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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
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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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.
4
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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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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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.
7
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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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
9
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.
11
Sheikh, Irfan. "Modelling power prices." Thesis, Imperial College London, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.529355.
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Walås, Gustav. "Modeling deposit prices." Thesis, KTH, Matematisk statistik, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-122306.
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Thisreport investigates whether there are sufficient differences between a bank'sdepositors to motivate price discrimination. This is done by looking at timeseries of individual depositors to try to find predictors by a regressionanalysis. To be able to conclude on the value of more stable deposits for thebank and hence deduce a price, one also needs to look at regulatory aspects ofdeposits and different depositors. Once these qualities of a deposit have beenassigned by both the bank and regulator, they need to be transformed into aprice. This is done by replicationwith market funding instruments.Denna studie syftar till att kartlägga eventuella skillnader mellan insättare i en bank för att kunna avgöra om dessa skillnader motiverar olika räntor. Genom att analysera tidsserier av insatta belopp och göra en regressionsanalys fastställs eventuella skillnader. Bankinsättningar påverkas även i hög grad av olika regleringar varför även effekterna av dessa ingår i studien. För att kunna få fram ett värde på insättningarna replikeras sedan dessa under givna kriterier med olika skuldinstrument.
13
Kwon, Oh-Bok. "A time series analysis on interrelationships among U.S. and Korean livestock prices /." free to MU campus, to others for purchase, 2001. http://wwwlib.umi.com/cr/mo/fullcit?p3025631.
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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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Iglesias, Roberto Magno. "Prices and price-cost margins in the post 1990 Brazilian trade liberalization." Thesis, University of Oxford, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.310527.
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Hubalek, Friedrich, and Walter Schachermayer. "When does convergence of asset price processes imply convergence of option prices?" SFB Adaptive Information Systems and Modelling in Economics and Management Science, WU Vienna University of Economics and Business, 1998. http://epub.wu.ac.at/1768/1/document.pdf.
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We consider weak convergence of a sequence of asset price models (Sn) to a limiting asset price model S. A typical case for this situation is the convergence of a sequence of binomial models to the Black-Scholes model, as studied by Cox, Ross, and Rubinstein. We put emphasis on two different aspects of this convergence: firstly we consider convergence with respect to the given "physical" probability measures (Pn) and secondly with respect to the "risk-neutral" measures (Qn) for the asset price processes (Sn). (In the case of non-uniqueness of the risk-neutral measures also the question of the "good choice" of (Qn) arises.) In particular we investigate under which conditions the weak convergence of (Pn) to P implies the weak convergence of (Qn) to Q and thus the convergence of prices of derivative securities. The main theorem of the present paper exhibits an intimate relation of this question with contiguity properties of the sequences of measures (Pn) with respect to (Qn) which in turn is closely connected to asymptotic arbitrage properties of the sequence (Sn) of security price processes. We illustrate these results with general homogeneous binomial and some special trinomial models. (author's abstract)Series: Report Series SFB "Adaptive Information Systems and Modelling in Economics and Management Science"
17
Sjödin, Wågberg Anton. "Prices on electricity and the prices on stocks : -A Vector autoregressive approach." Thesis, Umeå universitet, Nationalekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-153448.
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This study will investigate if a relationship exists between the price of electricity and the Swedish stock market. This study will also try to investigate what consequences an increase in the price of electricity will have on the return of the Swedish stock market. Economic theory and earlier literature will then be used to try to explain the results obtained in this study. The results from the tests performed in this study imply that a one-way Granger-causality exists between the prices on electricity and the price on the OMX 30. The impulse response functions performed shows that a positive shock in the price on electricity will predict an increase in the return of the OMX 30 in the short run. This effect may come from the existence of a countercyclical risk premium. Although further research needs to be performed to conclude that this is the true reason for the observed result.
18
Yu, Linhui. "Two essays on price movement across China's regions." Click to view the E-thesis via HKUTO, 2010. http://sunzi.lib.hku.hk/hkuto/record/B43703860.
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Huurman, Christiaan Imam. "Dealing with electricity prices." [Rotterdam] : Rotterdam : Erasmus Research Institute of Management (ERIM), Erasmus University Rotterdam ; Erasmus University [Host], 2007. http://hdl.handle.net/1765/9399.
