Dissertations / Theses on the topic 'Price'
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1
Fulton, Chad. "Sectoral Prices and Price-setting." Thesis, University of Oregon, 2016. http://hdl.handle.net/1794/20495.
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This dissertation explores the price-setting behavior of firms both
theoretically and empirically. The first portion constructs a theoretical model
of price-setting in which firms are rationally inattentive: they cannot
perfectly attend to all sources of uncertainty. By accommodating multiple
sources of uncertainty within the model, it is possible to reasonably
calibrate key parameters of the model. This bolsters the case for rational
inattention as a microfounded alternative to ad-hoc mechanisms in order to
generate price-stickiness and it not only allows for multiple sectors but
demonstrates why their introduction is important.
The second portion contributes to the empirical literature exploring
disaggregated price series. Taking into account the lessons from the
theoretical model, a combination of dynamic factor and unobserved component
models are applied to explicitly model heterogenous dynamic processes for
sectoral prices. The key finding is that models with enforced homogenous
dynamics are outperformed under a variety of criteria. More importantly, models
with enforced homogenous dynamics can generate erroneous conclusions with
respect to the speed of price responses to aggregate and idiosyncratic shocks.
A large body of recent empirical work on price-setting, including the empirical
exercise described above, estimates a dynamic factor model using a relatively
simple and partially non-parametric method. This method is valid in large
samples, but alternative parametric methods exist that may be more efficient in
small samples. The final portion of this dissertation compares methods for the
estimation of dynamic factor models, including non-parametric, classical, and
Bayesian techniques. The results of a Monte Carlo experiment validate the use
of the partially non-parametric method, but find that the Bayesian approach
may provide weakly superior results.
2
Kane, Hayden. "Price Discovery Across Option and Equity Prices." Diss., The University of Arizona, 2014. http://hdl.handle.net/10150/325212.
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This paper measures the channels by which private information is incorporated in prices in the equity and option markets. Using a mispricing events approach and conditioning on the option market being the cause of the mispricing event, I analyse the subsequent behaviour of both the options and equity markets and I find that options markets play an important role in the price discovery process. When conditioning on option caused mispricing events, the equity price adjusts towards the options price to reconcile the prices. I find that around 40% of the option caused mispricing events contain information, and the equity prices adjust 35-40%, depending on the exchange, of the maximum discrepancy before prices reconcile. When the equity market causes the mispricing, the option market follows due to the autoquote mechanism. Additionally, I use Monte Carlo to assess the suitability of the Hasbrouck (1995) Information Share and Gonzalo-Granger (1995) Component Share measures in the option-equity context. I find that neither metric is suitable, however the Putnins (2013) Information Leadership metric is and the options market has on average a 35% information leadership share.
3
Chiu, Yu-him. "Price in the "birdcage" : an analysis of the price reform in the People's Republic of China since 1978 /." [Hong Kong : University of Hong Kong], 1992. http://sunzi.lib.hku.hk/hkuto/record.jsp?B13204865.
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Aulton, Anneliese Julia. "A theoretical and econometric analysis of agricultural futures markets and the implications for agricultural policy reform." Thesis, University of Nottingham, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.318297.
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Zhumadilov, Daniyar. "Price stickiness: Durability, Cost of Price Adjustment and Price Memory." Miami University / OhioLINK, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=miami1500057951315496.
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Syed, Iqbal Economics Australian School of Business UNSW. "Understanding price movements : measurement of price rigidity and pure price change." Awarded by:University of New South Wales. Economics, 2008. http://handle.unsw.edu.au/1959.4/41019.
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The primary focus of this thesis is on price movements at market levels. This thesis examines the measurement of two aspects of price movements: the degree of price rigidity and pure price change. Price is defined to be rigid if its response to a demand or cost shock is slow and the magnitude of adjustment is proportionately less than the shock. Price rigidity is one of the critical issues in the microfoundations of macroeconomics, and its importance has been documented at least since Keynes' (1936) The General Theory of Employment, Interest and Money. Regarding pure price change, in many markets the measurement of pure price change is difficult to obtain because the observed prices are contaminated by quality and compositional changes in the products. The literature on price indexes emphasises the importance of accounting for quality change at the market level. These issues will be explored in this thesis. The chapters of this thesis provide distinct but complementary contributions to the literature of price movement. Chapter 2 uses vector error correction models to estimate the degree of price rigidity in the retail coffee markets of 17 different countries. A stylised fact that emerges from the work is that price adjustment typically occurs within two quarters after a shock is imposed. In terms of the magnitude of price changes, prices are found to be more rigid to cost shocks than to foreign shocks. Chapter 3 explores the extent to which products follow systematic pricing patterns over their life cycle and the impact this has on the measurement of inflation. A number of specifications of hedonic models have been applied to data on supermarket and electronic products. Strong evidence of systematic life cycle effects has been found. Chapter 4 develops an hedonic regression model to construct multilateral indexes-indexes that are consistent across time and space-in housing markets. The set-up of the hedonic model attains some desirable properties, both in terms of statistical and index number perspectives. Applied to house prices in Sydney, the model generated some interesting results, including that the cheaper regions exhibit greater price dynamics than the more expensive regions. Some potential areas for further research are also considered.
7
Acree, E. Bryan. "Volatility spillovers in international equity markets." Thesis, Georgia Institute of Technology, 1996. http://hdl.handle.net/1853/30969.
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Currie, Martin, and Ingrid Kubin. "Fixed price dynamics versus flexible price dynamics." Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 2005. http://epub.wu.ac.at/114/1/document.pdf.
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This paper contrasts the dynamical behaviors of fixed and flexible price regimes for a monopolistically competitive manufacturing sector in which firms base decisions on expectations about product demands. (author's abstract)Series: Department of Economics Working Paper Series
9
趙汝謙 and Yu-him Chiu. "Price in the "birdcage": an analysis of the price reform in the People's Republic of China since 1978." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1992. http://hub.hku.hk/bib/B31210235.
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Hansson, Göran. "Såld spannmål av kyrkotionden : Priser i Östergötland under Sveriges stormaktstid." Doctoral thesis, Umeå University, Economic History, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-796.
