Toward economics as a new complex system

NASA Astrophysics Data System (ADS)

Kaizoji, Taisei

2016-12-01

The 2015 Nobel Prize in Economic Sciences was awarded to Eugene Fama, Lars Peter Hansen and Robert Shiller for their contributions to the empirical analysis of asset prices. Eugene Fama [J. Finance 25(2), 383 (1970)] is an advocate of the efficient market hypothesis. The efficient market hypothesis assumes that asset price is determined by using all available information and only reacts to new information not incorporated into the fundamentals. Thus, the movement of stock prices is unpredictable. Robert Shiller [ Irrational Exuberance (Princeton Univ. Press, 2015)] has been studying the existence of irrational bubbles, which are defined as the long term deviations of asset price from the fundamentals. This drives us to the unsettled question of how the market actually works. In this paper, I look back at the development of economics and consider the direction in which we should move in order to truly understand the workings of an economic society.

A Study on Market Efficiency of Selected Commodity Derivatives Traded on NCDEX During 2011

NASA Astrophysics Data System (ADS)

Sajipriya, N.

2012-10-01

The study aims at testing the weak form of Efficient Market Hypothesis in the context of an emerging commodity market - National Commodity Derivatives Exchange (NCDEX), which is considered as the prime commodity derivatives market in India. The study considered daily spot and futures prices of five selected commodities traded on NCDEX over 12 month period (the futures contracts originating and expiring during the period January 2011 to December 2011) The five commodities chosen are Pepper, Crude palm Oil, steel silver and Chana as they account for almost two-thirds of the value of agricultural commodity derivatives traded on NCDEX. The results of Run test indicate that both spot and futures prices are weak form efficient

Relationship between efficiency and predictability in stock price change

NASA Astrophysics Data System (ADS)

Eom, Cheoljun; Oh, Gabjin; Jung, Woo-Sung

2008-09-01

In this study, we evaluate the relationship between efficiency and predictability in the stock market. The efficiency, which is the issue addressed by the weak-form efficient market hypothesis, is calculated using the Hurst exponent and the approximate entropy (ApEn). The predictability corresponds to the hit-rate; this is the rate of consistency between the direction of the actual price change and that of the predicted price change, as calculated via the nearest neighbor prediction method. We determine that the Hurst exponent and the ApEn value are negatively correlated. However, predictability is positively correlated with the Hurst exponent.

Testing the weak-form efficiency of the WTI crude oil futures market

NASA Astrophysics Data System (ADS)

Jiang, Zhi-Qiang; Xie, Wen-Jie; Zhou, Wei-Xing

2014-07-01

The weak-form efficiency of energy futures markets has long been studied and empirical evidence suggests controversial conclusions. In this work, nonparametric methods are adopted to estimate the Hurst indexes of the WTI crude oil futures prices (1983-2012) and a strict statistical test in the spirit of bootstrapping is put forward to verify the weak-form market efficiency hypothesis. The results show that the crude oil futures market is efficient when the whole period is considered. When the whole series is divided into three sub-series separated by the outbreaks of the Gulf War and the Iraq War, it is found that the Gulf War reduced the efficiency of the market. If the sample is split into two sub-series based on the signing date of the North American Free Trade Agreement, the market is found to be inefficient in the sub-periods during which the Gulf War broke out. The same analysis on short-time series in moving windows shows that the market is inefficient only when some turbulent events occur, such as the oil price crash in 1985, the Gulf war, and the oil price crash in 2008.

How long is the memory of the US stock market?

NASA Astrophysics Data System (ADS)

Ferreira, Paulo; Dionísio, Andreia

2016-06-01

The Efficient Market Hypothesis (EMH), one of the most important hypothesis in financial economics, argues that return rates have no memory (correlation) which implies that agents cannot make abnormal profits in financial markets, due to the possibility of arbitrage operations. With return rates for the US stock market, we corroborate the fact that with a linear approach, return rates do not show evidence of correlation. However, linear approaches might not be complete or global, since return rates could suffer from nonlinearities. Using detrended cross-correlation analysis and its correlation coefficient, a methodology which analyzes long-range behavior between series, we show that the long-range correlation of return rates only ends in the 149th lag, which corresponds to about seven months. Does this result undermine the EMH?

A Note on Trader Sharpe Ratios

PubMed Central

Coates, John M.; Page, Lionel

2009-01-01

Traders in the financial world are assessed by the amount of money they make and, increasingly, by the amount of money they make per unit of risk taken, a measure known as the Sharpe Ratio. Little is known about the average Sharpe Ratio among traders, but the Efficient Market Hypothesis suggests that traders, like asset managers, should not outperform the broad market. Here we report the findings of a study conducted in the City of London which shows that a population of experienced traders attain Sharpe Ratios significantly higher than the broad market. To explain this anomaly we examine a surrogate marker of prenatal androgen exposure, the second-to-fourth finger length ratio (2D∶4D), which has previously been identified as predicting a trader's long term profitability. We find that it predicts the amount of risk taken by traders but not their Sharpe Ratios. We do, however, find that the traders' Sharpe Ratios increase markedly with the number of years they have traded, a result suggesting that learning plays a role in increasing the returns of traders. Our findings present anomalous data for the Efficient Markets Hypothesis. PMID:19946367

A note on trader Sharpe Ratios.

PubMed

Coates, John M; Page, Lionel

2009-11-25

Traders in the financial world are assessed by the amount of money they make and, increasingly, by the amount of money they make per unit of risk taken, a measure known as the Sharpe Ratio. Little is known about the average Sharpe Ratio among traders, but the Efficient Market Hypothesis suggests that traders, like asset managers, should not outperform the broad market. Here we report the findings of a study conducted in the City of London which shows that a population of experienced traders attain Sharpe Ratios significantly higher than the broad market. To explain this anomaly we examine a surrogate marker of prenatal androgen exposure, the second-to-fourth finger length ratio (2D:4D), which has previously been identified as predicting a trader's long term profitability. We find that it predicts the amount of risk taken by traders but not their Sharpe Ratios. We do, however, find that the traders' Sharpe Ratios increase markedly with the number of years they have traded, a result suggesting that learning plays a role in increasing the returns of traders. Our findings present anomalous data for the Efficient Markets Hypothesis.

Scaling Exponents in Financial Markets

NASA Astrophysics Data System (ADS)

Kim, Kyungsik; Kim, Cheol-Hyun; Kim, Soo Yong

2007-03-01

We study the dynamical behavior of four exchange rates in foreign exchange markets. A detrended fluctuation analysis (DFA) is applied to detect the long-range correlation embedded in the non-stationary time series. It is for our case found that there exists a persistent long-range correlation in volatilities, which implies the deviation from the efficient market hypothesis. Particularly, the crossover is shown to exist in the scaling behaviors of the volatilities.

Investigation of market efficiency and Financial Stability between S&P 500 and London Stock Exchange: Monthly and yearly Forecasting of Time Series Stock Returns using ARMA model

NASA Astrophysics Data System (ADS)

Rounaghi, Mohammad Mahdi; Nassir Zadeh, Farzaneh

2016-08-01

We investigated the presence and changes in, long memory features in the returns and volatility dynamics of S&P 500 and London Stock Exchange using ARMA model. Recently, multifractal analysis has been evolved as an important way to explain the complexity of financial markets which can hardly be described by linear methods of efficient market theory. In financial markets, the weak form of the efficient market hypothesis implies that price returns are serially uncorrelated sequences. In other words, prices should follow a random walk behavior. The random walk hypothesis is evaluated against alternatives accommodating either unifractality or multifractality. Several studies find that the return volatility of stocks tends to exhibit long-range dependence, heavy tails, and clustering. Because stochastic processes with self-similarity possess long-range dependence and heavy tails, it has been suggested that self-similar processes be employed to capture these characteristics in return volatility modeling. The present study applies monthly and yearly forecasting of Time Series Stock Returns in S&P 500 and London Stock Exchange using ARMA model. The statistical analysis of S&P 500 shows that the ARMA model for S&P 500 outperforms the London stock exchange and it is capable for predicting medium or long horizons using real known values. The statistical analysis in London Stock Exchange shows that the ARMA model for monthly stock returns outperforms the yearly. ​A comparison between S&P 500 and London Stock Exchange shows that both markets are efficient and have Financial Stability during periods of boom and bust.

Introduction to Econophysics

NASA Astrophysics Data System (ADS)

Mantegna, Rosario N.; Stanley, H. Eugene

2007-08-01

Preface; 1. Introduction; 2. Efficient market hypothesis; 3. Random walk; 4. Lévy stochastic processes and limit theorems; 5. Scales in financial data; 6. Stationarity and time correlation; 7. Time correlation in financial time series; 8. Stochastic models of price dynamics; 9. Scaling and its breakdown; 10. ARCH and GARCH processes; 11. Financial markets and turbulence; 12. Correlation and anti-correlation between stocks; 13. Taxonomy of a stock portfolio; 14. Options in idealized markets; 15. Options in real markets; Appendix A: notation guide; Appendix B: martingales; References; Index.

Frontiers of finance: evolution and efficient markets.

PubMed

Farmer, J D; Lo, A W

1999-08-31

In this review article, we explore several recent advances in the quantitative modeling of financial markets. We begin with the Efficient Markets Hypothesis and describe how this controversial idea has stimulated a number of new directions of research, some focusing on more elaborate mathematical models that are capable of rationalizing the empirical facts, others taking a completely different tack in rejecting rationality altogether. One of the most promising directions is to view financial markets from a biological perspective and, specifically, within an evolutionary framework in which markets, instruments, institutions, and investors interact and evolve dynamically according to the "law" of economic selection. Under this view, financial agents compete and adapt, but they do not necessarily do so in an optimal fashion. Evolutionary and ecological models of financial markets is truly a new frontier whose exploration has just begun.

Frontiers of finance: Evolution and efficient markets

PubMed Central

Farmer, J. Doyne; Lo, Andrew W.

1999-01-01

In this review article, we explore several recent advances in the quantitative modeling of financial markets. We begin with the Efficient Markets Hypothesis and describe how this controversial idea has stimulated a number of new directions of research, some focusing on more elaborate mathematical models that are capable of rationalizing the empirical facts, others taking a completely different tack in rejecting rationality altogether. One of the most promising directions is to view financial markets from a biological perspective and, specifically, within an evolutionary framework in which markets, instruments, institutions, and investors interact and evolve dynamically according to the “law” of economic selection. Under this view, financial agents compete and adapt, but they do not necessarily do so in an optimal fashion. Evolutionary and ecological models of financial markets is truly a new frontier whose exploration has just begun. PMID:10468547

Efficiency and cross-correlation in equity market during global financial crisis: Evidence from China

NASA Astrophysics Data System (ADS)

Ma, Pengcheng; Li, Daye; Li, Shuo

2016-02-01

Using one minute high-frequency data of the Shanghai Composite Index (SHCI) and the Shenzhen Composite Index (SZCI) (2007-2008), we employ the detrended fluctuation analysis (DFA) and the detrended cross correlation analysis (DCCA) with rolling window approach to observe the evolution of market efficiency and cross-correlation in pre-crisis and crisis period. Considering the fat-tail distribution of return time series, statistical test based on shuffling method is conducted to verify the null hypothesis of no long-term dependence. Our empirical research displays three main findings. First Shanghai equity market efficiency deteriorated while Shenzhen equity market efficiency improved with the advent of financial crisis. Second the highly positive dependence between SHCI and SZCI varies with time scale. Third financial crisis saw a significant increase of dependence between SHCI and SZCI at shorter time scales but a lack of significant change at longer time scales, providing evidence of contagion and absence of interdependence during crisis.

Algorithmic complexity of real financial markets

NASA Astrophysics Data System (ADS)

Mansilla, R.

2001-12-01

A new approach to the understanding of complex behavior of financial markets index using tools from thermodynamics and statistical physics is developed. Physical complexity, a quantity rooted in the Kolmogorov-Chaitin theory is applied to binary sequences built up from real time series of financial markets indexes. The study is based on NASDAQ and Mexican IPC data. Different behaviors of this quantity are shown when applied to the intervals of series placed before crashes and to intervals when no financial turbulence is observed. The connection between our results and the efficient market hypothesis is discussed.

Intra-day response of foreign exchange markets after the Tohoku-Oki earthquake

NASA Astrophysics Data System (ADS)

Nakano, Shuhei; Hirata, Yoshito; Iwayama, Koji; Aihara, Kazuyuki

2015-02-01

Although an economy is influenced by a natural disaster, the market response to the disaster during the first 24 hours is not clearly understood. Here we show that an earthquake quickly causes temporal changes in a foreign exchange market by examining the case of the Tohoku-Oki earthquake. Recurrence plots and statistical change point detection independently show that the United States dollar-Japanese yen market responded to the earthquake activity without delay and with the delay of about 2 minutes, respectively. These findings support that the efficient market hypothesis nearly holds now in the time scale of minutes.

Technological change, depletion and environmental policy in the offshore oil and gas industry

NASA Astrophysics Data System (ADS)

Managi, Shunsuke

Technological change is central to maintaining standards of living in modern economies with finite resources and increasingly stringent environmental goals. Successful environmental policies can contribute to efficiency by encouraging, rather than inhibiting, technological innovation. However, little research to date has focused on the design and implementation of environmental regulations that encourage technological progress, or in insuring productivity improvements in the face of depletion of natural resources and increasing stringency of environmental regulations. This study models and measures productivity change, with an application to offshore oil and gas production in the Gulf of Mexico using Data Envelopment Analysis. This is an important application because energy resources are central to sustaining our economy. The net effects of technological progress and depletion on productivity of offshore oil and gas production are measured using a unique field-level set of data of production from all wells in the Gulf of Mexico over the time period from 1946--1998. Results are consistent with the hypothesis that technological progress has mitigated depletion effects over the study period, but the pattern differs from the conventional wisdom for nonrenewable resource industries. The Porter Hypothesis was recast, and revised version was tested. The Porter Hypothesis states that well designed environmental regulations can potentially contribute to productive efficiency in the long run by encouraging innovation. The Porter Hypothesis was recast to include market and nonmarket outputs. Our results support the recast version of Porter hypothesis, which examine productivity of joint production of market and environmental outputs. But we find no evidence for the standard formulation of the Porter hypothesis, that increased stringency of environmental regulation lead to increased productivity of market outputs and therefore increased industry profits. The model is used to forecast market and environmental outputs under alternative policy scenarios. Reliable baseline forecast and response to different policy actions of production and pollution are critical to the formation of sound energy and environmental policy. Forecast of production and pollution until year 2050 are generated from the model. Detailed policy scenarios provide quantitative assessments of potential benefits that indicate the significance of potential benefits of technological change and well-designed environmental policy.

Eroding market stability by proliferation of financial instruments

NASA Astrophysics Data System (ADS)

Caccioli, F.; Marsili, M.; Vivo, P.

2009-10-01

We contrast Arbitrage Pricing Theory (APT), the theoretical basis for the development of financial instruments, with a dynamical picture of an interacting market, in a simple setting. The proliferation of financial instruments apparently provides more means for risk diversification, making the market more efficient and complete. In the simple market of interacting traders discussed here, the proliferation of financial instruments erodes systemic stability and it drives the market to a critical state characterized by large susceptibility, strong fluctuations and enhanced correlations among risks. This suggests that the hypothesis of APT may not be compatible with a stable market dynamics. In this perspective, market stability acquires the properties of a common good, which suggests that appropriate measures should be introduced in derivative markets, to preserve stability. in here

Martingales, detrending data, and the efficient market hypothesis

NASA Astrophysics Data System (ADS)

McCauley, Joseph L.; Bassler, Kevin E.; Gunaratne, Gemunu H.

2008-01-01

We discuss martingales, detrending data, and the efficient market hypothesis (EMH) for stochastic processes x( t) with arbitrary diffusion coefficients D( x, t). Beginning with x-independent drift coefficients R( t) we show that martingale stochastic processes generate uncorrelated, generally non-stationary increments. Generally, a test for a martingale is therefore a test for uncorrelated increments. A detrended process with an x-dependent drift coefficient is generally not a martingale, and so we extend our analysis to include the class of ( x, t)-dependent drift coefficients of interest in finance. We explain why martingales look Markovian at the level of both simple averages and 2-point correlations. And while a Markovian market has no memory to exploit and presumably cannot be beaten systematically, it has never been shown that martingale memory cannot be exploited in 3-point or higher correlations to beat the market. We generalize our Markov scaling solutions presented earlier, and also generalize the martingale formulation of the EMH to include ( x, t)-dependent drift in log returns. We also use the analysis of this paper to correct a misstatement of the ‘fair game’ condition in terms of serial correlations in Fama's paper on the EMH. We end with a discussion of Levy's characterization of Brownian motion and prove that an arbitrary martingale is topologically inequivalent to a Wiener process.

Scaling and criticality in a stochastic multi-agent model of a financial market

NASA Astrophysics Data System (ADS)

Lux, Thomas; Marchesi, Michele

1999-02-01

Financial prices have been found to exhibit some universal characteristics that resemble the scaling laws characterizing physical systems in which large numbers of units interact. This raises the question of whether scaling in finance emerges in a similar way - from the interactions of a large ensemble of market participants. However, such an explanation is in contradiction to the prevalent `efficient market hypothesis' in economics, which assumes that the movements of financial prices are an immediate and unbiased reflection of incoming news about future earning prospects. Within this hypothesis, scaling in price changes would simply reflect similar scaling in the `input' signals that influence them. Here we describe a multi-agent model of financial markets which supports the idea that scaling arises from mutual interactions of participants. Although the `news arrival process' in our model lacks both power-law scaling and any temporal dependence in volatility, we find that it generates such behaviour as a result of interactions between agents.

The volatility of stock market prices.

PubMed

Shiller, R J

1987-01-02

If the volatility of stock market prices is to be understood in terms of the efficient markets hypothesis, then there should be evidence that true investment value changes through time sufficiently to justify the price changes. Three indicators of change in true investment value of the aggregate stock market in the United States from 1871 to 1986 are considered: changes in dividends, in real interest rates, and in a direct measure of intertemporal marginal rates of substitution. Although there are some ambiguities in interpreting the evidence, dividend changes appear to contribute very little toward justifying the observed historical volatility of stock prices. The other indicators contribute some, but still most of the volatility of stock market prices appears unexplained.

Fact and fictions in FX arbitrage processes

NASA Astrophysics Data System (ADS)

Cross, Rod; Kozyakin, Victor

2015-02-01

The efficient markets hypothesis implies that arbitrage opportunities in markets such as those for foreign exchange (FX) would be, at most, short-lived. The present paper surveys the fragmented nature of FX markets, revealing that information in these markets is also likely to be fragmented. The "quant" workforce in the hedge fund featured in The Fear Index novel by Robert Harris would have little or no reason for their existence in an EMH world. The four currency combinatorial analysis of arbitrage sequences contained in [1] is then considered. Their results suggest that arbitrage processes, rather than being self-extinguishing, tend to be periodic in nature. This helps explain the fact that arbitrage dealing tends to be endemic in FX markets.

How fast do stock prices adjust to market efficiency? Evidence from a detrended fluctuation analysis

NASA Astrophysics Data System (ADS)

Reboredo, Juan C.; Rivera-Castro, Miguel A.; Miranda, José G. V.; García-Rubio, Raquel

2013-04-01

In this paper we analyse price fluctuations with the aim of measuring how long the market takes to adjust prices to weak-form efficiency, i.e., how long it takes for prices to adjust to a fractional Brownian motion with a Hurst exponent of 0.5. The Hurst exponent is estimated for different time horizons using detrended fluctuation analysis-a method suitable for non-stationary series with trends-in order to identify at which time scale the Hurst exponent is consistent with the efficient market hypothesis. Using high-frequency share price, exchange rate and stock data, we show how price dynamics exhibited important deviations from efficiency for time periods of up to 15 min; thereafter, price dynamics was consistent with a geometric Brownian motion. The intraday behaviour of the series also indicated that price dynamics at trade opening and close was hardly consistent with efficiency, which would enable investors to exploit price deviations from fundamental values. This result is consistent with intraday volume, volatility and transaction time duration patterns.

Pedagogical Strategies for Incorporating Behavioral Finance Concepts in Investment Courses

ERIC Educational Resources Information Center

Adams, Michael; Mullins, Terry; Thornton, Barry

2007-01-01

The traditional approach to teaching a course in investments is predicated upon the efficient market hypothesis, modern portfolio theory, and the assumption that decision-makers are rational, wealth optimizing entities. Recent developments in the arena of behavioral finance (BF) have raised questions about this approach. Although the idea of…

An investigation of Forex market efficiency based on detrended fluctuation analysis: A case study for Iran

NASA Astrophysics Data System (ADS)

Abounoori, Esmaiel; Shahrazi, Mahdi; Rasekhi, Saeed

2012-06-01

The efficient market hypothesis (EMH) states that asset prices fully reflect all available information. As a result, speculators cannot predict the future behavior of asset prices and earn excess profits at least after adjusting for risk. Although initial tests of the EMH were performed on stock market data, the EMH was soon applied to other markets including foreign exchange (FX). This study uses the detrended fluctuation analysis (DFA) technique to test 01:12:2005-18:04:2010 Iranian Rial/US Dollar exchange rate time series data to see if it can be explained by the weak form of the EMH. Moreover, to determine changes in the degree of inefficiency over time, the whole period has been divided into four subperiods. The study shows that the Iranian Forex market (the Rial/Dollar case) is weak-form inefficient over the whole period and in each of the subperiods. However, the degree of inefficiency is not constant over time. The findings suggest that profitable risk-adjusted trades could be made using past data.

Stochastic model of financial markets reproducing scaling and memory in volatility return intervals

NASA Astrophysics Data System (ADS)

Gontis, V.; Havlin, S.; Kononovicius, A.; Podobnik, B.; Stanley, H. E.

2016-11-01

We investigate the volatility return intervals in the NYSE and FOREX markets. We explain previous empirical findings using a model based on the interacting agent hypothesis instead of the widely-used efficient market hypothesis. We derive macroscopic equations based on the microscopic herding interactions of agents and find that they are able to reproduce various stylized facts of different markets and different assets with the same set of model parameters. We show that the power-law properties and the scaling of return intervals and other financial variables have a similar origin and could be a result of a general class of non-linear stochastic differential equations derived from a master equation of an agent system that is coupled by herding interactions. Specifically, we find that this approach enables us to recover the volatility return interval statistics as well as volatility probability and spectral densities for the NYSE and FOREX markets, for different assets, and for different time-scales. We find also that the historical S&P500 monthly series exhibits the same volatility return interval properties recovered by our proposed model. Our statistical results suggest that human herding is so strong that it persists even when other evolving fluctuations perturbate the financial system.

Labor Market Frictions and Production Efficiency in Public Schools. Working Paper 163

ERIC Educational Resources Information Center

Kim, Dongwoo; Koedel, Cory; Ni, Shawn; Podgursky, Michael

2016-01-01

State-specific licensing policies and pension plans create mobility costs for educators who cross state lines. We empirically test whether these costs affect production in schools--a hypothesis that follows directly from economic theory on labor frictions--using geo-coded data from the lower-48 states. We find that achievement is lower in…

Production Efficiency and Market Orientation in Food Crops in North West Ethiopia: Application of Matching Technique for Impact Assessment

PubMed Central

Ayenew, Habtamu Yesigat

2016-01-01

Introduction Agricultural technologies developed by national and international research institutions were not benefiting the rural population of Ethiopia to the extent desired. As a response, integrated agricultural extension approaches are proposed as a key strategy to transform the smallholder farming sector. Improving Productivity and Market Success (IPMS) of Ethiopian Farmers project is one of the development projects initiated by integrating productivity enhancement technological schemes with market development model. This paper explores the impact of the project intervention in the smallholder farmers’ wellbeing. Methods To test the research hypothesis of whether the project brought a significant change in the input use, marketed surplus, efficiency and income of farm households, we use a cross-section data from 200 smallholder farmers in Northwest Ethiopia, collected through multi-stage sampling procedure. To control for self-selection from observable characteristics of the farm households, we employ Propensity Score Matching (PSM). We finally use Data Envelopment Analysis (DEA) techniques to estimate technical efficiency of farm households. Results The outcome of the research is in line with the premises that the participation of the household in the IPMS project improves purchased input use, marketed surplus, efficiency of farms and the overall gain from farming. The participant households on average employ more purchased agricultural inputs and gain higher gross margin from the production activities as compared to the non-participant households. The non-participant households on average supply less output (measured both in monetary terms and proportion of total produce) to the market as compared to their participant counterparts. Except for the technical efficiency of production in potato, project participant households are better-off in production efficiency compared with the non-participant counterparts. Conclusion We verified the idea that Improving Productivity and Market Success (IPMS) of Ethiopian farmers’ project has contributed for the input and out market integration and/or market oriented agricultural production. Overall, we argue that these can be seen as an experimental model with a promising potential to improve the livelihood of the poor. Furthermore, we suggest that it is worthwhile to employ integrated agricultural extension programs with further targeting in the developing world. PMID:27391961

Production Efficiency and Market Orientation in Food Crops in North West Ethiopia: Application of Matching Technique for Impact Assessment.

PubMed

Ayenew, Habtamu Yesigat

2016-01-01

Agricultural technologies developed by national and international research institutions were not benefiting the rural population of Ethiopia to the extent desired. As a response, integrated agricultural extension approaches are proposed as a key strategy to transform the smallholder farming sector. Improving Productivity and Market Success (IPMS) of Ethiopian Farmers project is one of the development projects initiated by integrating productivity enhancement technological schemes with market development model. This paper explores the impact of the project intervention in the smallholder farmers' wellbeing. To test the research hypothesis of whether the project brought a significant change in the input use, marketed surplus, efficiency and income of farm households, we use a cross-section data from 200 smallholder farmers in Northwest Ethiopia, collected through multi-stage sampling procedure. To control for self-selection from observable characteristics of the farm households, we employ Propensity Score Matching (PSM). We finally use Data Envelopment Analysis (DEA) techniques to estimate technical efficiency of farm households. The outcome of the research is in line with the premises that the participation of the household in the IPMS project improves purchased input use, marketed surplus, efficiency of farms and the overall gain from farming. The participant households on average employ more purchased agricultural inputs and gain higher gross margin from the production activities as compared to the non-participant households. The non-participant households on average supply less output (measured both in monetary terms and proportion of total produce) to the market as compared to their participant counterparts. Except for the technical efficiency of production in potato, project participant households are better-off in production efficiency compared with the non-participant counterparts. We verified the idea that Improving Productivity and Market Success (IPMS) of Ethiopian farmers' project has contributed for the input and out market integration and/or market oriented agricultural production. Overall, we argue that these can be seen as an experimental model with a promising potential to improve the livelihood of the poor. Furthermore, we suggest that it is worthwhile to employ integrated agricultural extension programs with further targeting in the developing world.

Are stock prices too volatile to be justified by the dividend discount model?

NASA Astrophysics Data System (ADS)

Akdeniz, Levent; Salih, Aslıhan Altay; Ok, Süleyman Tuluğ

2007-03-01

This study investigates excess stock price volatility using the variance bound framework of LeRoy and Porter [The present-value relation: tests based on implied variance bounds, Econometrica 49 (1981) 555-574] and of Shiller [Do stock prices move too much to be justified by subsequent changes in dividends? Am. Econ. Rev. 71 (1981) 421-436.]. The conditional variance bound relationship is examined using cross-sectional data simulated from the general equilibrium asset pricing model of Brock [Asset prices in a production economy, in: J.J. McCall (Ed.), The Economics of Information and Uncertainty, University of Chicago Press, Chicago (for N.B.E.R.), 1982]. Results show that the conditional variance bounds hold, hence, our hypothesis of the validity of the dividend discount model cannot be rejected. Moreover, in our setting, markets are efficient and stock prices are neither affected by herd psychology nor by the outcome of noise trading by naive investors; thus, we are able to control for market efficiency. Consequently, we show that one cannot infer any conclusions about market efficiency from the unconditional variance bounds tests.

Inefficiency in Latin-American market indices

NASA Astrophysics Data System (ADS)

Zunino, L.; Tabak, B. M.; Pérez, D. G.; Garavaglia, M.; Rosso, O. A.

2007-11-01

We explore the deviations from efficiency in the returns and volatility returns of Latin-American market indices. Two different approaches are considered. The dynamics of the Hurst exponent is obtained via a wavelet rolling sample approach, quantifying the degree of long memory exhibited by the stock market indices under analysis. On the other hand, the Tsallis q entropic index is measured in order to take into account the deviations from the Gaussian hypothesis. Different dynamic rankings of inefficieny are obtained, each of them contemplates a different source of inefficiency. Comparing with the results obtained for a developed country (US), we confirm a similar degree of long-range dependence for our emerging markets. Moreover, we show that the inefficiency in the Latin-American countries comes principally from the non-Gaussian form of the probability distributions.

Does price efficiency increase with trading volume? Evidence of nonlinearity and power laws in ETFs

NASA Astrophysics Data System (ADS)

Caginalp, Gunduz; DeSantis, Mark

2017-02-01

Whether efficiency increases with increasing volume is an important issue that may illuminate trader strategies and distinguish between market theories. This relationship is tested using 124,236 daily observations comprising 68 large and liquid U.S. equity exchange traded funds (ETFs). ETFs have the advantage that efficiency can be measured in terms of the deviation between the trading price and the underlying net asset value that is reported each day. Our findings support the hypothesis that the relationship between volume and efficiency is nonlinear. Indeed, efficiency increases as volume increases from low to moderately high levels, but then decreases as volume increases further. The first part tends to support the idea that higher volume simply facilitates transactions and maintains efficiency, while the latter part, i.e., even higher volumes, supports the ansatz that increased volume is associated with increased speculation that ignores valuation and decreases efficiency. The results are consistent with the hypothesis that valuation is only part of the motivation for traders. Our methodology accounts for fund heterogeneity and contemporaneous correlations. Similar results are obtained when daily price volatility is introduced as an additional independent variable.

Non-linear forecasting in high-frequency financial time series

NASA Astrophysics Data System (ADS)

Strozzi, F.; Zaldívar, J. M.

2005-08-01

A new methodology based on state space reconstruction techniques has been developed for trading in financial markets. The methodology has been tested using 18 high-frequency foreign exchange time series. The results are in apparent contradiction with the efficient market hypothesis which states that no profitable information about future movements can be obtained by studying the past prices series. In our (off-line) analysis positive gain may be obtained in all those series. The trading methodology is quite general and may be adapted to other financial time series. Finally, the steps for its on-line application are discussed.

The physician-patient relationship as a game of strategic information transmission.

PubMed

De Jaegher, K; Jegers, M

2001-10-01

We show that the intuition underlying the supplier-induced demand (SID) hypothesis is reflected in the cheap-talk literature from game theory, and in the credence-good literature from the economics of information. Applying these theories, we conclude that a neoclassical version of the SID hypothesis is only relevant for treatment decisions involving an expensive treatment that is equally effective in curing several states, but efficient in curing only some of these states (in that a cheaper treatment is efficient otherwise). For a simple game involving such a treatment decision, we show that a Nash equilibrium exists where the patient is able to constrain the physician in inducing demand, without the market for the potentially induced treatment failing. This equilibrium allows us to derive comparative statistics and welfare results. Copyright 2001 John Wiley & Sons, Ltd.

On the Feed-back Mechanism of Chinese Stock Markets

NASA Astrophysics Data System (ADS)

Lu, Shu Quan; Ito, Takao; Zhang, Jianbo

Feed-back models in the stock markets research imply an adjustment process toward investors' expectation for current information and past experiences. Error-correction and cointegration are often used to evaluate the long-run relation. The Efficient Capital Market Hypothesis, which had ignored the effect of the accumulation of information, cannot explain some anomalies such as bubbles and partial predictability in the stock markets. In order to investigate the feed-back mechanism and to determine an effective model, we use daily data of the stock index of two Chinese stock markets with the expectational model, which is one kind of geometric lag models. Tests and estimations of error-correction show that long-run equilibrium seems to be seldom achieved in Chinese stock markets. Our result clearly shows the common coefficient of expectations and fourth-order autoregressive disturbance exist in the two Chinese stock markets. Furthermore, we find the same coefficient of expectations has an autoregressive effect on disturbances in the two Chinese stock markets. Therefore the presence of such feed-back is also supported in Chinese stock markets.

What drives insurer participation and premiums in the Federally-Facilitated Marketplace?

PubMed

Abraham, Jean Marie; Drake, Coleman; McCullough, Jeffrey S; Simon, Kosali

2017-12-01

We investigate determinants of market entry and premiums within the context of the Affordable Care Act's Marketplaces for individual insurance. Using Bresnahan and Reiss (1991) as the conceptual framework, we study how competition and firm heterogeneity relate to premiums in 36 states using Federally Facilitated or Supported Marketplaces in 2016. Our primary data source is the Qualified Health Plan Landscape File, augmented with market characteristics from the American Community Survey and Area Health Resource File as well as insurer-level information from federal Medical Loss Ratio annual reports. We first estimate a model of insurer entry and then investigate the relationship between a market's predicted number of entrants and insurer-level premiums. Our entry model results suggest that competition is increasing with the number of insurers, most notably as the market size increases from 3 to 4 entrants. Results from the premium regression suggest that each additional entrant is associated with approximately 4% lower premiums, controlling for other factors. An alternative explanation for the relationship between entrants and premiums is that more efficient insurers (who can price lower) are the ones that enter markets with many entrants, and this is reflected in lower premiums. An exploratory analysis of insurers' non-claims costs (a proxy for insurer efficiency) reveals that average costs among entrants are rising slightly with the number of insurers in the market. This pattern does not support the hypothesis that premiums decrease with more entrants because those entrants are more efficient, suggesting instead that the results are being driven mostly by price competition.

Entry, concentration and market efficiency: A simulation of the PJM energy market

NASA Astrophysics Data System (ADS)

Harvill, Terry

The rapid and substantial expansion of the PJM energy market during 2004 and 2005 provides a unique opportunity to test the theory of market concentration and its effect on market efficiency. With ten years of operational experience, the PJM energy market is uniquely suited to test the theories of market concentration and efficiency in a natural experiment. This research tests the hypothesis that, for a given number of generating units in the industry, system marginal price will be a decreasing function of the number of owners or generators controlling the units (i.e., the industry concentration ratio). Market simulations are utilized to assess price-cost markups in the PJM energy market during three distinct periods of expansion: (1) pre-Commonwealth Edison integration, (2) pre-American Electric Power (AEP), Dayton Power and Light (DPL), Duquesne Light (Duquesne), and Dominion Virginia Power (Dominion) integration, and (3) post-AFT, DPL. Duquesne, and Dominion Integration. The results of the market simulations for the May 1 to August 31 periods for 2003, 2004, and 2005, indicate that the performance of the market improved with the addition of new market participants in 2004 and 2005. The results of the simulation indicate that the load-weighted Lerner index decreased to -3.70 percent in 2005 from 0.92 percent in 2003. Clearly, the addition of Commonwealth Edison in 2004 significantly increased constraints within the PJM energy market and likely impacted the observed prices in PJM during 2004 due to the lack of a significant link to the other PJM market participants. This deficiency was address in 2005 with the addition of American Electric Power. The market simulations also highlight the prevalence of computed negative markups in the simulation results. Many of the off-peak periods in particular are characterized by negative markups where the expected marginal cost exceeds the observed price. Unit commitment constraints are believed to largely account for these results. Overall, the results of the analysis validate the regional transmission organization expansion polices of the Federal Energy Regulatory Commission.

Testing for detailed balance in a financial market

NASA Astrophysics Data System (ADS)

Fiebig, H. R.; Musgrove, D. P.

2015-06-01

We test a historical price-time series in a financial market (the NASDAQ 100 index) for a statistical property known as detailed balance. The presence of detailed balance would imply that the market can be modeled by a stochastic process based on a Markov chain, thus leading to equilibrium. In economic terms, a positive outcome of the test would support the efficient market hypothesis, a cornerstone of neo-classical economic theory. In contrast to the usage in prevalent economic theory the term equilibrium here is tied to the returns, rather than the price-time series. The test is based on an action functional S constructed from the elements of the detailed balance condition and the historical data set, and then analyzing S by means of simulated annealing. Checks are performed to verify the validity of the analysis method. We discuss the outcome of this analysis.

Price-Dynamics of Shares and Bohmian Mechanics: Deterministic or Stochastic Model?

NASA Astrophysics Data System (ADS)

Choustova, Olga

2007-02-01

We apply the mathematical formalism of Bohmian mechanics to describe dynamics of shares. The main distinguishing feature of the financial Bohmian model is the possibility to take into account market psychology by describing expectations of traders by the pilot wave. We also discuss some objections (coming from conventional financial mathematics of stochastic processes) against the deterministic Bohmian model. In particular, the objection that such a model contradicts to the efficient market hypothesis which is the cornerstone of the modern market ideology. Another objection is of pure mathematical nature: it is related to the quadratic variation of price trajectories. One possibility to reply to this critique is to consider the stochastic Bohm-Vigier model, instead of the deterministic one. We do this in the present note.

Stylized facts from a threshold-based heterogeneous agent model

NASA Astrophysics Data System (ADS)

Cross, R.; Grinfeld, M.; Lamba, H.; Seaman, T.

2007-05-01

A class of heterogeneous agent models is investigated where investors switch trading position whenever their motivation to do so exceeds some critical threshold. These motivations can be psychological in nature or reflect behaviour suggested by the efficient market hypothesis (EMH). By introducing different propensities into a baseline model that displays EMH behaviour, one can attempt to isolate their effects upon the market dynamics. The simulation results indicate that the introduction of a herding propensity results in excess kurtosis and power-law decay consistent with those observed in actual return distributions, but not in significant long-term volatility correlations. Possible alternatives for introducing such long-term volatility correlations are then identified and discussed.

Relative Pricing of Publicly Traded U.S. Electric Utility Companies

NASA Astrophysics Data System (ADS)

Jewczyn, Nicholas Stephen

In the financial turmoil of 2008, U.S. firms reported debt-ratios that differed from the debt-ratios calculated from balance sheets. The problem is that investors bought common stock expecting initial investment return and lost money when companies delisted. The purpose of this quantitative study was to determine sample securities pricing with the application of synthetic assets and debt accrued. Addressed in the research questions was whether those securities were (a) underpriced compared with return-on-assets (ROA), (b) overpriced compared with ROA, (c) a debt-ratio higher than 60% and also overpriced, (d) underpriced with a synthetic asset added, or (e) related by relative pricing to variant pricing and market capitalization. The study's base theory was Pan's efficient market hypothesis (EMH) of security price prediction of market prices versus model prices. The data from the financial statements of 16 publicly traded U.S. electric utility companies were analyzed via correlations and multiple regression analyses to determine securities pricing and suitability. The findings from the analyses of the sample's variables of market price, book value, market-to-book, and study constructed variables from those variable data were statistically significant. The alternate hypotheses were accepted for all 5 research questions since the analytical operationalization of the hypothetical constructs led to significant relationships. Results suggest that the use of more pricing determinants in securities evaluation may lead to investors losing less money and earning the expected returns for a more efficient capital market, leading to a stronger economy and macroeconomic stability.

Integrated rural development programs: a skeptical perspective.

PubMed

Ruttan, V W

1975-11-01

In examining integrated rural development programs the question that arises is why is it possible to identify several relatively successful small-scale or pilot rural development projects yet so difficult to find examples of successful rural development programs. 3 bodies of literature offer some insight into the morphology of rural development projects, programs, and processes: the urban-industrial impact hypothesis; the theory of induced technical change; and the new models of institutional change that deal with institution building and the economics of bureaucratic behavior. The urban-industrial impact hypothesis helps in the clarification of the relationships between the development of rural areas and the development of the total society of which rural areas are a part. It is useful in understanding the spatial dimensions of rural development where rural development efforts are likely to be most successful. Formulation of the hypothesis generated a series of empirical studies designed to test its validity. The effect of these studies has been the development of a rural development model in which the rural community is linked to the urban-industrial economy through a series of market relationships. Both the urban economy's rate of growth and the efficiency of the intersector product and factor markets place significant constraints on the possibilities of rural area development. It is not possible to isolate development processes in the contemporary rural community in a developing society from development processes in the larger society. The induced technical change theory provides a guide as to what must be done to gain access to efficient sources of economic growth, the new resources and incomes that are necessary to sustain rural development. Design of a successful rural development strategy involves a combination of technical and institutional change. The ability of rural areas to respond to the opportunities for economic growth generated by local urban-industrial development, or by the expansion of national and international markets, depends on the capacity for adaptive responses on the part of cultural, political, and economic institutions as well as on technical innovations which can generate substantial new income flows in response to the new economic opportunities. Improvements in the welfare of the rural population in poor regions will call for institutional innovations which effectively link urban and rural areas through a series of nonmarket and market relationships. A major implication of the models is that given the "markets" in which they operate, bureaucracies will be successful in capturing a relatively large share of the economic gains generated by their activities.

Fractal markets hypothesis and the global financial crisis: wavelet power evidence.

PubMed

Kristoufek, Ladislav

2013-10-04

We analyze whether the prediction of the fractal markets hypothesis about a dominance of specific investment horizons during turbulent times holds. To do so, we utilize the continuous wavelet transform analysis and obtained wavelet power spectra which give the crucial information about the variance distribution across scales and its evolution in time. We show that the most turbulent times of the Global Financial Crisis can be very well characterized by the dominance of short investment horizons which is in hand with the assertions of the fractal markets hypothesis.

Fractal Markets Hypothesis and the Global Financial Crisis: Wavelet Power Evidence

NASA Astrophysics Data System (ADS)

Kristoufek, Ladislav

2013-10-01

We analyze whether the prediction of the fractal markets hypothesis about a dominance of specific investment horizons during turbulent times holds. To do so, we utilize the continuous wavelet transform analysis and obtained wavelet power spectra which give the crucial information about the variance distribution across scales and its evolution in time. We show that the most turbulent times of the Global Financial Crisis can be very well characterized by the dominance of short investment horizons which is in hand with the assertions of the fractal markets hypothesis.

Fractal Markets Hypothesis and the Global Financial Crisis: Wavelet Power Evidence

PubMed Central

Kristoufek, Ladislav

2013-01-01

We analyze whether the prediction of the fractal markets hypothesis about a dominance of specific investment horizons during turbulent times holds. To do so, we utilize the continuous wavelet transform analysis and obtained wavelet power spectra which give the crucial information about the variance distribution across scales and its evolution in time. We show that the most turbulent times of the Global Financial Crisis can be very well characterized by the dominance of short investment horizons which is in hand with the assertions of the fractal markets hypothesis. PMID:24091386

Asymmetric conditional volatility in international stock markets

NASA Astrophysics Data System (ADS)

Ferreira, Nuno B.; Menezes, Rui; Mendes, Diana A.

2007-08-01

Recent studies show that a negative shock in stock prices will generate more volatility than a positive shock of similar magnitude. The aim of this paper is to appraise the hypothesis under which the conditional mean and the conditional variance of stock returns are asymmetric functions of past information. We compare the results for the Portuguese Stock Market Index PSI 20 with six other Stock Market Indices, namely the SP 500, FTSE 100, DAX 30, CAC 40, ASE 20, and IBEX 35. In order to assess asymmetric volatility we use autoregressive conditional heteroskedasticity specifications known as TARCH and EGARCH. We also test for asymmetry after controlling for the effect of macroeconomic factors on stock market returns using TAR and M-TAR specifications within a VAR framework. Our results show that the conditional variance is an asymmetric function of past innovations raising proportionately more during market declines, a phenomenon known as the leverage effect. However, when we control for the effect of changes in macroeconomic variables, we find no significant evidence of asymmetric behaviour of the stock market returns. There are some signs that the Portuguese Stock Market tends to show somewhat less market efficiency than other markets since the effect of the shocks appear to take a longer time to dissipate.

Hybrid machine learning technique for forecasting Dhaka stock market timing decisions.

PubMed

Banik, Shipra; Khodadad Khan, A F M; Anwer, Mohammad

2014-01-01

Forecasting stock market has been a difficult job for applied researchers owing to nature of facts which is very noisy and time varying. However, this hypothesis has been featured by several empirical experiential studies and a number of researchers have efficiently applied machine learning techniques to forecast stock market. This paper studied stock prediction for the use of investors. It is always true that investors typically obtain loss because of uncertain investment purposes and unsighted assets. This paper proposes a rough set model, a neural network model, and a hybrid neural network and rough set model to find optimal buy and sell of a share on Dhaka stock exchange. Investigational findings demonstrate that our proposed hybrid model has higher precision than the single rough set model and the neural network model. We believe this paper findings will help stock investors to decide about optimal buy and/or sell time on Dhaka stock exchange.

Hybrid Machine Learning Technique for Forecasting Dhaka Stock Market Timing Decisions

PubMed Central

Banik, Shipra; Khodadad Khan, A. F. M.; Anwer, Mohammad

2014-01-01

Forecasting stock market has been a difficult job for applied researchers owing to nature of facts which is very noisy and time varying. However, this hypothesis has been featured by several empirical experiential studies and a number of researchers have efficiently applied machine learning techniques to forecast stock market. This paper studied stock prediction for the use of investors. It is always true that investors typically obtain loss because of uncertain investment purposes and unsighted assets. This paper proposes a rough set model, a neural network model, and a hybrid neural network and rough set model to find optimal buy and sell of a share on Dhaka stock exchange. Investigational findings demonstrate that our proposed hybrid model has higher precision than the single rough set model and the neural network model. We believe this paper findings will help stock investors to decide about optimal buy and/or sell time on Dhaka stock exchange. PMID:24701205

Understanding Financial Market States Using an Artificial Double Auction Market

PubMed Central

2016-01-01

The ultimate value of theories describing the fundamental mechanisms behind asset prices in financial systems is reflected in the capacity of such theories to understand these systems. Although the models that explain the various states of financial markets offer substantial evidence from the fields of finance, mathematics, and even physics, previous theories that attempt to address the complexities of financial markets in full have been inadequate. We propose an artificial double auction market as an agent-based model to study the origin of complex states in financial markets by characterizing important parameters with an investment strategy that can cover the dynamics of the financial market. The investment strategies of chartist traders in response to new market information should reduce market stability based on the price fluctuations of risky assets. However, fundamentalist traders strategically submit orders based on fundamental value and, thereby stabilize the market. We construct a continuous double auction market and find that the market is controlled by the proportion of chartists, Pc. We show that mimicking the real state of financial markets, which emerges in real financial systems, is given within the range Pc = 0.40 to Pc = 0.85; however, we show that mimicking the efficient market hypothesis state can be generated with values less than Pc = 0.40. In particular, we observe that mimicking a market collapse state is created with values greater than Pc = 0.85, at which point a liquidity shortage occurs, and the phase transition behavior is described at Pc = 0.85. PMID:27031110

Understanding Financial Market States Using an Artificial Double Auction Market.

PubMed

Yim, Kyubin; Oh, Gabjin; Kim, Seunghwan

2016-01-01

The ultimate value of theories describing the fundamental mechanisms behind asset prices in financial systems is reflected in the capacity of such theories to understand these systems. Although the models that explain the various states of financial markets offer substantial evidence from the fields of finance, mathematics, and even physics, previous theories that attempt to address the complexities of financial markets in full have been inadequate. We propose an artificial double auction market as an agent-based model to study the origin of complex states in financial markets by characterizing important parameters with an investment strategy that can cover the dynamics of the financial market. The investment strategies of chartist traders in response to new market information should reduce market stability based on the price fluctuations of risky assets. However, fundamentalist traders strategically submit orders based on fundamental value and, thereby stabilize the market. We construct a continuous double auction market and find that the market is controlled by the proportion of chartists, Pc. We show that mimicking the real state of financial markets, which emerges in real financial systems, is given within the range Pc = 0.40 to Pc = 0.85; however, we show that mimicking the efficient market hypothesis state can be generated with values less than Pc = 0.40. In particular, we observe that mimicking a market collapse state is created with values greater than Pc = 0.85, at which point a liquidity shortage occurs, and the phase transition behavior is described at Pc = 0.85.

Deregulation of the California electric power industry: An analysis of electric and natural gas corporate mergers and their effect on the California electric power market

NASA Astrophysics Data System (ADS)

Hornbuckle, James Dixon

Deregulation of the electric utility industry in California is moving in a direction that places greater reliance on the market forces of competition. Investor owned utilities (IOU's) are using mergers and acquisitions to improve their ability to compete in this new environment. Two large mergers were proposed in 1996 that could affect the California market. The first is between Enron Corporation, a large power marketer and Portland General Corporation, owner of Portland General Electric. The second is between Pacific Enterprises Inc., owner of Southern California Gas Company, the largest natural gas utility in the U. S., and Enova Corporation, owner of San Diego Gas and Electric Company. Understanding the impact of these mergers on the California electric power market is the focus of this study. This study examines hypotheses dealing with: (1) Merger Strategy, (2) Efficiency, and (3) Market Power. Using the Miles and Snow (1978) typology, I develop a strategic orientation model for the merger participants and their competitors. The results suggest a two-stage strategic orientation: (1) regulated core business stage, where the firms follow a Defender strategy, and (2) unregulated business stage, where the firms follow a Prospector strategy. Further, the results show the mergers are consistent with the strategy of Enron and Pacific Enterprises. Event study methodology, dollar gains/losses and market value weighted returns are used to determine if the mergers support the efficiency hypothesis. The evidence suggests the mergers lead to increased competitive advantage through improved efficiency for the participants. The results also suggest the mergers do not harm the rivals. The results of structural changes made by the California Public Utilities Commission (CPUC) in deregulation of the California market and analysis of the mergers by the CPUC and the Public Utility Commission of Oregon suggest that the exercise of market power is not a significant issue. Finally, the likely winners in the deregulated environment in California are the broad-based IOU firms, which use a combination Defender/Prospector strategy and do not over-commit resources to mergers or acquisitions.

Partial information, market efficiency, and anomalous continuous phase transition

NASA Astrophysics Data System (ADS)

Yang, Guang; Zheng, Wenzhi; Huang, Jiping

2014-04-01

It is a common belief in economics and social science that if there is more information available for agents to gather in a human system, the system can become more efficient. The belief can be easily understood according to the well-known efficient market hypothesis. In this work, we attempt to challenge this belief by investigating a complex adaptive system, which is modeled by a market-directed resource-allocation game with a directed random network. We conduct a series of controlled human experiments in the laboratory to show the reliability of the model design. As a result, we find that even under a small information concentration, the system can still almost reach the optimal (balanced) state. Furthermore, the ensemble average of the system’s fluctuation level goes through a continuous phase transition. This behavior means that in the second phase if too much information is shared among agents, the system’s stability will be harmed instead, which differs from the belief mentioned above. Also, at the transition point, the ensemble fluctuations of the fluctuation level remain at a low value. This phenomenon is in contrast to the textbook knowledge about continuous phase transitions in traditional physical systems, namely, fluctuations will rise abnormally around a transition point since the correlation length becomes infinite. Thus, this work is of potential value to a variety of fields, such as physics, economics, complexity science, and artificial intelligence.