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Hanke, Bernd. "Asset prices and liquidity." Thesis, London Business School (University of London), 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.408224.
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21
Pflueger, Carolin. "Inflation and Asset Prices." Thesis, Harvard University, 2012. http://dissertations.umi.com/gsas.harvard:10190.
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Do corporate bond spreads reflect fear of debt deflation? Most corporate bonds have fixed nominal face values, so unexpectedly low inflation raises firms' real debt burdens and increases default risk. The first chapter develops a real business cycle model with time-varying inflation risk and optimal, but infrequent, capital structure choice. In this model, more volatile or more procyclical inflation lead to quantitatively important credit spread increases. This is true even with inflation volatility as moderate as that in developed economies since 1970. Intuitively, this result obtains because inflation persistence generates large uncertainty about the price level at long maturities and because firms cannot adjust their capital structure immediately. We find strong empirical support for our model predictions in a panel of six developed economies. Both inflation volatility and the inflation-stock return correlation have varied substantially over time and across countries. They jointly explain as much variation in credit spreads as do equity volatility and the dividend-price ratio. Credit spreads rise by 15 basis points if either inflation volatility or the inflation-stock return correlation increases by one standard deviation. Firms counteract higher debt financing costs by adjusting their capital structure in times of higher inflation uncertainty. The second chapter empirically decomposes excess return predictability in inflation-indexed and nominal government bonds into liquidity, market segmentation, real interest rate risk and inflation risk. This chapter finds evidence for time-varying liquidity premia in Treasury Inflation Protected Securities (TIPS) and for time-varying liquidity premia in TIPS and for time-varying inflation risk premia in nominal bonds. The third chapter develops a pre-test for weak instruments in linear instrumental variable regression that is robust to heteroskedasticity and autocorrelation. Our test statistic is a scaled version of the regular first-stage F statistic. The critical values depend on the long-run variance-covariance matrix of the first stage. We apply our pre-test to the instrumental variable estimation of the Elasticity of Intertemporal Substitution and find that instruments previously considered not to be weak do not exceed our threshold.
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ANDRADE, DIOGO VIEIRA. "DETERMINING PRICES IN AUCTIONS." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2002. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=3619@1.
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COORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOREsta dissertação apresenta um modelo de programação linear para mercados virtuais, que tem como objetivo principal incentivar vendedores a oferecerem preços mais baixos e compradores a pagarem mais pelos produtos. Esse incentivo é feito através de compensações aos participantes do mercado que agirem desta forma. O modelo funciona basicamente como um leilão bi-lateral, onde tanto vendedores quanto compradores podem dar seus lances. Para este modelo básico foram modeladas extensães como: existência de custo de transporte entre vendedores e compradores; economia de escala no preço do comprador; possibilidade de múltiplos produtos em um mesmo leilão. Para o modelo básico e cada uma das extensões propostas foi elaborado o sistema de compensações baseados em princípios da Teoria dos Jogos. Em cada caso, foi verificada a existência de soluções de núcleo e como essas soluções determinam as características do mercado.
This work presents a linear programming model for virtual markets. The main objective is to encourage sellers to offer lower prices and buyers to pay more for products. This is done through a system where the agents are awarded for acting this way. The basic version of the model works as an auction where buyers and sellers can make their bids. Some extensions were developed for this basic model, to allow situations like: transportation cost between buyers and sellers; scale economy for the buyer's price; multiples products in the same auction. For the basic model and each of its extensions, the system of awards has been developed based on Game Theory principles. In each case, the model was reinterpreted as a game and its core solutions were found. It was also verified how these solutions determine market's behavior.
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Almeida, Joana Raquel Neves. "Performance of target prices." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19636.
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Mestrado em FinançasAs avaliações de ações são conduzidas por profissionais que aconselham os investidores sobre ações. Os Target prices consideram não apenas os fatores de procura e oferta de mercado, mas também as opiniões de cada analista. Neste estudo, analisamos o desempenho dos Target prices, usando duas abordagens diferentes. Primeiro, estudamos o poder preditivo dos Target prices a 12 meses comparando-as a uma regra de capitalização simples com base nos retornos passados. Segundo, analisamos o desempenho de uma carteira activa construída tendo por base os price-targets e comparamos com a carteira homogénea, bem como o índice de mercado e a carteira tangente de variância média. Concluímos que os price-targets não têm poder preditivo nos preços futuros do mercado a 12 meses. A esse respeito, mostramos que as regras simples de capitalização são igualmente (más). Em termos de desempenho da carteira, descobrimos que a carteira activa construíra com base nas recomendações dos analistas não supera os outros portfólios. Os nossos resultados são robustos a esquemas alternativos de rebalanceamento de carteiras. A nossa análise é baseada em 50 ações europeias durante um período de 15 anos, de 2004 a 2019.
