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1
Barsky, Robert B., Christopher L. House, and Miles S. Kimball. "Sticky-Price Models and Durable Goods." American Economic Review 97, no. 3 (May 1, 2007): 984–98. http://dx.doi.org/10.1257/aer.97.3.984.
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The inclusion of a durable goods sector in sticky-price models has strong and unexpected implications. Even if most prices are flexible, a small durable goods sector with sticky prices may be sufficient to make aggregate output react to monetary policy as though most prices were sticky. In contrast, flexibly priced durables with sufficiently long service lives can undo the implications of standard sticky price models. In a limiting case, flexibly priced durables cause monetary policy to have no effect on aggregate output. Our analysis suggests that durable goods prices are the most relevant data for calibrating price rigidity. (JEL E21, E23, E31, E52)
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Bangalee, Varsha, and Fatima Suleman. "Has the increase in the availability of generic drugs lowered the price of cardiovascular drugs in South Africa?" Health SA Gesondheid 21 (October 11, 2016): 60–66. http://dx.doi.org/10.4102/hsag.v21i0.935.
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Background: This research focuses on pharmaceutical competition in South Africa where concurrent pricing legislation is being implemented without monitoring the consequences on generic drug competition and usage.Objective: To examine the relationship between originator drug prices and the number of generic brands within the cardiovascular class of drugs and to compare South African prices with international reference prices.Method: Data on private sector drug prices was sourced from the South African Medicine Price Registry. The relationship between the median proportional price and the number of brands in the therapeutic class was analysed using correlation analysis. International reference prices were obtained from the Management Sciences for Health International Drug Price Indicator Guide (2012 edition).Results: A weak correlation between originator and generic drug prices and the number of available brands was observed, the exception being diuretic drugs. The median prices per strength of the originator generic were still higher than the most expensive generic version manufactured by any other company, the exception being telmisartan. Comparison of price ratios between the originator drug, lowest priced generic and international reference price values revealed that the originator drug prices had a median price ratio of 20.99 (interquartile range 7.31—53.46) and the lowest priced generics had a median price ratio of 4.28 (interquartile range 2.10—8.47).Conclusion: Increased generic competition is not a predictor of lower drug prices. The study also concludes that the current South African pharmaceutical policies have not yet achieved the lowest prices for drugs when compared internationally.
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Chang, Ming-Hsu, and Wen-Bin Chiou. "Psychophysical Methods in Study of Consumers' Perceived Price Change for Food Products." Psychological Reports 100, no. 2 (April 2007): 643–52. http://dx.doi.org/10.2466/pr0.100.2.643-652.
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When adjusting product prices, marketers wish information concerning consumers' price perceptions. The present study aimed to develop an optimal pricing framework for food products by applying Weber's Law and Stevens' Power Law in psychophysics. The first phase attempted to measure the differential thresholds when magnitudes of prices were raised and lowered. The second phase was conducted to establish the psychophysical function representing perceived changes. Analysis showed consumers' differential thresholds were positively correlated with the initial price, consistent with Weber's Law. Further, participants' perceived change differed for increased and decreased prices. Products were perceived as cheaper only when medium-and low-priced products dropped dramatically in price. However, small reductions for the high-priced products were perceived as cheaper. Regardless of price changes, participants perceived products were more expensive when prices dropped by a small amount.
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Tripathi, Avinash, and Neeraj Pandey. "Does impact of price endings differ for the non-green and green products? Role of product categories and price levels." Journal of Consumer Marketing 35, no. 2 (March 19, 2018): 143–56. http://dx.doi.org/10.1108/jcm-06-2016-1838.
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Purpose The discount image associated with odd-ending prices has led to its extensive use by retailers. The purpose of this study is to assess the impacts and applications of nine-ending vs round-ending prices on the purchase of green and non-green products at different price levels and under different purchase motivations. Design/methodology/approach Three experiments are conducted. The first experiment is a 2 (price ending: nine-ending vs round-ending) × 2 (product appeal: green vs non-green) between-subjects study; the second experiment is a 2 (price ending: nine-ending vs round-ending) × 2 (price level: low price vs high price) × 2 (product appeal: green vs non-green) between-subjects study; and the third experiment examined buyers’ preferences of price endings regarding the purchase of green products having either utility (utilitarian) or pleasure (hedonic) motivation. Findings This research highlights that consumers prefer zero-ending prices for green products and pleasure motivation products, but they prefer odd endings for low-priced and utilitarian products. These results support the increased reception of round-ending prices. Accordingly, this study contributes to the literature by providing a boundary condition for odd-ending prices. Specifically, the study finds that the effect of nine-ending prices becomes weaker as the price of the product increases. Practical implications The findings of this study have practical implications for managers, as the results indicate that pricing green products and high-quality perception products using round digits and pricing low-priced and utility perception products using odd digits will increase consumers’ purchase intentions. Moreover, pricing the products using round-ending prices will reduce the perception of low quality and deter brand loyalty emanating from a low-priced/discount image of a product. Originality/value This research contributes to theoretical and practical aspects of behavioural pricing literature. This research uncovers the buyers’ distinct preferences for zero-ending prices and odd-ending prices when purchasing different products based on different motivations and varied price levels. This is the first research of its kind to explore and compare the impact of psychological pricing on green products. The study also resolves a contradiction in past literature regarding the use of nine-ending prices by providing boundary conditions.
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Ribisl, Kurt M., Shelley Diane Golden, Jidong Huang, and Michelle Scollo. "Addressing lower-priced cigarette products through three-pronged comprehensive regulation on excise taxes, minimum price policies and restrictions on price promotions." Tobacco Control 31, no. 2 (March 2022): 229–34. http://dx.doi.org/10.1136/tobaccocontrol-2021-056553.
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The prices that smokers pay out-of-pocket for their tobacco products ultimately influence their smoking behaviour. Although cigarette excise taxes are arguably the best and most used policy to increase cigarette prices, taxes are only one component of retail cigarette prices. The persistence of lower-priced products, disproportionately purchased by lower-income smokers, in jurisdictions with high excise taxes is an Achilles heel for tobacco tax policy. When governments raise excise taxes, the tobacco industry responds. The industry reduces tax pass-through to minimise the price increases for lower-priced brands and offers price discounts to retailers and coupons to consumers. In addition, smokers who do not quit after tax increases may downshift brands, purchase in bulk or substitute lower-priced tobacco product types. This may be particularly true for price-sensitive smokers, including those with lower incomes. We propose that raising excise taxes will be more effective in reducing the persistence of lower-priced products and income-based smoking disparities when taxes are designed to raise prices frequently and substantially for all products and are combined with (a) minimum price laws and (b) bans on coupons, discounts and other promotions. In combination, these three complementary policies restrict the tobacco industry’s ability to undermine the impact of higher excise taxes upon consumer prices. Very few jurisdictions have implemented comprehensive three-pronged tobacco price regulation, but doing so would likely address many of the limitations that come with a sole focus on raising excise taxes.
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Busaba, Walid Y., Zheng Liu, and Felipe Restrepo. "Do Underwriters Price Up IPOs to Prevent Withdrawal?" Journal of Financial and Quantitative Analysis 55, no. 6 (August 9, 2019): 2005–36. http://dx.doi.org/10.1017/s0022109019000553.