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The thesis presents annual price series for rye and barley in Östergötland during the period 1592-1735. Prices of wheat, oats, animal products, building materials, iron, nails, horse shoes and horse shoe nails from about the mid-17th century up to 1735 are also presented and analysed. New data has been excerpted from four hospitals and about fifty parishes in Östergötland. Prices from other provinces have also been excerpted for the study. This nes data is compared to already published prices from Sweden´s capital and from several provinces in central parts of the western national region of Sweden of that time. This area constituted Sweden´s core region. By linking the studies results to previous research, a description is made of the price developments for rye, butter and tallow up to 1775, that is, during Sweden´s period of great power and age of freedom. A principal result for the roughly 150 years primarily covered by the thesis is that it was chiefly the prices of rye and barley, the most important food at the time, that fluctuated in twelve cycles. Periodically there were large fluctuatons. The price cycles for corn (half rye, half barley) had an average amplitude of somewhat more than 100 % and a duration of 11 years on average. The prices were on average higher further north in the country. The causes of the price fluctuations are complex. During the major part of the period studied, Sweden was at war or in armistice period, which occupied a large part of the male population. Politically, increasingly great power was gradually concentrated to the king and autocracy was introduced, culminating at the end of Charles XII´s regency. The peasantry was burdened by high taxes and other onuses. After the middle of the 17th century the country was no longer self-subsistent but largely dependent on corn import. The production of foddstuffs decreased, partly through a smaller part of the country´s resources beeing used for production, and partly due to bad harvests. Recurrent epidemics reduced the population even up to the early 18th century.
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Ylinen, Linnea, and Aldina Dervic. "What determines housing prices? : Characteristic´s impact on prices using hedonic price model." Thesis, Mälardalens högskola, Akademin för ekonomi, samhälle och teknik, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-43736.
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Mukherjee, Sudipta. "Three Essays on Price Framing and Price Perceptions." Diss., Virginia Tech, 2019. http://hdl.handle.net/10919/100988.
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This dissertation focuses on contextual frames that influence how consumers perceive prices and how that in turn affects their product evaluations and consumption decisions. This research consists of three essays and attempts to further the understanding of contextual factors that affect how consumers perceive prices (essay 1) and how perceptions about prices influence product inferences (essay 2) and decision making (essay 3). While there is a substantial body of research on price framing and price perception, my research identifies and attempts to fill some important gaps in the existing research.
In my first essay, I introduce a new price framing effect – the upper limit framing effect. This essay shows that framing the upper limit of a price estimate as less than vs. not more than can result in systematic differences in perceptions regarding the underlying price. This research contributes to the existing price framing research, which primarily focuses on set prices, by investigating price estimates. It also makes important contributions to the temporal and monetary costs and semantic framing literatures and to the literature on negations.
In my second essay, I contribute to the existing perceived price-quality research that primarily concerns only the market prices. This essay shows that consumers over-apply the
perceived price-quality heuristic when setting product prices by themselves (self-decided prices). Specifically, this research shows that contextual factors that affect self-decided prices in turn influence product inferences, with the relationship between contextual frame and product inferences being mediated by self-decided prices.
In my third essay, I contribute to the existing price framing research by showing that in the context of multiple price presentation, the price presentation order (ascending vs. descending) affects the perceived importance of price in the decision making – an effect I term as the price order effect – an effect that is explained by prospect-theory driven loss aversion. Specifically, this research shows that descending (vs. ascending) price presentation order results in significantly lower perceived importance of price in the decision making process which in turn influences subsequent consumption decisions.
In addition to the individual contributions of each essay, this dissertation makes an overall contribution to the price framing and price perception research by identifying new price framing effects and by furthering the understanding of how consumers perceive prices and how perceptions about price influences consumer decision making.Doctor of Philosophy
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Karagol, Tuba. "A Study Of Housing Prices In Ankara." Master's thesis, METU, 2007. http://etd.lib.metu.edu.tr/upload/12608958/index.pdf.
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Housing price studies is the first step of housing market analysis. Prices are determined at the
intersection point of supply and demand curves, which determine equilibrium point that
represents equilibrium price and quantity level. At a point in time demand factors are more
important in determining the prices because short-run supply curve is almost vertical.
However, in the long run supply of housing, and its certain attributes, will increase if price
premium arises in the previous periods.
In most of the studies, house prices are analyzed by using hedonic price index technique,
which enables us to have information about the demand side of housing sector. In the hedonic
price framework, heterogeneous goods are considered as aggregations of characteristics, and
implicit marginal prices for these characteristics are calculated. When &lsquoHedonic Price Analysis&rsquo
is applied to the housing sector, it shows us the price of each housing attribute and gives information about the preferences and willingness to pay of the people for each attribute. Therefore, at the end of such an analysis it is possible to see which attributes are valued most by house buyers in the city. The aim of this thesis is to reveal the implicit prices of housing attributes in the housing market of Ankara, for the year 2006, with the purpose of gaining more information about the demand side of the housing sector. For this purpose, hedonic pricing method is used with the data that are extracted from appraisal reports which include information about main attributes and estimated price of each dwelling unit.
14
Ulmer, Christopher. "Strike Price." Digital Commons at Loyola Marymount University and Loyola Law School, 2011. https://digitalcommons.lmu.edu/etd/66.
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Ma, Po-yee Pauline, and 馬寶兒. "The heteroscedastic structure of some Hong Kong price series." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1989. http://hub.hku.hk/bib/B31976062.
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Lagin, Madelen. "Assumptions of retail price strategy and price tactic decisions." Licentiate thesis, Högskolan Dalarna, Företagsekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:du-20771.
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This licentiate thesis sets out to analyse how a retail price decision frame can be understood. It is argued that it is possible to view price determination within retailing by determining the level of rationality and using behavioural theories. In this way, it is possible to use assumptions derived from economics and marketing to establish a decision frame. By taking a management perspective, it is possible to take into consideration how it is assumed that the retailer should strategically manage price decisions, which decisions might be assumed to be price decisions, and which decisions can be assumed to be under the control of the retailer. Theoretically, this licentiate thesis has its foundations in different assumptions about decision frames regarding the level of information collected, the goal of the decisions, and the outcomes of the decisions. Since the concepts that are to be analysed within this thesis are price decisions, the latter part of the theory discusses price decision in specific: sequential price decisions, at the point of the decision, and trade-offs when making a decision. Here, it is evident that a conceptual decision frame that is intended to illustrate price decisions includes several aspects: several decision alternatives and what assumptions of rationality that can be made in relation to the decision frame. A semi-structured literature review was conducted. As a result, it became apparent that two important things in the decision frame were unclear: time assumptions regarding the decisions and the amount of information that is assumed in relation to the different decision alternatives. By using the same articles that were used to adjust the decision frame, a topical study was made in order to determine the time specific assumptions, as well as the analytical level based on the assumed information necessary for individual decision alternatives. This, together with an experimental study, was necessary to be able to discuss the consequences of the rationality assumption. When the retail literature is analysed for the level of rationality and consequences of assuming certain assumptions of rationality, three main things becomes apparent. First, the level of rationality or the assumptions of rationality are seldom made or accounted for in the literature. In fact, there are indications that perfect and bounded rationality assumptions are used simultaneously within studies. Second, although bounded rationality is a recognised theoretical perspective, very few articles seem to use these assumptions. Third, since the outcome of a price decision seems to provide no incremental sale, it is questionable which assumptions of rationality that should be used. It might even be the case that no assumptions of rationality at all should be used. In a broader perspective, the findings from this licentiate thesis show that the assumptions of rationality within retail research is unclear. There is an imbalance between the perspectives used, where the main assumptions seem to be concentrated to perfect rationality. However, it is suggested that by clarifying which assumptions of rationality that is used and using bounded rationality assumptions within research would result in a clearer picture of the multifaceted price decisions that could be assumed within retailing. The theoretical contribution of this thesis mainly surround the identification of how the level of rationality provides limiting assumptions within retail research. Furthermore, since indications show that learning might not occur within this specific context it is questioned whether the basic learning assumption within bounded rationality should be used in this context.