Equity researches are conducted by professionals who advise investors about stocks. Target prices consider not only market demand and supply factors, but also the opinions of each analyst. In this study, we analyze the performance of target prices, using two different approaches. First, we study the predictive power of 12-month price targets comparing it to a simple capitalization rule based upon past returns. Second, we analyze the performance of an active portfolio based upon analysts' price targets and compare it to the naïve homogeneous portfolio, as well as to a market index and the mean-variance tangent portfolio. We find price targets have no predictive power on future 12-month market prices. In that respect, we show the simple capitalization rules do equally (bad). In terms of portfolio performance, we find the active managed portfolio based upon analysts' recommendations does not outperform the other portfolios. Our results are robust to alternative rebalancing schemes. Our analysis is based upon 50 European stocks over a 15-year period, from 2004 to 2019.
info:eu-repo/semantics/publishedVersion
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Erbil, Bahire. "Essays on commodity prices." Thesis, University of York, 2013. http://etheses.whiterose.ac.uk/4895/.
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This thesis is a collection of five empirical essays which examine microeconomic and macroeconomic aspects of high and volatile commodity prices. The first three chapters focus more on microeconomic issues of commodity prices. The second chapter examines the dynamic relationship between the commodity futures curve and inventory levels and finds a long-run cointegrating relationship between base metal spot prices, futures prices, inventories, and interest rates. This study presents some evidence that a temporary scarcity shock, modeled as a spot price shock which changes the slope of the futures curve, does cause a reaction in commodity markets. The third chapter investigates the gasoline price and income elasticities in the U.S. which confirms the structural change in the U.S. gasoline market where demand elasticity of gasoline price and income became more inelastic over the last decade. The fourth chapter examines the dynamic impact of demand and supply shocks in the U.S. and U.K. gasoline market where results show that the U.S. gasoline prices are impacted by the global demand shock. The last two chapters concentrate more on macroeconomic impacts of commodity prices on commodity exporting countries. The fifth chapter studies the fiscal behavior in developing oil-producing countries and examines whether it is procyclical. The results reveal that total expenditure is highly procyclical in the low and middle-income groups but countercyclical in high-income countries in the sample. The results confirm that political and institutional factors, as well as financing constraints, play a role in the cyclicality of fiscal policies in the oil producing developing countries. Finally, the sixth chapter examines the dynamic relationship between exchange rates and commodity prices to determine whether commodity prices Granger cause exchange rate or exchange rates Granger cause commodity prices for a group of advanced and developing commodity-exporting economies. The study finds stronger evidence of in-sample causality from exchange rates to commodity prices for most of the countries in the sample. One of the key findings is the consistent significant causality from exchange rates to commodities for Korea.
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Shahriar, Quazi Hasnat. "Auctions with Buy Prices." Diss., The University of Arizona, 2007. http://hdl.handle.net/10150/194708.
