INIS)
Bland, T.J.
A liquid inventory control device is described for a flow system where the liquid changes phase to a vapor and back and a pitot pump separates vapor from liquid and pumps the liquid to a component of the flow system comprising: a liquid storage device for storing liquid under pressure, a tube positioned within the pitot pump and in open communication with the liquid storage device, and the tube having an opening positioned within the pitot pump at a location to establish a desired liquid level in the pitot pump and at which level the pressure at the pitot tube inlet will equal the liquid pressure at the liquid storage device
26 CFR 1.471-8 - Inventories of retail merchants.
... plus the cost of the goods purchased during the year, bears to (1). The result should represent as... employ what is known as the "retail method" of pricing inventories may make their returns upon that... reduced to approximate cost by deducting therefrom an amount which bears the same ratio to such total as...
Analyzing the effects of past prices on reference price formation
van Oest, R.D.; Paap, R.
textabstractWe propose a new reference price framework for brand choice. In this framework, we employ a Markov-switching process with an absorbing state to model unobserved price recall of households. Reference prices result from the prices households are able to remember. Our model can be used to learn how many prices observed in the past are used for reference price formation. Furthermore, we learn to what extent households have sufficient price knowledge to form an internal reference price...
Liquidity policies and systemic risk
Adrian, Tobias; Boyarchenko, Nina
The growth of wholesale-funded credit intermediation has motivated liquidity regulations. We analyze a dynamic stochastic general equilibrium model in which liquidity and capital regulations interact with the supply of risk-free assets. In the model, the endogenously time-varying tightness of liquidity and capital constraints generates intermediaries' leverage cycle, influencing the pricing of risk and the level of risk in the economy. Our analysis focuses on liquidity policies' implications ...
Forward curves, scarcity and price volatility in oil and natural gas markets
International Nuclear Information System (INIS)
Geman, Helyette; Ohana, Steve
The role of inventory in explaining the shape of the forward curve and spot price volatility in commodity markets is central in the theory of storage developed by Kaldor [Kaldor, N. (1939) ''Speculation and Economic Stability'', The Review of Economic Studies 7, 1-27] and Working [Working, H. (1949) ''The theory of the price of storage'', American Economic Review, 39, 1254-1262] and has since been documented in a vast body of financial literature, including the reference paper by Fama and French [Fama, E.F. and K.R. French (1987) ''Commodity futures prices: some evidence on forecast power, premiums and the theory of storage'', Journal of Business 60, 55-73] on metals. The goal of this paper is twofold: 1. validate in the case of oil and natural gas the use of the slope of the forward curve as a proxy for inventory (the slope being defined in a way that filters out seasonality); 2. analyze directly for these two major commodities the relationship between inventory and price volatility. In agreement with the theory of storage, we find that: 1. the negative correlation between price volatility and inventory is globally significant for crude oil; 2. this negative correlation prevails only during those periods of scarcity when the inventory is below the historical average and increases importantly during the winter periods for natural gas. Our results are illustrated by the analysis of a 15 year-database of US oil and natural gas prices and inventory. (author)
Internet resource pricing models
Xu, Ke; He, Huan
This brief guides the reader through three basic Internet resource pricing models using an Internet cost analysis. Addressing the evolution of service types, it presents several corresponding mechanisms which can ensure pricing implementation and resource allocation. The authors discuss utility optimization of network pricing methods in economics and underline two classes of pricing methods including system optimization and entities' strategic optimization. The brief closes with two examples of the newly proposed pricing strategy helping to solve the profit distribution problem brought by P2P
Directory of Open Access Journals (Sweden)
Netseva-Porcheva Tatyana
Full Text Available The main aim of the paper is to present the value-based pricing. Therefore, the comparison between two approaches of pricing is made - cost-based pricing and value-based pricing. The 'Price sensitively meter' is presented. The other topic of the paper is the perceived value - meaning of the perceived value, the components of perceived value, the determination of perceived value and the increasing of perceived value. In addition, the best company strategies in matrix 'value-cost' are outlined. .
Total Inventory of Selected Radionuclides in Old Solvent Tanks S1 Through S22
International Nuclear Information System (INIS)
Leyba, J.D.
The total inventory of fourteen radionuclides, three metals, and volatile organic compounds (VOCs) has been calculated for the twenty-two Old Solvent Tanks (OSTs). The inventory calculations are based upon extensive characterization data of the multiple liquid and sludge samples taken from the OSTs. In addition, the total inventory of sixteen actinides (including error) has been calculated. The actinide inventory will be useful for criticality safety considerations
Denmark's National Inventory Report
DEFF Research Database (Denmark)
Illerup, J. B.; Lyck, E.; Winther, M.
This report is Denmark's National Inventory Report reported to the Conference of the Parties under the United Nations Framework Convention on Climate Change (UNFCCC) due by 15 April 2001. The report contains information on Denmark's inventories for all years' from 1990 to 1999 for CO2, CH4, N2O, CO...
Uncertainties in emission inventories
Aardenne, van J.A.
Emission inventories provide information about the amount of a pollutant that is emitted to the atmosphere as a result of a specific anthropogenic or natural process at a given time or place. Emission inventories can be used for either policy or scientific purposes. For
Emission inventories provide information about the amount of a pollutant that is emitted to the atmosphere as a result of a specific anthropogenic or natural process at a given time or place. Emission inventories can be used for either policy or scientific purposes. For
Denmark's National Inventory Report
DEFF Research Database (Denmark)
Illerup, J. B.; Lyck, E.; Winther, M.
This report is Denmark's National Inventory Report reported to the Conference of the Parties under the United Nations Framework Convention on Climate Change (UNFCCC) due by 15 April 2001. The report contains information on Denmark's inventories for all years' from 1990 to 1999 for CO2, CH4, N2O, ......, NMVOC, SO2, HFCs, PFCs and SF6....
Convenient liquidity measure for Financial markets
Danyliv, Oleh; Bland, Bruce; Nicholass, Daniel
A liquidity measure based on consideration and price range is proposed. Initially defined for daily data, Liquidity Index (LIX) can also be estimated via intraday data by using a time scaling mechanism. The link between LIX and the liquidity measure based on weighted average bid-ask spread is established. Using this liquidity measure, an elementary liquidity algebra is possible: from the estimation of the execution cost, the liquidity of a basket of instruments is obtained. A formula for the ...
Particle Swarm Optimization Approach in a Consignment Inventory System
Sharifyazdi, Mehdi; Jafari, Azizollah; Molamohamadi, Zohreh; Rezaeiahari, Mandana; Arshizadeh, Rahman
Consignment Inventory (CI) is a kind of inventory which is in the possession of the customer, but is still owned by the supplier. This creates a condition of shared risk whereby the supplier risks the capital investment associated with the inventory while the customer risks dedicating retail space to the product. This paper considers both the vendor's and the retailers' costs in an integrated model. The vendor here is a warehouse which stores one type of product and supplies it at the same wholesale price to multiple retailers who then sell the product in independent markets at retail prices. Our main aim is to design a CI system which generates minimum costs for the two parties. Here a Particle Swarm Optimization (PSO) algorithm is developed to calculate the proper values. Finally a sensitivity analysis is performed to examine the effects of each parameter on decision variables. Also PSO performance is compared with genetic algorithm.
International Nuclear Information System (INIS)
Primrose, D.
Finning International Inc. is in the business of selling, financing and servicing Caterpillar and complementary equipment. Its main markets are in western Canada, Britain and Chile. This paper discusses the parts inventory strategies system for Finning (Canada). The company's territory covers British Columbia, Alberta, the Yukon and the Northwest Territories. Finning's parts inventory consists of 80,000 component units valued at more than $150 M. Distribution centres are located in Langley, British Columbia and Edmonton, Alberta. To make inventory and orders easier to control, Finning has designed a computer-based system, with software written exclusively for Caterpillar dealers. The system makes use of a real time electronic interface with all Finning locations, plus all Caterpillar facilities and other dealers in North America. Details of the system are discussed, including territorial stocking procedures, addition to stock, exhaustion of stock, automatic/suggest order controls, surplus inventory management, and procedures for jointly managed inventory. 3 tabs., 1 fig
Optimal fuel inventory strategies
International Nuclear Information System (INIS)
Caspary, P.J.; Hollibaugh, J.B.; Licklider, P.L.; Patel, K.P.
In an effort to maintain their competitive edge, most utilities are reevaluating many of their conventional practices and policies in an effort to further minimize customer revenue requirements without sacrificing system reliability. Over the past several years, Illinois Power has been rethinking its traditional fuel inventory strategies, recognizing that coal supplies are competitive and plentiful and that carrying charges on inventory are expensive. To help the Company achieve one of its strategic corporate goals, an optimal fuel inventory study was performed for its five major coal-fired generating stations. The purpose of this paper is to briefly describe Illinois Power's system and past practices concerning coal inventories, highlight the analytical process behind the optimal fuel inventory study, and discuss some of the recent experiences affecting coal deliveries and economic dispatch
Inventory Control System by Using Vendor Managed Inventory (VMI)
Dona Sabila Alzena; Mustafid Mustafid; Suryono Suryono
The inventory control system has a strategic role for the business in managing inventory operations. Management of conventional inventory creates problems in the stock of goods that often runs into vacancies and excess goods at the retail level. This study aims to build inventory control system that can maintain the stability of goods availability at the retail level. The implementation of Vendor Managed Inventory (VMI) method on inventory control system provides transparency of sales data an...
Leader-follower Game in VMI System with Limited Production Capacity Considering Wholesale and Retail Prices
Y. Yu (Yugang); L. Liang (Liming); G.Q. Huang (George)
textabstractVMI (Vendor Managed Inventory) is a widely used cooperative inventory policy in supply chains in which each enterprise has its autonomy in pricing. This paper discusses a leader-follower Stackelberg game in a VMI supply chain where the manufacturer, as a leader, produces a single product
Accelerated Best Basis Inventory Baselining Task
International Nuclear Information System (INIS)
The baselining effort was recently proposed to bring the Best-Basis Inventory (BBI) and Question No.8 of the Tank Interpretive Report (TIR) for all 177 tanks to the current standards and protocols and to prepare a TIR Question No.8 if one is not already available. This plan outlines the objectives and methodology of the accelerated BBI baselining task. BBI baselining meetings held during December 2000 resulted in a revised BBI methodology and an initial set of BBI creation rules to be used in the baselining effort. The objectives of the BBI baselining effort are to: (1) Provide inventories that are consistent with the revised BBI methodology and new BBI creation rules. (2) Split the total tank waste in each tank into six waste phases, as appropriate (Supernatant, saltcake solids, saltcake liquid, sludge solids, sludge liquid, and retained gas). In some tanks, the solids and liquid portions of the sludge and/or saltcake may be combined into a single sludge or saltcake phase. (3) Identify sampling events that are to be used for calculating the BBIs. (4) Update waste volumes for subsequent reconciliation with the Hanlon (2001) waste tank summary. (5) Implement new waste type templates. (6) Include any sample data that might have been unintentionally omitted in the previous BBI and remove any sample data that should not have been included. Sample data to be used in the BBI must be available on TWINS. (7) Ensure that an inventory value for each standard BBI analyte is provided for each waste component. Sample based inventories for supplemental BBI analytes will be included when available. (8) Provide new means and confidence interval reports if one is not already available and include uncertainties in reporting inventory values
Causes for an asymmetric relation between the price of crude oil and refined petroleum products
International Nuclear Information System (INIS)
Kaufmann, R.K.; Laskowski, C.
We revisit the issue of asymmetries in the relation between the price of crude oil and refined petroleum products in the United States. An econometric analysis of monthly data indicates that the asymmetric relationship between the price of crude oil and motor gasoline is generated by refinery utilization rates and inventory behavior. The asymmetric relation between the price of crude oil and home heating oil probably is generated by contractual arrangements between retailers and consumers. Together, these results imply that price asymmetries may be generated by efficient markets. Under these conditions, there is little justification for policy interventions to reduce or eliminate price asymmetries in motor gasoline and home heating oil markets. (author)
Why are current world food prices so high? : a memo
Banse, M.A.H.; Nowicki, P.L.; Meijl, van H.
World agricultural prices are very volatile which is due to traditional characteristics of agricultural markets such as inelastic (short run) supply and demand curves. A combination of record low global inventory levels, weather induced supply side shocks, surging outside investor influence, record
An EOQ Model with Two-Parameter Weibull Distribution Deterioration and Price-Dependent Demand
Mukhopadhyay, Sushanta; Mukherjee, R. N.; Chaudhuri, K. S.
An inventory replenishment policy is developed for a deteriorating item and price-dependent demand. The rate of deterioration is taken to be time-proportional and the time to deterioration is assumed to follow a two-parameter Weibull distribution. A power law form of the price dependence of demand is considered. The model is solved analytically…
Interactive Inventory Monitoring
Garud, Sumedha
Method and system for monitoring present location and/or present status of a target inventory item, where the inventory items are located on one or more inventory shelves or other inventory receptacles that communicate with an inventory base station through use of responders such as RFIDs. A user operates a hand held interrogation and display (lAD) module that communicates with, or is part of the base station to provide an initial inquiry. lnformation on location(s) of the larget invenlory item is also indicated visibly and/or audibly on the receptacle(s) for the user. Status information includes an assessment of operation readiness and a time, if known, that the specified inventory item or class was last removed or examined or modified. Presentation of a user access level may be required for access to the target inventgory item. Another embodiment provides inventory informatin for a stack as a sight-impaired or hearing-impaired person adjacent to that stack.
7 CFR 1131.53 - Announcement of class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1131.53 Section 1131.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...
7 CFR 1005.53 - Announcement of class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1005.53 Section 1005.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...
7 CFR 1124.53 - Announcement of class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1124.53 Section 1124.53 Agriculture Regulations of the Department of Agriculture... Announcement of class prices, component prices, and advanced pricing factors. See § 1000.53. ...
7 CFR 1126.53 - Announcement of class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1126.53 Section 1126.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...
7 CFR 1032.53 - Announcement of class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1032.53 Section 1032.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...
7 CFR 1030.53 - Announcement of class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1030.53 Section 1030.53 Agriculture Regulations of the Department of Agriculture... of class prices, component prices, and advanced pricing factors. See § 1000.53. ...
7 CFR 1033.53 - Announcement of class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1033.53 Section 1033.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...
7 CFR 1001.53 - Announcement of class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1001.53 Section 1001.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...
7 CFR 1007.53 - Announcement of class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1007.53 Section 1007.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...
7 CFR 1006.53 - Announcement of class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1006.53 Section 1006.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...
SBA Network Components & Software Inventory
Small Business Administration — SBA's Network Components & Software Inventory contains a complete inventory of all devices connected to SBA's network including workstations, servers, routers,...
Arbitrage Pricing, Capital Asset Pricing, and Agricultural Assets
Louise M. Arthur; Colin A. Carter; Fay Abizadeh
A new asset pricing model, the arbitrage pricing theory, has been developed as an alternative to the capital asset pricing model. The arbitrage pricing theory model is used to analyze the relationship between risk and return for agricultural assets. The major conclusion is that the arbitrage pricing theory results support previous capital asset pricing model findings that the estimated risk associated with agricultural assets is low. This conclusion is more robust for the arbitrage pricing th...
Price strategy and pricing strategy: terms and content identification
Directory of Open Access Journals (Sweden)
Panasenko Tetyana
Full Text Available The article is devoted to the terminology and content identification of seemingly identical concepts "price strategy" and "pricing strategy". The article contains evidence that the price strategy determines the direction, principles and procedure of implementing the company price policy and pricing strategy creates a set of rules and practical methods of price formation in accordance with the pricing strategy of the company.
Arturo Vasquez Cordano
This paper tests and confirms the hypothesis that retail and wholesale Diesel 2 prices respond more quickly to increases than to decreases in wholesale and crude oil prices, respectively. Among the possible sources of this asymmetry, we find: production / inventory adjustment lags, refining adjustments, market power of some sellers, searching costs, among others. By analyzing price transmission at different points of the distribution chain, this paper attempts to shed light on these theories ...
A homotopy analysis method for the option pricing PDE in illiquid markets
E-Khatib, Youssef
One of the shortcomings of the Black and Scholes model on option pricing is the assumption that trading the underlying asset does not affect the underlying asset price. This can happen in perfectly liquid markets and it is evidently not viable in markets with imperfect liquidity (illiquid markets). It is well-known that markets with imperfect liquidity are more realistic. Thus, the presence of price impact while studying options is very important. This paper investigates a solution for the option pricing PDE in illiquid markets using the homotopy analysis method.
Lee, C. M.; Stone, B.
In 1977 NASA published Shuttle Reimbursement Policies for Civil U.S. Government, DOD and Commercial and Foreign Users. These policies were based on the principle of total cost recovery over a period of time with a fixed flat price for initial period to time to enhance transition. This fixed period was to be followed with annual adjustments thereafter, NASA is establishing a new price for 1986 and beyond. In order to recover costs, that price must be higher than the initial fixed price through FY 1985. NASA intends to remain competitive. Competitive posture includes not only price, but other factors such as assured launch, reliability, and unique services. NASA's pricing policy considers all these factors.
Directory of Open Access Journals (Sweden)
Alexander G. Kerl
Full Text Available This study analyzes the accuracy of forecasted target prices within analysts' reports. We compute a measure for target price forecast accuracy that evaluates the ability of analysts to exactly forecast the ex-ante (unknown 12-month stock price. Furthermore, we determine factors that explain this accuracy. Target price accuracy is negatively related to analyst-specific optimism and stock-specific risk (measured by volatility and price-to-book ratio. However, target price accuracy is positively related to the level of detail of each report, company size and the reputation of the investment bank. The potential conflicts of interests between an analyst and a covered company do not bias forecast accuracy.
Market fundamentals, competition and natural-gas prices
International Nuclear Information System (INIS)
Hulshof, Daan; Maat, Jan-Pieter van der; Mulder, Machiel
After the liberalisation of the gas industry, trading hubs have emerged in Europe. Although these hubs appear to be liquid market places fostering gas-to-gas competition, the efficiency of the gas market remains a topic of interest as a fair share of gas is still traded through long-term contracts with prices linked to the oil price while the number of gas suppliers to the European market is limited. In order to assess the efficiency of the gas market, we analyse the day-ahead spot price at the Dutch gas hub over the period 2011–2014. We find that the oil price had a small positive impact on the gas price. Changes in the concentration on the supply side did not affect the movement in gas prices. The availability of gas in storages and the outside temperature negatively influenced the gas price. We also find that the gas price was related to the production of wind electricity. Overall, we conclude that the day-ahead gas prices are predominantly determined by gas-market fundamentals. Policies to further integrate gas markets within Europe may extend this gas-to-gas competition to a larger region. - Highlights: •We analyse the development of the day-ahead spot price at TTF over 2011–2014. •The oil price had a small impact on the gas price, while the coal price had no effect. •Changes in the concentration on the supply side did not affect the gas prices. •The gas prices are predominantly determined by weather and storage availability. •Policies to integrate gas markets foster gas-to-gas competition.
Lee, Bruce Y; McGlone, Sarah M
New vaccine pricing is a complicated process that could have substantial long-standing scientific, medical and public health ramifications. Pricing can have a considerable impact on new vaccine adoption and, thereby, either culminate or thwart years of research and development and public health efforts. Typically, pricing strategy consists of the following eleven components: (1) Conduct a target population analysis; (2) Map potential competitors and alternatives; (3) Construct a vaccine targe...
Koji Nakamura; Yumi Saita
This paper examines the long-term relationship between macro economic fundamentals and the weighted-average land price indicators, which are supposed to be more appropriate than the official land price indicators when analyzing their impacts on the macro economy. In many cases, we find the cointegrating relationships between the weighted-average land price indicators and the discounted present value of land calculated based on the macro economic fundamentals indicators. We also find that the ...
Introduction to pricing issues
International Nuclear Information System (INIS)
This chapter provides an overview of pricing issues the proper pricing of transmission services is essential to efficient operation of the grid. Wheeling rights have little meaning if capacity on existing lines is scarce and there is no incentive to build new lines. Depending on the type of transmission pricing policies FERC adopts, the Commission may be able to encourage more voluntary wheeling service, and to influence decisions to build or upgrade the supply of facilities
described below which relies on questionnaires administered to subject matter experts in both cost analysis and price analysis to determine the value of...additional reports or data that the price analyst used in determining their final negotiated position. The cost analyst section of the questionnaire...an analysis at the individual element level rather than at a total price level to determine the major changes from the awarded contract to the new
The dynamics of crude oil price differentials
International Nuclear Information System (INIS)
Fattouh, Bassam
Crude oil price differentials are modelled as a two-regime threshold autoregressive (TAR) process using the method proposed by Caner and Hansen [Caner, M., Hansen, B.E. Threshold autoregression with a unit root. Econometrica 2001; 69; 1555-1596.]. While standard unit root tests suggest that the prices of crude oil of different varieties move closely together such that their price differential is stationary, the TAR results indicate strong evidence of threshold effects in the adjustment process to the long-run equilibrium. These findings suggest that crude oil prices are linked and thus at the very general level, the oil market is 'one great pool' (Adelman, M.A. International oil agreements. The Energy Journal 1984; 5; 1-9.). However, differences in the dynamics of adjustment suggest that within this one pool, oil markets are not necessarily integrated in every time period and hence the dynamics of crude oil price differentials may not follow a stationary process at all times. Although the development of a liquid futures market around the crude oil benchmarks has helped make some distant markets more unified, arbitrage is not costless or risk-free and temporary breakdowns in the benchmarks can lead to decoupling of crude oil prices. (author)
Russian oil prices: courting the world market
International Nuclear Information System (INIS)
Khartukov, E.M.