Idiosyncratic risk in the Dow Jones Eurostoxx50 Index

NASA Astrophysics Data System (ADS)

Daly, Kevin; Vo, Vinh

2008-07-01

Recent evidence by Campbell et al. [J.Y. Campbell, M. Lettau B.G. Malkiel, Y. Xu, Have individual stocks become more volatile? An empirical exploration of idiosyncratic risk, The Journal of Finance (February) (2001)] shows an increase in firm-level volatility and a decline of the correlation among stock returns in the US. In relation to the Euro-Area stock markets, we find that both aggregate firm-level volatility and average stock market correlation have trended upwards. We estimate a linear model of the market risk-return relationship nested in an EGARCH(1, 1)-M model for conditional second moments. We then show that traditional estimates of the conditional risk-return relationship, that use ex-post excess-returns as the conditioning information set, lead to joint tests of the theoretical model (usually the ICAPM) and of the Efficient Market Hypothesis in its strong form. To overcome this problem we propose alternative measures of expected market risk based on implied volatility extracted from traded option prices and we discuss the conditions under which implied volatility depends solely on expected risk. We then regress market excess-returns on lagged market implied variance computed from implied market volatility to estimate the relationship between expected market excess-returns and expected market risk.We investigate whether, as predicted by the ICAPM, the expected market risk is the main factor in explaining the market risk premium and the latter is independent of aggregate idiosyncratic risk.

Origin of crashes in three US stock markets: shocks and bubbles

NASA Astrophysics Data System (ADS)

Johansen, Anders

2004-07-01

This paper presents an exclusive classification of the largest crashes in Dow Jones industrial average, SP500 and NASDAQ in the past century. Crashes are objectively defined as the top-rank filtered drawdowns (loss from the last local maximum to the next local minimum disregarding noise fluctuations), where the size of the filter is determined by the historical volatility of the index. It is shown that all crashes can be linked to either an external shock, e.g., outbreak of war, or a log-periodic power law (LPPL) bubble with an empirically well-defined complex value of the exponent. Conversely, with one sole exception all previously identified LPPL bubbles are followed by a top-rank drawdown. As a consequence, the analysis presented suggest a one-to-one correspondence between market crashes defined as top-rank filtered drawdowns on one hand and surprising news and LPPL bubbles on the other. We attribute this correspondence to the efficient market hypothesis effective on two quite different time scales depending on whether the market instability the crash represent is internally or externally generated.

Public Policy and Economic Efficiency in Ontario's Electricity Market: 2002 to 2011

NASA Astrophysics Data System (ADS)

Olmstead, Derek E. H.

A competitive wholesale electricity market began operation in Ontario in 2002. The institutional features and development process are described, and the outcomes associated with certain features are assessed. First, a six-equation model of the market is specified and estimated. The results are used to undertake analysis of the province's renewable energy program. The impacts of the program on consumers' and producers' surplus, as well as the resulting degree of carbon dioxide (CO2) emission-abatement, are estimated. These results are used to infer the per-unit cost of CO 2 abatement resulting from the program. Under the assumption that the renewable-fuelled energy displaces coal-fuelled energy from the market, the estimated cost is approximately 93/tonne of CO2; under the alternative assumption that natural gas-fuelled generation is displaced, the estimated cost is 207/tonne of CO2. Comparison to costs observed in other markets and jurisdictions reveals the program to cost approximately one order of magnitude greater than elsewhere. It is concluded that Ontario pays substantially more for emission abatement than is necessary or, alternatively, that Ontario achieves substantially less abatement than is feasible for each dollar of economic resources expended. Second, the market model is also used to assess the treatment of electricity exports with respect to the so-called global adjustment charge. The analysis reveals that the current practise of exempting exports from the charge is not socially optimal from a total surplus-maximisation standpoint. That objective would be achieved if global adjustment was allocated to exports at approximately 32% of the rate at which it is applied to Ontario-based consumers, a result consistent with a Ramsey-type inverse elasticity rule. Third, the forward market unbiasedness hypothesis is assessed in the context of the market for financial transmission rights (FTR). Issues related to left-censoring of payouts at $0 and overlapping observations are dealt with. The analysis reveals little evidence in favour of the hypothesis, but finds less biasedness in long-term rights as compared to short-term rights. Analysis of bidder behaviour reveals greater levels of participation in auctions of FTRs that link Ontario to similarly competitive neighbouring jurisdictions as opposed to non-competitive jurisdictions.

Inference for local autocorrelations in locally stationary models.

PubMed

Zhao, Zhibiao

2015-04-01

For non-stationary processes, the time-varying correlation structure provides useful insights into the underlying model dynamics. We study estimation and inferences for local autocorrelation process in locally stationary time series. Our constructed simultaneous confidence band can be used to address important hypothesis testing problems, such as whether the local autocorrelation process is indeed time-varying and whether the local autocorrelation is zero. In particular, our result provides an important generalization of the R function acf() to locally stationary Gaussian processes. Simulation studies and two empirical applications are developed. For the global temperature series, we find that the local autocorrelations are time-varying and have a "V" shape during 1910-1960. For the S&P 500 index, we conclude that the returns satisfy the efficient-market hypothesis whereas the magnitudes of returns show significant local autocorrelations.

Information-theoretic approach to lead-lag effect on financial markets

NASA Astrophysics Data System (ADS)

Fiedor, Paweł

2014-08-01

Recently the interest of researchers has shifted from the analysis of synchronous relationships of financial instruments to the analysis of more meaningful asynchronous relationships. Both types of analysis are concentrated mostly on Pearson's correlation coefficient and consequently intraday lead-lag relationships (where one of the variables in a pair is time-lagged) are also associated with them. Under the Efficient-Market Hypothesis such relationships are not possible as all information is embedded in the prices, but in real markets we find such dependencies. In this paper we analyse lead-lag relationships of financial instruments and extend known methodology by using mutual information instead of Pearson's correlation coefficient. Mutual information is not only a more general measure, sensitive to non-linear dependencies, but also can lead to a simpler procedure of statistical validation of links between financial instruments. We analyse lagged relationships using New York Stock Exchange 100 data not only on an intraday level, but also for daily stock returns, which have usually been ignored.

Three essays on U.S. electricity restructuring

NASA Astrophysics Data System (ADS)

Sergici, Sanem I.

2008-04-01

The traditional structure of the electricity sector in the U.S. has been that of large vertically integrated companies with sole responsibility for distributing power to end users within a franchise area. The restructuring of this sector that has occurred in the past 10-20 years has profoundly altered this picture. This dissertation examines three aspects of that restructuring process. First chapter of my dissertation investigates the impacts of divestitures of generation, an important part of the process of restructuring, on the efficiency of distribution systems. We find that while all divestitures as a group do not significantly affect distribution efficiency, those mandated by state public utility commissions have resulted in large and statistically significant adverse effects on distribution efficiency. Second chapter of my dissertation explores whether independent system operator (ISO) formation in New York has led to operating efficiencies at the unit and the system level. ISOs oversee the centralized management of the grid and the energy market and are expected to promote more efficient power generation. We test these efficiencies focusing on the generation units in New York ISO region from 1998 to 2004 and find that the NYISO formation has introduced limited efficiencies at the unit and the system level. Restructuring in the electricity industry has spawned a new wave of mergers, both raising questions and providing opportunities to examine these mergers. Third chapter of my dissertation investigates the drivers of electric utility mergers consummated between 1992 and 2004. My results provide support for disturbance theory of mergers, size hypothesis, and inefficient management hypothesis as drivers of electric utility mergers. I also find that the adjacency of the service territories is the most noteworthy determinant of the pairings between IOUs.

Trends in currency’s return

NASA Astrophysics Data System (ADS)

Tan, A.; Shahrill, M.; Daud, S.; Leung, E.

2018-03-01

The purpose of this paper is to show that short-ranged dependence prevailed for Singapore-Malaysia exchange. Although, it is perceived that there is some evidence of long-ranged dependence [1,2], it is still unclear whether Singapore-Malaysia exchange indeed exhibits long-ranged dependence. For this paper, we focus on the currency rate for a sixteen-year period ranging from September 2002 to September 2017. We estimate the Hurst parameter using the famous rescaled R/S statistics technique. From our analysis, we showed that the Hurst parameter is approximately 0.5 which indicates short-ranged dependence. This short memory property is further validated by performing a one-tailed z-test whose alternative hypothesis is that the Hurst parameter is not 0.5 at 1% significance level. We conclude that the alternative hypothesis is rejected. The existence of short memory proves that the behaviour of the exchange rate is unpredictable, supporting the efficient market hypothesis, which states that not only is price movement completely random but also tomorrow’s prices are predicted by all the information in today’s prices.

Essays on pricing electricity and electricity derivatives in deregulated markets

NASA Astrophysics Data System (ADS)

Popova, Julia

2008-10-01

This dissertation is composed of four essays on the behavior of wholesale electricity prices and their derivatives. The first essay provides an empirical model that takes into account the spatial features of a transmission network on the electricity market. The spatial structure of the transmission grid plays a key role in determining electricity prices, but it has not been incorporated into previous empirical models. The econometric model in this essay incorporates a simple representation of the transmission system into a spatial panel data model of electricity prices, and also accounts for the effect of dynamic transmission system constraints on electricity market integration. Empirical results using PJM data confirm the existence of spatial patterns in electricity prices and show that spatial correlation diminishes as transmission lines become more congested. The second essay develops and empirically tests a model of the influence of natural gas storage inventories on the electricity forward premium. I link a model of the effect of gas storage constraints on the higher moments of the distribution of electricity prices to a model of the effect of those moments on the forward premium. Empirical results using PJM data support the model's predictions that gas storage inventories sharply reduce the electricity forward premium when demand for electricity is high and space-heating demand for gas is low. The third essay examines the efficiency of PJM electricity markets. A market is efficient if prices reflect all relevant information, so that prices follow a random walk. The hypothesis of random walk is examined using empirical tests, including the Portmanteau, Augmented Dickey-Fuller, KPSS, and multiple variance ratio tests. The results are mixed though evidence of some level of market efficiency is found. The last essay investigates the possibility that previous researchers have drawn spurious conclusions based on classical unit root tests incorrectly applied to wholesale electricity prices. It is well known that electricity prices exhibit both cyclicity and high volatility which varies through time. Results indicate that heterogeneity in unconditional variance---which is not detected by classical unit root tests---may contribute to the appearance of non-stationarity.

Minimum entropy density method for the time series analysis

NASA Astrophysics Data System (ADS)

Lee, Jeong Won; Park, Joongwoo Brian; Jo, Hang-Hyun; Yang, Jae-Suk; Moon, Hie-Tae

2009-01-01

The entropy density is an intuitive and powerful concept to study the complicated nonlinear processes derived from physical systems. We develop the minimum entropy density method (MEDM) to detect the structure scale of a given time series, which is defined as the scale in which the uncertainty is minimized, hence the pattern is revealed most. The MEDM is applied to the financial time series of Standard and Poor’s 500 index from February 1983 to April 2006. Then the temporal behavior of structure scale is obtained and analyzed in relation to the information delivery time and efficient market hypothesis.

How did China's foreign exchange reform affect the efficiency of foreign exchange market?

NASA Astrophysics Data System (ADS)

Ning, Ye; Wang, Yiming; Su, Chi-wei

2017-10-01

This study compares the market efficiency of China's onshore and offshore foreign exchange markets before and after the foreign exchange reform on August 11, 2015. We use the multifractal detrended fluctuation analysis of the onshore and offshore RMB/USD spot exchange rate series as basis. We then find that the onshore foreign exchange market before the reform has the lowest market efficiency, which increased after the reform. The offshore foreign exchange market before the reform has the highest market efficiency, which dropped after the reform. This finding implies the increased efficiency of the onshore foreign exchange market and the loss of efficiency in the offshore foreign exchange market. We also find that the offshore foreign exchange market is more efficient than the onshore market and that the gap shrank after the reform. Changes in intervention of the People's Bank of China since the reform is a possible explanation for the changes in the efficiency of the foreign exchange market.

A new bio-inspired, population-level approach to the socioeconomic evolution of dynamic spectrum access services

NASA Astrophysics Data System (ADS)

Horvath, Denis; Gazda, Juraj; Brutovsky, Branislav

Evolutionary species and quasispecies models provide the universal and flexible basis for a large-scale description of the dynamics of evolutionary systems, which can be built conceived as a constraint satisfaction dynamics. It represents a general framework to design and study many novel, technologically contemporary models and their variants. Here, we apply the classical quasispecies concept to model the emerging dynamic spectrum access (DSA) markets. The theory describes the mechanisms of mimetic transfer, competitive interactions between socioeconomic strata of the end-users, their perception of the utility and inter-operator switching in the variable technological environments of the operators offering the wireless spectrum services. The algorithmization and numerical modeling demonstrate the long-term evolutionary socioeconomic changes which reflect the end-user preferences and results of the majorization of their irrational decisions in the same manner as the prevailing tendencies which are embodied in the efficient market hypothesis.

The global financial crisis and the Great Recession of 2007-2009.

PubMed

Dore, Mohammed H I; Singh, Rajiv G

2010-07-01

This paper is a re-examination of the global financial crisis that began in and was accompanied by the most severe recession since the Great Depression. It builds on our earlier paper (Dore and Singh, 2009) and expands its scope. It is divided into parts. The first part deals with the ideological backdrop in which this crisis occurred, namely the belief in the rationality and stability of all markets including the capital markets, called the 'efficient market hypothesis.' The second part is a survey of the role of income distribution and its relations to aggregate spending and the growing role played by credit in the circular flow of income. The third part examines some features of the business cycle expansion phase of to . The fourth part is a brief report on a nonlinear Vector Error Correction model spanning the period to and how this expansion came to an end. The fifth part is a brief comparison of the Great Recession with the Great Depression. Finally in the sixth part, the international impact of the Great Recession is considered briefly, followed by some conclusions.

Marketing Effectiveness in Community and Junior Colleges.

ERIC Educational Resources Information Center

Scigliano, Virginia L.; Scigliano, John A.

A nationwide survey of a random sample of 210 two-year colleges was conducted in 1979 to test the hypothesis that administrative adherence to sound marketing practices will lead to higher enrollments. Survey participants were asked to respond to 15 items adapted from Philip Kotler's Marketing Audit, a recognized scale of marketing effectiveness…

Investor structure and the price-volume relationship in a continuous double auction market: An agent-based modeling perspective

NASA Astrophysics Data System (ADS)

Zhang, Wei; Bi, Zhengzheng; Shen, Dehua

2017-02-01

This paper investigates the impact of investor structure on the price-volume relationship by simulating a continuous double auction market. Connected with the underlying mechanisms of the price-volume relationship, i.e., the Mixture of Distribution Hypothesis (MDH) and the Sequential Information Arrival Hypothesis (SIAH), the simulation results show that: (1) there exists a strong lead-lag relationship between the return volatility and trading volume when the number of informed investors is close to the number of uninformed investors in the market; (2) as more and more informed investors entering the market, the lead-lag relationship becomes weaker and weaker, while the contemporaneous relationship between the return volatility and trading volume becomes more prominent; (3) when the informed investors are in absolute majority, the market can achieve the new equilibrium immediately. Therefore, we can conclude that the investor structure is a key factor in affecting the price-volume relationship.

Assessment of 48 Stock markets using adaptive multifractal approach

NASA Astrophysics Data System (ADS)

Ferreira, Paulo; Dionísio, Andreia; Movahed, S. M. S.

2017-11-01

In this paper, Stock market comovements are examined using cointegration, Granger causality tests and nonlinear approaches in context of mutual information and correlations. Since underlying data sets are affected by non-stationarities and trends, we also apply Adaptive Multifractal Detrended Fluctuation Analysis (AMF-DFA) and Adaptive Multifractal Detrended Cross-Correlation Analysis (AMF-DXA). We find only 170 pair of Stock markets cointegrated, and according to the Granger causality and mutual information, we realize that the strongest relations lies between emerging markets, and between emerging and frontier markets. According to scaling exponent given by AMF-DFA, h(q = 2) > 1, we find that all underlying data sets belong to non-stationary process. According to Efficient Market Hypothesis (EMH), only 8 markets are classified in uncorrelated processes at 2 σ confidence interval. 6 Stock markets belong to anti-correlated class and dominant part of markets has memory in corresponding daily index prices during January 1995 to February 2014. New-Zealand with H = 0 . 457 ± 0 . 004 and Jordan with H = 0 . 602 ± 0 . 006 are far from EMH. The nature of cross-correlation exponents based on AMF-DXA is almost multifractal for all pair of Stock markets. The empirical relation, Hxy ≤ [Hxx +Hyy ] / 2, is confirmed. Mentioned relation for q > 0 is also satisfied while for q < 0 there is a deviation from this relation confirming behavior of markets for small fluctuations is affected by contribution of major pair. For larger fluctuations, the cross-correlation contains information from both local (internal) and global (external) conditions. Width of singularity spectrum for auto-correlation and cross-correlation are Δαxx ∈ [ 0 . 304 , 0 . 905 ] and Δαxy ∈ [ 0 . 246 , 1 . 178 ] , respectively. The wide range of singularity spectrum for cross-correlation confirms that the bilateral relation between Stock markets is more complex. The value of σDCCA indicates that all pairs of stock market studied in this time interval belong to cross-correlated processes.

Adding Asymmetrically Dominated Alternatives: Violations of Regularity and the Similarity Hypothesis.

DTIC Science & Technology

1982-02-01

385. Punj, Girish N. and Richard Staelin, (1978), "The Choice Process for Graduate Business Schools," Journal of Marketing Research , 15, (November 1978...Test Market Evaluation of New Packaged Goods: A Model and Measurement Methodology," Journal of Marketing Research , 15, (May) 171-191. Urban, Glen

Adding Asymmetrically Dominated Alternatives: Violations of Regularity & the Similarity Hypothesis.

DTIC Science & Technology

1981-07-01

34The Choice Process for Graduate Business Schools," Journal of Marketing Research , 15, (November, 1978) 588-598. Reibstein, David (1978), "The...Market Evaluation of New Packaged Goods: A Model and Measurement Methodology," Journal of Marketing Research , 15, (May), 171-191. Simon, H. A. (1957

77 FR 19280 - Increasing Market and Planning Efficiency Through Improved Software; Notice of Technical...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-03-30

... Market and Planning Efficiency Through Improved Software; Notice of Technical Conference: Increasing Real-Time and Day- Ahead Market Efficiency Through Improved Software Take notice that Commission staff will...-time and day-ahead market efficiency through improved software. A detailed agenda with the list of and...

76 FR 28022 - Increasing Market and Planning Efficiency Through Improved Software; Notice of Technical...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-05-13

... Market and Planning Efficiency Through Improved Software; Notice of Technical Conference: Increasing Real-Time and Day- Ahead Market Efficiency Through Improved Software Take notice that Commission staff will... for increasing real-time and day-ahead market efficiency through improved software. This conference...

76 FR 41790 - Increasing Market and Planning Efficiency Through Improved Software; Notice Establishing Date for...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-07-15

... Market and Planning Efficiency Through Improved Software; Notice Establishing Date for Comments From June... real-time and day- ahead market efficiency through improved software.\\1\\ \\1\\ Notice of technical conference: increasing real-time and day-ahead market efficiency through improved software, 76 Fed. Reg. 28...

Market efficiency in foreign exchange markets

NASA Astrophysics Data System (ADS)

Oh, Gabjin; Kim, Seunghwan; Eom, Cheoljun

2007-08-01

We investigate the relative market efficiency in financial market data, using the approximate entropy(ApEn) method for a quantification of randomness in time series. We used the global foreign exchange market indices for 17 countries during two periods from 1984 to 1998 and from 1999 to 2004 in order to study the efficiency of various foreign exchange markets around the market crisis. We found that on average, the ApEn values for European and North American foreign exchange markets are larger than those for African and Asian ones except Japan. We also found that the ApEn for Asian markets increased significantly after the Asian currency crisis. Our results suggest that the markets with a larger liquidity such as European and North American foreign exchange markets have a higher market efficiency than those with a smaller liquidity such as the African and Asian markets except Japan.

Testing option pricing with the Edgeworth expansion

NASA Astrophysics Data System (ADS)

Balieiro Filho, Ruy Gabriel; Rosenfeld, Rogerio

2004-12-01

There is a well-developed framework, the Black-Scholes theory, for the pricing of contracts based on the future prices of certain assets, called options. This theory assumes that the probability distribution of the returns of the underlying asset is a Gaussian distribution. However, it is observed in the market that this hypothesis is flawed, leading to the introduction of a fudge factor, the so-called volatility smile. Therefore, it would be interesting to explore extensions of the Black-Scholes theory to non-Gaussian distributions. In this paper, we provide an explicit formula for the price of an option when the distributions of the returns of the underlying asset is parametrized by an Edgeworth expansion, which allows for the introduction of higher independent moments of the probability distribution, namely skewness and kurtosis. We test our formula with options in the Brazilian and American markets, showing that the volatility smile can be reduced. We also check whether our approach leads to more efficient hedging strategies of these instruments.

Allan deviation analysis of financial return series

NASA Astrophysics Data System (ADS)

Hernández-Pérez, R.

2012-05-01

We perform a scaling analysis for the return series of different financial assets applying the Allan deviation (ADEV), which is used in the time and frequency metrology to characterize quantitatively the stability of frequency standards since it has demonstrated to be a robust quantity to analyze fluctuations of non-stationary time series for different observation intervals. The data used are opening price daily series for assets from different markets during a time span of around ten years. We found that the ADEV results for the return series at short scales resemble those expected for an uncorrelated series, consistent with the efficient market hypothesis. On the other hand, the ADEV results for absolute return series for short scales (first one or two decades) decrease following approximately a scaling relation up to a point that is different for almost each asset, after which the ADEV deviates from scaling, which suggests that the presence of clustering, long-range dependence and non-stationarity signatures in the series drive the results for large observation intervals.

Is healthy competition healthy? New evidence of the impact of hospital competition.

PubMed

Gift, Thomas L; Arnould, Richard; DeBrock, Larry

2002-01-01

Competition among hospitals is commonly regarded as inefficient due to the medical arms race phenomenon, but most evidence for this hypothesis predates the Medicare prospective payment system and preferred provider legislation. Recent studies indicate hospital competition reduces costs and prices, but nearly all such research has focused on California. We add to the body of literature that analyzes the effects of competition in hospital markets. Using data from the state of Washington, we show that hospitals assume more risk in competitive markets by being more likely to accept prospective payment arrangements with insurers. If the arrangement is retrospective, the hospital is more likely to offer a discount as the number of competing hospitals increases. Both findings indicate that competitive forces operate the same in hospital markets as in most others: as the number of competitors increases, prices decrease and market power shifts from the suppliers to purchasers. The medical arms race hypothesis that favors more concentrated hospital markets no longer appears to be valid.

Type I error probability spending for post-market drug and vaccine safety surveillance with binomial data.

PubMed

Silva, Ivair R

2018-01-15

Type I error probability spending functions are commonly used for designing sequential analysis of binomial data in clinical trials, but it is also quickly emerging for near-continuous sequential analysis of post-market drug and vaccine safety surveillance. It is well known that, for clinical trials, when the null hypothesis is not rejected, it is still important to minimize the sample size. Unlike in post-market drug and vaccine safety surveillance, that is not important. In post-market safety surveillance, specially when the surveillance involves identification of potential signals, the meaningful statistical performance measure to be minimized is the expected sample size when the null hypothesis is rejected. The present paper shows that, instead of the convex Type I error spending shape conventionally used in clinical trials, a concave shape is more indicated for post-market drug and vaccine safety surveillance. This is shown for both, continuous and group sequential analysis. Copyright © 2017 John Wiley & Sons, Ltd.

The influence of trading volume on market efficiency: The DCCA approach

NASA Astrophysics Data System (ADS)

Sukpitak, Jessada; Hengpunya, Varagorn

2016-09-01

For a single market, the cross-correlation between market efficiency and trading volume, which is an indicator of market liquidity, is attentively analysed. The study begins with creating time series of market efficiency by applying time-varying Hurst exponent with one year sliding window to daily closing prices. The time series of trading volume corresponding to the same time period used for the market efficiency is derived from one year moving average of daily trading volume. Subsequently, the detrended cross-correlation coefficient is employed to quantify the degree of cross-correlation between the two time series. It was found that values of cross-correlation coefficient of all considered stock markets are close to 0 and are clearly out of range in which correlation being considered significant in almost every time scale. Obtained results show that the market liquidity in term of trading volume hardly has effect on the market efficiency.

Dynamic association rules for gene expression data analysis.

PubMed

Chen, Shu-Chuan; Tsai, Tsung-Hsien; Chung, Cheng-Han; Li, Wen-Hsiung

2015-10-14

The purpose of gene expression analysis is to look for the association between regulation of gene expression levels and phenotypic variations. This association based on gene expression profile has been used to determine whether the induction/repression of genes correspond to phenotypic variations including cell regulations, clinical diagnoses and drug development. Statistical analyses on microarray data have been developed to resolve gene selection issue. However, these methods do not inform us of causality between genes and phenotypes. In this paper, we propose the dynamic association rule algorithm (DAR algorithm) which helps ones to efficiently select a subset of significant genes for subsequent analysis. The DAR algorithm is based on association rules from market basket analysis in marketing. We first propose a statistical way, based on constructing a one-sided confidence interval and hypothesis testing, to determine if an association rule is meaningful. Based on the proposed statistical method, we then developed the DAR algorithm for gene expression data analysis. The method was applied to analyze four microarray datasets and one Next Generation Sequencing (NGS) dataset: the Mice Apo A1 dataset, the whole genome expression dataset of mouse embryonic stem cells, expression profiling of the bone marrow of Leukemia patients, Microarray Quality Control (MAQC) data set and the RNA-seq dataset of a mouse genomic imprinting study. A comparison of the proposed method with the t-test on the expression profiling of the bone marrow of Leukemia patients was conducted. We developed a statistical way, based on the concept of confidence interval, to determine the minimum support and minimum confidence for mining association relationships among items. With the minimum support and minimum confidence, one can find significant rules in one single step. The DAR algorithm was then developed for gene expression data analysis. Four gene expression datasets showed that the proposed DAR algorithm not only was able to identify a set of differentially expressed genes that largely agreed with that of other methods, but also provided an efficient and accurate way to find influential genes of a disease. In the paper, the well-established association rule mining technique from marketing has been successfully modified to determine the minimum support and minimum confidence based on the concept of confidence interval and hypothesis testing. It can be applied to gene expression data to mine significant association rules between gene regulation and phenotype. The proposed DAR algorithm provides an efficient way to find influential genes that underlie the phenotypic variance.

Rethinking exchange market models as optimization algorithms

NASA Astrophysics Data System (ADS)

Luquini, Evandro; Omar, Nizam

2018-02-01

The exchange market model has mainly been used to study the inequality problem. Although the human society inequality problem is very important, the exchange market models dynamics until stationary state and its capability of ranking individuals is interesting in itself. This study considers the hypothesis that the exchange market model could be understood as an optimization procedure. We present herein the implications for algorithmic optimization and also the possibility of a new family of exchange market models

Clustering stocks using partial correlation coefficients

NASA Astrophysics Data System (ADS)

Jung, Sean S.; Chang, Woojin

2016-11-01

A partial correlation analysis is performed on the Korean stock market (KOSPI). The difference between Pearson correlation and the partial correlation is analyzed and it is found that when conditioned on the market return, Pearson correlation coefficients are generally greater than those of the partial correlation, which implies that the market return tends to drive up the correlation between stock returns. A clustering analysis is then performed to study the market structure given by the partial correlation analysis and the members of the clusters are compared with the Global Industry Classification Standard (GICS). The initial hypothesis is that the firms in the same GICS sector are clustered together since they are in a similar business and environment. However, the result is inconsistent with the hypothesis and most clusters are a mix of multiple sectors suggesting that the traditional approach of using sectors to determine the proximity between stocks may not be sufficient enough to diversify a portfolio.

Government-to-private sector energy programs: Identification of common elements leading to successful implementation

NASA Astrophysics Data System (ADS)

Stockton, Keith M.

This dissertation examines six distinct government energy programs implemented in the United States during the last three decades. A common element within these programs is an attempt by government to drive commercialization of energy technologies leading to changes in energy production or consumptive behavior. We seek to understand the factors that lead to success or failure of these programs with two goals in mind. The first is theoretical in that we test a hypothesis that market-based energy programs have substantially higher success rates than command-and-control programs. The second goal is operational in nature, in which we desire to identify common factors within energy programs that lead either to program success or to failure. We investigate and evaluate three market-based and three command-and-control energy programs. The market-based programs include the federal Corporate Average Fuel Economy and Sulfur Dioxide Emissions Control programs as well as Colorado's Amendment 37. The command-and-control programs include the federal Synthetic Fuels Corporation and Corn Based Ethanol programs as well as Colorado's Solar Electric Power program. We conduct the analysis of each program based on composite methodology derived from leading academics within the Policy Sciences. From our research findings, we conclude that both market-based and command-and-control programs can achieve their legislative goals and objectives, resulting in permanent changes in energy production or consumptive behavior. However, we also find that the economic efficiency is the differentiator between market-based and command-and-control programs. Market-based programs, because of the inherent flexibility, allow participants to react to changing economic and/or technical conditions. In contrast, command-and-control programs lack such flexibility and often result in economic inefficiency when economic conditions change. The financial incentives incorporated in the three command-and-control programs we examined also create market distortions that both limit the flexibility of private markets to adjust to changing economic conditions and discourage the adoption of competing technologies. We conclude our research by recommending that future policy makers maximize the range of methods availability to the private sector to meet legislative goals and limit the use of financial incentives. With these measures, energy programs may achieve higher levels of success by reaching their goals with maximum economic efficiency and minimal negative unanticipated consequences.

Real world programs, real world strategies, real world successes

DOE Office of Scientific and Technical Information (OSTI.GOV)

Hogan, K.

1997-12-31

This paper presents a very brief overview of market opportunities for using energy efficient technology. A brief summary of greenhouse gas emissions and global climate change concludes that the threat of global warming must be taken seriously. It is stated that there are numerous technologies available which can reduce energy use by up to 50%, while offering attractive rates of return. Market analysis has identified a trillion dollar market for high efficiency products and services over the next decade. Three main areas of business opportunity for capitalizing on the growing market for energy efficiency are identified: (1) using efficient energymore » technology in-house, (2) marketing energy efficient products, and (3) international markets.« less

75 FR 27341 - Increasing Market and Planning Efficiency Through Improved Software; Notice of Technical...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-05-14

... Market and Planning Efficiency Through Improved Software; Notice of Technical Conference To Discuss Increasing Market and Planning Efficiency Through Improved Software May 7, 2010. Take notice that Commission... planning efficiency through improved software. [[Page 27342

New directions for hospital strategic management: the market for efficient care.

PubMed

Chilingerian, J A

1992-01-01

An analysis of current trends in the health care industry points to buyers seeking high quality, yet efficient, care as an emerging market segment. To target this market segment, hospitals must be prepared to market the efficient physicians. In the coming years, hospitals that can identify and market their best practicing providers will achieve a competitive advantage.

Drug Use, the Labor Market and Class Conflict. Special Studies 2.

ERIC Educational Resources Information Center

Helmer, John; Vietorisz, Thomas

To date there has been little study of the responsiveness of narcotics use to changes in the labor market, either in the aggregate or in the motivations of individual users. It is the authors' hypothesis that narcotics use is one of several interrelated social responses to labor market failure. What exactly has constituted this "failure" has…

Alaska softwood market price arbitrage.

Treesearch

James A. Stevens; David J. Brooks

2003-01-01

This study formally tests the hypothesis that markets for Alaska lumber and logs are integrated with those of similar products from the U.S. Pacific Northwest and Canada. The prices from these three supply regions are tested in a common demand market (Japan). Cointegration tests are run on paired log and lumber data. Our results support the conclusion that western...

Analysis of the efficiency-integration nexus of Japanese stock market

NASA Astrophysics Data System (ADS)

Rizvi, Syed Aun R.; Arshad, Shaista

2017-03-01

This paper attempts a novel approach in analysing the Japanese economy through a dual-dimension analysis of its stock market, examining the efficiency and market integration. Taking a period of 24 years, this study employs MFDFA and MGARCH to understand how the efficiency and integration of the stock market faired during different business cycle phases of the Japanese economy. The results showed improving efficiency over the time period. For the case of market integration, our findings conform to recent literature on business cycles and stock market integration that every succeeding recession creates a break into integration levels resulting in a decrease.

Physics and financial economics (1776-2014): puzzles, Ising and agent-based models.

PubMed

Sornette, Didier

2014-06-01

This short review presents a selected history of the mutual fertilization between physics and economics--from Isaac Newton and Adam Smith to the present. The fundamentally different perspectives embraced in theories developed in financial economics compared with physics are dissected with the examples of the volatility smile and of the excess volatility puzzle. The role of the Ising model of phase transitions to model social and financial systems is reviewed, with the concepts of random utilities and the logit model as the analog of the Boltzmann factor in statistical physics. Recent extensions in terms of quantum decision theory are also covered. A wealth of models are discussed briefly that build on the Ising model and generalize it to account for the many stylized facts of financial markets. A summary of the relevance of the Ising model and its extensions is provided to account for financial bubbles and crashes. The review would be incomplete if it did not cover the dynamical field of agent-based models (ABMs), also known as computational economic models, of which the Ising-type models are just special ABM implementations. We formulate the 'Emerging Intelligence Market Hypothesis' to reconcile the pervasive presence of 'noise traders' with the near efficiency of financial markets. Finally, we note that evolutionary biology, more than physics, is now playing a growing role to inspire models of financial markets.

A system dynamics approach to the study of Colombian coca cultivation and the counter-intuitive consequence of law enforcement.

PubMed

Jaén, Sebastian; Dyner, Isaac

2014-03-01

A large-scale expansion of the Colombian coca cultivation is one of the most revealing signs of a structural change in the illegal cocaine market in the Andean region. From being a modest and domestic production, in the space of five years Colombian coca cultivation supplied a competitive market, capable of substituting almost completely the foreign sources of supply. The purpose of this work is to explore the role and potential of system dynamics (SD) as a modeling methodology to better understand the consequences of drug policy. As a case study, this work tests the hypothesis that the outbreak of Colombian coca cultivations is a consequence of the take down of large cartels, leading to the surge of small drug-trafficking firms called "cartelitos." Using an SD model, and elements from the economic theory of the criminal firm, our work shows how the formation of these small firms might significantly contribute to the configuring of a more competitive domestic coca industry (and hence to a more efficient crime industry). We conclude that SD seems an appropriate dynamic modeling-based approach to address policy issues regarding drug markets. The methodology takes into account the dynamic nature of drug markets and their multi-dimensional responses to policy interventions. Copyright © 2014 Elsevier B.V. All rights reserved.

Global financial crisis and weak-form efficiency of Islamic sectoral stock markets: An MF-DFA analysis

NASA Astrophysics Data System (ADS)

Mensi, Walid; Tiwari, Aviral Kumar; Yoon, Seong-Min

2017-04-01

This paper estimates the weak-form efficiency of Islamic stock markets using 10 sectoral stock indices (basic materials, consumer services, consumer goods, energy, financials, health care, industrials, technology, telecommunication, and utilities). The results based on the multifractal detrended fluctuation analysis (MF-DFA) approach show time-varying efficiency for the sectoral stock markets. Moreover, we find that they tend to show high efficiency in the long term but moderate efficiency in the short term, and that these markets become less efficient after the onset of the global financial crisis. These results have several significant implications in terms of asset allocation for investors dealing with Islamic markets.

The Economic Efficiency of Financial Markets

NASA Astrophysics Data System (ADS)

Wang, Yougui

In this paper, we investigate the economic efficiency of markets and specify its applicability to financial markets. The statistical expressions of supply and demand of a market are formulated in terms of willingness prices. By introducing probability of realized exchange, we also formulate the realized market surplus. It can be proved that only when the market is in equilibrium the realized surplus can reach its maximum value. The market efficiency can be measured by the ratio of realized surplus to its maximum value. For a financial market, the market participants are composed of two groups: producers and speculators. The former brings the surplus into the market and the latter provides liquidity to make them realized.

75 FR 45623 - Increasing Market and Planning Efficiency Through Improved Software; Notice Establishing Date for...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-08-03

... Market and Planning Efficiency Through Improved Software; Notice Establishing Date for Comments July 27... software related to wholesale electricity markets and planning: \\1\\ \\1\\ Notice of Technical Conference to Discuss Increasing Market and Planning Efficiency Through Improved Software, 75 FR 27,341 (2010). June 2-3...

A functional perspective on social marketing: insights from Israel's bicycle helmet campaign.

PubMed

Ressler, W H; Toledo, E

1997-01-01

This article examines the functional approach to attitudes for its potential contribution to improving models of attitude-behavior consistency and to demonstrate its potential application to social marketing. To this end, a study of children's attitudes toward bicycle helmets is reported on and its results examined. The study was undertaken to plan Israel's first-ever media campaign to encourage the use of helmets by children. Responses of the 783 Israeli children (ages 7 to 14 years) who participated in the study are analyzed to test the hypothesis generated by this application of functional theory--that children's attitudes toward wearing bicycle helmets serve primarily an expressive function. The results suggest cautious support for the functional hypothesis. In conclusion, possible extensions of this approach to other areas of social marketing are discussed.

Option price and market instability

NASA Astrophysics Data System (ADS)

Baaquie, Belal E.; Yu, Miao

2017-04-01

An option pricing formula, for which the price of an option depends on both the value of the underlying security as well as the velocity of the security, has been proposed in Baaquie and Yang (2014). The FX (foreign exchange) options price was empirically studied in Baaquie et al., (2014), and it was found that the model in general provides an excellent fit for all strike prices with a fixed model parameters-unlike the Black-Scholes option price Hull and White (1987) that requires the empirically determined implied volatility surface to fit the option data. The option price proposed in Baaquie and Cao Yang (2014) did not fit the data during the crisis of 2007-2008. We make a hypothesis that the failure of the option price to fit data is an indication of the market's large deviation from its near equilibrium behavior due to the market's instability. Furthermore, our indicator of market's instability is shown to be more accurate than the option's observed volatility. The market prices of the FX option for various currencies are studied in the light of our hypothesis.

Compensating differentials, labor market segmentation, and wage inequality.

PubMed

Daw, Jonathan; Hardie, Jessica Halliday

2012-09-01

Two literatures on work and the labor market draw attention to the importance of non-pecuniary job amenities. Social psychological perspectives on work suggest that workers have preferences for a range of job amenities (e.g. Halaby, 2003). The compensating differentials hypothesis predicts that workers navigate tradeoffs among different job amenities such that wage inequality overstates inequality in utility (Smith, 1979). This paper joins these perspectives by constructing a new measure of labor market success that evaluates the degree to which workers' job amenity preferences and outcomes match. This measure of subjective success is used to predict workers' job satisfaction and to test the hypothesis that some degree of labor force inequality in wages is due to preference-based tradeoffs among all job amenities. Findings demonstrate that the new measure predicts workers' job satisfaction and provides evidence for the presence of compensating differentials in the primary and intermediate, but not secondary, labor markets. Copyright © 2012 Elsevier Inc. All rights reserved.

Efficiency and quality of care in nursing homes: an Italian case study.

PubMed

Garavaglia, Giulia; Lettieri, Emanuele; Agasisti, Tommaso; Lopez, Silvano

2011-03-01

This study investigates efficiency and quality of care in nursing homes. By means of Data Envelopment Analysis (DEA), the efficiency of 40 nursing homes that deliver their services in the north-western area of the Lombardy Region was assessed over a 3-year period (2005-2007). Lombardy is a very peculiar setting, since it is the only Region in Italy where the healthcare industry is organised as a quasi-market, in which the public authority buys health and nursing services from independent providers-establishing a reimbursement system for this purpose. The analysis is conducted by generating bootstrapped DEA efficiency scores for each nursing home (stage one), then regressing those scores on explanatory variables (stage two). Our DEA model employed two input (i.e. costs for health and nursing services and costs for residential services) and three output variables (case mix, extra nursing hours and residential charges). In the second-stage analysis, Tobit regressions and the Kruskall-Wallis tests of hypothesis to the efficiency scores were applied to define what are the factors that affect efficiency: (a) the ownership (private nursing houses outperform their public counterparts); and (b) the capability to implement strategies for labour cost and nursing costs containment, since the efficiency heavily depends upon the alignment of the costs to the public reimbursement system. Lastly, even though the public institutions are less efficient than the private ones, the results suggest that public nursing homes are moving towards their private counterparts, and thus competition is benefiting efficiency.

The Ethnic Niche as an Economic Pathway for the Dark Skinned: Labor Market Incorporation of Latina/o Workers

ERIC Educational Resources Information Center

Morales, Maria Cristina

2008-01-01

A significant number of Latina/os are turning to employment in ethnic niches as an alternative to general labor markets. This study places special focus on how skin color segmentation or colorism influences job-market allocation. The hypothesis is that dark-skinned Latina/os are more likely to be employed in ethnically homogeneous jobsites or…

Corporate Health and Wellness and the Financial Bottom Line: Evidence From South Africa.

PubMed

Conradie, Christina Susanna; van der Merwe Smit, Eon; Malan, Daniel Pieter

2016-02-01

The research objective was to test the hypothesis that corporate health and wellness contributed positively to South African companies' financial results. The past share market performance of eligible healthy companies, based on Discovery's Healthy Company Index, was tracked under three investment scenarios and compared with the market performance on the basis of the JSE FTSE All Share Index. The evidence supports the hypothesis that a culture of health and wellness provides a financial advantage, in so far as the portfolio of healthy companies consistently outperformed the market over the selected simulations. Given the limitations of the investigation, namely small sample size, the brevity of the period of investigation, and the reliance on accessibility sampling, the research provides the first and preliminary evidence supportive of the direct financial benefits of companies' wellness programs.

Corporate Health and Wellness and the Financial Bottom Line

PubMed Central

Conradie, Christina Susanna; van der Merwe Smit, Eon; Malan, Daniel Pieter

2016-01-01

Objective: The research objective was to test the hypothesis that corporate health and wellness contributed positively to South African companies’ financial results. Methods: The past share market performance of eligible healthy companies, based on Discovery's Healthy Company Index, was tracked under three investment scenarios and compared with the market performance on the basis of the JSE FTSE All Share Index. Results: The evidence supports the hypothesis that a culture of health and wellness provides a financial advantage, in so far as the portfolio of healthy companies consistently outperformed the market over the selected simulations. Conclusions: Given the limitations of the investigation, namely small sample size, the brevity of the period of investigation, and the reliance on accessibility sampling, the research provides the first and preliminary evidence supportive of the direct financial benefits of companies’ wellness programs. PMID:26849271

Time-varying long term memory in the European Union stock markets

NASA Astrophysics Data System (ADS)

Sensoy, Ahmet; Tabak, Benjamin M.

2015-10-01

This paper proposes a new efficiency index to model time-varying inefficiency in stock markets. We focus on European stock markets and show that they have different degrees of time-varying efficiency. We observe that the 2008 global financial crisis has an adverse effect on almost all EU stock markets. However, the Eurozone sovereign debt crisis has a significant adverse effect only on the markets in France, Spain and Greece. For the late members, joining EU does not have a uniform effect on stock market efficiency. Our results have important implications for policy makers, investors, risk managers and academics.

Valuing Residential Energy Efficiency in Two Alaska Real Estate Markets: A Hedonic Approach

NASA Astrophysics Data System (ADS)

Pride, Dominique J.

Alaska households have high home energy consumption and expenditures. Improving the energy efficiency of the housing stock can reduce home energy consumption, thereby reducing home energy expenditures and CO2 emissions. Improving the energy efficiency of a home may also increase its transaction price if the energy efficiency improvements are capitalized into the value of the home. The relationship between energy efficiency and transaction prices in the Fairbanks and Anchorage, Alaska residential real estate markets is examined. Using a hedonic pricing framework and difference-in-differences analysis, the impact of the Alaska Home Energy Rebate program on the transaction prices of single-family homes in the Fairbanks and Anchorage housing markets from 2008 through 2015 is examined. The results indicate that compared to homes that did not complete the program, homes that completed the program sell for a statistically significant price premium between 15.1% and 15.5% in the Fairbanks market and between 5% and 11% in the Anchorage market. A hedonic pricing framework is used to relate energy efficiency ratings and transaction prices of homes in the Fairbanks and Anchorage residential real estate markets from 2008 through 2015. The results indicate that homes with above-average energy efficiency ratings sell for a statistically significant price premium between 6.9% and 17.5% in the Fairbanks market and between 1.8% and 6.0% in the Anchorage market.

Hospital competition and inpatient services efficiency in Taiwan: a longitudinal study.

PubMed

Chu, Chiao-Lee; Chiang, Tung-Liang; Chang, Ray-E

2011-10-01

There is no consistent evidence of the relationship between market competition and hospital efficiency. Some studies indicated that more competition led to a faster patient turnover rate, higher hospital costs, and lower hospital efficiency. Since the 1980s some studies found market competition could increase the efficiency of inpatient services. However, there were few studies testing the market competition during a hospital's earlier stages on its efficiency during later stages, or the dynamic of efficiency. In this study, we examined the effect of early-stage market competition on later-stage hospital efficiency in Taiwan, and we determine the efficiency change using longitudinal study design. The data for the analysis came from the annual national hospital survey of 1996 and 2001 provided by the Department of Health. There were 102 teaching hospital be analysed. The results show that no evidence supports the proposition that higher market competition would improve the efficiency of hospitals in delivering inpatient services in Taiwan. Importantly, neither was the inefficiency score nor the Malmquist productivity index of inpatient services associated with the level of hospital market competition, regardless of the adjustment for hospital characteristics. However, the results may be related with the hospital increasing beds investment behavior. Copyright © 2010 John Wiley & Sons, Ltd.

Reverse Commuting and the Inner City Low-Income Problem.

ERIC Educational Resources Information Center

Gillard, Quentin

1979-01-01

Addresses an implicit assumption of the geographical mismatch hypothesis in urban labor markets, that accessibility to suburban labor markets is an important determinant of inner city income levels. Discusses the effects of residential segregation and lack of transportation on inner-city residents' incomes in metropolitan areas of five different…

Prospect for the development of salted egg agro industry: an analysis on marketing distribution aspect

NASA Astrophysics Data System (ADS)

Sumekar, W.; Al-Baarri, A. N.; Kurnianto, E.

2018-01-01

Marketing distribution is an important of the strategy in business development in agroindustries. The aim of the research was to introduce marketing (distribution pattern, margin and marketing efficiency) at the salted egg agro industries in Brebes Regency. Survey method had been conducted on 52 salted egg agro industries which had active PIRT certificate. The data collection was conducted by means of interview and observation. Descriptive analysis was used to determine the marketing distribution of salted eggs. Marketing efficiency was obtained by calculating marketing margin and farmer share. The results show that the salted egg agro industries implemented two marketing distribution patterns; direct marketing pattern (consumer→producers) and indirect marketing pattern (producer→retailer→consumer). The number of the salted egg agro industries which apply indirect marketing pattern is 57.69%. The implementation of direct and indirect marketing patterns was classified as efficient according to the farmer’s share values of 87.13% and 78.21%. It can be recommended the direct marketing.

78 FR 31916 - Increasing Market and Planning Efficiency Through Improved Software; Supplemental Agenda Notice

Federal Register 2010, 2011, 2012, 2013, 2014

2013-05-28

... Market and Planning Efficiency Through Improved Software; Supplemental Agenda Notice Take notice that... for increasing real-time and day-ahead market efficiency through improved software. A detailed agenda..., the software industry, government, research centers and academia and is intended to build on the...

Credit market Jitters in the course of the financial crisis: A permutation entropy approach in measuring informational efficiency in financial assets

NASA Astrophysics Data System (ADS)

Siokis, Fotios M.

2018-06-01

We explore the evolution of the informational efficiency for specific instruments of the U.S. money, bond and stock exchange markets, prior and after the outbreak of the Great Recession. We utilize the permutation entropy and the complexity-entropy causality plane to rank the time series and measure the degree of informational efficiency. We find that after the credit crunch and the collapse of Lehman Brothers the efficiency level of specific money market instruments' yield falls considerably. This is an evidence of less uncertainty included in predicting the related yields throughout the financial disarray. Similar trend is depicted in the indices of the stock exchange markets but efficiency remains in much higher levels. On the other hand, bond market instruments maintained their efficiency levels even after the outbreak of the crisis, which could be interpreted into greater randomness and less predictability of their yields.

Generalized Hurst exponent approach to efficiency in MENA markets

NASA Astrophysics Data System (ADS)

Sensoy, A.

2013-10-01

We study the time-varying efficiency of 15 Middle East and North African (MENA) stock markets by generalized Hurst exponent analysis of daily data with a rolling window technique. The study covers a time period of six years from January 2007 to December 2012. The results reveal that all MENA stock markets exhibit different degrees of long-range dependence varying over time and that the Arab Spring has had a negative effect on market efficiency in the region. The least inefficient market is found to be Turkey, followed by Israel, while the most inefficient markets are Iran, Tunisia, and UAE. Turkey and Israel show characteristics of developed financial markets. Reasons and implications are discussed.

Selection against small males in utero: a test of the Wells hypothesis.

PubMed

Catalano, R; Goodman, J; Margerison-Zilko, C E; Saxton, K B; Anderson, E; Epstein, M

2012-04-01

The argument that women in stressful environments spontaneously abort their least fit fetuses enjoys wide dissemination despite the fact that several of its most intuitive predictions remain untested. The literature includes no tests, for example, of the hypothesis that these mechanisms select against small for gestational age (SGA) males. We apply time-series modeling to 4.9 million California male term births to test the hypothesis that the rate of SGA infants in 1096 weekly birth cohorts varies inversely with labor market contraction, a known stressor of contemporary populations. We find support for the hypothesis that small size becomes less frequent among term male infants when the labor market contracts. Our findings contribute to the evidence supporting selection in utero. They also suggest that research into the association between maternal stress and adverse birth outcomes should acknowledge the possibility that fetal loss may affect findings and their interpretation. Strengths of our analyses include the large number and size of our birth cohorts and our control for autocorrelation. Weaknesses include that we, like nearly all researchers in the field, have no direct measure of fetal loss.

Do you need to shop around? Age at marriage, spousal alternatives, and marital dissolution.