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The major internet auction sites eBay and Yahoo have developed innovative hybrid auction designs that incorporate buy prices. My dissertation focuses on the Buy It Now (BIN, hereafter) version of the auctions on eBay, the largest online auction site. The BIN hybrid auction combines a standard ascending bid auction with a posted-price offer. A seller in a BIN auction lists his auction with a "buy price". A bidder may purchase the item immediately at the buy price and end the auction. If he places a bid instead, the option to purchase the item at the buy price disappears and the subsequent bidders participate in the standard eBay auction. This auction format has been very popular with both buyers and sellers. In 2005 eBay's sales in fixed price platform (BIN and Half.com) totaled $13.8 billion, which was 33.1% of eBay's total sales.The dissertation explores the BIN auctions using theory, experiments and field data. Chapter 1 theoretically analyzes BIN auctions within the common values framework. An equilibrium is characterized, shown to exist, and the revenues generated by BIN and standard eBay auctions are compared. Chapter 2 compares the bidding behavior and the revenue implications of BIN auctions in lab experiments under common and private value assumptions. The third develops an "incomplete" theoretical model of BIN auctions within the private values framework. An "incomplete" empirical specification is derived and then field data collected from eBay's BIN auctions are used to estimate the primitives of the model, including the bidders' risk aversion and time preference. I then explore how heterogeneity of sellers and items influence these primitives. Chapter 1 (Common Values Auctions with a Buy Price: the case of eBay): Several explanations for the popularity of buy price have been provided for independent private value auctions. Risk aversion and impatience of either the bidders or the seller have mainly been used to explain the popularity of buy prices in IPV models. This paper, using a pure common value framework, models auctions with eBay-style "temporary" buy prices, when the bidders and the seller are either risk neutral or risk averse. It characterizes equilibrium bidding strategies in a general setup and then analyzes a seller's incentive to post a buy price when there are two bidders. When bidders are either risk neutral or risk averse there is no incentive to post a buy price for a risk neutral seller. But when the seller is risk averse, a suitably chosen buy price can raise the seller's expected utility when the bidders are either risk neutral or risk averse. Chapter 2 (An Experimental Study of Auctions with a Buy Price Under Private and Common Values): We use experiments to examine several predictions from the theoretical studies of buy prices. The theoretical predictions from Wooders and Reynolds (2003) and Chapter 1 show that the introduction of a buy price causes the seller's revenue to move in opposite directions in private value and common value settings. Meanwhile, Mathews and Katzman (2006) find that risk averse sellers might find buy prices advantageous because they reduce the variance in seller revenue in eBay auctions with risk-neutral bidders. The lab experiments are used to answer three key questions. (a) Can a buy price raise seller revenue and lower the variance of seller revenue in an independent private value auction? (b) Does a buy price lower seller revenue in common value auctions? (c) If the theoretical predictions do not hold, can a behavioral model explain the patterns observed in the data? Using a between-subjects design the results show that the use of a buy price has a positive and statistically significant effect on seller revenue in private value auctions. The buyers are risk averse. The estimate of the Constant Absolute Risk Aversion (CARA) index of 1.11 for the bidders is equivalent to a Constant Relative Risk Aversion (CRRA) index of 0.62 which is centered within the range of other estimates of relative risk aversion. As predicted by the theory when buyers are risk averse, the use of a buy price yields a statistically significant reduction in the variance of seller revenue. Hence, as predicted, the use of a buy price is advantageous to the seller when either the bidders or the seller are risk averse. The results for common value auctions are inconsistent with the theoretical predictions. Use of a buy price did not lower seller revenue, and the bidders' behavior departed from theoretical predictions in several respects. As a result, we develop and estimate a behavioral model of common value BIN auctions based on the winner's curse and overweighting of a bidder's private information. We find statistically significant evidence of overweighting of the bidder's own signal and estimated a CARA index of 0.001. This behavioral model explains all the departures from the rational model we found in the common values experiments. Chapter 3 (The Buy-it-now Option, Risk Aversion, and Impatience in an Empirical Model of eBay Bidding): Haile and Tamer (2003) first used an incomplete econometric model in an auction context, assuming that bidders bid up to their values and do not allow an opponent to win at a price they are willing to beat. Canals-Cerda and Pearcy (2004) used a similar incomplete econometric model to study eBay auctions while adding the assumption that the maximum of all the bids placed by the bidder with the second highest value is exactly equal to his value. Chapter 3 extends these incomplete models to eBay's BIN auctions. We develop and estimate an equilibrium model for BIN independent private value auctions with a stochastic and unknown number of potential bidders who enter the auction sequentially. In the model risk averse and time impatient bidders buy at the BIN price because it allows them to avoid the uncertainties and delay of the ascending bid auction that takes place if no one chooses the BIN option. As a result, the bidders' decisions to choose the BIN option in BIN auctions of different lengths can be used to identify the bidders' risk aversion and time preference parameters. Our model is "incomplete" in the sense that we do not impose any stylized structure on bidding in the ascending bid auction and, although bid revision is allowed, the process is not explicitly described. Our "incomplete" econometric model uses a partial likelihood approach proposed by Cox (1975) that allows the analysis to bypass modeling bidding and the bid revision process. The model is estimated using a new data set of 3245 eBay auctions of Pentium-3 laptops that ran between 22 July to 10 August 2005.