The export and oil pricing of Russian crude was discussed. Russian crude and oil product exports are not yet wholly competitive with world oil markets. It was suggested that to do so, would be neither desirable nor actually possible at present. The reason for this is related to Russia's export duties regime and Russia's trade with its neighbouring countries which include the former Soviet republics. In the first half of 1995, the average border price of crude destined for those countries was US$75.04/tonne as opposed to US$114.77/tonne for crude exported to 'far-abroad', hard-currency markets. A breakdown of Russia's export duties for liquid fuels and a typical breakdown of export and domestic prices for Russian oil was provided. Russian crude is considerably under-priced mainly because of the poor state of the national refining industry which is in need of radical modernization. It was suggested that instead of globalization, it would be more appropriate to redirect the priorities of Russian energy policy towards defining optimal use of Russia's available energy potential, and rationalizing its domestic price structure first, which is the root cause of the national price problem. 5 refs., 5 tabs., 2 figs
Energy Technology Data Exchange (ETDEWEB)
Senmura, Akira
In the negotiation on raw coal price for 1988, which began at the end of 1987, Australia requested price rise of 4 - 5 dollars for the reason of rise of Australian dollars, conditions of mines, price drop in the past five years, and world supply/demand of coal. Japan insisted to maintain the price of preceding year. The talk ended in a dead lock which could last a long time. Negotiation on the Canadian coal price also encountered difficulties but an agreement was obtained in March as Japan accepted the increased price. After which, Japan and Australia agreed to raise the price by 2.90 dollars and an increase over last year. Producing countries also requested a wide price rise as 7.50 dollars for general coal, making in this area very difficult to progress. Finally, they agreed to raise the price by 6.30 dollars and the electric power utility in Japan responded by importing of U.S. coal, which has a lower heat output but is also cheaper. It depends on Australia for 70% of coal supply but started to diversify the source. 3 tabs.
Lünnemann, Patrick; Wintr, Ladislav
This paper studies the behaviour of Internet prices. It compares price rigidities on the Internet and in traditional brick-and-mortar stores and provides a cross-country perspective. The data set covers a broad range of items typically sold over the Internet. It includes more than 5 million daily price quotes downloaded from price comparison web sites in France, Germany, Italy, the UK and the US. The following results emerge from our analysis. First, and contrary to the recent findings for co...
Regulation of Pharmaceutical Prices
DEFF Research Database (Denmark)
Kaiser, Ulrich; Méndez, Susan J.; Rønde, Thomas
Reference prices constitute a main determinant of patient health care reimbursement in many countries. We study the effects of a change from an "external" (based on a basket of prices in other countries) to an "internal" (based on comparable domestic products) reference price system. We find...... that while our estimated consumer compensating variation is small, the reform led to substantial reductions in list and reference prices as well as co-payments, and to sizeable decreases in overall producer revenues, health care expenditures, and co-payments. These effects differ markedly between branded...
Regulation of Pharmaceutical Prices
DEFF Research Database (Denmark)
Kaiser, Ulrich; Méndez, Susan J.; Rønde, Thomas
Reference prices constitute a main determinant of patient health care reimbursement in many countries. We study the effects of a change from an "external" (based on a basket of prices in other countries) to an "internal" (based on comparable domestic products) reference price system. We find...... that while our estimated consumer compensating variation is small, the reform led to substantial reductions in list and reference prices as well as co-payments, and to sizeable decreases in overall producer revenues, health care expenditures, and co-payments. These effects differ markedly between branded...
Alternative pricing methodologies
International Nuclear Information System (INIS)
With the increased interest in competitive market forces and growing recognition of the deficiencies in current practices, FERC and others are exploring alternatives to embedded cost pricing. A number of these alternatives are discussed in this chapter. Marketplace pricing, discussed briefly here, is the subject of the next chapter. Obviously, the pricing formula may combine several of these methodologies. One utility of which the authors are aware is seeking a price equal to the sum of embedded costs, opportunity costs, line losses, value of service, FERC's percentage adder formula and a contract service charge
National Emission Inventory (NEI)
U.S. Environmental Protection Agency — This data exchange allows states to submit data to the US Environmental Protection Agency's National Emissions Inventory (NEI). NEI is a national database of air...
U.S. Environmental Protection Agency — The National Emission Inventory contains measured, modeled, and estimated data for emissions of all known source categories in the US (stationary sources, fires,...
Toxics Release Inventory (TRI)
U.S. Environmental Protection Agency — The Toxics Release Inventory (TRI) is a dataset compiled by the U.S. Environmental Protection Agency (EPA). It contains information on the release and waste...
Office of Personnel Management — Inventory of maps and descriptions of the business processes of the U.S. Office of Personnel Management (OPM), with an emphasis on the processes of the Office of the...
National Wetlands Inventory Points
Minnesota Department of Natural Resources — Wetland point features (typically wetlands that are too small to be as area features at the data scale) mapped as part of the National Wetlands Inventory (NWI). The...
US Agency for International Development — AIDM is used to track USAID assets such as furniture, computers, and equipment. Using portable bar code readers, receiving and inventory personnel can capture...
Department of the Interior — Data associated with the 2015 hemlock inventory project in NCR. Eastern hemlock (Tsuga canadensis) is a coniferous tree native to the NE and Appalachian regions of...
Logistics and Inventory System -
Department of Transportation — The Logistics and Inventory System (LIS) is the agencys primary supply/support automation tool. The LIS encompasses everything from order entry by field specialists...
Minnesota Department of Natural Resources — This theme is a scanned and rectified version of the Minnesota DNR - Division of Waters "Public Waters Inventory" (PWI) maps. DNR Waters utilizes a small scale...
Department of Veterans Affairs — The Department of Veterans Affairs Enterprise Data Inventory accounts for all of the datasets used in the agency's information systems. This entry was approved for...
Determinants of contractor pricing strategy
Moses, O. Douglas
This paper investigates pricing strategies used by major defense contractors. Two pricing strategies are identified and discussed: penetration, which calls for a relatively low initial price followed by little reduction in price over time, and skimming, which calls for a relatively high initial price coupled with greater reduction in price over time. It is argued that contractor pricing strategy will depend on features of the defense program under consideration and featur...
Customizing Prices in Online Markets
Werner Reinartz
Dynamic pricing is the dynamic adjustment of prices to consumers depending on the value these customers attribute to a good. Underlying the concept of dynamic pricing is what marketers call price customization. Price customization is the charging of different prices to end consumers based on a discriminatory variable. Internet technology will serve as a great enabling tool for making dynamic pricing accessible to many industries.
Proceedings of the Canadian Institute's winter 2004/2005 conference on energy marketing strategies : proactively defend your energy portfolios from winter price spikes
International Nuclear Information System (INIS)
This conference addressed the challenges facing energy markets with particular emphasis on the outlook of winter fuels and prices. It was attended by more than 50 energy marketing professionals representing petroleum producers, pipelines, wholesale marketers, storage companies, end users, banks and government. In order to plan portfolios and reduce risks to their bottom lines, buyers and sellers of energy must always be prepared for unexpected ice storms, major pipeline outages or geopolitical events. Merchants in the fuel supply chain depend on basic analysis, correlations and forecasts of supply/demand, transportation and inventory levels. The conference presented strategies and analysis on how commodity prices will move during the winter; North American supply/demand dynamics for natural gas, electricity, heating oils and natural gas liquids; the interplay of fuel storage and price; fuel switching and its impact on the market; portfolio planning; managing the link between weather and fuel prices; seasonal volatility; and, how liquefied natural gas (LNG) is affecting winter supply. The conference featured 16 presentations, of which 6 have been catalogued separately for inclusion in this database. tabs., figs
Relating price strategies and price-setting practices
Ingenbleek, P.T.M.; Lans, van der I.A.
Purpose - This article addresses the relationship between price strategies and price-setting practices. The first derive from a normative tradition in the pricing literature and the latter from a descriptive tradition. Price strategies are visible in the market, whereas price-setting practices are
Intranational Price Convergence and Price Stickiness
DEFF Research Database (Denmark)
Bergman, Ulf Michael; Heebøll, Christian; Hansen, Niels Lynggaard
We show that estimates of the half-life of deviations from LOOP are biased when not taking into account the precision when aggregating over types of goods. Using a comprehensive dataset with monthly price data for 124 homogeneous products across regions in Denmark over the period 1997–2010 we find...... a large positive aggregation bias. On average, we find that the half-life is 8.4 months when taking the bias into account compared to 28.7 months when applying the standard method. The heterogeneity in estimated half-life can be explained by price stickiness, distance between regions and whether the good...
Economic Dynamics of the German Hog-Price Cycle
Directory of Open Access Journals (Sweden)
Ernst Berg
Full Text Available We investigated the economic dynamics of the German hog-price cycle with an innovative 'diagnostic' modeling approach. Hog-price cycles are conventionally modeled stochastically—most recently as randomly-shifting sinusoidal oscillations. Alternatively, we applied Nonlinear Time Series analysis to empirically reconstruct a deterministic, low-dimensional, and nonlinear attractor from observed hog prices. We next formulated a structural (explanatory model of the pork industry to synthesize the empirical hog-price attractor. Model simulations demonstrate that low price-elasticity of demand contributes to aperiodic price cycling – a well know result – and further reveal two other important driving factors: investment irreversibility (caused by high specificity of technology, and liquidity-driven investment behavior of German farmers.
SACHET, Dynamic Fission Products Inventory in PWR Multiple Compartment System
International Nuclear Information System (INIS)
Kodaira, Hideki
1 - Description of program or function: SACHET evaluates the dynamic fission product inventories in the multiple compartment system of pressurized water reactor (PWR) plants. 2 - Method of solution: SACHET utilizes a matrix of fission product core inventory which is previously calculated by the ORIGEN code. 3 - Restrictions on the complexity of the problem: Liquid wastes such as chemical waste and detergent waste are not included
Price learning during grocery shopping
DEFF Research Database (Denmark)
Jensen, Birger Boutrup
Many attempts have been made to measure consumers' price knowledge for groceries. However, the results have varied considerably and conflict with results of reference price research. This is the first study to examine price knowledge before, during, and after store visit, thus enabling a study...... of what consumers learn about prices during grocery shopping. Three measures of price knowledge corresponding to different levels of price information processing were applied. Results indicate that price learning does take place and that episodic price knowledge after store exit is far more widespread...... than expected. Consequently, a new view of how consumer price knowledge evolves during grocery shopping is presented....
Assessing Asset Pricing Anomalies
W.A. de Groot (Wilma)
markdownabstractOne of the most important challenges in the field of asset pricing is to understand anomalies: empirical patterns in asset returns that cannot be explained by standard asset pricing models. Currently, there is no consensus in the academic literature on the underlying causes of
Poverty and price transmission
DEFF Research Database (Denmark)
Elleby, Christian
A key parameter determining the welfare impact from a world market shock is the transmission elasticity which measures the average domestic response to an international price change. Many studies have estimated price transmission elasticities for a large number of countries but the variation in t...
Nazliben, Kamil
The dissertation consists of three chapters that represent separate papers in the area of asset pricing. The first chapter studies investors optimal asset allocation problem in which mean reversion in stock prices is captured by explicitly modeling transitory and permanent shocks. The second chapter
International Nuclear Information System (INIS)
Haaden, E.
The price structure for transmission of electric power through the main lines in Sweden is analyzed. After deregulation of the electricity market, the main transmission lines are owned by a separate national company, with no interests from the power producers. Comparisons are made to ideal marginal price structures. 6 refs
Kleinert, Harold L.; And Others
A program used to teach moderately to severely mentally handicapped students to select the lower priced items in actual shopping activities is described. Through a five-phase process, students are taught to compare prices themselves as well as take into consideration variations in the sizes of containers and varying product weights. (VW)
International Nuclear Information System (INIS)
Babusiaux, Denis; Pierru, Axel
The Organization of Petroleum-Exporting Countries (OPEC), some political leaders and financiers have mainly attributed the price spike of oil in 2008 - followed by a just as spectacular drop in prices - to the speculative moves made by financial investors on the futures market instead of to market fundamentals
Pricing Mechanism in Information Goods
Li, Xinming; Wang, Huaqing
We study three pricing mechanisms' performance and their effects on the participants in the data industry from the data supply chain perspective. A win-win pricing strategy for the players in the data supply chain is proposed. We obtain analytical solutions in each pricing mechanism, including the decentralized and centralized pricing, Nash Bargaining pricing, and revenue sharing mechanism.
Price Formation by Bargaining and Posted Prices
Kultti, K.K.
We study markets with two types of agents. Sellers have an indivisible good for sale, and their reservation value is zero. Buyers are randomly matched with sellers, and they value the good at unity. Sellers may be matched with any positive number of buyers, and they may choose to determine the price
How to Find the Price That's Right.
Crompton, John L.
Five primary methods used by recreation and park agencies to establish a price are reviewed: (1) going-rate pricing; (2) demand oriented pricing; (3) variable cost pricing; (4) partial overhead pricing; and (5) average cost pricing. (CJ)
Energy Technology Data Exchange (ETDEWEB)
Webb, M. G.
Some economic principles of energy pricing in a market type economy in which there is consumer sovereignty are discussed. Thus resources will be allocated via the production processes in line with the preferences of consumers as revealed by their purchases of goods and services. Prices play the crucial role of coordinating instruments in this allocative process. It is assumed that all the energy industries are in the public sector. The following topics are discussed: the specification of objectives for the energy sector; marginal cost pricing; problems associated with the measurement of marginal costs; some aspects of the environmental costs associated with energy production and use, and some issues related to time differentiated tariffs; the modification of prices to achieve financial targets; and the use of energy prices to achieve income distribution objectives.
Oil prices and the stock prices of alternative energy companies
International Nuclear Information System (INIS)
Henriques, Irene; Sadorsky, Perry
Energy security issues coupled with increased concern over the natural environment are driving factors behind oil price movements. While it is widely accepted that rising oil prices are good for the financial performance of alternative energy companies, there has been relatively little statistical work done to measure just how sensitive the financial performance of alternative energy companies are to changes in oil prices. In this paper, a four variable vector autoregression model is developed and estimated in order to investigate the empirical relationship between alternative energy stock prices, technology stock prices, oil prices, and interest rates. Our results show technology stock prices and oil prices each individually Granger cause the stock prices of alternative energy companies. Simulation results show that a shock to technology stock prices has a larger impact on alternative energy stock prices than does a shock to oil prices. These results should be of use to investors, managers and policy makers. (author)
Directory of Open Access Journals (Sweden)
Adam Zaremba
Full Text Available In this paper we investigate the characteristics of the low price anomaly, which implies higher returns to stocks with a low nominal price. The research aims to broaden academic knowledge in a few ways. Firstly, we deliver some fresh evidence on the low price effect from the Polish market. Secondly, we analyze the interdependence between the low price effect and other return factors: value, size and liquidity. Thirdly, we investigate whether the low price effect is present after accounting for liquidity. Fourthly, we check to see whether the low price effect is robust to transaction costs. The paper is composed of three main sections. In the beginning, we review the existing literature. Next, we present the data sources and research methods employed. Finally, we discuss our research findings. Our computations are based on all the stocks listed on the Warsaw Stock Exchange (WSE in the years 2003-2013. We have concluded that the low price effect is present on the Polish market, although the statistical significance is very weak and it disappears entirely after accounting for transaction costs and liquidity.
Anderson, Eric; Simester, Duncan
For most of the items they buy, consumers don't have an accurate sense of what the price should be. Ask them to guess how much a four-pack of 35-mm film costs, and you'll get a variety of wrong answers: Most people will underestimate; many will only shrug. Research shows that consumers' knowledge of the market is so far from perfect that it hardly deserves to be called knowledge at all. Yet people happily buy film and other products every day. Is this because they don't care what kind of deal they're getting? No. Remarkably, it's because they rely on retailers to tell them whether they're getting a good price. In subtle and not-so-subtle ways, retailers send signals to customers, telling them whether a given price is relatively high or low. In this article, the authors review several common pricing cues retailers use--"sale" signs, prices that end in 9, signpost items, and price-matching guarantees. They also offer some surprising facts about how--and how well--those cues work. For instance, the authors' tests with several mail-order catalogs reveal that including the word "sale" beside a price can increase demand by more than 50%. The practice of using a 9 at the end of a price to denote a bargain is so common, you'd think customers would be numb to it. Yet in a study the authors did involving a women's clothing catalog, they increased demand by a third just by changing the price of a dress from $34 to $39. Pricing cues are powerful tools for guiding customers' purchasing decisions, but they must be applied judiciously. Used inappropriately, the cues may breach customers' trust, reduce brand equity, and give rise to lawsuits.
Value based pricing: the least valued pricing strategy
Hoenen, Bob
Pricing has been one of the least researched topics in marketing, although within these pricing strategies: cost-plus pricing is considered as the leading pricing strategy worldwide. Why should companies use such an unprofitable strategy, where fighting for a higher market share due to low prices is more a rule than exception? VBP is one of the most underestimated strategies by organizations. The definition of VBP is: 'value pricing applies to products that have the potential of being differe...
Rowlinson, J S; Baldwin, J E; Buckingham, A D; Danishefsky, S
Liquids and Liquid Mixtures, Third Edition explores the equilibrium properties of liquids and liquid mixtures and relates them to the properties of the constituent molecules using the methods of statistical thermodynamics. Topics covered include the critical state, fluid mixtures at high pressures, and the statistical thermodynamics of fluids and mixtures. This book consists of eight chapters and begins with an overview of the liquid state and the thermodynamic properties of liquids and liquid mixtures, including vapor pressure and heat capacities. The discussion then turns to the thermodynami
International Nuclear Information System (INIS)
Mazayev, S.N.; Prokofiev, Yu.G.
Investigations of hydrogen inventory in gallium (99.9%) were carried out after saturation both from molecular phase and from glow discharge plasma at room temperature, 370 and 520 K. Saturation took place during 3000 s under hydrogen pressure of 20 Pa, and ion flux was about 1x10 15 ions/cm 2 s with an energy about 400 eV during discharge. Hydrogen concentration in Ga at room temperature and that for 370 K by the saturation from gaseous phase was (2-3)x10 14 cm -3 Pa -1/2 . Hydrogen concentration at temperature 520 K increased by five times. Inventory at room temperature for irradiation from discharge was 7x10 16 cm -3 at the dose about 3x10 18 ions/cm 2 . It was more than inventory at temperature 520 K by four times and more than maximum inventory from gaseous phase at 520 K by a factor of 10. Inventory increased when temperature decreased. Diffusion coefficient D=0.003 exp(-2300/RT) cm 2 /s, was estimated from temperature dependence. ((orig.))
Nuclear materials inventory plan
International Nuclear Information System (INIS)
Doerr, R.W.; Nichols, D.H.
In any processing, manufacturing, or active storage facility it is impractical to assume that any physical security system can prevent the diversion of Special Nuclear Material (SNM). It is, therefore, the responsibility of any DOE Contractor, Licensee, or other holder of SNM to provide assurance that loss or diversion of a significant quantity of SNM is detectable. This ability to detect must be accomplishable within a reasonable time interval and can be accomplished only by taking physical inventories. The information gained and decisions resulting from these inventories can be no better than the SNM accounting system and the quality of measurements performed for each receipt, removal and inventory. Inventories interrupt processing or production operations, increase personnel exposures, and can add significantly to the cost of any operation. Therefore, realistic goals for the inventory must be defined and the relationship of the inherent parameters used in its validation be determined. Purpose of this document is to provide a statement of goals and a plan of action to achieve them
7 CFR 1124.50 - Class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1124.50 Section 1124.50 Agriculture Regulations of the Department of Agriculture (Continued... prices, and advanced pricing factors. See § 1000.50. ...
7 CFR 1030.50 - Class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1030.50 Section 1030.50 Agriculture Regulations of the Department of Agriculture (Continued... prices, and advanced pricing factors. See § 1000.50. ...
7 CFR 1000.53 - Announcement of class prices, component prices, and advanced pricing factors.
... advanced pricing factors. 1000.53 Section 1000.53 Agriculture Regulations of the Department of Agriculture..., component prices, and advanced pricing factors. (a) On or before the 5th day of the month, the market... administrator for each Federal milk marketing order shall announce the following prices and pricing factors for...
Replenishment policy for an inventory model under inflation
Singh, Vikramjeet; Saxena, Seema; Singh, Pushpinder; Mishra, Nitin Kumar
The purpose of replenishment is to keep the flow of inventory in the system. To determine an optimal replenishment policy is a great challenge in developing an inventory model. Inflation is defined as the rate at which the prices of goods and services are rising over a time period. The cost parameters are affected by the rate of inflation. High rate of inflation affects the organizations financial conditions. Based on the above backdrop the present paper proposes the retailers replenishment policy for deteriorating items with different cycle lengths under inflation. The shortages are partially backlogged. At last numerical examples validate the results.
Steel: Price and Policy Issues
National Research Council Canada - National Science Library
Cooney, Stephen
Steel prices remain at historically elevated levels. The rapid growth of steel production and demand in China is widely considered as a major cause of the increases in both steel prices and the prices of steelmaking inputs...
Pricing American and Asian Options
Pat Muldowney
An analytic method for pricing American call options is provided; followed by an empirical method for pricing Asian call options. The methodology is the pricing theory presented in "A Modern Theory of Random Variation", by Patrick Muldowney, 2012.
Safe and Liquid Mortgage Bonds
DEFF Research Database (Denmark)
Dick-Nielsen, Jens; Gyntelberg, Jacob; Lund, Jesper
This paper shows that strict match pass-through funding of covered bonds provides safe and liquid mortgage bonds. Despite a 30% drop in house prices during the 2008 global crisis Danish mortgage bonds remained as liquid as most European government bonds. The Danish pass-through system effectively...... eliminates credit risk from the investor's perspective. Similar to other safe bonds, funding liquidity becomes the main driver of mortgage bond liquidity and this creates commonality in liquidity across markets and countries. These findings have implications for how to design a robust mortgage bond system...
Lee, Bruce Y; McGlone, Sarah M
New vaccine pricing is a complicated process that could have substantial long-standing scientific, medical, and public health ramifications. Pricing can have a considerable impact on new vaccine adoption and, thereby, either culminate or thwart years of research and development and public health efforts. Typically, pricing strategy consists of the following ten components: 1. Conduct a target population analysis; 2. Map potential competitors and alternatives; 3. Construct a vaccine target product profile (TPP) and compare it to projected or actual TPPs of competing vaccines; 4. Quantify the incremental value of the new vaccine's characteristics; 5. Determine vaccine positioning in the marketplace; 6. Estimate the vaccine price-demand curve; 7. Calculate vaccine costs (including those of manufacturing, distribution, and research and development); 8. Account for various legal, regulatory, third party payer, and competitor factors; 9. Consider the overall product portfolio; 10. Set pricing objectives; 11. Select pricing and pricing structure. While the biomedical literature contains some studies that have addressed these components, there is still considerable room for more extensive evaluation of this important area.
International Nuclear Information System (INIS)
Stevens, P.