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We examine whether underwriters price up weakly demanded initial public offerings (IPOs) to prevent withdrawal. Our empirical strategy exploits a discontinuity in the distribution of IPO prices around the low boundary of the filing range. Offerings with a high ex ante withdrawal probability that are priced at this boundary are likely priced up to meet issuers’ reservation prices. We compare the aftermarket returns of these IPOs to the returns of other weakly demanded offerings where issuers’ reservation prices were likely not binding, and we identify a negative 8.4-percentage-point differential attributable to the aggressive pricing inherent in setting the price at the low boundary when withdrawal risk is high.
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Bulfone, Liliana. "High prices for generics in Australia — more competition might help." Australian Health Review 33, no. 2 (2009): 200. http://dx.doi.org/10.1071/ah090200.
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It is commonly believed that dispensed prices of medicines in Australia are substantially lower than those in other developed countries, particularly the US. This article reports the results of an analysis comparing dispensed prices for the most commonly prescribed and the highest cost items in Australia with dispensed prices in the US. Although a large majority of items are less expensive in Australia than in the US, Australian prices are higher for a substantial number of products, particularly generic drugs. This article examines various policies affecting the pricing of generics in Australia. It is postulated that the main cause for higher prices for a substantial number of generic products is the lack of price competition. This results from government policy which ensures that a price reduction by one company is communicated immediately to all competitors in that market along with an invitation to match the reduced price. The dominant strategy for all suppliers is to only reduce their price in response to a reduction in price by a competitor. The result is a lack of differentiation in pricing across brands of a medicine on the Schedule of Pharmaceutical Benefits. The government could improve the structure of the generics market and encourage greater competition by ceasing to disclose competitor firms? offers to other competitors. The government could conduct pricing reviews of each generic product relatively infrequently (eg, only once annually or every 18 months). At the time of the pricing review, the government would request confidential offers on price for a generic from all players in the market. Brands should then all be listed under the Pharmaceutical Benefits Scheme (PBS) at the offered price. Prices offered by the individual supplier would apply until the next pricing review. The PBS would continue to subsidise up to the price of the lowest priced brand, with brand premiums applying to all brands priced higher than the benchmark price. Such an approach would provide opportunity for players in the market to capture market share by being the lowest priced brand.
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Beierlein, Jaclyn J., and James Nelson. "Do IPO filing prices reflect firm quality?" Managerial Finance 45, no. 4 (April 8, 2019): 499–512. http://dx.doi.org/10.1108/mf-03-2018-0118.
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Purpose Prior research suggests that institutional investors prefer higher priced stock, while individual investors prefer lower priced stock. The purpose of this paper is to examine whether the IPO filing price reflects firm characteristics that are commonly associated with quality, including size, age, earnings, underwriter reputation and venture capital backing. Design/methodology/approach The authors used t-tests, Wilcoxon rank sum tests, logistic and ordinary least squares regressions to test the hypotheses. Findings The authors find that IPO filing prices are positively related to measures of quality, except venture backing, which impacts prices non-linearly. Ceteris paribus, small (large) venture backed firms’ filing prices are set significantly lower (higher). Research limitations/implications Firm managers set IPO filing prices high when they believe the firm is likely to attract institutional investors due to its size, quality and certification, and will set prices low otherwise. Practical implications Individual investors should be wary of IPO firms with lower prices. Managers should be cognizant of the positive relationship between IPO quality and price. Originality/value This study provides evidence that IPO prices reflect firm quality and may be set deliberately to attract individual investors when institutional investor demand is expected to be low. It also provides evidence that venture backing affects IPO prices non-linearly, consistent with the grandstanding hypothesis.
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Walls, W. David. "Energy Policy and Energy Price Dispersion: Methods and Application to U.S. Data." Energy Exploration & Exploitation 16, no. 5 (October 1998): 443–51. http://dx.doi.org/10.1177/014459879801600503.
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Energy policy is increasingly aimed at achieving an efficient allocation of energy resources across alternative uses through the design and implementation of market-based incentives. According to the economists’ ‘law of one price,’ an efficient allocation is one that reduces spatial price dispersion to that which is consistent with transportation and transaction costs. Using data from the U.S. Energy Information Administration's State Energy Price and Expenditure Report, this paper examines the dispersion of U.S. energy prices for the period 1970–1993 using a variety of metrics. It is found that prices for electric utility inputs have converged. Dispersion for other energy products has increased, not due to rising energy prices, but primarily because energy prices are falling faster in regions with below-average pries than in regions with above-average prices. The current increased level of price dispersion appears to be a transient effect in the transition from a regulated sector to one based on free market principles.
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Razzakova, C. M., and L. E. Ziganshina. "Medicine prices in 2017 and 2018 as a reflection of the effectiveness of government measures to ensure access to medicines." Kazan medical journal 101, no. 2 (April 13, 2020): 256–63. http://dx.doi.org/10.17816/kmj2020-256.
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Aim. To conduct a comparative analysis of medicine prices in 2017 and 2018 years in Kazan (The Republic of Tatarstan, The Russian Federation) to assess the effectiveness of government measures to ensure the accessibility of medicines.
Methods. We conducted a comparative analysis of medicine prices according to methodology developed by Health Action International and World Health Organization (WHO/HAI). The analysis included 30 medicines at a preselected dosage form. We studied the accessibility and prices of original brands and lowest priced generic of each medicine in the public and private pharmacies of Kazan in 2017 and 2018, and analyzed the procurement prices of the same medicines in inpatient hospitals. Medicine prices were compared with international reference prices (The Management Sciences for Health (MSH) reference prices) and expressed as median price ratio (MPR).
Results. Prices for originator and generic medicines in the public and private sectors tended to decrease in 2018 compared to 2017, but statistically significant price reduction occurred only for generic medicines in the private sector. For example, the median price ratio for originator products changed from 6.86 to 2.97 in the public sector and from 11.1 to 5.36 in the private sector in 2018 compared to 2017, but the changes were not statistically significant (p 0.05). Prices for generics medicines in the public sector did not change in the studied years and remained at the level of international reference prices (the median price ratio were 1.3 in 2017 and 1.27 in 2018). In the private sector, we found a twofold decrease in the prices of generics medicines in 2018 compared to 2017 [the median price ratio decreased from 3.25 to 1.44 (p 0.05)]. Procurement prices for generics medicines in public hospitals in 2017 and 2018 years did not show statistically significant changes with the median price ratio equal to 1.34 and 0.8, respectively.
Conclusion. Government price control measures of medicines contributed to maintaining the price of generic medicines at the reference prices level in the public sector and to halving the price of generic medicines in the private sector in 2018 compared to 2017.
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Prager, Elena. "Healthcare Demand under Simple Prices: Evidence from Tiered Hospital Networks." American Economic Journal: Applied Economics 12, no. 4 (October 1, 2020): 196–223. http://dx.doi.org/10.1257/app.20180422.
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This paper shows that consumers respond to prices for complex healthcare when they can easily assess out-of-pocket prices. Healthcare cost containment efforts increasingly incentivize price shopping despite a dearth of evidence that this steers consumers toward lower-priced care for major medical services. I show that consumers shift toward lower-priced hospitals in the highly simplified price information environment of insurance plans with tiered hospital networks. Consumers observe a single predictable, well-defined price that applies to a broad range of services within each of at most three hospital tiers. Within three years, expected partial-equilibrium savings reach 8–17 percent of baseline spending. (JEL G22, H75, I11, I13)
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Cui, Nana, Hengyu Gu, Tiyan Shen, and Changchun Feng. "The Impact of Micro-Level Influencing Factors on Home Value: A Housing Price-Rent Comparison." Sustainability 10, no. 12 (November 22, 2018): 4343. http://dx.doi.org/10.3390/su10124343.