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Wolfson, Alexander E. (Alexander Edward) 1973. "Technology, trade, and prices." Thesis, Massachusetts Institute of Technology, 1999. http://hdl.handle.net/1721.1/38436.
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Thesis (Ph.D.)--Massachusetts Institute of Technology, Dept. of Economics, c1999.Includes bibliographical references (p. 101-104).
This thesis considers the structure of international production and trade. Chapter 2 uses direct information on factor input requirements to consider which elements best explain the patterns of actual technologies. If there is factor price equalization, all countries will share the same capital-labor ratios, regardless of endowments. I find that actual technologies are inconsistent with this view. Estimates of country productivities which ignore the patterns of factor substitution are incorrect. Once allowances are made for differences in capitallabor endowments, 90% of the variation in output per worker can be explained by country-specific and industry-specific parameters. I also find that factor-augmenting productivities are negatively related to factor endowments. In Chapter 3, I consider the implications of these technological differences for measures of the factor content of trade. Typically, the factor content of trade is measured by applying one country's technology matrix to the output of all countries. Contrary to theory, this approach finds no relationship between factor endowments and the factor content of trade. Since countries use techniques which are biased towards their abundant factor, the factor content of trade flows in the correct direction when measured using actual technologies. However, the mystery of the missing trade remains: even when factor contents are measured correctly, they are a very small percentage of factor endowments. In Chapter 4, I use disaggregated price data from Canada and the United States to consider the propostion that the price of goods is equalized across countries. Using time-series cointegration methods, I find evidence in favour of the law of one price for some, mostly homogeneous traded goods. However, most goods, both traded and nontraded, provide little support for the law of one price. Moreover, deviations from the law of one price can persist for many years.
by Alexander E. Wolfson.
Ph.D.
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Abali, Elif Ege. "Exchange Rate Pass-through Into The Export And Import Prices Of Turkey." Master's thesis, METU, 2004. http://etd.lib.metu.edu.tr/upload/12605462/index.pdf.
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In this study, exchange rate pass-through into the export prices and import prices is analyzed separately at the disaggregate level. The study also attempts to differentiate exchange rate pass-through in the short-run and long-run. To analyze pass-through in the short-run, dynamic modeling is used. To analyze pass-through in the long-run, cointegration analysis is conducted. Estimation results show that exchange rate pass-through into the import prices is complete even at the disaggregate level. However, there is variation in the pass-through into the export prices across sectors both in the short-run and long-run. Not all exporting sectors, even in a small open economy like Turkey, are price takers in the foreign markets.
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Al-Maadid, Alanoud. "Effects of oil prices, food prices and macroeconomic news on GCC stock markets." Thesis, Brunel University, 2016. http://bura.brunel.ac.uk/handle/2438/13635.
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This thesis is based on three papers examining Gulf Cooperation Council (GCC) financial markets. The member countries of the GCC are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. These countries have transitioned from developing to frontier markets over the past ten years, but there is considerable debate about whether GCC economies are efficient or affected by shocks in oil and other commodity markets. The first paper (chapter 2) considers GCC stock market returns and examines how they are affected by oil price shocks using a bivariate VAR-GARCH(1,1) approach. The conclusion of this essay is that GCC economies are more affected by shocks than are other countries considered for comparison purposes. The second paper (chapter 3) discusses how food prices are affected by oil price shocks, and it examines possible parameter shifts between food and oil that result from four recent events, including renewable fuel policies and the financial crisis. The third paper (chapter 4) uses an empirical approach to compare a least squares model and a non-linear Markov switching model to measure the effect of newspaper sentiment on stock market performance. The results indicate that all information is important to stock market investors and that non-linear models are better predictors of stock market performance then linear models when using data from newspaper articles. Chapter 5 offers some final conclusions and remarks.
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Grandner, Thomas, and Dieter Gstach. "Joint adjustment of house prices, stock prices and output towards short run equilibrium." Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 2004. http://epub.wu.ac.at/158/1/document.pdf.