The basic argument presented is that the oil price is set in an administrated market. The administration is undertaken by the controllers of excess capacity to produce crude oil. The extent to which the administrated price matches the market price is a function, first, of the strength and effectiveness of the market controller and, secondly, of the state of supply and demand and expectations in the market. Currently, the market is operating close to capacity, what limited excess capacity exists is located mainly in Saudi Arabia and the Saudi Arabians appear to be following a low price objective. While the Saudi Arabians pursue volume, the short term project, in the balance of a political upheaval, is that oil prices will remain below the $21 per barrel agreed in July 1990. There is a view that Saudi Arabia would take quick action to reverse a price collapse, but attention is drawn to previous miscalculations with respect to price collapse. Should political circumstances allow the return of Iraq to the oil market, then excess capacity within the Gulf members of OPEC will return and control will be much more difficult. (UK)
McGlone, Sarah M
New vaccine pricing is a complicated process that could have substantial long-standing scientific, medical and public health ramifications. Pricing can have a considerable impact on new vaccine adoption and, thereby, either culminate or thwart years of research and development and public health efforts. Typically, pricing strategy consists of the following eleven components: (1) Conduct a target population analysis; (2) Map potential competitors and alternatives; (3) Construct a vaccine target product profile (TPP) and compare it to projected or actual TPPs of competing vaccines; (4) Quantify the incremental value of the new vaccine's characteristics; (5) Determine vaccine positioning in the marketplace; (6) Estimate the vaccine price-demand curve; (7) Calculate vaccine costs (including those of manufacturing, distribution, and research and development); (8) Account for various legal, regulatory, third party payer and competitor factors; (9) Consider the overall product portfolio; (10) Set pricing objectives; (11) Select pricing and pricing structure. While the biomedical literature contains some studies that have addressed these components, there is still considerable room for more extensive evaluation of this important area. PMID:20861678
International Nuclear Information System (INIS)
Caddy, P.
It is argued that the wave in oil prices which occurred in 1991, although appearing to suggest price instability, in fact shows the opposite. Steady oscillation between a low price level that leads to new customers and a high price that encourages customers to switch to alternatives is a sign of a stable market. This relative stability was achieved against the background of the political upheaval in the USSR and Eastern Europe and its unpredictable consequences. Such political uncertainties to one side, the difficulties of assessing demand trends in the light of the imponderables of the state of the world economy and the weather are stressed. Despite these problems, the view is expressed that correct reading of signals up the supply chain by producers should ensure continued relative price stability. This is not to say that prices will stay exactly the same, just that they will be bound within a trading range set by anticipated consumer and producer responses to the fluctuating prices. (UK)
Fukushima Daiichi Radionuclide Inventories
Energy Technology Data Exchange (ETDEWEB)
Cardoni, Jeffrey N. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Jankovsky, Zachary Kyle [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)
Radionuclide inventories are generated to permit detailed analyses of the Fukushima Daiichi meltdowns. This is necessary information for severe accident calculations, dose calculations, and source term and consequence analyses. Inventories are calculated using SCALE6 and compared to values predicted by international researchers supporting the OECD/NEA's Benchmark Study on the Accident at Fukushima Daiichi Nuclear Power Station (BSAF). Both sets of inventory information are acceptable for best-estimate analyses of the Fukushima reactors. Consistent nuclear information for severe accident codes, including radionuclide class masses and core decay powers, are also derived from the SCALE6 analyses. Key nuclide activity ratios are calculated as functions of burnup and nuclear data in order to explore the utility for nuclear forensics and support future decommissioning efforts.
Shortening the Xerostomia Inventory
Thomson, William Murray; van der Putten, Gert-Jan; de Baat, Cees; Ikebe, Kazunori; Matsuda, Ken-ichi; Enoki, Kaori; Hopcraft, Matthew; Ling, Guo Y
Objectives To determine the validity and properties of the Summated Xerostomia Inventory-Dutch Version in samples from Australia, The Netherlands, Japan and New Zealand. Study design Six cross-sectional samples of older people from The Netherlands (N = 50), Australia (N = 637 and N = 245), Japan (N = 401) and New Zealand (N = 167 and N = 86). Data were analysed using the Summated Xerostomia Inventory-Dutch Version. Results Almost all data-sets revealed a single extracted factor which explained about half of the variance, with Cronbach's alpha values of at least 0.70. When mean scale scores were plotted against a "gold standard" xerostomia question, statistically significant gradients were observed, with the highest score seen in those who always had dry mouth, and the lowest in those who never had it. Conclusion The Summated Xerostomia Inventory-Dutch Version is valid for measuring xerostomia symptoms in clinical and epidemiological research. PMID:21684773
Asset Pricing - A Brief Review
Li, Minqiang
I first introduce the early-stage and modern classical asset pricing and portfolio theories. These include: the capital asset pricing model (CAPM), the arbitrage pricing theory (APT), the consumption capital asset pricing model (CCAPM), the intertemporal capital asset pricing model (ICAPM), and some other important modern concepts and techniques. Finally, I discuss the most recent development during the last decade and the outlook in the field of asset pricing.
Directory of Open Access Journals (Sweden)
Juan Enrique Villalva A.
Full Text Available The objective of this study was to construct an explanatory model of the spot price of iron ore in the international market. For this, the method of multiple linear regressions was used. As a dependent variable, the spot price of iron ore (62% Fe China Tianjin port was taken, between 2010 and 2013. As independents variables were taken seven variables of international iron ore market. The resulting model includes variables: Iron ore inventory in Chinese ports, Baltic Dry Index (BDI, Iron ore exports from Brazil & Australia and Chinese Rebar Steel Price, as explanatory variables of the behavior of the spot price of iron ore in the international market. The model has an adjusted coefficient of determination R2 of 0.90, and was validated by comparing its predictions vs. known values of 2014.
Pricing policy for declining demand using item preservation technology.
Khedlekar, Uttam Kumar; Shukla, Diwakar; Namdeo, Anubhav
We have designed an inventory model for seasonal products in which deterioration can be controlled by item preservation technology investment. Demand for the product is considered price sensitive and decreases linearly. This study has shown that the profit is a concave function of optimal selling price, replenishment time and preservation cost parameter. We simultaneously determined the optimal selling price of the product, the replenishment cycle and the cost of item preservation technology. Additionally, this study has shown that there exists an optimal selling price and optimal preservation investment to maximize the profit for every business set-up. Finally, the model is illustrated by numerical examples and sensitive analysis of the optimal solution with respect to major parameters.
Adriaan R. Soetevent
This paper extends Hotelling's model of price competition with quadratic transportation costs from a line to graphs. I propose an algorithm to calculate firm-level demand for any given graph, conditional on prices and firm locations. One feature of graph models of price competition is that spatial discontinuities in firm-level demand may occur. I show that the existence result of D'Aspremont et al. (1979) does not extend to simple star graphs. I conjecture that this non-existence result holds...
Pim Heijnen; Adriaan Soetevent
This paper extends Hotelling's model of price competition with quadratic transportation costs from a line to graphs. We derive an algorithm to calculate firm-level demand for any given graph, conditional on prices and firm locations. These graph models of price competition may lead to spatial discontinuities in firm-level demand. We show that the existence result of D'Aspremont et al. (1979) does not extend to simple star graphs and conjecture that this non-existence result holds more general...
DEFF Research Database (Denmark)
Gjedsted Nielsen, Mads
This paper is the first to consider a large scale natural experiment to estimate the effect of taxes on house prices. We find that a 1 percentage-point increase in income tax rates lead to a drop in house prices of at most 2.2%. This corresponds to a tax capitalization for the average household...... capitalization from earlier studies. Furthermore, we find no effect of property taxes on house prices. We attribute this to the low levels of Danish municipal property tax rates compared to income tax rates....
Consistent Valuation across Curves Using Pricing Kernels
Directory of Open Access Journals (Sweden)
Andrea Macrina
Full Text Available The general problem of asset pricing when the discount rate differs from the rate at which an asset's cash flows accrue is considered. A pricing kernel framework is used to model an economy that is segmented into distinct markets, each identified by a yield curve having its own market, credit and liquidity risk characteristics. The proposed framework precludes arbitrage within each market, while the definition of a curve-conversion factor process links all markets in a consistent arbitrage-free manner. A pricing formula is then derived, referred to as the across-curve pricing formula, which enables consistent valuation and hedging of financial instruments across curves (and markets. As a natural application, a consistent multi-curve framework is formulated for emerging and developed inter-bank swap markets, which highlights an important dual feature of the curve-conversion factor process. Given this multi-curve framework, existing multi-curve approaches based on HJM and rational pricing kernel models are recovered, reviewed and generalised and single-curve models extended. In another application, inflation-linked, currency-based and fixed-income hybrid securities are shown to be consistently valued using the across-curve valuation method.
Edgeworth Price Cycles, Cost-Based Pricing, and Sticky Pricing in Retail Gasoline Markets
Michael D. Noel
This paper examines dynamic pricing behavior in retail gasoline markets for 19 Canadian cities over 574 weeks. I find three distinct retail pricing patterns: 1. cost-based pricing, 2. sticky pricing, and 3. steep, asymmetric retail price cycles that, while seldom documented empirically, resemble those of Maskin & Tirole[1988]. Using a Markov switching regression, I estimate the prevalence of patterns and the structural characteristics of the cycles. Retail price cycles prevail in over 40% of ...
Uranium price reporting systems
International Nuclear Information System (INIS)
This report describes the systems for uranium price reporting currently available to the uranium industry. The report restricts itself to prices for U 3 O 8 natural uranium concentrates. Most purchases of natural uranium by utilities, and sales by producers, are conducted in this form. The bulk of uranium in electricity generation is enriched before use, and is converted to uranium hexafluoride, UF 6 , prior to enrichment. Some uranium is traded as UF 6 or as enriched uranium, particularly in the 'secondary' market. Prices for UF 6 and enriched uranium are not considered directly in this report. However, where transactions in UF 6 influence the reported price of U 3 O 8 this influence is taken into account. Unless otherwise indicated, the terms uranium and natural uranium used here refer exclusively to U 3 O 8 . (author)
National Oceanic and Atmospheric Administration, Department of Commerce — Standard prices are generated for cost recovery programs in the Individual Fishing Quota (IFQ) halibut and sablefish, BSAI Rationalized crab, and Central Gulf of...
International Nuclear Information System (INIS)
Klimenko, A.V.
The theoretical results about optimum strategy of use of military uranium confirmed by systems approach accounts are received. The numerical value of the system approach price of the highly enriched military uranium also is given
Fischer, Richard B.
Defines key terms and discusses things to consider when setting fees for a continuing education program. These include (1) the organization's philosophy and mission, (2) certain key variables, (3) pricing strategy options, and (4) the test of reasonableness. (CH)
International Nuclear Information System (INIS)
Bleijenberg, A.N.; Davidson, M.D.; Wit, R.
The market does not create a price for environmental pollution for the simple reason that there is no market for the environment. What can be done is to calculate shadow prices for environmental pollution, which is achieved by calculating the price that would arise if there would be a market for the environment. In applying this method, it generally proves to be necessary to base calculations on government environmental targets. Using available research data, the method is used to calculate shadow prices for a number of key pollutants. The present report is based on the CE studies 'Schaduwprijzen Prioriterings Methodiek (SPM)' (1997), commissioned by ICI Holland BV, and 'De prijs van Milieuvervuiling' (1997), commissioned by KNP BT Packaging
Variable Pricing Feasibility Assessment
National Research Council Canada - National Science Library
...) and Willard Bishop Consulting (Barrington, IL) to evaluate the practicality of using a variable pricing system within DeCA to maintain an average of 30 percent customer savings and lower appropriated fund costs...
National Oceanic and Atmospheric Administration, Department of Commerce — Real-time price data collected by the Boston Market News Reporter. The NOAA Fisheries' "Fishery Market News" began operations in New York City on February 14, 1938....
Purchasing and inventory management techniques for optimizing inventory investment
International Nuclear Information System (INIS)
McFarlane, I.; Gehshan, T.
In an effort to reduce operations and maintenance costs among nuclear plants, many utilities are taking a closer look at their inventory investment. Various approaches for inventory reduction have been used and discussed, but these approaches are often limited to an inventory management perspective. Interaction with purchasing and planning personnel to reduce inventory investment is a necessity in utility efforts to become more cost competitive. This paper addresses the activities that purchasing and inventory management personnel should conduct in an effort to optimize inventory investment while maintaining service-level goals. Other functions within a materials management organization, such as the warehousing and investment recovery functions, can contribute to optimizing inventory investment. However, these are not addressed in this paper because their contributions often come after inventory management and purchasing decisions have been made
Midsouth Pulpwood Prices, 1991
Patrick E. Miller
The average delivered price for a cord of Midsouth roundwood in 1991 was $56.39, an increase of 6.5 percent since 1990. Softwood roundwood averaged $58.24 and hardwoods, $50.48 per standard cord, up 2.8 and 7.9 percent, respectively. Chipped residue prices were $26.52 for softwood and $21.0l for hardwood per green ton. The expenditure for wood fiber in the Midsouth...
International Nuclear Information System (INIS)
Evans, J.W.G.
While long term, fixed price contracts for fuel procurement and export of excess power may lock in the economics of a CHP plant, these do not necessarily give the best pricing opportunities that may exist during the life of those contracts. A more prudent approach may be to vary the length of the contracts and markets are now developing in gas and electricity to assist in the management of such a portfolio. (Author)
International Nuclear Information System (INIS)
Wilkinson, V.K.
One of the most uncertain elements in budget planning is estimating production costs of items that have heretofore only been produced in prototype configurations and quantities. This paper examines the design and development of a mathematical model which computes appropriate prices for new and unique products. The resulting model offers a producer a fair return on his investment and the consumer a fair purchase price
Ilya, Gikhman
In this article we discuss fundamentals of the debt securities pricing. We begin with a generalization of the present value concept. Though the present value is the base valuation method in the modern finance we will illustrate that this concept does not sufficiently accurate in producing instrument pricing. The incompleteness of the unique present value approach stems from variability of the interest rates. Admitting variability of the interest rates we define two present values one for buye...
International Nuclear Information System (INIS)
Marsden, P.S.S.F.
A data processing system designed to facilitate inventory taking is described. The process depends upon the earliest possible application of computer techniques and the elimination of manual operations. Data is recorded in optical character recognition (OCR) 'A' form and read by a hand held wand reader. Limited validation checks are applied before recording on mini-tape cassettes. 5 refs
Experimental inventory verification system
International Nuclear Information System (INIS)
Steverson, C.A.; Angerman, M.I.
As Low As Reasonably Achievable (ALARA) goals and Department of Energy (DOE) inventory requirements are frequently in conflict at facilities across the DOE complex. The authors wish, on one hand, to verify the presence of correct amounts of nuclear materials that are in storage or in process; yet on the other hand, we wish to achieve ALARA goals by keeping individual and collective exposures as low as social, technical, economic, practical, and public policy considerations permit. The Experimental Inventory Verification System (EIVSystem) is a computer-based, camera-driven system that utilizes image processing technology to detect change in vault areas. Currently in the test and evaluation phase at Idaho National Engineering Laboratory, this system guards personnel. The EIVSystem continually monitors the vault, providing proof of changed status for objects sorted within the vault. This paper reports that these data could provide the basis for reducing inventory requirements when no change has occurred, thus helping implement ALARA policy; the data will also help describe there target area of an inventory when change has been shown to occur
Marine Education Knowledge Inventory.
Hounshell, Paul B.; Hampton, Carolyn
This 35-item, multiple-choice Marine Education Knowledge Inventory was developed for use in upper elementary/middle schools to measure a student's knowledge of marine science. Content of test items is drawn from oceanography, ecology, earth science, navigation, and the biological sciences (focusing on marine animals). Steps in the construction of…
Calculating Optimal Inventory Size
Directory of Open Access Journals (Sweden)
Ruby Perez
Full Text Available The purpose of the project is to find the optimal value for the Economic Order Quantity Model and then use a lean manufacturing Kanban equation to find a numeric value that will minimize the total cost and the inventory size.
DEFF Research Database (Denmark)
Bjørn, Anders; Moltesen, Andreas; Laurent, Alexis
of different sources. The output is a compiled inventory of elementary flows that is used as basis of the subsequent life cycle impact assessment phase. This chapter teaches how to carry out this task through six steps: (1) identifying processes for the LCI model of the product system; (2) planning...
The Danish CORINAIR Inventories
DEFF Research Database (Denmark)
Winther, M.; Illerup, J. B.; Fenhann, J.
CORINAIR is the most comprehensive European air emission inventory programme. It consists of a defined emission calculation methodology and software for storing and further data processing. In CORINAIR 28 different emission species are estimated in 11 main sectors which are further sub-divided, a...
Shortening the xerostomia inventory
Thomson, W.M.; Putten, G.J. van der; Baat, C. de; Ikebe, K.; Matsuda, K.; Enoki, K.; Hopcraft, M.S.; Ling, G.Y.
OBJECTIVES: The aim of this study was to determine the validity and properties of the Summated Xerostomia Inventory-Dutch Version in samples from Australia, The Netherlands, Japan, and New Zealand. STUDY DESIGN: Six cross-sectional samples of older people from The Netherlands (n = 50), Australia (n
Student Attitude Inventory - 1971.
Gillmore, Gerald M.; Aleamoni, Lawrence M.
This 42-item Student Attitude Inventory (SAI) was administered to entering college freshmen at the University of Illinois (see TM 001 015). The SAI items are divided into nine categories on the basis of content as follows: voting behavior, drug usage, financial, Viet Nam war, education, religious behavior, pollution, housing, and alienation. A…
Oil price volatility and the asymmetric response of gasoline prices to oil price increases and decreases
International Nuclear Information System (INIS)
Radchenko, S.
This paper analyzes the effect of volatility in oil prices on the degree of asymmetry in the response of gasoline prices to oil price increases and decreases. Several time series measures of the asymmetry between the responses of gasoline prices to oil price increases and decreases and several measures of the oil price volatility are constructed. In all models, the degree of asymmetry in gasoline prices declines with an increase in oil price volatility. The results support the oligopolistic coordination theory as a likely explanation of the observed asymmetry and are not consistent with the standard search theory and the search theory with Bayesian updating. (author)
Price Recall, Bertrand Paradox and Price Dispersion With Elastic Demand
Carvalho, M.
This paper studies the consequence of an imprecise recall of the price by the consumers in the Bertrand price competition model for a homogeneous good. It is shown that firms can exploit this weakness and charge prices above the competitive price. This markup increases for rougher recall of the
Why do stumpage prices increase more than lumber prices?
William G. Luppold; John E. Baumgras; John E. Baumgras
Every sawmiller who has been in business more than 5 years realizes that hardwood stumpage prices tend to increase faster than lumber prices, decreasing the margin between these two prices. Although increases in stumpage versus lumber prices are readily apparent, the reason for the decrease in the margin is not. Recent research findings indicate that the stumpage/...
Analyzing the effects of past prices on reference price formation
R.D. van Oest (Rutger); R. Paap (Richard)
textabstractWe propose a new reference price framework for brand choice. In this framework, we employ a Markov-switching process with an absorbing state to model unobserved price recall of households. Reference prices result from the prices households are able to remember. Our model can be used to
Higher Education Prices and Price Indexes. 1976 Supplement.
Halstead, Kent D.
The 1976 supplement presents higher education price index data for fiscal years 1971 through 1976. The basic study, "Higher Education Prices and Price Indexes" (ED 123 996) presents complete descriptions of the indexes together with index values and price data for fiscal years 1961 through 1974. Indexes are presented for research and development,…
Forecasting Day-Ahead Electricity Prices : Utilizing Hourly Prices
E. Raviv (Eran); K.E. Bouwman (Kees); D.J.C. van Dijk (Dick)
textabstractThe daily average price of electricity represents the price of electricity to be delivered over the full next day and serves as a key reference price in the electricity market. It is an aggregate that equals the average of hourly prices for delivery during each of the 24 individual
Initial Radionuclide Inventories
Energy Technology Data Exchange (ETDEWEB)
H. Miller
The purpose of this analysis is to provide an initial radionuclide inventory (in grams per waste package) and associated uncertainty distributions for use in the Total System Performance Assessment for the License Application (TSPA-LA) in support of the license application for the repository at Yucca Mountain, Nevada. This document is intended for use in postclosure analysis only. Bounding waste stream information and data were collected that capture probable limits. For commercially generated waste, this analysis considers alternative waste stream projections to bound the characteristics of wastes likely to be encountered using arrival scenarios that potentially impact the commercial spent nuclear fuel (CSNF) waste stream. For TSPA-LA, this radionuclide inventory analysis considers U.S. Department of Energy (DOE) high-level radioactive waste (DHLW) glass and two types of spent nuclear fuel (SNF): CSNF and DOE-owned (DSNF). These wastes are placed in two groups of waste packages: the CSNF waste package and the codisposal waste package (CDSP), which are designated to contain DHLW glass and DSNF, or DHLW glass only. The radionuclide inventory for naval SNF is provided separately in the classified ''Naval Nuclear Propulsion Program Technical Support Document'' for the License Application. As noted previously, the radionuclide inventory data presented here is intended only for TSPA-LA postclosure calculations. It is not applicable to preclosure safety calculations. Safe storage, transportation, and ultimate disposal of these wastes require safety analyses to support the design and licensing of repository equipment and facilities. These analyses will require radionuclide inventories to represent the radioactive source term that must be accommodated during handling, storage and disposition of these wastes. This analysis uses the best available information to identify the radionuclide inventory that is expected at the last year of last emplacement
Optimal Retail Price Model for Partial Consignment to Multiple Retailers
Directory of Open Access Journals (Sweden)
Po-Yu Chen
Full Text Available This paper investigates the product pricing decision-making problem under a consignment stock policy in a two-level supply chain composed of one supplier and multiple retailers. The effects of the supplier's wholesale prices and its partial inventory cost absorption of the retail prices of retailers with different market shares are investigated. In the partial product consignment model this paper proposes, the seller and the retailers each absorb part of the inventory costs. This model also provides general solutions for the complete product consignment and the traditional policy that adopts no product consignment. In other words, both the complete consignment and nonconsignment models are extensions of the proposed model (i.e., special cases. Research results indicated that the optimal retail price must be between 1/2 (50% and 2/3 (66.67% times the upper limit of the gross profit. This study also explored the results and influence of parameter variations on optimal retail price in the model.