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The housing sales market in China has flourished and gained considerable interest, while the housing rental market has lagged behind and been ignored over the past two decades. With the acceleration of urbanization, the housing rental demand is rising rapidly. Exploring and comparing the influencing factors on housing sale prices and rental prices has significance for sustainable urban planning and management. Using house purchase transaction and rent transaction data in 2017, as well as the average housing price and rent data in 2016 in Beijing, China, this paper compares the spatial distribution and it employs the hedonic price model and quantile regression model to quantify the average and distributional effects of micro-level influencing factors on housing prices and housing rents. Results show that housing prices and housing rents both have a decentralized distribution with multiple centers, but rents of residential communities with high housing prices may not necessarily be high. Both homeowners and renters prefer properties with good structural, locational, and neighborhood characteristics, as well as a good school attendance zone, whereas they still differ in terms of preferences. Homeowners prefer a higher-quality living environment. Renters are more concerned with proximity to an employment center and public transit convenience. Moreover, the price premium of school quality for homeowners exceeds the premium for renters. Higher-priced homeowners or renters differ in the preferences from lower-priced homeowners or renters. Higher-priced homeowners and higher-priced renters are more willing to live in property with a larger number of bedrooms, proximity to a major employment center, park, or school, as well as a location in a school attendance zone with higher school quality.
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Schmit, Todd M., Leslie Verteramo, and William G. Tomek. "Implications of Growing Biofuel Demands on Northeast Livestock Feed Costs." Agricultural and Resource Economics Review 38, no. 2 (October 2009): 200–212. http://dx.doi.org/10.1017/s1068280500003208.
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The relationship between complete-feed prices and ingredient prices is estimated in order to analyze the effect of higher commodity prices on feed costs, with particular attention paid to the substitutability of corn distillers dried grains with solubles (DDGS). Using the historical price correlation between corn and DDGS, each $1 per ton increase in the price of corn increases feed costs between $0.45 and $0.59 per ton across livestock sectors. Marginal feed costs based on lower forecasted price correlations are reduced between $0.05 to $0.12 per ton across livestock sectors, but only for the dairy ration is the reduction statistically significant. Overall, DDGS cost savings are relatively limited and insufficient to offset the impact of other higher-priced feedstocks.
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Mirman, Leonard J., Yair Tauman, and Israel Zang. "Ramsey prices, average cost prices and price sustainability." International Journal of Industrial Organization 4, no. 2 (June 1986): 123–40. http://dx.doi.org/10.1016/0167-7187(86)90026-3.
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Ater, Itai, and Oren Rigbi. "Price Transparency, Media, and Informative Advertising." American Economic Journal: Microeconomics 15, no. 1 (February 1, 2023): 1–29. http://dx.doi.org/10.1257/mic.20200337.
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We study the effects of a price transparency regulation in Israeli supermarkets. Using price data collected before and after the regulation and a difference-in-difference research design, we show that price levels and price dispersion declined significantly after the regulation. Chains also began setting identical prices in all stores. We use Robert and Stahl (1993) to interpret our findings, showing that low-priced chains extensively used price advertising after prices became transparent. These chains referenced price-comparison surveys conducted by the media to induce credibility for ads. Our findings highlight the importance of price transparency and the procompetitive role of informative advertising. (JEL D22, D83, L11, L81, L82, L88, M37)
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Dudás, Gábor, Tamás Kovalcsik, György Vida, Lajos Boros, and Gyula Nagy. "Price determinants of Airbnb listing prices in Lake Balaton Touristic Region, Hungary." European Journal of Tourism Research 24 (May 7, 2020): 2410. http://dx.doi.org/10.54055/ejtr.v24i.412.
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The aim of the paper was to investigate the impact of different accommodation attributes on Airbnb listing prices in a touristic area. The study applied hedonic price modeling utilizing a sample of 2417 Airbnb accommodation rental offers in the Lake Balaton Touristic Region in Hungary. Our results revealed that property-related attributes significantly influence Airbnb prices although the magnitude of these effects is very diverse and complex. The OLS findings showed that the provision of air conditioning, free internet, and free parking are the main determinants of Airbnb price in the sample area, while the number of available photos and the presence of a kitchen does not significantly influence the price. The quantile regression results further demonstrated that capacity, the provision of breakfast, and TV leads to higher prices among the higher-priced accommodations, while the number of bedrooms and bathrooms, smoking, and free parking influence more the prices of lower-end accommodations.
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Ren, Pengyu, Zhaoji Li, Weiguang Cai, Lina Ran, and Lei Gan. "Heterogeneity Analysis of Urban Rail Transit on Housing with Different Price Levels: A Case Study of Chengdu, China." Land 10, no. 12 (December 3, 2021): 1330. http://dx.doi.org/10.3390/land10121330.
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The impact of urban rail transit on housing prices has attracted the extensive attention of scholars, but few studies have explored the heterogeneous impact of rail transit on housing prices with different price levels. To solve this problem, we adopted the hedonic price model based on ordinary least squares regression as a supplementary method of quantile regression to study the heterogeneous impact of the Chengdu Metro system on low-, middle-, and high-priced housing. The result shows that the housing price rises first, then falls with the distance from the housing to the nearest subway station. Besides, the influence of transportation accessibility on low-, middle-, and high-priced housing decreases progressively. This research can provide a reference for the government’s transportation planning and decision-making.
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Lee, Yun-Hong. "Effect of Changes in Fertility Rate and Demographic Structure on Housing Prices: Centering on Dongtan New Town." Korean Association for Housing Policy Studies 30, no. 3 (August 31, 2022): 113–39. http://dx.doi.org/10.24957/hsr.2022.30.2.113.
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As a result of analyzing the influence of variables related to the demographic structure, it was found that the price of apartments traded at a time when the total fertility rate was high, the lower the price. In the case of acetic age, the price of apartments traded at a time when the acetic age was higher was found to be lower. It was found that the ratio of single-person households had a negative effect on apartment transaction prices, and the ratio of double-person households had a positive effect on apartment transaction prices.
These results suggest that transaction prices tend to fall as apartments traded at a time when the number of single-person households composed of unmarried or students increases.
On the contrary, it was found that apartments traded at a time when more double-person households move in are more likely to rise in price. The elderly ratio was found to have no significant effect on apartment transaction prices, but the higher the price of apartments traded at a time when more people in their 60s moved in. In addition, it was found that the high proportion of people in their 60s moved in and apartment prices rose during the period when their transactions were concentrated, mainly in high-priced apartment complexes. These results suggest that changes in fertility rates and demographic structure have a significant impact on apartment prices in new cities. Therefore, it seems important to predict changes in the fertility rate and demographic structure of the region when deciding on apartment supply policies to prevent soaring apartment prices.
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Godman, Brian, Steven Simoens, Amanj Kurdi, Gisbert Selke, John Yfantopoulos, Andrew Hill, Jolanta Gulbinovic, et al. "Variation in the prices of oncology medicines across Europe and the implications for the future." Generics and Biosimilars Initiative Journal 10, no. 2 (June 15, 2021): 72–82. http://dx.doi.org/10.5639/gabij.2021.1002.008.