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Martins, Ana Patrícia da Silva. "Impact of CO2 price in electricity price: MIBEL's case." Master's thesis, Universidade de Aveiro, 2012. http://hdl.handle.net/10773/10861.
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Mestrado em EconomiaO custo das licenças de emissão de dióxido de carbono é um custo de oportunidade para as industrias afetadas, uma vez que essas licenças de emissão podem ser transacionadas no mercado. Particularmente no sector elétrico esta questão tem despertado a atenção do público, devido à possibilidade de incluir este custo de oportunidade no preço da eletricidade, gerando lucros adicionais para as centrais. Para avaliar a existência desta passagem de custos no recém criado Mercado Ibérico de Eletricidade, recolhemos dados sobre os preços das licenças de emissão de CO2, do combustível e da eletricidade, e utilizamos o modelo do vetor autorregressivo (VAR). Concluímos que há evidencia de passagem de custos do CO2 para o preço da eletricidade, sendo este ligeiramente mais elevado em Portugal do que em Espanha. A passagem de custos do CO2 parece ser maior no pico da carga do que na carga base.
The cost of carbon emission allowances is an opportunity cost for industries affected, since these allowances can be traded in the market. Particularly in the electrical sector this issue has triggered public attention, due to the possibility of including this opportunity cost in the electricity prices, generating windfall profits for utilities. To assess the existence of this pass-through in the newly created Iberian Electricity Market, we collect data on prices of electricity, fuel and CO2 allowances, and we use a Vector Autoregressive (VAR) Model. We conclude that there is evidence of CO2 cost pass-through to the electricity price, being a slightly higher in Portugal than in Spain. The CO2 cost pass-through still seems to be higher at peak load than at base load.
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Jeong, Heon Mok. "Stock price reversals : market microstructure and intraday price movements." Connect to resource, 1993. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1266069236.
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Gamba, Anthony <1993>. "Modelling electricity price and determination of the futures price." Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/16331.
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We discuss the characteristics of the electricity and its price in order to find suitable models for the specification of the fair futures price. The non-storability feature makes this commodity different from the others bringing several consequences in the determination of its price. Another difference with other commodities is that electricity has regional markets instead of global markets due to the fact that it is not simple to transport energy. It is also linked to other commodities such as natural gas because electricity can be produced from other sources of energy, and of course, this contributes to the formation of power prices. The consumption of electricity is also linked to the weather, so its usage is conditional to the seasons, implying evidence of seasonality in its time series. All these interesting features forced the researchers to find appropriate models to explain the behaviour of electricity spot prices because these models can be used for the determination of the forward prices. In this thesis we analyse the characteristics of electricity and its price, we discuss some of the models used in literature for the power price and the models to determine a fair futures price. The final part of the thesis is dedicated to the application of a model for the electricity spot price using real market data. Then, we want to determine if this model is a good choice for the determination of futures prices using futures contracts traded in the market.
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McKay, Sarah Michele. "Understanding Organic Prices: An Analysis of Organic Price Risk and Premiums." Thesis, Virginia Tech, 2016. http://hdl.handle.net/10919/71677.
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Organic food products are produced without synthetic chemicals, including herbicides, pesticides, and fertilizers. Food grown in organic systems that are certified organic by the United States Department of Agriculture command a price premium, whether it is direct to consumer via farmers markets or in conventional grocery stores. Organic food and food products are representing a relatively larger portion of overall food sales in recent years, and the demand for organic meat has also increased. However, there is a lack of available U.S.-grown organic grains and soybeans to feed the growing number of organic certified livestock to produce organic meat to meet this demand. This shortage results from many factors, yet is primarily due to organic production requirements for significantly more land and operating capital when compared to conventionally grown counterparts. There is a lack of information detailing the relative costs and returns of organic grain production, and, limited understanding of organic premiums. The overall goal of this study is to examine differences in price levels between organic and conventional corn, soybeans, wheat, oats, and barley between 2007 and 2015, as well as factors that may affect the organic premium. For organic grain and soybean producers, study findings reveal that the least risky organic commodities to grow include corn and soybeans, especially if sold in the cash market. However, the author suggests that growers may consider growing wheat, barley, and oats if they have a buyer willing to contract in advance to ensure a premium and reduce price risk. For purchasers of organic grains and soybeans, including major food companies as well as livestock producers, it is recommended they continue to study developments in organic grain supplies as producers continue to consider adoption of organic production methods.Master of Science
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Lindenblatt, Andreas [Verfasser], and Switgard [Akademischer Betreuer] Feuerstein. "Essays on prices and price convergence / Andreas Lindenblatt ; Betreuer: Switgard Feuerstein." Heidelberg : Universitätsbibliothek Heidelberg, 2015. http://d-nb.info/118049993X/34.
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Magnusson, Amanda, and Lina Makdessi. "Is there a relationship between oil prices and house price inflation?" Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Nationalekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-44471.
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The purpose of this thesis is to investigate further whether oil price has an effect on house price inflation and additionally if it has a link to house price turning points. The methodology is grounded on the previous research paper made by Breitenfellner et al. (2015). The results are based on quarterly data from the countries; Finland, Denmark, Norway and Sweden through the time span of 1990-2018. A linear fixed regression model was performed including the explanatory variables of monetary policy and credit developments, macroeconomic fundamentals, housing market variable and demographic variables. Secondly, a logit model was used to identify a relationship between oil price and house price turning points. The model used misalignment made from GDP per capita and real interest rate. The empirical analysis confirms that there is a positive relationship between oil prices and house price inflation. This evidence contradicts a major share of previous research papers (see Bernanke, 2010; Kaufmann et al., 2011). However, there are also some previous papers (see Yiqi, (2017); Antonakakis et al., 2016) and theoretical linkages in line with a positive correlation. Concerning, the oil price and house price inflation no empirical significance was found regarding their relationship. For future research, one could include regional aspects for the purpose of controlling for geographical differences.
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Busse, Meghan Ruth. "Price competition and advertising : stragetic price coordination, price war leaders and followers, and financial constraints on advertising." Thesis, Massachusetts Institute of Technology, 1997. http://hdl.handle.net/1721.1/10320.
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Bastos, Maria Isabel Rodrigues. "Price discovery and price transmission within CO2 European financial markets." Master's thesis, Universidade de Aveiro, 2010. http://hdl.handle.net/10773/5333.