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A dynamic IS-LM model including stocks and houses as additional assets will be analyzed in this paper. Providing also housing services, a major consumption item for most households, houses create an additional link between the monetary and the real sector of the economy. The adjustment path of output, house prices and stock prices after exogenous policy shocks will be derived within a rational expectation setup. This will show how different reaction patterns of asset prices are related to different elasticities of housing services demand. These general analytical results are contrasted with relevant empirical work, particularly Lastrapes [2002], leading to the identification of plausible elasticity ranges. The particular results for those shed new light upon the ongoing discussion about demand effects from real estate wealth and about determinants of house price fluctuations. (author's abstract)Series: Department of Economics Working Paper Series
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Eikner, Erica. "APARTMENT PRICES IN SWEDEN : An analysis of determinants of tenant-owned apartment prices." Thesis, Umeå universitet, Nationalekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-185643.
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Real estate prices have during the last two decades seen a large increase. The increased prices together with more regulations of mortgages have created a market where it is difficult to enter. Moreover, a low rate of construction, resulting in a low supply of apartments have further created an exclusive market. To better understand the structure of the market, and to create a more inclusive market, this thesis has further looked at the pricing structure. This thesis uses two fixed effects models to determine which factors affect apartment prices in metropolitan regions of Sweden, i.e., Stockholm, Gothenburg and Malmö. A time period of 2005-2019 was researched, and 44 municipalities were included. Variables used in the model was population density, income, tax rate, unemployment rate, and mortgage rate. Results show that population density and income have a positive effect on apartment prices, while tax rate, mortgage rate and unemployment rate have a negative effect. The results are discussed in regard to supply and demand, which are the main drivers of the housing market.
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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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Blöchlinger, Lea. "Power Prices - A Regime-Switching Spot/Forward Price Model with Kim Filter Estimation." kostenfrei, 2008. http://www.biblio.unisg.ch/www/edis.nsf/wwwDisplayIdentifier/3442.
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TONINELLI, Daniele (ORCID:0000-0002-3158-1982). "Survey techniques : an application to prices data for the computation of price indexes." Doctoral thesis, Università degli studi di Bergamo, 2009. http://hdl.handle.net/10446/80.
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Eckert, Andrew. "A study of Canadian retail gasoline prices." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape7/PQDD_0016/NQ46340.pdf.
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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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Li, Rong-Jen. "Combined Leverage and the Volatility of Stock Prices." Thesis, North Texas State University, 1985. https://digital.library.unt.edu/ark:/67531/metadc331340/.
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Much has been written during the past decade to explain the relationship between financial and operating leverage and stock-price volatility. However, the relationship between combined leverage and stock-price volatility has yet to be fully explored. Mandelker and Rhee's (MR) recent study uses both operating and financial leverage in a regression (equivalent to the traditional total leverage—DTL) and shows that both types of leverage are positively associated with common stock betas. Huffman recently demonstrated that there are interactions between operating leverage and financial leverage. Therefore, MR's model could be oversimplified. This study examines the relationship between firms' combined leverage and their stock-price volatility. The study also examines industry and industry growth to see if the relationship is influenced by these factors. The question is whether DOCL is a better risk measure than DTL and whether there is an interaction between operating and financial leverage. The inferences that can be drawn from the study's results are as follows: (a) Stock risk is a function of combined leverage; (b) Industry significantly influences the relationship between stock risk and DOCL; (c) High growth increases the relationship between stock risk and DOCL; (d) Combined leverage (DOCL) is a better risk measure than total leverage (DTL). Further, the problem with the traditional total leverage measure is the omission of the interaction between DOL and DFL. This is consistent with Huffman's theory and suggests Mandelker and Rhee's model is oversimplified.
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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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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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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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yue-ren, Hung, and 黃鉞荏. "Study on Correlation among Oil Prices, Brass Prices and Taiwan Industry Group Stock Price Index." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/12869892861585598372.
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碩士樹德科技大學
金融保險研究所
95
Energy has been one of the major resources that human beings depend on for survival. It is also one of the main forces that drive economic development of a country. Among all energy supplies, crude oil plays a very significant role. The price increase due to demand is extremely different from the increase in the past three times of global oil crisis due to supply. Earlier issues on oil prices are on correlation with macroeconomicvariables. The author extends the issue on oil prices and common metal (brass) prices analysis across all industries. With the different characteristics of industries in Taiwan, the author further understands the results of different factors. The author adopts Garch model that better captures the data fluctuation of time array to explore the correlation among oil prices, brass prices and Taiwan industry group stock prices in order to understand which group stock prices will be affected by the fluctuation of oil and brass prices. From the evidence results, it is found that the return in one period behind of oil prices is in negative correlation with stock prices of electric machinery, transportation and department stores, meaning that the return in the precedent period of oil prices affects the stock price of electric machinery, transportation and department stores and the fluctuation is very ob-vious as well, causing fluctuation clustering. The return of current and one period behind of brass price is in apparent positive correlation with stock prices of foods, plastics, electric appliances, paper making and steel, etc showing that the stock prices are affected by the return of current and one period behind of brass price and the fluctuation is very obvious as well, causing fluctuation clustering.