Exploring the economic consequences of paying a supplier to keep a reserve inventory
DEFF Research Database (Denmark)
Abginehchi, Soheil; Larsen, Christian; Thorstenson, Anders
basis, most often only once per month. In addition lead-times are long, as the suppliers are situated overseas. Therefore the company must keep all the inventories at considerable costs. The company wishes to make contracts with its suppliers such that they keep some reserve inventory that can...... be accessed (at a higher unit price than the normal one) but also with a shorter lead-time. Furthermore the company must also pay a cost proportional to inventory level for maintaining this reserve inventory. This problem can be considered as an inventory control model with two suppliers. We propose a dynamic......This work inspired by a contact with a larger telecommunication company. Many of the products offered are unique for this company and they also have very short lifetimes, normally about 18 months. Furthermore the suppliers do not wish to keep any inventories and they only accept orders on periodic...
Estimating the commodity market price of risk for energy prices
International Nuclear Information System (INIS)
Kolos, Sergey P.; Ronn, Ehud I.
The purpose of this paper is to estimate the ''market price of risk'' (MPR) for energy commodities, the ratio of expected return to standard deviation. The MPR sign determines whether energy forward prices are upward- or downward-biased predictors of expected spot prices. We estimate MPRs using spot and futures prices, while accounting for the Samuelson effect. We find long-term MPRs generally positive and short-term negative, consistent with positive energy betas and hedging, respectively. In spot electricity markets, MPRs in Day-Ahead Prices agree with short-dated futures. Our results relate risk premia to informed hedging decisions, and futures prices to forecast/expected prices. (author)
Output Price Risk, Material Input Price Risk, and Price Margins: Evidence from the US Catfish Industry.
Directory of Open Access Journals (Sweden)
David Bouras
Full Text Available Aim/purpose - To develop a conceptual model for analyzing the impact of output price risk and material input price risk on price margins. Design/methodology/approach - To analyze the combined effect of output price risk and material input risk on price margins, we use a series of comparative static analyses, GARCH models, and data ranging from 1990/01 to 2012/12. Findings - The theoretical results indicate that the impact of output price risk and the impact of material input price risk on price margins are ambiguous and, to a great extent, hinge on the correlation between output price and material input price. The empirical results show that whole frozen catfish price risk and live catfish price risk negatively affect the price margin for frozen catfish. The empirical results, however, indicate that the risk of the price of live catfish affects markedly the price margin for frozen whole catfish in contrast to the impact of the risk of the price of frozen whole catfish. Research implications/limitations - The empirical results have significant implications for managerial decision-making especially when crafting strategies for improving price margins. Accordingly, in order to beef up the price margin for frozen whole catfish, catfish processors may consider engaging in vertical integration. This paper has some limitations: first, it assumes that firms operate in competitive markets; second, it assumes that firms produce and sell a single product. Originality/value/contribution - Unlike earlier studies that focused solely on the effect of output price risk on price margins, this paper analyzes theoretically and empirically the impact of output price risk and material input price risk on price margins.
Sugar Price Supports and Taxation
Dilk, Abby; Savaiano, Dennis A.
Domestic US sugar production has been protected by government policy for the past 82 years, resulting in elevated domestic prices and an estimated annual (2013) $1.4 billion dollar "tax" on consumers. These elevated prices and the simultaneous federal support for domestic corn production have ensured a strong market for high-fructose corn syrup. Americans have dramatically increased their consumption of caloric sweeteners during the same period. Consumption of "empty" calories (ie, foods with low-nutrient/high-caloric density)—sugar and high-fructose corn syrup being the primary sources—is considered by most public health experts to be a key contributing factor to the rise in obesity. There have been substantial efforts to tax sugar-sweetened beverages (SSBs) to both reduce consumption and provide a source of funds for nutrition education, thereby emulating the tobacco tax model. Volume-based SSB taxes levy the tax rate per ounce of liquid, where some are only imposed on beverages with added sugar content exceeding a set threshold. Nonetheless, volume-based taxes have significant limitations in encouraging consumers to reduce their caloric intake due to a lack of transparency at the point of purchase. Thus, it is hypothesized that point-of-purchase, nutrient-specific excise taxes on SSBs would be more effective at reducing sugar consumption. However, all SSB taxes are limited by the possibility that consumers may compensate their decreased intake from SSBs with other high-calorie junk foods. Furthermore, there are no existing studies to provide evidence on how SSB taxes will impact obesity rates in the long term. The paradox of sugar prices is that Americans have paid higher prices for sugar to protect domestic production for more than 80 years, and now, Americans are being asked to pay even more to promote public health. The effective use of sugar taxes should be considered based on their merits in reducing sugar consumption and making available a new
Coal liquids -- Who needs them?
International Nuclear Information System (INIS)
Gray, D.; Tomlinson, G.
The paper discusses the global energy demand situation as presented at the last World Energy Congress. The total energy demand was calculated for each country and projected to 2100. The paper then discusses the energy situation in the United States, especially the forecasted demand for crude oil and natural gas liquids. Imports will be needed to make up the shortfall in domestic production. The shortfall in conventional petroleum could be supplied by converting coal into liquid fuels. Currently the cost of high quality coal liquids is too high to compete with petroleum, but trends suggest that the price will be competitive in the year 2030 using current technology. Continuing research on coal liquefaction will reduce the price of coal liquids so that coal liquids could play a significant role sooner
Directory of Open Access Journals (Sweden)
Samih Antoine Azar
Full Text Available The purpose of this paper is to test the impact of oil price shocks on the stock markets of the two biggest and most liquid GCC equity markets, those of Kuwait and Saudi Arabia. It is expected that the two stock markets react similarly to oil price shocks. Actually the results show heterogeneity in responses. While there is prima facie evidence that both stock markets are influenced positively and linearly by oil price shocks, this evidence disappears when additional variables are added to the regressions. With the larger specification oil price shocks do not impact, neither linearly or non-linearly, Kuwaiti stock markets. By contrast Saudi markets react non-linearly to both oil price shocks and shocks in the US S&P 500. The only common feature for both equity markets is the positive relation with the shocks in the US S&P 500.
On the Stochastic Properties of Carbon Futures Prices
International Nuclear Information System (INIS)
Chevallier, Julien; Sevi, Benoit
Pricing carbon is a central concern in environmental economics, due to the importance of emissions trading schemes worldwide to regulate pollution. This paper documents the presence of small and large jumps in the stochastic process of the CO 2 futures price. The large jumps have a discrete origin, i.e. they can arise from various demand factors or institutional decisions on the tradable permits market. Contrary to the previously established literature, we show that the stochastic process of the carbon futures prices does not contain a continuous component (Brownian motion). The results are derived by using high-frequency data in the activity signature function framework (Todorov and Tauchen (2010, 2011)). The implication is that the carbon futures price should be rather modelled as an appropriately sampled, centered Levy or Poisson process. The pure-jump behavior of the carbon price could be explained by the lower volume of trades on this allowance market (compared to other highly liquid financial markets). (authors)
Delivered Pricing, FOB Pricing, and Collusion in Spatial Markets
Maria Paz Espinosa
This article examines price discrimination and collusion in spatial markets. The problem is analyzed in the context of a repeated duopoly game. I conclude that the prevailing pricing systems depend on the structural elements of the market. Delivered pricing systems emerge in equilibrium in highly monopolistic and highly competitive industries, while FOB is used in intermediate market structures. The fact driving this result is that delivered pricing policies allow spatial price discrimination...
Forecasting Day-Ahead Electricity Prices: Utilizing Hourly Prices
Raviv, Eran; Bouwman, Kees E.; van Dijk, Dick
This discussion paper led to a publication in 'Energy Economics' , 2015, 50, 227-239. The daily average price of electricity represents the price of electricity to be delivered over the full next day and serves as a key reference price in the electricity market. It is an aggregate that equals the average of hourly prices for delivery during each of the 24 individual hours. This paper demonstrates that the disaggregated hourly prices contain useful predictive information for the daily average ...
Energy markets and price relations
International Nuclear Information System (INIS)
Bergendahl, P.A.
The aim of the report is to elucidate the way and extent of the dependence of the price of different energy species of one another and particularly of crude oil prices. Oil, coal and natural gas can substitute each other at many applications. The prices are dependent on mining, processing and transporting. Forecasting of prices and future trends are discussed
Denmark's National Inventory Report 2010
DEFF Research Database (Denmark)
Nielsen, Ole-Kenneth; Lyck, Erik; Mikkelsen, Mette Hjorth
This report is Denmark's National Inventory Report 2010. The report contains information on Denmark's emission inventories for all years' from 1990 to 2008 for CO2, CH4, N2O, HFCs, PFCs and SF6, NOx, CO, NMVOC, SO2.......This report is Denmark's National Inventory Report 2010. The report contains information on Denmark's emission inventories for all years' from 1990 to 2008 for CO2, CH4, N2O, HFCs, PFCs and SF6, NOx, CO, NMVOC, SO2....
Tursunova Nargiza
Each item has a price, but not every company is able to independently set the price at which it wants to sell its goods. Firms need to have a streamlined method of setting prices for their goods, and their financial condition depends on it. When choosing a method of pricing, there must be considered and internal and external constraints. The paper discusses the stages of formation of prices in a continuous process of pricing, as well as methods of pricing, their advantages and disadvantages. ...
Quantity precommitment and price matching
DEFF Research Database (Denmark)
Tumennasan, Norovsambuu
We revisit the question of whether price matching is anti-competitive in a capacity constrained duopoly setting. We show that the effect of price matching depends on capacity. Specifically, price matching has no effect when capacity is relatively low, but it benefits the firms when capacity...... is relatively high. Interestingly, when capacity is in an intermediate range, price matching benefits only the small firm but does not affect the large firm in any way. Therefore, one has to consider capacity seriously when evaluating if price matching is anti-competitive. If the firms choose their capacities...... simultaneously before pricing decisions, then the effect of price matching is either pro-competitive or ambiguous. We show that if the cost of capacity is high, then price matching can only (weakly) decrease the market price. On the other hand, if the cost of capacity is low, then the effect of price matching...
Procedure for taking physical inventories
International Nuclear Information System (INIS)
This session is intended to apprise one of the various aspects of procedures and routines that Exxon Nuclear uses with respect to its nuclear materials physical inventory program. The presentation describes how plant physical inventories are planned and taken. The description includes the planning and preparation for taking the inventory, the clean-out procedures for converting in-process material to measurable items, the administrative procedures for establishing independent inventory teams and for inventorying each inventory area, the verification procedures used to include previously measured tamper-safed items in the inventory, and lastly, procedures used to reconcile the inventory and calculate MUF (materials unaccounted for). The purpose of the session is to enable participants to: (1) understand the planning and pre-inventorty procedures and their importance; (2) understand the need for and the required intensity of clean-out procedures; (3) understand how inventory teams are formed, and how the inventory is conducted; (4) understand the distinction between inventory previously measured tamper-safed items and other materials not so characterized; (5) understand the reconciliation procedures; and (6) calculate a MUF given the book and inventory results
How propane supply and demand in North America affects prices in Alberta
International Nuclear Information System (INIS)
Hall, D.
Total North American demand for propane in 1999 was estimated at 1,700 MBPD, of which 1,300 MBPD represents demand by the United States. World-wide demand is about 3,500 MBPD, Europe and the Mid East combined, and Asia, each accounting for 800 to 850 MBPD. The United States is able to supply about 1,000 MBPD of its own demand ; the rest comes from imports. Total imports make up about 12 per cent of the U.S. supply; in 1999 just over 80 per cent, or about 120 MBPD of the imported propane came from Canada. The volume of export from Canada to the United states is expected to rise to about 170 MBPD, or 86 per cent of the total domestic supply shortfall in 2000. Prices at Edmonton ranged between 35 cents per gallon in Jan 1997, to about 42 cents per gallon in January 2000; during much of this period (from July 1997 to July 1999) the price was below 30 cents per gallon and as low as about 15 cents per gallon in January 1999. The price differential between Edmonton and Conway (the receiving point in the United States) was an average of 6 cents (US) per gallon. Total U.S. propane inventories during the same period and propane inventories against heating degree days and Conway propane prices are also shown in graphic form. The various graphs illustrate that in general, the price of propane at any given time is heavily influenced by the price of crude oil, however, in the short term competing fuels, weather conditions and inventory levels also play a part in determining prices. With regard to the future, a bullish outlook envisages flat to current prices, whereas a bearish outlook forecasts lower prices due to softening of the world economy, high U.S. and Canadian inventories, and the possibility of another warm winter. 18 viewgraphs
Developments in Global Food Prices
Vanessa Rayner; Emily Laing; Jamie Hall
Global food prices have increased significantly since the early 2000s, reversing the long-run trend decline in relative food prices over previous decades. A range of supply disruptions in key food-producing countries have contributed to higher food prices, along with strong demand from developing countries as per capita incomes rise and consumption patterns change. Rising commodity prices are leading to higher headline consumer price inflation in many countries though, at this stage, core mea...
Rational Asset Pricing Bubbles Revisited
Jan Werner
Price bubble arises when the price of an asset exceeds the asset's fundamental value, that is, the present value of future dividend payments. The important result of Santos and Woodford (1997) says that price bubbles cannot exist in equilibrium in the standard dynamic asset pricing model with rational agents as long as assets are in strictly positive supply and the present value of total future resources is finite. This paper explores the possibility of asset price bubbles when either one of ...
Inventory Control System by Using Vendor Managed Inventory (VMI
Directory of Open Access Journals (Sweden)
Dona Sabila Alzena
Full Text Available The inventory control system has a strategic role for the business in managing inventory operations. Management of conventional inventory creates problems in the stock of goods that often runs into vacancies and excess goods at the retail level. This study aims to build inventory control system that can maintain the stability of goods availability at the retail level. The implementation of Vendor Managed Inventory (VMI method on inventory control system provides transparency of sales data and inventory of goods at retailer level to supplier. Inventory control is performed by calculating safety stock and reorder point of goods based on sales data received by the system. Rule-based reasoning is provided on the system to facilitate the monitoring of inventory status information, thereby helping the process of inventory updates appropriately. Utilization of SMS technology is also considered as a medium of collecting sales data in real-time due to the ease of use. The results of this study indicate that inventory control using VMI ensures the availability of goods ± 70% and can reduce the accumulation of goods ± 30% at the retail level.
Inventory Control System by Using Vendor Managed Inventory (VMI)
Sabila, Alzena Dona; Mustafid; Suryono
The inventory control system has a strategic role for the business in managing inventory operations. Management of conventional inventory creates problems in the stock of goods that often runs into vacancies and excess goods at the retail level. This study aims to build inventory control system that can maintain the stability of goods availability at the retail level. The implementation of Vendor Managed Inventory (VMI) method on inventory control system provides transparency of sales data and inventory of goods at retailer level to supplier. Inventory control is performed by calculating safety stock and reorder point of goods based on sales data received by the system. Rule-based reasoning is provided on the system to facilitate the monitoring of inventory status information, thereby helping the process of inventory updates appropriately. Utilization of SMS technology is also considered as a medium of collecting sales data in real-time due to the ease of use. The results of this study indicate that inventory control using VMI ensures the availability of goods ± 70% and can reduce the accumulation of goods ± 30% at the retail level.
Does China factor matter? An econometric analysis of international crude oil prices
International Nuclear Information System (INIS)
Wu, Gang; Zhang, Yue-Jun
Whether China's crude oil imports are the culprit of oil price volatility these years has not been quantitatively confirmed. Therefore, this paper empirically investigates the role of China's crude oil net imports in Brent price changes from October 2005 to November 2013 based on an econometric analysis. The results indicate that, during the sample period, China's crude oil imports do not significantly affect Brent price changes, no matter in the long run or short run. Therefore, the blame for China's crude oil imports to cause the dramatic fluctuations of international oil price has no solid evidence. Also, there exists significant uni-directional causality running from the Brent price to China's crude oil imports at the 5% level. Besides, the response of the Brent price to China's crude oil imports is found positive but slight, and the Brent price responds more significantly to US dollar exchange rate and OECD commercial inventory than to China's crude oil imports in the short run. Finally, the contribution of China's crude oil imports to Brent price movement is about 10%, which is less than that of US dollar exchange rate but larger than that of Indian crude oil imports or OECD commercial inventory. - Highlights: • The paper detects the role of China's crude oil imports in Brent oil price changes. • China's crude imports do not matter for oil prices in the long run or short run. • The blame for China's crude imports on oil price changes has no solid evidence. • Significant causality runs from Brent prices to China's crude oil net imports. • China's crude imports contribute less to Brent prices than US dollar exchange rate
Optimal pricing and marketing planning for deteriorating items.
Directory of Open Access Journals (Sweden)
Seyed Reza Moosavi Tabatabaei
Full Text Available Optimal pricing and marketing planning plays an essential role in production decisions on deteriorating items. This paper presents a mathematical model for a three-level supply chain, which includes one producer, one distributor and one retailer. The proposed study considers the production of a deteriorating item where demand is influenced by price, marketing expenditure, quality of product and after-sales service expenditures. The proposed model is formulated as a geometric programming with 5 degrees of difficulty and the problem is solved using the recent advances in optimization techniques. The study is supported by several numerical examples and sensitivity analysis is performed to analyze the effects of the changes in different parameters on the optimal solution. The preliminary results indicate that with the change in parameters influencing on demand, inventory holding, inventory deteriorating and set-up costs change and also significantly affect total revenue.
Optimal pricing and marketing planning for deteriorating items
Moosavi Tabatabaei, Seyed Reza; Sadjadi, Seyed Jafar; Makui, Ahmad
Optimal pricing and marketing planning plays an essential role in production decisions on deteriorating items. This paper presents a mathematical model for a three-level supply chain, which includes one producer, one distributor and one retailer. The proposed study considers the production of a deteriorating item where demand is influenced by price, marketing expenditure, quality of product and after-sales service expenditures. The proposed model is formulated as a geometric programming with 5 degrees of difficulty and the problem is solved using the recent advances in optimization techniques. The study is supported by several numerical examples and sensitivity analysis is performed to analyze the effects of the changes in different parameters on the optimal solution. The preliminary results indicate that with the change in parameters influencing on demand, inventory holding, inventory deteriorating and set-up costs change and also significantly affect total revenue. PMID:28306750
Optimal pricing and marketing planning for deteriorating items.
Moosavi Tabatabaei, Seyed Reza; Sadjadi, Seyed Jafar; Makui, Ahmad
Optimal pricing and marketing planning plays an essential role in production decisions on deteriorating items. This paper presents a mathematical model for a three-level supply chain, which includes one producer, one distributor and one retailer. The proposed study considers the production of a deteriorating item where demand is influenced by price, marketing expenditure, quality of product and after-sales service expenditures. The proposed model is formulated as a geometric programming with 5 degrees of difficulty and the problem is solved using the recent advances in optimization techniques. The study is supported by several numerical examples and sensitivity analysis is performed to analyze the effects of the changes in different parameters on the optimal solution. The preliminary results indicate that with the change in parameters influencing on demand, inventory holding, inventory deteriorating and set-up costs change and also significantly affect total revenue.
International Nuclear Information System (INIS)
Alba, P.
Statistical analysis cannot, alone, provide an oil price forecast. So, one needs to understand the fundamental phenomena which control the past trends since the end of world war II After a first period during which oil, thanks to its abundance, was able to increase its market share at the expense of other energies, the first oil shock reflects the rarefaction of oil resource with the tilting of the US production curve from growth to decline. Since then, the new situation is that of a ''cohabitation'' between oil and the other energies with the oil price, extremely volatile, reflecting the trial and error adjustment of the market share left to the other energies. Such a context may explain the recent oil price surge but the analogy between the US oil situation at the time of the first shock and that existing today for the world outside Middle East suggest another possibility, that of a structural change with higher future oil prices. The authors examine these two possibilities, think that the oil price will reflect both as long as one or the other will not become proven, and conclude with a series of political recommendations. (authors)
"Photographing money" task pricing
Jia, Zhongxiang
"Photographing money" [1]is a self-service model under the mobile Internet. The task pricing is reasonable, related to the success of the commodity inspection. First of all, we analyzed the position of the mission and the membership, and introduced the factor of membership density, considering the influence of the number of members around the mission on the pricing. Multivariate regression of task location and membership density using MATLAB to establish the mathematical model of task pricing. At the same time, we can see from the life experience that membership reputation and the intensity of the task will also affect the pricing, and the data of the task success point is more reliable. Therefore, the successful point of the task is selected, and its reputation, task density, membership density and Multiple regression of task positions, according to which a nhew task pricing program. Finally, an objective evaluation is given of the advantages and disadvantages of the established model and solution method, and the improved method is pointed out.
National Biological Monitoring Inventory
International Nuclear Information System (INIS)
Burgess, R.L.
The National Biological Monitoring Inventory, initiated in 1975, currently consists of four computerized data bases and voluminous manual files. MAIN BIOMON contains detailed information on 1,021 projects, while MINI BIOMON provides skeletal data for over 3,000 projects in the 50 states, Puerto Rico, the Virgin Islands, plus a few in Canada and Mexico. BIBLIO BIOMON and DIRECTORY BIOMON complete the computerized data bases. The structure of the system provides for on-line search capabilities to generate details of agency sponsorship, indications of funding levels, taxonomic and geographic coverage, length of program life, managerial focus or emphasis, and condition of the data. Examples of each of these are discussed and illustrated, and potential use of the Inventory in a variety of situations is emphasized
7 CFR 1033.50 - Class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1033.50 Section 1033.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...
7 CFR 1005.50 - Class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1005.50 Section 1005.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...
7 CFR 1001.50 - Class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1001.50 Section 1001.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...
7 CFR 1006.50 - Class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1006.50 Section 1006.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...
7 CFR 1126.50 - Class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1126.50 Section 1126.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...
7 CFR 1032.50 - Class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1032.50 Section 1032.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...
7 CFR 1131.50 - Class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1131.50 Section 1131.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...
7 CFR 1007.50 - Class prices, component prices, and advanced pricing factors.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1007.50 Section 1007.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...