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Introduction/Objectives: Health authorities are facing increasing challenges to the sustainability of their healthcare systems because of the growing expenditures on medicines, including new, high-priced oncology medicines, and changes in disease prevalence in their ageing populations. Medicine prices in European countries are greatly affected by the ability to negotiate reasonable prices. Concerns have been expressed that prices of patented medicines do not fall sufficiently after the introduction of lower-cost generic oncology medicines. The objective of this study was to examine the associations over time in selected European countries between the prices of oral oncology medicines, population size, and gross domestic product (GDP) before and after the introduction of generic versions. Evidence of periodic reassessments of the price, value, and place in treatment of these medicines was also looked for. The goal of this review was to stimulate debate about possible improvements in approaches to reimbursement negotiations. Methodology: Analysis was performed of reimbursed prices of three oral oncology medicines (imatinib, erlotinib and fludarabine) between 2013 and 2017 across Europe. Correlations were explored between GDP, population size, and prices. Findings were compared with previous research regarding prices of generic oral oncology medicines. Results: The prices of imatinib, erlotinib and fludarabine varied among European countries, and there was limited price erosion over time in the absence of generics. There appeared to be no correlation between population size and price, but higher prices of on-patent oral cancer medicines were seen among countries with higher GDP per capita. Conclusion: Limited price erosion for patented medicines contributed to increases in oncology medicine budgets across the region. There was also a concerning lack of evidence re-assessments of the price, value, and place in treatment of patented oncology medicines following the loss of patent protection of standard medicines. The use of such proactive re-assessments in negotiating tactics might positively impact global expenditures for oncology medicines.
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Dur, Robert, and Matteo Rizzolli. "Prices, praises, and prizes." International Review of Economics 66, no. 1 (February 23, 2019): 1–4. http://dx.doi.org/10.1007/s12232-019-00319-8.
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Leung, Charles Ka Yui, Patrick Wai Yin Cheung, and Erica Jiajia Ding. "International Real Estate Review." International Real Estate Review 11, no. 2 (December 31, 2008): 47–74. http://dx.doi.org/10.53383/100097.
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Previous studies of the office market have tended to focus on either the rental market or the aggregate sales market. This paper focuses on the intra-metropolitan sales market and on office price and trading volume dynamics in Hong Kong. According to our findings, buildings trading at higher prices are not necessarily traded more often than those trading at lower prices. In addition, the price of offices in different categories does not necessarily move in tandem. The trading volumes of higher priced buildings tend to Granger cause the lower priced buildings, and this conclusion is robust to alternative classifications. The paper contrasts several existing theories. Suggestions for future research are also discussed.
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Chen, Yujiao, and Zhengbo Luo. "Hedonic Pricing of Houses in Megacities Pre- and Post-COVID-19: A Case Study of Shanghai, China." Sustainability 14, no. 17 (September 3, 2022): 11021. http://dx.doi.org/10.3390/su141711021.
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Housing price is one of the most concerning issues to the public worldwide. Studying the spatial characteristics of Shanghai’s housing prices and their explanatory factors is of great practical significance, for Shanghai is the largest city in China and serves as the national economic center and a global financial hub. By crawling the point of interest (POI) data from the Lianjia Real Estate and Gaode Map in the past decade and applying the multiscale geographically-weighted regression (MGWR) model, this study deeply explores the spatial characteristics of housing prices and their main influencing variables in Shanghai before and after the COVID-19 pandemic. Results show that housing prices in Shanghai kept rising even under the shock of the pandemic, especially in high-priced housing. After the pandemic, Shanghai’s housing price market polarization intensified. In addition, housing prices are very sensitive to location and have strong spatial heterogeneity. The influencing effects of different explanatory factors vary perceptibly in spatial heterogeneity as well as pre- and post- COVID-19.
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Pokrivčák, J., and M. Rajčaniová. "Crude oil price variability and its impact on ethanol prices." Agricultural Economics (Zemědělská ekonomika) 57, No. 8 (August 23, 2011): 394–403. http://dx.doi.org/10.17221/42/2010-agricecon.
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The world annual biofuel production has exceeded 100 billion litres in 2009. The development of the biofuel production is partly influenced by the government support programs and partly by the development of oil prices. The main purpose of this paper is to analyze the statistical relationship between ethanol, gasoline and crude oil prices. We aim to check the correlation among these variables and to analyze the strength and direction of a possible linear relationship among the variables. We are interested in analyzing how each variable is related to another, so we evaluate the inter-relationship among the variables in the Vector Autoregression (VAR) and the Impulse Response Function (IRF). In order to achieve our goal, we first collected weekly data for each variable from January, 2000 to October, 2009. The results provide evidence of the cointegration relationship between oil and gasoline prices, but no cointegration between ethanol, gasoline and ethanol, oil prices. As a result, we used a VAR model on first differences. After running the Impulse Response Function, we found out that the impact of the oil price shock on the other variables is considerable larger than vice versa. The largest impact of oil price shock was observed on the price of gasoline.
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Curry, David J., and Peter C. Riesz. "Prices and Price/Quality Relationships: A Longitudinal Analysis." Journal of Marketing 52, no. 1 (January 1988): 36–51. http://dx.doi.org/10.1177/002224298805200104.
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Though price and quality are recognized as important tactical and strategic variables for a marketing manager, few empirical data are available on the behavior of price or the correspondence between price and quality over time. The authors report results for three hypotheses derived from product life cycle theory, dynamic pricing policy, and economic information theory about price trends, price convergence, and the correspondence between price and quality among brands in 62 durable product forms. Results strongly confirm the hypotheses that prices converge as well as decrease in real terms. The decline in price variation apparently results from a narrowing of prices by all relevant competitors. Brands entering or exiting a category counterbalance one another and are nearly as likely to be priced below as above a category mean. Reduced correspondence between price and quality levels over time suggests that as pricing flexibility declines, competition may occur in the form of promotional expenditures rather than relative quality improvements. Implications of these findings for marketing strategy and consumer welfare are discussed.
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Schnuelle, Christian, Timo Wassermann, and Torben Stuehrmann. "Mind the Gap—A Socio-Economic Analysis on Price Developments of Green Hydrogen, Synthetic Fuels, and Conventional Energy Carriers in Germany." Energies 15, no. 10 (May 12, 2022): 3541. http://dx.doi.org/10.3390/en15103541.
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In recent years, the development of energy prices in Germany has been frequently accompanied by criticism and warnings of socio-economic disruptions. Especially with respect to the electricity sector, the debate on increasing energy bills was strongly correlated with the energy system transition. However, whereas fossil fuels have rapidly increased in price recently, renewable substitutes such as green hydrogen and synthetic fuels also enter the markets at comparatively high prices. On the other hand, the present fossil fuel supply is still considered too low-priced by experts because societal greenhouse gas-induced environmental impact costs are not yet compensated. In this study, we investigate the development of the price gap between conventional energy carriers and their renewable substitutes until 2050 as well as a suitable benchmark price, incorporating the societal costs of specific energy carriers. The calculated benchmark prices for natural gas (6.3 ct kWh−1), petrol (9.9 ct kWh−1), and grey hydrogen from steam methane reformation (12 ct kWh−1) are nearly 300% above the actual prices for industry customers in 2020, but below the price peaks of early 2022. In addition, the price gap between conventional fuels and green hydrogen will be completely closed before 2050 for all investigated energy carriers. Furthermore, prognosed future price developments can be considered rather moderate compared to historic and especially to the recent price dynamics in real terms. A gradual implementation of green hydrogen and synthetic fuels next to increasing CO2 prices, however, may temporarily lead to further increasing expenses for energy, but can achieve lower price levels comparable to those of 2020 in the long term.