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Mestrado em EconomiaO desenvolvimento económico iniciado com a revolução industrial nos finais do século XVIII, deu origem a níveis crescentes de poluição em todo o mundo. O esgotamento dos recursos naturais, preço pago por todas as amenidades criadas, levou os governos mundiais a procurarem um acordo internacional que limitasse o aumento da poluição. A primeira tentativa a, conseguir o consenso internacional foi o Protocolo de Quioto, que entrou em vigor a 16 de Fevereiro de 2005, 90 dias após a ractificação da Rússia. Nele, 54 países concordaram reduzir em 20% as emissões dos Gases com Efeito de Estufa (GEE), até 2020 e com base nas emissões verificadas em 1990. No seguimento da assinatura do Protocolo de Quioto, a União Europeia pôs em marcha o seu próprio plano de controlo das emissões de carbono, designado por “European Union Emission Trading Scheme (EU-ETS)”, que, desde então, tem liderado os movimentos mundiais para o controlo do CO2. Enquadrando-se nas linhas gerais de Quioto, o EU-ETS foi implementado através duma directiva europeia com o objectivo global de fazer incorporar nos custos de produção as externalidades causadas pelas emissões poluentes e promover o investimento em tecnologias limpas, impondo limites máximos (“caps”) às emissões de cada país e instituindo esquemas específicos para a comercialização de carbono, com vista à mitigação das emissões já emitidas. Alguns anos depois do lançamento do EU-ETS, surgiram os produtos financeiros de carbono. Até ao momento os mercados de emissões ainda não foram estudados de forma consistente, duma perspectiva financeira, e são ainda necessárias novas investigações académicas sobre o tema específico da dinâmica da formação dos preços dos EUA, dos CER e de todos os restantes activos de carbono, incluindo os seus derivados. Assim sendo, e com base na informação publicada pela European Energy Exchange (EEX) ao longo de um período de mais de cinco anos, a presente dissertação procura avaliar qual dos mercados – spot ou forward – lidera o processo de formação do preço do carbono. Após a análise estatística das características dos dados, analisaremos ao pormenor os preços spot e os preços dos futuros de carbono, focando-nos nos conceitos mais importantes dos commodity markets: o convenience yield, o prémio de risco e a relação entre estas duas variáveis. Ao analisarmos os preços dos futuros de carbono duma perspectiva ex-post para verificar se existe evidência empírica para um prémio de risco positivo, concluímos que se verifica uma relação negativa entre os prémios de risco e o time-to-maturity de cada activo em análise. Ao investigarmos quais os factores que influenciam os prémios de risco e o convenience yield, obtemos resultados que sugerem que ambos são afectados negativamente pela volatilidade do preço spot, e que o preço tem um impacto positivo no convenience yield; mais, vemos que no geral os convenience yields influenciam de forma positiva os prémios de risco. Sendo variáveis os resultados obtidos em função da Fase do Protocolo Quioto a que dizem respeito os activos analisados e das respectivas maturidades, há evidência de que os direitos de emissão - e o EU-ETS em particular – parecem estar a atingir os resultados procurados no que diz respeito à protecção do ambiente, reduzindo os GEE. Há também indícios crescentes de que as incertezas quanto à viabilidade futura do EU-ETS estão a diminuir. Como suporte à definição de políticas, destacamos a evidência empírica de que as externalidades provocadas pelos GEE já estão a ser incorporadas nas estruturas de custo dos agentes económicos, nomeadamente nos preços da electricidade. Contudo, a permissão do short-selling e do banking entre períodos sucessivos do Protocolo de Quioto poderia aumentar a liquidez e melhorar a eficiência do mercado de carbono. Por último, os factores combustíveis (carvão, gás e petróleo), condições climatéricas e restrições do mercado, revestiram-se de particular interesse ao evidenciar a relação dos contratos de CO2 com a intensidade de consumo de energia, nomeadamente com os mercados electricidade (spot e de futuros).
World economic development, starting with industrial revolution in the late 18th century, has led to increasing pollution levels all over the world. Depletion of natural resources has been the result and the price paid for all the amenities and comfort bring by development. Because of this, world governments decided to try to find a consensual way to control pollution escalation. The first successful international attempt to do that is known as „The Kyoto Protocol‟ and entered into force on 16 February 2005, 90 days after its ratification by Russia. There, 54 countries put forward the overall goal of reducing GHG emissions by 20% below 1990 levels, until 2020. Following Kyoto Protocol signature, European Union has implemented its own carbon control scheme, the so-called European Union Emission Trading Scheme (EU-ETS), which leads the carbon control worldwide movements, since then. With the general aim of incorporating externalities caused by pollution in the production costs and to foster investment in clean technologies, the EU-ETS was launched through an EU directive. Within Kyoto framework, this new EU ETS imposed emission‟s caps over each European country and established specific carbon trading schemes to mitigate emitted pollution. Some years after the launching of EU ETS, carbon financial products have also developed all over international Stock Exchanges. So far, emission markets have not yet been consistently studied from a financial point of view and we still have a lack of academic work on the specific subject of pricing dynamics of the EUAs, CERs and other carbon assets, as well as its derivatives. So, using European Energy Exchange data with a time spam of more than five years, this thesis attempts to evaluate which market – spot or forward – leads the carbon price discovery process. We focus specifically on carbon future prices and on carbon spot prices, analysing them in a most thorough way. After analyzing the statistical properties of data, we focus on the most important concepts in the commodity markets: the convenience yield, the risk premium and the relationship between these variables, for the Exchange under analysis. We analyze carbon futures prices from an ex-post perspective to find if there is evidence for significant positive risk premia and conclude that a negative relationship between risk premia and time-to-maturity does exist. When testing for factors influencing risk premia and convenience yields, we obtain results implying that spot price volatility impact negatively both of them and that the price itself impact the convenience yield in a positive way; more, generally convenience yields influence risk premia in a positive way. Results change depending on the Kyoto Protocol Phase and on the characteristics of the assets used, but seem to confirm that uncertainties about the future of the EU ETS are disappearing. So, we can assume that allowances appear to be producing the desired results, in terms of environmental protection. For policy, empirical evidence found that there is already a pass-through of externalities caused by GHG costs into the cost structure of economic agents, influencing namely electricity prices. The EU ETS seems, though, to fulfil its goal of reducing GHG emitted. Nevertheless, allowing short-selling and banking between successive Kyoto periods could increase liquidity and improve market efficiency. Finally, the role of fuels (coal, gas and oil), weather and market constraints, was found to be of particular interest relating CO2 contracts to energy consumption intensity, namely to electricity spot and futures markets. Moreover, the recently created liberalized electricity market throughout Europe encouraged the development of environmental protection policies since newly carbon financial contracts emerged in this context.