PubMed

South, S J

1995-07-01

"This article attempts to shed light on the oft-observed relationship between age at marriage and marital dissolution by first deriving a hypothesis from marital search theory that relates both variables to the supply of spousal alternatives in the local marriage market. This hypothesis states that, relative to people who marry later in life, persons who marry at comparatively young ages will be especially susceptible to divorce when confronted with abundant alternatives to their current spouse. Marital history data from the National Longitudinal Survey of Youth were then merged with aggregated data from the Public Use Microdata Samples of the 1980 U.S. census to test this hypothesis." The author finds that "discrete-time event history analyses offer no support for this hypothesis. Although the risk of marital dissolution is highest where either husbands or wives chance numerous spousal alternatives, the impact of age at marriage on divorce is significantly weaker in marriage markets containing abundant remarriage opportunities. Some of the effect of age at marriage on marital dissolution is attributable to the detrimental impact of early marriage on educational attainment." excerpt

The troika of business cycle, efficiency and volatility. An East Asian perspective

NASA Astrophysics Data System (ADS)

Arshad, Shaista; Rizvi, Syed Aun R.

2015-02-01

The EMH has been the subject of much debate over the past few decades, with a recent surge in interest in Asian markets. Asian markets which traditionally comprise of many emerging markets are more volatile and speculative in nature. The heart of our study focuses on the East Asian economies, which have experienced massive capital inflows. This begs the question of whether or not the stock markets are efficient enough for further investment and development. Our paper differs from existing literature as it focuses on deriving weak form efficiency rankings during different business cycle phases. We endeavour further to assess the volatility and business cycle phases. Taking Malaysia, Indonesia, Singapore and South Korea owing to their economic and financial development, we use MF-DFA to derive efficiency rankings and find firstly, the overall efficiency has improved over the past two decades and secondly, markets are more efficient in growth phases in comparison to its preceding decline. Similarly, employing wavelet decomposition in conjunction with EGARCH, we obtain volatility of stock markets in two distinct time horizons, i.e. short term and long term. We find the markets to be more stable during economic boom than its preceding bust. Our results confer with mainstream literature.

7 CFR 1219.15 - Industry information.

Code of Federal Regulations, 2012 CFR

2012-01-01

... efficiency in processing, enhance the development of new markets and marketing strategies, increase marketing efficiency, and enhance the image of Hass avocados and the Hass avocado industry in the United States. ...

7 CFR 1219.15 - Industry information.

Code of Federal Regulations, 2013 CFR

2013-01-01

... efficiency in processing, enhance the development of new markets and marketing strategies, increase marketing efficiency, and enhance the image of Hass avocados and the Hass avocado industry in the United States. ...

7 CFR 1219.15 - Industry information.

Code of Federal Regulations, 2011 CFR

2011-01-01

... efficiency in processing, enhance the development of new markets and marketing strategies, increase marketing efficiency, and enhance the image of Hass avocados and the Hass avocado industry in the United States. ...

7 CFR 1219.15 - Industry information.

Code of Federal Regulations, 2014 CFR

2014-01-01

... efficiency in processing, enhance the development of new markets and marketing strategies, increase marketing efficiency, and enhance the image of Hass avocados and the Hass avocado industry in the United States. ...

Certification and brand identity for energy efficiency in competitive energy services markets

DOE Office of Scientific and Technical Information (OSTI.GOV)

Prindle, W.R.; Wiser, R.

Resource commitments for energy efficiency from electricity companies are disappearing rapidly as the regulated Integrated Resource Planning and Demand-Side Management paradigms that fostered them give way to competitive power markets in a restructuring electricity industry. While free-market advocates claim that energy efficiency needs will be taken care of by competitive energy service providers, there is no assurance that efficiency will compete effectively with the panoply of other energy-related (and non-energy-related) services that are beginning to appear in early market offerings. This paper reports the results of a feasibility study for a certification and brand identity program for energy efficiency gearedmore » to competitive power markets. Funded by the Energy Foundation, this study involved a survey and personal interviews with stakeholders, plus a workshop to further the discussion. Stakeholders include independent power marketers and energy service companies, utility affiliate power marketers and energy service companies, government agencies, trade associations, non-profit organizations, equipment manufacturers, and consultants. The paper summarizes the study's findings on such key issues as: Whether a brand identity concept has a critical mass of interest and support; how qualification and certification could work in such a program; how a brand identity could be positioned in the market; how an efficiency brand identity could co-brand with renewable power branding programs and other green marketing efforts; and the resources and components needed to make such a program work on a national scale.« less

Two-faced property of a market factor in asset pricing and diversification effect

NASA Astrophysics Data System (ADS)

Eom, Cheoljun

2017-04-01

This study empirically investigates the test hypothesis that a market factor acting as a representative common factor in the pricing models has a negative influence on constructing a well-diversified portfolio from the Markowitz mean-variance optimization function (MVOF). We use the comparative correlation matrix (C-CM) method to control a single eigenvalue among all eigenvalues included in the sample correlation matrix (S-CM), through the random matrix theory (RMT). In particular, this study observes the effect of the largest eigenvalue that has the property of the market factor. According to the results, the largest eigenvalue has the highest explanatory power on the stock return changes. The C-CM without the largest eigenvalue in the S-CM constructs a more diversified portfolio capable of improving the practical applicability of the MVOF. Moreover, the more diversified portfolio constructed from this C-CM has better out-of-sample performance in the future period. These results support the test hypothesis for the two-faced property of the market factor, defined by the largest eigenvalue.

Morals and markets.

PubMed

Falk, Armin; Szech, Nora

2013-05-10

The possibility that market interaction may erode moral values is a long-standing, but controversial, hypothesis in the social sciences, ethics, and philosophy. To date, empirical evidence on decay of moral values through market interaction has been scarce. We present controlled experimental evidence on how market interaction changes how human subjects value harm and damage done to third parties. In the experiment, subjects decide between either saving the life of a mouse or receiving money. We compare individual decisions to those made in a bilateral and a multilateral market. In both markets, the willingness to kill the mouse is substantially higher than in individual decisions. Furthermore, in the multilateral market, prices for life deteriorate tremendously. In contrast, for morally neutral consumption choices, differences between institutions are small.

A quantitative description for efficient financial markets

NASA Astrophysics Data System (ADS)

Immonen, Eero

2015-09-01

In this article we develop a control system model for describing efficient financial markets. We define the efficiency of a financial market in quantitative terms by robust asymptotic price-value equality in this model. By invoking the Internal Model Principle of robust output regulation theory we then show that under No Bubble Conditions, in the proposed model, the market is efficient if and only if the following conditions hold true: (1) the traders, as a group, can identify any mispricing in asset value (even if no one single trader can do it accurately), and (2) the traders, as a group, incorporate an internal model of the value process (again, even if no one single trader knows it). This main result of the article, which deliberately avoids the requirement for investor rationality, demonstrates, in quantitative terms, that the more transparent the markets are, the more efficient they are. An extensive example is provided to illustrate the theoretical development.

Transforming the market for commercial and industrial distribution transformers: A government, manufacturer, and utility collaboration

DOE Office of Scientific and Technical Information (OSTI.GOV)

DeLaski, A.; Gauthier, J.; Shugars, J.

Distribution transformers offer a largely untapped opportunity for efficiency improvements in buildings. Application of energy-efficient equipment can reduce transformer losses by about 20%, substantially cutting a facility's total electricity bill and offering typical paybacks less than three years. Since nearly all of the electricity powering the commercial and industrial sectors is stepped down in voltage by facility-owned distribution transformers, broad application of energy-efficient equipment will lead to huge economy-wide energy and dollar savings as well as associated environmental benefits. This opportunity has led to a multi-party coordinated effort that offers a new model for national partnerships to pursue market transformation.more » The model, called the Informal Collaborative Model for the purposes of this paper, is characterized by voluntary commitments of multiple stakeholders to carry out key market interventions in a coordinated fashion, but without pooling resources or control. Collaborative participants are joined by a common interest in establishing and expanding the market for a new product, service, or practice that will yield substantial energy savings. This paper summarizes the technical efficiency opportunity available in distribution transformers; discusses the market barriers to widespread adoption of energy-efficient transformers; and details an overall market transformation strategy to address the identified market barriers. The respective roles of each of the diverse players--manufacturers, government agencies, and utility and regional energy efficiency programs--are given particular attention. Each of the organizations involved brings a particular set of tools and capabilities for addressing the market barriers to more efficient transformers.« less

Marketing ambulatory care to women: a segmentation approach.

PubMed

Harrell, G D; Fors, M F

1985-01-01

Although significant changes are occurring in health care delivery, in many instances the new offerings are not based on a clear understanding of market segments being served. This exploratory study suggests that important differences may exist among women with regard to health care selection. Five major women's segments are identified for consideration by health care executives in developing marketing strategies. Additional research is suggested to confirm this segmentation hypothesis, validate segmental differences and quantify the findings.

Health care market deviations from the ideal market.

PubMed

Mwachofi, Ari; Al-Assaf, Assaf F

2011-08-01

A common argument in the health policy debate is that market forces allocate resources efficiently in health care, and that government intervention distorts such allocation. Rarely do those making such claims state explicitly that the market they refer to is an ideal in economic theory which can only exist under very strict conditions. This paper explores the strict conditions necessary for that ideal market in the context of health care as a means of examining the claim that market forces do allocate resources efficiently in health care.

Labor Market Substitution Between Schooling and On-the-Job Training: Final Report.

ERIC Educational Resources Information Center

Rahm, Carl M.

The report describes a study designed to examine substitution between formal schooling and dropouts' post-school training or experience in the labor market. The basic hypothesis is that if formal schooling and post-school training are substitutes, then experience-earnings profiles measured in the logarithm of earnings should tend to converge. To…

Should Consumers Be Priced Out of Pollution-Permit Markets?

ERIC Educational Resources Information Center

Smith, Stefani C.; Yates, Andrew J.

2003-01-01

Presents a simple diagrammatic exposition of a pollution-permit market in which firms that generate pollution and consumers who are harmed by pollution are allowed to purchase permits at a single market price. Illustrates that the market equilibrium is efficient only if the endowment of permits is equal to the efficient level of pollution. (JEH)

Selection against small males in utero: a test of the Wells hypothesis

PubMed Central

Catalano, R.; Goodman, J.; Margerison-Zilko, C.E.; Saxton, K.B.; Anderson, E.; Epstein, M.

2012-01-01

BACKGROUND The argument that women in stressful environments spontaneously abort their least fit fetuses enjoys wide dissemination despite the fact that several of its most intuitive predictions remain untested. The literature includes no tests, for example, of the hypothesis that these mechanisms select against small for gestational age (SGA) males. METHODS We apply time-series modeling to 4.9 million California male term births to test the hypothesis that the rate of SGA infants in 1096 weekly birth cohorts varies inversely with labor market contraction, a known stressor of contemporary populations. RESULTS We find support for the hypothesis that small size becomes less frequent among term male infants when the labor market contracts. CONCLUSIONS Our findings contribute to the evidence supporting selection in utero. They also suggest that research into the association between maternal stress and adverse birth outcomes should acknowledge the possibility that fetal loss may affect findings and their interpretation. Strengths of our analyses include the large number and size of our birth cohorts and our control for autocorrelation. Weaknesses include that we, like nearly all researchers in the field, have no direct measure of fetal loss. PMID:22298840

Characteristic time scales of tick quotes on foreign currency markets: an empirical study and agent-based model

NASA Astrophysics Data System (ADS)

Sato, A.-H.

2006-03-01

Power spectrum densities for the number of tick quotes per minute (market activity) on three currency markets (USD/JPY, EUR/USD, and JPY/EUR) for periods from January 1999 to December 2000 are analyzed. We find some peaks on the power spectrum densities at a few minutes. We develop the double-threshold agent model and confirm that stochastic resonance occurs for the market activity of this model. We propose a hypothesis that the periodicities found on the power spectrum densities can be observed due to stochastic resonance.

Is the U.S. shale gas boom having an effect on the European gas market?

NASA Astrophysics Data System (ADS)

Yao, Isaac

This thesis focuses on the impact of the American shale gas boom on the European natural gas market. The study presents different tests in order to analyze the dynamics of natural gas prices in the U.S., U.K. and German natural gas market. The question of cointegration between these different markets are analyzed using several tests. More specifically, the ADF tests for the presence of a unit root. The error correction model test and the Johansen cointegration procedure are applied in order to accept or reject the hypothesis of an integrated market. The results suggest no evidence of cointegration between these markets. There currently is no evidence of an impact of the U.S. shale gas boom on the European market.

Welfare Impact of Virtual Trading on Wholesale Electricity Markets

NASA Astrophysics Data System (ADS)

Giraldo, Juan S.

Virtual bidding has become a standard feature of multi-settlement wholesale electricity markets in the United States. Virtual bids are financial instruments that allow market participants to take financial positions in the Day-Ahead (DA) market that are automatically reversed/closed in the Real-Time (RT) market. Most U.S. wholesale electricity markets only have two types of virtual bids: a decrement bid (DEC), which is virtual load, and an increment offer (INC), which is virtual generation. In theory, financial participants create benefits by seeking out profitable bidding opportunities through arbitrage or speculation. Benefits have been argued to take the form of increased competition, price convergence, increased market liquidity, and a more efficient dispatch of generation resources. Studies have found that price convergence between the DA and RT markets improved following the introduction of virtual bidding into wholesale electricity markets. The improvement in price convergence was taken as evidence that market efficiency had increased and many of the theoretical benefits realized. Persistent price differences between the DA and RT markets have led to calls to further expand virtual bidding as a means to address remaining market inefficiencies. However, the argument that price convergence is beneficial is extrapolated from the study of commodity and financial markets and the role of futures for increasing market efficiency in that context. This viewpoint largely ignores details that differentiate wholesale electricity markets from other commodity markets. This dissertation advances the understanding of virtual bidding by evaluating the impact of virtual bidding based on the standard definition of economic efficiency which is social welfare. In addition, an examination of the impacts of another type of virtual bid, up-to-congestion (UTC) transactions is presented. This virtual product significantly increased virtual bidding activity in the PJM interconnection market since it became available to be used by financial traders in September 2010. Stylized models are used to determine the optimal bidding strategy for the different virtual bids under different scenarios. The welfare analysis shows that the main impact of virtual bidding is surplus reallocation and that the impact on market efficiency is small by comparison. The market structure is such that it is more likely to see surplus transfers from consumers to producers. The results also show that outcomes with greater price convergence as a result of virtual bidding activity were not necessarily more efficient, nor do they always correct surplus distribution distortions that result from bias in the DA expectation of RT load. Compared to INCs and DECs, the UTC analysis showed that UTCs do not have the same self-corrective incentives towards price convergence and are less likely to lead to nodal price convergence or correct for surplus distribution distortions caused by uncertainty and bias in the DA expectation of RT load. Additionally, the analysis showed that UTCs allow financial traders to engage in low risk high volume trading strategies that, while profitable, may have little to no impact on price convergence or market efficiency.

Gold, currencies and market efficiency

NASA Astrophysics Data System (ADS)

Kristoufek, Ladislav; Vosvrda, Miloslav

2016-05-01

Gold and currency markets form a unique pair with specific interactions and dynamics. We focus on the efficiency ranking of gold markets with respect to the currency of purchase. By utilizing the Efficiency Index (EI) based on fractal dimension, approximate entropy and long-term memory on a wide portfolio of 142 gold price series for different currencies, we construct the efficiency ranking based on the extended EI methodology we provide. Rather unexpected results are uncovered as the gold prices in major currencies lay among the least efficient ones whereas very minor currencies are among the most efficient ones. We argue that such counterintuitive results can be partly attributed to a unique period of examination (2011-2014) characteristic by quantitative easing and rather unorthodox monetary policies together with the investigated illegal collusion of major foreign exchange market participants, as well as some other factors discussed in some detail.

Efficient Boundaries.

DTIC Science & Technology

1981-11-01

and idmntify by block nimbec) .. j Efficiency Structure Intermediate markets S20. ABSTRACT (Continue an tewwe aid. it necessary and identify by Weock...the Winter of 1980; and at the Mini-Conference on Strategy, Marketing , and Organi- zation held at the Graduate School of Management, UCLA, during the...deciding among various transaction goverance mechanisms, market mechanisms would always be chosen. As we argue below, however, market mechanisms often do

Efficient and Competitive Rationing

DTIC Science & Technology

1988-05-01

that state S enterprises can organize markets that implement priority service efficiently. In Section 5 we study the operation of competitive markets ...exposition.) 5. COMPETITIVE RATIONING We examine next the incentives for profit-maximizing firms in competitive markets to offer priority service. Our...importantly, those equilibria that do exist show that firms have an incentive not to differentiate. It seems clear, 59 therefore, that in competitive markets

Micro-economic analysis of the physical constrained markets: game theory application to competitive electricity markets

NASA Astrophysics Data System (ADS)

Bompard, E.; Ma, Y. C.; Ragazzi, E.

2006-03-01

Competition has been introduced in the electricity markets with the goal of reducing prices and improving efficiency. The basic idea which stays behind this choice is that, in competitive markets, a greater quantity of the good is exchanged at a lower price, leading to higher market efficiency. Electricity markets are pretty different from other commodities mainly due to the physical constraints related to the network structure that may impact the market performance. The network structure of the system on which the economic transactions need to be undertaken poses strict physical and operational constraints. Strategic interactions among producers that game the market with the objective of maximizing their producer surplus must be taken into account when modeling competitive electricity markets. The physical constraints, specific of the electricity markets, provide additional opportunity of gaming to the market players. Game theory provides a tool to model such a context. This paper discussed the application of game theory to physical constrained electricity markets with the goal of providing tools for assessing the market performance and pinpointing the critical network constraints that may impact the market efficiency. The basic models of game theory specifically designed to represent the electricity markets will be presented. IEEE30 bus test system of the constrained electricity market will be discussed to show the network impacts on the market performances in presence of strategic bidding behavior of the producers.

Unemployment and the detection of early stage breast tumors among African Americans and non-Hispanic whites.

PubMed

Catalano, Ralph A; Satariano, William A; Ciemins, Elizabeth L

2003-01-01

To test the hypothesis that high unemployment predicts reduced detection of local breast tumors among African American and non-Hispanic white women in the Detroit, Michigan and Atlanta, Georgia SEER catchment areas. We test the hypothesis with data for the 156 months from January 1985 through December 1997. In situ and local breast tumors in African American and non-Hispanic white women were less likely to be detected during periods of high unemployment. Contracting labor markets may impede women with symptoms from getting proper medical attention or distract women from discovering symptoms they would otherwise detect. African American women appear at greatest risk of having a tumor going undetected by virtue of labor market performance.

A Global Review of Incentive Programs to Accelerate Energy-Efficient Appliances and Equipment

DOE Office of Scientific and Technical Information (OSTI.GOV)

de la Rue du Can, Stephane; Phadke, Amol; Leventis, Greg

Incentive programs are an essential policy tool to move the market toward energy-efficient products. They offer a favorable complement to mandatory standards and labeling policies by accelerating the market penetration of energy-efficient products above equipment standard requirements and by preparing the market for increased future mandatory requirements. They sway purchase decisions and in some cases production decisions and retail stocking decisions toward energy-efficient products. Incentive programs are structured according to their regulatory environment, the way they are financed, by how the incentive is targeted, and by who administers them. This report categorizes the main elements of incentive programs, using casemore » studies from the Major Economies Forum to illustrate their characteristics. To inform future policy and program design, it seeks to recognize design advantages and disadvantages through a qualitative overview of the variety of programs in use around the globe. Examples range from rebate programs administered by utilities under an Energy-Efficiency Resource Standards (EERS) regulatory framework (California, USA) to the distribution of Eco-Points that reward customers for buying efficient appliances under a government recovery program (Japan). We found that evaluations have demonstrated that financial incentives programs have greater impact when they target highly efficient technologies that have a small market share. We also found that the benefits and drawbacks of different program design aspects depend on the market barriers addressed, the target equipment, and the local market context and that no program design surpasses the others. The key to successful program design and implementation is a thorough understanding of the market and effective identification of the most important local factors hindering the penetration of energy-efficient technologies.« less

Stochastic Frontier Model Approach for Measuring Stock Market Efficiency with Different Distributions

PubMed Central

Hasan, Md. Zobaer; Kamil, Anton Abdulbasah; Mustafa, Adli; Baten, Md. Azizul

2012-01-01

The stock market is considered essential for economic growth and expected to contribute to improved productivity. An efficient pricing mechanism of the stock market can be a driving force for channeling savings into profitable investments and thus facilitating optimal allocation of capital. This study investigated the technical efficiency of selected groups of companies of Bangladesh Stock Market that is the Dhaka Stock Exchange (DSE) market, using the stochastic frontier production function approach. For this, the authors considered the Cobb-Douglas Stochastic frontier in which the technical inefficiency effects are defined by a model with two distributional assumptions. Truncated normal and half-normal distributions were used in the model and both time-variant and time-invariant inefficiency effects were estimated. The results reveal that technical efficiency decreased gradually over the reference period and that truncated normal distribution is preferable to half-normal distribution for technical inefficiency effects. The value of technical efficiency was high for the investment group and low for the bank group, as compared with other groups in the DSE market for both distributions in time- varying environment whereas it was high for the investment group but low for the ceramic group as compared with other groups in the DSE market for both distributions in time-invariant situation. PMID:22629352

Stochastic frontier model approach for measuring stock market efficiency with different distributions.

PubMed

Hasan, Md Zobaer; Kamil, Anton Abdulbasah; Mustafa, Adli; Baten, Md Azizul

2012-01-01

The stock market is considered essential for economic growth and expected to contribute to improved productivity. An efficient pricing mechanism of the stock market can be a driving force for channeling savings into profitable investments and thus facilitating optimal allocation of capital. This study investigated the technical efficiency of selected groups of companies of Bangladesh Stock Market that is the Dhaka Stock Exchange (DSE) market, using the stochastic frontier production function approach. For this, the authors considered the Cobb-Douglas Stochastic frontier in which the technical inefficiency effects are defined by a model with two distributional assumptions. Truncated normal and half-normal distributions were used in the model and both time-variant and time-invariant inefficiency effects were estimated. The results reveal that technical efficiency decreased gradually over the reference period and that truncated normal distribution is preferable to half-normal distribution for technical inefficiency effects. The value of technical efficiency was high for the investment group and low for the bank group, as compared with other groups in the DSE market for both distributions in time-varying environment whereas it was high for the investment group but low for the ceramic group as compared with other groups in the DSE market for both distributions in time-invariant situation.

Multiple Openings and Competitiveness of Forward Markets: Experimental Evidence

PubMed Central

Ferreira, José Luis; Kujal, Praveen; Rassenti, Stephen

2016-01-01

We test the competition enhancing effect of selling forward in experimental Cournot duopoly and quadropoly with multiple forward markets. We find that two forward periods yields competitive outcomes and that the results are very close to the predicted theoretical results for quantity setting duopolies and quadropolies. Our experiments lend strong support to the hypothesis that forward markets are competition enhancing. We then test a new market that allows for endogenously determined indefinitely many forward periods that only close when sellers coordinate on selling a zero amount in a forward market. We find that the outcomes under an endogenous close rule are also very competitive. These results hold for both duopolies and quadropolies. PMID:27442516

The International Database of Efficient Appliances (IDEA): A New Resource for Global Efficiency Policy

DOE Office of Scientific and Technical Information (OSTI.GOV)

Gerke, Brian F; McNeil, Michael A; Tu, Thomas

A major barrier to effective appliance efficiency program design and evaluation is a lack of data for determination of market baselines and cost-effective energy savings potential. The data gap is particularly acute in developing countries, which may have the greatest savings potential per unit GDP. To address this need, we are developing the International Database of Efficient Appliances (IDEA), which automatically compiles data from a wide variety of online sources to create a unified repository of information on efficiency, price, and features for a wide range of energy-consuming products across global markets. This paper summarizes the database framework and demonstratesmore » the power of IDEA as a resource for appliance efficiency research and policy development. Using IDEA data for refrigerators in China and India, we develop robust cost-effectiveness indicators that allow rapid determination of savings potential within each market, as well as comparison of that potential across markets and appliance types. We discuss implications for future energy efficiency policy development.« less

Health Care Market Deviations from the Ideal Market

PubMed Central

Mwachofi, Ari; Al-Assaf, Assaf F.

2011-01-01

A common argument in the health policy debate is that market forces allocate resources efficiently in health care, and that government intervention distorts such allocation. Rarely do those making such claims state explicitly that the market they refer to is an ideal in economic theory which can only exist under very strict conditions. This paper explores the strict conditions necessary for that ideal market in the context of health care as a means of examining the claim that market forces do allocate resources efficiently in health care. PMID:22087373

The Role of Labour Market Expectations and Admission Probabilities in Students' Application Decisions on Higher Education: The Case of Hungary

ERIC Educational Resources Information Center

Varga, Julia

2006-01-01

This paper analyses students' application strategies to higher education, the effects of labour market expectations and admission probabilities. The starting hypothesis of this study is that students consider the expected utility of their choices, a function of expected net lifetime earnings and the probability of admission. Based on a survey…

Volcanic Experimentation: Using Mentos and Soda to Teach Causal Research in a Marketing Research Class

ERIC Educational Resources Information Center

Love, Edwin; Stelling, Pete

2012-01-01

The reaction that occurs when Mentos are added to bottled soft drinks has become a staple demonstration in earth science courses to explain how volcanoes erupt. This paper presents how this engaging exercise can be used in a marketing research course to provide hands-on experience with problem formation, hypothesis testing, and causal research. A…

DOE Office of Scientific and Technical Information (OSTI.GOV)

Lychuk, Taras; Evans, Meredydd; Halverson, Mark A.

This report provides analysis of the Russian energy efficiency market for the building sector from the perspective of U.S. businesses interested in exporting relevant technologies, products and experience to Russia. We aim to help U.S. energy efficiency and environmental technologies businesses to better understand the Russian building market to plan their market strategy.

Sector strength and efficiency on developed and emerging financial markets

NASA Astrophysics Data System (ADS)

Fiedor, Paweł

2014-11-01

In this paper we analyse the importance of sectors and market efficiency on developed and emerging financial markets. To perform this we analyse New York Stock Exchange between 2004 and 2013 and Warsaw Stock Exchange between 2000 and 2013. To find out the importance of sectors we construct minimal spanning trees for annual time series consisting of daily log returns and calculate centrality measures for all stocks, which we then aggregate by sectors. Such analysis is of interest to analysts for whom the knowledge of the influence of particular groups of stocks to the market behaviour is crucial. We also analyse the predictability of price changes on those two markets formally, using the information-theoretic concept of entropy rate, to find out the differences in market efficiency between a developed and an emerging market, and between sectors themselves. We postulate that such analysis is important to the study of financial markets as it can contribute to the profitability of investments, particularly in the case of algorithmic trading.

Appliance Efficiency Standards and Price Discrimination

DOE Office of Scientific and Technical Information (OSTI.GOV)

Spurlock, Cecily Anna

2013-05-08

I explore the effects of two simultaneous changes in minimum energy efficiency and ENERGY STAR standards for clothes washers. Adapting the Mussa and Rosen (1978) and Ronnen (1991) second-degree price discrimination model, I demonstrate that clothes washer prices and menus adjusted to the new standards in patterns consistent with a market in which firms had been price discriminating. In particular, I show evidence of discontinuous price drops at the time the standards were imposed, driven largely by mid-low efficiency segments of the market. The price discrimination model predicts this result. On the other hand, in a perfectly competition market, pricesmore » should increase for these market segments. Additionally, new models proliferated in the highest efficiency market segment following the standard changes. Finally, I show that firms appeared to use different adaptation strategies at the two instances of the standards changing.« less

NHS internal market 1991-2: towards a balance sheet.

PubMed Central

Petchey, R

1993-01-01

The first year of the internal market in the NHS has been claimed to have resulted in increased efficiency. These claims, however, are hard to substantiate because the systems for operating the market are not fully in place. Examination of data on tax relief for private health insurance premiums for over 60s, general practice fundholding, and implementation and transaction costs suggest that much of the increased efficiency is not due to the reforms but to increased funding. Furthermore, some of the changes seem to be decreasing market forces and reducing efficiency. Images p700-a PMID:8471927

Developing the research hypothesis.

PubMed

Toledo, Alexander H; Flikkema, Robert; Toledo-Pereyra, Luis H

2011-01-01

The research hypothesis is needed for a sound and well-developed research study. The research hypothesis contributes to the solution of the research problem. Types of research hypotheses include inductive and deductive, directional and non-directional, and null and alternative hypotheses. Rejecting the null hypothesis and accepting the alternative hypothesis is the basis for building a good research study. This work reviews the most important aspects of organizing and establishing an efficient and complete hypothesis.

Crude oil options market found to be efficient

DOE Office of Scientific and Technical Information (OSTI.GOV)

Not Available

1992-08-17

This paper reports that the U.S. crude oil options market operates efficiently and does not overreact. The authors, with the JFK School of Government, studied the crude oil options market under a Department of Energy grant. The current market was created in November 1986 when the New York Mercantile Exchange introduced an options contract for delivery of West Texas intermediate crude futures. it has grown greatly since then.

A National Study of Efficiency for Dialysis Centers: An Examination of Market Competition and Facility Characteristics for Production of Multiple Dialysis Outputs

PubMed Central

Ozgen, Hacer; A. Ozcan, Yasar

2002-01-01

Objective To examine market competition and facility characteristics that can be related to technical efficiency in the production of multiple dialysis outputs from the perspective of the industrial organization model. Study Setting Freestanding dialysis facilities that operated in 1997 submitted cost report forms to the Health Care Financing Administration (HCFA), and offered all three outputs—outpatient dialysis, dialysis training, and home program dialysis. Data Sources The Independent Renal Facility Cost Report Data file (IRFCRD) from HCFA was utilized to obtain information on output and input variables and market and facility features for 791 multiple-output facilities. Information regarding population characteristics was obtained from the Area Resources File. Study Design Cross-sectional data for the year 1997 were utilized to obtain facility-specific technical efficiency scores estimated through Data Envelopment Analysis (DEA). A binary variable of efficiency status was then regressed against its market and facility characteristics and control factors in a multivariate logistic regression analysis. Principal Findings The majority of the facilities in the sample are functioning technically inefficiently. Neither the intensity of market competition nor a policy of dialyzer reuse has a significant effect on the facilities' efficiency. Technical efficiency is significantly associated, however, with type of ownership, with the interaction between the market concentration of for-profits and ownership type, and with affiliations with chains of different sizes. Nonprofit and government-owned facilities are more likely than their for-profit counterparts to become inefficient producers of renal dialysis outputs. On the other hand, that relationship between ownership form and efficiency is reversed as the market concentration of for-profits in a given market increases. Facilities that are members of large chains are more likely to be technically inefficient. Conclusions Facilities do not appear to benefit from joint production of a variety of dialysis outputs, which may explain the ongoing tendency toward single-output production. Ownership form does make a positive difference in production efficiency, but only in local markets where competition exists between nonprofit and for-profit facilities. The increasing inefficiency associated with membership in large chains suggests that the growing consolidation in the dialysis industry may not, in fact, be the strategy for attaining more technical efficiency in the production of multiple dialysis outputs. PMID:12132602

A national study of efficiency for dialysis centers: an examination of market competition and facility characteristics for production of multiple dialysis outputs.

PubMed

Ozgen, Hacer; Ozcan, Yasar A

2002-06-01

To examine market competition and facility characteristics that can be related to technical efficiency in the production of multiple dialysis outputs from the perspective of the industrial organization model. Freestanding dialysis facilities that operated in 1997 submitted cost report fonns to the Health Care Financing Administration (HCFA), and offered all three outputs--outpatient dialysis, dialysis training, and home program dialysis. The Independent Renal Facility Cost Report Data file (IRFCRD) from HCFA was utilized to obtain information on output and input variables and market and facility features for 791 multiple-output facilities. Information regarding population characteristics was obtained from the Area Resources File. Cross-sectional data for the year 1997 were utilized to obtain facility-specific technical efficiency scores estimated through Data Envelopment Analysis (DEA). A binary variable of efficiency status was then regressed against its market and facility characteristics and control factors in a multivariate logistic regression analysis. The majority of the facilities in the sample are functioning technically inefficiently. Neither the intensity of market competition nor a policy of dialyzer reuse has a significant effect on the facilities' efficiency. Technical efficiency is significantly associated, however, with type of ownership, with the interaction between the market concentration of for-profits and ownership type, and with affiliations with chains of different sizes. Nonprofit and government-owned Facilities are more likely than their for-profit counterparts to become inefficient producers of renal dialysis outputs. On the other hand, that relationship between ownership form and efficiency is reversed as the market concentration of for-profits in a given market increases. Facilities that are members of large chains are more likely to be technically inefficient. Facilities do not appear to benefit from joint production of a variety of dialysis outputs, which may explain the ongoing tendency toward single-output production. Ownership form does make a positive difference in production efficiency, but only in local markets where competition exists between nonprofit and for-profit facilities. The increasing inefficiency associated with membership in large chains suggests that the growing consolidation in the dialysis industry may not, in fact, be the strategy for attaining more technical efficiency in the production of multiple dialysis outputs.

Creating a market: an economic analysis of the purchaser-provider model.

PubMed

Shackley, P; Healey, A

1993-09-01

The focus of this paper is the extent to which the purchaser-provider split and the creation of a market in the provision of health care can be expected to bring about greater efficiency within the new NHS. The starting point is a theoretical discussion of markets and competition. In particular, emphasis is placed upon the economic model of perfect competition. It is argued that because of the existence of externalities, uncertainty and a lack of perfect information, an unregulated market in health care will almost certainly fail. In view of this, the imperfect provider markets of monopoly and contestable markets, which are of particular relevance to health care, are discussed. A description of the new health care market and the principal actors within it is followed by an evaluation of the new health care market. It is argued that in view of the restrictions to competition that exist between providers, some form of price regulation will be necessary to prevent monopolistic behaviour in the hospital sector. Regulation of purchasers is also suggested as a means of improving efficiency. It is concluded that competition may be a necessary condition for increased efficiency in health care provision, but is not sufficient in itself. Other incentives in the hospital sector are necessary to assist the market process and to enhance its impact on efficiency.

OPEC behavior

NASA Astrophysics Data System (ADS)

Yang, Bo

This thesis aims to contribute to a further understanding of the real dynamics of OPEC production behavior and its impacts on the world oil market. A literature review in this area shows that the existing studies on OPEC still have some major deficiencies in theoretical interpretation and empirical estimation technique. After a brief background review in chapter 1, chapter 2 tests Griffin's market-sharing cartel model on the post-Griffin time horizon with a simultaneous system of equations, and an innovative hypothesis of OPEC's behavior (Saudi Arabia in particular) is then proposed based on the estimation results. Chapter 3 first provides a conceptual analysis of OPEC behavior under the framework of non-cooperative collusion with imperfect information. An empirical model is then constructed and estimated. The results of the empirical studies in this thesis strongly support the hypothesis that OPEC has operated as a market-sharing cartel since the early 1980s. In addition, the results also provide some support of the theory of non-cooperative collusion under imperfect information. OPEC members collude under normal circumstances and behave competitively at times in response to imperfect market signals of cartel compliance and some internal attributes. Periodic joint competition conduct plays an important role in sustaining the collusion in the long run. Saudi Arabia acts as the leader of the cartel, accommodating intermediate unfavorable market development and punishing others with a tit-for-tat strategy in extreme circumstances.

Transportation costs for forest products from the Puget Sound area and Alaska to Pacific Rim markets.

Treesearch

Harold W. Wisdom

1990-01-01

Ocean freight rates to Pacific Rim markets for softwood logs, cants, and wood pulp from Alaska were compared with rates from the Puget Sound area by using analysis of covariance and analysis of variance techniques. The results did not support the hypothesis that lower freight rates for Alaska result from shorter shipping distances. In many cases, ocean freight rates...

Structure And Efficiency Of Timber Markets

Treesearch

Brian C. Murray; Jeffrey P. Prestemon

2003-01-01

Perfect competition has long been the standard by which economists have judged the market's ability to achieve an efficient social outcome. The competitive process, unfettered by the imperfections discussed below, forges an outcome in which goods and services are produced at their lowest possible cost, and market equilibrium is achieved at the point at which the...

An Efficiency Assessment among Empirically Defined Labor Markets for Determining Pay for Teachers

ERIC Educational Resources Information Center

Tran, Henry; Young, I. Phillip

2013-01-01

Fundamental to updating a fixed-rate salary schedule for teachers is the reliance on a relevant labor market containing comparisons to other school districts--that is, object school districts, which can be chosen from a policy or empirical/efficiency perspective. As such, four relevant markets having roots in neoclassical economic…

A multiscale analysis of stock return co-movements and spillovers: Evidence from Pacific developed markets

NASA Astrophysics Data System (ADS)

Das, Debojyoti; Bhowmik, Puja; Jana, R. K.

2018-07-01

In this paper we examine the stock market co-movement and volatility spillover dynamics in the Pacific developed markets for a period spanning over January 05, 2001 to January 09, 2018. We employ wavelet-based techniques to study the multiscale co-movement dynamics of stock returns. Additionally, we also study the subtleties of volatility spillover of returns among the sample countries. We find that: (a) diversification benefits in these markets are limited due to higher degrees of integration, (b) Pacific developed markets co-move strongly during the periods of financial crisis (i.e. the contagion hypothesis) and (c) higher degree of volatility spills during financial crisis. We believe our study holds significance in the perspective of international portfolio diversification.

The influence of liquidity on informational efficiency: The case of the Thai Stock Market

NASA Astrophysics Data System (ADS)

Bariviera, Aurelio Fernández

2011-11-01

The presence of long-range memory in financial time series is a puzzling fact that challenges the established financial theory. We study the effect of liquidity on the efficiency (measured by the Hurst’s exponent) of the Thai Stock Market. According to our study, we find that: (i) the R/S method could generate spurious long-range dependence, giving the DFA method more reliable estimates of the Hurst’s exponent and (ii) there is a weak relationship between market capitalization and the efficiency of the market, and that the latter is not significantly affected by the presence of foreign investors.

Market Analysis and Consumer Impacts Source Document. Part III. Consumer Behavior and Attitudes Toward Fuel Efficient Vehicles

DOT National Transportation Integrated Search

1980-12-01

This source document on motor vehicle market analysis and consumer impacts consists of three parts. Part III consists of studies and reviews on: consumer awareness of fuel efficiency issues; consumer acceptance of fuel efficient vehicles; car size ch...

Statistical approach to partial equilibrium analysis

NASA Astrophysics Data System (ADS)

Wang, Yougui; Stanley, H. E.

2009-04-01

A statistical approach to market equilibrium and efficiency analysis is proposed in this paper. One factor that governs the exchange decisions of traders in a market, named willingness price, is highlighted and constitutes the whole theory. The supply and demand functions are formulated as the distributions of corresponding willing exchange over the willingness price. The laws of supply and demand can be derived directly from these distributions. The characteristics of excess demand function are analyzed and the necessary conditions for the existence and uniqueness of equilibrium point of the market are specified. The rationing rates of buyers and sellers are introduced to describe the ratio of realized exchange to willing exchange, and their dependence on the market price is studied in the cases of shortage and surplus. The realized market surplus, which is the criterion of market efficiency, can be written as a function of the distributions of willing exchange and the rationing rates. With this approach we can strictly prove that a market is efficient in the state of equilibrium.

White Paper: Unleashing Energy Efficiency Retrofits Through Energy Performance Contracts in China and the United States

DOE Office of Scientific and Technical Information (OSTI.GOV)

Shen, Bo; Price, Lynn; Liu, Manzhi

2015-09-15

Energy performance contracting (EPC) is a mechanism that uses private sector investment and expertise to deploy energy efficiency retrofits in buildings, industries, and other types of facilities. China and the United States both have large, growing EPC markets. This White Paper shares key insights on each market, including strengths and barriers inherent to these markets, compares the two markets, and sets forth options for enhancing EPC markets in each country. The White Paper concludes with recommendations structured around common goals of both countries.

Land use efficiency: anticipating future demand for land-sector greenhouse gas emissions abatement and managing trade-offs with agriculture, water, and biodiversity.

PubMed

Bryan, Brett A; Crossman, Neville D; Nolan, Martin; Li, Jing; Navarro, Javier; Connor, Jeffery D

2015-11-01

Competition for land is increasing, and policy needs to ensure the efficient supply of multiple ecosystem services from land systems. We modelled the spatially explicit potential future supply of ecosystem services in Australia's intensive agricultural land in response to carbon markets under four global outlooks from 2013 to 2050. We assessed the productive efficiency of greenhouse gas emissions abatement, agricultural production, water resources, and biodiversity services and compared these to production possibility frontiers (PPFs). While interacting commodity markets and carbon markets produced efficient outcomes for agricultural production and emissions abatement, more efficient outcomes were possible for water resources and biodiversity services due to weak price signals. However, when only two objectives were considered as per typical efficiency assessments, efficiency improvements involved significant unintended trade-offs for the other objectives and incurred substantial opportunity costs. Considering multiple objectives simultaneously enabled the identification of land use arrangements that were efficient over multiple ecosystem services. Efficient land use arrangements could be selected that meet society's preferences for ecosystem service provision from land by adjusting the metric used to combine multiple services. To effectively manage competition for land via land use efficiency, market incentives are needed that effectively price multiple ecosystem services. © 2015 John Wiley & Sons Ltd.

On the efficiency of sovereign bond markets

NASA Astrophysics Data System (ADS)

Zunino, Luciano; Fernández Bariviera, Aurelio; Guercio, M. Belén; Martinez, Lisana B.; Rosso, Osvaldo A.

2012-09-01

The existence of memory in financial time series has been extensively studied for several stock markets around the world by means of different approaches. However, fixed income markets, i.e. those where corporate and sovereign bonds are traded, have been much less studied. We believe that, given the relevance of these markets, not only from the investors', but also from the issuers' point of view (government and firms), it is necessary to fill this gap in the literature. In this paper, we study the sovereign market efficiency of thirty bond indices of both developed and emerging countries, using an innovative statistical tool in the financial literature: the complexity-entropy causality plane. This representation space allows us to establish an efficiency ranking of different markets and distinguish different bond market dynamics. We conclude that the classification derived from the complexity-entropy causality plane is consistent with the qualifications assigned by major rating companies to the sovereign instruments. Additionally, we find a correlation between permutation entropy, economic development and market size that could be of interest for policy makers and investors.

Trends in hospital efficiency among metropolitan markets.

PubMed

Wang, B B; Ozcan, Y A; Wan, T T; Harrison, J

1999-04-01

This study evaluates trends in efficiency among American hospital markets. A total of 6010 hospitals were identified for use in the analysis from the American Hospital Association's Annual Surveys for 1989 and 1993. Using data envelopment analysis (DEA), a longitudinal study of hospital efficiency was conducted on all 314 metropolitan markets in the United States. Results suggest that large hospital markets generally demonstrated higher inefficiency. The major inefficiencies exist in the availability of hospital services, the number of operating beds, the utilization of hospital staffing and operating expenses. Consequently, the large hospital market had a significant excess of health manpower that resulted in inefficiency that amounted to approximately $23 billion. From a policy perspective, this study has shed some light on the need to establish more specific policies to address inefficiency in the health care industry.

Wax and wane of the cross-sectional momentum and contrarian effects: Evidence from the Chinese stock markets

NASA Astrophysics Data System (ADS)

Shi, Huai-Long; Zhou, Wei-Xing

2017-11-01

This paper investigates the time-varying risk-premium relation of the Chinese stock markets within the framework of cross-sectional momentum and contrarian effects by adopting the Capital Asset Pricing Model and the Fama-French three-factor model. The evolving arbitrage opportunities are also studied by quantifying the performance of time-varying cross-sectional momentum and contrarian effects in the Chinese stock markets. The relation between the contrarian profitability and market condition factors that could characterize the investment context is also investigated. The results reveal that the risk-premium relation varies over time, and the arbitrage opportunities based on the contrarian portfolios wax and wane over time. The performance of contrarian portfolios are highly dependent on several market conditions. The periods with upward trend of market state, higher market volatility and liquidity, lower macroeconomics uncertainty are related to higher contrarian profitability. These findings are consistent with the Adaptive Markets Hypothesis and have practical implications for market participants.

Design and analysis of electricity markets

NASA Astrophysics Data System (ADS)

Sioshansi, Ramteen Mehr

Restructured competitive electricity markets rely on designing market-based mechanisms which can efficiently coordinate the power system and minimize the exercise of market power. This dissertation is a series of essays which develop and analyze models of restructured electricity markets. Chapter 2 studies the incentive properties of a co-optimized market for energy and reserves that pays reserved generators their implied opportunity cost---which is the difference between their stated energy cost and the market-clearing price for energy. By analyzing the market as a competitive direct revelation mechanism we examine the properties of efficient equilibria and demonstrate that generators have incentives to shade their stated costs below actual costs. We further demonstrate that the expected energy payments of our mechanism is less than that in a disjoint market for energy only. Chapter 3 is an empirical validation of a supply function equilibrium (SFE) model. By comparing theoretically optimal supply functions and actual generation offers into the Texas spot balancing market, we show the SFE to fit the actual behavior of the largest generators in market. This not only serves to validate the model, but also demonstrates the extent to which firms exercise market power. Chapters 4 and 5 examine equity, incentive, and efficiency issues in the design of non-convex commitment auctions. We demonstrate that different near-optimal solutions to a central unit commitment problem which have similar-sized optimality gaps will generally yield vastly different energy prices and payoffs to individual generators. Although solving the mixed integer program to optimality will overcome such issues, we show that this relies on achieving optimality of the commitment---which may not be tractable for large-scale problems within the allotted timeframe. We then simulate and compare a competitive benchmark for a market with centralized and self commitment in order to bound the efficiency losses stemming from coordination losses (cost of anarchy) in a decentralized market.

Impact of groundwater markets in India on water use efficiency: a data envelopment analysis approach.

PubMed

Manjunatha, A V; Speelman, S; Chandrakanth, M G; Van Huylenbroeck, G

2011-11-01

In the hard rock areas of India, overdraft of groundwater has led to negative externalities. It increased costs of groundwater irrigation and caused welfare losses. At the same time informal groundwater markets are slowly emerging and are believed to improve water distribution and to increase water use efficiency in the irrigation sector. These claims are evaluated in this study. For this purpose data was collected from a sample containing three different groups of water users: water sellers, water buyers and a control group of non-traders. First the socio-economic characteristics of these groups are compared. Then the efficiency of water use of the three groups is studied using Data Envelopment Analysis. The results indicate that groundwater markets provide resource poor farmers access to irrigation water, giving them the opportunity to raise their productivity. Water buyers are furthermore shown to be most efficient in their water use, while water sellers are also shown to be more efficient than the control group. The differences in efficiency between the groups are statistically significant. The demonstrated potential of groundwater markets to improve the efficiency of water use and to increase equity in resource access should be taken into account by the Indian government when deciding on their attitude towards the emerging groundwater markets. Copyright © 2011 Elsevier Ltd. All rights reserved.

Accessing Secondary Markets as a Capital Source for Energy Efficiency Finance Programs: Program Design Considerations for Policymakers and Administrators

DOE Office of Scientific and Technical Information (OSTI.GOV)

Kramer, C.; Martin, E. Fadrhonc; Thompson, P.

Estimates of the total opportunity for investment in cost-effective energy efficiency in the United States are typically in the range of several hundred billion dollars (Choi Granade, et al., 2009 and Fulton & Brandenburg, 2012).1,2 To access this potential, many state policymakers and utility regulators have established aggressive energy efficiency savings targets. Current levels of taxpayer and utility bill-payer funding for energy efficiency is only a small fraction of the total investment needed to meet these targets (SEE Action Financing Solutions Working Group, 2013). Given this challenge, some energy efficiency program administrators are working to access private capital sources withmore » the aim of amplifying the funds available for investment. In this context, efficient access to secondary market capital has been advanced as one important enabler of the energy efficiency industry “at scale.”3 The question of what role secondary markets can play in bringing energy efficiency to scale is largely untested despite extensive attention from media, technical publications, advocates, and others. Only a handful of transactions of energy efficiency loan products have been executed to date, and it is too soon to draw robust conclusions from these deals. At the same time, energy efficiency program administrators and policymakers face very real decisions regarding whether and how to access secondary markets as part of their energy efficiency deployment strategy.« less

Economic Performance and North Korean Regime Legitimacy

DTIC Science & Technology

2014-06-01

Additionally, as of 2009, the World Food Program estimated that approximately one- third of children under five and women suffered from malnourishment...harass women and run over South Korean children .7 If this hypothesis is true, then it is possible that by effectively attacking the other sources of...As Cha and Anderson note, free markets have become the reliable means of survival in North Korea and these “markets create entrepreneurship , and

Chapter 11. Fuel Economy: The Case for Market Failure

DOE Office of Scientific and Technical Information (OSTI.GOV)

Greene, David L; German, John; Delucchi, Mark A

2009-01-01

The efficiency of energy using durable goods, from automobiles to home air conditioners, is not only a key determinant of economy-wide energy use but also of greenhouse gas (GHG) emissions, climate change and energy insecurity. Energy analysts have long noted that consumers appear to have high implicit discount rates for future fuel savings when choosing among energy using durable goods (Howarth and Sanstad, 1995). In modeling consumers choices of appliances, the Energy Information Administration (EIA) has used discount rates of 30 percent for heating systems, 69 percent for choice of refrigerator and up to 111 percent for choice of watermore » heater (U.S. DOE/EIA, 1996). Several explanations have been offered for this widespread phenomenon, including asymmetric information, bounded rationality and transaction costs. This chapter argues that uncertainty combined with loss aversion by consumers is sufficient to explain the failure to adopt cost effective energy efficiency improvements in the market for automotive fuel economy, although other market failures appear to be present as well. Understanding how markets for energy efficiency function is crucial to formulating effective energy policies (see Pizer, 2006). Fischer et al., (2004), for example, demonstrated that if consumers fully value the discounted present value of future fuel savings, fuel economy standards are largely redundant and produce small welfare losses. However, if consumers value only the first three years of fuel savings, then fuel economy standards can significantly increase consumer welfare. The nature of any market failure that might be present in the market for energy efficiency would also affect the relative efficacy of energy taxes versus regulatory standards (CBO, 2003). If markets function efficiently, energy taxes would generally be more efficient than regulatory standards in increasing energy efficiency and reducing energy use. If markets are decidedly inefficient, standards would likely be more effective. The chapter explores the roles of uncertainty and loss-aversion in the market for automotive fuel economy. The focus is on the determination of the technical efficiency of the vehicle rather than consumers choices among vehicles. Over the past three decades, changes in the mix of vehicles sold has played little if any role in raising the average fuel economy of new light-duty vehicles from 13 miles per gallon (mpg) in 1975 to 21 mpg today (Heavenrich, 2006). Over that same time period, average vehicle weight is up 2 percent, horsepower is up 60 percent, passenger car interior volume increased by 2 percent and the market share of light trucks grew by 31 percentage points. Historically, at least, increasing light-duty vehicle fuel economy in the United States has been a matter of manufacturers decisions to apply technology to increase the technical efficiency of cars and light trucks. Understanding how efficiently the market determines the technical fuel economy of new vehicles would seem to be critical to formulating effective policies to encourage future fuel economy improvement. The central issue is whether or not the market for fuel economy is economically efficient. Rubenstein (1998) lists the key assumptions of the rational economic decision model. The decision maker must have a clear picture of the choice problem he or she faces. He should be fully aware of the set of alternatives from which to choose and have the skill necessary to make complicated calculations needed to discover the optimal course of action. Finally, the decision maker should have the unlimited ability to calculate and be indifferent to alternatives and choice sets.« less

Examining the efficiency and interdependence of US credit and stock markets through MF-DFA and MF-DXA approaches

NASA Astrophysics Data System (ADS)

Shahzad, Syed Jawad Hussain; Nor, Safwan Mohd; Mensi, Walid; Kumar, Ronald Ravinesh

2017-04-01

This study examines the power law properties of 11 US credit and stock markets at the industry level. We use multifractal detrended fluctuation analysis (MF-DFA) and multifractal detrended cross-correlation analysis (MF-DXA) to first investigate the relative efficiency of credit and stock markets and then evaluate the mutual interdependence between CDS-equity market pairs. The scaling exponents of the MF-DFA approach suggest that CDS markets are relatively more inefficient than their equity counterparts. However, Banks and Financial credit markets are relatively more efficient. Basic Materials (both CDS and equity indices) is the most inefficient sector of the US economy. The cross-correlation exponents obtained through MF-DXA also suggest that the relationship of the CDS and equity sectors within and across markets is multifractal for all pairs. Within the CDS market, Basic Materials is the most dependent sector, whereas equity market sectors can be divided into two distinct groups based on interdependence. The pair-wise dependence between Basic Materials sector CDSs and the equity index is also the highest. The degree of cross-correlation shows that the sectoral pairs of CDS and equity markets belong to a persistent cross-correlated series within selected time intervals.