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Raji, Rahman olanrewaju. "Exchange Rate Pass Through in a Small Open Economy: A case study of West African Monetary Zone." Journal of Global Economy 9, no. 4 (December 28, 2013): 275–90. http://dx.doi.org/10.1956/jge.v9i4.301.
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The study investigated the magnitude of exchange rate pass through to import prices and domestic prices   (consumer price index) in WAMZ economy using quarterly time-series data between 2000 and 2010 with the aids of Vector autoregressive (VAR) modeling technique supported with Johansen co-integration approach cross country analysis comprising of Gambia, Ghana, Nigeria and Sierra-Leone. The study discovered that transmission of exchange rate to import prices is more when compared with consumer price in the zone while the contributions of exchange rate to import price are not less 13 percent at average in entire zone. Consumer price index was explained by exchange rate pass through with an average of 26 percent in the zone where the pass through to consumer price is less than two percent in Ghanaian economy. The Taylor (2000) hypothesis was observed in the study where Ghana and Nigeria are the outlier economies while Nigeria established a positive relationship between interest rate volatility and exchange rate pass through to import prices.
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Du, Wenbin, You Wu, Yunliang Zhang, and Ya Gao. "The Impact Effect of Coal Price Fluctuations on China’s Agricultural Product Price." Sustainability 14, no. 15 (July 22, 2022): 8971. http://dx.doi.org/10.3390/su14158971.
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Few studies have used China’s latest economic data to verify the interaction between coal price fluctuation and vegetable price fluctuation. Therefore, the sharing of existing knowledge in the academic community is mainly reflected in this paper, which explores the influence between coal prices and agricultural product prices for the first time. Further, it supplements the verification of the effective parameters of vegetable price fluctuation in academia. The current study investigates the relationship between coal prices (thermal coal price) and agricultural product prices (vegetable prices) in China from 2016 to 2021. It uses separate time-series models to verify the effect of China’s coal price fluctuation on the price of agricultural products and explores the effect of the coal price on the vegetables’ price trend. The results confirm that the thermal coal price significantly impacts and positively affects vegetable prices. There is also a linkage between the price of coal and the security of agricultural products. It might mainly be due to coal usage in various stages of the growing, storage, transportation, and distribution of agricultural products. Higher coal prices may lead to higher agricultural prices, threatening China’s coal-dominant energy structure. These higher coal prices will endanger domestic energy security and agricultural security. Finally, this study also suggests ways to manage the effect of increased coal prices on agricultural product prices and then puts forward policy suggestions.
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Wang, Qiming. "Evolution of integer price clustering of IPOs in the aftermarket." Nankai Business Review International 5, no. 4 (October 28, 2014): 365–81. http://dx.doi.org/10.1108/nbri-01-2014-0008.
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Purpose – The purpose of this paper is to, using a large sample of NASDAQ initial public offerings (IPOs), examine the evolution of integer price clustering of IPOs in the aftermarket trading. Design/methodology/approach – Consistent with Harris’s (1991) costly negotiation hypothesis, clustering on integer prices is a positive function of price level and various stock valuation uncertainty proxies, and it is a negative function of trading activities for IPOs and seasoned stocks. Findings – It was found that, after controlling for price level, daily return volatility, number of trades, trading volume, number of market makers and the effect of price support, the integer price frequency of IPOs converge to that of seasoned stocks immediately, and whether IPOs have integer offer prices does not affect their integer price clustering in the aftermarket trading after the effect of price support is controlled for. Originality/value – These results suggest that the IPO pricing process significantly reduce the differences between integer priced IPOs and non-integer priced IPOs in pre-offering valuation uncertainty.
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MITOV, GEORGI K., SVETLOZAR T. RACHEV, YOUNG SHIN KIM, and FRANK J. FABOZZI. "BARRIER OPTION PRICING BY BRANCHING PROCESSES." International Journal of Theoretical and Applied Finance 12, no. 07 (November 2009): 1055–73. http://dx.doi.org/10.1142/s0219024909005555.
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This paper examines the pricing of barrier options when the price of the underlying asset is modeled by a branching process in a random environment (BPRE). We derive an analytical formula for the price of an up-and-out call option, one form of a barrier option. Calibration of the model parameters is performed using market prices of standard call options. Our results show that the prices of barrier options that are priced with the BPRE model deviate significantly from those modeled assuming a lognormal process, despite the fact that for standard options, the corresponding differences between the two models are relatively small.
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Feldman, Naomi E., and Bradley J. Ruffle. "The Impact of Including, Adding, and Subtracting a Tax on Demand." American Economic Journal: Economic Policy 7, no. 1 (February 1, 2015): 95–118. http://dx.doi.org/10.1257/pol.20130101.
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We test the equivalence of tax-inclusive, tax-exclusive and tax-rebate prices through a series of experiments differing only in their handling of the tax. Subjects receive a cash budget and decide how much to keep and how much to spend on various attractively priced goods. Subjects spend significantly more under tax-exclusive prices whereas total purchases under tax-inclusive and tax-rebate prices are similar. These results persist throughout most of the ten rounds despite feedback and the ability to revise purchases. The asymmetric response to tax liabilities and rebates highlights consumers' ability both to internalize and to willfully ignore hidden price components. (JEL D12, H25, H31)
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Shah, Suchi M., Anil P. Singh, and Parth K. Vachhani. "Drug price control order: the impact on pharmacoeconomics." International Journal of Basic & Clinical Pharmacology 8, no. 10 (September 25, 2019): 2220. http://dx.doi.org/10.18203/2319-2003.ijbcp20194259.
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Background: The objective of the present study was to analyze the prices of metformin, losartan, atorvastatin, paracetamol and aspirin for the doses which are included in the list of Drug Price Control Order (DPCO) 2013.Methods: Current index medical specialties India, 37th year, April-July 2015 issue was used for analysis. The retail prices of the drugs in INR were tabulated in Microsoft Office Excel 2013. The prices of the above listed drugs were compared with prices of DPCO 2013 for the same doses of drugs. The analysis of drugs costing more than the prices listed in the DPCO with the margin of the difference in percentage was carried out.Results: Out of 25 brands of metformin 500 mg tablet, 11 (44%) brands had price higher than listed in DPCO 2013. Similarly, prices for losartan 25 mg and 50 mg tablets, 8 (25%) out of 32 and 11 (31.42%) out of 35 were higher respectively. For atorvastatin 5 mg and 10 mg tablets, 2 (9.52%) out of 21 and 8 (13.55%) out of 59 brands had higher prices. For paracetamol 500 mg tablet, 12 (63.15%) out of 19 brands were priced higher than DPCO list. For aspirin 100 mg tablet and 325 mg tablet, 3 (100%) out of 3 brands and 1 (100%) out of 1 brand had higher prices.Conclusions: Many of the brand formulations have higher prices than the DPCO 2013 issued by government of India. The clinicians prescribing these drugs should be aware of these brand formulations to reduce the cost of the drug therapy.
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Mushi, Vianey John. "Housing Finance and Markets Dynamics in Tanzania: An Analysis of Cross-sector Linkages." JOURNAL OF AFRICAN REAL ESTATE RESEARCH 5, no. 1 (June 1, 2020): 16–31. http://dx.doi.org/10.15641/jarer.v5i1.800.