Baker, W; Marn, M; Zawada, C
Companies generally have set prices on the Internet in two ways. Many start-ups have offered untenably low prices in a rush to capture first-mover advantage. Many incumbents have simply charged the same prices on-line as they do off-line. Either way, companies are missing a big opportunity. The fundamental value of the Internet lies not in lowering prices or making them consistent but in optimizing them. After all, if it's easy for customers to compare prices on the Internet, it's also easy for companies to track customers' behavior and adjust prices accordingly. The Net lets companies optimize prices in three ways. First, it lets them set and announce prices with greater precision. Different prices can be tested easily, and customers' responses can be collected instantly. Companies can set the most profitable prices, and they can tap into previously hidden customer demand. Second, because it's so easy to change prices on the Internet, companies can adjust prices in response to even small fluctuations in market conditions, customer demand, or competitors' behavior. Third, companies can use the clickstream data and purchase histories that it collects through the Internet to segment customers quickly. Then it can offer segment-specific prices or promotions immediately. By taking full advantage of the unique possibilities afforded by the Internet to set prices with precision, adapt to changing circumstances quickly, and segment customers accurately, companies can get their pricing right. It's one of the ultimate drivers of e-business success.
Inventories of Asian textile producers, US cotton exports, and the exchange rate
Directory of Open Access Journals (Sweden)
Durmaz Nazif
Full Text Available The present paper develops a model with US cotton exports depending on the stock-to-use ratio, trade weighted exchange rates, and the relative cotton prices. The role of inventories in cotton consumption is examined in five textile producing cotton importers, China, Indonesia, Thailand, South Korea, and Taiwan. Cotton inventory dynamics is diverse among Asian textile producers. Relative prices have negative effect in all markets as expected. Exchange rate elasticities show that effects should be examined for each separate market. Changes in rates of depreciation also have stronger effects than exchange rate. Results reveal that these countries are not all that homogenous.
Optimization of inventory management in foundry in terms of an economic order quantity
Directory of Open Access Journals (Sweden)
J. Szymszal
Full Text Available Recording of inventory and constant monitoring have a huge impact on the cost level of enterprises operating in the metallurgical sector. The article presents methods to optimize the inventory management in terms of a size of orders. This applies to the assumed cost of storage, procurement, expenditure in time unit and unit prices calculated for a range of castings. As an optimization tool, functions and modules supplied with the MS Excel spreadsheet have been used.
Market reaction to bank liquidity regulation
Bruno, Brunella; Onali, Enrico; Schaeck, Klaus
We measure market reactions to announcements concerning liquidity regulation, a key innovation in the Basel framework. Our initial results show that liquidity regulation attracts negative abnormal returns. However, the price responses are less pronounced when coinciding announcements concerning capital regulation are backed out, suggesting that markets do not consider liquidity regulation to be binding. Bank- and country-specific characteristics also matter. Liquid balance sheets and high cha...
Resolving inventory differences
International Nuclear Information System (INIS)
Weber, J.H.; Clark, J.P.
Determining the cause of an inventory difference (ID) that exceeds warning or alarm limits should not only involve investigation into measurement methods and reexamination of the model assumptions used in the calculation of the limits, but also result in corrective actions that improve the quality of the accountability measurements. An example illustrating methods used by Savannah River Site (SRS) personnel to resolve an ID is presented that may be useful to other facilities faced with a similar problem. After first determining that no theft or diversion of material occurred and correcting any accountability calculation errors, investigation into the IDs focused on volume and analytical measurements, limit of error of inventory difference (LEID) modeling assumptions, and changes in the measurement procedures and methods prior to the alarm. There had been a gradual gain trend in IDs prior to the alarm which was reversed by the alarm inventory. The majority of the NM in the facility was stored in four large tanks which helped identify causes for the alarm. The investigation, while indicating no diversion or theft, resulted in changes in the analytical method and in improvements in the measurement and accountability that produced a 67% improvement in the LEID
Procedure for taking physical inventories
International Nuclear Information System (INIS)
Boston, R.A.
Physical inventories are taken periodically to meet Company, State and IAEA requirements. Those physical inventories may be verified by IAEA and/or State inspectors. This presentation describes in an introductory but detailed manner the approaches and procedures used in planning, preparing, conducting, reconciling and reporting physical inventories for the Model Plant. Physical inventories are taken for plant accounting purposes to provide an accurate basis for starting and closing the plant material balance. Physical inventories are also taken for safeguards purposes to provide positive assurance that the nuclear materials of concern are indeed present and accounted for
Joint Dynamic Pricing of Multiple Perishable Products Under Consumer Choice
Yalç{\\i}n Akçay; Harihara Prasad Natarajan; Susan H. Xu
In response to competitive pressures, firms are increasingly adopting revenue management opportunities afforded by advances in information and communication technologies. Motivated by these revenue management initiatives in industry, we consider a dynamic pricing problem facing a firm that sells given initial inventories of multiple substitutable and perishable products over a finite selling horizon. Because the products are substitutable, individual product demands are linked through consume...
List prices vs. bargain prices: which solution to estimate consumer price indices?
Carlo De Gregorio
Alternative approaches to CPI surveys are here evaluated, in markets where final prices are based on some sort of price listing. Three types of surveys are compared: local surveys (LOC), with small samples and a local price collection; list price surveys (LIS), with huge samples and centralised collection; mixed surveys (MXD), in which LOC and LIS are jointly used. Based on a multiplicative pricing model, some conditions are derived to establish the relative efficiency of these approaches. Th...
Logistics: Price Rises Incurred by High Oil Price
Institute of Scientific and Technical Information of China (English)
Lai Zhihui
@@ "When the oil price grows by 100%, the logistic indus-try will see a price growth of 40%, while the logistics in-dustry a price rise of 35%, which means every price increase of 5% in the oil price will bring along that of 2% in this industry." said Liu Zongsheng, General Manager of Itochu Logistics Co., Ltd., on the seminar "Focusing on the eco-nomic consequences of raising oil price, interest rate and deposit reserve ratio", which was held recently.
Pricing Volatility Referenced Assets
Directory of Open Access Journals (Sweden)
Alan De Genaro Dario
Full Text Available Volatility swaps are contingent claims on future realized volatility. Variance swaps are similar instruments on future realized variance, the square of future realized volatility. Unlike a plain vanilla option, whose volatility exposure is contaminated by its asset price dependence, volatility and variance swaps provide a pure exposure to volatility alone. This article discusses the risk-neutral valuation of volatility and variance swaps based on the framework outlined in the Heston (1993 stochastic volatility model. Additionally, the Heston (1993 model is calibrated for foreign currency options traded at BMF and its parameters are used to price swaps on volatility and variance of the BRL / USD exchange rate.
Huang, Jianwei
Today's wireless communications and networking practices are tightly coupled with economic considerations, to the extent that it is almost impossible to make a sound technology choice without understanding the corresponding economic implications. This book aims at providing a foundational introduction on how microeconomics, and pricing theory in particular, can help us to understand and build better wireless networks. The book can be used as lecture notes for a course in the field of network economics, or a reference book for wireless engineers and applied economists to understand how pricing
Forward curves, scarcity and price volatility in oil and natural gas markets
Energy Technology Data Exchange (ETDEWEB)
Geman, Helyette [Birkbeck, University of London (United Kingdom); ESCP-EAP (France); Ohana, Steve [ESCP-EAP (France)
The role of inventory in explaining the shape of the forward curve and spot price volatility in commodity markets is central in the theory of storage developed by Kaldor [Kaldor, N. (1939) ''Speculation and Economic Stability'', The Review of Economic Studies 7, 1-27] and Working [Working, H. (1949) ''The theory of the price of storage'', American Economic Review, 39, 1254-1262] and has since been documented in a vast body of financial literature, including the reference paper by Fama and French [Fama, E.F. and K.R. French (1987) ''Commodity futures prices: some evidence on forecast power, premiums and the theory of storage'', Journal of Business 60, 55-73] on metals. The goal of this paper is twofold: 1. validate in the case of oil and natural gas the use of the slope of the forward curve as a proxy for inventory (the slope being defined in a way that filters out seasonality); 2. analyze directly for these two major commodities the relationship between inventory and price volatility. In agreement with the theory of storage, we find that: 1. the negative correlation between price volatility and inventory is globally significant for crude oil; 2. this negative correlation prevails only during those periods of scarcity when the inventory is below the historical average and increases importantly during the winter periods for natural gas. Our results are illustrated by the analysis of a 15 year-database of US oil and natural gas prices and inventory. (author)
Price knowledge during grocery shopping
DEFF Research Database (Denmark)
Jensen, Birger Boutrup; Grunert, Klaus G
applying a multi-point, multi-measure approach, consumers appear to know more aboutprices than suggested by past research. Determinants of price knowledge are also examined and the results indicate that price knowledge buildsup not only because of active search but also due to accidental exposure to prices......Past research on consumer price knowledge has varied considerably partly due to differences in how and when price knowledge is measured.This paper applies a multi-point, multi-measure approach to reconcile differences in past price knowledge research by examining systematicrelationships between...... time of measurement and type of measures applied. Examination of consumer price knowledge before, during, and afterstore visit sheds light on what is measured at the individual points in time: episodic price knowledge and/or reference prices? With a between-subjects design interviewing 1...
Directory of Open Access Journals (Sweden)
Andrea Erika NYÁRÁDI
Full Text Available The way how we choose our pricing strategy has a significant impact on company's success. Nowadays companies more and more adopt a new way of thinking in pricing, namely pricing for a long term period in order to bring higher profitability, to build an efficient pricing strategy. Marketers have only recently begun to focus seriously on effective pricing. These companies are the so called progressive companies. They have begun doing more than just worrying about pricing. To increase profitability many are abandoning traditional reactive pricing procedures in favor of proactive pricing, making explicit corporate decisions to change their focus to growth in top-line sales to growth in profitability. The long-term implications of price strategies are still under-researched, and managers should be aware of shifts in customer reactions that may result from frequent adoption of certain strategies. The company pricing strategy should be seen in relation to developments in the company variables, internal ones (capital strength, competencies, organizational conditions, efficiency of the work force etc. as well as external ones (customers, competitors, the technological development etc., adopting strategic pricing. In this paper I will present the most effective pricing strategies leading to long term profitability, and also suggest practical conditions for pricing strategies to maximize profit in the long run.
Analysis of the Complexity Entropy and Chaos Control of the Bullwhip Effect Considering Price of Evolutionary Game between Two Retailers
Directory of Open Access Journals (Sweden)
Junhai Ma
Full Text Available In this research, a model is established to represent a supply chain, which consists of one manufacturer and two retailers. The price-sensitive demand model is considered and the price game system is built according to the rule of bounded rationality as well as the entropy theory. With the increase of the price adjustment speed, the game system may go into chaos from the stable and periodic state. The bullwhip effect and inventory variance ratio of different stages that the system falls in are compared in real time. We also employ the delayed feedback control method to control the system and succeed in mitigating the bullwhip effect of the system. On the whole, the bullwhip effect and inventory variance ratio in the stable state are smaller than those in period-doubling and chaos. In the stable state, there is an optimal price adjustment speed to obtain both the lowest bullwhip effect and inventory variance ratio.
Natural gas pricing policy: the case of the Greek energy market
International Nuclear Information System (INIS)
Caloghirou, Y.; Mourelatos, A.; Papayannakis, L.
The evolution of the price of natural gas (NG) is examined in industrial and tertiary residential sectors for European Union (EU) countries. The methodological approach is that of comparative analysis. NG price is seen to be positively correlated to prices of liquid fuels. NG price in the tertiary residential sector is significantly higher than that for the industrial sector for all countries examined. An attempt is undertaken to examine tax policies for NG and liquid fuels. All governments of EU countries have the policy of not applying direct taxes to the NG industrial price. They have also taken measures to support its penetration in the residential tertiary sector by applying lower taxes than those on liquid fuels. (author)
Stylized facts of price gaps in limit order books
International Nuclear Information System (INIS)
Gu, Gao-Feng; Xiong, Xiong; Zhang, Yong-Jie; Chen, Wei; Zhang, Wei; Zhou, Wei-Xing
Highlights: • We uncover several stylized facts of price gaps for Chinese stocks. • The distribution of price gaps has a power-law tail for all stocks. • Gap time series is long-range correlated and possesses multifractal nature. • The statistical properties vary from stock to stock and are not universal. • We unveil buy–sell asymmetry phenomena for individual stocks. - Abstract: Price gap, defined as the logarithmic price difference between the first two occupied price levels on the same side of a limit order book (LOB), is a key determinant of market depth, which is one of the dimensions of liquidity. However, the properties of price gaps have not been thoroughly studied due to the less availability of ultrahigh frequency data. In the paper, we rebuild the LOB dynamics based on the order flow data of 26 A-share stocks traded on the Shenzhen Stock Exchange in 2003. Three key empirical statistical properties of price gaps are investigated. We find that the distribution of price gaps has a power-law tail for all stocks with an average tail exponent close to 3.2. Applying modern statistical methods, we confirm that the gap time series are long-range correlated and possess multifractal nature. These three features appear to be different in the measures across stocks, but they are similar for the buy and sell LOBs within each stock. Furthermore, we also unveil buy–sell asymmetry phenomena in the properties of price gaps on the buy and sell sides of the LOBs for individual stocks. These findings deepen our understanding of the dynamics of liquidity of common stocks and can be used to calibrate agent-based computational financial models.
Nonlinear Pricing of Information Goods
Arun Sundararajan
This paper analyzes optimal pricing for information goods under incomplete information, when both unlimited-usage (fixed-fee) pricing and usage-based pricing are feasible, and administering usage-based pricing may involve transaction costs. It is shown that offering fixed- fee pricing in addition to a non-linear usage-based pricing scheme is always profit-improving in the presence of any non-zero transaction costs, and there may be markets in which a pure fixed-fee is optimal. This implies th...
International Nuclear Information System (INIS)
Davood Manzoor
Low energy prices in Iran do not reflect economic costs. Further distortions exist in the tariff structures of most energy sources and in their relative prices. Price reform is a key policy element for achieving increased energy conservation and economic substitution. Subsidies should be made transparent and explained by the Government, and, when eliminated, they could be compensated by target measures or direct subsidies for low income households. Price reforms are under way, with some caution though, because of possible political and inflationary consequences. In order to better understand the need for price reforms a brief analysis of the current energy pricing policy is provided there. (author)
International Nuclear Information System (INIS)
Levitt, Andrew C.; Kempton, Willett; Smith, Aaron P.; Musial, Walt; Firestone, Jeremy
Offshore wind offers a very large clean power resource, but electricity from the first US offshore wind contracts is costlier than current regional wholesale electricity prices. To better understand the factors that drive these costs, we develop a pro-forma cash flow model to calculate two results: the levelized cost of energy, and the breakeven price required for financial viability. We then determine input values based on our analysis of capital markets and of 35 operating and planned projects in Europe, China, and the United States. The model is run for a range of inputs appropriate to US policies, electricity markets, and capital markets to assess how changes in policy incentives, project inputs, and financial structure affect the breakeven price of offshore wind power. The model and documentation are made publicly available. - Highlights: → We calculate the Breakeven Price (BP) required to deploy offshore wind plants. → We determine values for cost drivers and review incentives structures in the US. → We develop 3 scenarios using today's technology but varying in industry experience. → BP differs widely by Cost Scenario; relative policy effectiveness varies by stage. → The low-range BP is below regional market values in the Northeast United States.
International Nuclear Information System (INIS)
De Wit, Elisa
Together with the Clean Energy Bill, the implications of the Australian Federal Government's climate change legislative package are far reaching. Norton Rose gives business a heads-up in this breakdown of the draft legislation underpinning the carbon pricing and clean energy scheme. It is a summary of Norton Rose's full analysis.
Road pricing policy implementation
Vonk Noordegraaf, D.M.
Urban areas suffer from the negative externalities of road transport like congested road networks, air pollution and road traffic accidents. A measure to reduce these negative externalities is road pricing, meaning policies that impose direct charges on road use (Jones and Hervik, 1992). Since the
Energy Technology Data Exchange (ETDEWEB)
Faruqui, Ahmad
The author uses the Rip Van Winkle approach favored by marketers to gaze, clear-eyed, into the future - say, the year 2050 - to visualize alternative demand-response possibilities. Dare we go California Dreamin' of a distant utopia - or is it inevitable that pricing myopia will keep us from attaining the fulfillment of many of our career goals? (author)
Pricing methodologies and approaches
International Nuclear Information System (INIS)
Petrov, K.
The following topics are dealt with: Role of regulatory control in the electric power market; Price regulation; Market monitoring; Quality of supply regulation; Regulatory challenges in Central and Eastern Europe. The findings of these questions are summarized in the Summary. (R.P.)
On Storekeepers' Pricing Behavior.
B. Bode (Ben); J. Koerts (Johan); A.R. Thurik (Roy)
textabstractThis research note deals with a quantitative analysis of differences in percentage gross margin between individual stores in the retail trade. A number of hypotheses on pricing behavior of storekeepers are tested using Dutch survey data from nine different types of retail stores. We
DEFF Research Database (Denmark)
Hedegaard, Morten; Tyran, Jean-Robert Karl
We present a new type of field experiment to investigate ethnic prejudice in the workplace. Our design allows us to study how potential discriminators respond to changes in the cost of discrimination. We find that ethnic discrimination is common but highly responsive to the "price of prejudice", i...
International Nuclear Information System (INIS)
McLean, A.
Coking and semi hard coking coal price agreements had been reached, but, strangely enough, the reaching of common ground on semi soft coking coal, ultra low volatile coal and thermal coal seemed some way off. More of this phenomenon later, but suffice to say that, traditionally, the semi soft and thermal coal prices have fallen into place as soon as the hard, or prime, coking coal prices have been determined. The rise and rise of the popularity of the ultra low volatile coals has seen demand for this type of coal grow almost exponentially. Perhaps one of the most interesting facets of the coking coal settlements announced to date is that the deals appear almost to have been preordained. The extraordinary thing is that the preordination has been at the prescience of the sellers. Traditionally, coking coal price fixing has been the prerogative of the Japanese Steel Mills (JSM) cartel (Nippon, NKK, Kawasaki, Kobe and Sumitomo) who presented a united front to a somewhat disorganised force of predominantly Australian and Canadian sellers. However, by the time JFY 2001 had come round, the rules of the game had changed
Penasse, J.N.G.; Renneboog, L.D.R.; Spaenjers, C.
We hypothesize the existence of a slow-moving fad component in art prices. Using unique panel survey data on art market participants' confidence levels in the outlook for a set of artists, we find that sentiment indeed predicts short-term returns.
Schaffhauser, Dian
There's something about textbook prices that generates outrage in ways that other college expenses, such as housing and technology fees, don't. Maybe it's the shock felt by new students when faced with a $900 bill after getting their textbooks for free in K-12. Maybe it's the awful realization that $40,000 in tuition and board doesn't even cover…
Rodriguez, J.C.
If managers are reluctant to fully adjust dividends to changes in earnings, stock returns and changes in the dividend yield will tend to be negatively correlated. When this is the case, stock returns will exhibit positive autocorrelation, or mo- mentum. This paper studies the pricing of options in
DEFF Research Database (Denmark)
Jensen, Dennis Ramsdahl
Konferencebidraget indeholder en kritisk analyse af transfer pricing reglerne på henholdsvis moms og indkomstskatterettens område med henblik på en diskussion af, det er hensigtsmæssigt med en harmonisering af reglerne på tværs af de to retsområder...
The role of market fundamentals and speculation in recent price changes for crude oil
International Nuclear Information System (INIS)
Kaufmann, Robert K.
I hypothesize that the price spike and collapse of 2007-2008 are driven by both changes in both market fundamentals and speculative pressures. Contrary to arguments for a demand shock, I hypothesize that prices rise sharply in 2007-2008 because ongoing growth in Chinese oil demand runs into a sudden and unexpected halt to a decade long increase in non-OPEC production. This caused a loss of OPEC spare capacity because increased demand for OPEC production runs ahead of increases in OPEC capacity. These changes are reinforced by speculative expectations. Although difficult to measure directly, I argue for the role of speculation based on the following: (1) a significant increase in private US crude oil inventories since 2004; (2) repeated and extended break-downs (starting in 2004) in the cointegrating relationship between spot and far month future prices that are inconsistent with the law of one price and arbitrage opportunities; and (3) statistical and predictive failures by an econometric model of oil prices that is based on market fundamentals. These changes are related to the behavior and impact of noise traders on asset prices to sketch mechanisms by which speculative expectations can affect crude oil prices. - Research Highlights: → The 2007-2009 spike and collapse in oil prices is caused by a combination of market fundamentals and speculative expectations. → The rise is caused by an unexpected hiatus in non-OPEC oil production, not a sudden increase in demand. → The role of speculation is suggested by an increase in oil inventories, which reverses a twenty year period of declines, a decoupling between spot and futures prices, which violates the law of one price, and a breakdown of empirical models of oil prices based solely on market fundamentals. → Speculative expectations affect oil prices via noise traders, who create a risk that deters rational arbitrageurs from betting against them.
Optimal Portfolio Selection Under Concave Price Impact
International Nuclear Information System (INIS)
Ma Jin; Song Qingshuo; Xu Jing; Zhang Jianfeng
In this paper we study an optimal portfolio selection problem under instantaneous price impact. Based on some empirical analysis in the literature, we model such impact as a concave function of the trading size when the trading size is small. The price impact can be thought of as either a liquidity cost or a transaction cost, but the concavity nature of the cost leads to some fundamental difference from those in the existing literature. We show that the problem can be reduced to an impulse control problem, but without fixed cost, and that the value function is a viscosity solution to a special type of Quasi-Variational Inequality (QVI). We also prove directly (without using the solution to the QVI) that the optimal strategy exists and more importantly, despite the absence of a fixed cost, it is still in a "piecewise constant" form, reflecting a more practical perspective.
Optimal Portfolio Selection Under Concave Price Impact
Energy Technology Data Exchange (ETDEWEB)
Ma Jin, E-mail: firstname.lastname@example.com [University of Southern California, Department of Mathematics (United States); Song Qingshuo, E-mail: email@example.com [City University of Hong Kong, Department of Mathematics (Hong Kong); Xu Jing, E-mail: email@example.com [Chongqing University, School of Economics and Business Administration (China); Zhang Jianfeng, E-mail: firstname.lastname@example.com [University of Southern California, Department of Mathematics (United States)
In this paper we study an optimal portfolio selection problem under instantaneous price impact. Based on some empirical analysis in the literature, we model such impact as a concave function of the trading size when the trading size is small. The price impact can be thought of as either a liquidity cost or a transaction cost, but the concavity nature of the cost leads to some fundamental difference from those in the existing literature. We show that the problem can be reduced to an impulse control problem, but without fixed cost, and that the value function is a viscosity solution to a special type of Quasi-Variational Inequality (QVI). We also prove directly (without using the solution to the QVI) that the optimal strategy exists and more importantly, despite the absence of a fixed cost, it is still in a 'piecewise constant' form, reflecting a more practical perspective.