Hospital electronic medical record enterprise application strategies: do they matter?

PubMed

Fareed, Naleef; Ozcan, Yasar A; DeShazo, Jonathan P

2012-01-01

Successful implementations and the ability to reap the benefits of electronic medical record (EMR) systems may be correlated with the type of enterprise application strategy that an administrator chooses when acquiring an EMR system. Moreover, identifying the most optimal enterprise application strategy is a task that may have important linkages with hospital performance. This study explored whether hospitals that have adopted differential EMR enterprise application strategies concomitantly differ in their overall efficiency. Specifically, the study examined whether hospitals with a single-vendor strategy had a higher likelihood of being efficient than those with a best-of-breed strategy and whether hospitals with a best-of-suite strategy had a higher probability of being efficient than those with best-of-breed or single-vendor strategies. A conceptual framework was used to formulate testable hypotheses. A retrospective cross-sectional approach using data envelopment analysis was used to obtain efficiency scores of hospitals by EMR enterprise application strategy. A Tobit regression analysis was then used to determine the probability of a hospital being inefficient as related to its EMR enterprise application strategy, while moderating for the hospital's EMR "implementation status" and controlling for hospital and market characteristics. The data envelopment analysis of hospitals suggested that only 32 hospitals were efficient in the study's sample of 2,171 hospitals. The results from the post hoc analysis showed partial support for the hypothesis that hospitals with a best-of-suite strategy were more likely to be efficient than those with a single-vendor strategy. This study underscores the importance of understanding the differences between the three strategies discussed in this article. On the basis of the findings, hospital administrators should consider the efficiency associations that a specific strategy may have compared with another prior to moving toward an enterprise application strategy.

Dual pricing algorithm in ISO markets

DOE Office of Scientific and Technical Information (OSTI.GOV)

O'Neill, Richard P.; Castillo, Anya; Eldridge, Brent

The challenge to create efficient market clearing prices in centralized day-ahead electricity markets arises from inherent non-convexities in unit commitment problems. When this aspect is ignored, marginal prices may result in economic losses to market participants who are part of the welfare maximizing solution. In this essay, we present an axiomatic approach to efficient prices and cost allocation for a revenue neutral and non-confiscatory day-ahead market. Current cost allocation practices do not adequately attribute costs based on transparent cost causation criteria. Instead we propose an ex post multi-part pricing scheme, which we refer to as the Dual Pricing Algorithm. Lastly,more » our approach can be incorporated into current dayahead markets without altering the market equilibrium.« less

Dual pricing algorithm in ISO markets

DOE PAGES

O'Neill, Richard P.; Castillo, Anya; Eldridge, Brent; ...

2016-10-10

The challenge to create efficient market clearing prices in centralized day-ahead electricity markets arises from inherent non-convexities in unit commitment problems. When this aspect is ignored, marginal prices may result in economic losses to market participants who are part of the welfare maximizing solution. In this essay, we present an axiomatic approach to efficient prices and cost allocation for a revenue neutral and non-confiscatory day-ahead market. Current cost allocation practices do not adequately attribute costs based on transparent cost causation criteria. Instead we propose an ex post multi-part pricing scheme, which we refer to as the Dual Pricing Algorithm. Lastly,more » our approach can be incorporated into current dayahead markets without altering the market equilibrium.« less

Evaluation of U.S. southern pine stumpage market informational efficiency

Treesearch

Jeffrey P. Prestemon

2003-01-01

The literature on informational efficiency of southern timber markets conflicts. Part of this conflict is because of differences in how efficiency was tested. In this paper, price behavior tests are based on deflated ("real") southern pine (Pinus spp.) sawtimber stumpage prices, using some of the same data and tests used in previous...

Special issue on Econophysics

NASA Astrophysics Data System (ADS)

Richmond, P.; Ausloos, M.; Dacorogna, M.

2002-05-01

The area of research described as “econophysics" is renewing a kinship between physicists and economists and financial practitioners, that has been lost since the 19th century when scientists such as Pascal and Halley made groundbreaking advances in the area. Now, new meetings are revealing new research opportunities outside the established pathways traditionally explored within economics and finance. In December 2001, around 100 researchers from across the world attended the EPS meeting “Applications of Physics to Financial Analysis” (APFA3). This was held in the Museum of London Conference Centre which was chosen for its proximity to the City of London and its trading centres. The meeting was especially useful in bringing together roughly equal numbers of physicists, mathematicians and financial practitioners. Taking part in the conference we had the impression that, whilst the relation between physics and applied finance may still be at an early stage, it is evolving very quickly. As in nature, a sign of evolution is the emergence of different and specialised branches, each w ith their own specific character. Papers covered a range of topics, including: market modelling, risk management, agent-based modelling, hedging in incomplete markets, benchmarking, performance measurement, foreign exchange markets, time series analysis and prediction, efficient market hypothesis, equilibrium and non-equilibrium markets, economic a nd financial networks, the valuation of derivatives, growth and bankruptcy. The meeting was sponsored by the European Physical Society and the UK Institute of Physics. The invited speakers were J.Ph. Bouchaud, J.F. Muzy, K. Sneppen, G. Iori and S. Solomon. Articles outlining some of the more interesting advances in this fie ld have been selected by the Guest Editors, from amongst the submitted articles, and after having been refereed, they are presented here in this edition of EPJ B. APFA3 closed on a positive note. There was a feeling that links between academia and industry are healthy and that these new interactions between Physics and Finance are producing valuable scientific and economic results.

Multifractality, efficiency analysis of Chinese stock market and its cross-correlation with WTI crude oil price

NASA Astrophysics Data System (ADS)

Zhuang, Xiaoyang; Wei, Yu; Ma, Feng

2015-07-01

In this paper, the multifractality and efficiency degrees of ten important Chinese sectoral indices are evaluated using the methods of MF-DFA and generalized Hurst exponents. The study also scrutinizes the dynamics of the efficiency of Chinese sectoral stock market by the rolling window approach. The overall empirical findings revealed that all the sectoral indices of Chinese stock market exist different degrees of multifractality. The results of different efficiency measures have agreed on that the 300 Materials index is the least efficient index. However, they have a slight diffidence on the most efficient one. The 300 Information Technology, 300 Telecommunication Services and 300 Health Care indices are comparatively efficient. We also investigate the cross-correlations between the ten sectoral indices and WTI crude oil price based on Multifractal Detrended Cross-correlation Analysis. At last, some relevant discussions and implications of the empirical results are presented.

2010 Northwest Federal Market Assessment Report

DOE Office of Scientific and Technical Information (OSTI.GOV)

Scanlon, Tim; Sandusky, William F.

The primary intent of this market assessment is to provide insights on the effectiveness of current energy efficiency and renewable energy program offerings available to Federal sites in the region. The level of detail, quality and currency of the data used in this market assessment varies significantly by Federal agency and energy efficiency service provider. Limited access to some Federal sites, limited availability of key points of contact, time/resource constraints, and other considerations limited the total number of Federal agencies and energy efficiency service providers participating in the survey.

Horizontal-axis clothes washer market poised for expansion

DOE Office of Scientific and Technical Information (OSTI.GOV)

George, K.L.

1994-12-31

The availability of energy- and water-efficient horizontal-axis washing machines in the North American market is growing, as US and European manufacturers position for an expected long-term market shift toward horizontal-axis (H-axis) technology. Four of the five major producers of washing machines in the US are developing or considering new H-axis models. New entrants, including US-based Staber Industries and several European manufacturers, are also expected to compete in this market. The intensified interest in H-axis technology is partly driven by speculation that new US energy efficiency standards, to be proposed in 1996 and implemented in 1999, will effectively mandate H-axis machines.more » H-axis washers typically use one-third to two-thirds less energy, water, and detergent than vertical-axis machines. Some models also reduce the energy needed to dry the laundry, since their higher spin speeds extract more water than is typical with vertical-axis designs. H-axis washing machines are the focus of two broadly-based efforts to support coordinated research and incentive programs by electric, gas, and water utilities: The High-Efficiency Laundry Metering/Marketing Analysis (THELMA), and the Consortium for Energy Efficiency (CEE) High-Efficiency Clothes Washer Initiative. These efforts may help to pave the way for new types of marketing partnerships among utilities and other parties that could help to speed adoption of H-axis washers.« less

Fractal markets: Liquidity and investors on different time horizons

NASA Astrophysics Data System (ADS)

Li, Da-Ye; Nishimura, Yusaku; Men, Ming

2014-08-01

In this paper, we propose a new agent-based model to study the source of liquidity and the “emergent” phenomenon in financial market with fractal structure. The model rests on fractal market hypothesis and agents with different time horizons of investments. What is interesting is that though the agent-based model reveals that the interaction between these heterogeneous agents affects the stability and liquidity of the financial market the real world market lacks detailed data to bring it to light since it is difficult to identify and distinguish the investors with different time horizons in the empirical approach. results show that in a relatively short period of time fractal market provides liquidity from investors with different horizons and the market gains stability when the market structure changes from uniformity to diversification. In the real world the fractal structure with the finite of horizons can only stabilize the market within limits. With the finite maximum horizons, the greater diversity of the investors and the fractal structure will not necessarily bring more stability to the market which might come with greater fluctuation in large time scale.

7 CFR 1219.15 - Industry information.

Code of Federal Regulations, 2010 CFR

2010-01-01

... efficiency in processing, enhance the development of new markets and marketing strategies, increase marketing... 7 Agriculture 10 2010-01-01 2010-01-01 false Industry information. 1219.15 Section 1219.15 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING...

Application scenario analysis of Power Grid Marketing Large Data

NASA Astrophysics Data System (ADS)

Li, Xin; Zhang, Yuan; Zhang, Qianyu

2018-01-01

In recent years, large data has become an important strategic asset in the commercial economy, and its efficient management and application has become the focus of government, enterprise and academia. Power grid marketing data covers real data of electricity and other energy consumption and consumption costs and so on, which is closely related to each customer and the overall economic operation. Fully tap the inherent value of marketing data is of great significance for power grid company to make rapid and efficient response to the market demand and improve service level. The development of large data technology provides a new technical scheme for the development of marketing business under the new situation. Based on the study on current situation of marketing business, marketing information system and marketing data, this paper puts forward the application direction of marketing data and designed typical scenes for internal and external applications.

EFFICIENTLY ESTABLISHING CONCEPTS OF INFERENTIAL STATISTICS AND HYPOTHESIS DECISION MAKING THROUGH CONTEXTUALLY CONTROLLED EQUIVALENCE CLASSES

PubMed Central

Fienup, Daniel M; Critchfield, Thomas S

2010-01-01

Computerized lessons that reflect stimulus equivalence principles were used to teach college students concepts related to inferential statistics and hypothesis decision making. Lesson 1 taught participants concepts related to inferential statistics, and Lesson 2 taught them to base hypothesis decisions on a scientific hypothesis and the direction of an effect. Lesson 3 taught the conditional influence of inferential statistics over decisions regarding the scientific and null hypotheses. Participants entered the study with low scores on the targeted skills and left the study demonstrating a high level of accuracy on these skills, which involved mastering more relations than were taught formally. This study illustrates the efficiency of equivalence-based instruction in establishing academic skills in sophisticated learners. PMID:21358904

DOE Office of Scientific and Technical Information (OSTI.GOV)

Erfle, Stephen; Pound, John; Kalt, Joseph

An analysis of the response of American markets to supply crises in world oil markets is presented. It addresses four main issues: the efficiency of the operation of American oil markets during oil supply crises; the problems of both economic efficiency and social equity which arise during the American adaptation process; the propriety of the Federal government's past policy responses to these problems; and the relationship between perceptions of the problems caused by world oil crises and the real economic natures of these problems. Specifically, Chapter 1 presents a theoretical discussion of the effects of a world supply disruption onmore » the price level and supply availability of the world market oil to any consuming country including the US Chapter 2 provides a theoretical and empirical analysis of the efficiency of the adaptations of US oil product markets to higher world oil prices. Chapter 3 examines the responses of various groups of US oil firms to the alterations observed in world markets, while Chapter 4 presents a theoretical explanation for the price-lagging behavior exhibited by firms in the US oil industry. Chapter 5 addresses the nature of both real and imagined oil market problems in the US during periods of world oil market transition. (MCW)« less

Commodity durability, trader specialization, and market performance

PubMed Central

Dickhaut, John; Lin, Shengle; Porter, David; Smith, Vernon

2012-01-01

The original double auction studies of supply and demand markets established their strong efficiency and equilibrium convergence behavior using economically unsophisticated and untrained subjects. The results were unexpected because all individual costs and values were private and dependent entirely on the market trading process to aggregate the dispersed information into socially desirable outcomes. The exchange environment, however, corresponded to that of perishable, and not re-traded goods in which participants were specialized as buyers or sellers. We report experiments in repeated single-period markets where tradability, and buyer-seller role specialization, is varied by imposing or relaxing a restriction on re-trade within each period. In re-trade markets scope is given to speculative motives unavailable where goods perish on purchase. We observe greatly increased trade volume and decreased efficiency but subject experience increases efficiency. Observed speculation slows convergence by impeding the process whereby individuals learn from the market whether their private circumstances lead them to specialize as buyers or sellers. PMID:22307595

Evidence of increment of efficiency of the Mexican Stock Market through the analysis of its variations

NASA Astrophysics Data System (ADS)

Coronel-Brizio, H. F.; Hernández-Montoya, A. R.; Huerta-Quintanilla, R.; Rodríguez-Achach, M.

2007-07-01

It is well known that there exist statistical and structural differences between the stock markets of developed and emerging countries. In this work, and in order to find out if the efficiency of the Mexican Stock Market has been changing over time, we have performed and compared several analyses of the variations of the Mexican Stock Market index (IPC) and Dow Jones industrial average index (DJIA) for different periods of their historical daily data. We have analyzed the returns autocorrelation function (ACF) and used detrended fluctuation analysis (DFA) to study returns variations. We also analyze the volatility, mean value and standard deviation of both markets and compare their evolution. We conclude from the overall result of these studies, that they show compelling evidence of the increment of efficiency of the Mexican Stock Market over time. The data samples analyzed here, correspond to daily values of the IPC and DJIA for the period 10/30/1978-02/28/2006.

Energy Value Housing Award Guide: How to Build and Profit with Energy Efficiency in New Home Construction

DOE Office of Scientific and Technical Information (OSTI.GOV)

Sikora, J. L.

2001-06-01

As concern over the environment grows, builders have the potential to fulfill a market niche by building homes that use fewer resources and have lower environmental impact than conventional construction. Builders can increase their marketability and customer satisfaction and, at the same time, reduce the environmental impact of their homes. However, it takes dedication to build environmentally sound homes along with a solid marketing approach to ensure that customers recognize the added value of energy and resource efficiency. This guide is intended for builders seeking suggestions on how to improve energy and resource efficiency in their new homes. It ismore » a compilation of ideas and concepts for designing, building, and marketing energy- and resource-efficient homes based on the experience of recipients of the national Energy Value Housing Award (EVHA).« less

An Investigation of Technology Avoidance Effect into Higher Education Environments: Some Empirical Evidence of Marketing Students' Background and Their Use of Personal Computers Outside the Academic Culture

ERIC Educational Resources Information Center

Spais, George S.; Vasileiou, Konstantinos Z.

2008-01-01

The major objective of this study was to test a research hypothesis in order to explain the technology avoidance effect in higher educational environments. We addressed the core research themes of our study using a survey. Our intention was to test marketing students' perceptions in order to investigate the potent influence of a climate of…

Energy Efficiency and Renewables: Market and Behavioral Failures

ScienceCinema

James Sweeney

2017-12-09

Thursday, January 28, 2010: Policies to promote renewable energy and energy efficiency have been gaining momentum throughout the world, often justified by environmental and energy security concerns. This presentation first talks about energy efficiency options, then delves into the economic motivation for energy efficiency and renewable energy policies by articulating the classes of relevant behavioral failures and market failures. Such behavioral and market failures may vary intertemporally or atemporally; the temporal structure and the extent of the failures are the critical considerations in the development of energy policies. The talk discusses key policy instruments and assess the extent to which they are well-suited to correct for failures with different structures. http://eetd.lbl.gov/dls/lecture-01-28...

An Application on Merton Model in the Non-efficient Market

NASA Astrophysics Data System (ADS)

Feng, Yanan; Xiao, Qingxian

Merton Model is one of the famous credit risk models. This model presumes that the only source of uncertainty in equity prices is the firm’s net asset value .But the above market condition holds only when the market is efficient which is often been ignored in modern research. Another, the original Merton Model is based on assumptions that in the event of default absolute priority holds, renegotiation is not permitted , liquidation of the firm is costless and in the Merton Model and most of its modified version the default boundary is assumed to be constant which don’t correspond with the reality. So these can influence the level of predictive power of the model. In this paper, we have made some extensions on some of these assumptions underlying the original model. The model is virtually a modification of Merton’s model. In a non-efficient market, we use the stock data to analysis this model. The result shows that the modified model can evaluate the credit risk well in the non-efficient market.

Measuring efficiency of international crude oil markets: A multifractality approach

NASA Astrophysics Data System (ADS)

Niere, H. M.

2015-01-01

The three major international crude oil markets are treated as complex systems and their multifractal properties are explored. The study covers daily prices of Brent crude, OPEC reference basket and West Texas Intermediate (WTI) crude from January 2, 2003 to January 2, 2014. A multifractal detrended fluctuation analysis (MFDFA) is employed to extract the generalized Hurst exponents in each of the time series. The generalized Hurst exponent is used to measure the degree of multifractality which in turn is used to quantify the efficiency of the three international crude oil markets. To identify whether the source of multifractality is long-range correlations or broad fat-tail distributions, shuffled data and surrogated data corresponding to each of the time series are generated. Shuffled data are obtained by randomizing the order of the price returns data. This will destroy any long-range correlation of the time series. Surrogated data is produced using the Fourier-Detrended Fluctuation Analysis (F-DFA). This is done by randomizing the phases of the price returns data in Fourier space. This will normalize the distribution of the time series. The study found that for the three crude oil markets, there is a strong dependence of the generalized Hurst exponents with respect to the order of fluctuations. This shows that the daily price time series of the markets under study have signs of multifractality. Using the degree of multifractality as a measure of efficiency, the results show that WTI is the most efficient while OPEC is the least efficient market. This implies that OPEC has the highest likelihood to be manipulated among the three markets. This reflects the fact that Brent and WTI is a very competitive market hence, it has a higher level of complexity compared against OPEC, which has a large monopoly power. Comparing with shuffled data and surrogated data, the findings suggest that for all the three crude oil markets, the multifractality is mainly due to long-range correlations.

75 FR 41793 - Submission for OMB Review; Comment Request

Federal Register 2010, 2011, 2012, 2013, 2014

2010-07-19

... agencies for cooperative projects in marketing service and in marketing research to effectuate the purposes... encourage research and innovation aimed at improving the efficiency and performance of the U.S. marketing.... Agricultural Marketing Service Title: Federal-State Marketing Improvement Program (FSMIP). OMB Control Number...

Performance Contracting and Energy Efficiency in the State Government Market

DOE Office of Scientific and Technical Information (OSTI.GOV)

Bharvirkar, Ranjit; Goldman, Charles; Gilligan, Donald

There is growing interest in energy efficiency (EE) among state policymakers as a result of increasing environmental concerns, rising electricity and natural gas prices, and lean economic times that motivate states to look more aggressively for cost-saving opportunities in public sector buildings. One logical place for state policymakers to demonstrate their commitment to energy efficiency is to 'lead by example' by developing and implementing strategies to reduce the energy consumption of state government facilities through investments in energy efficient technologies. Traditionally, energy efficiency improvements at state government facilities are viewed as a subset in the general category of building maintenancemore » and construction. These projects are typically funded through direct appropriations. However, energy efficiency projects are often delayed or reduced in scope whereby not all cost-effective measures are implemented because many states have tight capital budgets. Energy Savings Performance Contracting (ESPC) offers a potentially useful strategy for state program and facility managers to proactively finance and develop energy efficiency projects. In an ESPC project, Energy Service Companies (ESCOs) typically guarantee that the energy and cost savings produced by the project will equal or exceed all costs associated with implementing the project over the term of the contract. ESCOs typically provide turnkey design, installation, and maintenance services and also help arrange project financing. Between 1990 and 2006, U.S. ESCOs reported market activity of {approx}$28 Billion, with about {approx}75-80% of that activity concentrated in the institutional markets (K-12 schools, colleges/universities, state/local/federal government and hospitals). In this study, we review the magnitude of energy efficiency investment in state facilities and identify 'best practices' while employing performance contracting in the state government sector. The state government market is defined to include state offices, state universities, correctional facilities, and other state facilities. This study is part of a series of reports prepared by Lawrence Berkeley National Laboratory (LBNL) and the National Association of Energy Services Companies (NAESCO) on the ESCO market and industry trends. The scope of previous reports was much broader: Goldman et al. (2002) analyzed ESCO project costs and savings in public and private sector facilities, Hopper et al. (2005) focused on ESCO project activity in all public and institutional sectors, while Hopper et al (2007) provided aggregate results of a comprehensive survey of ESCOs on current industry activity and future prospects. We decided to focus the current study on ESCO and energy efficiency activity and potential market barriers in the state government market because previous studies suggested that this institutional sector has significant remaining energy efficiency opportunities. Moreover, ESCO activity in the state government market has lagged behind other institutional markets (e.g., K-12 schools, local governments, and the federal market). Our primary objectives were as follows: (1) Assess existing state agency energy information and data sources that could be utilized to develop performance metrics to assess progress among ESPC programs in states; (2) Conduct a comparative review of the performance of selected state ESPC programs in reducing energy usage and costs in state government buildings; and (3) Delineate the extent to which state government sector facilities are implementing energy efficiency projects apart from ESPC programs using other strategies (e.g. utility ratepayer-funded energy efficiency programs, loan funds).« less

Energy efficiency business options for industrial end users in Latin American competitive energy markets: The case of Colombia

NASA Astrophysics Data System (ADS)

Botero, Sergio

2002-01-01

Energy markets today in Latin America and worldwide are being restructured from monopolies, either state-owned or privately-owned, to be more openly competitive and incorporate more participation from the private sector. Thus, the schemes that were formerly developed to foster end use energy efficiency are no longer applicable because they were based on mandatory regulations made with political decisions, without sufficiently considering economic feasibility. A consensus exists that the only way energy efficiency could survive in this new paradigm is by being market oriented, giving better services, and additional options to users. However; there is very little information on what end users prefer, and which options would most satisfy customers. Using Colombia as a case study, this research determines and categorizes the energy efficiency business options for large energy end users that can freely participate in the competitive energy market. The energy efficiency market is understood as a market of services aiming to increase efficiency in energy use. These services can be grouped into seven business options. A survey, following the descriptive method, was sent to energy end users in order to determine their preferences for specific energy efficiency business options, as well as the decision-making criteria taken into account for such options. This data was categorized in ten industry groups. As a conclusion, energy efficiency providers should adapt not only to the economic activity or processes of each customer, but also to the potential business options. It was also found that not all industries consider performance contracting as their most preferred option, as a matter of fact, some industries show much higher preference for conventional business options. Among end users, the divergence in option preferences contrasted with the convergence in decision-making criteria. The decision-making criteria "cost-benefit ratio" overwhelmed all other criterion. End users appear to chose a specific energy efficiency option based mostly on obtaining better economic returns, giving low consideration to other criterion that feature differences among the energy efficiency options.

The Secondary Markets of Higher Education: A Canadian Context

ERIC Educational Resources Information Center

Litwin, Jeffrey M.

2009-01-01

Viewed through a market paradigm, universities can appear as the aggregation of numerous and varied markets. While universities' primary markets focus on teaching and research, they are active in many other markets, most of which support and contribute to their smooth, effective and efficient operation. Using financial and real estate markets as…

From molecule to market: steroid hormones and financial risk-taking.

PubMed

Coates, John M; Gurnell, Mark; Sarnyai, Zoltan

2010-01-27

Little is known about the role of the endocrine system in financial decision-making. Here, we survey research on steroid hormones and their cognitive effects, and examine potential links to trader performance in the financial markets. Preliminary findings suggest that cortisol codes for risk and testosterone for reward. A key finding of this endocrine research is the different cognitive effects of acute versus chronic exposure to hormones: acutely elevated steroids may optimize performance on a range of tasks; but chronically elevated steroids may promote irrational risk-reward choices. We present a hypothesis suggesting that the irrational exuberance and pessimism observed during market bubbles and crashes may be mediated by steroid hormones. If hormones can exaggerate market moves, then perhaps the age and sex composition among traders and asset managers may affect the level of instability witnessed in the financial markets.

Empirical evaluation of the market price of risk using the CIR model

NASA Astrophysics Data System (ADS)

Bernaschi, M.; Torosantucci, L.; Uboldi, A.

2007-03-01

We describe a simple but effective method for the estimation of the market price of risk. The basic idea is to compare the results obtained by following two different approaches in the application of the Cox-Ingersoll-Ross (CIR) model. In the first case, we apply the non-linear least squares method to cross sectional data (i.e., all rates of a single day). In the second case, we consider the short rate obtained by means of the first procedure as a proxy of the real market short rate. Starting from this new proxy, we evaluate the parameters of the CIR model by means of martingale estimation techniques. The estimate of the market price of risk is provided by comparing results obtained with these two techniques, since this approach makes possible to isolate the market price of risk and evaluate, under the Local Expectations Hypothesis, the risk premium given by the market for different maturities. As a test case, we apply the method to data of the European Fixed Income Market.

Transforming Markets for Energy-Efficient Buildings in China: Final Report on Activity Conducted by the Institute for Market Transformation (IMT) Under Cooperative Agreement DE-FC01-00EE10672 with the U.S. Department of Energy (DOE)

DOE Office of Scientific and Technical Information (OSTI.GOV)

Chao, Mark

This report summarizes activity conducted by the Institute for Market Transformation and a team of American and Chinese partners in development of a new building energy-efficiency code for the transitional climate zone in the People's Republic of China.

7 CFR 1131.13 - Producer milk.

Code of Federal Regulations, 2013 CFR

2013-01-01

... percentage in paragraph (d)(2) of this section may be increased or decreased by the market administrator if the market administrator finds that such revision is necessary to assure orderly marketing and efficient handling of milk in the marketing area. Before making such a finding, the market administrator...

7 CFR 1006.13 - Producer milk.

Code of Federal Regulations, 2012 CFR

2012-01-01

... (d) (1) through (3) of this section may be increased or decreased by the market administrator if the market administrator finds that such revision is necessary to assure orderly marketing and efficient handling of milk in the marketing area. Before making such a finding, the market administrator shall...

7 CFR 1131.13 - Producer milk.

Code of Federal Regulations, 2012 CFR

2012-01-01

... percentage in paragraph (d)(2) of this section may be increased or decreased by the market administrator if the market administrator finds that such revision is necessary to assure orderly marketing and efficient handling of milk in the marketing area. Before making such a finding, the market administrator...

7 CFR 1006.13 - Producer milk.

Code of Federal Regulations, 2013 CFR

2013-01-01

... (d) (1) through (3) of this section may be increased or decreased by the market administrator if the market administrator finds that such revision is necessary to assure orderly marketing and efficient handling of milk in the marketing area. Before making such a finding, the market administrator shall...

Share Market Analysis Using Various Economical Determinants to Predict Decision of Investors

NASA Astrophysics Data System (ADS)

Ghosh, Arijit; Roy, Samrat; Bandyopadhyay, Gautam; Choudhuri, Kripasindhu

2010-10-01

The following paper tries to develop six major hypotheses in Bombay Stock Exchange (BSE) in India. The paper tries to proof the hypothesis by collecting data from the fields on six sectors: oil prices, gold price, Cash Reserve Ratio, food price inflation, call money rate and Dollar price. The research uses these data as indicators to identify relationship and level of influence on Share prices of Bombay Stock Exchange by rejecting and accepting the null hypothesis.

How resource allocation decisions are made in the health care market.

PubMed

Vogel, W B

2000-10-01

This paper describes how economists view resource allocation decisions in health care markets. The basic economic decisions that must be made in any economic system and the resource allocation decisions in a perfectly competitive market are described. An idealized market can achieve an efficient allocation of resources and is contrasted with a more realistic description of the numerous ways in which health care markets depart from the perfectly competitive ideal. The implications of these departures for health care policy are discussed, along with key controversies concerning reliance upon markets for resource allocation in health care. In particular, the failure of competitive markets to achieve what many consider an equitable distribution of health care is emphasized. The paper concludes with some practical observations on how pharmacists can use the increasing emphasis on economic efficiency to the advantage of their profession.

Three periods of health system reforms in the Republic of Macedonia (1991-2011).

PubMed

Lazarevik, V; Donev, D; Gudeva Nikovska, D; Kasapinov, B

2012-01-01

To investigate, describe and classify main health policies and reform activities within the healthcare system undertaken over the past twenty years in R. Macedonia. Desk research was conducted on scientific literature and relevant documentation (in English and Macedonian) about healthcare reforms. Relevant documents available at the Ministry of Health, Health Insurance Fund, World Bank and World Health Organization were reviewed. Official data on demographic and health status indicators were collected from the Institute of Public Health and the State Statistical Office. A working hypothesis, that the health system reforms were not continuous, was generated following the shifts in decision-making power over allocation of resources and political influences. Our study identified three periods of health system reforms in Macedonia: post-socialistic, pro-market and manifesto-driven. Throughout these periods poor maintenance, low efficiency and high operational costs increased out-of-pocket expenditures for health services and drugs and reflected on the deterioration of public hospital infrastructure. In parallel, liberal healthcare market regulation initiated commercialization of the healthcare services. Disappointed in the quality of healthcare services provided in the public health sector, many citizens opt to ask for services in private health care facilities, where social health insurance largely does not cover the costs. The pace of the reforms is not continuous and the influence of politics is highly visible over the whole period of transition in the Republic of Macedonia. The main problems of the healthcare system in the Republic of Macedonia are politicization of the health sector, high centralization and government control, and poor efficiency of public health institutions. Evaluation framework should be developed to further assess the impact of the health reforms.

Has the 2008 financial crisis affected stock market efficiency? The case of Eurozone

NASA Astrophysics Data System (ADS)

Anagnostidis, P.; Varsakelis, C.; Emmanouilides, C. J.

2016-04-01

In this paper, the impact of the 2008 financial crisis on the weak-form efficiency of twelve Eurozone stock markets is investigated empirically. Efficiency is tested via the Generalized Hurst Exponent method, while dynamic Hurst exponents are estimated by means of the rolling window technique. To account for biases associated with the finite sample size and the leptokurtosis of the financial data, the statistical significance of the Hurst exponent estimates is assessed through a series of Monte-Carlo simulations drawn from the class of α-stable distributions. According to our results, the 2008 crisis has adversely affected stock price efficiency in most of the Eurozone capital markets, leading to the emergence of significant mean-reverting patterns in stock price movements.

Market failure, policy failure and other distortions in chronic disease markets

PubMed Central

Watts, Jennifer J; Segal, Leonie

2009-01-01

Background The increasing prevalence of chronic disease represents a significant burden on most health systems. This paper explores the market failures and policy failures that exist in the management of chronic diseases. Discussion There are many sources of market failure in health care that undermine the efficiency of chronic disease management. These include incomplete information as well as information asymmetry between providers and consumers, the effect of externalities on consumer behaviour, and the divergence between social and private time preference rates. This has seen government and policy interventions to address both market failures and distributional issues resulting from the inability of private markets to reach an efficient and equitable distribution of resources. However, these have introduced a series of policy failures such as distorted re-imbursement arrangements across modalities and delivery settings. Summary The paper concludes that market failure resulting from a preference of individuals for 'immediate gratification' in the form of health care and disease management, rather than preventative services, where the benefits are delayed, has a major impact on achieving an efficient allocation of resources in markets for the management of chronic diseases. This distortion is compounded by government health policy that tends to favour medical and pharmaceutical interventions further contributing to distortions in the allocation of resources and inefficiencies in the management of chronic disease. PMID:19534822

Voluntary health insurance in the European Union: a critical assessment.

PubMed

Mossialos, Elias; Thomson, Sarah M S

2002-01-01

The authors examine the role and nature of the market for voluntary health insurance in the European Union and review the impact of public policy, at both the national and E.U. levels, on the development of this market in recent years. The conceptual framework, based on a model of industrial analysis, allows a wide range of policy questions regarding market structure, conduct, and performance. By analyzing these three aspects of the market for voluntary health insurance, the authors are also able to raise questions about the equity and efficiency of voluntary health insurance as a means of funding health care in the European Union. The analysis suggests that the market for voluntary health insurance in the European Union suffers from significant information failures that seriously limit its potential for competition or efficiency and also reduce equity. Substantial deregulation of the E.U. market for voluntary health insurance has stripped regulatory bodies of their power to protect consumers and poses interesting challenges for national regulators, particularly if the market is to expand in the future. In a deregulated environment, it is questionable whether this method of funding health care will encourage a more efficient and equitable allocation of resources.

Differentiated cells are more efficient than adult stem cells for cloning by somatic cell nuclear transfer.

PubMed

Sung, Li-Ying; Gao, Shaorong; Shen, Hongmei; Yu, Hui; Song, Yifang; Smith, Sadie L; Chang, Ching-Chien; Inoue, Kimiko; Kuo, Lynn; Lian, Jin; Li, Ao; Tian, X Cindy; Tuck, David P; Weissman, Sherman M; Yang, Xiangzhong; Cheng, Tao

2006-11-01

Since the creation of Dolly via somatic cell nuclear transfer (SCNT), more than a dozen species of mammals have been cloned using this technology. One hypothesis for the limited success of cloning via SCNT (1%-5%) is that the clones are likely to be derived from adult stem cells. Support for this hypothesis comes from the findings that the reproductive cloning efficiency for embryonic stem cells is five to ten times higher than that for somatic cells as donors and that cloned pups cannot be produced directly from cloned embryos derived from differentiated B and T cells or neuronal cells. The question remains as to whether SCNT-derived animal clones can be derived from truly differentiated somatic cells. We tested this hypothesis with mouse hematopoietic cells at different differentiation stages: hematopoietic stem cells, progenitor cells and granulocytes. We found that cloning efficiency increases over the differentiation hierarchy, and terminally differentiated postmitotic granulocytes yield cloned pups with the greatest cloning efficiency.

Efficiency in the United States electric industry: Transaction costs, deregulation, and governance structures

NASA Astrophysics Data System (ADS)

Peterson, Carl

Transaction costs economics (TCE) posits that firms have an incentive to bypass the market mechanisms in situations where the cost of using the market is prohibitive. Vertical integration, among other governance mechanisms, can be used to minimize the transactions costs associated with the market mechanism. The study analyses different governance mechanisms, which range from complete vertical integration to the use of market mechanisms, for firms in the US electric sector. This sector has undergone tremendous change in the past decade including the introduction of retail competition in some jurisdictions. As a result of the push toward deregulation of the industry, vertically integration, while still significant in the sector, has steadily been replaced by alternative governance structures. Using a sample of 136 investor-owned electric utilities that reported data the US Federal Energy Regulatory Commission between 1996 and 2002, this study estimates firm level efficiency using Data Envelopment Analysis (DEA) and relates these estimates to governance structure and public policies. The analysis finds that vertical integration is positively related to firm efficiency, although in a non-linear fashion suggesting that hybrid governance structures tend to be associated with lower efficiency scores. In addition, while some evidence is found for negative short-term effects on firm efficiency from the choice to deregulate, this result is sensitive to DEA model choice. Further, competition in retail markets is found to be positively related to firm level efficiency, but the retreat from deregulation, which occurred after 2000, is negatively associated with firm-level efficiency. These results are important in the ongoing academic and public policy debates concerning deregulation of the electric section and indicate that vertical economies remain in the industry, but that competition has provided incentives for improving firm level efficiency.

Spraying Techniques for Large Scale Manufacturing of PEM-FC Electrodes

NASA Astrophysics Data System (ADS)

Hoffman, Casey J.

Fuel cells are highly efficient energy conversion devices that represent one part of the solution to the world's current energy crisis in the midst of global climate change. When supplied with the necessary reactant gasses, fuel cells produce only electricity, heat, and water. The fuel used, namely hydrogen, is available from many sources including natural gas and the electrolysis of water. If the electricity for electrolysis is generated by renewable energy (e.g., solar and wind power), fuel cells represent a completely 'green' method of producing electricity. The thought of being able to produce electricity to power homes, vehicles, and other portable or stationary equipment with essentially zero environmentally harmful emissions has been driving academic and industrial fuel cell research and development with the goal of successfully commercializing this technology. Unfortunately, fuel cells cannot achieve any appreciable market penetration at their current costs. The author's hypothesis is that: the development of automated, non-contact deposition methods for electrode manufacturing will improve performance and process flexibility, thereby helping to accelerate the commercialization of PEMFC technology. The overarching motivation for this research was to lower the cost of manufacturing fuel cell electrodes and bring the technology one step closer to commercial viability. The author has proven this hypothesis through a detailed study of two non-contact spraying methods. These scalable deposition systems were incorporated into an automated electrode manufacturing system that was designed and built by the author for this research. The electrode manufacturing techniques developed by the author have been shown to produce electrodes that outperform a common lab-scale contact method that was studied as a baseline, as well as several commercially available electrodes. In addition, these scalable, large scale electrode manufacturing processes developed by the author are also flexible and can be used to fabricate almost any fuel cell electrodes on the market today. This dissertation provides a description of the entire electrode manufacturing process as well as an analysis of the accuracy, performance and repeatability of the methods.

7 CFR 1220.112 - Industry information.

Code of Federal Regulations, 2010 CFR

2010-01-01

... markets, new marketing strategies, or increased efficiency for the soybean industry, and activities to... 7 Agriculture 10 2010-01-01 2010-01-01 false Industry information. 1220.112 Section 1220.112 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING...

7 CFR 1215.8 - Industry information.

Code of Federal Regulations, 2010 CFR

2010-01-01

... of new markets, new marketing strategies, or increased efficiency for the popcorn industry, or... 7 Agriculture 10 2010-01-01 2010-01-01 false Industry information. 1215.8 Section 1215.8 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING...

7 CFR 1209.9 - Industry information.

Code of Federal Regulations, 2010 CFR

2010-01-01

... to the development of new markets and marketing strategies, increased efficiency, and activities to... 7 Agriculture 10 2010-01-01 2010-01-01 false Industry information. 1209.9 Section 1209.9 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING...

Water Market-scale Agricultural Planning: Promoting Competing Water Resource Use Efficiency Through Agro-Economics

NASA Astrophysics Data System (ADS)

Delorit, J. D.; Block, P. J.

2017-12-01

Where strong water rights law and corresponding markets exist as a coupled econo-legal mechanism, water rights holders are permitted to trade allocations to promote economic water resource use efficiency. In locations where hydrologic uncertainty drives the assignment of annual per-water right allocation values by water resource managers, collaborative water resource decision making by water rights holders, specifically those involved in agricultural production, can result in both resource and economic Pareto efficiency. Such is the case in semi-arid North Chile, where interactions between representative farmer groups, treated as competitive bilateral monopolies, and modeled at water market-scale, can provide both price and water right allocation distribution signals for unregulated, temporary water right leasing markets. For the range of feasible per-water right allocation values, a coupled agricultural-economic model is developed to describe the equilibrium distribution of water, the corresponding market price of water rights and the net surplus generated by collaboration between competing agricultural uses. Further, this research describes a per-water right inflection point for allocations where economic efficiency is not possible, and where price negotiation among competing agricultural uses is required. An investigation of the effects of water right supply and demand inequality at the market-scale is completed to characterize optimal market performance under existing water rights law. The broader insights of this research suggest that water rights holders engaged in agriculture can achieve economic benefits from forming crop-type cooperatives and by accurately assessing the economic value of allocation.

Citizens Utilities Company's successful residential new construction market transformation program

DOE Office of Scientific and Technical Information (OSTI.GOV)

Caulfield, T.O.; Shepherd, M.A.

1998-07-01

Citizens Utilities Company, Arizona Electric Division (CUC/AED) fielded a Residential New Construction Program (RNC) in the forth quarter of 1994 that had been designed from conception as a market transformation program. The CUC RNC Program encouraged builders to adopt energy efficient building practices for new homes by supplying builders estimates of energy savings, supplying inspections services to assist builders in applying energy efficient building practices while verifying compliance, and posting and promoting the home as energy efficient during the sales period. Measures generally required to qualify for the program were R-38 ceiling insulation, R-21 wall insulation, polysealing of all infiltrationmore » gaps during construction, well sealed air-conditioning ducts, and an air conditioner Seasonal Energy Efficiency Rating (SEER) of 11.0 or greater. In less than two years the program achieved over 17% market penetration without offering rebates to builders. This paper reviews the design of the program, including a discussion of the features felt to be primarily responsible for its success. It reviews the levels of penetration achieved, free-ridership, spillover, and market barriers encountered. Finally it proposes improvements to the program designed to carry it the next step toward a self-sustaining market transformation program.« less

Minimum energy efficiency standards for appliances: Old and new economic rationales

DOE Office of Scientific and Technical Information (OSTI.GOV)

Houde, Sebastien; Spurlock, C. Anna

In this study, we revisit Hausman and Joskow (1982)'s economic rationales for appliance minimum energy efficiency standards. In addition to the four market failures they argued could justify appliance standards--energy prices below marginal social cost, consumers underestimating energy prices, consumer discount rates above social discount rates, or principal agent problems--we discuss two additional market failures that are relevant and potentially economically important in this context: market power and innovation market failures. We highlight puzzles uncovered by recent empirical results, and suggest directions future research should take to better understand the normative implications of appliance standards.

Minimum energy efficiency standards for appliances: Old and new economic rationales

DOE PAGES

Houde, Sebastien; Spurlock, C. Anna

2016-09-01

In this study, we revisit Hausman and Joskow (1982)'s economic rationales for appliance minimum energy efficiency standards. In addition to the four market failures they argued could justify appliance standards--energy prices below marginal social cost, consumers underestimating energy prices, consumer discount rates above social discount rates, or principal agent problems--we discuss two additional market failures that are relevant and potentially economically important in this context: market power and innovation market failures. We highlight puzzles uncovered by recent empirical results, and suggest directions future research should take to better understand the normative implications of appliance standards.

The Efficient Windows Collaborative

DOE Office of Scientific and Technical Information (OSTI.GOV)

Petermann, Nils

2006-03-31

The Efficient Windows Collaborative (EWC) is a coalition of manufacturers, component suppliers, government agencies, research institutions, and others who partner to expand the market for energy efficient window products. Funded through a cooperative agreement with the U.S. Department of Energy, the EWC provides education, communication and outreach in order to transform the residential window market to 70% energy efficient products by 2005. Implementation of the EWC is managed by the Alliance to Save Energy, with support from the University of Minnesota and Lawrence Berkeley National Laboratory.

FORUM: Dynamics and Causation of Environmental Equity, Locally Unwanted Land Uses, and Neighborhood Changes

PubMed

Liu

1997-09-01

/ Why are some environmental risks distributed disproportionately in the neighborhoods of the minorities and the poor? A hypothesis was proposed in a recent study that market dynamics contributed to the current environmental inequity. That is, locally unwanted land uses (LULUs) make the host communities home to more poor people and people of color. This hypothesis was allegedly supported by a Houston case study, whereby its author analyzed the postsiting changes of the socioeconomic characteristics of the neighborhoods surrounding solid waste facilities. I argue that such an analysis of postsiting changes alone is insufficient to test the causation hypothesis. Instead, I propose a conceptual framework for analysis of environmental equity dynamics and causation. I suggest that the presiting neighborhood dynamics and the characteristics of control neighborhoods be analyzed as the first test for the causation hypothesis. Furthermore, I present theories of neighborhood change and then examine alternative hypotheses that these theories offer for explaining neighborhood changes and for the roles of LULUs in neighborhood changes. These alternative hypotheses should be examined when analyzing the relationship between LULUs and neighborhood changes in a metropolitan area. Using this framework of analysis, I revisited the Houston case. First, I found no evidence that provided support for the hypothesis that the presence of LULUs made the neighborhoods home to more blacks and poor people, contrary to the conclusion made by the previous study. Second, I examined alternative hypotheses for explaining neighborhood changes-invasion-succession, other push forces, and neighborhood life-cycle; the former two might offer better explanation.KEY WORDS: Environmental equity and justice; Locally unwanted lane uses; Siting; Market dynamics; Invasion-succession; Neighborhood changes

Managing the NHS market.

PubMed Central

Ham, C.; Maynard, A.

1994-01-01

The purpose of the present NHS reforms is to introduce a managed market; developing some of the incentives for greater efficiency that are often found in markets while still being able to regulate proceedings to prevent market failures. If government intervenes too much there will be no incentive to improve efficiency and streamline operations: too little intervention may result in some areas having inadequate health service cover or monopoly powers abusing their position. Effective management of the NHS market requires eight core elements: openness of information, control of labour and capital markets, regulation of mergers and takeovers, arbitrating in disputes, protection of unprofitable functions such as research and development, overseeing national provision of health services, protection of basic principles of the NHS, and handling of closures and redundancy. Management of the market would best be performed by the NHS management executive and health authority purchasers acting within a framework set by politicians. Images p846-a p847-a PMID:8167496

From molecule to market: steroid hormones and financial risk-taking

PubMed Central

Coates, John M.; Gurnell, Mark; Sarnyai, Zoltan

2010-01-01

Little is known about the role of the endocrine system in financial decision-making. Here, we survey research on steroid hormones and their cognitive effects, and examine potential links to trader performance in the financial markets. Preliminary findings suggest that cortisol codes for risk and testosterone for reward. A key finding of this endocrine research is the different cognitive effects of acute versus chronic exposure to hormones: acutely elevated steroids may optimize performance on a range of tasks; but chronically elevated steroids may promote irrational risk-reward choices. We present a hypothesis suggesting that the irrational exuberance and pessimism observed during market bubbles and crashes may be mediated by steroid hormones. If hormones can exaggerate market moves, then perhaps the age and sex composition among traders and asset managers may affect the level of instability witnessed in the financial markets. PMID:20026470

Long-range correlation and market segmentation in bond market

NASA Astrophysics Data System (ADS)

Wang, Zhongxing; Yan, Yan; Chen, Xiaosong

2017-09-01

This paper investigates the long-range auto-correlations and cross-correlations in bond market. Based on Detrended Moving Average (DMA) method, empirical results present a clear evidence of long-range persistence that exists in one year scale. The degree of long-range correlation related to maturities has an upward tendency with a peak in short term. These findings confirm the expectations of fractal market hypothesis (FMH). Furthermore, we have developed a method based on a complex network to study the long-range cross-correlation structure and applied it to our data, and found a clear pattern of market segmentation in the long run. We also detected the nature of long-range correlation in the sub-period 2007-2012 and 2011-2016. The result from our research shows that long-range auto-correlations are decreasing in the recent years while long-range cross-correlations are strengthening.

The link between workforce health and safety and the health of the bottom line: tracking market performance of companies that nurture a "culture of health".

PubMed

Fabius, Raymond; Thayer, R Dixon; Konicki, Doris L; Yarborough, Charles M; Peterson, Kent W; Isaac, Fikry; Loeppke, Ronald R; Eisenberg, Barry S; Dreger, Marianne

2013-09-01

To test the hypothesis that comprehensive efforts to reduce a workforce's health and safety risks can be associated with a company's stock market performance. Stock market performance of Corporate Health Achievement Award winners was tracked under four different scenarios using simulation and past market performance. A portfolio of companies recognized as award winning for their approach to the health and safety of their workforce outperformed the market. Evidence seems to support that building cultures of health and safety provides a competitive advantage in the marketplace. This research may have also identified an association between companies that focus on health and safety and companies that manage other aspects of their business equally well. Companies that build a culture of health by focusing on the well-being and safety of their workforce yield greater value for their investors.

Tracking the Market Performance of Companies That Integrate a Culture of Health and Safety: An Assessment of Corporate Health Achievement Award Applicants.

PubMed

Fabius, Raymond; Loeppke, Ronald R; Hohn, Todd; Fabius, Dan; Eisenberg, Barry; Konicki, Doris L; Larson, Paul

2016-01-01

The aim of this study was to assess the hypothesis that stock market performance of companies achieving high scores on either health or safety in the Corporate Health Achievement Award (CHAA) process will be superior to average index performance. The stock market performance of portfolios of CHAA winners was examined under six different scenarios using simulation and past market performance in tests of association framed to inform the investor community. CHAA portfolios out-performed the S&P average on all tests. This study adds to the growing evidence that a healthy and safe workforce correlates with a company's performance and its ability to provide positive returns to shareholders. It advances the idea that a proven set of health and safety metrics based on the CHAA evaluation process merits inclusion with existing measures for market valuation.