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This study examines whether feedback from housing price shocks factored into the availability of mortgage credit in Tanzania between 2008 and 2018. This was done by estimating a Vector Error Correction Model (VECM) with mortgage financing and using three measures of house pricing trends in the luxury, mid-end and economy sub-markets as dependent variables. Results showed that mortgage credit expansion is related to housing price growth in the long-run, but the impact mostly ran from housing price shocks to mortgage growth. In the short-term, changes in price for luxury houses led to a mortgage growth in the first quarter after the shocks, which in turn stimulated changes in housing prices. However, variations on mortgage credit flows had a more significant short-term impact on prices of housing units than it did for houses priced on mortgage credit. The dynamic response between mortgage credit flow and housing prices disappeared when housing price indicators for the economy and mid-end sub-markets were used in the analysis. In addition, both mortgage credit and housing markets were highly persistent, but the effect of previous shocks lasted longer in the mortgage lending process. The paper concludes that the substantial increase in housing prices might be a major concern for policymakers, in particular, because it foreshadows a mortgage crisis.
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Kopytets, Nataliia. "Analysis of the price situation in the cattle meat market." Ekonomika APK 313, no. 11 (November 27, 2020): 52–59. http://dx.doi.org/10.32317/2221-1055.202011052.
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The purpose of the article is to investigate the current price situation in the cattle meat market, taking into account the peculiarities of the beef price chain “production – processing –trade – consumer”. Research methods. The following methods have been used in the research process: abstract and logical, system analysis – for generalize theoretical positions, formulating conclusions; comparative analysis – for compare indicators and identify trends in their change over time; statistical – for assessing the cattle meat market; tabular – for visual representation of the research results; monographic – for detailing the price situation in the beef market; graphic – for identify and illustrate the trends of the research economic phenomena. Research results. An analysis of the price situation in the cattle meat market with details of individual species priced in dif-ferent areas of the country. Trends and regularities of dynamics of prices for cattle and products of processing in wholesale and retail trade are estimated. There is a clear tendency of annual increase in prices for cattle meat market in Ukraine during 2017-2020. It was found that the increase in purchase prices for young cattle causes an increase in wholesale and retail prices for various types of meat. It is justified that the price is important to all cattle meat market participants. The level of prices affects the efficiency of both individual producers and the development of the economy of any country. Prices clearly reflect the processes of production, exchange, distribution and consumption. Scientific novelty. It is specified that under the conditions of low purchasing power of most of the population of Ukraine, the actual retail prices for beef and veal within the trade network are quite high and do not contribute to the growth of demand for this type of meat. Practical significance. The research results can be useful for all participants in the food chain “production – processing – distribution – consumption” of the cattle market. Tabl.: 1. Figs.: 1. Refs.: 23.
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Wang, Cheng, Hailei Zou, and Juncheng Yin. "Fourier Transform of Lookback Option Price." ISRN Applied Mathematics 2011 (November 30, 2011): 1–7. http://dx.doi.org/10.5402/2011/518172.
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The Fourier transform of the damped price of Lookback option under B-S model is presented. Thus, the Lookback option across a range of strikes can be simultaneously priced via FFT algorithm. FFT algorithm is more efficient than both Monte Carlo simulation method and the integral of the usual pricing formula. In addition, by FFT algorithm, investors can easily capture the sensitivity of option prices when the strike prices vary as to make reasonable investment decisions.
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Cavallo, Alberto, and Roberto Rigobon. "The Billion Prices Project: Using Online Prices for Measurement and Research." Journal of Economic Perspectives 30, no. 2 (May 1, 2016): 151–78. http://dx.doi.org/10.1257/jep.30.2.151.
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A large and growing share of retail prices all over the world are posted online on the websites of retailers. This is a massive and (until recently) untapped source of retail price information. Our objective with the Billion Prices Project, created at MIT in 2008, is to experiment with these new sources of information to improve the computation of traditional economic indicators, starting with the Consumer Price Index. We also seek to understand whether online prices have distinct dynamics, their advantages and disadvantages, and whether they can serve as reliable source of information for economic research. The word “billion” in Billion Prices Project was simply meant to express our desire to collect a massive amount of prices, though we in fact reached that number of observations in less than two years. By 2010, we were collecting 5 million prices every day from over 300 retailers in 50 countries. We describe the methodology used to compute online price indexes and show how they co-move with consumer price indexes in most countries. We also use our price data to study price stickiness, and to investigate the “law of one price” in international economics. Finally we describe how the Billion Prices Project data are publicly shared and discuss why data collection is an important endeavor that macro- and international economists should pursue more often.
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Kim, Sangbae, and Seung-A. Lee. "Nonlinear Influence of Apartment Housing Prices Uncertainty on Apartment Jeonse Prices." Korean Association for Housing Policy Studies 30, no. 4 (November 30, 2022): 93–111. http://dx.doi.org/10.24957/hsr.2022.30.4.93.
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The purpose of this study is to examine the nonlinear relationship between apartment jeonse price index and volatilities of apartment housing prices in Korea. We adopt a logistic smooth transition autoregressive(LSTAR) model and use apartment housing price volatility as a transition variable. To do this, we utilize the apartment jeonse price index and apartment housing price index, while the sample period ranges from May 1995 to March 2022. In this paper, the EGARCH model is used to estimate apartment housing prices volatility due to the asymmetry of volatility. We find from the estimation results of nonlinearity that nonlinear models are more appropriate than linear models to capture the dynamic properties of apartment jeonse price index. In addition, the empirical result of the nonlinear LSTAR model shows that the apartment jeonse prices increase in a situation where apartment housing price uncertainty is high. In addition, when we examine the effect of the changes in interest rate on the jeonse prices, we found that the effect of interest rate is statistically insignificant in the LSTAR model, while the changes in interest rate affects the jeonse prices negatively in the linear model. Overall, our result suggests that for the stability of the apartment jeonse prices, it is necessary to minimize uncertainties in apartment housing prices.
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Surbakti, T., T. Supriana, and Iskandarini. "Price formation of red chili in producer level to maintain the sustainability of chili farmer’s farming business." IOP Conference Series: Earth and Environmental Science 977, no. 1 (June 1, 2022): 012051. http://dx.doi.org/10.1088/1755-1315/977/1/012051.
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Abstract Red chili is a commodity contributes to inflation. The high price fluctuations of red chili resulted in large marketing margins and low prices received by farmers. Low prices make farmers switch to growing profitable crops. This condition is closely related to an inefficient market because price information and its formation occur in a non-transparent manner. This research objective to analyse components that impact the prices arrangement of red chili producers. The data used is secondary data on farmers level of red chili prices, wholesalers, consumers, Cayenne prices and fuel prices for 2016-2020. The analysis utilized is Error Correction Model (ECM) to see the factors that influence the formation of red chili prices in long and short time. Results showed that the factors that influence the price formation in producer level of red chili in the short time are wholesale prices, consumer prices, prices of cayenne and fuel prices. Within the long time it will be influenced by the price of cayenne and producer prices from the previous month.
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Lian, Wenbo. "Research on the Impact of Economic Policy Uncertainty on Commodity Prices." International Journal of Accounting and Financial Reporting 12, no. 3 (August 8, 2022): 41. http://dx.doi.org/10.5296/ijafr.v12i3.20277.