Pricing Mining Concessions Based on Combined Multinomial Pricing Model
Directory of Open Access Journals (Sweden)
Chang Xiao
Full Text Available A combined multinomial pricing model is proposed for pricing mining concession in which the annualized volatility of the price of mineral products follows a multinomial distribution. First, a combined multinomial pricing model is proposed which consists of binomial pricing models calculated according to different volatility values. Second, a method is provided to calculate the annualized volatility and the distribution. Third, the value of convenience yields is calculated based on the relationship between the futures price and the spot price. The notion of convenience yields is used to adjust our model as well. Based on an empirical study of a Chinese copper mine concession, we verify that our model is easy to use and better than the model with constant volatility when considering the changing annualized volatility of the price of the mineral product.
Gas Price Formation, Structure and Dynamics
Energy Technology Data Exchange (ETDEWEB)
Davoust, R.
Our study, focused on gas prices in importing economies, describes wholesale prices and retail prices, their evolution for the last one or two decades, the economic mechanisms of price formation. While an international market for oil has developed thanks to moderate storage and transportation charges, these costs are much higher in the case of natural gas, which involves that this energy is still traded inside continental markets. There are three regional gas markets around the world: North America (the United States, importing mainly from Canada and Mexico), Europe (importing mainly from Russia, Algeria and Norway) and Asia (Japan, Korea, Taiwan, China and India, importing mainly from Indonesia, Malaysia and Australia). A market for gas has also developed in South America, but it will not be covered by our paper. In Europe and the US, due to large domestic resources and strong grids, natural gas is purchased mostly through pipelines. In Northeast Asia, there is a lack of such infrastructures, so imported gas takes mainly the form of Liquefied Natural Gas (LNG), shipped on maritime tankers. Currently, the LNG market is divided into two zones: the Atlantic Basin (Europe and US) and the Pacific Basin (Asia and the Western Coast of America). For the past few years, the Middle East and Africa have tended to be crucial suppliers for both LNG zones. Gas price formation varies deeply between regional markets, depending on several structural factors (regulation, contracting practises, existence of a spot market, liquidity, share of imports). Empirically, the degree of market opening (which corresponds to the seniority in the liberalization process) seems to be the primary determinant of pricing patterns. North America has the most liberalized and well-performing natural gas industry in the world. Gas pricing is highly competitive and is based on supply/demand balances. Spot and futures markets are developed. The British gas sector is also deregulated and thus follows a
Gas Price Formation, Structure and Dynamics
International Nuclear Information System (INIS)
Davoust, R.
Our study, focused on gas prices in importing economies, describes wholesale prices and retail prices, their evolution for the last one or two decades, the economic mechanisms of price formation. While an international market for oil has developed thanks to moderate storage and transportation charges, these costs are much higher in the case of natural gas, which involves that this energy is still traded inside continental markets. There are three regional gas markets around the world: North America (the United States, importing mainly from Canada and Mexico), Europe (importing mainly from Russia, Algeria and Norway) and Asia (Japan, Korea, Taiwan, China and India, importing mainly from Indonesia, Malaysia and Australia). A market for gas has also developed in South America, but it will not be covered by our paper. In Europe and the US, due to large domestic resources and strong grids, natural gas is purchased mostly through pipelines. In Northeast Asia, there is a lack of such infrastructures, so imported gas takes mainly the form of Liquefied Natural Gas (LNG), shipped on maritime tankers. Currently, the LNG market is divided into two zones: the Atlantic Basin (Europe and US) and the Pacific Basin (Asia and the Western Coast of America). For the past few years, the Middle East and Africa have tended to be crucial suppliers for both LNG zones. Gas price formation varies deeply between regional markets, depending on several structural factors (regulation, contracting practises, existence of a spot market, liquidity, share of imports). Empirically, the degree of market opening (which corresponds to the seniority in the liberalization process) seems to be the primary determinant of pricing patterns. North America has the most liberalized and well-performing natural gas industry in the world. Gas pricing is highly competitive and is based on supply/demand balances. Spot and futures markets are developed. The British gas sector is also deregulated and thus follows a
7 CFR 1000.54 - Equivalent price.
... 7 Agriculture 9 2010-01-01 2009-01-01 true Equivalent price. 1000.54 Section 1000.54 Agriculture... Prices § 1000.54 Equivalent price. If for any reason a price or pricing constituent required for computing the prices described in § 1000.50 is not available, the market administrator shall use a price or...
Directory of Open Access Journals (Sweden)
Le Turdu Valéry
Full Text Available Natural armourstone is widely used for hydraulic works, both in the coastal domain and in border of rivers and torrents, especially to protect against flood and the effects of waves and currents. To meet the expectations associated with this resource, an inventory of armourstone quarries was realized on a national scale in France. This inventory informs not only about the localization of quarries but also about the quality and the availability of materials. To fully optimize this inventory in a dynamic format, the association of all actors of the sector was preferred to archival research. This partnership approach led to project deliverables that can constitute durably a shared reference. The database can indeed be updated regularly thanks to the contacts established with the professionals of quarries. The access to this database is offered to a wide public: maritime and fluvial ports, local authorities in charge of planning and managing structures that protect against flood and other hydraulic hazards. This new database was organized considering its importance on the operational plan. This led to a hierarchical organization at two levels for each quarry face: first level, a synthesis sheet brings the essential information to realize choices upstream to the operational phases. Second level, a detailed specification sheet presents the technical characteristics observed in the past on the considered face. The atlas has two information broadcasting formats: a pdf file with browsing functions and a geographical information system that allows remote request of the database. These two media have their own updating rhythms, annual for the first and continue for the second.
Consistent Estimation of Pricing Kernels from Noisy Price Data
Vladislav Kargin
If pricing kernels are assumed non-negative then the inverse problem of finding the pricing kernel is well-posed. The constrained least squares method provides a consistent estimate of the pricing kernel. When the data are limited, a new method is suggested: relaxed maximization of the relative entropy. This estimator is also consistent. Keywords: $\\epsilon$-entropy, non-parametric estimation, pricing kernel, inverse problems.
International Nuclear Information System (INIS)
Toalster, J.
In this paper, four different, popular approaches to the analysis of oil price movements will be considered and an alternative method will be proposed. Whilst we await the development of a rigorous theoretical framework within which to evaluate the phenomenon of oil price movements some progress may be effected by an amalgam of approaches, with the traditional supply and demand model being supplemented by observations regarding political and social developments in particular countries or regions, together with an assessment of emerging and prospective technological achievements. In this way it should be possible to identify the critical influences at work, from which it should also be possible to select either the single most important variable or combination of variables, affecting the oil price. Moreover, it is my belief that the crucial variables influencing the oil price almost certainly, are more likely to be political and social, rather than economic. In this context and notwithstanding the fact that there is only a minimal level of surplus productive capacity in the world oil industry at present (perhaps 1-2 million b/d albeit rising rapidly), it is reasonable to conclude that oil prices will average around $18-19 a barrel for North Sea Brent in 1992 and 1993, with oscillations of $2-4 a barrel either side, rising slightly in 1994 to $19-20 a barrel and to $20-21 a barrel in 1995. Thereafter, the most likely outcome is for a rise in line with inflation (say $ a barrel/annum) with no prospect of an upward spike, because demand will be weaker than most commentators expect up to the year 2000, whilst OPEC oil supplies will be substantially higher than the consensus forecast. (author)
Crude oil prices: Are our oil markets too tight?
International Nuclear Information System (INIS)
Simmons, M.R.
The answer to the question posed in the title is that tightness in the market will surely prevail through 1997. And as discussed herein, with worldwide demand expected to continue to grow, there will be a strong call on extra oil supply. Meeting those demands, however, will not be straightforward--as many observers wrongly believe--considering the industry's practice of maintaining crude stocks at ''Just in time'' inventory levels. Further, impact will be felt from the growing rig shortage, particularly for deepwater units, and down-stream capacity limits. While these factors indicate 1997 should be another good year for the service industry, it is difficult to get any kind of consensus view from the oil price market. With most observers' information dominated by the rarely optimistic futures price of crude, as reflected by the NYMEX, the important fact is that oil prices have remained stable for three years and increased steadily through 1996
Perishable Inventory Challenges
DEFF Research Database (Denmark)
Damgaard, Cecilie Maria; Nguyen, Vivi Thuy; Hvolby, Hans-Henrik
in the retail supply chains. The goal is to find and evaluate the parameters which affect the decision making process, when finding the optimal order quantity and order time. The paper takes a starting point in the retail industry but links to other industries.......The paper investigates how inventory control of perishable items is managed and line up some possible options of improvement. This includes a review of relevant literature dealing with the challenges of determining ordering policies for perishable products and a study of how the current procedures...
Directory of Open Access Journals (Sweden)
Izabela EMERLING
Full Text Available Inventories are a very important category in the accounting of every enterprise. Inventory management is one of the major decision‐making areas for the company's management board. Proper inventory management allows reducing total costs and increasing the quality of production, which is the goal of an integrated management system. Proper financial management can also positively affect the maintenance of liquidity in the company. The purpose of this article is to present issues related to inventory management in a company in the context of continuity of production and fluidity of a subject.
Export pricing objectives and factors influencing them
Snieškienė, Gabrielė; Pridotkienė, Jūratė
Pricing is recognized as one of the most important tools to achieve a successful export operation. The starting point in every pricing effort is the process of creating pricing objectives. Pricing objectives are the strategic and economic goals desired by management in pricing the product. Pricing objectives constitute the basis on which pricing methods and policies are formulated. Therefore, a better understanding of the pricing objectives should direct the company's overall pricing process....
Price performance following stock's IPO in different price limit systems
Wu, Ting; Wang, Yue; Li, Ming-Xia
An IPO burst occurred in China's stock markets in 2015, while price limit trading rules usually help to reduce the short-term trading mania on individual stocks. It is interesting to make clear the function of the price limits after IPOs. We firstly make a statistical analysis based on all the IPO stocks listed from 1990 to 2015. A high dependency exists between the activities in stock's IPO and various market environment. We also focus on the price dynamics in the first 40 trading days after the stock listed. We find that price limit system will delay the price movement, especially for the up-trend movements, which may lead to longer continuous price limit hits. Similar to our previous work, many results such as ;W; shape can be also observed in the future daily return after the price limit open. At last, we find most IPO measures show evident correlations with the following price limit hits. IPO stocks with lower first-day turnover and earning per share will be followed with a longer continuous price limit hits and lower future daily return under the newest trading rules, which give us a good way to estimate the occurrence of price limit hits and the following price dynamics. Our analysis provides a better understanding of the price dynamics after IPO events and offers potential practical values for investors.
Option pricing: Stock price, stock velocity and the acceleration Lagrangian
Baaquie, Belal E.; Du, Xin; Bhanap, Jitendra
The industry standard Black-Scholes option pricing formula is based on the current value of the underlying security and other fixed parameters of the model. The Black-Scholes formula, with a fixed volatility, cannot match the market's option price; instead, it has come to be used as a formula for generating the option price, once the so called implied volatility of the option is provided as additional input. The implied volatility not only is an entire surface, depending on the strike price and maturity of the option, but also depends on calendar time, changing from day to day. The point of view adopted in this paper is that the instantaneous rate of return of the security carries part of the information that is provided by implied volatility, and with a few (time-independent) parameters required for a complete pricing formula. An option pricing formula is developed that is based on knowing the value of both the current price and rate of return of the underlying security which in physics is called velocity. Using an acceleration Lagrangian model based on the formalism of quantum mathematics, we derive the pricing formula for European call options. The implied volatility of the market can be generated by our pricing formula. Our option price is applied to foreign exchange rates and equities and the accuracy is compared with Black-Scholes pricing formula and with the market price.
Natural gas pricing reform in China: Getting closer to a market system?
International Nuclear Information System (INIS)
Paltsev, Sergey; Zhang, Danwei
Recent policy in China targets an increase in the contribution of natural gas to the nation's energy supply. Historically, China's natural gas prices have been highly regulated with a goal to protect consumers. The old pricing regime failed to provide enough incentives for natural gas suppliers, which often resulted in natural gas shortage. A new gas pricing reform was tested in Guangdong and Guangxi provinces in 2011, and introduced nationwide in 2013. The reform is aimed at creating a more market-based pricing mechanism. We show that a substantial progress toward a better predictability and transparency of prices has been made. The prices are now more connected with the international fuel oil and liquid petroleum gas prices. The government's approach for a temporary two-tier pricing when some volumes are still traded at old prices reduced a potential opposition during the new regime implementation. Some limitations of the natural gas pricing remain as it created biased incentives for producers and favors large natural gas suppliers. The pricing reform at its current stage falls short of establishing a complete market mechanism driven by an interaction of supply and demand of natural gas in China. - Highlights: • China's reform of natural gas pricing is in effect nationwide from 2013. • Prices are now connected to international fuel oil and liquid petroleum gas prices. • The reform benefits domestic producers and importers of natural gas. • There are still price distortions between industrial and residential sector. • The reform needs to create a system where both supply and demand are considered.
Hansen, Janet S.
Setting prices for undergraduate education and assessing their effects on consumers and institutions is complicated by widespread price discounting. Student aid programs, credit, subsidized employment, and tax policy can reduce the actual costs paid by students and their families. (MSE)
Pricing strategies for information goods
Indian Academy of Sciences (India)
R. Narasimhan (Krishtel eMaging) 1461 1996 Oct 15 13:05:22
gaming, and education. ... Traditional cost-based pricing ... traditional optimisation models (for instance, the integer programming model described in ...... (1998), many of the key results that shaped modern reasoning about price and product ...
A Price Earnings Index for the Danish Stock Market
DEFF Research Database (Denmark)
Risager, Ole
Price-earnings ratios are part of the toolkit that is used for assessing the valuation ofindividual firms on the stock market as well as the entire market itself. This paperpresents consistent P/E series for the liquid Danish shares adjusted for share buybacks.The results show that over the period...
Higher prices, increased demand bolster OGJ group 1995 profits
International Nuclear Information System (INIS)
Beck, R.J.; Bell, L.
This paper reviews the 1995 performance of 22 of the largest US oil companies. It shows sector earnings, spending, prices, financial indicators, and exploration and production figures. Each company is identified to its revenues, working capital, returns on stockholder investments, and total assets. With regards to production, each company is identified by number of wells, refined product sales, liquid reserves, and net production
Energy Education Materials Inventory
Energy Technology Data Exchange (ETDEWEB)
The two volumes of the Energy Education Materials Inventory (EEMI) comprise an annotated bibliography of widely available energy education materials and reference sources. This systematic listing is designed to provide a source book which will facilitate access to these educational resources and hasten the inclusion of energy-focused learning experiences in kindergarten through grade twelve. EEMI Volume II expands Volume I and contains items that have become available since its completion in May, 1976. The inventory consists of three major parts. A core section entitled Media contains titles and descriptive information on educational materials, categorized according to medium. The other two major sections - Grade Level and Subject - are cross indexes of the items for which citations appear in the Media Section. These contain titles categorized according to grade level and subject and show the page numbers of the full citations. The general subject area covered includes the following: alternative energy sources (wood, fuel from organic wastes, geothermal energy, nuclear power, solar energy, tidal power, wind energy); energy conservation, consumption, and utilization; energy policy and legislation, environmental/social aspects of energy technology; and fossil fuels (coal, natural gas, petroleum). (RWR)
International Nuclear Information System (INIS)
Lear, G.E.; Thompson, O.O.
The NRC Inventory of Dams has been prepared as required by the charter of the NRC Dam Safety Officer. The inventory lists 51 dams associated with nuclear power plant sites and 14 uranium mill tailings dams (licensed by NRC) in the US as of February 1, 1982. Of the 85 listed nuclear power plants (148 units), 26 plants obtain cooling water from impoundments formed by dams. The 51 dams associated with the plants are: located on a plant site (29 dams at 15 plant sites); located off site but provide plant cooling water (18 dams at 11 additional plant sites); and located upstream from a plant (4 dams) - they have been identified as dams whose failure, and ensuing plant flooding, could result in a radiological risk to the public health and safety. The dams that might be considered NRC's responsibility in terms of the federal dam safety program are identified. This group of dams (20 on nuclear power plant sites and 14 uranium mill tailings dams) was obtained by eliminating dams that do not pose a flooding hazard (e.g., submerged dams) and dams that are regulated by another federal agency. The report includes the principal design features of all dams and related useful information
Pricing objectives in nonprofit hospitals.
Bauerschmidt, A D; Jacobs, P
This article reports on a survey of 60 financial managers of nonprofit hospitals in the eastern United States relating to the importance of a number of factors which influence their pricing decisions and the pricing objectives which they pursue. Among the results uncovered by the responses: that trustees are the single most important body in the price-setting process (doctors play a relatively unimportant role); that hospital pricing goals are more related to target net revenue than profit ma...
Immigration and Swiss House Prices
Kathrin Degen; Andreas M. Fischer
This study examines the behavior of Swiss house prices to immigration flows for 85 districts from 2001 to 2006. The results show that the nexus between immigration and house prices holds even in an environment of low house price inflation, nationwide rent control, and modest immigration flows. An immigration inflow equal to 1% of an area's population is coincident with an increase in prices for single-family homes of about 2.7%: a result consistent with previous studies. The overall immigrati...
Brand the Pricing: Critical Critique
Alam Kazmi, Syed Hasnain
Brand pricing decision models and established theories in the marketing and econometrics focus typically on assuming the symmetric competing businesses. The empirical generalities are key for strategic marketplace planning. The significance of pricing to customer store and brand choices are always regarded as a widely known truth among marketing scholars and explains consumer's role responding to their psychological representations of price rather than price itself. Scholars have ...
Azar, Jose
This paper studies the joint dynamics of oil prices and interest in electric cars, measured as the volume of Google searches for related phrases. Not surprisingly, I find that oil price shocks predict increases in Google searches for electric cars. Much more surprisingly, I also find that an increase in Google searches predicts declines in oil prices. The high level of public interest in electric cars between April and August of 2008 can explain approximately half of the decline in oil prices...
Strategic pricing of equity issues
Klaus Ritzberger; Frank Milne
Consider a general equilibrium model where agents may behave strategically. Specifically, suppose some firm issues new shares. If the primary market price is controlled by the issuing institution and investors' expectations on future equity prices are constant in their share purchases, the share price on the primary market cannot exceed the secondary market share price. In certain cases this may imply strict underpricing of newly issued shares. If investors perceive an influence on future sha...
Pricing of Asian temperature risk
Benth, Fred; Härdle, Wolfgang Karl; López Cabrera, Brenda
Weather derivatives (WD) are different from most financial derivatives because the underlying weather cannot be traded and therefore cannot be replicated by other financial instruments. The market price of risk (MPR) is an important parameter of the associated equivalent martingale measures used to price and hedge weather futures/options in the market. The majority of papers so far have priced non-tradable assets assuming zero MPR, but this assumption underestimates WD prices. We study the MP...
Strategic Inventories in Vertical Contracts
Krishnan Anand; Ravi Anupindi; Yehuda Bassok
Classical reasons for carrying inventory include fixed (nonlinear) production or procurement costs, lead times, nonstationary or uncertain supply/demand, and capacity constraints. The last decade has seen active research in supply chain coordination focusing on the role of incentive contracts to achieve first-best levels of inventory. An extensive literature in industrial organization that studies incentives for vertical controls largely ignores the effect of inventories. Does the ability to ...
Asset Pricing in Markets with Illiquid Assets
Longstaff, Francis A
Many important classes of assets are illiquid in the sense that they cannot always be traded immediately. Thus, a portfolio position in these types of illiquid investments becomes at least temporarily irreversible. We study the asset-pricing implications of illiquidity in a two-asset exchange economy with heterogeneous agents. In this market, one asset is always liquid. The other asset can be traded initially, but then not again until after a "blackout†period. Illiquidity has a dramatic e...
Price Regulations in a Multi-unit Uniform Price Auction
DEFF Research Database (Denmark)
Boom, Anette
not exceed the price cap whereas a selective bid cap for only the larger firms, does not guarantee this outcome. A sufficiently high bid floor always destroys pure strategy equilibria with equilibrium prices above the marginal costs, no matter whether the floor applies to all or only to relatively small......Inspired by recent regulations in the New York ICAP market we examine the effect of different price regulations on a multi-unit uniform price auction. We investigate a bid cap and a bid foor. Given suffciently high total capacities general bid caps always ensure that the market price does...
Price Regulations in a Multi-unit Uniform Price Auction
DEFF Research Database (Denmark)
Boom, Anette
Inspired by recent regulations in the New York ICAP market we examine the effect of different price regulations on a multi-unit uniform price auction. We investigate a bid cap and a bid foor. Given suffciently high total capacities general bid caps always ensure that the market price does...... not exceed the price cap whereas a selective bid cap for only the larger firms, does not guarantee this outcome. A sufficiently high bid floor always destroys pure strategy equilibria with equilibrium prices above the marginal costs, no matter whether the floor applies to all or only to relatively small...
Asymmetric Price Effects of Competition
Lach, S.; Moraga Gonzalez, J.L.
When price dispersion is prevalent, a relevant question is what happens to the whole distribution of equilibrium prices when the number of firms changes. Using data from the gasoline market in the Netherlands, we find, first, that markets with N competitors have price distributions that first-order
Price Discrimination: A Classroom Experiment
Aguiló, Paula; Sard, Maria; Tugores, Maria
In this article, the authors describe a classroom experiment aimed at familiarizing students with different types of price discrimination (first-, second-, and third-degree price discrimination). During the experiment, the students were asked to decide what tariffs to set as monopolists for each of the price discrimination scenarios under…
The Pricing of Economics Books.