Demographic Changes in the U.S. into the Twenty-First Century: Their Impact on Sport Marketing.

ERIC Educational Resources Information Center

Hofacre, Susan; And Others

1992-01-01

Issues confronting sport marketers as U.S. demographics change include more older people, ethnic groups, working women, and minorities; television hours watched; and changes in family makeup. As the changes affect marketing, sport marketing will have to become more efficient in defining and reaching different markets. (SM)

Assessment of commercially available energy-efficient room air conditioners including models with low global warming potential (GWP) refrigerants

DOE Office of Scientific and Technical Information (OSTI.GOV)

Shah, N. K.; Park, W. Y.; Gerke, B.

Improving the energy efficiency of room air conditioners (RACs) while transitioning to low global-warming-potential (GWP) refrigerants will be a critical step toward reducing the energy, peak load, and emissions impacts of RACs while keeping costs low. Previous research quantified the benefits of leapfrogging to high efficiency in tandem with the transition to low-GWP refrigerants for RACs (Shah et al., 2015) and identified opportunities for initial action to coordinate energy efficiency with refrigerant transition in economies constituting about 65% of the global RAC market (Shah et al., 2017). This report describes further research performed to identify the best-performing (i.e., most efficientmore » and low-GWP-refrigerant using) RACs on the market, to support an understanding of the best available technology (BAT). Understanding BAT can help support market-transformation programs for high-efficiency and low-GWP equipment such as minimum energy performance standards (MEPS), labeling, procurement, and incentive programs. We studied RACs available in six economies—China, Europe, India, Japan, South Korea, and the United States—that together account for about 70% of global RAC demand, as well as other emerging economies. The following are our key findings: • Highly efficient RACs using low-GWP refrigerants, e.g., HFC-32 (R-32) and HC-290 (R-290), are commercially available today at prices comparable to similar RACs using high-GWP HCFC-22 (R-22) or HFC-410A (R-410A). • High efficiency is typically a feature of high-end products. However, highly efficient, cost-competitive (less than 1,000 or 1,500 U.S. dollars in retail price, depending on size) RACs are available. • Where R-22 is being phased out, high GWP R-410A still dominates RAC sales in most mature markets except Japan, where R-32 dominates. • In all of the economies studied except Japan, only a few models are energy efficient and use low-GWP refrigerants. For example, in Europe, India, and Indonesia, the highest-efficiency RAC models employ the low-GWP refrigerants R-32 or R-290. • RACs are available in most regions and worldwide that surpass the highest efficiency levels recognized by labeling programs. • Fixed-speed RACs using high-GWP and ozone-depleting R-22 refrigerant still dominate the market in many emerging economies. There is significant scope to improve RAC efficiency and transition to low-GWP refrigerants using commercially available technology and to design market-transformation programs for high-efficiency, low-GWP equipment including standards, labeling, procurement, and incentive programs.« less

Globalization and the price decline of illicit drugs.

PubMed

Costa Storti, Cláudia; De Grauwe, Paul

2009-01-01

This study aims at understanding the mechanisms underlying the dramatic decline of the retail prices of major drugs like cocaine and heroin during the past two decades. It also aims at analysing the implications of this decline for drug policies. We use a theoretical model to identify the possible causes of this price decline. This allows us to formulate the hypothesis that the major driving force behind the price decline is a reduction of the intermediation margin (the difference between the retail and producer prices). We also develop the hypothesis that globalization has been an important factor behind the decline of the intermediation margin. We then analyse the statistical information to test these hypotheses. We find that the decline in the retail prices of drugs is related to the strong decline in the intermediation margin in the drug business, and that globalization is the main driving force behind this phenomenon. Globalization has done so by increasing the efficiency of the distribution of drugs, by reducing the risk premium involved in dealing with drugs, and by increasing the degree of competition in the drug markets. We conclude that the cocaine and heroin price declines were due to a sharp fall in the intermediation margin, which was probably influenced by globalization. This phenomenon might have a strong impact on the effectiveness of drug policies, increasing the relative effectiveness of policies aiming at reducing the demand of drugs.

Analysis of Spin Financial Market by GARCH Model

NASA Astrophysics Data System (ADS)

Takaishi, Tetsuya

2013-08-01

A spin model is used for simulations of financial markets. To determine return volatility in the spin financial market we use the GARCH model often used for volatility estimation in empirical finance. We apply the Bayesian inference performed by the Markov Chain Monte Carlo method to the parameter estimation of the GARCH model. It is found that volatility determined by the GARCH model exhibits "volatility clustering" also observed in the real financial markets. Using volatility determined by the GARCH model we examine the mixture-of-distribution hypothesis (MDH) suggested for the asset return dynamics. We find that the returns standardized by volatility are approximately standard normal random variables. Moreover we find that the absolute standardized returns show no significant autocorrelation. These findings are consistent with the view of the MDH for the return dynamics.

Testing market informational efficiency of Constanta port operators

NASA Astrophysics Data System (ADS)

Roşca, E.; Popa, M.; Ruscă, F.; Burciu, Ş.

2015-11-01

The Romanian capital market is still an emergent one. Following the mass- privatization process and the private investments, three of the most important handling and storage companies acting in Constantza Port (OIL Terminal, Comvex and SOCEP) are listed on Romanian Stock Exchange. The paper investigates their evolution on the market, identifying the expected rate of return and the components of the shares risk (specific and systematic). Also, the price evolution could be analyzed through the informational efficiency which instantly reflects the price relevance. The Jarque-Bera normality test regarding the shares return rate distribution and the Fama test for the informational efficiency are completed for each company. The market price model is taken into consideration for price forecasting, computing the return rate auto-correlations. The results are subject of interpretation considering additional managerial and financial information of the companies’ activity.

Accelerating the deployment of energy efficient and renewable energy technologies in South Africa

DOE Office of Scientific and Technical Information (OSTI.GOV)

Shickman, Kurt

Purpose of the project was to accelerate the deployment of energy efficient and renewable energy technologies in South Africa. Activities were undertaken to reduce barriers to deployment by improving product awareness for the South African market; market and policy intelligence for U.S. manufacturers; product/service availability; local technical capacity at the workforce, policymaker and expert levels; and ease of conducting business for these technologies/services in the South African market.

Marketers hone their skills to reach target markets.

PubMed

White, D; Christensen, M

1990-08-05

New challenges lie ahead for health care marketers. Marketers must communicate with several important groups: their own administration, the general public, employers, hospital employees, and, of course, physicians. And as budgets tighten, the methods used to communicate must become more creative and more efficient.

Design as a marketing tool: cater to your clients.

PubMed

Falick, J

1982-09-01

competing successfully in the market and functioning efficiently often depend on a reassessment of the environment. Accordingly, upgraded convenience, comfort, and atmosphere have become major marketing mechanisms for hospitals. This article presents several examples of how hospitals have used design to provide marketing advantages.

Influence of individual rationality on continuous double auction markets with networked traders

NASA Astrophysics Data System (ADS)

Zhang, Junhuan

2018-04-01

This paper investigates the influence of individual rationality of buyers and sellers on continuous double auction market outcomes in terms of the proportion of boundedly-rational buyers and sellers. The individual rationality is discussed in a social network artificial stock market model by embedding network formation and information set. Traders automatically select the most profitable trading strategy based on individual and social learning of the profits and trading strategies of themselves and their neighbors, and submit orders to markets. The results show that (i) a higher proportion of boundedly-rational sellers induces a higher market price, higher sellers' profits and a higher market efficiency; (ii) a higher proportion of boundedly-rational sellers induces a lower number of trades and lower buyers' profits; (iii) a higher proportion of boundedly-rational buyers induces a lower market price, a lower number of trades, and lower sellers' profits; (iv) a higher proportion of boundedly-rational buyers induces higher buyers' profits and a higher market efficiency.

Fractal stock markets: International evidence of dynamical (in)efficiency.

PubMed

Bianchi, Sergio; Frezza, Massimiliano

2017-07-01

The last systemic financial crisis has reawakened the debate on the efficient nature of financial markets, traditionally described as semimartingales. The standard approaches to endow the general notion of efficiency of an empirical content turned out to be somewhat inconclusive and misleading. We propose a topological-based approach to quantify the informational efficiency of a financial time series. The idea is to measure the efficiency by means of the pointwise regularity of a (stochastic) function, given that the signature of a martingale is that its pointwise regularity equals 12. We provide estimates for real financial time series and investigate their (in)efficient behavior by comparing three main stock indexes.

Fractal stock markets: International evidence of dynamical (in)efficiency

NASA Astrophysics Data System (ADS)

Bianchi, Sergio; Frezza, Massimiliano

2017-07-01

The last systemic financial crisis has reawakened the debate on the efficient nature of financial markets, traditionally described as semimartingales. The standard approaches to endow the general notion of efficiency of an empirical content turned out to be somewhat inconclusive and misleading. We propose a topological-based approach to quantify the informational efficiency of a financial time series. The idea is to measure the efficiency by means of the pointwise regularity of a (stochastic) function, given that the signature of a martingale is that its pointwise regularity equals 1/2 . We provide estimates for real financial time series and investigate their (in)efficient behavior by comparing three main stock indexes.

A Market Failure Approach to Linguistic Justice

ERIC Educational Resources Information Center

Robichaud, David

2017-01-01

This paper will consider language management from the perspective of efficiency, and will set the grounds for a new approach to linguistic justice: a market failure approach. The principle of efficiency emphasises the need to satisfy individuals' preferences in an optimal way. Applying this principle with regard to language would justify language…

The long memory and the transaction cost in financial markets

NASA Astrophysics Data System (ADS)

Li, Daye; Nishimura, Yusaku; Men, Ming

2016-01-01

In the present work, we investigate the fractal dimensions of 30 important stock markets from 2006 to 2013; the analysis indicates that the Hurst exponent of emerging markets shifts significantly away from the standard Brownian motion. We propose a model based on the Hurst exponent to explore the considerable profits from the predictable long-term memory. We take the transaction cost into account to justify why the market inefficiency has not been arbitraged away in the majority of cases. The empirical evidence indicates that the majority of the markets are efficient with a certain transaction cost under the no-arbitrage assumption. Furthermore, we use the Monte Carlo simulation to display "the efficient frontier" of the Hurst exponent with different transaction costs.

Marketing Communications for Continuing Education: A Planning Model.

ERIC Educational Resources Information Center

Vicere, Albert A.

1982-01-01

This article presents a model for the formulation of marketing communications strategies geared both to efficiency in direct marketing efforts and effectiveness in the creation of individual program enrollments and institutional identity. (CT)

Pilot study comparing market orientation culture of businesses and schools of business.

PubMed

Harmon, Harry A; Webster, Robert L; Hammond, Kevin L

2003-08-01

A market orientation culture has been described as one that blends an organization's commitment to customer value with a process of continuously creating superior value for customers. Developing such a culture is further described as (1) obtaining information about customers, competitors, and markets, (2) examining the gathered information from a total organizational perspective, (3) deciding how to deliver superior customer value, and (4) implementing actions to provide value to customers. A market orientation culture focuses on the customer, identifies issues in the competitive environment, and coordinates all functional areas to achieve organizational objectives. Research has found businesses with higher market orientation are more successful in achieving organizational objectives. The measurement of market orientation within businesses has been empirically tested and validated. However, empirical research on market orientation in nonprofit organizations such as universities has not been examined. This study investigated market orientation within the university setting, specifically Schools of Business Administration, and compared these data with previously published data within the business sector. Data for comparative purposes were collected via a national survey. Hypothesis testing was conducted. Results indicated significantly lower market orientation culture within the schools of business as reported by AACSB Business School Deans vis-à-vis managers of business enterprises.

Are participants in markets for water rights more efficient in the use of water than non-participants? A case study for Limarí Valley (Chile).

PubMed

Molinos-Senante, María; Donoso, Guillermo; Sala-Garrido, Ramon

2016-06-01

The need to increase water productivity in agriculture has been stressed as one of the most important factors to achieve greater agricultural productivity and sustainability. The main aim of this paper is to investigate whether there are differences in water use efficiency (WUE) between farmers who participate in water markets and farmers who do not participate in them. Moreover, the use of a non-radial data envelopment analysis model allows to compute global efficiency (GE), WUE as well the efficiency in the use of other inputs such as fertilizers, pesticides, energy, and labor. In a second stage, external factors that may affect GE and WUE are explored. The empirical application focuses on a sample of farmers located in Limarí Valley (Chile) where regulated permanent water rights (WR) markets for surface water have a long tradition. Results illustrate that WR sellers are the most efficient in the use of water while non-traders are the farmers that present the lowest WUE. From a policy perspective, significant conclusions are drawn from the assessment of agricultural water productivity in the framework of water markets.

The auditory basis of language impairments: temporal processing versus processing efficiency hypotheses.

PubMed

Hartley, Douglas E H; Hill, Penny R; Moore, David R

2003-12-01

Claims have been made that language-impaired children have deficits processing rapidly presented or brief sensory information. These claims, known as the 'temporal processing hypothesis', are supported by demonstrations that language-impaired children have excess backward masking (BM). One explanation for these results is that BM is developmentally delayed in these children. However, little was known about how BM normally develops. Recently, we assessed BM in normally developing 6- and 8-year-old children and adults. Results showed that BM thresholds continue to improve over a comparatively protracted period (>10 years old). We also analysed reported deficits in BM in language-impaired and younger children, in terms of a model of temporal resolution. This analysis suggests that poor processing efficiency, rather than deficits in temporal resolution, can account for these results. This 'processing efficiency hypothesis' was recently tested in our laboratory. This experiment measured BM as a function of delays between the tone and the noise in children and adults. Results supported the processing efficiency hypothesis, and suggested that reduced processing efficiency alone could account for differences between adults and children. These findings provide a new perspective on the mechanisms underlying communication disorders, and imply that remediation strategies should be directed towards improving processing efficiency, not temporal resolution.

Long-range correlations and asymmetry in the Bitcoin market

NASA Astrophysics Data System (ADS)

Alvarez-Ramirez, J.; Rodriguez, E.; Ibarra-Valdez, C.

2018-02-01

This work studies long-range correlations and informational efficiency of the Bitcoin market for the period from June 30, 2013 to June 3rd, 2017. To this end, the detrended fluctuation analysis (DFA) was implemented over sliding windows to estimate long-range correlations for price returns. It was found that the Bitcoin market exhibits periods of efficiency alternating with periods where the price dynamics are driven by anti-persistence. The pattern is replicated by prices samples at day, hour and second frequencies. The Bitcoin market also presents asymmetric correlations with respect to increasing and decreasing price trending, with the former trend linked to anti-persistence of returns dynamics.

Hospital free cash flow.

PubMed

Kauer, R T; Silvers, J B

1991-01-01

Hospital managers may find it difficult to admit their investments have been suboptimal, but such investments often lead to poor returns and less future cash. Inappropriate use of free cash flow produces large transaction costs of exit. The relative efficiency of investor-owned and tax-exempt hospitals in the product market for hospital services is examined as the free cash flow theory is used to explore capital-market conditions of hospitals. Hypotheses concerning the current competitive conditions in the industry are set forth, and the implications of free cash flow for risk, capital-market efficiency, and the cost of capital to tax-exempt institution is compared to capital-market norms.

Fish market prices drive overfishing of the ‘big ones’

PubMed Central

Polymeros, Konstantinos

2014-01-01

The relationship between fish market price and body size has not been explored much in fisheries science. Here, the mean market prices and fish body size were collected in order to examine the hypothesis that large fish, both among- and within-species, are being selectively targeted by fisheries because they may yield greater profit. Trophic levels, vulnerability to fishing and global landings were also collected because these variables may also be related to the market fish price. These relationships were examined using generalized additive models (GAM), which showed that, among species, fish market price was positively dependent on maximum total length (P = 0.0024) and negatively on landings (P = 0.0006), whereas it was independent of trophic level (P > 0.05) and vulnerability to fishing (P > 0.05). When the fish price vs. size relationship was tested within-species, large individuals were consistently attaining higher market prices compared to their medium and small-sized counterparts. We conclude that the selective removal of the larger fish, which is driven by their market price and to a lesser extent by their availability, may contribute to their overfishing. PMID:25392754

Fish market prices drive overfishing of the 'big ones'.

PubMed

Tsikliras, Athanassios C; Polymeros, Konstantinos

2014-01-01

The relationship between fish market price and body size has not been explored much in fisheries science. Here, the mean market prices and fish body size were collected in order to examine the hypothesis that large fish, both among- and within-species, are being selectively targeted by fisheries because they may yield greater profit. Trophic levels, vulnerability to fishing and global landings were also collected because these variables may also be related to the market fish price. These relationships were examined using generalized additive models (GAM), which showed that, among species, fish market price was positively dependent on maximum total length (P = 0.0024) and negatively on landings (P = 0.0006), whereas it was independent of trophic level (P > 0.05) and vulnerability to fishing (P > 0.05). When the fish price vs. size relationship was tested within-species, large individuals were consistently attaining higher market prices compared to their medium and small-sized counterparts. We conclude that the selective removal of the larger fish, which is driven by their market price and to a lesser extent by their availability, may contribute to their overfishing.

Investigation of privatization by level crossing approach

NASA Astrophysics Data System (ADS)

Vahabi, M.; Jafari, G. R.

2009-09-01

Privatization - a political as well as an economic policy - is generally defined as the transfer of a property or the responsibility for it from the public to the private sector. But privatization is not merely the transfer of the ownership and efficiency of the market should be considered. A successful privatization program induces better profitability and efficiency, higher output, more investment, etc. The main method of privatization is through introducing new stocks to the market to motivate competition. However, for a successful privatization the capability of a market for absorbing the new stock should also be considered. Without paying attention to this aspect, privatization through the introduction of new stocks may lead to reduced market efficiency. We study, based on the complexity theory and in particular the concept of Level Crossing, the effect of the stages of the development, activity, risk, and the waiting times for special events on the privatization.

EQUITY EVALUATION OF PADDY IRRIGATION WATER DISTRIBUTION BY SOCIETY-JUSTICE-WATER DISTRIBUTION RULE HYPOTHESIS

NASA Astrophysics Data System (ADS)

Tanji, Hajime; Kiri, Hirohide; Kobayashi, Shintaro

When total supply is smaller than total demand, it is difficult to apply the paddy irrigation water distribution rule. The gap must be narrowed by decreasing demand. Historically, the upstream served rule, rotation schedule, or central schedule weight to irrigated area was adopted. This paper proposes the hypothesis that these rules are dependent on social justice, a hypothesis called the "Society-Justice-Water Distribution Rule Hypothesis". Justice, which means a balance of efficiency and equity of distribution, is discussed under the political philosophy of utilitarianism, liberalism (Rawls), libertarianism, and communitarianism. The upstream served rule can be derived from libertarianism. The rotation schedule and central schedule can be derived from communitarianism. Liberalism can provide arranged schedule to adjust supply and demand based on "the Difference Principle". The authors conclude that to achieve efficiency and equity, liberalism may provide the best solution after modernization.

78 FR 24714 - Notice of Funds Availability Inviting Applications for the Federal-State Marketing Improvement...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-04-26

... channels. Assist in the development of more efficient marketing methods, practices, and facilities to bring... DEPARTMENT OF AGRICULTURE Agricultural Marketing Service [Doc. No. AMS-TM-12-0053; TM-12-03] Notice of Funds Availability Inviting Applications for the Federal-State Marketing Improvement Program...

How much inequality in income is fair? A microeconomic game theoretic perspective

NASA Astrophysics Data System (ADS)

Venkatasubramanian, Venkat; Luo, Yu; Sethuraman, Jay

2015-10-01

The increasing inequality in income and wealth in recent years, and the associated excessive pay packages of CEOs in the US and elsewhere, is of growing concern among policy makers as well as the common person. However, there seems to be no satisfactory answer, in conventional economic theories and models, to the fundamental questions of what kind of income distribution we ought to see, at least under ideal conditions, in a free market environment, and whether this distribution is fair. We propose a novel microeconomic game theoretic framework that addresses these questions and proves that the lognormal distribution is the fairest inequality of pay in an organization comprising of homogeneous agents, under ideal free market conditions at equilibrium. We also show that for a population of two different classes of agents, the equilibrium distribution is a combination of two different lognormal distributions where one of them, corresponding to the top ˜3-5% of the population, can be misidentified as a Pareto distribution. We compare our predictions with empirical data on global income inequality trends provided by Piketty and others. Our analysis suggests that the Scandinavian countries, and to a lesser extent Switzerland, Netherlands and Australia, have managed to get close to the ideal distribution for the bottom ˜99% of the population, while the US and UK remain less fair at the other extreme. Other European countries such as France and Germany, and Japan and Canada, are in the middle. Our theory also shows the deep and direct connection between potential game theory and statistical mechanics through entropy, which we identify as a measure of fairness in a distribution. This leads us to propose the fair market hypothesis, that the self-organizing dynamics of the ideal free market, i.e., Adam Smith's "invisible hand", not only promotes efficiency but also maximizes fairness under the given constraints.

Anomalous scaling of stochastic processes and the Moses effect

NASA Astrophysics Data System (ADS)

Chen, Lijian; Bassler, Kevin E.; McCauley, Joseph L.; Gunaratne, Gemunu H.

2017-04-01

The state of a stochastic process evolving over a time t is typically assumed to lie on a normal distribution whose width scales like t1/2. However, processes in which the probability distribution is not normal and the scaling exponent differs from 1/2 are known. The search for possible origins of such "anomalous" scaling and approaches to quantify them are the motivations for the work reported here. In processes with stationary increments, where the stochastic process is time-independent, autocorrelations between increments and infinite variance of increments can cause anomalous scaling. These sources have been referred to as the Joseph effect and the Noah effect, respectively. If the increments are nonstationary, then scaling of increments with t can also lead to anomalous scaling, a mechanism we refer to as the Moses effect. Scaling exponents quantifying the three effects are defined and related to the Hurst exponent that characterizes the overall scaling of the stochastic process. Methods of time series analysis that enable accurate independent measurement of each exponent are presented. Simple stochastic processes are used to illustrate each effect. Intraday financial time series data are analyzed, revealing that their anomalous scaling is due only to the Moses effect. In the context of financial market data, we reiterate that the Joseph exponent, not the Hurst exponent, is the appropriate measure to test the efficient market hypothesis.

Anomalous scaling of stochastic processes and the Moses effect.

PubMed

Chen, Lijian; Bassler, Kevin E; McCauley, Joseph L; Gunaratne, Gemunu H

2017-04-01

The state of a stochastic process evolving over a time t is typically assumed to lie on a normal distribution whose width scales like t^{1/2}. However, processes in which the probability distribution is not normal and the scaling exponent differs from 1/2 are known. The search for possible origins of such "anomalous" scaling and approaches to quantify them are the motivations for the work reported here. In processes with stationary increments, where the stochastic process is time-independent, autocorrelations between increments and infinite variance of increments can cause anomalous scaling. These sources have been referred to as the Joseph effect and the Noah effect, respectively. If the increments are nonstationary, then scaling of increments with t can also lead to anomalous scaling, a mechanism we refer to as the Moses effect. Scaling exponents quantifying the three effects are defined and related to the Hurst exponent that characterizes the overall scaling of the stochastic process. Methods of time series analysis that enable accurate independent measurement of each exponent are presented. Simple stochastic processes are used to illustrate each effect. Intraday financial time series data are analyzed, revealing that their anomalous scaling is due only to the Moses effect. In the context of financial market data, we reiterate that the Joseph exponent, not the Hurst exponent, is the appropriate measure to test the efficient market hypothesis.

A water market simulator considering pair-wise trades between agents

NASA Astrophysics Data System (ADS)

Huskova, I.; Erfani, T.; Harou, J. J.

2012-04-01

In many basins in England no further water abstraction licences are available. Trading water between water rights holders has been recognized as a potentially effective and economically efficient strategy to mitigate increasing scarcity. A screening tool that could assess the potential for trade through realistic simulation of individual water rights holders would help assess the solution's potential contribution to local water management. We propose an optimisation-driven water market simulator that predicts pair-wise trade in a catchment and represents its interaction with natural hydrology and engineered infrastructure. A model is used to emulate licence-holders' willingness to engage in short-term trade transactions. In their simplest form agents are represented using an economic benefit function. The working hypothesis is that trading behaviour can be partially predicted based on differences in marginal values of water over space and time and estimates of transaction costs on pair-wise trades. We discuss the further possibility of embedding rules, norms and preferences of the different water user sectors to more realistically represent the behaviours, motives and constraints of individual licence holders. The potential benefits and limitations of such a social simulation (agent-based) approach is contrasted with our simulator where agents are driven by economic optimization. A case study based on the Dove River Basin (UK) demonstrates model inputs and outputs. The ability of the model to suggest impacts of water rights policy reforms on trading is discussed.

Work with Us | State, Local, and Tribal Governments | NREL

Science.gov Websites

take advantage of our policy, market, and technical expertise. Here's how you can work with us to meet (STAT)-solar market expertise and policy best practices Energy Efficiency Technical Assistance Team -energy efficiency policy and program expertise for states Tribal energy decision support-resources and

Integrating Sex and Drugs into the Principles Course: Market-Failures versus Failures-of-Market Outcomes.

ERIC Educational Resources Information Center

Colander, David

2003-01-01

Argues that microeconomics principles courses are structured around an approach to policy that avoids many controversial but central policy issues including: the interplay of moral issues and efficiency; questions of consumer sovereignty; and questions of the interrelation between measures of efficiency and income distribution. Suggests a dual…

An Economic Analysis of the Demand for Scientific Journals

ERIC Educational Resources Information Center

Berg, Sanford V.

1972-01-01

The purpose of this study is to demonstrate that economic analysis can be useful in modeling the scientific journal market. Of particular interest is the efficiency of pricing and page policies. To calculate loses due to inefficiencies, demand parameters are statistically estimated and used in a discussion of market efficiency. (3 references)…

75 FR 34734 - Improving Market and Planning Efficiency Through Improved Software; Notice of Agenda and...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-06-18

... Market and Planning Efficiency Through Improved Software; Notice of Agenda and Procedures for Staff Technical Conference June 10, 2010. This notice establishes the agenda and procedures for the staff[email protected] . Kimberly D. Bose, Secretary. Agenda for AD10-12 Staff Technical Conference on Enhanced Power...

Airborne Transmission of Highly Pathogenic Influenza Virus during Processing of Infected Poultry

PubMed Central

Bertran, Kateri; Balzli, Charles; Kwon, Yong-Kuk; Tumpey, Terrence M.; Clark, Andrew

2017-01-01

Exposure to infected poultry is a suspected cause of avian influenza (H5N1) virus infections in humans. We detected infectious droplets and aerosols during laboratory-simulated processing of asymptomatic chickens infected with human- (clades 1 and 2.2.1) and avian- (clades 1.1, 2.2, and 2.1) origin H5N1 viruses. We detected fewer airborne infectious particles in simulated processing of infected ducks. Influenza virus–naive chickens and ferrets exposed to the air space in which virus-infected chickens were processed became infected and died, suggesting that the slaughter of infected chickens is an efficient source of airborne virus that can infect birds and mammals. We did not detect consistent infections in ducks and ferrets exposed to the air space in which virus-infected ducks were processed. Our results support the hypothesis that airborne transmission of HPAI viruses can occur among poultry and from poultry to humans during home or live-poultry market slaughter of infected poultry. PMID:29047426

Airborne Transmission of Highly Pathogenic Influenza Virus during Processing of Infected Poultry.

PubMed

Bertran, Kateri; Balzli, Charles; Kwon, Yong-Kuk; Tumpey, Terrence M; Clark, Andrew; Swayne, David E

2017-11-01

Exposure to infected poultry is a suspected cause of avian influenza (H5N1) virus infections in humans. We detected infectious droplets and aerosols during laboratory-simulated processing of asymptomatic chickens infected with human- (clades 1 and 2.2.1) and avian- (clades 1.1, 2.2, and 2.1) origin H5N1 viruses. We detected fewer airborne infectious particles in simulated processing of infected ducks. Influenza virus-naive chickens and ferrets exposed to the air space in which virus-infected chickens were processed became infected and died, suggesting that the slaughter of infected chickens is an efficient source of airborne virus that can infect birds and mammals. We did not detect consistent infections in ducks and ferrets exposed to the air space in which virus-infected ducks were processed. Our results support the hypothesis that airborne transmission of HPAI viruses can occur among poultry and from poultry to humans during home or live-poultry market slaughter of infected poultry.

Auditory processing efficiency deficits in children with developmental language impairments

NASA Astrophysics Data System (ADS)

Hartley, Douglas E. H.; Moore, David R.

2002-12-01

The ``temporal processing hypothesis'' suggests that individuals with specific language impairments (SLIs) and dyslexia have severe deficits in processing rapidly presented or brief sensory information, both within the auditory and visual domains. This hypothesis has been supported through evidence that language-impaired individuals have excess auditory backward masking. This paper presents an analysis of masking results from several studies in terms of a model of temporal resolution. Results from this modeling suggest that the masking results can be better explained by an ``auditory efficiency'' hypothesis. If impaired or immature listeners have a normal temporal window, but require a higher signal-to-noise level (poor processing efficiency), this hypothesis predicts the observed small deficits in the simultaneous masking task, and the much larger deficits in backward and forward masking tasks amongst those listeners. The difference in performance on these masking tasks is predictable from the compressive nonlinearity of the basilar membrane. The model also correctly predicts that backward masking (i) is more prone to training effects, (ii) has greater inter- and intrasubject variability, and (iii) increases less with masker level than do other masking tasks. These findings provide a new perspective on the mechanisms underlying communication disorders and auditory masking.

Electrodynamical Model of Quasi-Efficient Financial Markets

NASA Astrophysics Data System (ADS)

Ilinski, Kirill N.; Stepanenko, Alexander S.

The modelling of financial markets presents a problem which is both theoretically challenging and practically important. The theoretical aspects concern the issue of market efficiency which may even have political implications [1], whilst the practical side of the problem has clear relevance to portfolio management [2] and derivative pricing [3]. Up till now all market models contain "smart money" traders and "noise" traders whose joint activity constitutes the market [4, 5]. On a short time scale this traditional separation does not seem to be realistic, and is hardly acceptable since all high-frequency market participants are professional traders and cannot be separated into "smart" and "noisy." In this paper we present a "microscopic" model with homogenuous quasi-rational behaviour of traders, aiming to describe short time market behaviour. To construct the model we use an analogy between "screening" in quantum electrodynamics and an equilibration process in a market with temporal mispricing [6, 7]. As a result, we obtain the time-dependent distribution function of the returns which is in quantitative agreement with real market data and obeys the anomalous scaling relations recently reported for both high-frequency exchange rates [8], S&P500 [9] and other stock market indices [10, 11].

Market microstructure matters when imposing a Tobin tax-Evidence from the lab.

PubMed

Kirchler, Michael; Huber, Jürgen; Kleinlercher, Daniel

2011-12-01

TRADING IN FX MARKETS IS DOMINATED BY TWO MICROSTRUCTURES: exchanges with market makers and OTC-markets without market makers. Using laboratory experiments we test whether the impact of a Tobin tax is different in these two market microstructures. We find that (i) in markets without market makers an unilaterally imposed Tobin tax (i.e. a tax haven exists) increases volatility. (ii) In contrast, in markets with market makers we observe a decrease in volatility in unilaterally taxed markets. (iii) An encompassing Tobin tax has no impact on volatility in either setting. Efficiency does not vary significantly across tax regimes.

Risk management and market efficiency on the Midwest Independent System Operator electricity exchange

NASA Astrophysics Data System (ADS)

Jones, Kevin

Midwest Independent Transmission System Operator, Inc. (MISO) is a non-profit regional transmission organization (RTO) that oversees electricity production and transmission across thirteen states and one Canadian province. MISO also operates an electronic exchange for buying and selling electricity for each of its five regional hubs. MISO oversees two types of markets. The forward market, which is referred to as the day-ahead (DA) market, allows market participants to place demand bids and supply offers on electricity to be delivered at a specified hour the following day. The equilibrium price, known as the locational marginal price (LMP), is determined by MISO after receiving sale offers and purchase bids from market participants. MISO also coordinates a spot market, which is known as the real-time (RT) market. Traders in the real-time market must submit bids and offers by thirty minutes prior to the hour for which the trade will be executed. After receiving purchase and sale offers for a given hour in the real time market, MISO then determines the LMP for that particular hour. The existence of the DA and RT markets allows producers and retailers to hedge against the large fluctuations that are common in electricity prices. Hedge ratios on the MISO exchange are estimated using various techniques. No hedge ratio technique examined consistently outperforms the unhedged portfolio in terms of variance reduction. Consequently, none of the hedge ratio methods in this study meet the general interpretation of FASB guidelines for a highly effective hedge. One of the major goals of deregulation is to bring about competition and increased efficiency in electricity markets. Previous research suggests that electricity exchanges may not be weak-form market efficient. A simple moving average trading rule is found to produce statistically and economically significant profits on the MISO exchange. This could call the long-term survivability of the MISO exchange into question.

Marketing actions can modulate neural representations of experienced pleasantness.

PubMed

Plassmann, Hilke; O'Doherty, John; Shiv, Baba; Rangel, Antonio

2008-01-22

Despite the importance and pervasiveness of marketing, almost nothing is known about the neural mechanisms through which it affects decisions made by individuals. We propose that marketing actions, such as changes in the price of a product, can affect neural representations of experienced pleasantness. We tested this hypothesis by scanning human subjects using functional MRI while they tasted wines that, contrary to reality, they believed to be different and sold at different prices. Our results show that increasing the price of a wine increases subjective reports of flavor pleasantness as well as blood-oxygen-level-dependent activity in medial orbitofrontal cortex, an area that is widely thought to encode for experienced pleasantness during experiential tasks. The paper provides evidence for the ability of marketing actions to modulate neural correlates of experienced pleasantness and for the mechanisms through which the effect operates.

Efficient Windows Collaborative

DOE Office of Scientific and Technical Information (OSTI.GOV)

Nils Petermann

2010-02-28

The project goals covered both the residential and commercial windows markets and involved a range of audiences such as window manufacturers, builders, homeowners, design professionals, utilities, and public agencies. Essential goals included: (1) Creation of 'Master Toolkits' of information that integrate diverse tools, rating systems, and incentive programs, customized for key audiences such as window manufacturers, design professionals, and utility programs. (2) Delivery of education and outreach programs to multiple audiences through conference presentations, publication of articles for builders and other industry professionals, and targeted dissemination of efficient window curricula to professionals and students. (3) Design and implementation of mechanismsmore » to encourage and track sales of more efficient products through the existing Window Products Database as an incentive for manufacturers to improve products and participate in programs such as NFRC and ENERGY STAR. (4) Development of utility incentive programs to promote more efficient residential and commercial windows. Partnership with regional and local entities on the development of programs and customized information to move the market toward the highest performing products. An overarching project goal was to ensure that different audiences adopt and use the developed information, design and promotion tools and thus increase the market penetration of energy efficient fenestration products. In particular, a crucial success criterion was to move gas and electric utilities to increase the promotion of energy efficient windows through demand side management programs as an important step toward increasing the market share of energy efficient windows.« less

Water scarcity, market-based incentives, and consumer response

NASA Astrophysics Data System (ADS)

Krause, K.; Chermak, J. M.; Brookshire, D. S.

2003-04-01

Water is an increasingly scarce resource and the future viability of many regions will depend in large part on how efficiently resources are utilized. A key factor to this success will be a thorough understanding of consumers and the characteristics that drive their water use. In this research test and find support for the hypothesis that residential water consumers are heterogeneous. We combine experimental and survey responses to test for statistically significant consumer characteristics that are observable factors of demand for water. Significant factors include "stage of life" (i.e., student versus workforce versus retired), as well as various social and cultural factors including age, ethnicity, political affiliation and religious affiliation. Identification of these characteristics allows us to econometrically estimate disaggregated water demand for a sample of urban water consumers in Albuquerque, New Mexico, USA. The results provide unique parameter estimates for different consumer types. Using these results we design an incentive compatible, non-linear pricing program that allows individual consumers to choose a fixed fee/commodity charge from a menu that not only allows the individual to maximize his or her utility, while meeting the conservation goals of the program. We show that this program, with the attention to consumer differences is more efficient than the traditional "one size fits all" programs commonly employed by many water utilities.

Is flood risk capitalized into real estate market values? : a Mahalanobis-metric matching approach to housing market in Busan, South Korea

NASA Astrophysics Data System (ADS)

Jung, E.; Yoon, H.

2016-12-01

Natural disasters are substantial source of social and economic damage around the globe. The amount of damage is larger when such catastrophe events happen in urbanized areas where the wealth is concentrated. Disasters cause losses in real estate assets, incurring additional cost of repair and maintenance of the properties. For this reason, natural hazard risk such as flooding and landslide is regarded as one of the important determinants of homebuyers' choice and preference. In this research, we aim to reveal whether the past records of flood affect real estate market values in Busan, Korea in 2014, under a hypothesis that homebuyers' perception of natural hazard is reflected on housing values, using the Mahalanobis-metric matching method. Unlike conventionally used hedonic pricing model to estimate capitalization of flood risk into the sales price of properties, the analytical method we adopt here enables inferring causal effects by efficiently controlling for observed/unobserved omitted variable bias. This matching approach pairs each inundated property (treatment variable) with a non-inundated property (control variable) with the closest Mahalanobis distance between them, and comparing their effects on residential property sales price (outcome variable). As a result, we expect price discounts for inundated properties larger than the one for comparable non-inundated properties. This research will be valuable in establishing the mitigation policies of future climate change to relieve the possible negative economic consequences from the disaster by estimating how people perceive and respond to natural hazard. This work was supported by the Korea Environmental Industry and Technology Institute (KEITI) under Grant (No. 2014-001-310007).

“Selling” Value: The Influence of Language on Willingness-to-Accept

PubMed Central

Manson, Kirk F.; Levy, Ifat

2015-01-01

In behavioral economics, the “endowment effect” describes the robust finding that prices people are willing to accept (WTA) for a good exceed prices people are willing to pay (WTP) for the same good. The increase in WTA values is often explained by the sellers’ negative hedonic response to losing their item. Recent studies, however, show that subtle cues may change participants’ perspective, influencing their valuations. We hypothesized that implicit connotations of instructional language may be one of those cues. To test this hypothesis we manipulated the wording of instructions in two conditions: in the Sell condition, subjects were endowed with a set of pens and asked to select an amount of money for which they would sell the pens back and in the Take condition, subjects were endowed with the pens and asked to select an amount of money they would take for the pens. Participants in each condition also estimated the market value of the pens. Consistent with our hypothesis, WTA in the Sell condition was higher than in the Take condition, though there were no differences in market values between conditions. These findings show that instructional language does influence participant valuations. Furthermore, we suggest that those being asked to “sell” use their market estimations as the salient reference point in the transaction. PMID:25822825

Comparative study on DuPont analysis and DEA models for measuring stock performance using financial ratio

NASA Astrophysics Data System (ADS)

Arsad, Roslah; Shaari, Siti Nabilah Mohd; Isa, Zaidi

2017-11-01

Determining stock performance using financial ratio is challenging for many investors and researchers. Financial ratio can indicate the strengths and weaknesses of a company's stock performance. There are five categories of financial ratios namely liquidity, efficiency, leverage, profitability and market ratios. It is important to interpret the ratio correctly for proper financial decision making. The purpose of this study is to compare the performance of listed companies in Bursa Malaysia using Data Envelopment Analysis (DEA) and DuPont analysis Models. The study is conducted in 2015 involving 116 consumer products companies listed in Bursa Malaysia. The estimation method of Data Envelopment Analysis computes the efficiency scores and ranks the companies accordingly. The Alirezaee and Afsharian's method of analysis based Charnes, Cooper and Rhodes (CCR) where Constant Return to Scale (CRS) is employed. The DuPont analysis is a traditional tool for measuring the operating performance of companies. In this study, DuPont analysis is used to evaluate three different aspects such as profitability, efficiency of assets utilization and financial leverage. Return on Equity (ROE) is also calculated in DuPont analysis. This study finds that both analysis models provide different rankings of the selected samples. Hypothesis testing based on Pearson's correlation, indicates that there is no correlation between rankings produced by DEA and DuPont analysis. The DEA ranking model proposed by Alirezaee and Asharian is unstable. The method cannot provide complete ranking because the values of Balance Index is equal and zero.

Testing for unit root bilinearity in the Brazilian stock market

NASA Astrophysics Data System (ADS)

Tabak, Benjamin M.

2007-11-01

In this paper a simple test for detecting bilinearity in a stochastic unit root process is used to test for the presence of nonlinear unit roots in Brazilian equity shares. The empirical evidence for a set of 53 individual stocks, after adjusting for GARCH effects, suggests that for more than 66%, the hypothesis of unit root bilinearity is accepted. Therefore, the dynamics of Brazilian share prices is in conformity with this type of nonlinearity. These nonlinearities in spot prices may emerge due to the sophistication of the derivatives market.

Increasing market efficiency in the stock markets

NASA Astrophysics Data System (ADS)

Yang, Jae-Suk; Kwak, Wooseop; Kaizoji, Taisei; Kim, In-Mook

2008-01-01

We study the temporal evolutions of three stock markets; Standard and Poor's 500 index, Nikkei 225 Stock Average, and the Korea Composite Stock Price Index. We observe that the probability density function of the log-return has a fat tail but the tail index has been increasing continuously in recent years. We have also found that the variance of the autocorrelation function, the scaling exponent of the standard deviation, and the statistical complexity decrease, but that the entropy density increases as time goes over time. We introduce a modified microscopic spin model and simulate the model to confirm such increasing and decreasing tendencies in statistical quantities. These findings indicate that these three stock markets are becoming more efficient.

Marketing to Develop the Premier Medical Brand in the Huaihai Economic Zone.

PubMed

Zhang, Peiying; Meng, Qingchao

2015-06-01

Based on the practices at Xuzhou Central Hospital, the authors analyzed the improvements in the healthcare quality and economic efficiency after implementing a brand marketing strategy. Using methods including questionnaires and business controlling means, we summarized that the improvements to the healthcare quality and economic efficiency after strategies were implemented in the areas of network, reputation, academic research, and public welfare. After the implementation of a brand marketing campaign, the medical service quality and brand reputation have been greatly improved. Meanwhile, a central hospital group was formed and gradually became the central healthcare provider in the Huaihai Economic Zone. The new marketing facilitated the drastic increase of medical service and brand reputation.

75 FR 30010 - Improving Market and Planning Efficiency Through Improved Software; Notice of Agenda and...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-05-28

... Market and Planning Efficiency Through Improved Software; Notice of Agenda and Procedures for Staff... conference to be held on June 2, 2010 and June 3, 2010, to discuss issues related to unit commitment software... Unit Commitment Software Federal Energy Regulatory Commission June 2, 2010 8 a.m Richard O'Neill, FERC...

75 FR 30387 - Improving Market and Planning Efficiency Through Improved Software; Notice of Agenda and...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-06-01

... Market and Planning Efficiency Through Improved Software; Notice of Agenda and Procedures for Staff... planning models and software. The technical conference will be held from 8 a.m. to 5:30 p.m. (EDT) on June.... Agenda for AD10-12 Staff Technical Conference on Planning Models and Software Federal Energy Regulatory...

Increasing consolidation in healthcare markets: what are the antitrust policy implications?

PubMed Central

Haas-Wilson, D; Gaynor, M

1998-01-01

OBJECTIVE: To discuss the implications of the rapid transformation of the healthcare financing and delivery system for competition, social welfare, and antitrust policy. PRINCIPAL FINDING: Horizontal and vertical consolidations can enhance efficiency but can also be anticompetitive in markets characterized by entry barriers. RECOMMENDATION: Active enforcement of the antitrust laws is essential to ensure that competition in healthcare markets will lead to procompetitive, rather than anticompetitive effects. However, healthcare antitrust enforcement policy must be flexible enough to allow efficient new forms of organization and practice to emerge. PMID:9865226

Nash equilibrium strategy in the deregulated power industry and comparing its lost welfare with Iran wholesale electricity market

NASA Astrophysics Data System (ADS)

Mousavi, Seyed Hosein; Nazemi, Ali; Hafezalkotob, Ashkan

2016-09-01

With the increasing use of different types of auctions in market designing, modeling of participants' behaviors to evaluate the market structure is one of the main discussions in the studies related to the deregulated power industries. In this article, we apply an approach of the optimal bidding behavior to the Iran wholesale electricity market as a restructured electric power industry and model how the participants of the market bid in the spot electricity market. The problem is formulated analytically using the Nash equilibrium concept composed of large numbers of players having discrete and very large strategy spaces. Then, we compute and draw supply curve of the competitive market in which all generators' proposed prices are equal to their marginal costs and supply curve of the real market in which the pricing mechanism is pay-as-bid. We finally calculate the lost welfare or inefficiency of the Nash equilibrium and the real market by comparing their supply curves with the competitive curve. We examine 3 cases on November 24 (2 cases) and July 24 (1 case), 2012. It is observed that in the Nash equilibrium on November 24 and demand of 23,487 MW, there are 212 allowed plants for the first case (plants are allowed to choose any quantity of generation except one of them that should be equal to maximum Power) and the economic efficiency or social welfare of Nash equilibrium is 2.77 times as much as the real market. In addition, there are 184 allowed plants for the second case (plants should offer their maximum power with different prices) and the efficiency or social welfare of Nash equilibrium is 3.6 times as much as the real market. On July 24 and demand of 42,421 MW, all 370 plants should generate maximum energy due to the high electricity demand that the economic efficiency or social welfare of the Nash equilibrium is about 2 times as much as the real market.

Formalizing Evaluation Procedures for Marketing Faculty Research Performance.

ERIC Educational Resources Information Center

McDermott, Dennis R.; And Others

1994-01-01

Results of a national survey of marketing department heads (n=142) indicate that few marketing departments have formalized the development and communication of research performance standards to faculty. Guidelines and methods to accomplish those procedures most efficiently were proposed. (Author/JOW)

Empirical Examination of Fundamental Indexation in the German Market

NASA Astrophysics Data System (ADS)

Mihm, Max; Locarek-Junge, Hermann

Index Funds, Exchange Traded Funds and Derivatives give investors easy access to well diversified index portfolios. These index-based investment products exhibit low fees, which make them an attractive alternative to actively managed funds. Against this background, a new class of stock indices has been established based on the concept of “Fundamental Indexation”. The selection and weighting of index constituents is conducted by means of fundamental criteria like total assets, book value or number of employees. This paper examines the performance of fundamental indices in the German equity market. For this purpose, a backtest of five fundamental indices is conducted over the last 20 years. Furthermore the index returns are analysed under the assumption of an efficient as well as an inefficient market. Index returns in efficient markets are explained by applying the three factor model for stock returns of Fama and French (J Financ Econ 33(1):3-56, 1993). The results show that the outperformance of fundamental indices is partly due to a higher risk exposure, particularly to companies with a low price to book ratio. By relaxing the assumption of market efficiency, a return drag of capitalisation weighted indices can be deduced. Given a mean-reverting movement of prices, a direct connection between market capitalisation and index weighting leads to inferior returns.

Market microstructure matters when imposing a Tobin tax—Evidence from the lab☆

PubMed Central

Kirchler, Michael; Huber, Jürgen; Kleinlercher, Daniel

2011-01-01

Trading in FX markets is dominated by two microstructures: exchanges with market makers and OTC-markets without market makers. Using laboratory experiments we test whether the impact of a Tobin tax is different in these two market microstructures. We find that (i) in markets without market makers an unilaterally imposed Tobin tax (i.e. a tax haven exists) increases volatility. (ii) In contrast, in markets with market makers we observe a decrease in volatility in unilaterally taxed markets. (iii) An encompassing Tobin tax has no impact on volatility in either setting. Efficiency does not vary significantly across tax regimes. PMID:22210970

Essays in energy, environment and technological change

NASA Astrophysics Data System (ADS)

Zhou, Yichen Christy

This dissertation studies technological change in the context of energy and environmental economics. Technology plays a key role in reducing greenhouse gas emissions from the transportation sector. Chapter 1 estimates a structural model of the car industry that allows for endogenous product characteristics to investigate how gasoline taxes, R&D subsidies and competition affect fuel efficiency and vehicle prices in the medium-run, both through car-makers' decisions to adopt technologies and through their investments in knowledge capital. I use technology adoption and automotive patents data for 1986-2006 to estimate this model. I show that 92% of fuel efficiency improvements between 1986 and 2006 were driven by technology adoption, while the role of knowledge capital is largely to reduce the marginal production costs of fuel-efficient cars. A counterfactual predicts that an additional 1/gallon gasoline tax in 2006 would have increased the technology adoption rate, and raised average fuel efficiency by 0.47 miles/gallon, twice the annual fuel efficiency improvement in 2003-2006. An R&D subsidy that would reduce the marginal cost of knowledge capital by 25% in 2006 would have raised investment in knowledge capital. This subsidy would have raised fuel efficiency only by 0.06 miles/gallon in 2006, but would have increased variable profits by 2.3 billion over all firms that year. Passenger vehicle fuel economy standards in the United States will require substantial improvements in new vehicle fuel economy over the next decade. Economic theory suggests that vehicle manufacturers adopt greater fuel-saving technologies for vehicles with larger market size. Chapter 2 documents a strong connection between market size, measured by sales, and technology adoption. Using variation consumer demographics and purchasing pattern to account for the endogeneity of market size, we find that a 10 percent increase in market size raises vehicle fuel efficiency by 0.3 percent, as compared to a mean improvement of 1.4 percent per year over 1997-2013. Historically, fuel price and demographic-driven market size changes have had large effects on technology adoption. Furthermore, fuel taxes would induce firms to adopt fuel-saving technologies on their most efficient cars, thereby polarizing the fuel efficiency distribution of the new vehicle fleet.

Opting Out and Buying Out: Wives’ Earnings and Housework Time

PubMed Central

Killewald, Alexandra

2011-01-01

It has been proposed that the negative association between wives’ earnings and their time in housework is due to greater outsourcing of household labor by households with high-earning wives, but this hypothesis has not been tested directly. In a sample of dual-earner married couples in the Consumption and Activities Mail Survey of the Health and Retirement Study (N = 796), use of market substitutes for women’s housework was found to be only weakly associated with wives’ time cooking and cleaning. Furthermore, expenditures on market substitutes explain less than 15% of the earnings–housework time relationship. This suggests that use of market substitutes plays a smaller role in explaining variation in wives’ time in household labor than has previously been hypothesized. PMID:22053115

Does innovation in obesity drugs affect stock markets? An event study analysis.