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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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Shih, Wan-Ting, and 施婉婷. "Effects of Extreme-Priced Products on Consumer Reservation Prices." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/16777509339382530252.
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碩士國立體育大學
休閒產業經營學系碩士班
97
Base on the accessibility-diagnosticity formulation proposed by Feldman and Lynch (1988) and the feature similarity model proposed by Tversky (1977), the main purpose of this study is to explore that how extreme price present in the catalogue affect the customer’s reservation price. The results show :1. The difference of reservation price among three feature relatedness groups are significant in both tangible and intangible product. 2. The influence of category relatedness to reservation price is significantly only in tangible product and female customer. 3. Contiguity will enhance the relationship between feature relatedness and the reservation price.
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Hsing, Lan, and 邢藍. "Effects of Extreme-Priced Products on Consumer Reservation Prices." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/26566260458758229872.
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碩士長庚大學
工商管理學系
98
Base on the accessibility-diagnosticity formulation proposed by Feldman and Lynch (1988) and the feature similarity model proposed by Tversky (1977), the main purpose of this study is to explore that how extreme price present in the catalogue affect the customer’s reservation price.The results show :1. The difference of reservation price among three feature relatedness groups are significant in both tangible and intangible product. 2. The influence of category relatedness to reservation price is significantly only in tangible product and female customer. 3. Contiguity will enhance the relationship between feature relatedness and the reservation price. Keywords: Extremely priced, Reservation price, Category relatedness, Feature relatedness, Contiguity
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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
CK2021
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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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CHIA-LIN, HSU, and 徐嘉臨. "The Dynamic Relationships among Crude Oil Prices,Petroleum stock Prices,and Solar Stock Prices." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/28709142495575343846.
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碩士開南管理學院
企業管理學系碩士班
94
The world crude oil price keeps rising constantly. Therefore the fluctuation of the world crude oil price is definitely an important issue to the macro-teconomy and industries in Taiwan. the purpose of this study is to examine The Dynamic Relationship among the price shocks of Crude Oil Prices Oil Price Shocks、Petroleum Industry、Solar Industry .The research methodologies of this paper are Unit root、cointegration、Granger Causality Test、vector autoregression model. The investigation period spans from 2000 to 2006. The empirical findings are summarized as follows：There are long equilibrium relationships within oil Price、stock price of solar industry and petroleum industry. Granger causality test indicated that solar industry dominant role in Oil Price、Petroleum Industry .The result of Impulse Response Analysis finds that the relation of the inter-actions of stock markets in solar Industry than Petroleum Industry；the result of Variance Decomposition suggests that solar industry are changed easily by oil price and Petroleum Industry.
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Zheng, Jing-Sian, and 鄭靖諴. "Empirical Analysis for Electricity Prices and Stock Prices." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/84888383056140628811.
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碩士國立中央大學
統計研究所
99
Over the past two decades, many electricity markets around the world have decided to take the path of market liberalization. Since then, both consumers as producers are exposed to significantly higher risk. And some stylized facts of electricity spot prices have been found, especially the price spike which is a behavior that the prices increase or decrease significantly and return afterwards in short time intervals. This fact enhances the difficulty for modeling. For the purpose of comparison, we also apply the historical stock closing prices which have the similar behavior, but the return rate is not as high as the stock prices. In this paper, we use two models which include mean-reverting jump diffusion model and Markov regime-switching model to assess their ability to explain the electricity prices from the European Energy Exchange (EEX) and the stock prices from the Apple Inc. Before fitting the models, electricity prices need to be deseasonalized. After parameter estimating and simulating, we use three ways to measure the errors between the simulated values and the true values. We conclude that mean-reverting jump diffusion model is better modeling the stock prices and Markov regime-switching model has better ability to explain the electricity prices. However, if the result is the same for other market data, it suggests to further investigation.