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Bryan, Robin L. "Hedonic price indices for military vehicles and trailers." Thesis, Virginia Polytechnic Institute and State University, 1987. http://hdl.handle.net/10919/104326.
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Lim, Cheng Hoon. "The UK housing market : theory and evidence." Thesis, University of Cambridge, 1994. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.320114.
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Al-Wattar, Obey M. "On price inflation." Thesis, University of Southampton, 1986. https://eprints.soton.ac.uk/192475/.
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This thesis seeks to analyse price inflation under oligopoly capitalism. Its central argument is that under oligopoly capitalism, price inflation is a structural phenomenon. For a greater understanding of that phenomenon, the adoption of the inter-industrial approach for its analysis seems essential. According to this approach, price inflation can be initiated in a single industry or in an industry group. The initiating factor may be an increase in the mark-up, an increase in the money wage rate or an increase in the foreign currency price of an imported input. It can also be initiated by devaluation. The input-output matrix, the core of the economic system, is the key to the transmission of inflationary impulses (in the form of higher unit cost) from one industry to another. Real wage resistance, rigid mark-up resistance, and rigid foreign resistance do no more than perpetuate or worsen the inflationary experience. The inflationary process itself has a dual role to play. It acts as a mechanism for shifting income distribution in favour of one section of the society against another and as a mechanism for changing the price structure. The author argues that the abandonment of the macroeconomic approach to the analysis of price inflation and its replacement by the inter-industrial approach is the first step for serious analysis of that structural phenomenon.
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Aghi, Nawar, and Ahmad Abdulal. "House Price Prediction." Thesis, Högskolan Kristianstad, Fakulteten för naturvetenskap, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-20945.
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This study proposes a performance comparison between machine learning regression algorithms and Artificial Neural Network (ANN). The regression algorithms used in this study are Multiple linear, Least Absolute Selection Operator (Lasso), Ridge, Random Forest. Moreover, this study attempts to analyse the correlation between variables to determine the most important factors that affect house prices in Malmö, Sweden. There are two datasets used in this study which called public and local. They contain house prices from Ames, Iowa, United States and Malmö, Sweden, respectively.The accuracy of the prediction is evaluated by checking the root square and root mean square error scores of the training model. The test is performed after applying the required pre-processing methods and splitting the data into two parts. However, one part will be used in the training and the other in the test phase. We have also presented a binning strategy that improved the accuracy of the models.This thesis attempts to show that Lasso gives the best score among other algorithms when using the public dataset in training. The correlation graphs show the variables' level of dependency. In addition, the empirical results show that crime, deposit, lending, and repo rates influence the house prices negatively. Where inflation, year, and unemployment rate impact the house prices positively.
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Wlazlowski, Szymon S. "Asymmetric price transmission." Thesis, Aston University, 2008. http://publications.aston.ac.uk/10899/.
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Xiang, Shu Yuan, and 向淑媛. "The consumers' perceptions of price changes:bundle price versus component prices." Thesis, 1995. http://ndltd.ncl.edu.tw/handle/04831028157945615676.
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Lee, Ya-Wen, and 李雅雯. "Price regulation, competitions and pharmaceutical prices." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/89x895.
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碩士國立陽明大學
醫務管理研究所
106
Background: Most prescription drugs are reimbursed by the National Health Insurance (NHI) System in Taiwan. To curb drug expenditures, the NHI administration (NHIA) implemented price regulations [price-volume scheme (PVS) and drug expenditure target (DET)] for off-patent drugs and encouraged competitions from generic drugs. Purpose: This study aims to investigate the influence of price regulations and generic competitions on drug expenditures and drug prices. Methods: Using NHIA public data and database from IQVIA, we evaluated the market shares and prices of generic drugs and brand-name drugs among the following drug categories from 2000 to 2017: anti-infectives for systemic use (8 brand/33 generic drugs), antineoplastic and immunomodulation agents (4 brand/16 generic drugs), cardiovascular system medications (8 brand/88 generic drugs) and nervous system medications (10 brand/52 generic drugs); in total, 219 drugs were included. Descriptive statistics on percentage of price cut and market shares were presented. Linear and Probit regressions were used to evaluate the impact of generic competition on the market shares of brand-name drugs. Result: From 2007 to 2017, reimbursement price decreased by 41.17%, prescription drug quantity increased by 65.08% and total drug expenditure of NHIA decreased by 2.88%. Regarding the price regulations, the impact of PVS was greater than that of DET with an additional 3.48% on price reduction. Under the DET scheme, the impact on generic drug price reduction were 5.83% lesser than that of brand-name drugs. In Taiwan, market shares of brand-name drugs on average decline by 3.96% per generic drug entry. Market shares and prices of drugs categorized as anti-invectives for system use were most likely to be affected by generic competitions. Conclusion: Although prices of brand-name and generic drugs did reduce under the price regulations led by NHIA, the price cut of generic drug price was limited due to imperfect market competition. Price regulations to maintain a stable, yet competitive environment among brand and generic drugs are essential for healthy market competition. Pharmaceutical companies should also focus more on product innovation and differentiation along with price competitions.
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Stevenson, Alan J. "Price relationships between resource based stock prices and commodity prices." 2004. http://hdl.handle.net/1993/15768.
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Lin, Tsai-Yun, and 林彩雲. "The Impacts of Oil Price and Natural Rubber Price on Stock Prices: Evidence from Taiwan Tire Companies." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/65519721716784369540.
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碩士大葉大學
管理學院碩士在職專班
99
There exists an interactive relationship between the crude oil price and chemical raw material price. The fluctuation of crude oil price will affect the manufacturing cost of the up-stream industries, and lead to changes in the cost of all industries. As a member of petrochemical industry, rubber industry responses directly and rapidly to the fluctuation of the crude oil price and the natural rubber price. Therefore, this study takes Taiwan four listed tire companies (CST, KENDA, FEDERAL, and DURO) as the objects of the study, and discusses how the crude oil price and the natural rubber price affect the stock price of the four listed tire companies. After a rigorous empirical diagnosis process, the study obtains the following conclusion: Among the four listed tire companies, besides CST, the results show that there exists cointegration relationship in the stock price of other three companies (KENDA, FEDERAL, and DURO), natural rubber price and the crude oil price. Further more, the impacts of the crude oil price and the natural rubber price on KENDA, FEDERAL and DURO have no significant relationship during short period of time by observing ECM Model. Then, this study also uses VAR Modle to discuss the impacts of the crude oil price and the natural rubber price on the stock price of CST. And the result has no significant relationship during short period of time.
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Lee, Hsin-yi, and 李心怡. "Commodity Price Control and Price Stabilization." Thesis, 1997. http://ndltd.ncl.edu.tw/handle/26284806252873101040.
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Lin, Tzu Chi, and 林子琪. "Price Limit and Stock Price Forecast." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/dt6hs4.