PubMed

Pérez-Rodríguez, Jorge V; González López-Valcárcel, Beatriz

2012-01-01

This study empirically analyzes the effects of public information about the pharmaceutical R&D process on the market valuation of the sponsoring firm. We examined the market's response to scientific news and regulatory decisions about an antiobesity drug, rimonabant, and the effects on the sponsoring company (Sanofi-Aventis) and its incumbent competitors (Abbott and Roche). Event study methodology was used to test the null hypothesis of no market response. We covered the full life cycle of rimonabant (1994-2008), using a data set of daily closing price and volume. The results suggest that scientific news in the initial stages of the drug R&D process (i.e., drug discovery, preclinical and clinical trials) had no significant effects. However, news related to regulatory decisions, such as recall or safety warning, had significant negative effects on the company's market value. No spillover/contagion effects on competitor firms were detected. Market reactions occur at the time when the regulator takes decisions about drugs. Scientific news, even those of high-impact, may pass unnoticed. Copyright © 2011 SESPAS. Published by Elsevier España, S.L. All rights reserved.

The Effect of Charter School Legislation on Market Share

ERIC Educational Resources Information Center

Kuscova, Simona; Buckley, Jack

2004-01-01

Many proponents of school choice use the claim of the market's capability to enhance efficiency and improve performance to call for its expansion. But no markets are perfectly competitive, and the local market for public goods is filled with institutional arrangements that make it differ from the neoclassical ideal. In this paper, we look at a…

Models for electricity market efficiency and bidding strategy analysis

NASA Astrophysics Data System (ADS)

Niu, Hui

This dissertation studies models for the analysis of market efficiency and bidding behaviors of market participants in electricity markets. Simulation models are developed to estimate how transmission and operational constraints affect the competitive benchmark and market prices based on submitted bids. This research contributes to the literature in three aspects. First, transmission and operational constraints, which have been neglected in most empirical literature, are considered in the competitive benchmark estimation model. Second, the effects of operational and transmission constraints on market prices are estimated through two models based on the submitted bids of market participants. Third, these models are applied to analyze the efficiency of the Electric Reliability Council Of Texas (ERCOT) real-time energy market by simulating its operations for the time period from January 2002 to April 2003. The characteristics and available information for the ERCOT market are considered. In electricity markets, electric firms compete through both spot market bidding and bilateral contract trading. A linear asymmetric supply function equilibrium (SFE) model with transmission constraints is proposed in this dissertation to analyze the bidding strategies with forward contracts. The research contributes to the literature in several aspects. First, we combine forward contracts, transmission constraints, and multi-period strategy (an obligation for firms to bid consistently over an extended time horizon such as a day or an hour) into the linear asymmetric supply function equilibrium framework. As an ex-ante model, it can provide qualitative insights into firms' behaviors. Second, the bidding strategies related to Transmission Congestion Rights (TCRs) are discussed by interpreting TCRs as linear combination of forwards. Third, the model is a general one in the sense that there is no limitation on the number of firms and scale of the transmission network, which can have asymmetric linear marginal cost structures. In addition to theoretical analysis, we apply our model to simulate the ERCOT real-time market from January 2002 to April 2003. The effects of forward contracts on the ERCOT market are evaluated through the results. It is shown that the model is able to capture features of bidding behavior in the market.

7 CFR 1207.335 - Research and promotion.

Code of Federal Regulations, 2010 CFR

2010-01-01

... Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING... projects and studies to the end that the marketing and utilization of potatoes may be encouraged, expanded, improved, or made more efficient: Provided, That quality control, grade standards and supply management...

Commercial Building Energy Asset Rating Program -- Market Research

DOE Office of Scientific and Technical Information (OSTI.GOV)

McCabe, Molly J.; Wang, Na

2012-04-19

Under contract to Pacific Northwest National Laboratory, HaydenTanner, LLC conducted an in-depth analysis of the potential market value of a commercial building energy asset rating program for the U.S. Department of Energy (DOE) Office of Energy Efficiency and Renewable Energy. The market research objectives were to: (1) Evaluate market interest and need for a program and tool to offer asset rating and rapidly identify potential energy efficiency measures for the commercial building sector. (2) Identify key input variables and asset rating outputs that would facilitate increased investment in energy efficiency. (3) Assess best practices and lessons learned from existing nationalmore » and international energy rating programs. (4) Identify core messaging to motivate owners, investors, financiers, and others in the real estate sector to adopt a voluntary asset rating program and, as a consequence, deploy high-performance strategies and technologies across new and existing buildings. (5) Identify leverage factors and incentives that facilitate increased investment in these buildings. To meet these objectives, work consisted of a review of the relevant literature, examination of existing and emergent asset and operational rating systems, interviews with industry stakeholders, and an evaluation of the value implication of an asset label on asset valuation. This report documents the analysis methodology and findings, conclusion, and recommendations. Its intent is to support and inform the DOE Office of Energy Efficiency and Renewable Energy on the market need and potential value impacts of an asset labeling and diagnostic tool to encourage high-performance new buildings and building efficiency retrofit projects.« less

SEEA SOUTHEAST CONSORTIUM FINAL TECHNICAL REPORT

DOE Office of Scientific and Technical Information (OSTI.GOV)

Block, Timothy; Ball, Kia; Fournier, Ashley

In 2010 the Southeast Energy Efficiency Alliance (SEEA) received a $20 million Energy Efficiency and Conservation Block Grant (EECBG) under the U.S. Department of Energy’s Better Building Neighborhood Program (BBNP). This grant, funded by the American Recovery and Reinvestment Act, also included sub-grantees in 13 communities across the Southeast, known as the Southeast Consortium. The objective of this project was to establish a framework for energy efficiency retrofit programs to create models for replication across the Southeast and beyond. To achieve this goal, SEEA and its project partners focused on establishing infrastructure to develop and sustain the energy efficiency marketmore » in specific localities across the southeast. Activities included implementing minimum training standards and credentials for marketplace suppliers, educating and engaging homeowners on the benefits of energy efficiency through strategic marketing and outreach and addressing real or perceived financial barriers to investments in whole-home energy efficiency through a variety of financing mechanisms. The anticipated outcome of these activities would be best practice models for program design, marketing, financing, data collection and evaluation as well as increased market demand for energy efficiency retrofits and products. The Southeast Consortium’s programmatic impacts along with the impacts of the other BBNP grantees would further the progress towards the overall goal of energy efficiency market transformation. As the primary grantee SEEA served as the overall program administrator and provided common resources to the 13 Southeast Consortium sub-grantees including contracted services for contractor training, quality assurance testing, data collection, reporting and compliance. Sub-grantee programs were located in cities across eight states including Alabama, Florida, Georgia, Louisiana, North Carolina, South Carolina, Tennessee, Virginia and the U.S. Virgin Islands. Each sub-grantee program was designed to address the unique local conditions and population of its community. There was great diversity in programs design, types of financing and incentives, building stock characteristics, climate and partnerships. From 2010 through 2013, SEEA and its sub-grantee programs focused on determining best practices in program administration, workforce development, marketing and consumer education, financing, and utility partnerships. One of the common themes among programs that were most successful in each of these areas was strong partnerships and collaborations with people or organizations in the community. In many instances engaged partners proved to be the key to addressing barriers such as access to financing, workforce development opportunities and access to utility bill data. The most challenging barrier proved to be the act of building a market for energy efficiency where none previously existed. With limited time and resources, educating homeowners of the value in investing in energy efficiency while engaging electric and gas utilities served as a significant barrier for several programs. While there is still much work to be done to continue to transform the energy efficiency market in the Southeast, the programmatic activities led by SEEA and its sub-grantees resulted in 8,180 energy audits and 5,155 energy efficiency retrofits across the Southeast. In total the Southeast Consortium saved an estimated 27,915,655.93 kWh and generated an estimated $ 2,291,965.90 in annual energy cost savings in the region.« less

Pharmaceutical marketing in a new age. Effective campaigns still need to focus on what customers want.

PubMed

Rao, Sanjay K

2002-01-01

The pharmaceutical industry has focused heavily on marketers' ability to market new products more efficiently. However, a more streamlined marketing approach can help address customers' needs and ease the pressure on drug companies to discover new drugs with blockbuster appeal. Through discussion and a detailed example, this article describes a stream-lined approach to creating more effective marketing and sales force strategies.

Predictability of machine learning techniques to forecast the trends of market index prices: Hypothesis testing for the Korean stock markets.

PubMed

Pyo, Sujin; Lee, Jaewook; Cha, Mincheol; Jang, Huisu

2017-01-01

The prediction of the trends of stocks and index prices is one of the important issues to market participants. Investors have set trading or fiscal strategies based on the trends, and considerable research in various academic fields has been studied to forecast financial markets. This study predicts the trends of the Korea Composite Stock Price Index 200 (KOSPI 200) prices using nonparametric machine learning models: artificial neural network, support vector machines with polynomial and radial basis function kernels. In addition, this study states controversial issues and tests hypotheses about the issues. Accordingly, our results are inconsistent with those of the precedent research, which are generally considered to have high prediction performance. Moreover, Google Trends proved that they are not effective factors in predicting the KOSPI 200 index prices in our frameworks. Furthermore, the ensemble methods did not improve the accuracy of the prediction.

Marketing actions can modulate neural representations of experienced pleasantness

PubMed Central

Plassmann, Hilke; O'Doherty, John; Shiv, Baba; Rangel, Antonio

2008-01-01

Despite the importance and pervasiveness of marketing, almost nothing is known about the neural mechanisms through which it affects decisions made by individuals. We propose that marketing actions, such as changes in the price of a product, can affect neural representations of experienced pleasantness. We tested this hypothesis by scanning human subjects using functional MRI while they tasted wines that, contrary to reality, they believed to be different and sold at different prices. Our results show that increasing the price of a wine increases subjective reports of flavor pleasantness as well as blood-oxygen-level-dependent activity in medial orbitofrontal cortex, an area that is widely thought to encode for experienced pleasantness during experiential tasks. The paper provides evidence for the ability of marketing actions to modulate neural correlates of experienced pleasantness and for the mechanisms through which the effect operates. PMID:18195362

In which ways do unhealthy people older than 50 exit the labour market in France?

PubMed

Barnay, Thomas

2010-04-01

Among 55-64 year olds, poor health is a reason for leaving the labour market early within the framework of schemes such as not only Early Retirement for Certain Employees (or Early Retirement for Asbestos Workers), but also by absence from the workforce (sick pay and disability pensions, respectively). It is interesting to single out the controlling factors for participation in or absence from the labour market after 50 and the link between poor health and employment status. The prevalence of functional limitations in everyday activities leads to a more pronounced exclusion of those over 50 years old from the labour market. Some of those aged between 55 and 59 on disability benefits become unemployed and do not look for work; in other words, they are potentially exempted from job-seeking. This would confirm the hypothesis that some of those exempted from job-seeking are in poor health.

The Baetylus Theorem—the central disconnect driving consumer behavior and investment returns in Wearable Technologies

PubMed Central

Levine, James A.

2016-01-01

The Wearable Technology market may increase fivefold by the end of the decade. There is almost no academic investigation as to what drives the investment hypothesis in wearable technologies. This paper seeks to examine this issue from an evidence-based perspective. There is a fundamental disconnect in how consumers view wearable sensors and how companies market them; this is called The Baetylus Theorem where people believe (falsely) that by buying a wearable sensor they will receive health benefit; data suggest that this is not the case. This idea is grounded social constructs, psychological theories and marketing approaches. A marketing proposal that fails to recognize The Baetylus Theorem and how it can be integrated into a business offering has not optimized its competitive advantage. More importantly, consumers should not falsely believe that purchasing a wearable technology, improves health. PMID:27617162

The Baetylus Theorem-the central disconnect driving consumer behavior and investment returns in Wearable Technologies.

PubMed

Levine, James A

2016-08-01

The Wearable Technology market may increase fivefold by the end of the decade. There is almost no academic investigation as to what drives the investment hypothesis in wearable technologies. This paper seeks to examine this issue from an evidence-based perspective. There is a fundamental disconnect in how consumers view wearable sensors and how companies market them; this is called The Baetylus Theorem where people believe (falsely) that by buying a wearable sensor they will receive health benefit; data suggest that this is not the case. This idea is grounded social constructs, psychological theories and marketing approaches. A marketing proposal that fails to recognize The Baetylus Theorem and how it can be integrated into a business offering has not optimized its competitive advantage. More importantly, consumers should not falsely believe that purchasing a wearable technology, improves health.

Predictability of machine learning techniques to forecast the trends of market index prices: Hypothesis testing for the Korean stock markets

PubMed Central

Pyo, Sujin; Lee, Jaewook; Cha, Mincheol

2017-01-01

The prediction of the trends of stocks and index prices is one of the important issues to market participants. Investors have set trading or fiscal strategies based on the trends, and considerable research in various academic fields has been studied to forecast financial markets. This study predicts the trends of the Korea Composite Stock Price Index 200 (KOSPI 200) prices using nonparametric machine learning models: artificial neural network, support vector machines with polynomial and radial basis function kernels. In addition, this study states controversial issues and tests hypotheses about the issues. Accordingly, our results are inconsistent with those of the precedent research, which are generally considered to have high prediction performance. Moreover, Google Trends proved that they are not effective factors in predicting the KOSPI 200 index prices in our frameworks. Furthermore, the ensemble methods did not improve the accuracy of the prediction. PMID:29136004

Biased selection within the social health insurance market in Colombia.

PubMed

Castano, Ramon; Zambrano, Andres

2006-12-01

Reducing the impact of insurance market failures with regulations such as community-rated premiums, standardized benefit packages and open enrolment, yield limited effect because they create room for selection bias. The Colombian social health insurance system started a market approach in 1993 expecting to improve performance of preexisting monopolistic insurance funds by exposing them to competition by new entrants. This paper tests the hypothesis that market failures would lead to biased selection favoring new entrants. Two household surveys are analyzed using Self-Reported Health Status and the presence of chronic conditions as prospective indicators of individual risk. Biased selection is found to take place, leading to adverse selection among incumbents, and favorable selection among new entrants. This pattern is absent in 1997 but is evident in 2003. Given that the two incumbents analyzed are public organizations, the fiscal implications of the findings in terms of government bailouts, are analyzed.

A convergent diffusion and social marketing approach for disseminating proven approaches to physical activity promotion.

PubMed

Dearing, James W; Maibach, Edward W; Buller, David B

2006-10-01

Approaches from diffusion of innovations and social marketing are used here to propose efficient means to promote and enhance the dissemination of evidence-based physical activity programs. While both approaches have traditionally been conceptualized as top-down, center-to-periphery, centralized efforts at social change, their operational methods have usually differed. The operational methods of diffusion theory have a strong relational emphasis, while the operational methods of social marketing have a strong transactional emphasis. Here, we argue for a convergence of diffusion of innovation and social marketing principles to stimulate the efficient dissemination of proven-effective programs. In general terms, we are encouraging a focus on societal sectors as a logical and efficient means for enhancing the impact of dissemination efforts. This requires an understanding of complex organizations and the functional roles played by different individuals in such organizations. In specific terms, ten principles are provided for working effectively within societal sectors and enhancing user involvement in the processes of adoption and implementation.

Investigating neural efficiency of elite karate athletes during a mental arithmetic task using EEG.

PubMed

Duru, Adil Deniz; Assem, Moataz

2018-02-01

Neural efficiency is proposed as one of the neural mechanisms underlying elite athletic performances. Previous sports studies examined neural efficiency using tasks that involve motor functions. In this study we investigate the extent of neural efficiency beyond motor tasks by using a mental subtraction task. A group of elite karate athletes are compared to a matched group of non-athletes. Electroencephalogram is used to measure cognitive dynamics during resting and increased mental workload periods. Mainly posterior alpha band power of the karate players was found to be higher than control subjects under both tasks. Moreover, event related synchronization/desynchronization has been computed to investigate the neural efficiency hypothesis among subjects. Finally, this study is the first study to examine neural efficiency related to a cognitive task, not a motor task, in elite karate players using ERD/ERS analysis. The results suggest that the effect of neural efficiency in the brain is global rather than local and thus might be contributing to the elite athletic performances. Also the results are in line with the neural efficiency hypothesis tested for motor performance studies.

Evaluating the Impacts of an Agricultural Water Market in the Guadalupe River Basin, Texas: An Agent-based Modeling Approach

NASA Astrophysics Data System (ADS)

Du, E.; Cai, X.; Minsker, B. S.

2014-12-01

Agriculture comprises about 80 percent of the total water consumption in the US. Under conditions of water shortage and fully committed water rights, market-based water allocations could be promising instruments for agricultural water redistribution from marginally profitable areas to more profitable ones. Previous studies on water market have mainly focused on theoretical or statistical analysis. However, how water users' heterogeneous physical attributes and decision rules about water use and water right trading will affect water market efficiency has been less addressed. In this study, we developed an agent-based model to evaluate the benefits of an agricultural water market in the Guadalupe River Basin during drought events. Agricultural agents with different attributes (i.e., soil type for crops, annual water diversion permit and precipitation) are defined to simulate the dynamic feedback between water availability, irrigation demand and water trading activity. Diversified crop irrigation rules and water bidding rules are tested in terms of crop yield, agricultural profit, and water-use efficiency. The model was coupled with a real-time hydrologic model and run under different water scarcity scenarios. Preliminary results indicate that an agricultural water market is capable of increasing crop yield, agricultural profit, and water-use efficiency. This capability is more significant under moderate drought scenarios than in mild and severe drought scenarios. The water market mechanism also increases agricultural resilience to climate uncertainty by reducing crop yield variance in drought events. The challenges of implementing an agricultural water market under climate uncertainty are also discussed.

A Mulit-State Model for Catalyzing the Home Energy Efficiency Market

DOE Office of Scientific and Technical Information (OSTI.GOV)

Blackmon, Glenn

The RePower Kitsap partnership sought to jump-start the market for energy efficiency upgrades in Kitsap County, an underserved market on Puget Sound in Washington State. The Washington State Department of Commerce partnered with Washington State University (WSU) Energy Program to supplement and extend existing utility incentives offered by Puget Sound Energy (PSE) and Cascade Natural Gas and to offer energy efficiency finance options through the Kitsap Credit Union and Puget Sound Cooperative Credit Union (PSCCU). RePower Kitsap established a coordinated approach with a second Better Buildings Neighborhood Program project serving the two largest cities in the county – Bainbridge Islandmore » and Bremerton. These two projects shared both the “RePower” brand and implementation team (Conservation Services Group (CSG) and Earth Advantage).« less

75 FR 32555 - Consolidated Audit Trail

Federal Register 2010, 2011, 2012, 2013, 2014

2010-06-08

... act jointly in developing a national market system (``NMS'') plan to develop, implement, and maintain... markets, there is a heightened need for regulators to have efficient access to a more robust and effective cross-market order and execution tracking system. Currently, many of the national securities exchanges...

A queueing theory description of fat-tailed price returns in imperfect financial markets

NASA Astrophysics Data System (ADS)

Lamba, H.

2010-09-01

In a financial market, for agents with long investment horizons or at times of severe market stress, it is often changes in the asset price that act as the trigger for transactions or shifts in investment position. This suggests the use of price thresholds to simulate agent behavior over much longer timescales than are currently used in models of order-books. We show that many phenomena, routinely ignored in efficient market theory, can be systematically introduced into an otherwise efficient market, resulting in models that robustly replicate the most important stylized facts. We then demonstrate a close link between such threshold models and queueing theory, with large price changes corresponding to the busy periods of a single-server queue. The distribution of the busy periods is known to have excess kurtosis and non-exponential decay under various assumptions on the queue parameters. Such an approach may prove useful in the development of mathematical models for rapid deleveraging and panics in financial markets, and the stress-testing of financial institutions.

Predictability and Market Efficiency in Agricultural Futures Markets: a Perspective from Price-Volume Correlation Based on Wavelet Coherency Analysis

NASA Astrophysics Data System (ADS)

He, Ling-Yun; Wen, Xing-Chun

2015-12-01

In this paper, we use a time-frequency domain technique, namely, wavelet squared coherency, to examine the associations between the trading volumes of three agricultural futures and three different forms of these futures' daily closing prices, i.e. prices, returns and volatilities, over the past several years. These agricultural futures markets are selected from China as a typical case of the emerging countries, and from the US as a representative of the developed economies. We investigate correlations and lead-lag relationships between the trading volumes and the prices to detect the predictability and efficiency of these futures markets. The results suggest that the information contained in the trading volumes of the three agricultural futures markets in China can be applied to predict the prices or returns, while that in US has extremely weak predictive power for prices or returns. We also conduct the wavelet analysis on the relationships between the volumes and returns or volatilities to examine the existence of the two "stylized facts" proposed by Karpoff [J. M. Karpoff, The relation between price changes and trading volume: A survey, J. Financ. Quant. Anal.22(1) (1987) 109-126]. Different markets in the two countries perform differently in reproducing the two stylized facts. As the wavelet tools can decode nonlinear regularities and hidden patterns behind price-volume relationship in time-frequency space, different from the conventional econometric framework, this paper offers a new perspective into the market predictability and efficiency.

Coupled effects of market impact and asymmetric sensitivity in financial markets

NASA Astrophysics Data System (ADS)

Zhong, Li-Xin; Xu, Wen-Juan; Ren, Fei; Shi, Yong-Dong

2013-05-01

By incorporating market impact and asymmetric sensitivity into the evolutionary minority game, we study the coevolutionary dynamics of stock prices and investment strategies in financial markets. Both the stock price movement and the investors’ global behavior are found to be closely related to the phase region they fall into. Within the region where the market impact is small, investors’ asymmetric response to gains and losses leads to the occurrence of herd behavior, when all the investors are prone to behave similarly in an extreme way and large price fluctuations occur. A linear relation between the standard deviation of stock price changes and the mean value of strategies is found. With full market impact, the investors tend to self-segregate into opposing groups and the introduction of asymmetric sensitivity leads to the disappearance of dominant strategies. Compared with the situations in the stock market with little market impact, the stock price fluctuations are suppressed and an efficient market occurs. Theoretical analyses indicate that the mechanism of phase transition from clustering to self-segregation in the present model is similar to that in the majority-minority game and the occurrence and disappearance of efficient markets are related to the competition between the trend-following and the trend-aversion forces. The clustering of the strategies in the present model results from the majority-wins effect and the wealth-driven mechanism makes the market become predictable.

Transaction-Based Building Controls Framework, Volume 1: Reference Guide

DOE Office of Scientific and Technical Information (OSTI.GOV)

Somasundaram, Sriram; Pratt, Robert G.; Akyol, Bora A.

This document proposes a framework concept to achieve the objectives of raising buildings’ efficiency and energy savings potential benefitting building owners and operators. We call it a transaction-based framework, wherein mutually-beneficial and cost-effective market-based transactions can be enabled between multiple players across different domains. Transaction-based building controls are one part of the transactional energy framework. While these controls realize benefits by enabling automatic, market-based intra-building efficiency optimizations, the transactional energy framework provides similar benefits using the same market -based structure, yet on a larger scale and beyond just buildings, to the society at large.

The scale-dependent market trend: Empirical evidences using the lagged DFA method

NASA Astrophysics Data System (ADS)

Li, Daye; Kou, Zhun; Sun, Qiankun

2015-09-01

In this paper we make an empirical research and test the efficiency of 44 important market indexes in multiple scales. A modified method based on the lagged detrended fluctuation analysis is utilized to maximize the information of long-term correlations from the non-zero lags and keep the margin of errors small when measuring the local Hurst exponent. Our empirical result illustrates that a common pattern can be found in the majority of the measured market indexes which tend to be persistent (with the local Hurst exponent > 0.5) in the small time scale, whereas it displays significant anti-persistent characteristics in large time scales. Moreover, not only the stock markets but also the foreign exchange markets share this pattern. Considering that the exchange markets are only weakly synchronized with the economic cycles, it can be concluded that the economic cycles can cause anti-persistence in the large time scale but there are also other factors at work. The empirical result supports the view that financial markets are multi-fractal and it indicates that deviations from efficiency and the type of model to describe the trend of market price are dependent on the forecasting horizon.

The design of water markets when instream flows have value.

PubMed

Murphy, James J; Dinar, Ariel; Howitt, Richard E; Rassenti, Stephen J; Smith, Vernon L; Weinberg, Marca

2009-02-01

The main objective of this paper is to design and test a decentralized exchange mechanism that generates the location-specific pricing necessary to achieve efficient allocations in the presence of instream flow values. Although a market-oriented approach has the potential to improve upon traditional command and control regulations, questions remain about how these rights-based institutions can be implemented such that the potential gains from liberalized trade can be realized. This article uses laboratory experiments to test three different water market institutions designed to incorporate instream flow values into the allocation mechanism through active participation of an environmental trader. The smart, computer-coordinated market described herein offers the potential to significantly reduce coordination problems and transaction costs associated with finding mutually beneficial trades that satisfy environmental constraints. We find that direct environmental participation in the market can achieve highly efficient and stable outcomes, although the potential does exist for the environmental agent to influence outcomes.

Effect of Power Exchange of India: An Overview and Key Issues

NASA Astrophysics Data System (ADS)

Singh, A.; Chauhan, D. S.; Upadhdhyay, K. G.

2013-09-01

There stands no guarantee that if potential market participants are simply provided with the opportunity for trading electricity, there shall be an efficient wholesale electricity market. India, as well as various other developed countries, relies on voluntary agreements as far as electricity trading is concerned. Self, private initiatives to standardize and commodities contracts play an important role in increasing the trading volume to improve efficiency, in developed countries. In accordance with their experiences, this paper suggested a specific strategy to promote bilateral/OTC trading; hence, India needed to develop a master agreement for electricity contracts. This paper discusses that the creating power exchange for short-term trading in the spot market materializing the contract for the convenience of market participants stands particularly important and henceforth is a necessary factor to make sure that spot market is workable and competitive prior to developing a financial contract for electricity trading.

Has competition increased hospital technical efficiency?

PubMed

Lee, Keon-Hyung; Park, Jungwon; Lim, Seunghoo; Park, Sang-Chul

2015-01-01

Hospital competition and managed care have affected the hospital industry in various ways including technical efficiency. Hospital efficiency has become an important topic, and it is important to properly measure hospital efficiency in order to evaluate the impact of policies on the hospital industry. The primary independent variable is hospital competition. By using the 2001-2004 inpatient discharge data from Florida, we calculate the degree of hospital competition in Florida for 4 years. Hospital efficiency scores are developed using the Data Envelopment Analysis and by using the selected input and output variables from the American Hospital Association's Annual Survey of Hospitals for those acute care general hospitals in Florida. By using the hospital efficiency score as a dependent variable, we analyze the effects of hospital competition on hospital efficiency from 2001 to 2004 and find that when a hospital was located in a less competitive market in 2003, its technical efficiency score was lower than those in a more competitive market.

Value-based investing for government infrastructure : financing Virginia's roads, final research report.

DOT National Transportation Integrated Search

2009-01-01

One of the reasons that market economies create high standards of living is the efficiency of their capital markets. The main task of capital markets is to channel scarce capital resources into their most highly valued uses. This is a difficult and c...

Case Studies in the Field of Marketing Education: Learner Impact, Case Performance, and Cost Efficiency

ERIC Educational Resources Information Center

Spais, George S.

2005-01-01

The major objective of this study is to identify a methodology that will help educators in marketing to efficiently manage the design, impact, and cost of case studies. It is my intention is to examine the impact of case study characteristics in relation to the degree of learner involvement in the learning process. The author proposes that…

Barriers to Building Energy Efficiency (BEE) promotion: A transaction costs perspective

NASA Astrophysics Data System (ADS)

Qian Kun, Queena

Worldwide, buildings account for a surprisingly high 40% of global energy consumption, and the resulting carbon footprint significantly exceeds that of all forms of transportation combined. Large and attractive opportunities exist to reduce buildings' energy use at lower costs and higher returns than in other sectors. This thesis analyzes the concerns of the market stakeholders, mainly real estate developers and end-users, in terms of transaction costs as they make decisions about investing in Building Energy Efficiency (BEE). It provides a detailed analysis of the current situation and future prospects for BEE adoption by the market's stakeholders. It delineates the market and lays out the economic and institutional barriers to the large-scale deployment of energy-efficient building techniques. The aim of this research is to investigate the barriers raised by transaction costs that hinder market stakeholders from investing in BEES. It explains interactions among stakeholders in general and in the specific case of Hong Kong as they consider transaction costs. It focuses on the influence of transaction costs on the decision-making of the stakeholders during the entire process of real estate development. The objectives are: 1) To establish an analytical framework for understanding the barriers to BEE investment with consideration of transaction costs; 2) To build a theoretical game model of decision making among the BEE market stakeholders; 3) To study the empirical data from questionnaire surveys of building designers and from focused interviews with real estate developers in Hong Kong; 4) To triangulate the study's empirical findings with those of the theoretical model and analytical framework. The study shows that a coherent institutional framework needs to be established to ensure that the design and implementation of BEE policies acknowledge the concerns of market stakeholders by taking transaction costs into consideration. Regulatory and incentive options should be integrated into BEE policies to minimize efficiency gaps and to realize a sizeable increase in the number of energy-efficient buildings in the next decades. Specifically, the analysis shows that a thorough understanding of the transaction costs borne by particular stakeholders could improve the energy efficiency of buildings, even without improvements in currently available technology.

Impacts of market and organizational characteristics on hospital efficiency and uncompensated care.

PubMed

Hsieh, Hui-Min; Clement, Dolores G; Bazzoli, Gloria J

2010-01-01

Hospitals have confronted a difficult financial environment given many factors, including expansion of managed care, changes in public policy, growing market competition for certain services, and growth in the number of uninsured. Policy makers have expressed concern that hospitals may forgo providing care to the indigent as a means to reduce costs and become more efficient when faced with financial pressures. This article examined the effects of environmental pressures on two dimensions of hospital performance: hospital efficiency and uncompensated care provision. Longitudinal data for the Commonwealth of Virginia from 1998 to 2004 were analyzed. Data Envelopment Analysis and bivariate probit were used to examine the factors associated with efficiency and uncompensated care. The results indicated that a positive relationship between hospital efficiency and uncompensated care provision exists. That is, hospitals that are categorized as efficient are likely to provide more uncompensated care. We also found that hospitals tended to provide more uncompensated care when increased demand for these services occurred in a market. Increases in Medicare or Medicaid patient share reduced the provision of uncompensated care. In relation to hospital efficiency, the results indicated that HMO penetration and Medicaid patient share reduced hospital efficiency. This study found that efficient hospitals tend to provide more uncompensated care over time. The findings also suggest that hospitals alter their efficiency and provision of uncompensated care in response to a number of environmental pressures, but it may depend on the type of pressures or uncertainties encountered.

Constraints and efficiency of cattle marketing in semiarid pastoral system in Kenya.

PubMed

Onono, Joshua Orungo; Amimo, Joshua Oluoch; Rushton, Jonathan

2015-04-01

Livestock keeping is regarded as a store of wealth for pastoralists in Kenya, besides their social and cultural functions. The objective of this study was to prioritize constraints to cattle marketing in a semiarid pastoral area of Narok in Kenya and to analyze efficiency of cattle marketing in transit markets located in Garissa, Kajiado and Narok counties. Primary data collection from traders was done through participatory interviews and market surveys, while time series market price data were obtained from secondary sources. Five focus group interviews were organized with a total of 61 traders in markets from Narok County, while a total of 187 traders who purchased cattle from transit markets provided data on a number of cattle purchased, purpose of purchase, buying prices and mode of transport. Market performance was analyzed through trader's market share, gross margins, Gini coefficient and coefficient of correlation between time series price data. The marketing constraints which were ranked high included lack of market for meat, trekking of cattle to markets, lack of price information and occurrence of diseases. About 10 % of traders purchased over 50 % of cattle which were supplied in markets, revealing a high concentration index. Further, a gross marketing margin per cattle purchased was positive in all markets revealing profitability. Moderate correlation coefficients existed between time series market price data for cattle purchased from Ewaso Ngiro and Mulot markets (r = 0.5; p < 0.05), while those between Dagoretti and Garissa markets were weak (r = 0.2; p > 0.05). The integration of markets, occurrence of diseases and trekking of cattle to markets are factors which may increase a risk of infectious disease spread. These results call for support of disease surveillance activities within markets in pastoral areas so that farms and systems which are connected are protected from threats of infectious diseases.

The structure of the market for physicians' services.

PubMed Central

McLean, R A

1980-01-01

In this paper, structural equations for the supply of and the demand for general practitioners' services are derived. Two variants of the model, based on alternative specifications of the role of health insurance, are tested, using data drawn from the American Medical Association's Eighth Periodic Survey of Physicians (PSP8). While results of the estimation require the rejection of the hypothesis that the market for general practitioners' service is perfectly competitive, the elasticities of demand implied are quite high. Estimates of the supply relationships support the presence of "backward bending" supplies of physicians' services, but this finding should be interpreted cautiously. PMID:7204064

Word of Mouth : An Agent-based Approach to Predictability of Stock Prices

NASA Astrophysics Data System (ADS)

Shimokawa, Tetsuya; Misawa, Tadanobu; Watanabe, Kyoko

This paper addresses how communication processes among investors affect stock prices formation, especially emerging predictability of stock prices, in financial markets. An agent based model, called the word of mouth model, is introduced for analyzing the problem. This model provides a simple, but sufficiently versatile, description of informational diffusion process and is successful in making lucidly explanation for the predictability of small sized stocks, which is a stylized fact in financial markets but difficult to resolve by traditional models. Our model also provides a rigorous examination of the under reaction hypothesis to informational shocks.

Comparing administered and market-based water allocation systems using an agent-based modeling approach

NASA Astrophysics Data System (ADS)

Zhao, J.; Cai, X.; Wang, Z.

2009-12-01

It also has been well recognized that market-based systems can have significant advantages over administered systems for water allocation. However there are not many successful water markets around the world yet and administered systems exist commonly in water allocation management practice. This paradox has been under discussion for decades and still calls for attention for both research and practice. This paper explores some insights for the paradox and tries to address why market systems have not been widely implemented for water allocation. Adopting the theory of agent-based system we develop a consistent analytical model to interpret both systems. First we derive some theorems based on the analytical model, with respect to the necessary conditions for economic efficiency of water allocation. Following that the agent-based model is used to illustrate the coherence and difference between administered and market-based systems. The two systems are compared from three aspects: 1) the driving forces acting on the system state, 2) system efficiency, and 3) equity. Regarding economic efficiency, penalty on the violation of water use permits (or rights) under an administered system can lead to system-wide economic efficiency, as well as being acceptable by some agents, which follows the theory of the so-call rational violation. Ideal equity will be realized if penalty equals incentive with an administered system and if transaction costs are zero with a market system. The performances of both agents and the over system are explained with an administered system and market system, respectively. The performances of agents are subject to different mechanisms of interactions between agents under the two systems. The system emergency (i.e., system benefit, equilibrium market price, etc), resulting from the performance at the agent level, reflects the different mechanism of the two systems, the “invisible hand” with the market system and administrative measures (penalty and subsidy) with the administered system. Furthermore, the impact of hydrological uncertainty on the performance of water users under the two systems is analyzed by extending the deterministic model to a stochastic one subject to the uncertainty of water availability. It is found that the system response to hydrologic uncertainty depends on risk management mechanics - sharing risk equally among the agents or by prescribed priorities on some agents. Figure1. Agent formulation and its implications in administered system and market-based system

The fighting hypothesis as an evolutionary explanation for the handedness polymorphism in humans: where are we?

PubMed

Faurie, Charlotte; Raymond, Michel

2013-06-01

The ubiquitous and persistent handedness polymorphism in humans requires an evolutionary explanation. It has been suggested that left-handers have a frequency-dependent advantage during a fight, such that this advantage decreases when their frequency increases. Many independent studies are providing data from interactive sports (a specific class of fights), and are very supportive of the fighting hypothesis. The only intercultural study on traditional societies is also consistent with the fighting hypothesis, although it has not yet been replicated. The frequencies of left-handers in the few remaining violent societies are likely to be rapidly decreasing, due to Western colonization (long-range weapons, religion, and money market) dramatically affecting the frequency-dependent selection associated with handedness. Clearly, more data are urgently needed outside the Western influence. © 2013 New York Academy of Sciences.

DOE Office of Scientific and Technical Information (OSTI.GOV)

Eilert, P.L.; Hoeschele, M.

This paper discussed a market-transformation program to reduce energy use in modular school classrooms, a large part of new construction activities in California's schools. Today's modular classrooms cost more to operate than is necessary to provide effective, comfortable learning conditions for students and teachers. Although past resource acquisition programs have created a demand for efficient products and services, modular classrooms remain poorly differentiated in this respect. The cost-effectiveness of a range of potential energy efficiency measures (EEM's) were evaluated including lighting, alternative HVAC options, and improved envelope features. Viable EEM's were combined in two separate packages. The first includes measuresmore » that can easily be implemented and are projected to reduce operating costs by 30%. The second implements a daylighting system, a two-stage evaporative cooler, and radiant heating, resulting in projected annual energy cost savings over 60%. Transforming the market for modular classrooms is accomplished using natural market forces, rather than financial incentives directed at an entire industry. Proactive efforts are focused on the manufacturing industry's change leaders to commercialize energy-efficient products. Lost market share and peer pressure do the heavy lifting of convincing market followers to upgrade their products. Demand for efficient classrooms is increased by educating schools about the new products' financial advantages, comfort enhancements, and environmental benefits. As new products become established in the marketplace, support will be gradually withdrawn. The relevance of this work extends beyond California, given other States' programs to reduce class size, and the Presidents initiative to reduce class size nationally.« less

31 CFR Appendix B to Part 357 - TRADES Commentary

Code of Federal Regulations, 2011 CFR

2011-07-01

... exchange of cash to settle a secondary market transaction, nor are pledges of Treasury book-entry... succession could well affect which persons have rights in the interest in a Treasury book-entry security... the market for Treasury securities—the most liquid and efficient market in the world. Treasury...

31 CFR Appendix B to Part 357 - TRADES Commentary

Code of Federal Regulations, 2012 CFR

2012-07-01

... exchange of cash to settle a secondary market transaction, nor are pledges of Treasury book-entry... succession could well affect which persons have rights in the interest in a Treasury book-entry security... the market for Treasury securities—the most liquid and efficient market in the world. Treasury...

31 CFR Appendix B to Part 357 - TRADES Commentary

Code of Federal Regulations, 2014 CFR

2014-07-01

... exchange of cash to settle a secondary market transaction, nor are pledges of Treasury book-entry... succession could well affect which persons have rights in the interest in a Treasury book-entry security... the market for Treasury securities—the most liquid and efficient market in the world. Treasury...

31 CFR Appendix B to Part 357 - TRADES Commentary

Code of Federal Regulations, 2013 CFR

2013-07-01

... exchange of cash to settle a secondary market transaction, nor are pledges of Treasury book-entry... succession could well affect which persons have rights in the interest in a Treasury book-entry security... the market for Treasury securities—the most liquid and efficient market in the world. Treasury...

Marketing: Key to Institutional Survival and Success.

ERIC Educational Resources Information Center

Grossman, Robert J.

1987-01-01

The marketing concept holds that the primary task of an institution is to determine the needs, wants, and values of its target constituencies and to adapt itself to delivering desired satisfactions more effectively and efficiently than its competitors. Student orientation, marketing research, mission and goals, and institutional commitment are…

77 FR 27822 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Proposed...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-05-11

... in derivatives markets by requiring the clearing of standardized contracts through regulated [central...- traded derivatives. Competition between appropriately regulated OTC derivatives markets and regulated exchanges will make both sets of markets more efficient and thereby better serve end-users of derivatives.\\8...

METEOR: An Enterprise Health Informatics Environment to Support Evidence-Based Medicine.

PubMed

Puppala, Mamta; He, Tiancheng; Chen, Shenyi; Ogunti, Richard; Yu, Xiaohui; Li, Fuhai; Jackson, Robert; Wong, Stephen T C

2015-12-01

The aim of this paper is to propose the design and implementation of next-generation enterprise analytics platform developed at the Houston Methodist Hospital (HMH) system to meet the market and regulatory needs of the healthcare industry. For this goal, we developed an integrated clinical informatics environment, i.e., Methodist environment for translational enhancement and outcomes research (METEOR). The framework of METEOR consists of two components: the enterprise data warehouse (EDW) and a software intelligence and analytics (SIA) layer for enabling a wide range of clinical decision support systems that can be used directly by outcomes researchers and clinical investigators to facilitate data access for the purposes of hypothesis testing, cohort identification, data mining, risk prediction, and clinical research training. Data and usability analysis were performed on METEOR components as a preliminary evaluation, which successfully demonstrated that METEOR addresses significant niches in the clinical informatics area, and provides a powerful means for data integration and efficient access in supporting clinical and translational research. METEOR EDW and informatics applications improved outcomes, enabled coordinated care, and support health analytics and clinical research at HMH. The twin pressures of cost containment in the healthcare market and new federal regulations and policies have led to the prioritization of the meaningful use of electronic health records in the United States. EDW and SIA layers on top of EDW are becoming an essential strategic tool to healthcare institutions and integrated delivery networks in order to support evidence-based medicine at the enterprise level.

On the insignificance of Herschel's sunspot correlation

NASA Astrophysics Data System (ADS)

Love, Jeffrey J.

2013-08-01

We examine William Herschel's hypothesis that solar-cycle variation of the Sun's irradiance has a modulating effect on the Earth's climate and that this is, specifically, manifested as an anticorrelation between sunspot number and the market price of wheat. Since Herschel first proposed his hypothesis in 1801, it has been regarded with both interest and skepticism. Recently, reports have been published that either support Herschel's hypothesis or rely on its validity. As a test of Herschel's hypothesis, we seek to reject a null hypothesis of a statistically random correlation between historical sunspot numbers, wheat prices in London and the United States, and wheat farm yields in the United States. We employ binary-correlation, Pearson-correlation, and frequency-domain methods. We test our methods using a historical geomagnetic activity index, well known to be causally correlated with sunspot number. As expected, the measured correlation between sunspot number and geomagnetic activity would be an unlikely realization of random data; the correlation is "statistically significant." On the other hand, measured correlations between sunspot number and wheat price and wheat yield data would be very likely realizations of random data; these correlations are "insignificant." Therefore, Herschel's hypothesis must be regarded with skepticism. We compare and contrast our results with those of other researchers. We discuss procedures for evaluating hypotheses that are formulated from historical data.

Volatility Spillover in Chinese Steel Markets

NASA Astrophysics Data System (ADS)

Fang, Wen

2018-03-01

This paper examines volatility spillover in Chinese steel markets by comparing spillover effects before and after steel futures market established and finds some interesting change. Volatility spillover method based on multi-GARCH model are proposed. The results show that there is significant proof for spillover effects from B2B electronic market to spot market, and two-way effects between futures and spot market. Market policy planners and practitioners could make decisions according to the master of spillovers. We also find that B2B e-market and futures market can both provide efficient protection against steel price volatility risk, B2B e-market offer a broad-based platform for trading steel commodities over time and space since e-market role in information flow process is dominant.

Marketing fundamentals.

PubMed

Redmond, W H

2001-01-01

This chapter outlines current marketing practice from a managerial perspective. The role of marketing within an organization is discussed in relation to efficiency and adaptation to changing environments. Fundamental terms and concepts are presented in an applied context. The implementation of marketing plans is organized around the four P's of marketing: product (or service), promotion (including advertising), place of delivery, and pricing. These are the tools with which marketers seek to better serve their clients and form the basis for competing with other organizations. Basic concepts of strategic relationship management are outlined. Lastly, alternate viewpoints on the role of advertising in healthcare markets are examined.

Response to a Prospective Student by Admissions Offices of American Colleges and Universities.

ERIC Educational Resources Information Center

Bradford, John A.

Tested is the hypothesis that admission offices of colleges offering two-year degrees will be less likely to reflect a marketing orientation in their responses to prospective students than colleges and universities offering more advanced degrees. Information sent by 858 institutions of higher education to potential students is described and…

Higher Education: Reputation Effects, Signal Distortions, and Propitious Selection

ERIC Educational Resources Information Center

Savitskaya, E. V.; Altunina, N. S.

2017-01-01

We attempt to prove the hypothesis that, under certain conditions, a phenomenon of propitious selection may arise on the higher education market: When talented university entrants favor applying to branded universities, the latter are able to automatically build up a positive reputation without having to actually improve the quality of their…

Career histories as determinants of gendered retirement timing in the Danish and Swedish pension systems.

PubMed

König, Stefanie

2017-12-01

After reforms in pension systems had taken place in most European countries within the last two decades, the concern was raised that women may be disadvantaged by these reforms. It is suggested that they are faced with a higher financial need to work longer. Retrospective data from SHARELIFE are used to run an event history analysis on the timing of the final employment exit, separately for gender, country and exit cohort. This study aims to disentangle the influence of gendered labour markets and pension regulations on retirement timing by investigating conditions in Denmark and Sweden. Some evidence was found that women compensate for lower labour market attachment due to long part-time periods by working longer, especially in younger cohorts. This seems to depend on the pension system. In countries with broad basic pensions, high replacement rates for low-income groups and fewer penalties for early retirement, the compensation is suggested to be less frequent. This study indicates the growing importance of the "compensation hypothesis" compared to the "status maintenance hypothesis" of previous careers in relation with retirement timing.

Investigating market efficiency through a forecasting model based on differential equations

NASA Astrophysics Data System (ADS)

de Resende, Charlene C.; Pereira, Adriano C. M.; Cardoso, Rodrigo T. N.; de Magalhães, A. R. Bosco

2017-05-01

A new differential equation based model for stock price trend forecast is proposed as a tool to investigate efficiency in an emerging market. Its predictive power showed statistically to be higher than the one of a completely random model, signaling towards the presence of arbitrage opportunities. Conditions for accuracy to be enhanced are investigated, and application of the model as part of a trading strategy is discussed.

The Brain as a Distributed Intelligent Processing System: An EEG Study

PubMed Central

da Rocha, Armando Freitas; Rocha, Fábio Theoto; Massad, Eduardo

2011-01-01

Background Various neuroimaging studies, both structural and functional, have provided support for the proposal that a distributed brain network is likely to be the neural basis of intelligence. The theory of Distributed Intelligent Processing Systems (DIPS), first developed in the field of Artificial Intelligence, was proposed to adequately model distributed neural intelligent processing. In addition, the neural efficiency hypothesis suggests that individuals with higher intelligence display more focused cortical activation during cognitive performance, resulting in lower total brain activation when compared with individuals who have lower intelligence. This may be understood as a property of the DIPS. Methodology and Principal Findings In our study, a new EEG brain mapping technique, based on the neural efficiency hypothesis and the notion of the brain as a Distributed Intelligence Processing System, was used to investigate the correlations between IQ evaluated with WAIS (Whechsler Adult Intelligence Scale) and WISC (Wechsler Intelligence Scale for Children), and the brain activity associated with visual and verbal processing, in order to test the validity of a distributed neural basis for intelligence. Conclusion The present results support these claims and the neural efficiency hypothesis. PMID:21423657

50 CFR 600.330 - National Standard 5-Efficiency.

Code of Federal Regulations, 2010 CFR

2010-10-01

...) Efficiency. In theory, an efficient fishery would harvest the OY with the minimum use of economic inputs such... techniques of harvesting, processing, or marketing, and should avoid creating strong incentives for excessive...

The comparative impact of the market penetration of energy-efficient measures: A sensitivity analysis of its impact on minority households

DOE Office of Scientific and Technical Information (OSTI.GOV)

Bozinovich, L.V.; Poyer, D.A.; Anderson, J.L.

1993-12-01

A sensitivity study was made of the potential market penetration of residential energy efficiency as energy service ratio (ESR) improvements occurred in minority households, by age of house. The study followed a Minority Energy Assessment Model analysis of the National Energy Strategy projections of household energy consumption and prices, with majority, black, and Hispanic subgroup divisions. Electricity and total energy consumption and expenditure patterns were evaluated when the households` ESR improvement followed a logistic negative growth (i.e., market penetration) path. Earlier occurrence of ESR improvements meant greater discounted savings over the 22-year period.

Managed care and the scale efficiency of US hospitals.

PubMed

Brown, H Shelton; Pagán, José A

2006-12-01

Managed care penetration has been partly responsible for slowing down increases in health care costs in recent years. This study uses a 1992-1996 Health Care Utilization Project sample of hospitals to analyze the relationship between managed care penetration in local insurance markets and hospital scale efficiency. After controlling for hospital and market area variables, we find that managed care insurance, particularly the preferred provider type, is associated with increases in hospital scale efficiency in tertiary cases. The results presented here are consistent with the view that managed care can lead to reductions in health cost inflation by controlling the diffusion of technology via improvements in the scale efficiency of hospitals.

Comparisons of auction mechanisms in a multiple unit setting: A consideration for restructuring electric power markets

NASA Astrophysics Data System (ADS)

Bernard, John Charles

The objective of this study was to compare the performance of five single sided auctions that could be used in restructured electric power markets across different market sizes in a multiple unit setting. Auction selection would profoundly influence an industry over $200 billion in size in the United States, and the consequences of implementing an inappropriate mechanism would be great. Experimental methods were selected to analyze the auctions. Two rounds of experiments were conducted, the first testing the sealed offer last accepted offer (LAO) and first rejected offer (FRO), and the clock English (ENG) and sealed offer English (SOE) in markets of sizes two and six. The FRO, SOE, and ENG used the same pricing rule. Second round testing was on the LAO, FRO, and the nonuniform price multiple unit Vickrey (MUV) in markets of sizes two, four, and six. Experiments lasted 23 and 75 periods for rounds 1 and 2 respectively. Analysis of variance and contrast analysis were used to examine the data. The four performance measures used were price, efficiency, profits per unit, and supply revelation. Five basic principles were also assessed: no sales at losses, all low cost capacity should be offered and sold, no high cost capacity should sell, and the market should clear. It was expected group size and auction type would affect performance. For all performance measures, group size was a significant variable, with smaller groups showing poorer performance. Auction type was significant only for the efficiency performance measure, where clock auctions outperformed the others. Clock auctions also proved superior for the first four principles. The FRO performed poorly in almost all situations, and should not be a preferred mechanism in any market. The ENG was highly efficient, but expensive for the buyer. The SOE appeared superior to the FRO and ENG. The clock improves efficiency over the FRO while less information kept prices under the ENG. The MUV was superior in revealing costs, but performed less well in other categories. While concerns existed for all the mechanisms investigated, the commonly proposed LAO was the best option for restructured electric power markets.

Does Price Transparency Improve Market Efficiency? Implications of Empirical Evidence in Other Markets for the Health Sector

DTIC Science & Technology

2007-07-24

for many high-volume stocks of CRS-3 1 William H. Christie and Paul H. Schultz, “Did NASDAQ Market Makers Implicitly Collude?,” Journal of Economic...abandoned, and spreads for several major stocks fell by about half.1 Some other examples of transparency in financial markets suggested transparency lowered...losses. CRS-34 67 For a more detailed description of the structure of modern financial markets, see Hans R. Stoll, “Electronic Trading in Stock

Reducing domestic heating demand: Managing the impact of behavior-changing feedback devices via marketing.