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Arruda, Elisa Schentel de. "Personalised prices." Master's thesis, 2020. http://hdl.handle.net/10362/111541.
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Antes da Era Digital, a personalização de um preço para corresponder à disposição de pagar do consumidor era considerada inatingível. No entanto, essa prática comercial agora pode ser alcançada através do processamento de dados pessoais e da elaboração do perfil comportamental do consumidor, utilizando técnicas relacionadas com Big Data e Big Analytics. Isto mereceu a atenção do Direito Europeu, como o demonstra o novo requisito de informação pré-contratual trazido pela Diretiva de Modernização, atualmente a aguardar transposição. A sua redação é concisa e o seu contexto é alargado em certa medida pelo Considerando 45, que aponta para o motivo da necessidade de informar os consumidores: de modo a poderem ter em conta os potenciais riscos nas suas decisões de compra trazidos pela personalização dos preços. Este trabalho começa por situar o assunto conceitualmente, juntamente com seu fundo económico e a perceção geral do público acerca disto. A perspetiva adotada não pressupõe distinção prévia entre preços personalizados maiores ou menores do que o uniforme, com algumas exceções destacadas quando relevantes. Essa escolha é justificada pela noção de que, em qualquer situação, uma empresa que utiliza essa estratégia de preços fá-lo com o objetivo de maximizar os lucros. Na análise jurídica, argumenta-se que o processamento de dados pessoais (como a elaboração de perfis comportamentais) é uma condição essencial para estimar o preço de reserva do consumidor. Assim, o Regulamento Geral de Proteção de Dados é aplicável. Além disso, o consentimento do titular dos dados apresenta-se como o único fundamento legal viável para esse propósito específico. Uma ressalva sobre preços derivados de perfis comportamentais é o risco de vieses ocultos revelarem que, de fato, estes basearam-se em características protegidas. A questão da transparência é central para a investigação sob a perspetiva do direito do consumo, uma vez que este quadro jurídico se esforça por capacitar os indivíduos com o conhecimento que precisam para tomar decisões informadas, sem obstruir a autonomia das empresas. Outra disposição da Diretiva de Modernização relativa à transparência dos preços para os consumidores é examinada paralelamente ao tópico central – nomeadamente, as regras de redução de preços e a sua potencial interação. Por fim, as considerações conclusivas oferecidas apontam que o novo requisito de informação é um passo na direção certa. No entanto, é necessário ampliar o seu escopo para realmente habilitar os consumidores para enfrentarem os riscos que os preços personalizados podem trazer para suas decisões de compra.Before the Digital Era, the personalisation of a price to match a consumer’s willingness to pay was thought to be unattainable. However, this commercial practice can now be achieved through the processing of personal data and profiling of consumer behaviour utilising techniques related to Big Data and Big Analytics. This merited the attention of European Law, as shown by the new pre-contractual information requirement brought by the Modernisation Directive, currently awaiting transposition. Its wording is concise, and its context is expanded to some extent by the Recital 45, which points to the reason behind the need to inform consumers: to enable them to take into account the potential risks in their purchasing decision brought by price personalisation. This work starts by situating the matter conceptually, along with its economic background and the public’s general perception about it. The perspective presumes no prior distinction between personalised prices that are either higher or lower than the uniform fee, with a few exceptions highlighted when relevant. This choice is justified by the notion that in either situation, a business employing this pricing strategy is doing so with the goal of maximising profits. In the legal analysis, it is argued that personal data processing (such as behaviour profiling) is an essential condition for estimating the consumer’s reservation price. Thus, the General Data Protection Regulation is applicable. Additionally, the data subject’s consent presents itself as the sole viable lawful grounds for this specific purpose. One caveat of prices derived from profiling is the risk of hidden biases turning out to reveal it was, in fact, based on a protected characteristic. The issue of transparency is central to the investigation under a consumer law perspective, as this legal framework strives to enable individuals with the knowledge they need to make informed decisions, while not hindering businesses’ autonomy. Another provision from the Modernisation Directive regarding prices’ transparency towards consumers is examined alongside the central topic – namely, price reduction rules, and their potential interplay. Lastly, the conclusive remarks offered point out that the new information requirement is a step in the right direction. However, it is necessary to broaden its scope to truly empower consumers to face the risks personalised prices could bring to their purchasing decisions.