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Global economic environment has an important impact on commodity prices. Economic policy uncertainty is an important indicator of global economic environment and an important factor affecting commodity prices. Through empirical research on the impact of global economic policy uncertainty index on global commodity composite index, it is found that Economic policy uncertainty on global commodities comprehensive index, the index of the commodities except gold (energy), fuel prices, oil prices index, the index of fossil fuel, food and beverage prices index, the food price index, industrial base of raw materials prices, agricultural prices index, the index of base metal prices, in addition to the gold metal price index, agriculture as the foundation of raw material The effect of material price index was significant, but not on beverage price index, metal price index, precious metal price index, fertilizer price index, natural gas price index and coal price index. The results show that the increase of economic policy uncertainty will lead to the decline of commodity price index. Therefore, the establishment and implementation of economic policies should consider its influence on the economic base -- commodities, which will have certain reference value for our economic reform.
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Ball, Michael, Edward Shepherd, and Pete Wyatt. "The relationship between residential development land prices and house prices." Town Planning Review: Volume ahead-of-print ahead-of-print (August 1, 2020): 1–21. http://dx.doi.org/10.3828/tpr.2021.27.
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There exists apparent disagreement between two areas of literature regarding the relationship between house prices and land prices. In the professional literature it is argued that high house prices cause high residential development land prices. In some of the policy literature it is argued that it is land-price increases that are behind increasing house prices. We argue that this is a rather artificial dichotomy and arises from two different ways of thinking about the relationship between land and house prices. To demonstrate this we explore how housing and residential land markets work and how their price responses are interrelated.
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Onour, Ibrahim. "Do Crude Oil Price Levels Or Its Volatility Matter In Global Food Commodity Price Change?" Management and Economics Research Journal 7, no. 3 (August 17, 2021): 1–8. http://dx.doi.org/10.18639/merj.2021.9900042.
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This study investigates the effect of crude oil price fluctuations on wheat, sugar, corn, and fertilizers. Results of Markov switching dynamic regression support evidence of two states. State 1, pertains to the low volatility of crude oil prices, and state 2, refers to higher volatility of crude oil prices. At state 1 higher levels of oil prices lead to a decline in food commodity prices, whereas in state 2, higher oil prices cause an increase in food commodity prices. Results of Dynamic Conditional Correlation (DCC) GARCH estimates indicate the coefficients of oil price levels are significant and positively associated with the conditional volatility of the four commodity prices, implying that fluctuations in global food commodity prices are not due to oil price volatility but due to the oil price levels attained at the extreme points.
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Otoo, Emmanuel Asane. "Asymmetric Price Transmission between Local and Imported Rice Prices in Burkina Faso." Journal of Economics and Behavioral Studies 4, no. 9 (September 15, 2012): 523–31. http://dx.doi.org/10.22610/jebs.v4i9.354.
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The study of how price signals in imported rice market influences prices in the local rice market is essential in understanding the inter-relationship between these prices and how soaring global food prices affect prices of locally produced agricultural commodities. This study uses a set of cointegration and error correction models with symmetric and asymmetric adjustment towards the long-run equilibrium to investigate the long-run relationship between local and imported rice prices and the extent to which imported rice prices are transmitted to local rice prices in Burkina Faso. Using national average consumer prices from January 2000 to June 2011, empirical results from the Engle-Granger and Johansen cointegration tests show that consumer price of local rice is significantly integrated with the imported rice market prices. Both threshold cointegration and asymmetric error correction models indicate that consumer prices of local rice respond asymmetrically to shocks from the imported rice price. Specifically, local rice prices respond rapidly to negative shocks while positive shocks take substantial amount of time to be transmitted. These findings provide clear empirical evidence with respect to the impact of imported rice prices on local rice prices and the role of profit-seeking traders in maintaining or increasing the price wedge between the two prices in Burkina Faso.
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Rajendran, K. N., and Gerard J. Tellis. "Contextual and Temporal Components of Reference Price." Journal of Marketing 58, no. 1 (January 1994): 22–34. http://dx.doi.org/10.1177/002224299405800102.
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An emerging consensus in marketing is that consumers respond to price relative to some standard or reference price. Most researchers modeling brand choice have reasoned that this standard is based on past prices of the brand. The authors argue that consumers do use reference prices, but one that is also based on context—other prices in the store—rather than on past prices alone. An analysis of households’ brand choices in two subcategories and over three cities supports this premise. Within context, the lowest price seems to be an important cue for reference price, whereas within time, a brand's own past prices seem to be the most important cue. Households’ use of a contextual reference price also varies predictably across some consumer characteristics. Though their model can be applied to other categories, the findings have important managerial implications: Managerial focus on temporal reference prices could lead to an everyday high price, whereas focus on contextual reference prices could lead to an everyday low price. Only the inclusion of both contextual and temporal reference prices justifies variable pricing.
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Ater, Itai, and Omri Gerlitz. "Round prices and price rigidity: Evidence from outlawing odd prices." Journal of Economic Behavior & Organization 144 (December 2017): 188–203. http://dx.doi.org/10.1016/j.jebo.2017.10.003.
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Putro, Wirawan Seto. "ANALISIS PENGARUH PERSEPSI HARGA TERHADAP PERILAKU PEMBELIAN PRODUK KEBUTUHAN SEHARI-HARI (STUDI PADA INDO GROSIR JALAN MAGELANG)." Journal Competency of Business 3, no. 2 (December 2, 2019): 80–96. http://dx.doi.org/10.47200/jcob.v3i2.671.
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This empirical research is intended to determine the relationship between consumer perceptions of the role of negative prices (Value Consciousness, Price Consciousness, Coupon Proneness, Sale Proneness, and Price Mavenism) with the role of positive prices (Price Quality Schema and Prestige Sensitivity). In this study the data were obtained through distributing questionnaires to 250 respondents, namely consumers who were making a purchase or those who had made a purchase at Indogrosir Jalan Magelang Yogyakarta. Based on the results of data analysis with SEM analysis with the AMOS program showed that there was an influence of negative variables. role price on positive role price, there is a negative role price influence on Value Consciousness in the role of negative prices, there is a negative role price influence on Price Mavenism on the role of negative prices, there is a negative influence role price on Price Consciousness on the role of negative prices, there is a negative role effect price on Sale Proneness on the role of negative prices, there is a negative influence on the role price on Coupon Proneness on the role of negative prices, there is a positive influence on the role price on Price quality schema on the role of negative prices and there is a positive influence on the role price against Prestige sensitivity.
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Khder, Salah I., Abdulgader Alwakeel, Abeya SaifAldawla, Asmahan A. Ali, Muhtadi Kadoma, Narmeen Hassan, Sidig Mohammed, and Mohamed Awad Mousnad. "Measuring Availability and Prices of Locally Produced and Imported Medicines in Sudan." Journal of Medical Informatics and Decision Making 1, no. 2 (January 4, 2020): 1–14. http://dx.doi.org/10.14302/issn.2641-5526.jmid-19-3119.
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Introduction The objective of this study was to compare the availability and prices of locally produced and imported medicines, in particular after one year from medicines importation restriction and to answer the key questions, did local manufacturers able to coverage national needs of medicines and what is the patient prices for locally produced compared to imported medicines in different sectors and regions of Sudan. Methodology The WHO/HAI methodology survey tool was adapted to measure the availability and price of locally produced and imported medicines. Patient price and availability were collected from capital cities of 6 states as per WHO/HAI methodology. Data were collected and analyzed for 50 medicines from the 104 medicines restricted to local manufacturer. Availability was based on whether the medicine was in stock on the day of data collection at the surveyed facility. Prices were expressed as median price ratio (MPR). Results Availability of locally manufactured medicines (LMM) was much better than imported medicines (IM), in the public, (47.2% vs. 14%, respectively) and private (63.9% vs. 23.5%, respectively) sectors. Based on median price ratio (MPR), public sector patient prices for locally manufactured medicines were lowered priced and had a median MPR of 2.4 (n=42) than imported medicines which had a median MPR of 4.99 (n=20). In private sector patient prices for locally manufactured medicines were also lowered priced and had a median MPR of 2.76 (n=45) than imported medicines which had a median MPR of 5.53 (n=27). Thus; patients were paying about 52% less for locally produced than for imported medicines in both sectors Conclusion The survey showed low availability of the basket of medicines surveyed in the public and private sectors for imported medicines (I.M), while not achieving WHO’s target of 80 % for locally manufactured medicines (LMM). In developing countries a lot of barriers are well known to business and industrial need to be resolved in order to maintain availability and self-reliance in drug production as a mean of increasing access to medicines.