PubMed

Jensen, Thorben; Chappin, Émile J L

2017-07-15

Feedback devices can be used to inform households about their energy-consumption behavior. This may persuade them to practice energy conservation. The use of feedback devices can also-via word of mouth-spread among households and thereby support the spread of the incentivized behavior, e.g. energy-efficient heating behavior. This study investigates how to manage the impact of these environmental innovations via marketing. Marketing activities can support the diffusion of devices. This study aims to identify the most effective strategies of marketing feedback devices. We did this by adapting an agent-based model to simulate the roll-out of a novel feedback technology and heating behavior within households in a virtual city. The most promising marketing strategies were simulated and their impacts were analyzed. We found it particularly effective to lend out feedback devices to consumers, followed by leveraging the social influence of well-connected individuals, and giving away the first few feedback devices for free. Making households aware of the possibility of purchasing feedback devices was found to be least effective. However, making households aware proved to be most cost-efficient. This study shows that actively managing the roll-out of feedback devices can increase their impacts on energy-conservation both effectively and cost-efficiently. Copyright © 2017 Elsevier Ltd. All rights reserved.

US HPWH Market Transformation: Where We've Been and Where to Go Next

DOE Office of Scientific and Technical Information (OSTI.GOV)

Butzbaugh, Joshua B.; Sandahl, Linda J.; Baechler, Michael C.

Water heating is the second largest energy end use in the U.S. residential sector, accounting for approximately 17% of U.S. residential energy consumption. Heat pump water heaters (HPWH) consume 60% less energy than conventional electric-resistance water heaters. However, HPWHs presently make up just 1% of all electric water heaters sold in the residential sector. If market penetration doesn’t increase, there is a possibility that major water heater manufacturers will decrease investment in their HPWH product lines and eventually discontinue their HPWH models. Both market barriers and technology limitations have prevented market adoption in the past. However, through cooperation between manufacturersmore » and the energy efficiency community, technological barriers have decreased in importance. The U.S. Department of Energy (DOE), in partnership with National Laboratories, industry, and the energy efficiency community, is undertaking a national initiative with the intent to increase U.S. market penetration of HPWHs. This paper will serve as an important historical reference on HPWH commercialization and market transformation efforts in the U.S., as well as provide a detailed analysis of market opportunities and offer next steps via DOE’s national initiative.« less

Association between labour market trends and trends in young people's mental health in ten European countries 1983-2005.

PubMed

Lager, Anton C J; Bremberg, Sven G

2009-09-08

Mental health problems have become more common among young people over the last twenty years, especially in certain countries. The reasons for this have remained unclear. The hypothesis tested in this study is that national trends in young people's mental health are associated with national trends in young people's labour market. National secular changes in the proportion of young people with mental health problems and national secular labour market changes were studied from 1983 to 2005 in Austria, Belgium, Denmark, Finland, Hungary, Norway, Spain, Sweden, Switzerland and the United Kingdom. The correlation between the national secular changes in the proportion of young people not in the labour force and the national secular changes in proportion of young people with mental health symptoms was 0.77 for boys and 0.92 for girls. Labour market trends may have contributed to the deteriorating trend in mental health among young people. A true relationship, should other studies confirm it, would be an important aspect to take into account when forming labour market policies or policies concerning the delivery of higher education.

The temperature-ballast hypothesis explains carbon export efficiency observations in the Southern Ocean

NASA Astrophysics Data System (ADS)

Britten, Gregory L.; Wakamatsu, Lael; Primeau, François W.

2017-02-01

Carbon export from the Southern Ocean exerts a strong control on the ocean carbon sink, yet recent observations from the region demonstrate poorly understood relationships in which carbon export efficiency is weakly related to temperature. These observations conflict with traditional theory where export efficiency increases in colder waters. A recently proposed "temperature-ballast hypothesis" suggests an explanatory mechanism where the effect of temperature-dependent respiration is masked by variation in particle-ballast as upwelling waters move northward from Antarctica. We use observations and statistical models to test this mechanism and find positive support for the hypothesized temperature-ballast interactions. Best fitting models indicate a significant relation between export efficiency and silica-ballast while simultaneously revealing the expected inverse effect of temperature once ballast is accounted for. These findings reconcile model predictions, metabolic theory, and carbon export observations in the Southern Ocean and have consequences for how the ocean carbon sink responds to climate change.

Visual Search Efficiency is Greater for Human Faces Compared to Animal Faces

PubMed Central

Simpson, Elizabeth A.; Mertins, Haley L.; Yee, Krysten; Fullerton, Alison; Jakobsen, Krisztina V.

2015-01-01

The Animate Monitoring Hypothesis proposes that humans and animals were the most important categories of visual stimuli for ancestral humans to monitor, as they presented important challenges and opportunities for survival and reproduction; however, it remains unknown whether animal faces are located as efficiently as human faces. We tested this hypothesis by examining whether human, primate, and mammal faces elicit similarly efficient searches, or whether human faces are privileged. In the first three experiments, participants located a target (human, primate, or mammal face) among distractors (non-face objects). We found fixations on human faces were faster and more accurate than primate faces, even when controlling for search category specificity. A final experiment revealed that, even when task-irrelevant, human faces slowed searches for non-faces, suggesting some bottom-up processing may be responsible for the human face search efficiency advantage. PMID:24962122

African Mining, Gender and Local Employment

NASA Astrophysics Data System (ADS)

Tolonen, A.; Kotsadam, A.

2014-12-01

Access to employment improves women's lives and is listed among the top five priorities for promoting gender equality in the 2012 World Development Report. This paper addresses this issue by exploring women's labor market opportunities in Africa within one very important and growing sector: extractive industries. Africa's opportunities are being transformed by new discoveries of natural resources and their rising prices, and the mining sector is the main recipient of foreign direct investment in Sub-Saharan Africa. Whether the discovery of natural resources is a blessing or a curse to a country's citizens is a contentious issue, and natural resource dependence has been linked to negative outcomes at the national level such as environmental degradation, conflict, elite capture of rents and low female labor force participation. Natural resource extraction has been argued to be a hindrance to women's labor market participation by increasing reservation wages and by decreasing market demand for female labor. We perform the first cross-national study testing these hypotheses with micro-data. To do this we combine survey data on 500,000 women in Sub-Saharan Africa with geo-coded data on 900 large-scale mines (see Figure 1). We treat mine openings and mine closings as natural experiments to explore local labor market changes. Industrial mines generate local structural shifts. Subsistence farming becomes less important for both men and women. However, men shift to skilled manual labor, and women shift to service sector jobs. This contradicts the hypothesis that natural resource extraction is detrimental to women, by not providing them with new job opportunities. However, in support of the hypothesis, women decrease their labor market participation more than men do. A back-of-the-envelope calculation estimates that 90,000 women across Africa benefit from service sector jobs as a direct result of industrial mining in their communities, but 280,000 women leave the labor force. Further evidence using exogenous changes in world prices of minerals show that effects are stronger in boom times, but that the labor market effects are temporary and disappear with mine closing. The effects are highly spatially concentrated, and individuals living 50km away from a mine are not affected by it.

Project acceleration : making the leap from pilot to commercialization.

DOE Office of Scientific and Technical Information (OSTI.GOV)

Borneo, Daniel R.

2010-05-01

Since the energy storage technology market is in a relatively emergent phase, narrowing the gap between pilot project status and commercialization is fundamental to the accelerating of this innovative market space. This session will explore regional market design factors to facilitate the storage enterprise. You will also hear about: quantifying transmission and generation efficiency enhancements; resource planning for storage; and assessing market mechanisms to accelerate storage adoption regionally.

The Acceptance of the Social Market Economy in Germany

ERIC Educational Resources Information Center

Schlösser, Hans Jürgen; Schuhen, Michael; Schürkmann, Susanne

2017-01-01

Germany's economic order is labelled "Social Market Economy" in order to indicate that the economic system has both an economic and a social dimension. Its purpose is to reconcile efficiency goals and social responsibility. The concept of the Social Market Economy is based on central values such as freedom or justice. Under the label…

School Reforms in Ontario: The "Marketization of Education" and the Resulting Silence on Equity.

ERIC Educational Resources Information Center

Dei, George J. Sefa; Karumanchery, Leeno L.

1999-01-01

Critically examines recent market-oriented educational reforms in Ontario and their impact on socially disadvantaged groups. Argues that current trends lead toward a "marketization" of education in Ontario, as the rhetoric of cost-effectiveness and bureaucratic efficiency shifts the official agenda of educational reform away from equity…

77 FR 49846 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-08-17

...: (i) Significantly affect the protection of investors or the public interest; (ii) impose any... market and a national market system, and, in general, to protect investors and the public interest. \\4... benefit investors and the public interest and encourage more efficient order entry practices by Market...

75 FR 80786 - Solicitation of Applications for the Federal-State Marketing Improvement Program (FSMIP)

Federal Register 2010, 2011, 2012, 2013, 2014

2010-12-23

... funds a wide range of applied research projects that address barriers, challenges, and opportunities in... explore new market opportunities for U.S. food and agricultural products and to encourage research and... encourage research and innovation aimed at improving the efficiency and performance of the U.S. marketing...

An economic analysis of mine-timber marketing in West Virginia

Treesearch

Henry H. Webster

1956-01-01

Coal mines have long provided a major outlet for the timber products of West Virginia. Although the structure and operation of mine-timber markets is little understood, the efficiency of the marketing system undoubtedly affects the decisions of most of the 130,000 farm and other private timber-growing enterprises in the state.

Child Protection, Public Services and the Chimera of Market Force Efficiency.

ERIC Educational Resources Information Center

Barker, Richard W.

1996-01-01

Describes child protection systems in England and ongoing changes in their services. Considers effects of a market force approach on the organization of child protection services in relation to coordination versus fragmentation and profit versus professionalism. Concludes that the idea that a market force approach to child protection will lead to…

Marketing When Your Creativity is High and Your Budget Is Low.

ERIC Educational Resources Information Center

Clark, Silvana

1995-01-01

Informs early childhood center directors of efficient ways to promote and market their facilities and programs. Because the day-to-day logistics of scheduling teachers, ordering supplies, and communicating with parents often leave little time for formal marketing, creative ideas are needed. Suggestions include yellow-page ads, a variety of…

An examination of the relationships between hardwood lumber and stumpage prices in Ohio

Treesearch

William G. Luppold; Jeffrey P. Prestemon; John E. Baumgras

1998-01-01

Understanding the relationship between hardwood lumber and stumpage prices is critical in evaluating market efficiency and in understanding the potential impact of changing technology on stumpage markets. Unfortunately, the complexity of the hardwood lumber market and lack of reliable data make it difficult to evaluate this relationship using traditional econometric...

[Application of marketing strategies for the management of public hospitals from the viewpoint of the staff members].

PubMed

Riveros S, Jorge; Berné M, Carmen

2006-03-01

The implementation of the marketing strategies in public hospitals provides management advantages and improves the relationship between customers and staff. To analyze the application of marketing strategies in a public hospital, from the perspective of the staff. A structured survey that asked about perceptions in 50 items about communication between personnel and customers/users, customer satisfaction, participation in the development of new policies and incentives for efficiency was applied to a stratified sample of the staff. Factorial and regression analyses were performed to define the impact of marketing strategies on the degree of preoccupation and orientation of the organization towards the satisfaction of customer needs. The survey was applied to 74 males and 122 females. The survey showed that the orientation of the hospital towards the satisfaction of its beneficiaries basically depends on the generation of an organizational culture oriented towards them and the implementation of adequate policies in staff management and quality of service. These basic aspects can be accompanied with practices associated to the new marketing approaches such as a market orientation, customer orientation and relational marketing. All these factors presented positive and significant relations. New marketing strategies should be applied, to achieve an efficient and customer oriented hospital management.

Policy design and performance of emissions trading markets: an adaptive agent-based analysis.

PubMed

Bing, Zhang; Qinqin, Yu; Jun, Bi

2010-08-01

Emissions trading is considered to be a cost-effective environmental economic instrument for pollution control. However, the pilot emissions trading programs in China have failed to bring remarkable success in the campaign for pollution control. The policy design of an emissions trading program is found to have a decisive impact on its performance. In this study, an artificial market for sulfur dioxide (SO2) emissions trading applying the agent-based model was constructed. The performance of the Jiangsu SO2 emissions trading market under different policy design scenario was also examined. Results show that the market efficiency of emissions trading is significantly affected by policy design and existing policies. China's coal-electricity price system is the principal factor influencing the performance of the SO2 emissions trading market. Transaction costs would also reduce market efficiency. In addition, current-level emissions discharge fee/tax and banking mechanisms do not distinctly affect policy performance. Thus, applying emissions trading in emission control in China should consider policy design and interaction with other existing policies.

DOE Office of Scientific and Technical Information (OSTI.GOV)

Desroches, Louis-Benoit; Garbesi, Karina

It is well established that energy efficiency is most often the lowest cost approach to reducing national energy use and minimizing carbon emissions. National investments in energy efficiency to date have been highly cost-effective. The cumulative impacts (out to 2050) of residential energy efficiency standards are expected to have a benefit-to-cost ratio of 2.71:1. This project examined energy end-uses in the residential, commercial, and in some cases the industrial sectors. The scope is limited to appliances and equipment, and does not include building materials, building envelopes, and system designs. This scope is consistent with the scope of DOE's appliance standardsmore » program, although many products considered here are not currently subject to energy efficiency standards. How much energy could the United States save if the most efficient design options currently feasible were adopted universally? What design features could produce those savings? How would the savings from various technologies compare? With an eye toward identifying promising candidates and strategies for potential energy efficiency standards, the Max Tech and Beyond project aims to answer these questions. The analysis attempts to consolidate, in one document, the energy savings potential and design characteristics of best-on-market products, best-engineered products (i.e., hypothetical products produced using best-on-market components and technologies), and emerging technologies in research & development. As defined here, emerging technologies are fundamentally new and are as yet unproven in the market, although laboratory studies and/or emerging niche applications offer persuasive evidence of major energy-savings potential. The term 'max tech' is used to describe both best-engineered and emerging technologies (whichever appears to offer larger savings). Few best-on-market products currently qualify as max tech, since few apply all available best practices and components. The three primary analyses presented in this report are: Nevertheless, it is important to analyze best-on-market products, since data on truly max tech technologies are limited. (1) an analysis of the cross-cutting strategies most promising for reducing appliance and equipment energy use in the U.S.; (2) a macro-analysis of the U.S. energy-saving potential inherent in promising ultra-efficient appliance technologies; and (3) a product-level analysis of the energy-saving potential.« less

7 CFR 37.5 - Order of furnishing service.

Code of Federal Regulations, 2010 CFR

2010-01-01

... Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing Practices), DEPARTMENT OF AGRICULTURE COMMODITY STANDARDS AND STANDARD CONTAINER... are received, insofar as consistent with good management, efficiency, and economy. ...

47 CFR 2.1201 - Purpose.

Code of Federal Regulations, 2010 CFR

2010-10-01

... and international regulations, and in order to promote efficient use of the radio spectrum, the... prerequisite for marketing and importing this equipment into the U.S.A. The marketing rules, § 2.801 et seq...

Research utilization in the building industry: decision model and preliminary assessment

DOE Office of Scientific and Technical Information (OSTI.GOV)

Watts, R.L.; Johnson, D.R.; Smith, S.A.

1985-10-01

The Research Utilization Program was conceived as a far-reaching means for managing the interactions of the private sector and the federal research sector as they deal with energy conservation in buildings. The program emphasizes a private-public partnership in planning a research agenda and in applying the results of ongoing and completed research. The results of this task support the hypothesis that the transfer of R and D results to the buildings industry can be accomplished more efficiently and quickly by a systematic approach to technology transfer. This systematic approach involves targeting decision makers, assessing research and information needs, properly formatingmore » information, and then transmitting the information through trusted channels. The purpose of this report is to introduce elements of a market-oriented knowledge base, which would be useful to the Building Systems Division, the Office of Buildings and Community Systems and their associated laboratories in managing a private-public research partnership on a rational systematic basis. This report presents conceptual models and data bases that can be used in formulating a technology transfer strategy and in planning technology transfer programs.« less

An exploratory study of services marketing in global markets: major areas of inquiry for the health care services industry.

PubMed

Young, S; Erdem, S A

1996-01-01

It has been stated that one of the major challenges for the international marketer is the design of an efficient strategy for marketing services to international markets. This paper reviews some of the issues associated with services marketing in global markets along with the basic variables of service industries. An exploratory assessment of the health care services industry results in a list composed of several inquiry areas which should be examined by multinational companies. It is hoped that the review of the issues raised in this paper provides a basis for decision making and further research.

Understanding and reaching family forest owners: lessons from social marketing research

Treesearch

Brett J. Butler; Mary Tyrrell; Geoff Feinberg; Scott VanManen; Larry Wiseman; Scott Wallinger

2007-01-01

Social marketing--the use of commercial marketing techniques to effect positive social change--is a promising means by which to develop more effective and efficient outreach, policies, and services for family forest owners. A hierarchical, multivariate analysis based on landowners' attitudes reveals four groups of owners to whom programs can be tailored: woodland...

75 FR 60411 - Request for Comment on Options for a Proposed Exemptive Order Relating to the Trading and...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-09-30

... in the precious metals markets. \\28\\ See http://www.sec.gov/Archives/edgar/data/1459862... efficient exposure to commodity market price movements.\\4\\ These Precious Metal Commodity-Based ETFs have... conditions to the exemption orders) and that novel products may be introduced without undue delay for market...

Market Competition, Public Good and Institutional Governance: Analyses of Portugal's Experience

ERIC Educational Resources Information Center

Amaral, Alberto; Magalhaes, Antonio

2007-01-01

The emergence of the market as a regulatory tool for the public sector and the promotion of competition among institutions are based upon the idea that they promote institutions' responsiveness to society and a more efficient use of public funds. However, autonomous institutions forced to compete under market-like conditions may follow strategies…

Exploring Public Relations Excellence and Integrated Marketing Communications at Private, Nonprofit Higher Education Institutions

ERIC Educational Resources Information Center

Higgins, Shannon K.

2017-01-01

Purpose: Many recent articles discuss the increased marketization of higher education, but few examine whether such practices are executed at their optimum level of efficiency and efficacy. This study addressed the significant lack of research in this area and answers the central question of how optimally public relations and marketing departments…

Solar Market Research and Analysis | Solar Research | NREL

Science.gov Websites

stakeholder engagement, NREL's Solar Market Research and Analysis efforts further solar technologies' role in technologies' role in supporting a more efficient and better performing U.S. electricity system. Learn more

Estimating the Full Cost of Family-Financed Time Inputs to Education.

ERIC Educational Resources Information Center

Levine, Victor

This paper presents a methodology for estimating the full cost of parental time allocated to child-care activities at home. Building upon the human capital hypothesis, a model is developed in which the cost of an hour diverted from labor market activity is seen as consisting of three components: 1) direct wages foregone; 2) investments in…

A Study on CPH and Debate Summary in FLL

ERIC Educational Resources Information Center

Liu, Zhiliang

2009-01-01

The optimal age in FLL (foreign language learning) for children has been discussed over 50 years but there is no satisfactory conclusion for us. However, the notion "the younger, the better" in FLL has a big market in the world. As a result, the distorted hypothesis is being spread widely as a true and complete theory. Specifically…

Are young first and second generation immigrants at a disadvantage in the Australian labor market?

PubMed

Maani, S A

1994-01-01

"This paper examines the assimilation hypothesis for young adult first- and second-generation immigrants in Australia. Models of the total weeks of unemployment and the number of spells of unemployment are examined as indicators of relative labor market conditions. The study differs from earlier work by focusing on young first- and second-generation immigrants and by utilizing information over four consecutive years of the Australian Longitudinal Survey (ALS) data, a comprehensive data set compiled for 1985-1988. The results consistently indicate that even when controlling for qualifications, both first- and second-generation immigrants are at a disadvantage." excerpt

Strengthening Building Retrofit Markets

DOE Office of Scientific and Technical Information (OSTI.GOV)

Templeton, Mary; Jackson, Robert

2014-04-15

The Business Energy Financing (BEF) program offered commercial businesses in Michigan affordable financing options and other incentives designed to support energy efficiency improvements. We worked through partnerships with Michigan utilities, lenders, building contractors, trade associations, and other community organizations to offer competitive interest rates and flexible financing terms to support energy efficiency projects that otherwise would not have happened. The BEF program targeted the retail food market, including restaurants, grocery stores, convenience stores, and wholesale food vendors, with the goal of achieving energy efficiency retrofits for 2 percent of the target market. We offered low interest rates, flexible payments, easymore » applications and approval processes, and access to other incentives and rebates. Through these efforts, we sought to help customers strive for energy savings retrofits that would save 20 percent or more on their energy use. This program helped Michigan businesses reduce costs by financing energy efficient lighting, heating and cooling systems, insulation, refrigeration, equipment upgrades, and more. Businesses completed the upgrades with the help of our authorized contractors, and, through our lending partners, we provided affordable financing options.« less

Simple Retrofit High-Efficiency Natural Gas Water Heater Field Test

DOE Office of Scientific and Technical Information (OSTI.GOV)

Schoenbauer, Ben

High-performance water heaters are typically more time consuming and costly to install in retrofit applications, making high performance water heaters difficult to justify economically. However, recent advancements in high performance water heaters have targeted the retrofit market, simplifying installations and reducing costs. Four high efficiency natural gas water heaters designed specifically for retrofit applications were installed in single-family homes along with detailed monitoring systems to characterize their savings potential, their installed efficiencies, and their ability to meet household demands. The water heaters tested for this project were designed to improve the cost-effectiveness and increase market penetration of high efficiency watermore » heaters in the residential retrofit market. The retrofit high efficiency water heaters achieved their goal of reducing costs, maintaining savings potential and installed efficiency of other high efficiency water heaters, and meeting the necessary capacity in order to improve cost-effectiveness. However, the improvements were not sufficient to achieve simple paybacks of less than ten years for the incremental cost compared to a minimum efficiency heater. Significant changes would be necessary to reduce the simple payback to six years or less. Annual energy savings in the range of $200 would also reduce paybacks to less than six years. These energy savings would require either significantly higher fuel costs (greater than $1.50 per therm) or very high usage (around 120 gallons per day). For current incremental costs, the water heater efficiency would need to be similar to that of a heat pump water heater to deliver a six year payback.« less

Market Model for Resource Allocation in Emerging Sensor Networks with Reinforcement Learning

PubMed Central

Zhang, Yue; Song, Bin; Zhang, Ying; Du, Xiaojiang; Guizani, Mohsen

2016-01-01

Emerging sensor networks (ESNs) are an inevitable trend with the development of the Internet of Things (IoT), and intend to connect almost every intelligent device. Therefore, it is critical to study resource allocation in such an environment, due to the concern of efficiency, especially when resources are limited. By viewing ESNs as multi-agent environments, we model them with an agent-based modelling (ABM) method and deal with resource allocation problems with market models, after describing users’ patterns. Reinforcement learning methods are introduced to estimate users’ patterns and verify the outcomes in our market models. Experimental results show the efficiency of our methods, which are also capable of guiding topology management. PMID:27916841

The ecology of markets.

PubMed Central

Nordhaus, W D

1992-01-01

Economies are sometimes viewed as analogous to ecological systems in which "everything is connected to everything else." In complex modern economies, the question arises whether the market mechanism can appropriately coordinate all the interconnections or whether instead some supramarket body is needed to coordinate the vast web of human activities. This study describes how an idealized decentralized competitive market in fact coordinates the different economic organisms in an efficient manner. The problems of pollution and other externalities can undo the efficient outcome unless corrected by appropriate property rights or corrective taxes. But in closing the economic circle, the internalized economy does not actually need to close the natural cycles by linking up all physical flows through recycling. PMID:11607264

Progress on Fuel Efficiency and Market Adoption - SuperTruck Factsheet

DOE Office of Scientific and Technical Information (OSTI.GOV)

None

2016-06-30

The Department of Energy (DOE) launched the SuperTruck initiative in 2009 with the goal of developing and demonstrating a 50 percent improvement in overall freight efficiency (expressed in a ton-mile per gallon metric) for a heavy-duty Class 8 tractor-trailer. To date, the industry teams participating in the initiative have successfully met or are on track to exceed this goal, leveraging suites of technologies that hold significant potential for market success.

Information asymmetry, social networking site word of mouth, and mobility effects on social commerce in Korea.

PubMed

Hwang, In Jeong; Lee, Bong Gyou; Kim, Ki Youn

2014-02-01

The purpose of this research is to examine the issues that affect customers' behavioral character and purchasing behavior. The study proposes a research hypothesis with independent variables that include social presence, trust, and information asymmetry, and the dependent variable purchase decision making, to explain differentiated customer decision making processes in social commerce (S-commerce). To prove the hypothesis, positive verification was performed by focusing on mediating effects through a customer uncertainty variable and moderating effects through mobility and social networking site word of mouth (SNS WOM) variables. The number of studies on customer trends has rapidly increased together with the market size of S-commerce. However, few studies have examined the negative variables that make customers hesitant to make decisions in S-commerce. This study investigates the causes of customer uncertainty and focuses on deducing the control variables that offset this negative relationship. The study finds that in customers' S-commerce purchasing actions, the SNS WOM and mobility variables show control effects between information asymmetry and uncertainty and between trust and uncertainty. Additionally, this research defines the variables related to customer uncertainty that are hidden in S-commerce, and statistically verifies their relationship. The research results can be used in Internet marketing practices to establish marketing mix strategies for customer demand or as research data to predict customer behavior. The results are scientifically meaningful as a precedent for research on customers in S-commerce.

Climate gentrification: from theory to empiricism in Miami-Dade County, Florida

NASA Astrophysics Data System (ADS)

Keenan, Jesse M.; Hill, Thomas; Gumber, Anurag

2018-05-01

This article provides a conceptual model for the pathways by which climate change could operate to impact geographies and property markets whose inferior or superior qualities for supporting the built environment are subject to a descriptive theory known as ‘Climate Gentrification.’ The article utilizes Miami-Dade County, Florida (MDC) as a case study to explore the market mechanisms that speak to the operations and processes inherent in the theory. This article tests the hypothesis that the rate of price appreciation of single-family properties in MDC is positively related to and correlated with incremental measures of higher elevation (the ‘Elevation Hypothesis’). As a reflection of an increase in observed nuisance flooding and relative SLR, the second hypothesis is that the rates of price appreciation in lowest the elevation cohorts have not kept up with the rates of appreciation of higher elevation cohorts since approximately 2000 (the ‘Nuisance Hypothesis’). The findings support a validation of both hypotheses and suggest the potential existence of consumer preferences that are based, in part, on perceptions of flood risk and/or observations of flooding. These preferences and perceptions are anticipated to be amplified by climate change in a manner that reinforces the proposition that climate change impacts will affect the marketability and valuation of property with varying degrees of environmental exposure and resilience functionality. Uncovering these empirical relationships is a critical first step for understanding the occurrence and parameters of Climate Gentrification.

Plant disease severity assessment - How rater bias, assessment method and experimental design affect hypothesis testing and resource use efficiency

USDA-ARS?s Scientific Manuscript database

The impact of rater bias and assessment method on hypothesis testing was studied for different experimental designs for plant disease assessment using balanced and unbalanced data sets. Data sets with the same number of replicate estimates for each of two treatments are termed ‘balanced’, and those ...

On the insignificance of Herschel's sunspot correlation

USGS Publications Warehouse

Love, Jeffrey J.

2013-01-01

We examine William Herschel's hypothesis that solar-cycle variation of the Sun's irradiance has a modulating effect on the Earth's climate and that this is, specifically, manifested as an anticorrelation between sunspot number and the market price of wheat. Since Herschel first proposed his hypothesis in 1801, it has been regarded with both interest and skepticism. Recently, reports have been published that either support Herschel's hypothesis or rely on its validity. As a test of Herschel's hypothesis, we seek to reject a null hypothesis of a statistically random correlation between historical sunspot numbers, wheat prices in London and the United States, and wheat farm yields in the United States. We employ binary-correlation, Pearson-correlation, and frequency-domain methods. We test our methods using a historical geomagnetic activity index, well known to be causally correlated with sunspot number. As expected, the measured correlation between sunspot number and geomagnetic activity would be an unlikely realization of random data; the correlation is “statistically significant.” On the other hand, measured correlations between sunspot number and wheat price and wheat yield data would be very likely realizations of random data; these correlations are “insignificant.” Therefore, Herschel's hypothesis must be regarded with skepticism. We compare and contrast our results with those of other researchers. We discuss procedures for evaluating hypotheses that are formulated from historical data.

Essays in applied microeconomics

NASA Astrophysics Data System (ADS)

Wang, Xiaoting

In this dissertation I use Microeconomic theory to study firms' behavior. Chapter One introduces the motivations and main findings of this dissertation. Chapter Two studies the issue of information provision through advertisement when markets are segmented and consumers' price information is incomplete. Firms compete in prices and advertising strategies for consumers with transportation costs. High advertising costs contribute to market segmentation. Low advertising costs promote price competition among firms and improves consumer welfare. Chapter Three also investigates market power as a result of consumers' switching costs. A potential entrant can offer a new product bundled with an existing product to compensate consumers for their switching cost. If the primary market is competitive, bundling simply plays the role of price discrimination, and it does not dominate unbundled sales in the process of entry. If the entrant has market power in the primary market, then bundling also plays the role of leveraging market power and it dominates unbundled sales. The market for electric power generation has been opened to competition in recent years. Chapter Four looks at issues involved in the deregulated electricity market. By comparing the performance of the competitive market with the social optimum, we identify the conditions under which market equilibrium generates socially efficient levels of electric power. Chapter Two to Four investigate the strategic behavior among firms. Chapter Five studies the interaction between firms and unemployed workers in a frictional labor market. We set up an asymmetric job auction model, where two types of workers apply for two types of job openings by bidding in auctions and firms hire the applicant offering them the most profits. The job auction model internalizes the determination of the share of surplus from a match, therefore endogenously generates incentives for an efficient division of the matching surplus. Microeconomic foundation for competitive auctions is also discussed in this chapter.

7 CFR 1215.8 - Industry information.

Code of Federal Regulations, 2012 CFR

2012-01-01

... AGREEMENTS AND ORDERS; MISCELLANEOUS COMMODITIES), DEPARTMENT OF AGRICULTURE POPCORN PROMOTION, RESEARCH, AND CONSUMER INFORMATION Popcorn Promotion, Research, and Consumer Information Order Definitions § 1215.8... of new markets, new marketing strategies, or increased efficiency for the popcorn industry, or...

7 CFR 1215.8 - Industry information.

Code of Federal Regulations, 2011 CFR

2011-01-01

... AGREEMENTS AND ORDERS; MISCELLANEOUS COMMODITIES), DEPARTMENT OF AGRICULTURE POPCORN PROMOTION, RESEARCH, AND CONSUMER INFORMATION Popcorn Promotion, Research, and Consumer Information Order Definitions § 1215.8... of new markets, new marketing strategies, or increased efficiency for the popcorn industry, or...

7 CFR 1215.8 - Industry information.

Code of Federal Regulations, 2013 CFR

2013-01-01

... AGREEMENTS AND ORDERS; MISCELLANEOUS COMMODITIES), DEPARTMENT OF AGRICULTURE POPCORN PROMOTION, RESEARCH, AND CONSUMER INFORMATION Popcorn Promotion, Research, and Consumer Information Order Definitions § 1215.8... of new markets, new marketing strategies, or increased efficiency for the popcorn industry, or...

7 CFR 1215.8 - Industry information.

Code of Federal Regulations, 2014 CFR

2014-01-01

... AGREEMENTS AND ORDERS; MISCELLANEOUS COMMODITIES), DEPARTMENT OF AGRICULTURE POPCORN PROMOTION, RESEARCH, AND CONSUMER INFORMATION Popcorn Promotion, Research, and Consumer Information Order Definitions § 1215.8... of new markets, new marketing strategies, or increased efficiency for the popcorn industry, or...

Maritime transport costs and port efficiency

DOT National Transportation Integrated Search

2001-02-01

Recent literature has emphasized the importance of transport costs and infrastructure in explaining trade, access to markets, and increases in per capita income. For most Latin American countries, transport costs are a greater barrier to U.S. markets...

Phycoremediation of Heavy Metals in Wet Market Wastewater

NASA Astrophysics Data System (ADS)

Apandi, Najeeha; Saphira Radin Mohamed, Radin Maya; Al-Gheethi, Adel; Latiffi, Atikah; Nor Hidayah Arifin, Siti; Gani, Paran

2018-04-01

The efficiency of phycoremediation using microalgae for removing nutrients and heavy metals from wastewaters has been proved. However, the differences in the composition of wastewaters as well as microalgae species play an important role in the efficient of this process. Therefore, the present study aimed to investigate the effectiveness of Scenedesmus sp. to removal of heavy metals from wet market wastewater. Scenedesmus sp. was inoculated with 106 cells/mL into each wet market wastewater concentration included 10, 25, 50, 75 and 100% and incubated for 18 days. The highest growth rate was recorded in 50% WM with a maximum dry weight of 2006 mg L-1 which subsequently removed 93.06% of Cd, 91.5% of Cr, 92.47% of Fe, 92.40% of Zn. These findings reflected the high potential of Scenedesmus sp. in the treatment of wet market wastewater and production microalgae biomass.

Analysing Buyers' and Sellers' Strategic Interactions in Marketplaces: An Evolutionary Game Theoretic Approach

NASA Astrophysics Data System (ADS)

Vytelingum, Perukrishnen; Cliff, Dave; Jennings, Nicholas R.

We develop a new model to analyse the strategic behaviour of buyers and sellers in market mechanisms. In particular, we wish to understand how the different strategies they adopt affect their economic efficiency in the market and to understand the impact of these choices on the overall efficiency of the marketplace. To this end, we adopt a two-population evolutionary game theoretic approach, where we consider how the behaviours of both buyers and sellers evolve in marketplaces. In so doing, we address the shortcomings of the previous state-of-the-art analytical model that assumes that buyers and sellers have to adopt the same mixed strategy in the market. Finally, we apply our model in one of the most common market mechanisms, the Continuous Double Auction, and demonstrate how it allows us to provide new insights into the strategic interactions of such trading agents.

Consistency assessment with global and bridging development strategies in emerging markets.

PubMed

Li, Gang; Chen, Josh; Quan, Hui; Shentu, Yue

2013-11-01

Global trial strategy with the participation of all major regions including countries from emerging markets surely increases new drug development efficiency. Nevertheless, there are circumstances in which some countries in emerging markets cannot join the original global trial. To evaluate the extrapolability of the original trial results to a new country, a bridging trial in the country has to be conducted. In this paper, we first evaluate the efficiency loss of the bridging trial strategy compared to that of the global trial strategy as a function of between-study variability from consistency assessment perspective. The provided evidence should encourage countries in emerging markets to make a greater effort to participate in the original global trial. We then discuss sample size requirement for desired assurance probability for consistency assessment based on various approaches for both global and bridging trial strategies. Examples are presented for numerical demonstration and comparisons. Copyright © 2013 Elsevier Inc. All rights reserved.

Setting Physicians' Prices in FFS Medicare: An Economic Perspective

PubMed Central

Dowd, Bryan; Feldman, Roger; Nyman, John; Town, Bob

2006-01-01

Recent policy discussions by the Medicare Payment Advisory Commission (MedPAC) regarding physician prices in the traditional fee-for-service (FFS) Medicare Program reflect movement toward a market pricing model. Earlier objectives such as sustainable levels of spending have given way to concerns over the relationship between fees and actual costs, access to care, and the importance of demand and supply in local markets. An important objective in other policy settings is economically efficient distribution of services. We explain the meaning of economic efficiency for Medicare physician prices and explore difficulties one might encounter in pursuing economic efficiency, as well as the cost of not pursuing it. PMID:17427848

Breaking the Yardstick: The Dangers of Market-based Governance (Defense Horizons, Number 67, May 2009)

DTIC Science & Technology

2009-05-01

the implementation of free market forces, more efficient and effective use of resources can be obtained,” which the Defense Science Board asserted...actually slower, less effective, and costlier. This is, in part, because the Breaking the Yardstick: The Dangers of Market -based Governance by Don...2. REPORT TYPE 3. DATES COVERED 00-00-2009 to 00-00-2009 4. TITLE AND SUBTITLE Breaking the Yardstick: The Dangers of Market -based Governance

Herd behaviour experimental testing in laboratory artificial stock market settings. Behavioural foundations of stylised facts of financial returns

NASA Astrophysics Data System (ADS)

Manahov, Viktor; Hudson, Robert

2013-10-01

Many scholars express concerns that herding behaviour causes excess volatility, destabilises financial markets, and increases the likelihood of systemic risk. We use a special form of the Strongly Typed Genetic Programming (STGP) technique to evolve a stock market divided into two groups-a small subset of artificial agents called ‘Best Agents’ and a main cohort of agents named ‘All Agents’. The ‘Best Agents’ perform best in term of the trailing return of a wealth moving average. We then investigate whether herding behaviour can arise when agents trade Dow Jones, General Electric, and IBM financial instruments in four different artificial stock markets. This paper uses real historical quotes of the three financial instruments to analyse the behavioural foundations of stylised facts such as leptokurtosis, non-IIDness, and volatility clustering. We found evidence of more herding in a group of stocks than in individual stocks, but the magnitude of herding does not contribute to the mispricing of assets in the long run. Our findings suggest that the price formation process caused by the collective behaviour of the entire market exhibit less herding and is more efficient than the segmented market populated by a small subset of agents. Hence, greater genetic diversity leads to greater consistency with fundamental values and market efficiency.

Social marketing in public health.

PubMed

Grier, Sonya; Bryant, Carol A

2005-01-01

Social marketing, the use of marketing to design and implement programs to promote socially beneficial behavior change, has grown in popularity and usage within the public health community. Despite this growth, many public health professionals have an incomplete understanding of the field. To advance current knowledge, we provide a practical definition and discuss the conceptual underpinnings of social marketing. We then describe several case studies to illustrate social marketing's application in public health and discuss challenges that inhibit the effective and efficient use of social marketing in public health. Finally, we reflect on future developments in the field. Our aim is practical: to enhance public health professionals' knowledge of the key elements of social marketing and how social marketing may be used to plan public health interventions.

Enhancing efficiency of production cost on seafood process with activity based management method

NASA Astrophysics Data System (ADS)

Tarigan, U.; Tarigan, U. P. P.

2018-02-01

The efficiency of production costs has an important impact maintaining company presence in the business world, as well as in the face of increasingly sharp global competition. It was done by identifying and reducing non-value-added activities to decrease production costs and increase profits. The study was conducted at a company engaged in the production of squid (seafood). It has a higher product price than the market as Rp 50,000 per kg while the market price of squid is only Rp 35,000 per kg. The price of the product to be more expensive compared with market price, and thereby a lot more consumers choose the lower market price. Based on the discussions conducted, the implementation of Activity Based Management was seen in the reduction of activities that are not added value in the production process. Since each activities consumers cost, the reduction of nonvalue-added activities has effects on the decline of production cost. The production’s decline costs mainly occur in the reduction of material transfer costs. The results showed that there was an increase after the improvement of 2.60%. Increased production cost efficiency causes decreased production costs and increased profits.

Fayette County Better Buildings Initiative

DOE Office of Scientific and Technical Information (OSTI.GOV)

Capella, Arthur

The Fayette County Better Buildings Initiative represented a comprehensive and collaborative approach to promoting and implementing energy efficiency improvements. The initiative was designed to focus on implementing energy efficiency improvements in residential units, while simultaneously supporting general marketing of the benefits of implementing energy efficiency measures. The ultimate goal of Fayette County’s Better Buildings Initiative was to implement a total of 1,067 residential energy efficiency retrofits with a minimum 15% estimated energy efficiency savings per unit. Program partners included: United States Department of Energy, Allegheny Power, and Private Industry Council of Westmoreland-Fayette, Fayette County Redevelopment Authority, and various local partners.more » The program was open to any Fayette County residents who own their home and meet the prequalifying conditions. The level of assistance offered depended upon household income and commitment to undergo a BPI – Certified Audit and implement energy efficiency measures, which aimed to result in at least a 15% reduction in energy usage. The initiative was designed to focus on implementing energy efficiency improvements in residential units, while simultaneously supporting general marketing of the benefits of implementing energy efficiency measures. Additionally, the program had components that involved recruitment and training for employment of persons in the energy sector (green jobs), as well as marketing and implementation of a commercial or community facilities component. The residential component of Fayette County’s Better Buildings Initiative involved a comprehensive approach, providing assistance to low- moderate- and market-rate homeowners. The initiative will also coordinate activities with local utility providers to further incentivize energy efficiency improvements among qualifying homeowners. The commercial component of Fayette County’s Better Building Initiative involved grants and loans to assist up to $15,000 projects per commercial structure with a mixture of a grant and financing at 0% for up to three – (3) years. The maximum award can be a $5,000 grant and a $10,000 loan. For projects less than $15,000, the award will have a ratio of 1/3 grant and 2/3 loan.« less

Weak tradeoff between xylem safety and xylem-specific hydraulic efficiency across the world's woody plant species.

PubMed

Gleason, Sean M; Westoby, Mark; Jansen, Steven; Choat, Brendan; Hacke, Uwe G; Pratt, Robert B; Bhaskar, Radika; Brodribb, Tim J; Bucci, Sandra J; Cao, Kun-Fang; Cochard, Hervé; Delzon, Sylvain; Domec, Jean-Christophe; Fan, Ze-Xin; Feild, Taylor S; Jacobsen, Anna L; Johnson, Daniel M; Lens, Frederic; Maherali, Hafiz; Martínez-Vilalta, Jordi; Mayr, Stefan; McCulloh, Katherine A; Mencuccini, Maurizio; Mitchell, Patrick J; Morris, Hugh; Nardini, Andrea; Pittermann, Jarmila; Plavcová, Lenka; Schreiber, Stefan G; Sperry, John S; Wright, Ian J; Zanne, Amy E

2016-01-01

The evolution of lignified xylem allowed for the efficient transport of water under tension, but also exposed the vascular network to the risk of gas emboli and the spread of gas between xylem conduits, thus impeding sap transport to the leaves. A well-known hypothesis proposes that the safety of xylem (its ability to resist embolism formation and spread) should trade off against xylem efficiency (its capacity to transport water). We tested this safety-efficiency hypothesis in branch xylem across 335 angiosperm and 89 gymnosperm species. Safety was considered at three levels: the xylem water potentials where 12%, 50% and 88% of maximal conductivity are lost. Although correlations between safety and efficiency were weak (r(2)  < 0.086), no species had high efficiency and high safety, supporting the idea for a safety-efficiency tradeoff. However, many species had low efficiency and low safety. Species with low efficiency and low safety were weakly associated (r(2)  < 0.02 in most cases) with higher wood density, lower leaf- to sapwood-area and shorter stature. There appears to be no persuasive explanation for the considerable number of species with both low efficiency and low safety. These species represent a real challenge for understanding the evolution of xylem. No claim to US government works. New Phytologist © 2015 New Phytologist Trust.

The effect of brain size evolution on feeding propensity, digestive efficiency, and juvenile growth

PubMed Central

Kotrschal, Alexander; Corral‐Lopez, Alberto; Szidat, Sönke; Kolm, Niclas

2015-01-01

One key hypothesis in the study of brain size evolution is the expensive tissue hypothesis; the idea that increased investment into the brain should be compensated by decreased investment into other costly organs, for instance the gut. Although the hypothesis is supported by both comparative and experimental evidence, little is known about the potential changes in energetic requirements or digestive traits following such evolutionary shifts in brain and gut size. Organisms may meet the greater metabolic requirements of larger brains despite smaller guts via increased food intake or better digestion. But increased investment in the brain may also hamper somatic growth. To test these hypotheses we here used guppy (Poecilia reticulata) brain size selection lines with a pronounced negative association between brain and gut size and investigated feeding propensity, digestive efficiency (DE), and juvenile growth rate. We did not find any difference in feeding propensity or DE between large‐ and small‐brained individuals. Instead, we found that large‐brained females had slower growth during the first 10 weeks after birth. Our study provides experimental support that investment into larger brains at the expense of gut tissue carries costs that are not necessarily compensated by a more efficient digestive system. PMID:26420573

Hiring a Gay Man, Taking a Risk?: A Lab Experiment on Employment Discrimination and Risk Aversion.

PubMed

Baert, Stijn

2018-01-01

We investigate risk aversion as a driver of labor market discrimination against homosexual men. We show that more hiring discrimination by more risk-averse employers is consistent with taste-based and statistical discrimination. To test this hypothesis we conduct a scenario experiment in which experimental employers take a fictitious hiring decision concerning a heterosexual or homosexual male job candidate. In addition, participants are surveyed on their risk aversion and other characteristics that might correlate with this risk aversion. Analysis of the (post-)experimental data confirms our hypothesis. The likelihood of a beneficial hiring decision for homosexual male candidates decreases by 31.7% when employers are a standard deviation more risk-averse.

Evaluating the pin money hypothesis: the relationship between women's labour market activity, family income and poverty in Britain.

PubMed

Harkness, S; Machin, S; Waldfogel, J

1997-01-01

"In this paper we evaluate the hypothesis that the over-representation of women amongst the low paid is of little importance because women's earnings account for only a small proportion of total family income. Data from the [United Kingdom] General Household Survey (GHS), together with attitudinal evidence from three cross-sectional data sources, indicate that women's earnings are in fact an important and growing component of family income. The majority of the growth in the share of women's earnings occurs as a result of changing family labour structures; women's earnings are playing an increasingly important role in keeping their families out of poverty." excerpt

12 CFR 220.131 - Application of the arranging section to broker-dealer activities under SEC Rule 144A.

Code of Federal Regulations, 2014 CFR

2014-01-01

... Regulation T. The market-making activities of broker-dealers who hold themselves out to other institutions as... adopting Rule 144A is to achieve “a more liquid and efficient institutional resale market for unregistered... characterize the participation of broker-dealers in this unique and limited market as an “investment banking...

12 CFR 220.131 - Application of the arranging section to broker-dealer activities under SEC Rule 144A.

Code of Federal Regulations, 2012 CFR

2012-01-01

... Regulation T. The market-making activities of broker-dealers who hold themselves out to other institutions as... adopting Rule 144A is to achieve “a more liquid and efficient institutional resale market for unregistered... characterize the participation of broker-dealers in this unique and limited market as an “investment banking...

12 CFR 220.131 - Application of the arranging section to broker-dealer activities under SEC Rule 144A.

Code of Federal Regulations, 2011 CFR

2011-01-01

... Regulation T. The market-making activities of broker-dealers who hold themselves out to other institutions as... adopting Rule 144A is to achieve “a more liquid and efficient institutional resale market for unregistered... characterize the participation of broker-dealers in this unique and limited market as an “investment banking...

12 CFR 220.131 - Application of the arranging section to broker-dealer activities under SEC Rule 144A.

Code of Federal Regulations, 2010 CFR

2010-01-01

... Regulation T. The market-making activities of broker-dealers who hold themselves out to other institutions as... adopting Rule 144A is to achieve “a more liquid and efficient institutional resale market for unregistered... characterize the participation of broker-dealers in this unique and limited market as an “investment banking...

12 CFR 220.131 - Application of the arranging section to broker-dealer activities under SEC Rule 144A.

Code of Federal Regulations, 2013 CFR

2013-01-01

... Regulation T. The market-making activities of broker-dealers who hold themselves out to other institutions as... adopting Rule 144A is to achieve “a more liquid and efficient institutional resale market for unregistered... characterize the participation of broker-dealers in this unique and limited market as an “investment banking...

Students' Perception of a Flipped Classroom Approach to Facilitating Online Project-Based Learning in Marketing Research Courses

ERIC Educational Resources Information Center

Shih, Wen-Ling; Tsai, Chun-Yen

2017-01-01

This study investigated students' perception of a flipped classroom approach to facilitating online project-based learning (FC-OPBL) in a marketing research course at a technical university. This combined strategy was aimed at improving teaching quality and learning efficiency. Sixty-seven students taking a marketing research course were surveyed.…

The Impact of Learning Context on Intent to Use Marketing and Sales Technology: A Comparison of Scenario-Based and Task-Based Approaches

ERIC Educational Resources Information Center

Mallin, Michael L.; Jones, Deirdre E.; Cordell, Jennifer L.

2010-01-01

With firms focused on increasing efficiency and effectiveness in today's marketing and sales environment, it is crucial that salesforce training methods facilitate greater adoption of salesforce automation technology. Given the growth in sales education at colleges and universities, firms are looking to recruit their frontline marketing and sales…

Essays on regulation, institutions, and industrial organization

NASA Astrophysics Data System (ADS)

Bergara, Mario Esteban

Essay I develops a comparative institutional analysis of network access price regulation and "light-handed" regulation. While the former is a specific-agency-based arrangement with higher political influence, the latter is a court-based system. Consequently, the main trade-off between both frameworks reflects the merits of having efficient political and judicial institutions. Price regulation is superior when distributional concerns are irrelevant and information asymmetries are lower. Poorly functioning political systems and high welfare costs of raising funds make price regulation less attractive. Light regulation is more attractive when potential rents are smaller, the monopolist is more risk averse, the judicial system is more efficient, and the threat of government intervention is more credible. The possibility of private transfers makes price regulation more advantageous. Higher information asymmetries among firms makes light-handed regulation more attractive. The main results are consistent with a plausible interpretation of the drastic deregulatory process in New Zealand. Essay II studies the preliminary effects of the deregulation of direct access in the New Zealand's electricity market. A slight improvement in quality standards and an overall efficiency increase took place after two years of deregulation. Retailers were able to successfully enter in large demand, dense areas, with a large proportion of industrial and commercial users, where incumbents were not distributing electricity efficiently. Pricing policies appears to be influenced by market forces (associated to economic and demographic characteristics) as expected in a light regulatory framework. Essay III focuses on the possibility of endogenous sunk costs and the introduction of new products. Firms that exert some monopoly power in one market and introduce a new good whose demand is determined by a broader set of consumers might be forced to change their competing strategies. If the new product is a "quality" good, the resulting competitive process may include advertising outlays, affecting the degree of competition in the old market. In the Uruguayan private banking sector, larger institutions pursued more aggressive advertising strategies to maintain or improve their market positions than smaller firms. Market power in the financial intermediation market has considerably declined after the introduction of new products in the early nineties.

Incentive regulation and performance measurement of the Portuguese solid waste management services.