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碩士國立交通大學
財務金融研究所
104
There is the rule of price limit in Taiwan stock market. When the stock price hits the limit, we can’t observe the equilibrium stock price. This study examines the models from Holder, et al. (2002) and Egelkraut, et al. (2007) in the stock option market for predicting the equilibrium stock price. Finally, the method of synthetic option is suggested, because it’s error is smaller than the method of SEA and it has higher explanatory ability relative to SEA.
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Tang, Ning, and 唐寧. "Competition under price-affected reference price." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/96481025106596288099.
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碩士國立中央大學
工業管理研究所
100
In the reality, there has more competition in the market, which change the customers’ purchase behavior rapidly. We construct a model to sell a product during a fixed selling period for compete suppliers. In our study, we use the reference price function to present the customers utility distribution. The concept of a reference price asserts that consumers make decisions based on both actual and perceived prices. We incorporate the term "reservation price" to refer to these internal reference price levels and “selling price” to refer to these external reference price levels for finding that how reference prices affect the customer’s perceptions of the product. We model the customer’s utilities of the product, proposed a model that reference price distribution is affected by price. In this paper, two models are developed to describe and illustrate how the customers’ reference price change in the competition. In model 1, suppose we are the entrants of specific product market, we find out that the total profit of specific market will decrease and customers’ reference prices will decrease, too. Moreover, discount activity is a good way to increase customers’ perception of product in short-term. Besides, we apply model 2 to realize how the competition affect customers’ reference price when the common brand and the luxury brand in the different market respectively and in the same market. The customers’ reference prices in different brands will influence each other. The contribution to the pricing literature is two fold. First, the relationship between reference prices and customer’s perceptions of the product has not been modeled and estimated in previous literature and we do so in this paper. Second, we believe our results have implications for retail managers. Modeling the impact of reference prices enables retailers to better manipulate the perceived transaction value—that is, the pleasure buyers get from taking advantage of a price deal.
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TSO, TZU-CHIEN, and 卓子見. "A Study on the Price Movement of Alumni Prices." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/vmcnm6.
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碩士東海大學
高階經營管理碩士在職專班
105
This study shows the major economic indicators which impact the price movement of international alumni price in different levels or facts, to understand the international economic situation through related indicators, and to build the forecast model of international alumni price in order to provide company with purchase reference. This study begins with descriptive statics and causality test to understand the economic indicators that affect the price of aluminum raw material, observe the interaction between each other. Further, using the regression analysis to figure out the key economic indicators, and establish the determination variables which predict the main price trend of international aluminum raw materials. The result of empirical analysis shows the key factors which affect the change of international alumni price are supply chain of aluminum, future price of aluminum, global oil price, US dollar index, industrial production, and price index. Moreover, future price of aluminum has the most impact on short-term changes, followed by supply of aluminum; movement of long-term international alumni price would be affected by global oil price, US dollar index, industrial production and price index. In addition, the results of analyzing the impact of alumni price are different based on different levels or facts. From supply perspective, international alumni price has negative correlation with supply and demand. After 2008, the demand increased in China due to expansion, but since the supply amount in the meanwhile was still larger than the demand amount which causing the price going in negative way. From demand perspective, international alumni price has positive correlation with economic development in global major countries, which leads the growth of alumni demand and makes the international alumni price increases. From cost perspective, international alumni price has positive correlation with global oil price in the short term, but it has negative correlation in the long term, because when the global oil price increases, not only reflects the economic development but also includes the future price increases. From currency perspective, US dollar index has the negative correlation with global oil price, which represents the losses caused by the changes in exchange rate within trade and would result in the change of alumni price. From the speculation perspective, international alumni price is highly relevant to 3-month future prices of aluminum in London Metal Exchange (LME), and this describes the efficiency of using as prediction, as well as international alumni price has characteristic of price-finding.
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Jiyana, Thelma Thobile. "Comparison of price-prediction models in forecasting commodity prices." Thesis, 2020. https://hdl.handle.net/10539/31132.
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A research report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Science in Engineering, 2020Commodity price is one of the vital inputs in mining projects valuations. If high incorrect price is used, the project will be overvalued. Subsequently, an uneconomic project may be commissioned and fail to yield expected targets. If a low incorrect price is used, the project will be undervalued. Consequently, an economic project may be shelved or abandoned due to an incorrect price being used. Mining companies are price takers; therefore, it is important to be able to apply an appropriate commodity price during valuation. However, it is difficult to predict commodity prices due to numerous uncertain factors that influence the price movements such as technology, supply, demand and macro-economics. The impact of global events further complicates the price prediction process. There are various price prediction models that can be used to predict commodity prices with a certain degree of confidence such as mean reversion, autoregressive moving average, variants of conditional variance, dynamic model averaging and dynamic model selection. However, these models are based on different assumptions yielding different results. Copper and gold commodities were selected for this study in order to compare the forecast accuracy of the commonly used price-prediction models. Copper was selected because it is regarded as a reliable indicator for the strength of the market due to its widespread application in all sectors. A rising copper price suggests a strong economy and the converse is true. Gold was selected because it is affected by various factors such as business cycle, exchange rate, stock price and interest rate. Given that gold price movement is affected by numerous factors, it is important to investigate if there is a price prediction model that can be able to forecast the price of gold. The prices of these commodities were sourced from Market Index website. This research study selected the most commonly used models to predict copper and gold prices. Python and MATLAB programming languages were used to apply these models because of availability and simplicity. The price-prediciton models used were Autoregressive Integrated Moving Average (ARIMA) and Glosten, Jagannathan, and Runkle Model (GJR). The selected model parameters were ARIMA (9, 1, 9) and ARIMA (7, 1, 7) for copper and gold price prediction. GJR (1, 1) model was used for both copper and gold volatility forecasting. The measurement of forecast accuracy used was MAPE since it varies between 0 and 1, thus it is not influenced by the scale of the time series. Both ARIMA and GJR models considerably failed to forecast the commodity prices. For the purpose of comparison, the results showed that ARIMA (9, 1, 9) and ARIMA (7, 1, 7) models are only suitable to forecast copper and gold prices over a short-term, that is, periods less than three years. It was also found that GJR (1, 1) model yielded superior results when forecasting copper and gold prices conditional variances for periods over five years. Based on the findings of this study it is recommended that ARIMA (9, 1, 9) and ARIMA (7, 1, 7) models be used to forecast copper and gold prices over one-year and three-year periods. When forecasting price movements over three years, then GJR (1, 1) is recommended to forecast price volatility up to a seven-year period
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Chiou, Ling-Yi, and 邱令儀. "The Relationships between Consumer Price Index and Gold Prices." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/xz99wk.