Laband, David; Hudson, John
Examines the pricing and other characteristics of books. Notes substantial increases in book prices between 2000 and 1985 data. Suggests a major factor is the increasing importance of foreign presses that sell books at higher prices. Indicates that discount on paperbacks appear to have been relatively stable in the two years studied. (JEH)
Asymmetric price effects of competition
Lach, S.; Moraga González, José
When price dispersion is prevalent, a relevant question is what happens to the whole distribution of equilibrium prices when the number of firms changes. Using data from the gasoline market in the Netherlands, we find, first, that markets with N competitors have price distributions that first‐order
Econophysics: Master curve for price-impact function
Lillo, Fabrizio; Farmer, J. Doyne; Mantegna, Rosario N.
The price reaction to a single transaction depends on transaction volume, the identity of the stock, and possibly many other factors. Here we show that, by taking into account the differences in liquidity for stocks of different size classes of market capitalization, we can rescale both the average price shift and the transaction volume to obtain a uniform price-impact curve for all size classes of firm for four different years (1995-98). This single-curve collapse of the price-impact function suggests that fluctuations from the supply-and-demand equilibrium for many financial assets, differing in economic sectors of activity and market capitalization, are governed by the same statistical rule.
Denmark's National Inventory Report 2013
DEFF Research Database (Denmark)
Nielsen, Ole-Kenneth; Plejdrup, Marlene Schmidt; Winther, Morten
This report is Denmark's National Inventory Report 2013. The report contains information on Denmark's emission inventories for all years' from 1990 to 2011 for CO2, CH4, N2O, HFCs, PFCs and SF6, NOx, CO, NMVOC, SO2.......This report is Denmark's National Inventory Report 2013. The report contains information on Denmark's emission inventories for all years' from 1990 to 2011 for CO2, CH4, N2O, HFCs, PFCs and SF6, NOx, CO, NMVOC, SO2....
Denmark's National Inventory Report 2017
DEFF Research Database (Denmark)
Nielsen, Ole-Kenneth; Plejdrup, Marlene Schmidt; Winther, Morten
This report is Denmark's National Inventory Report 2017. The report contains information on Denmark's emission inventories for all years' from 1990 to 2015 for CO2, CH4, N2O, HFCs, PFCs and SF6, NOx, CO, NMVOC, SO2......This report is Denmark's National Inventory Report 2017. The report contains information on Denmark's emission inventories for all years' from 1990 to 2015 for CO2, CH4, N2O, HFCs, PFCs and SF6, NOx, CO, NMVOC, SO2...
Denmark's National Inventory Report 2014
DEFF Research Database (Denmark)
Nielsen, Ole-Kenneth; Plejdrup, Marlene Schmidt; Winther, Morten
This report is Denmark's National Inventory Report 2014. The report contains information on Denmark's emission inventories for all years' from 1990 to 2012 for CO2, CH4, N2O, HFCs, PFCs and SF6, NOx, CO, NMVOC, SO2......This report is Denmark's National Inventory Report 2014. The report contains information on Denmark's emission inventories for all years' from 1990 to 2012 for CO2, CH4, N2O, HFCs, PFCs and SF6, NOx, CO, NMVOC, SO2...
Lunn, T
The purpose of this presentation is to help you reduce the inventory in your operation. We will accomplish that task by discussing six specific methods that companies have used successfully to reduce their inventory. One common attribute of these successes is that they also build teamwork among the people. Every business operation today is concerned with methods to improve customer service. The real trick is to accomplish that task without increasing inventory. We are all concerned with improving our skills at keeping inventory low.
VTrans Small Culvert Inventory - Culverts
Vermont Center for Geographic Information — Vermont Agency of Transportation Small Culvert Inventory: Culverts. This data contains small culverts locations along VTrans maintained roadways. The data was...
Hanford inventory program user's manual
International Nuclear Information System (INIS)
Hinkelman, K.C.
Provides users with instructions and information about accessing and operating the Hanford Inventory Program (HIP) system. The Hanford Inventory Program is an integrated control system that provides a single source for the management and control of equipment, parts, and material warehoused by Westinghouse Hanford Company in various site-wide locations. The inventory is comprised of spare parts and equipment, shop stock, special tools, essential materials, and convenience storage items. The HIP replaced the following systems; ACA, ASP, PICS, FSP, WSR, STP, and RBO. In addition, HIP manages the catalog maintenance function for the General Supplies inventory stocked in the 1164 building and managed by WIMS
Patients' views on price shopping and price transparency.
Semigran, Hannah L; Gourevitch, Rebecca; Sinaiko, Anna D; Cowling, David; Mehrotra, Ateev
Driven by the growth of high deductibles and price transparency initiatives, patients are being encouraged to search for prices before seeking care, yet few do so. To understand why this is the case, we interviewed individuals who were offered access to a widely used price transparency website through their employer. Qualitative interviews. We interviewed individuals enrolled in a preferred provider organization product through their health plan about their experience using the price transparency tool (if they had done so), their past medical experiences, and their opinions on shopping for care. All interviews were transcribed and manually coded using a thematic coding guide. In general, respondents expressed frustration with healthcare costs and had a positive opinion of the idea of price shopping in theory, but 2 sets of barriers limited their ability to do so in reality. The first was the salience of searching for price information. For example, respondents recognized that due to their health plan benefits design, they would not save money by switching to a lower-cost provider. Second, other factors were more important than price for respondents when choosing a provider, including quality and loyalty to current providers. We found a disconnect between respondents' enthusiasm for price shopping and their reported use of a price transparency tool to shop for care. However, many did find the tool useful for other purposes, including checking their claims history. Addressing the barriers to price shopping identified by respondents can help inform ongoing and future price transparency initiatives.
Uranium price forecasting methods
International Nuclear Information System (INIS)
Fuller, D.M.
This article reviews a number of forecasting methods that have been applied to uranium prices and compares their relative strengths and weaknesses. The methods reviewed are: (1) judgemental methods, (2) technical analysis, (3) time-series methods, (4) fundamental analysis, and (5) econometric methods. Historically, none of these methods has performed very well, but a well-thought-out model is still useful as a basis from which to adjust to new circumstances and try again
Directory of Open Access Journals (Sweden)
Luciana Koprencka
Full Text Available The real estate market is complex and influenced by too many factors. Real Estate market in Albania has experienced a boom after the 1990. We have inherited from the communist system a very poor market of housing. The number of dwellings in 1990 in Albania was 219 dwellings per 1000 inhabitants and the useful floor space was 5 m² per person, but in Bulgaria number of dwellings per 1,000 people varies 465 and in Romania average useful floor space per person was 37 sq. The data used in this study are derived from the database of the World Bank, the Institute of Statistics, reports of Bank of Albania also from information provided individually on the ground and different sources. In this study is analyzed the relationship that exists between economic growth, remittances and the price of dwellings in Albania. The dependent variable is the average price of housing in major cities of Albania. Independent variables in the model are GDP per capita and the remittances. The Econometric model is a Linear Regress equation and the period are the years from 1998 to 2013. The model used is the statistical program EViews 6.0. Unfortunately the information let the desired, so we do not have an official detailed information on prices of Albanian real estate market. In Albania few researchers have been studying real estate market in Albania.
International Nuclear Information System (INIS)
Crude oil prices climbed to new record levels on fears of a future loss of supplies from Iran as Washington stepped up its efforts to persuade Tehran to abandon its programme to produce nuclear fuel. IPE's December Brent contract set a new record for the exchange by trading at $75.80/bbl on 21st April. On the same day October WTI reached an all-time high of $77.30/bbl on Nymex. US product prices gained as refiners struggled to produce sufficient middle distillate. Alarmed by the rising retail price of gasoline, the US Senate debated a reduction in the already low US tax rate on motor spirit. The House of Representatives passed a measure to prohibit overcharging for petrol, diesel and heating oil, but Democrats rejected a Republican proposal to speed-up the process for approving new refineries. President George W Bush announced a temporary easing of new gasoline and diesel specifications (see 'Focus', March 2006) to allow more fuel to be produced. He also agreed to delay the repayment of some 2.1 mn bbl of crude oil lent to companies after last year's hurricanes from the Strategic Petroleum Reserve. California announced an inquiry into alleged overcharging for fuel by oil companies operating in the state. (author)
Essays on pricing electricity and electricity derivatives in deregulated markets
Popova, Julia
This dissertation is composed of four essays on the behavior of wholesale electricity prices and their derivatives. The first essay provides an empirical model that takes into account the spatial features of a transmission network on the electricity market. The spatial structure of the transmission grid plays a key role in determining electricity prices, but it has not been incorporated into previous empirical models. The econometric model in this essay incorporates a simple representation of the transmission system into a spatial panel data model of electricity prices, and also accounts for the effect of dynamic transmission system constraints on electricity market integration. Empirical results using PJM data confirm the existence of spatial patterns in electricity prices and show that spatial correlation diminishes as transmission lines become more congested. The second essay develops and empirically tests a model of the influence of natural gas storage inventories on the electricity forward premium. I link a model of the effect of gas storage constraints on the higher moments of the distribution of electricity prices to a model of the effect of those moments on the forward premium. Empirical results using PJM data support the model's predictions that gas storage inventories sharply reduce the electricity forward premium when demand for electricity is high and space-heating demand for gas is low. The third essay examines the efficiency of PJM electricity markets. A market is efficient if prices reflect all relevant information, so that prices follow a random walk. The hypothesis of random walk is examined using empirical tests, including the Portmanteau, Augmented Dickey-Fuller, KPSS, and multiple variance ratio tests. The results are mixed though evidence of some level of market efficiency is found. The last essay investigates the possibility that previous researchers have drawn spurious conclusions based on classical unit root tests incorrectly applied to
A Combined Liquefied Natural Gas Routing and Deteriorating Inventory Management Problem
Ghiami, Y.; Van Woensel, Tom; Christiansen, Marielle; Laporte, Gilbert
Liquefied Natural Gas (LNG) is becoming a more crucial source of energy due to its increased price competitiveness and environmental friendliness. We consider an inventory routing problem for inland distribution of LNG from storage facilities to filling stations. Here, an actor is responsible for
A combined liquefied natural gas routing and deteriorating inventory management problem
Ghiami, Y.; van Woensel, T.; Christiansen, Marielle; Laporte, G.; Corman, Fr.; Voss, St.; Negenborn, R.R.
Liquefied Natural Gas (LNG) is becoming a more crucial source of energy due to its increased price competitiveness and environmental friendliness. We consider an inventory routing problem for inland distribution of LNG from storage facilities to filling stations. Here, an actor is responsible for
7 CFR 767.153 - Sale of real estate inventory property.
....153 Sale of real estate inventory property. (a) Pricing. (1) The Agency will advertise property for sale at its market value, as established by an appraisal obtained in accordance with § 761.7. (2... prorated between the Agency and the purchaser based on the date the Agency conveys title to the purchaser...
Applying inventory classification to a large inventory management system
Directory of Open Access Journals (Sweden)
Benjamin Isaac May
Full Text Available Inventory classification aims to ensure that business-driving inventory items are efficiently managed in spite of constrained resources. There are numerous single- and multiple-criteria approaches to it. Our objective is to improve resource allocation to focus on items that can lead to high equipment availability. This concern is typical of many service industries such as military logistics, airlines, amusement parks and public works. Our study tests several inventory prioritization techniques and finds that a modified multi-criterion weighted non-linear optimization (WNO technique is a powerful approach for classifying inventory, outperforming traditional techniques of inventory prioritization such as ABC analysis in a variety of performance objectives.
Price Competition or Tacit Collusion
Yano, Makoto; Komatsubara, Takashi
Every now and then, we observe a fierce price war in a real world market, through which competing firms end up with a Bertrand-like price competition equilibrium. Despite this, very little has been known in the existing literature as to why a price competition market is formed. We address this question in the context of a choice between engaging in price competition and holding a price leader. Focusing on a duopoly market, we demonstrate that if supply is tight relative to demand, and if the ...
Chaotic structure of oil prices
Bildirici, Melike; Sonustun, Fulya Ozaksoy
The fluctuations in oil prices are very complicated and therefore, it is unable to predict its effects on economies. For modelling complex system of oil prices, linear economic models are not sufficient and efficient tools. Thus, in recent years, economists attached great attention to non-linear structure of oil prices. For analyzing this relationship, GARCH types of models were used in some papers. Distinctively from the other papers, in this study, we aimed to analyze chaotic pattern of oil prices. Thus, it was used the Lyapunov Exponents and Hennon Map to determine chaotic behavior of oil prices for the selected time period.
The impact of electricity price changes on industrial prices and the general price level in Korea
International Nuclear Information System (INIS)
Lim, Seul-Ye; Yoo, Seung-Hoon
Electricity has played an important role in the economic development of Korea and, thus, has become a critical factor in sustaining the well-being of the Korean people. This study attempts to investigate the impact of electricity price changes on industrial prices and the general price level using input–output (I–O) analysis. To this end, we apply the I–O price model to the 2011 I–O table recently produced by the Bank of Korea, paying particular attention to the electricity sector by considering it as exogenous and then investigating its impacts. The impacts of the electricity price changes on each industrial sector's prices and the general price level are quantitatively derived. For example, the overall impact of a 10% increase in electricity price on the Korean national economy is estimated to be 0.4367%. We also report the results from the model with the electricity sector endogenous and the model with endogenous electricity and labor sectors. This information can be usefully utilized in decision-making regarding price management for electricity. - Highlights: • We investigate the impact of electricity price changes on the Korean economy. • We use the input–output (I–O) analysis specifying the electricity sector as exogenous. • We apply the I–O price model to 2010 I–O table produced by the Bank of Korea. • The impact of a 10% increase in electricity price on the Korean economy is 0.2176%
A Composite Contract for Coordinating a Supply Chain with Price and Effort Dependent Stochastic Demand
Directory of Open Access Journals (Sweden)
Yu-Shuang Liu
Full Text Available As the demand is more sensitive to price and sales effort, this paper investigates the issue of channel coordination for a supply chain with one manufacturer and one retailer facing price and effort dependent stochastic demand. A composite contract based on the quantity-restricted returns and target sales rebate can achieve coordination in this setting. Two main problems are addressed: (1 how to coordinate the decentralized supply chain; (2 how to determine the optimal sales effort level, pricing, and inventory decisions under the additive demand case. Numerical examples are presented to verify the effectiveness of combined contract in supply chain coordination and highlight model sensitivities to parametric changes.
Price floors for emissions trading
International Nuclear Information System (INIS)
Wood, Peter John; Jotzo, Frank
Price floors in greenhouse gas emissions trading schemes can guarantee minimum abatement efforts if prices are lower than expected, and they can help manage cost uncertainty, possibly as complements to price ceilings. Provisions for price floors are found in several recent legislative proposals for emissions trading. Implementation however has potential pitfalls. Possible mechanisms are government commitments to buy back permits, a reserve price at auction, or an extra fee or tax on acquittal of emissions permits. Our analysis of these alternatives shows that the fee approach has budgetary advantages and is more compatible with international permit trading than the alternatives. It can also be used to implement more general hybrid approaches to emissions pricing. - Research highlights: → Price floors for emissions trading schemes guarantee a minimum carbon price. → Price floors mean that emissions can be less than specified by the ETS cap. → We examine how price floors can relate to different policy objectives. → We compare different mechanisms for implementing a price floor. → We find that a mechanism where there is an extra tax or fee has advantages.
Trading network predicts stock price.
Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi
Stock price prediction is an important and challenging problem for studying financial markets. Existing studies are mainly based on the time series of stock price or the operation performance of listed company. In this paper, we propose to predict stock price based on investors' trading behavior. For each stock, we characterize the daily trading relationship among its investors using a trading network. We then classify the nodes of trading network into three roles according to their connectivity pattern. Strong Granger causality is found between stock price and trading relationship indices, i.e., the fraction of trading relationship among nodes with different roles. We further predict stock price by incorporating these trading relationship indices into a neural network based on time series of stock price. Experimental results on 51 stocks in two Chinese Stock Exchanges demonstrate the accuracy of stock price prediction is significantly improved by the inclusion of trading relationship indices.
Reciprocity, World Prices and Welfare
DEFF Research Database (Denmark)
Raimondos-Møller, Pascalis; Woodland, Alan D.
We examine in detail the circumstances under which reciprocity, as defined in Bagwell and Staiger (1999), leads to fixed world prices. We show that a change of tariffs satisfying reciprocity does not necessarily imply constant world prices in a world of many goods and countries. While it is possi...... of all countries, independently of whether world prices change and independently of the relative numbers of goods and countries.......We examine in detail the circumstances under which reciprocity, as defined in Bagwell and Staiger (1999), leads to fixed world prices. We show that a change of tariffs satisfying reciprocity does not necessarily imply constant world prices in a world of many goods and countries. While...... it is possible to find tariff reforms that are consistent with both reciprocity and constant world prices, these reforms do not follow from the reciprocity condition, but rather from the requirement of unchanged world prices. We propose an alternative reciprocity rule that is guaranteed to raise the welfare...
Price setting in turbulent times
DEFF Research Database (Denmark)
Ólafsson, Tjörvi; Pétursdóttir, Ásgerdur; Vignisdóttir, Karen Á.
This price setting survey among Icelandic firms aims to make two contributions to the literature. First, it studies price setting in an advanced economy within a more turbulent macroeconomic environment than has previously been done. The results indicate that price adjustments are to a larger...... extent driven by exchange rate fluctuations than in most other advanced countries. The median Icelandic firm reviews its prices every four months and changes them every six months. The main sources of price rigidity and the most commonly used price setting methods are the same as in most other countries....... A second contribution to the literature is our analysis of the nexus between price setting and exchange rate movements, a topic that has attracted surprisingly limited attention in this survey-based literature. A novel aspect of our approach is to base our analysis on a categorisation of firms...
Oil price uncertainty in Canada
Energy Technology Data Exchange (ETDEWEB)
Elder, John [Department of Finance and Real Estate, 1272 Campus Delivery, Colorado State University, Fort Collins, CO 80523 (United States); Serletis, Apostolos [Department of Economics, University of Calgary, Calgary, Alberta (Canada)
Bernanke [Bernanke, Ben S. Irreversibility, uncertainty, and cyclical investment. Quarterly Journal of Economics 98 (1983), 85-106.] shows how uncertainty about energy prices may induce optimizing firms to postpone investment decisions, thereby leading to a decline in aggregate output. Elder and Serletis [Elder, John and Serletis, Apostolos. Oil price uncertainty.] find empirical evidence that uncertainty about oil prices has tended to depress investment in the United States. In this paper we assess the robustness of these results by investigating the effects of oil price uncertainty in Canada. Our results are remarkably similar to existing results for the United States, providing additional evidence that uncertainty about oil prices may provide another explanation for why the sharp oil price declines of 1985 failed to produce rapid output growth. Impulse-response analysis suggests that uncertainty about oil prices may tend to reinforce the negative response of output to positive oil shocks. (author)
Industrial Pricing: Theory and Managerial Practice
Peter M. Noble; Thomas S. Gruca
We organize the existing theoretical pricing research into a new two-level framework for industrial goods pricing. The first level consists of four pricing situations: New Product, Competitive, Product Line, and Cost-based. The second level consists of the pricing strategies appropriate for a given situation. For example, within the new product pricing situation, there are three alternative pricing strategies: Skim, Penetration, and Experience Curve pricing. There are a total of ten pricing s...
21 CFR 1304.11 - Inventory requirements.
... the inventory of the registered location to which they are subject to control or to which the person... 21 Food and Drugs 9 2010-04-01 2010-04-01 false Inventory requirements. 1304.11 Section 1304.11... REGISTRANTS Inventory Requirements § 1304.11 Inventory requirements. (a) General requirements. Each inventory...
Optimization of inventory management in furniture manufacturing
Karkauskas, Justinas
Aim of research - to present inventory management optimization guidelines for furniture manufacturing company, based on analysis of scientific literature and empirical research. Tasks of the Issue: • Disclose problems of inventory management in furniture manufacturing sector; • To analyze theoretical inventory management decisions; • To develop theoretical inventory management optimization model; • Do empirical research of inventory management and present offers for optimizatio...
Controlling Inventory: Real-World Mathematical Modeling
Edwards, Thomas G.; Özgün-Koca, S. Asli; Chelst, Kenneth R.
Amazon, Walmart, and other large-scale retailers owe their success partly to efficient inventory management. For such firms, holding too little inventory risks losing sales, whereas holding idle inventory wastes money. Therefore profits hinge on the inventory level chosen. In this activity, students investigate a simplified inventory-control…
Denmark's national inventory report 2006
DEFF Research Database (Denmark)
Illerup, Jytte Boll; Lyck, Erik; Nielsen, Ole-Kenneth
This report is Denmark's National Inventory Report reported to the Conference of the Parties under the United Nations Framework Convention on Climate Change (UNFCCC) due by April 2006. The report contains information on Denmark's inventories for all years' from 1990 to 2004 for CO....
Demand differentiation in inventory systems
Kleijn, M.J.
This book deals with inventory systems where customer demand is categorised into different classes. Most inventory systems do not take into account individual customer preferences for a given product, and therefore handle all demand in a similar way. Nowadays, market segmentation has become a
Student-Life Stress Inventory.
Gadzella, Bernadette M.; And Others
The reliability of the Student-Life Stress Inventory of B. M. Gadzella (1991) was studied. The inventory consists of 51 items listed in 9 sections indicating different types of stressors (frustrations, conflicts, pressures, changes, and self-imposed stressors) and reactions to the stressors (physiological, emotional, behavioral, and cognitive) as…
Automation of Space Inventory Management
Fink, Patrick W.; Ngo, Phong; Wagner, Raymond; Barton, Richard; Gifford, Kevin
This viewgraph presentation describes the utilization of automated space-based inventory management through handheld RFID readers and BioNet Middleware. The contents include: 1) Space-Based INventory Management; 2) Real-Time RFID Location and Tracking; 3) Surface Acoustic Wave (SAW) RFID; and 4) BioNet Middleware.
Is Power Production Flexibility a Substitute for Storability? Evidence from Electricity Futures Prices
Energy Technology Data Exchange (ETDEWEB)
Kilic, M.; Huisman, R. [Erasmus School of Economics, Erasmus University Rotterdam, Rotterdam (Netherlands)
Electricity is not storable. As a consequence, electricity demand and supply need to be in balance at any moment in time as a shortage in production volume cannot be compensated with supply from inventories. However, if the installed power supply capacity is very flexible, variation in demand can be counterbalanced with flexible adjustment of production volumes. Therefore, supply flexibility can replace the role of inventory. In this paper, we question whether power production flexibility is a substitute for storability. To do so, we examine power futures prices from countries that differ in their power supply and test whether power futures prices contain information about expected future spot prices and risk premiums and examine whether futures prices from a market in which power supply is more flexible would lead to futures prices that are more in line with the theory of storage. We find the opposite; futures prices from markets with flexible power supply behave according to the expectations theory. The implicit view from futures prices is that flexibility is not a substitute for storability.