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Ongarora, Karumbi, Minnaard, Abuga, Okungu, and Kibwage. "Medicine Prices, Availability, and Affordability in Private Health Facilities in Low-Income Settlements in Nairobi County, Kenya." Pharmacy 7, no. 2 (April 24, 2019): 40. http://dx.doi.org/10.3390/pharmacy7020040.
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Medicine prices are a major determinant of access to healthcare. Owing to low availability of medicines in the public health facilities and poor accessibility to these facilities, most low-income residents pay out-of-pocket for health services and transport to the private health facilities. In low-income settlements, high retail prices are likely to push the population further into poverty and ill health. This study assessed the retail pricing, availability, and affordability of medicines in private health facilities in low-income settlements within Nairobi County. Medicine prices and availability data were collected between September and December 2016 at 45 private healthcare facilities in 14 of Nairobi’s low-income settlements using electronic questionnaires. The International Medical Products Price Guide provided international medicine reference prices for comparison. Affordability and availability proxies were calculated according to existing methods. Innovator brands were 13.8 times more expensive than generic brands. The lowest priced generics and innovator brands were, on average, sold at 2.9 and 32.6 times the median international reference prices of corresponding medicines. Assuming a 100% disposable income, it would take 0.03 to 1.33 days’ wages for the lowest paid government employee to pay for treatment courses of selected single generic medicines. Medicine availability in the facilities ranged between 2% and 76% (mean 43%) for indicator medicines. Prices of selected medicines varied within the 14 study regions. Retail medicine prices in the low-income settlements studied were generally higher than corresponding international reference prices. Price variations were observed across different regions although the regions comprise similar socioeconomic populations. These factors are likely to impact negatively on healthcare access.
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Caskey, Judson, John S. Hughes, and Jun Liu. "Strategic Informed Trades, Diversification, and Expected Returns." Accounting Review 90, no. 5 (January 1, 2015): 1811–37. http://dx.doi.org/10.2308/accr-51026.
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ABSTRACT We examine how strategic trade affects expected returns in a large economy. In our model, both a monopolist (strategic) informed trader and uninformed traders consider the impact of their demands on prices. In contrast to settings with price-taking traders, private information never eliminates a priced risk, and can lead to higher risk premiums. Also unlike settings with price-taking informed traders, risk premiums decrease in response to an increase in liquidity-motivated trades in diversified portfolios. These differing effects arise because a privately informed strategic trader conceals her trades by taking small positions relative to the magnitude of noise trades. Although prices partially reveal her information and reduce uncertainty, a concomitant decrease in her risk absorption dominates and leads to higher risk premiums. Similar to settings with price-taking traders, private information affects expected returns only via factor loadings and risk premiums on existing payoff risks—it introduces no new priced risks, and factor loadings (betas) explain all cross-sectional differences in expected returns.
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Potto, Otniel Syebastian Agusto, and Robiyanto Robiyanto. "THE DYNAMIC CORRELATION BETWEEN OIL PRICES AND THE INDONESIAN OIL COMPANIES’ STOCK PRICE." Image : Jurnal Riset Manajemen 10, no. 1 (July 2, 2021): 28–43. http://dx.doi.org/10.17509/image.v10i1.31283.
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This study aims to analyze the correlation between oil prices and the Indonesian oil companies’ stock price during the pandemic of COVID-19 by testing the effect of oil price changes on companies' stock return and stock volatility. Also, by considering the dynamic correlation between oil prices and the Indonesian oil companies’ stock prices. The data were collected from secondary data at www.finance.yahoo.com, Oil prices, and the Indonesian oil companies’ stock price period from January 2020 to June 2020 during the pandemic of COVID-19. Further, the data were analyzed by using a GARCH method to examine the effect of changes in oil prices for stock return and stock volatility. Also, the DCC-GARCH method was used to see the dynamic correlation between oil prices and the Indonesian oil companies’ stock price. The result showed that changes in oil prices have a significant effect on stock price volatility and the presence of a positive dynamic correlation between oil prices and the Indonesian oil companies’ stock price. This research can be used as a reference for investors for their investments by looking at the relationship between the oil price and The Indonesian oil companies’ stock price.
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Hu, Jin, Xuelei Xiong, Yuanyuan Cai, and Feng Yuan. "The Ripple Effect and Spatiotemporal Dynamics of Intra-Urban Housing Prices at the Submarket Level in Shanghai, China." Sustainability 12, no. 12 (June 22, 2020): 5073. http://dx.doi.org/10.3390/su12125073.
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The ripple effect of housing price movements between cities has been extensively investigated, but there are relatively few studies on this topic within a metropolitan context, especially at the submarket level. This paper describes the use of ripple effect theory to examine the diffusion process and convergence of intra-urban housing prices at the submarket level in Shanghai, an emerging global city in China. The analysis is based on directed acyclic graphs, local indicators of spatial association time-paths, and a recently developed convergence test. The empirical results of grouping analysis identify 25 submarkets in Shanghai, and the diffusion of housing prices between these submarkets is found to be caused by both geographical and economic proximities. There is also a complex recursive process of price spillovers from high- to low-priced submarkets, and vice versa, which contributes to the spiraling local housing prices. Housing prices diverge across all submarkets, and the whole market can be divided into three convergence clubs. Finally, these convergence clubs have a circular structure with a degree of continuity. This study broadens our knowledge of the price interrelationship among housing submarkets at the intra-urban level. These findings have profound implications for urban planners, policy makers, and local residents.
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Chandra, Vivek. "The relative attractiveness of US LNG exports—is the threat to Australian projects real?" APPEA Journal 55, no. 2 (2015): 420. http://dx.doi.org/10.1071/aj14055.
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The competitiveness of Australian LNG projects against US projects has been a subject of much debate; however, as oil prices have fallen since mid-2014, the debate has shifted from the relative commercial terms of the LNG sales contracts to the relative cost of supply. Falling oil prices have decreased the price of LNG in the traditionally oil-linked price markets of Asia. A lower cost of LNG will increase the demand for gas, especially in the power generation sector. New gas supplies would be required to meet increased demand, but the new supply must be at a competitive cost. The market price will be set by the marginal cost of incremental supply. Legacy projects in Southeast Asia, the Middle East and Australia are unable to increase their volumes. The only other source of incremental supply that can profitably sell at these lower prices are new projects in the US Gulf Coast. Australian greenfield projects will not be able to sell at these prices as they suffer from high capital expenditure (capex), high feed gas prices and high operating costs. In contrast, US Gulf Coast LNG projects are being constructed at significantly lower unit costs, have access to massive low-cost shale gas volumes and will operate at low costs using standard technology. These projects are ideally placed to operate in the lower priced environment, irrespective of the LNG sales contracts’ commercial terms.