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碩士國立臺灣大學
農業經濟學研究所
105
This thesis studies the relationships between consumer price index and gold prices and discusses whether gold serve as an inflation-hedge in Taiwan, China, Russia and the United States from January 2007 to December 2016. Using the monthly data of consumer price index and London gold price pm fixing, we examine the data via unit root test, cointegration test, vector error correction model (VECM) and vector autoregressive model (VAR). This thesis finds the cointegration relationships between gold prices and consumer price index in Taiwan and the United States and the VECM analysis indicated that gold prices have a short-term effect on consumer price index in Taiwan. In addition, the VAR analysis indicated that consumer price index in China has a short-term effect on gold prices; moreover, there are no long-term or short-term significant relationships between gold prices and consumer price index in Russia. According to the results, it provides the suggestion to investors of gold investment. For example, there is the cointegration relationships between gold prices and consumer price index in Taiwan and the United States, so gold serve as an inflation-hedge there in long-term. However, in short-term, gold does not serve as an inflation-hedge in Taiwan because price fluctuations are upward swings in the prices of gold. Nevertheless, the consumer price index in China has effect on gold prices, so gold serve as an inflation-hedge there. Therefore, when investors plan to build up an investment in gold, they need to consider both investment period and the probability of price fluctuation swung by gold prices.
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LO, CHI-YU, and 羅際宇. "The Relationship between Housing Price and Other Assets Prices." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/vq5t52.
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碩士世新大學
經濟學研究所(含碩專班)
106
This paper examines the relationship between housing price and other assets prices from 2001 Q1 to 2016 Q3 in Taiwan. The variables involved in this study are Sinyi housing price index, real effective exchange rate, golden price, oil price, stock price weighted index, Taiwan bills index rate, money supply. The econometric methods applied in this paper are unit root test and vector autoregression model (VAR). Moreover, variance decomposition is used to analyze the variances of housing price and other assets prices. And this paper applies impulse response function to study the dynamic impacts resulted from the shocks of variables. The empirical results show that the lag term of Taiwan housing price index has a significant and positive relationship with real effective exchange rate, money supply, oil price, stock price weighted index and the Taiwan housing price index. It means when housing price index in Taiwan rises, real effective exchange rate, money supply, oil prices, stock price weighted index will also rise. On the other hand, housing prices in Taipei and Taoyuan will affect real effective exchange rates and interest rate as well as oil price. Housing price in New Taipei City will significantly and negatively affect gold price. Housing price in Hsinchu will significantly and negatively affect interest rate. Taipei's housing price will positively affect the stock price index.
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WENG, PEI-YING, and 翁佩瑩. "The Study in Relationships with House Price, Stock Price and Oil Price." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/7fe7rw.
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碩士國立高雄應用科技大學
資訊管理研究所碩士班
104
In recent years, many investors have targeted real estate and stocks as areas for investment. Because of this, many researchers have a deep interest in examining the factors that determine housing prices and stock prices. One of these factors, which this study set out to examine, is the price of oil. Specifically, this study investigated the relationship between housing prices, stock prices and oil prices. From January 2012 to December 2015, a period of 210 weeks, the researchers analyzed changes in real estate prices, stock returns, and oil prices. Oil prices were divided into three stages, stock prices were divided into 32 shares, and housing prices were separated into five regions: Taipei, North, Central, South, and East. The data was then analyzed with the unit root test, co-integration test, vector error correction model and Granger causality test. The results showed that three markets have a co-integrated relationship, with a variable long-term trend towards balanced development. Meanwhile, certain stocks and housing prices displayed a short-term relationship. Finally, the results showed that stock prices typically lead housing prices and oil prices, and that the stock market serves as a leading indicator of overall economic development.
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Ou, Yu-Tung, and 歐育彤. "The Relationship among Oil Price, Gold Price, Exchange Rate and Stock Price." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/08137379242016379190.
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碩士國立高雄第一科技大學
金融研究所
101
The study uses the daily data to discuss the relationship among West Texas Intermediary oil prices, New York gold prices, exchange rate and Taiwan, Japan, Korea’s stock price. The period of samples was from January 4th, 2006 to September 28th, 2012. The present study adopts the time-series models, such as, Application of ADF root test, Vector Autoregressive model, Granger Causality test, Impulse Reponses and Forecast Error Variance Decomposition to indicate the findings and examine the relationship among all variables. According to the findings, first of all, all the variables follow random walks, and all the variables rates of change could yield stationary series by using augmented Dickey-Fuller unit root test. Secondly, Granger causality test shows that, independent relationship exists between oil price and exchanges rate, and so does the relationship between gold price and the stock price, the oil price precedes the stock price, and the oil price precedes the gold price. The exchanges rate precedes the stock price of Japan, and instead of Taiwan and Korea, the exchanges rate precedes the gold price. Finally, by examining impact response of the variables, the impact response of other variables to gold price is not obvious, oil price has clear response to gold price, exchange rate has clear response to gold price and oil price, and the impact response of exchange rate, oil price and gold price to stock price is explicit.
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Hsieh, Lan-chun, and 謝蘭君. "The Relationship among Stock Price, Gold Price, Oil Price and Exchange Rate." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/85754793504736608822.
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碩士國立高雄第一科技大學
金融所
99
This study investigates the relationship among U.S. Dow Jones industrial average, gold prices in New York, Brent crude oil prices and the dollar exchange rate in New York respectively. The present study adopting the time-series models indicates the findings as follows. First, the four variables follow random walks, but first-differencing could yield stationary series by using augmented Dickey-Fuller unit root test. Second, The Johansen cointegration test cannot signify a long run equilibrium relationship among the variables; that is, they don’t share a certain type of behavior in terms of their long-term fluctuations. Third, the Granger causality test shows that (1) bidirectional feedback causality exists between stock price and oil price, (2) gold price precedes the oil price, and exchange rate precedes the oil price, too, (3) independent relationship exists between gold price and stock price, and so does between exchange rate and stock price, (4) independent relationship between exchange rate and gold price is present. Moreover, by examining impact response of the variables, the results indicate that (1) the impact response of other variables to stock price is unobvious, and so is gold price, (2) oil price has clear response to stock price and exchange rate, and (3) the impact response of stock price and gold price to exchange rate is explicit.
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LAN, WEI-HSIANG, and 藍韋翔. "Warrant Price, Option Price, and Investor Sentiment." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/933t5u.
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碩士國立暨南國際大學
財務金融學系
105
In this study, we use the put/call ratio of open interest of TAIEX options(PCO), the put/call ratio of trading volume of TAIEX options(PCV), and volatility index(VIX) as investor sentiment indexes to investigate that these investor sentiment indexes have significant impacts on price differences between warrants and options. The empirical research shows that PCO has significantly positive effects on price differences between put warrants and put options, but significantly negative effects on price differences of call pairs. If PCO rises, the value of put warrants rises, and the value of put warrants would reduce when PCO reduces. PCV and VIX have significantly negative effects on price differences of put pairs. However, they have uncertainly significant effects on price differences of call pairs.