Is Power Production Flexibility a Substitute for Storability? Evidence from Electricity Futures Prices
International Nuclear Information System (INIS)
Kilic, M.; Huisman, R.
Electricity is not storable. As a consequence, electricity demand and supply need to be in balance at any moment in time as a shortage in production volume cannot be compensated with supply from inventories. However, if the installed power supply capacity is very flexible, variation in demand can be counterbalanced with flexible adjustment of production volumes. Therefore, supply flexibility can replace the role of inventory. In this paper, we question whether power production flexibility is a substitute for storability. To do so, we examine power futures prices from countries that differ in their power supply and test whether power futures prices contain information about expected future spot prices and risk premiums and examine whether futures prices from a market in which power supply is more flexible would lead to futures prices that are more in line with the theory of storage. We find the opposite; futures prices from markets with flexible power supply behave according to the expectations theory. The implicit view from futures prices is that flexibility is not a substitute for storability.
Directory of Open Access Journals (Sweden)
Full Text Available The inventory represents an essential component for the assets of the enterprise and the economic analysis gives them special importance because their accurate management determines the achievement of the activity object and the financial results. The efficient management of inventory requires ensuring an optimum level for them, which will guarantee the normal functioning of the activity with minimum inventory expenses and funds which are immobilised. The paper presents an analysis model for inventory management based on their rotation speed and the correlation with the sales volume illustrated in an adequate study. The highlighting of the influence factors on the efficient inventory management ensures the useful information needed to justify managerial decisions, which will lead to a balancedfinancial position and to increased company performance.
Enhancing medicine price transparency through price information mechanisms.
Hinsch, Michael; Kaddar, Miloud; Schmitt, Sarah
Medicine price information mechanisms provide an essential tool to countries that seek a better understanding of product availability, market prices and price compositions of individual medicines. To be effective and contribute to cost savings, these mechanisms need to consider prices in their particular contexts when comparing between countries. This article discusses in what ways medicine price information mechanisms can contribute to increased price transparency and how this may affect access to medicines for developing countries. We used data collected during the course of a WHO project focusing on the development of a vaccine price and procurement information mechanism. The project collected information from six medicine price information mechanisms and interviewed data managers and technical experts on key aspects as well as observed market effects of these mechanisms.The reviewed mechanisms were broken down into categories including objective and target audience, as well as the sources, types and volumes of data included. Information provided by the mechanisms was reviewed according to data available on medicine prices, product characteristics, and procurement modalities. We found indications of positive effects on access to medicines resulting from the utilization of the reviewed mechanisms. These include the uptake of higher quality medicines, more favorable results from contract negotiations, changes in national pricing policies, and the decrease of prices in certain segments for countries participating in or deriving data from the various mechanisms. The reviewed mechanisms avoid the methodological challenges observed for medicine price comparisons that only use national price databases. They work with high quality data and display prices in the appropriate context of procurement modalities as well as the peculiarities of purchasing countries. Medicine price information mechanisms respond to the need for increased medicine price transparency and have the
Ex-vessel Fish Price Database: Disaggregating Prices for Low-Priced Species from Reduction Fisheries
Directory of Open Access Journals (Sweden)
Travis C. Tai
Full Text Available Ex-vessel fish prices are essential for comprehensive fisheries management and socioeconomic analyses for fisheries science. In this paper, we reconstructed a global ex-vessel price database with the following areas of improvement: (1 compiling reported prices explicitly listed as "for reduction to fishmeal and fish oil" to estimate prices separately for catches destined for fishmeal and fish oil production, and other non-direct human consumption purposes; (2 including 95% confidence limit estimates for each price estimation; and (3 increasing the number of input data and the number of price estimates to match the reconstructed Sea Around Us catch database. Our primary focus was to address this first area of improvement as ex-vessel prices for catches destined for non-direct human consumption purposes were substantially overestimated, notably in countries with large reduction fisheries. For example in Peru, 2010 landed values were estimated as 3.8 billion real 2010 USD when using separate prices for reduction fisheries, compared with 5.8 billion using previous methods with only one price for all end-products. This update of the price database has significant global and country-specific impacts on fisheries price and landed value trends over time.
The Influence of Fundamental and Macroeconomic Analysis on Stock Price
Directory of Open Access Journals (Sweden)
Hari Gursida
Full Text Available The purpose of this research is to analyze the effect of fundamental and macroeconomic analysis on stock price. The research was conducted at a coal company listed on the Indonesia Stock Exchange. Fundamental analysis measured by current ratio, debt to equity ratio (DER, earning per share (EPS, return on assets (ROA, and total assets turnover (TATO, while macroeconomic analysis is measured by inflation and exchange rate. Current ratio (CR has a positive effect on Stock Price. Strengthening this level of liquidity can provide information to investors to decide to buy shares of companies that tend to be healthy and stable. Return on assets (ROA has a positive and significant influence on stock price. Efforts to maximize the level of profitability by increasing the value of return on assets can provide information to investors that investments invested in the company will provide good profit. The impact of stock prices will rise. While debt to equity ratio (DER, earning per share (EPS and total assets turnover (TATO have no effect on Stock Price. Macroeconomic analysis shows: (a Inflation rate has no effect on stock price of coal company. This can be because the inflation rate in Indonesia is at the level of 6% -7% per year and included in the category of mild inflation. Mild inflation resulted in very slow economic growth, not affecting stock prices. The exchange rate has a negative and significant effect on coal company stock price. If the Rupiah is depreciated then the stock price of the coal company will decrease.
International Nuclear Information System (INIS)
Dyrelund, A.
Danish suppliers of electricity and district heating are with a few exceptions either public utilities or cooperatives owned by consumers. The basic tariff regulations for electricity and heat in Denmark state that the tariff has to cover all costs and that only a reasonable interest of invested capital may be included in the tariff. Consequently, all profit has to be used to lower prices. For municipality-owned utilities the consumer prices would be the same if the consumers were the owners. It is typical for the district heating and electricity sector that the technical system, the organizations involved and the tariff levels show the same structure: Plants - transmission - distribution - consumer. E.g. the price of energy from the transmission system includes costs of plants and transmission, but not costs of distribution. Concerning energy saving measures in buildings it is important to note that energy saving measures should not be evaluated on the basis of saved GJ (Giga Joule) thermal energy and GJ electricity because the fuel energy consumption and the share of variable costs depend on the supply system. To find least-cost solutions to satisfy the basic demand for energy services, it is necessary to be aware of the whole chain of elements from fuel to services: fuel - plant - network - consumer installations - building envelope - services. The consumer tariff is the most important link between the supply systems and the buildings. A reasonably designed incentive tariff may work for least-cost solutions, whereas other tariffs may encourage a waste of resources, either waste of fuel energy or waste of investments. (AB)
Meeting competition through negotiated pricing
International Nuclear Information System (INIS)
Keith, D.M.; Raper, J.W.
A fundamental premise of negotiated pricing as a demand-side management (DSM) tool is that price determines cost. As the ultimate objective of energy efficiency is to increase electromotive work while conserving resources, negotiated prices can have a significant impact as a DSM tool to force costs down. Three examples are offered of the effect of negotiated pricing as a DSM tool. The examples are a small hydroelectric company and an electric utility authority owned, a utility-to-customer example of negotiated pricing with the Public Service Company of Oklahoma's (PSO) system, and a large paper mill on PSO's system. Some of the major problems associated with negotiated pricing, outside of the human effort of finding and training knowledgeable and skilled negotiators, are: obtaining enough information about the customer or potential customer to be able to determine that in negotiating prices the utility is not giving away more benefits than the utility will gain; developing a pricing plan that fits both the customer's and utility's existing and potential future mode of operation; assuring that other customers who cannot negotiate on their own behalf are not adversely affected by utility revenue shortfalls; making such negotiated prices available to all similarly situated customers, so as not to inadvertently create unfair competitive advantages among them; and defining the shared benefits before and after the fact as a result of having negotiated prices in the first place
Understanding gasoline pricing in Canada
International Nuclear Information System (INIS)
This brochure is designed to help consumers understand how gasoline is priced and explained why prices increase, fluctuate and vary by location, city or region. The price of a litre of gasoline reflects the costs of crude oil, refining, retailing and taxes. Taxes are usually the largest single component of gasoline prices, averaging 40 to 50 per cent of the pump price. The cost of crude oil makes up another 35 to 45 per cent of the price. Refining costs make up 10 to 15 per cent while the remaining 5 to 10 per cent represents retail costs. Gasoline retailers make a profit of about 1 cent per litre. The latest network technology allows national and regional retail chains to constantly monitor price fluctuations to change their prices at gasoline stations at a moments notice to keep up with the competition and to protect their market shares. Several government studies, plus the Conference Board of Canada, have reported that competition is working in favour of Canadian motorists. This brochure also explained the drawbacks of regulating crude and pump prices with the reminder that crude prices were regulated in the 1970s with many negative consequences. 2 tabs., 1 fig
Transfer Pricing - An Innovative Approach
Directory of Open Access Journals (Sweden)
Ramona MAXIM
Full Text Available This paper presents transfer pricing and elements of drafting the transfer pricing file by the big companies. The transfer pricing procedure was founded based upon Order no. 442/2016 and the Fiscal Procedure Code and it represents a method upon which the tax base is transferred from a high tax country to a country with low taxation. This legislation outlines the conditions which companies must observe in order to draft the transfer pricing documentation and the significance thresholds. The purpose to draft a transfer pricing file is to reduce the differences between prices and market value and the actual results of company taxation. Economic double taxation occurs when tax authorities apply price adjustments because the company did not respect the principle of market value. Keeping records of transfer pricing and practicing a price aligned to market requirements contribute to an understanding of business development and the creation of appropriate tax planning. Taking into account all these aspects and the fact that any taxpayer is tempted to pay the lowest possible fees, tax havens become an option. In this context we can speak of a tax haven as a loophole in the use of the market price.
International Nuclear Information System (INIS)
This article is the September-October 1993 market report, providing trading volume and prices in the Uranium market. Activity was brisk, with 15 deals concluded. Six were in the spot concentrates market, with four of the six deals involving U.S. utilities and approximately 1.8M pounds of U3O8 equivalent. There were five conversion deals announced, with four of the five deals involving U.S. utilities. Four deals were concluded in the enrichment market, and the deals involving U.S. utilities were approximately 327k SWUs. On the horizon, there are deals for approximately 4.1M SWU
DEFF Research Database (Denmark)
Behrmann, Gerd; Larsen, Kim Guldstrand; Rasmussen, Jacob Illum
This contribution reports on the considerable effort made recently towards extending and applying well-established timed automata technology to optimal scheduling and planning problems. The effort of the authors in this direction has to a large extent been carried out as part of the European...... projects VHS [22] and AMETIST [17] and are available in the recently released UPPAAL CORA [12], a variant of the real-time verification tool UPPAAL [20,5] specialized for cost-optimal reachability for the extended model of priced timed automata....
International Nuclear Information System (INIS)
Duffie, D.
This chapter with 58 references reviews the modelling and empirical behaviour of volatility in energy prices. Constant volatility and stochastic volatility are discussed. Markovian models of stochastic volatility are described and the different classes of Markovian stochastic volatility model are examined including auto-regressive volatility, option implied and forecasted volatility, Garch volatility, Egarch volatility, multivariate Garch volatility, and stochastic volatility and dynamic hedging policies. Other volatility models and option hedging are considered. The performance of several stochastic volatility models as applied to heating oil, light oil, natural gas, electricity and light crude oil are compared
Directory of Open Access Journals (Sweden)
Full Text Available The current society imposes an alert pace on companies that need to adapt to change, become more flexible and adopt new strategies to maintain market share. Digital marketing is a useful tool for promoting products, as customers can access a range of product information at any time and from anywhere. At the same time, another advantage on the part of companies is the lower promotion costs as compared to traditional promotional methods, as well as the establishment of a connection and a communication bridge with each client. The most important component in the process of purchasing a product is inevitably the price. It communicates a series of information about the product and the customer so that the price can be an important element of persuasion in relation to other marketing strategies. Most of the time, the smallest price is the most important factor in making a decision about buying a product, and digital marketing offers the posibility to compare prices. In this sense, digital marketing can provide both an advantage and a disadvantage for traders, as the small price may invalidate other marketing strategies or product features. In this sense, pricing is a challenge for marketing departments because the pricing strategy is deferring from the sterile formula of pricing which meant covering costs and making profit. This paper aims to analyze the extent to which price is an important element in purchasing a product, as well as highlighting a variety of methods and techniques used in pricing. Quantitative research is based on a questionnaire applied to 100 respondents in order to identify the correct pricing strategy. Research results communicate an important message to merchants who have to adjust the price of each buyer individually, so that the buyer profile is particularly important in setting the price.
Prices dip, activity increases in unrestricted uranium market
International Nuclear Information System (INIS)
April's activity in the restricted uranium market fluctuated in the same range as that observed in March. At the same time, NUKEM detects a weakening of prices in the unrestricted market to $7.45-$7.65. Unrestricted buyers seem to have detected lower prices as well; much of the new demand noted this month emerged in the unrestricted segment of the market. With this issue, NUKEM inaugurates a new market statistic. To better follow developments in the conversion market, we will report a spot price range for conversion services. This price measure will be derived in a manner analogous to NUKEM's other spot market price ranges. We will continue to publish the current NUKEM price range for new contracts for a few months. If you wish to retain the old conversion contract price range in future editions, please contact our US office. Four deals for near term delivery occurred in the uranium market in April, resulting in spot market transaction volume of 2.5 million lbs U3O8 equivalent. In the first week, a US non-utility purchased a small quantity of enriched uranium product from an intermediary in a spot transaction representing about 75,000 lbs U3O8. The second week saw the stealthy purchase of Portland General Electric's inventory of natural and enriched uranium. The buyer of PGE's 1.1 million lbs U3O8 equivalent has achieved an unusual degree of anonymity. Also during the second week, a US utility bought a small quantity of enriched uranium containing less than 25,000 lbs natural U3O8 equivalent
A qualitative and quantitative analysis of vegetable pricing in supermarket
Miranda, Suci
The purpose of this study is to analyze the variables affecting the determination of the sale price of vegetable which is constant over time in a supermarket qualitatively and quantitavely. It focuses on the non-organic vegetable with a fixed selling price over time such as spinach, beet, and parsley. In qualitative analysis, the sale price determination is influenced by the vegetable characteristics: (1) vegetable segmentation (low to high daily consumed); (2) vegetable age (how long it can last related to freshness); which both characteristic relates to the inventory management and ultimately to the sale price in supermarket. While quantitatively, the vegetables are divided into two categories: the leaf vegetable group that the leaves are eaten as a vegetable with the aging product (a) = 0 and the shelf life (t) = 0, and the non-leafy vegetable group with the aging group (a) = a+1 and the shelf life (t) = t+1. The vegetable age (a) = 0 means they only last for one day when they are ordered then they have to terminate. Whereas a+1 is that they have a longer life for more than a day such as beet, white radish, and string beans. The shelf life refers to how long it will be placed in a shelf in supermarket in line with the vegetable age. According to the cost plus pricing method using full price costing approach, production costs, non-production costs, and markup are adjusted differently for each category. There is a holding cost added to the sale price of the non-leafy vegetable, yet it is assumed a 0 holding cost for the leafy vegetable category. The amount of expected margin of each category is correlated to the vegetable characteristics.
Modelling the impact of oil prices on Vietnam's stock prices
International Nuclear Information System (INIS)
Narayan, Paresh Kumar; Narayan, Seema
The goal of this paper is to model the impact of oil prices on Vietnam's stock prices. We use daily data for the period 2000-2008 and include the nominal exchange rate as an additional determinant of stock prices. We find that stock prices, oil prices and nominal exchange rates are cointegrated, and oil prices have a positive and statistically significant impact on stock prices. This result is inconsistent with theoretical expectations. The growth of the Vietnamese stock market was accompanied by rising oil prices. However, the boom of the stock market was marked by increasing foreign portfolio investment inflows which are estimated to have doubled from US$0.9 billion in 2005 to US$1.9 billion in 2006. There was also a change in preferences from holding foreign currencies and domestic bank deposits to stocks local market participants, and there was a rise in leveraged investment in stock as well as investments on behalf of relatives living abroad. It seems that the impact of these internal and domestic factors were more dominant than the oil price rise on the Vietnamese stock market. (author)
Commercial nuclear fuel from U.S. and Russian surplus defense inventories: Materials, policies, and market effects
Energy Technology Data Exchange (ETDEWEB)
Nuclear materials declared by the US and Russian governments as surplus to defense programs are being converted into fuel for commercial nuclear reactors. This report presents the results of an analysis estimating the market effects that would likely result from current plans to commercialize surplus defense inventories. The analysis focuses on two key issues: (1) the extent by which traditional sources of supply, such as production from uranium mines and enrichment plants, would be displaced by the commercialization of surplus defense inventories or, conversely, would be required in the event of disruptions to planned commercialization, and (2) the future price of uranium considering the potential availability of surplus defense inventories. Finally, the report provides an estimate of the savings in uranium procurement costs that could be realized by US nuclear power generating companies with access to competitively priced uranium supplied from surplus defense inventories.
Commercial nuclear fuel from U.S. and Russian surplus defense inventories: Materials, policies, and market effects
International Nuclear Information System (INIS)
Nuclear materials declared by the US and Russian governments as surplus to defense programs are being converted into fuel for commercial nuclear reactors. This report presents the results of an analysis estimating the market effects that would likely result from current plans to commercialize surplus defense inventories. The analysis focuses on two key issues: (1) the extent by which traditional sources of supply, such as production from uranium mines and enrichment plants, would be displaced by the commercialization of surplus defense inventories or, conversely, would be required in the event of disruptions to planned commercialization, and (2) the future price of uranium considering the potential availability of surplus defense inventories. Finally, the report provides an estimate of the savings in uranium procurement costs that could be realized by US nuclear power generating companies with access to competitively priced uranium supplied from surplus defense inventories
Joint decision of pricing and order quantity by considering product substitution in dual channel supply chain
Widodo, Erwin
Dual channel supply chain (DCSC) has been attracting many researchers' attention. Their contributions mainly are in two folds, namely pricing problem and inventory policy. However, research to address both pricing and inventory problems simultaneously are still scarce. Meanwhile in recent competitive market, product substitution is an unavoidable practice in fulfilling customer demand when the main product is unavailable. Thus how to decide price and order quantity by considering product substitution under DCSC setting is an interesting topic to address. In this paper, corresponding mathematical model incorporating such problem is proposed. This model consists of objective function measuring sales revenue and inventory cost, and some constraints to assure positive profit margin, interplaying price between online and offline channel, and positive demand. Two pricing schemes, namely Vertical Nash and Stackelberg Leadership are evaluated. The result shows that in any situation of substitution level, Vertical Nash solution provides higher financial performance than that under Stackelberg Leadership. In addition, this work's results have also revealed that there exist some threshold values differentiating when it is better off to apply Vertical Nash scenario an, when Stackelberg Leadership scenario is preferable.
Pricing hazardous substance emissions
Energy Technology Data Exchange (ETDEWEB)
Staring, Knut; Vennemo, Haakon
This report discusses pricing of emissions to air of several harmful substances. It combines ranking indices for environmentally harmful substances with economic valuation data to yield price estimates. The ranking methods are discussed and a relative index established. Given the relative ranking of the substances, they all become valued by assigning a value to one of them, the `anchor` substance, for which lead is selected. Valuations are provided for 19 hazardous substances that are often subject to environmental regulations. They include dioxins, TBT, etc. The study concludes with a discussion of other categories of substances as well as uncertainties and possible refinements. When the valuations are related to CO, NOx, SOx and PM 10, the index system undervalues these pollutants as compared to other studies. The scope is limited to the outdoor environment and does not include global warming and eutrophication. The indices are based on toxicity and so do not apply to CO{sub 2} or other substances that are biologically harmless. The index values are not necessarily valid for all countries and should be considered as preliminary. 18 refs., 6 tabs.
International Nuclear Information System (INIS)
Baena, D. Eduardo Martin
It looks like that all over the World things are changing. Many countries, Spain among them, where electricity regulations were usual, are changing their regulatory mainframe. Since January 1, 1998, electricity production is a deregulated activity in Spain. There has to be open market competition. Prices that are very important for the time coming, have to cover the production cost plus some profits in order to maintain the company profitability. This cultural change applies to all our production facilities, including nuclear power plants. Taking into account this new situation and the nuclear competitiveness, it is important for all of us to understand this issue. As it is well known, nuclear energy is capital intensive, that means it has to compete as base load units due to their low operating costs and their large capital ones. For that reason it is important to reduce as much as possible the operating and maintenance cost as well as the fuel one, which will allow nuclear plants to compete in marginal costs with others units. Nuclear energy, in Spain, is not going to fix the pool price but it has to recover some depreciation through it, the remaining being recovered by the recognition of an important part of the stranded cost. (author)
Pricing hazardous substance emissions
Energy Technology Data Exchange (ETDEWEB)
Staring, Knut; Vennemo, Haakon
This report discusses pricing of emissions to air of several harmful substances. It combines ranking indices for environmentally harmful substances with economic valuation data to yield price estimates. The ranking methods are discussed and a relative index established. Given the relative ranking of the substances, they all become valued by assigning a value to one of them, the `anchor` substance, for which lead is selected. Valuations are provided for 19 hazardous substances that are often subject to environmental regulations. They include dioxins, TBT, etc. The study concludes with a discussion of other categories of substances as well as uncertainties and possible refinements. When the valuations are related to CO, NOx, SOx and PM 10, the index system undervalues these pollutants as compared to other studies. The scope is limited to the outdoor environment and does not include global warming and eutrophication. The indices are based on toxicity and so do not apply to CO{sub 2} or other substances that are biologically harmless. The index values are not necessarily valid for all countries and should be considered as preliminary. 18 refs., 6 tabs.