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LIN, YU-TING, and 林羽亭. "Ending Price Matching Effect On Reference Price." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/44107187297066658376.
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碩士國立中正大學
企業管理系研究所
104
External reference price research has focused on the cognitive process between the original price and the sale price. A portion of literature focuses on location between the original price and the sale price, such as vertical, horizontal, and overlapped display. (Coulter&Norberg, 2009; Kahn et al., 2013) Besides, other literature discussed on the numerical relation between the original price and the sale price such as left-right display location(Biswas et al, 2013). In this paper, we want to prove the numerical design between the original price and the sale price may influence customers' judgement. We find the rightmost two digits as the same between the original price and the sale price in three digits(i.e. Sale price $679, original price $879). Besides, we name this design as “ending price matching effect” and design three experiments to test this phenomenon.The result showed that consumers perceive a cheaper price when the ending price of the original price and sale price are matching than not matching. Moreover, consumers perceive a higher purchase intention when the ending price of the original price and the sale price are matching than not matching.We found that different ending price (include 0,5,6,8,9-ending price) not influence “ending price matching effect”.However, the ending price matching effect only above three digits.
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Fu, Kuan-Chun, and 傅冠鈞. "General Second Price auction with price inflation." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/83602518373237138759.
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碩士國立臺灣大學
電機工程學研究所
104
Auction is a traditional process to sell items.Vickrey proposed the Vickrey auction in 1961.The general second price auction which sells multiple items is generalized from Vickrey auction.The general second price auction is a widely used mechanism for keyword auctions.Keyword auction which can earn lots of revenue plays an important role for the companies. (Google, Facebook, Microsoft and so on) The largest drawback for Vickrey and general second price is that the revenue could be much lower compared to other auction mechanisms.To increase the revenue and help the companies to make more money, an optimal mechanism is proposed by Myerson. An optimal mechanism is a mechanism that maximizes the expected revenues of the auctioneer. In single item auction, an optimal mechanism was obtained by Myerson with reserve price mechanism. Moreover, in single item auction, Fu et al. proposed the inflated mechanism helping to earn more revenue and Bulow and Klemperer proposed that adding one more bidder helping to earn more revenue.However, in the keyword auction which is a multiple advertising slots auction, optimal mechanism is an open problem.Edelman and Schwarz experimented the general second price auction with reserve price. Hence, we focous on general second price auction. First, we combine general second price auction with inflated price.Second, we combine the inflated price mechanism and reserve price mechanism into general second price auction.In our simulations and parameter setting, first, we compare the revenue between general second price auction and general second price auction with inflated price. We find that the revenue of general second price auction with inflated price 5% more than the revenue of general second price auction.Second, we compare the revenue between general second price auction with reserve price and general second price auction with inflated price and reserve price. We find that the revenue of general second price auction with inflated price and reserve price is 3% more than the revenue of general second price auction with reserve price. In summary, the thesis provided variant general second price auctions which can earn more revenue for auctioneer. In the variant general second price auctions, we proved there exist two equilibria. Moreover, we executed experiments and compare revenue under different factors.
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Chien, Tzu-Ying, and 簡慈盈. "The Study of Relationship among Carbon Price, Oil Price and European Stock Price." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/16955921612917724225.
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碩士中原大學
企業管理研究所
101
From the past decades till now, oil becomes one of the most important commodities around the world no matter in transportation, consumer goods and economic activity. However, oil is not inexhaustible forever. Human beings not only have to face the problem of oil depletion, but also need to take responsibility for participating in productive activities caused emissions of greenhouse gas (GHG) which resulted in the environmental damage and abnormal weather problem. This study employs the Granger causality test, vector autoregression (VAR) test and vector error-correction model (VECM) to examine the long-term equilibrium relationship among carbon, oil and European stock prices. This investigation also divides the entire sample period into three sub-periods: the first sub-period runs from 2005 to 2007. The second sub-period (U.S. subprime loan crisis period) starts from 2008 to 2010. The third sub-period (European debt crisis period) runs from 2011 to 2012. The empirical results are summarized below: 1.This investigation finds that the long-term equilibrium relationship does not exist for the entire sample period, the first sub-period and the third sub-period. However, this investigation finds that carbon price, oil price, DAX Index and ITA Index have a long-term equilibrium relationship during the second sub-period. 2.This study uses the Granger Causality test and finds that carbon and oil prices have significantly mutual relationship, but carbon price and European stock price do not have significant relationship during the the second sub-period. Empirical results also show that European stock price affects carbon price and oil price during the third sub-period, suggesting that European stock price were very sensitive during this sub-period. 3.Empirical results obtained from forecast error variance decomposition show that the most explanatory power for oil and carbon prices arising from themselves. However, both U.K. and Italian stock prices also have significant impacts on oil and carbon prices. 4.Empirical findings obtained from impulse response function indicates that oil and carbon prices are most affected by themselves. On average, the European stock prices experienced huge volatility within 4 days after the shock caused by the dramatic change in oil and carbon prices. However, the volatility of European stock prices converge completely after 8 days being shocked by oil and carbon prices, suggesting that the market is efficient.
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Chen, Chia-Hui, and 陳嘉惠. "The Impact of Agricultural Price Target Zone on Agricultural Prices and Stock Prices." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/73013050140597583252.
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Lan, Yen-Chi, and 藍彥奇. "Price Transmission from Oil to Consumer Prices in the US." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/42206440606334720791.
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Kuo, Mei-chun, and 郭美均. "Dynamic Pricing with Price-affected Reservation Price Distribution." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/73x4us.
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碩士國立中央大學
工業管理研究所
96
We propose a structure of price-affected reservation price distribution to solve the pricing problem that price will influence customers’ reservation price distribution during the selling horizon. The structure is introduced to describe how the customers’ reservation price distribution changes by price at each selling period. Two important parameters and will be the determinants of customers’ reservation price distribution that presents the product characteristic and presents the selling channels. Since the sales activity (promotion) is common seen in the market, we take a reverse way back to use a higher price to increase customers’ reservation price for the product in the regular selling time and hold a sales activity at the last selling period with a lower price to increase the demand of the product hoping to cover the loss caused by the higher price in the previous periods to make the total profit be maximized. The structure exists recursive relation of reservation price between two continuous selling periods, and the prices are determined dynamically. We use the single-cycle model to describe the markdown problem. Three models are then developed to show how the prices change when a markdown is considered. Many observations will be helpful to explain the customers purchasing behaviors and the selling phenomena in market. Product characteristics and the selling strategy will be the important factors in the structure while sellers decide the prices to achieve the profit maximization. Therefore, the purpose of this paper is not only to solve a markdown problem but also to observe customers’ reservation price distribution changes with the prices we decide to sell. Sensitivity analysis of parameters and the length of the selling horizon influences customers’ reservation price distribution and profit will be conducted.