PubMed

Marques, Rui Cunha; Simões, Pedro

2009-03-01

Measuring the performance of solid waste management services usually uncovers very high potential for gains in efficiency and productivity. This circumstance occurs, naturally, due to the fact that these services are outside the market and because they are subjected to various market failures in their organizational framework. The aim of this study was to examine the Portuguese regulatory model and to measure the performance of the Portuguese solid waste management services in order to identify the major reforms carried out and their outcomes. As a first objective, the sunshine regulatory approach adopted in Portugal, in which performance comparison and its public discussion are the main tools, was investigated. The second objective was to compute the efficiency of the Portuguese solid waste management services by means of the non-parametric technique of data envelopment analysis (DEA), evaluating the Portuguese regulatory model and the existing market structure, as well as the influence of the operational environment on efficiency. The benchmarking frontier technique of DEA is particularly useful in the efficiency measurement of public utilities, in which knowledge of the production function is relatively scarce. Several DEA models were used and they all depicted significant inefficiency. The study also proved that efficiency did not depend on ownership (public or private) and that there was no difference in efficiency between the players, irrespective of whether they were regulated or not.

Effectiveness and legitimacy of forest carbon standards in the OTC voluntary carbon market.

PubMed

Merger, Eduard; Pistorius, Till

2011-08-17

In recent years, the voluntary over-the-counter (OTC) carbon market has reached a significant market volume. It is particularly interesting for forest mitigation projects which are either ineligible in compliance markets or confronted with a plethora of technical and financial hurdles and lacking market demand. As the OTC market is not regulated, voluntary standards have been created to secure the social and environmental integrity of the traded mitigation projects and thus to ensure the quality of the resulting carbon credits. Building on a theoretical efficiency-legitimacy framework, this study aims to identify and analyse the characteristics and indicators that determine the efficiency and organisational legitimacy of standards for afforestation/reforestation carbon projects. All interviewed market actors consider third-party certification and standards as a crucial component of market functionality, which provide quality assurance mechanisms that reduce information asymmetries and moral hazard between the actors regarding the quality of carbon credits, and thus reduce transaction costs. Despite this development, the recent evolution of many new and differing standards is seen as a major obstacle that renders it difficult for project developers and buyers to select an appropriate standard. According to the interviewed experts the most important legitimating factors of standards are assurance of a sufficient level of quality of carbon credits, scientifically substantiated methodological accounting and independent third-party verification, independence of standard bodies, transparency, wide market acceptance, back-up of the wider community including experts and NGOs, rigorous procedures, and the resemblance to the Afforestation/Reforestation (A/R) CDM due to its international policy endorsements. In addition, standards must provide evidence that projects contribute to a positive social and environmental development, do no harm as a minimum requirement and build a strong track record of successful projects. Project developers require clear, easily and practically applicable standards at lowest possible costs with a high potential in order to achieve good carbon prices, while buyers require that standards are legitimate, credible and that no public criticism arises when carbon credits are purchased from projects certified by a certain standard. Despite the fragmented and immature state of the OTC market, standards act as 'market-making' intermediaries and contribute to the quality and transparency of the OTC market. However, the variety of different standards imposes new hurdles for their efficiency and often creates confusion instead of confidence among potential buyers. Despite the lacking legitimacy of the standards, pressures from the institutional environment on standards ensure a minimum quality of carbon credits (including positive social and environmental impacts of carbon credits) that serves as an insurance mechanism for the integrity of standards. Its unregulated nature and the pressure from an increasingly competitive environment provides innovative space to deliver efficient certification procedures without imposing unreasonably high transaction costs on market actors. Furthermore, voluntary standards imply a more innovative certification approach, as one legal authority could do, because standards have to compete for adopters backed by civil society organisations. Thereby, the forest sector in OTC voluntary market bears great opportunities to provide the forest sector with crucial lessons for international climate policy and governmental institutions when designing regulation for forest regulation such as international and national REDDplus schemes.

Brominated Flame Retardants

EPA Science Inventory

Brominated flame retardants (BFRs) belong to a large class of compounds known as organohalogens. BFRs are currently the largest marketed flame retardant group due to their high performance efficiency and low cost. In the commercial market, more than 75 different BFRs are recogniz...

Cultivar development and selection

USDA-ARS?s Scientific Manuscript database

Successful blackberry production and marketing depends on planting cultivars that are adapted to the region, efficiently produce high yields, and have the fruit quality the market, whether local or distant, demands. Blackberry breeding programs have developed cultivars that consumers like to eat and...

Improving efficiency of polystyrene concrete production with composite binders

NASA Astrophysics Data System (ADS)

Lesovik, R. V.; Ageeva, M. S.; Lesovik, G. A.; Sopin, D. M.; Kazlitina, O. V.; Mitrokhina, A. A.

2018-03-01

According to leading marketing researchers, the construction market in Russia and CIS will continue growing at a rapid rate; this applies not only to a large-scale major construction, but to a construction of single-family houses and small-scale industrial facilities as well. Due to this, there are increased requirements for heat insulation of the building enclosures and a significant demand for efficient walling materials with high thermal performance. All these developments led to higher requirements imposed on the equipment that produces such materials.

Integrating Telco interoffice fiber transport with coaxial distribution

NASA Astrophysics Data System (ADS)

McCarthy, Steven M.

1993-02-01

Real success in the residential broadband market is contingent on a platform that most efficiently shares broadband port costs while at the same time affords us an elegant, and cost efficient, upgrade from today's analog to tomorrow's digital world. Spectrum transport, whether it be over new or existing fiber/coax systems or FTTC, is that platform. It is compatible with today's home entertainment market, can be evolved to future digital transport, and effectively shares the cost of interfacing with a broadband network.

The United States Remains Unprepared for Oil Import Disruptions. Volume I. Summary: Includes Conclusions and Recommendations.

DTIC Science & Technology

1981-09-29

The Administration’s decision to stop funding rationing planning means it will not be available for emergency use. Authority for gaso- line rationing ...them. It will be a very narrow system in order to minimize adverse effects on market decision - making and efficiency. However, until such a system is...It will be a very narrow system in order to minimize adverse effects on market decision - making and efficiency. However, until such a system is

Component research for future propulsion systems

NASA Technical Reports Server (NTRS)

Walker, C. L.; Weden, G. J.; Zuk, J.

1981-01-01

Factors affecting the helicopter market are reviewed. The trade-offs involving acquisition cost, mission reliability, and life cycle cost are reviewed, including civil and military aspects. The potential for advanced vehicle configurations with substantial improvements in energy efficiency, operating economics, and characteristics to satisfy the demands of the future market are identified. Advanced propulsion systems required to support these vehicle configurations are discussed, as well as the component technology for the engine systems. Considerations for selection of components in areas of economics and efficiency are presented.

Cigarette purchasing behaviour in Thailand and Malaysia: comparative analysis of a semi-monopolistic and a free-market structure.

PubMed

Ross, H; Driezen, P; Sirirassamee, B; Kin, F

2009-01-01

A wide range of cigarette prices can undermine the impact of tobacco tax policy when smokers switch to cheaper cigarettes instead of quitting. In order to better understand this behaviour, we study socio-economic determinants of price/brand choices in two different markets: a semi-monopolistic market in Thailand and a competitive market in Malaysia. The hypothesis that the factors affecting the price/brand choice are different in these two markets is analysed by employing a 2005 survey among smokers. This survey provides a unique perspective on market characteristics usually described only in business reports by the tobacco industry. We found that smokers in Thailand have fewer opportunities to trade down to save money on cigarettes, but pay lower prices than smokers in Malaysia, despite Thailand's higher tax rate. The Malaysian market, on the other hand, offers many possibilities to shop around for cheaper cigarettes. Higher income and education increase the price paid per cigarette in both countries, but the impact of these factors is larger in Malaysia. This has implications for sensitivity to cigarette prices. Using tax policy alone should be a more effective tobacco control measure in Thailand as compared to Malaysia. The effectiveness of a tax increase in Malaysia can be improved by adding programmes focusing on smoking cessation among low-income/low-educated smokers.

Cigarette purchasing behaviour in Thailand and Malaysia: Comparative analysis of a semi-monopolistic and a free-market structure

PubMed Central

Ross, H.; Driezen, P.; Sirirassamee, B.; Kin, F.

2016-01-01

A wide range of cigarette prices can undermine the impact of tobacco tax policy when smokers switch to cheaper cigarettes instead of quitting. In order to better understand this behaviour, we study socio-economic determinants of price/brand choices in two different markets: a semi-monopolistic market in Thailand and a competitive market in Malaysia. The hypothesis that the factors affecting the price/brand choice are different in these two markets is analysed by employing a 2005 survey among smokers. This survey provides a unique perspective on market characteristics usually described only in business reports by the tobacco industry. We found that smokers in Thailand have fewer opportunities to trade down to save money on cigarettes, but pay lower prices than smokers in Malaysia, despite Thailand’s higher tax rate. The Malaysian market, on the other hand, offers many possibilities to shop around for cheaper cigarettes. Higher income and education increase the price paid per cigarette in both countries, but the impact of these factors is larger in Malaysia. This has implications for sensitivity to cigarette prices. Using tax policy alone should be a more effective tobacco control measure in Thailand as compared to Malaysia. The effectiveness of a tax increase in Malaysia can be improved by adding programmes focusing on smoking cessation among low-income/low-educated smokers. PMID:19548160

Oscillations in rational economies.

PubMed

Mishchenko, Yuriy

2014-01-01

Economic (business) cycles are some of the most noted features of market economies, also ranked among the most serious of economic problems. Despite long historical persistence, the nature and the origin of business cycles remain controversial. In this paper we investigate the problem of the nature of business cycles from the positions of the market systems viewed as complex systems of many interacting market agents. We show that the development of cyclic instabilities in these settings can be traced down to just two fundamental factors - the competition of market agents for market shares in the settings of an open market, and the depression of market caused by accumulation of durable overproduced commodities on the market. These findings present the problem of business cycles in a new light as a systemic property of efficient market systems emerging directly from the free market competition itself, and existing in market economies at a very fundamental level.

Effective managed care marketing strategies for evolving markets.

PubMed

Conlon, M K

1997-11-01

In a world of increased competition and changing consumer expectations, one of the keys to a fiscally sound health plan is having a dynamic marketing strategy that takes into account the shifting attitudes of consumers as managed care markets mature. The primary goal of any health plan marketing strategy should be the acquisition and retention of members. Providing cost-efficient and convenient service for enrollees, offering low or no deductibles, having convenient office locations, and minimizing paper-work are important elements of such a marketing strategy. Factors such as brand awareness and the perceived image of a health plan also are important considerations in acquiring and retaining market share. The relative importance of these consumer satisfaction criteria change as a managed care market evolves and matures. Financial and marketing managers, thus, should ascertain their market's stage of development and respond with appropriate marketing strategies.

Oscillations in Rational Economies

PubMed Central

Mishchenko, Yuriy

2014-01-01

Economic (business) cycles are some of the most noted features of market economies, also ranked among the most serious of economic problems. Despite long historical persistence, the nature and the origin of business cycles remain controversial. In this paper we investigate the problem of the nature of business cycles from the positions of the market systems viewed as complex systems of many interacting market agents. We show that the development of cyclic instabilities in these settings can be traced down to just two fundamental factors – the competition of market agents for market shares in the settings of an open market, and the depression of market caused by accumulation of durable overproduced commodities on the market. These findings present the problem of business cycles in a new light as a systemic property of efficient market systems emerging directly from the free market competition itself, and existing in market economies at a very fundamental level. PMID:24505319

Market leadership by example: Government sector energy efficiency in developing countries

DOE Office of Scientific and Technical Information (OSTI.GOV)

Van Wie McGrory, Laura; Harris, Jeffrey; Breceda, Miguel

2002-05-20

Government facilities and services are often the largest energy users and major purchasers of energy-using equipment within a country. In developing as well as industrial countries, government ''leadership by example'' can be a powerful force to shift the market toward energy efficiency, complementing other elements of a national energy efficiency strategy. Benefits from more efficient energy management in government facilities and operations include lower government energy bills, reduced greenhouse gas emissions, less demand on electric utility systems, and in many cases reduced dependence on imported oil. Even more significantly, the government sector's buying power and example to others can generatemore » broader demand for energy-efficient products and services, creating entry markets for domestic suppliers and stimulating competition in providing high-efficiency products and services. Despite these benefits, with the exception of a few countries government sector actions have often lagged behind other energy efficiency policies. This is especially true in developing countries and transition economies - even though energy used by public agencies in these countries may represent at least as large a share of total energy use as the public sector in industrial economies. This paper summarizes work in progress to inventory current programs and policies for government sector energy efficiency in developing countries, and describes successful case studies from Mexico's implementation of energy management in the public sector. We show how these policies in Mexico, begun at the federal level, have more recently been extended to state and local agencies, and consider the applicability of this model to other developing countries.« less

Building America Case Study: Simple Retrofit High-Efficiency Natural Gas Water Heater Field Test, Minneapolis, Minnesota

DOE Office of Scientific and Technical Information (OSTI.GOV)

High performance water heaters are typically more time consuming and costly to install in retrofit applications, making high performance water heaters difficult to justify economically. However, recent advancements in high performance water heaters have targeted the retrofit market, simplifying installations and reducing costs. Four high efficiency natural gas water heaters designed specifically for retrofit applications were installed in single-family homes along with detailed monitoring systems to characterize their savings potential, their installed efficiencies, and their ability to meet household demands. The water heaters tested for this project were designed to improve the cost-effectiveness and increase market penetration of high efficiencymore » water heaters in the residential retrofit market. The retrofit high efficiency water heaters achieved their goal of reducing costs, maintaining savings potential and installed efficiency of other high efficiency water heaters, and meeting the necessary capacity in order to improve cost-effectiveness. However, the improvements were not sufficient to achieve simple paybacks of less than ten years for the incremental cost compared to a minimum efficiency heater. Significant changes would be necessary to reduce the simple payback to six years or less. Annual energy savings in the range of $200 would also reduce paybacks to less than six years. These energy savings would require either significantly higher fuel costs (greater than $1.50 per therm) or very high usage (around 120 gallons per day). For current incremental costs, the water heater efficiency would need to be similar to that of a heat pump water heater to deliver a six year payback.« less

Simple Retrofit High-Efficiency Natural Gas Water Heater Field Test

DOE Office of Scientific and Technical Information (OSTI.GOV)

Schoenbauer, Ben

High performance water heaters are typically more time consuming and costly to install in retrofit applications, making high performance water heaters difficult to justify economically. However, recent advancements in high performance water heaters have targeted the retrofit market, simplifying installations and reducing costs. Four high efficiency natural gas water heaters designed specifically for retrofit applications were installed in single-family homes along with detailed monitoring systems to characterize their savings potential, their installed efficiencies, and their ability to meet household demands. The water heaters tested for this project were designed to improve the cost-effectiveness and increase market penetration of high efficiencymore » water heaters in the residential retrofit market. The retrofit high efficiency water heaters achieved their goal of reducing costs, maintaining savings potential and installed efficiency of other high efficiency water heaters, and meeting the necessary capacity in order to improve cost-effectiveness. However, the improvements were not sufficient to achieve simple paybacks of less than ten years for the incremental cost compared to a minimum efficiency heater. Significant changes would be necessary to reduce the simple payback to six years or less. Annual energy savings in the range of $200 would also reduce paybacks to less than six years. These energy savings would require either significantly higher fuel costs (greater than $1.50 per therm) or very high usage (around 120 gallons per day). For current incremental costs, the water heater efficiency would need to be similar to that of a heat pump water heater to deliver a six year payback.« less

The impact of managed care penetration and hospital quality on efficiency in hospital staffing.

PubMed

Mobley, Lee R; Magnussen, Jon

2002-01-01

The state of California has recently mandated minimum nurse-staffing ratios, raising concerns about possible affects on hospital efficiency. In this study, we examine how market factors and quality were related to staffing levels in California hospitals in 1995 (prior to implementation of the new law). We are particularly interested in the affect of managed care penetration on this aspect of hospital efficiency because the call to legislative action was predicated on fears that hospitals were reducing staffing below optimal levels in response to managed care pressures. We derive a unique measure of excess staffing in hospitals based on a data envelopment analysis (DEA) production function model, which explicitly includes ancillary care among the inputs and outputs. This careful specification of production is important because ancillary care use has risen relative to daily hospital services, with the spread of managed care and advances in medical technology. We find that market share (adjusted for size) and market concentration are the major determinants of excess staffing while managed care penetration is insignificant. We also find that poor quality (outcomes worse than expected) is associated with less efficient staffing. These findings suggest that the larger, more efficient urban hospitals will be penalized more heavily under binding staffing ratios than smaller, less-urban hospitals.

General Education, Vocational Education, and Labor-Market Outcomes over the Life-Cycle. NBER Working Paper No. 17504

ERIC Educational Resources Information Center

Hanushek, Eric A.; Woessmann, Ludger; Zhang, Lei

2011-01-01

Policy debates about the balance of vocational and general education programs focus on the school-to-work transition. But with rapid technological change, gains in youth employment from vocational education may be offset by less adaptability and thus diminished employment later in life. To test our main hypothesis that any relative labor-market…

Evaluation of a Teen Dating Violence Social Marketing Campaign: Lessons Learned when the Null Hypothesis Was Accepted

ERIC Educational Resources Information Center

Rothman, Emily F.; Decker, Michele R.; Silverman, Jay G.

2006-01-01

This chapter discusses a three-month statewide mass media campaign to prevent teen dating violence, "See It and Stop It." The Massachusetts campaign reached out--using television, radio, and print advertising--and also encouraged anti-violence activism in select high schools. The objective was to drive thirteen- to seventeen-year-olds to…

Increasing Competition for Spares Within AFLC (Air Force Logistics Command).

DTIC Science & Technology

1984-05-13

5-50 5.13 Hypothesis H13 . . . . . . . . . . . . . . . . . . . . . . 5-51 5.13.1 Introduction...Worksheet: IM/SM File Review . . . . . . . . . . . . . . 4-8 4-4 Data Worksheet: Hypotheses H12 and H13 . . . . . . . . . . . . 4-9 4-5 Data Sheet...competition in which the market is characterized by either few sellers or many sellers. With few sellers (like the automobile and steel industries) an

Achieving lower nitrogen balance and higher nitrogen recovery efficiency reduces nitrous oxide emissions in North America’s maize cropping systems

USDA-ARS?s Scientific Manuscript database

Few studies have assessed the common, yet unproven, hypothesis that an increase of plant nitrogen (N) uptake and/or recovery efficiency (NRE) will reduce nitrous oxide (N2O) emission during crop production. Understanding the relationships between N2O emissions and crop N uptake and use efficiency p...

The legalization of cannabis derivatives in Spain: Hypothesis on a potential emerging market.

PubMed

Álvarez, Arturo; Gamella, Juan F; Parra, Iván

2017-06-28

First, this paper estimates the dimensions of the market for cannabis in Spain using data on the extent of consumption and the main patterns of use of consumers. Then the paper reviews the hypothetical production and distribution costs of these drugs in different production regimes under different legal conditions. The review shows that current prices of cannabis in the illegal market could be notably reduced if production and distribution of cannabis were decriminalized and even more if they were performed by legal enterprises. Thirdly, we examine the relationship between prices and consumption levels by analysing the price elasticity of demand. A fall in the prices of cannabis products will likely result in an increase in the number of users and in the total amount consumed. Lastly we consider several alternatives for the taxation of cannabis derivatives to counteract the likely fall in prices, and their pros and cons.

Detection of statistical asymmetries in non-stationary sign time series: Analysis of foreign exchange data

PubMed Central

Takayasu, Hideki; Takayasu, Misako

2017-01-01

We extend the concept of statistical symmetry as the invariance of a probability distribution under transformation to analyze binary sign time series data of price difference from the foreign exchange market. We model segments of the sign time series as Markov sequences and apply a local hypothesis test to evaluate the symmetries of independence and time reversion in different periods of the market. For the test, we derive the probability of a binary Markov process to generate a given set of number of symbol pairs. Using such analysis, we could not only segment the time series according the different behaviors but also characterize the segments in terms of statistical symmetries. As a particular result, we find that the foreign exchange market is essentially time reversible but this symmetry is broken when there is a strong external influence. PMID:28542208

DOE Office of Scientific and Technical Information (OSTI.GOV)

Sikes, Karen; Blackburn, Julia; Grubbs, Tyler

Despite a steady record of energy efficiency improvements in residential refrigerators and freezers over recent decades, these products still account for 4% of the site energy consumption for the average U.S. household. The Oak Ridge National Laboratory (ORNL) – along with partners Sandia National Laboratories (SNL) and the University of Maryland – are pursuing further efficiency improvements in this market sector by using a novel/prototype rotating heat exchanger (RHX) based on a Sandia Cooler technology as an evaporator in a residential refrigerator-freezer. The purpose of this study is to investigate the market potential of refrigerator-freezer products equipped with RHX evaporatorsmore » in the United States, including projections of maximum annual market share and unit shipments and maximum direct and indirect job creation.« less

Space Situational Awareness using Market Based Agents

NASA Astrophysics Data System (ADS)

Sullivan, C.; Pier, E.; Gregory, S.; Bush, M.

2012-09-01

Space surveillance for the DoD is not limited to the Space Surveillance Network (SSN). Other DoD-owned assets have some existing capabilities for tasking but have no systematic way to work collaboratively with the SSN. These are run by diverse organizations including the Services, other defense and intelligence agencies and national laboratories. Beyond these organizations, academic and commercial entities have systems that possess SSA capability. Most all of these assets have some level of connectivity, security, and potential autonomy. Exploiting them in a mutually beneficial structure could provide a more comprehensive, efficient and cost effective solution for SSA. The collection of all potential assets, providers and consumers of SSA data comprises a market which is functionally illiquid. The development of a dynamic marketplace for SSA data could enable would-be providers the opportunity to sell data to SSA consumers for monetary or incentive based compensation. A well-conceived market architecture could drive down SSA data costs through increased supply and improve efficiency through increased competition. Oceanit will investigate market and market agent architectures, protocols, standards, and incentives toward producing high-volume/low-cost SSA.

A Market-Based Approach to Multi-factory Scheduling

NASA Astrophysics Data System (ADS)

Vytelingum, Perukrishnen; Rogers, Alex; MacBeth, Douglas K.; Dutta, Partha; Stranjak, Armin; Jennings, Nicholas R.

In this paper, we report on the design of a novel market-based approach for decentralised scheduling across multiple factories. Specifically, because of the limitations of scheduling in a centralised manner - which requires a center to have complete and perfect information for optimality and the truthful revelation of potentially commercially private preferences to that center - we advocate an informationally decentralised approach that is both agile and dynamic. In particular, this work adopts a market-based approach for decentralised scheduling by considering the different stakeholders representing different factories as self-interested, profit-motivated economic agents that trade resources for the scheduling of jobs. The overall schedule of these jobs is then an emergent behaviour of the strategic interaction of these trading agents bidding for resources in a market based on limited information and their own preferences. Using a simple (zero-intelligence) bidding strategy, we empirically demonstrate that our market-based approach achieves a lower bound efficiency of 84%. This represents a trade-off between a reasonable level of efficiency (compared to a centralised approach) and the desirable benefits of a decentralised solution.

Universality of measurements on quantum markets

NASA Astrophysics Data System (ADS)

Pakuła, Ireneusz; Piotrowski, Edward W.; Sładkowski, Jan

2007-11-01

Two of the authors have recently discussed financial markets operated by quantum computers-quantum market games. These “new markets” cannot by themselves create opportunity of making extraordinary profits or multiplying goods, but they may cause the dynamism of transaction which would result in more effective markets and capital flow into hands of the most efficient traders. Here we focus upon the problem of universality of measurement in quantum market games offering a possible method of implementation if the necessary technologies would be available. It can be also used to analyse material commitments that elude description in orthodox game-theoretic terms.

Entry decisions in the generic pharmaceutical industry.

PubMed

Morton, F M

1999-01-01

Data on all generic drug entries in the period 1984-1994 are used to estimate which markets heterogeneous potential entrants will decide to enter. I find that organizational experience predicts entry. Firms tend to enter markets with supply and demand characteristics similar to the firm's existing drugs. Larger revenue markets, markets with more hospital sales, and products that treat chronic conditions attract more entry. The simultaneous nature of entry leads to an additional interpretation: specialization is profitable because of the severe risk to profits when a market is "overentered." However, I am unable to make any conclusions about the efficiency of entry decisions.

Changes in Motor Vehicle Buyer Attitudes and Market Behavior

DOT National Transportation Integrated Search

1980-12-01

An analysis is made of the impact of fuel-efficient motor vehicle design changes on the attitudes and market behavior of buyers of new motor vehicles. Car buyer profiles for selected makes of automobiles describe demographic characteristics, owner sa...

Alabama SEP Final Technical Report

DOE Office of Scientific and Technical Information (OSTI.GOV)

Grimes, Elizabeth M.

Executive Summary In the fall of 2010, the Alabama Department of Economic and Community Affairs (ADECA) launched the Multi-State Model for Catalyzing the National Home Energy Retrofit Market Project (Multi-State Project). This residential energy efficiency pilot program was a collaborative effort among the states of Alabama, Massachusetts, Virginia, and Washington, and was funded by competitive State Energy Program (SEP) awards through the U.S. Department of Energy (DOE). The objective of this project was to catalyze the home energy efficiency retrofit market in select areas within the state of Alabama. To achieve this goal, the project addressed a variety of marketplacemore » elements that did not exist, or were underdeveloped, at the outset of the effort. These included establishing minimum standards and credentials for marketplace suppliers, educating and engaging homeowners on the benefits of energy efficiency and addressing real or perceived financial barriers to investments in whole-home energy efficiency, among others. The anticipated effect of the activities would be increased market demand for retrofits, improved audit to retrofit conversion rates and growth in overall community understanding of energy efficiency. The four-state collaborative was created with the intent of accelerating market transformation by allowing each state to learn from their peers, each of whom possessed different starting points, resources, and strategies for achieving the overall objective. The four partner states engaged the National Association of State Energy Officials (NASEO) to oversee a project steering committee and to manage the project evaluation for all four states. The steering committee, comprised of key program partners, met on a regular basis to provide overall project coordination, guidance, and progress assessment. While there were variances in program design among the states, there were several common elements: use of the Energy Performance Score (EPS) platform; an audit and home energy rating tool; emphasis on community based coordination and partnerships; marketing and outreach to increase homeowner participation; training for market actors; access to financing options including rebates, incentives, and loan products; and an in depth process evaluation to support continual program improvement and analysis. In Alabama, Nexus Energy Center operated energy efficiency retrofit programs in Huntsville and Birmingham. In the Huntsville community the AlabamaWISE program was available in five Alabama counties: Cullman, Lawrence, Limestone, Madison, and Morgan. In Birmingham, the program was available to residents in Jefferson and Shelby Counties. In both communities, the program was similar in terms of program design but tailored marketing and partnerships to address the unique local conditions and population of each community. ADECA and the Southeast Energy Efficiency Alliance (SEEA) provided overall project management services and common resources to the local program administrator Nexus Energy Center, including contracted services for contractor training, quality assurance testing, data collection and reporting, and compliance. The fundamental components of the AlabamaWISE program included a vertical contractor-based business model; comprehensive energy assessments; third-party quality assurance; rebates for installation of energy saving measures; accessible, low-interest financing; targeted and inbound marketing; Energy Performance Score (EPS) tool to engage and educate homeowners; training for auditors, contractors, and real estate professionals; and online resources for education and program enrollment. Program participants were eligible to receive rebates or financing toward the assessments and upgrades to their home provided they reached at least 20 percent deemed or modeled energy savings. The design of each program focused on addressing several known barriers including: limited homeowner knowledge on the benefits of energy efficiency, lack of financing options, lack of community support for energy efficiency programs, and lack of trained market actors including contractors and real estate professionals. The programs were able to make progress on addressing all of these barriers and were most successful in offering financing options and training market actors. The most challenging barriers proved to be the act of building a market for energy efficiency where none previously existed, convincing homeowners of the value in investing in energy efficiency (and therefore completing retrofits), engaging electric and natural gas utilities to partner on delivery, and achieving the overall project target of 1,365 completed retrofits. The components that proved to be the most valuable to program success were engaged contractor networks that could promote and endorse the program, partnerships with local business and organizations, and the access to rebates, incentives and financing mechanisms. The programs were successful in building relationships with a variety of community participants including: local contractors, Associations of REALTORS, home builders associations, universities, utilities, local and state governments, and other non-profit organizations. Throughout this program, 933 building audits and 795 building retrofits were completed making homes in Alabama more comfortable, less expensive to operate, more valuable to the marketplace, and safer and healthier for families. Continuing on this momentum, Nexus Energy Center plans to continue operating and expanding operations in Alabama as a Home Performance with ENERGY STAR sponsor and will continue to provide energy services and education to communities in Alabama.« less

Markets for hospital services in Zambia.

PubMed

Nakamba, Pamela; Hanson, Kara; McPake, Barbara

2002-01-01

Hospital reforms involving the introduction of measures to increase competition in hospital markets are being implemented in a range of low and middle-income countries. However, little is understood about the operation of hospital markets outside the USA and the UK. This paper assesses the degree of competition for hospital services in two hospital markets in Zambia (Copperbelt and Midlands), and the implications for prices, quality and efficiency. We found substantial differences among different hospital types in prices, costs and quality, suggesting that the hospital service market is a segmented market. The two markets differ significantly in their degree of competition, with the high cost inpatient services market in Copperbelt relatively more competitive than that in the Midlands market. The implications of these differences are discussed in terms of the potential for competition to improve hospital performance, the impact of market structure on equity of access, and how the government should address the problem of the mine hospitals.

Silicon solar cells: Past, present and the future

NASA Astrophysics Data System (ADS)

Lee, Youn-Jung; Kim, Byung-Sung; Ifitiquar, S. M.; Park, Cheolmin; Yi, Junsin

2014-08-01

There has been a great demand for renewable energy for the last few years. However, the solar cell industry is currently experiencing a temporary plateau due to a sluggish economy and an oversupply of low-quality cells. The current situation can be overcome by reducing the production cost and by improving the cell is conversion efficiency. New materials such as compound semiconductor thin films have been explored to reduce the fabrication cost, and structural changes have been explored to improve the cell's efficiency. Although a record efficiency of 24.7% is held by a PERL — structured silicon solar cell and 13.44% has been realized using a thin silicon film, the mass production of these cells is still too expensive. Crystalline and amorphous silicon — based solar cells have led the solar industry and have occupied more than half of the market so far. They will remain so in the future photovoltaic (PV) market by playing a pivotal role in the solar industry. In this paper, we discuss two primary approaches that may boost the silicon — based solar cell market; one is a high efficiency approach and the other is a low cost approach. We also discuss the future prospects of various solar cells.

DEVELOPMENT, DESIGN AND CONSUMER TESTING OF MARKETABLE RESIDENTIAL LED LIGHT LUMINAIRES

EPA Science Inventory

Developing marketable LED luminaires poses challenges, even though LEDs are energy-efficient and an ecological alternative to conventionally lighting. Challenges include: perceptions that the color rendition of LEDs is unacceptable to the public; numbers of LEDs must be grou...

WashWise cleans up the Northwest: Lessons learned from the Northwest high-efficiency clothes washer initiative

DOE Office of Scientific and Technical Information (OSTI.GOV)

Gordon, L.M.; Banks, D.L.; Brenneke, M.E.

1998-07-01

WashWise is a regional market transformation program designed to promote the sale and acceptance or resource-efficient clothes washers (RECWs) in the Northwest through financial incentives, education, and marketing. The Program is sponsored by the Northwest Energy Efficiency Alliance (the Alliance), a non-profit regional consortium of utilities, government, public interest groups, and private sector organizations. WashWise started in May 1997 and will continue through the end of 1999. WashWise works to transform the clothes washer market primarily at the retail level through an in-store instant rebate and a retailer bonus. In addition to financial incentives, WashWise has undertaken a collaborative marketingmore » and promotional campaign to educate consumers about the financial savings and other benefits of RECWs. The program promotes only RECWs that meet strict energy and water savings criteria. WashWise has far exceeded initial expectations; annual program sales goals were met in the first three months. As of June 1998, 30,000 RECWs have been sold through the program (representing approximately 13 percent of the Northwest residential clothes washer market). In addition, over 540 retailers, including national and regional chains, are participating in the program. Preliminary survey results also have also provided evidence of broad customer satisfaction. This paper reviews the key elements that have contributed to the success of the WashWise program. In addition, the paper provides program results and indicates future directions for WashWise and the RECW market.« less

The structure of the pharmaceutical market in Iran using concentration indices

PubMed Central

Mohseni, Mohammad; Gorji, Hasan Abolghasem; Ahadinezhad, Bahman; Khosravizadeh, Omid; Keykaleh, Meysam Safi; Moosavi, Ahmad; Mohtashamzadeh, Bahareh

2017-01-01

Background and objective The efficiency and function of the pharmaceutical sector, as a vital portion of the health system, have a significant effect on intermediate and final indices of health. In this research, the structure of the pharmaceutical market in Iran was examined through the calculation of concentration indices in 2011. Methods In this cross-sectional study, the needed data was gathered from the Food and Drug Administration in the year 2011. Data were analyzed using SPSS software version 20 and Microsoft Office Excel software. Finally, two common measures of market concentration, the Concentration Ratio and the Herfindahl-Hirschman Index, were calculated. Results The largest and the smallest shares of the industry were 5.57% and 0.01%, respectively. The average industry share was 1.09%. The share range was calculated to be 5.56%. The Herfindahl-Hirschman Index was 248.5, which indicates a very low concentration of the pharmaceutical market in Iran. Also, based on the Concentration Ratio of 4 companies (18.39%), the concentration of the pharmaceutical market has been too low. Conclusion The pharmaceutical market in Iran has a very low concentration and it does not have an exclusive mode in terms of market structure. Therefore, it can be attributed to the competitive model. The policy makers in this area can use this characteristic as a leverage to improve efficiency, fairness, revenue and health indices. PMID:28607663

The structure of the pharmaceutical market in Iran using concentration indices.

PubMed

Mohseni, Mohammad; Gorji, Hasan Abolghasem; Ahadinezhad, Bahman; Khosravizadeh, Omid; Keykaleh, Meysam Safi; Moosavi, Ahmad; Mohtashamzadeh, Bahareh

2017-04-01

The efficiency and function of the pharmaceutical sector, as a vital portion of the health system, have a significant effect on intermediate and final indices of health. In this research, the structure of the pharmaceutical market in Iran was examined through the calculation of concentration indices in 2011. In this cross-sectional study, the needed data was gathered from the Food and Drug Administration in the year 2011. Data were analyzed using SPSS software version 20 and Microsoft Office Excel software. Finally, two common measures of market concentration, the Concentration Ratio and the Herfindahl-Hirschman Index, were calculated. The largest and the smallest shares of the industry were 5.57% and 0.01%, respectively. The average industry share was 1.09%. The share range was calculated to be 5.56%. The Herfindahl-Hirschman Index was 248.5, which indicates a very low concentration of the pharmaceutical market in Iran. Also, based on the Concentration Ratio of 4 companies (18.39%), the concentration of the pharmaceutical market has been too low. The pharmaceutical market in Iran has a very low concentration and it does not have an exclusive mode in terms of market structure. Therefore, it can be attributed to the competitive model. The policy makers in this area can use this characteristic as a leverage to improve efficiency, fairness, revenue and health indices.

The strategic use of forward contracts: Applications in power markets

NASA Astrophysics Data System (ADS)

Lien, Jeffrey Scott

This dissertation develops three theoretical models that analyze forward trading by firms with market power. The models are discussed in the context of recently restructured power markets, but the results can be applied more generally. The first model considers the profitability of large firms in markets with limited economies of scale and free entry. When large firms apply their market power, small firms benefit from the high prices without incurring the costs of restricted output. When entry is considered, and profit opportunity is determined by the cost of entry, this asymmetry creates the "curse of market power;" the long-run profits of large firms are reduced because of their market power. I suggest ways that large power producers can cope with the curse of market power, including the sale of long-term forward contracts. Past research has shown that forward contracts can demonstrate commitment to aggressive behavior to a competing duopolist. I add explicitly modeled entry to this literature, and make the potential entrants the audience of the forward sale. The existence of a forward market decreases equilibrium entry, increases the profits of large firms, and enhances economic efficiency. In the second model, a consumer representative, such as a state government or regulated distribution utility, bargains in the forward market on behalf of end-consumers who cannot organize together in the spot market. The ability to organize in forward markets allows consumers to encourage economic efficiency. When multiple producers are considered, I find that the ability to offer contracts also increases consumer surplus by decreasing the producers' profits. In some specifications of the model, consumers are able to capture the full gains from trade. The third model of this dissertation considers the ability of a large producer to take advantage of anonymity by randomly alternating between forward sales and forward purchases. The large producer uses its market power to always obtain favorable settlement on its forward transactions. Since other participants in the market cannot anticipate the large producer's eventual spot market behavior they cannot effectively arbitrage between markets. I find that forward transaction anonymity leads to spot price destabilization and cost inefficiency.

Operationalizing strategic marketing.

PubMed

Chambers, S B

1989-05-01

The strategic marketing process, like any administrative practice, is far simpler to conceptualize than operationalize within an organization. It is for this reason that this chapter focused on providing practical techniques and strategies for implementing the strategic marketing process. First and foremost, the marketing effort needs to be marketed to the various publics of the organization. This chapter advocated the need to organize the marketing analysis into organizational, competitive, and market phases, and it provided examples of possible designs of the phases. The importance and techniques for exhausting secondary data sources and conducting efficient primary data collection methods were explained and illustrated. Strategies for determining marketing opportunities and threats, as well as segmenting markets, were detailed. The chapter provided techniques for developing marketing strategies, including considering the five patterns of coverage available; determining competitor's position and the marketing mix; examining the stage of the product life cycle; and employing a consumer decision model. The importance of developing explicit objectives, goals, and detailed action plans was emphasized. Finally, helpful hints for operationalizing the communication variable and evaluating marketing programs were provided.

The mitonuclear compatibility hypothesis of sexual selection

PubMed Central

Hill, Geoffrey E.; Johnson, James D.

2013-01-01

Why females assess ornaments when choosing mates remains a central question in evolutionary biology. We hypothesize that the imperative for a choosing female to find a mate with nuclear oxidative phosphorylation (OXPHOS) genes that are compatible with her mitochondrial OXPHOS genes drives the evolution of ornaments. Indicator traits are proposed to signal the efficiency of OXPHOS function thus enabling females to select mates with nuclear genes that are compatible with maternal mitochondrial genes in the formation of OXPHOS complexes. Species-typical pattern of ornamentation is proposed to serve as a marker of mitochondrial type ensuring that females assess prospective mates with a shared mitochondrial background. The mitonuclear compatibility hypothesis predicts that the production of ornaments will be closely linked to OXPHOS pathways, and that sexual selection for compatible mates will be strongest when genes for nuclear components of OXPHOS complexes are Z-linked. The implications of this hypothesis are that sexual selection may serve as a driver for the evolution of more efficient cellular respiration. PMID:23945683

Are transnational tobacco companies' market access strategies linked to economic development models? A case study of South Korea.

PubMed

Lee, Sungkyu; Holden, Chris; Lee, Kelley

2013-01-01

Transnational tobacco companies (TTCs) have used varied strategies to access previously closed markets. Using TTCs' efforts to enter the South Korean market from the late 1980s as a case study, this article asks whether there are common patterns in these strategies that relate to the broader economic development models adopted by targeted countries. An analytical review of the existing literature on TTCs' efforts to access emerging markets was conducted to develop hypotheses relating TTCs' strategies to countries' economic development models. A case study of Korea was then undertaken based on analysis of internal tobacco industry documents. Findings were consistent with the hypothesis that TTCs' strategies in Korea were linked to Korea's export-oriented economic development model and its hostile attitude towards foreign investment. A fuller understanding of TTCs' strategies for expansion globally can be derived by locating them within the economic development models of specific countries or regions. Of foremost importance is the need for governments to carefully balance economic and public health policies when considering liberalisation.

Race, Ethnicity, and Exposure to Alcohol Outlets.

PubMed

Morrison, Christopher; Gruenewald, Paul J; Ponicki, William R

2016-01-01

Prior studies suggest that Black and Hispanic minority populations are exposed to greater concentrations of alcohol outlets, potentially contributing to health disparities between these populations and the White majority. We tested the alternative hypothesis that urban economic systems cause outlets to concentrate in low-income areas and, controlling for these effects, lower demand among minority populations leads to fewer outlets. Market potential for alcohol sales, a surrogate for demand, was estimated from survey and census data across census block groups for 50 California cities. Hierarchical Bayesian conditional autoregressive Poisson models then estimated relationships between observed geographic distributions of outlets and the market potential for alcohol, income, population size, and racial and ethnic composition. Market potentials were significantly smaller among lower income Black, Hispanic, and Asian populations. Block groups with greater market potential and lower income had greater concentrations of outlets. When we controlled for these effects, the racial and ethnic group composition of block groups was mostly unrelated to outlet concentrations. Health disparities related to exposure to alcohol outlets are primarily driven by distributions of income and population density across neighborhoods.

Are transnational tobacco companies’ market access strategies linked to economic development models? A case study of South Korea

PubMed Central

Lee, Sungkyu; Holden, Chris; Lee, Kelley

2013-01-01

Transnational tobacco companies (TTCs) have used varied strategies to access previously closed markets. Using TTCs’ efforts to enter the South Korean market from the late 1980s as a case study, this article asks whether there are common patterns in these strategies that relate to the broader economic development models adopted by targeted countries. An analytical review of the existing literature on TTCs’ efforts to access emerging markets was conducted to develop hypotheses relating TTCs’ strategies to countries’ economic development models. A case study of Korea was then undertaken based on analysis of internal tobacco industry documents. Findings were consistent with the hypothesis that TTCs’ strategies in Korea were linked to Korea’s export-oriented economic development model and its hostile attitude toward foreign investment. A fuller understanding of TTCs’ strategies for expansion globally can be derived by locating them within the economic development models of specific countries or regions. Of foremost importance is the need for governments to carefully balance economic and public health policies when considering liberalisation. PMID:23327486

Race, Ethnicity, and Exposure to Alcohol Outlets

PubMed Central

Morrison, Christopher; Gruenewald, Paul J.; Ponicki, William R.

2016-01-01

Objective: Prior studies suggest that Black and Hispanic minority populations are exposed to greater concentrations of alcohol outlets, potentially contributing to health disparities between these populations and the White majority. We tested the alternative hypothesis that urban economic systems cause outlets to concentrate in low-income areas and, controlling for these effects, lower demand among minority populations leads to fewer outlets. Method: Market potential for alcohol sales, a surrogate for demand, was estimated from survey and census data across census block groups for 50 California cities. Hierarchical Bayesian conditional autoregressive Poisson models then estimated relationships between observed geographic distributions of outlets and the market potential for alcohol, income, population size, and racial and ethnic composition. Results: Market potentials were significantly smaller among lower income Black, Hispanic, and Asian populations. Block groups with greater market potential and lower income had greater concentrations of outlets. When we controlled for these effects, the racial and ethnic group composition of block groups was mostly unrelated to outlet concentrations. Conclusions: Health disparities related to exposure to alcohol outlets are primarily driven by distributions of income and population density across neighborhoods. PMID:26751356

The Impact of Market Orientation on Patient Safety Climate Among Hospital Nurses.

PubMed

Weng, Rhay-Hung; Chen, Jung-Chien; Pong, Li-Jung; Chen, Li-Mei; Lin, Tzu-Chi

2016-03-01

Improving market orientation and patient safety have become the key concerns of nursing management. For nurses, establishing a patient safety climate is the key to enhancing nursing quality. This study explores how market orientation affects the climate of patient safety among hospital nurses. We proposed adopting a cross-sectional research design and using questionnaires to collect responses from nurses working in two Taiwanese hospitals. Three-hundred and forty-three valid samples were obtained. Multiple regression and path analyses were conducted to test the study. Market orientation was defined as the combination of customer orientation, competitor orientation, and interfunctional coordination. Customer orientation directly affects the climate of patient safety. Although the findings only supported Hypothesis 1, competitor orientation and interfunctional coordination positively affected the patient safety climate through the mediating effects of hospital support for staff. Health care managers could encourage nurses to adopt customer-oriented perspectives to enhance their nursing care. In addition, to enhance competitor orientation, interfunctional coordination, and the patient safety climate, hospital managers could strengthen their support for staff members. © The Author(s) 2014.

A Case Study in Market Transformation for Residential Energy Efficiency Programs

DOE Office of Scientific and Technical Information (OSTI.GOV)

Building Technologies Office

This case study describes how the Midwest Energy Efficiency Alliance (MEEA) partnered with gas and electric utilities in Iowa to establish the Iowa residential heating, ventilation, and air conditioning System Adjustment and Verified Efficiency (HVAC SAVE) program, taking it to scale improving the performance and energy efficiency of HVAC systems, growing businesses, and gaining consumer trust.

Testing the hospital value proposition: an empirical analysis of efficiency and quality.

PubMed

Huerta, Timothy R; Ford, Eric W; Peterson, Lori T; Brigham, Keith H

2008-01-01

To assess the relationship between hospitals' X-inefficiency levels and overall care quality based on the National Quality Forum's 27 safe practices score and to improve the analytic strategy for assessing X-inefficiency. The 2005 versions of the American Hospital Association and Leapfrog Group's annual surveys were the basis of the study. Additional case mix indices and market variables were drawn from the Centers for Medicare and Medicaid Services data sources and the Area Resource File. Data envelopment analysis was used to determine hospitals' X-inefficiency scores relative to their market-level competitors. Regression was used to assess the relationship between X-inefficiency and quality, controlling for organizational and market characteristics. Expenses (total and labor expenditures), case-mix-adjusted admissions, length of stay, and licensed beds defined the X-inefficiency function. The overall National Quality Forum's safe practice score, health maintenance organization penetration, market share, and teaching status served as independent control variables in the regression. The National Quality Forum's safe practice scores are significantly and positively correlated to hospital X-inefficiency levels (beta = .105, p < or = .05). The analysis of the value proposition had very good explanatory power (adjusted R(2) = .414; p < or = .001; df = 7, 265). Contrary to earlier findings, health maintenance organization penetration and being a teaching hospital were positively related to X-inefficiency. Similar with others' findings, greater market share and for-profit ownership were negatively associated with X-inefficiency. Measurement of overall hospital quality is improving but can still be made better. Nevertheless, the National Quality Forum's measure is significantly related to efficiency and could be used to create differential pay-for-performance programs. A market-segmented analytic strategy for studying hospitals' efficiency yields results with a high degree of explanatory power.

Measured impacts of high efficiency domestic clothes washers in a community

DOE Office of Scientific and Technical Information (OSTI.GOV)

Tomlinson, J.; Rizy, T.

1998-07-01

The US market for domestic clothes washers is currently dominated by conventional vertical-axis washers that typically require approximately 40 gallons of water for each wash load. Although the current market for high efficiency clothes washers that use much less water and energy is quite small, it is growing slowly as manufacturers make machines based on tumble action, horizontal-axis designs available and as information about the performance and benefits of such machines is developed and made available to consumers. To help build awareness of these benefits and to accelerate markets for high efficiency washers, the Department of Energy (DOE), under itsmore » ENERGY STAR{reg_sign} Program and in cooperation with a major manufacturers of high efficiency washers, conducted a field evaluation of high efficiency washers using Bern, Kansas as a test bed. Baseline washing machine performance data as well as consumer washing behavior were obtained from data collected on the existing machines of more than 100 participants in this instrumented study. Following a 2-month initial study period, all conventional machines were replaced by high efficiency, tumble-action washers, and the study continued for 3 months. Based on measured data from over 20,000 loads of laundry, the impact of the washer replacement on (1) individual customers` energy and water consumption, (2) customers` laundry habits and perceptions, and (3) the community`s water supply and waste water systems were determined. The study, its findings, and how information from the experiment was used to improve national awareness of high efficiency clothes washer benefits are described in this paper.« less

Federal roles to realize national energy-efficiency opportunities in the 1990s

NASA Astrophysics Data System (ADS)

Hirst, Eric

1989-10-01

Improving energy efficiency throughout the U.S. economy is a vital component of our nation's energy future, with many benefits. Improving efficiency can: save money consumers, increase economic productivity and international competitiveness, reduce oil and gas prices by reducing the demand for foreign oil, enhance national security by lowering oil imports, reduce the adverse environmental consequences of fuel cycles, especially acid rain and global warming, add diversity and flexibility to the nation's portfolio of energy resources, respond to public interest in, and support of, energy efficiency. The primary purpose of this report is to suggest expanded roles for the U.S. Department of Energy (DOE) in improving energy efficiency during the 1990s. In an ideal world, the normal workings of the market place would yield optimal energy-efficiency purchase and operating decisions. Unfortunately, distortions in fuel prices, limited access to capital, misplaced incentives, lack of information, and difficulty in processing information complicate energy-related decision making. Thus, consumers in all sectors of the economy underinvest in energy-efficient systems. These market barriers, coupled with growing concern about environmental quality, justify a larger Federal role.

The Impact of Education on Health Knowledge

ERIC Educational Resources Information Center

Altindag, Duha; Cannonier, Colin; Mocan, Naci

2011-01-01

The theory on the demand for health suggests that schooling causes health because schooling increases the efficiency of health production. Alternatively, the allocative efficiency hypothesis argues that schooling alters the input mix chosen to produce health. This suggests that the more educated have more knowledge about the health production…

Assessing the influence of forest ownership type and location on roundwood utilization at the stump and top in a region with small-diameter markets

Treesearch

Matthew Bumgardner; Scott Bowe; Janice Wiedenbeck

2013-01-01

Research conducted in a variety of hardwood regions across the United States has indicated that utilization of small-diameter roundwood is hindered by a lack of markets. Efficient removal of such material could enable silvicultural practices to improve stand conditions and economic return for landowners. However, evidence from other studies has suggested that markets...

How Random is the Walk: Efficiency of Indian Stock and Futures Markets

NASA Astrophysics Data System (ADS)

Basu, Udayan Kumar

Time series of prices of stock and its rates of return has been one of the major areas of study in Econophysics. The price of a stock depends on a number of factors as well as information related thereto, and how quickly and effectively the price of a stock assimilates all such information decides the efficiency of the stock market. Instead of individual stocks, people often study the behaviour of stock indices to get a feel of the market as a whole, and the outcomes of such studies for the Dow Jones Industrial Average (DJIA), the Nasdaq Index and the S & P 500 Index have been listed in a number of articles. In this context, it has also been argued that for a market to be considered sufficiently liquid, correlation between successive price movements and rates of return should be insignificant, because any significant correlation would lead to an arbitrage opportunity that is expected to be rapidly exploited and thus washed out. The residual correlations are those little enough not to be profitable for strategies due to imperfect market conditions. Unless transaction costs or slippages or any other impediment exists, leading to some transactional inefficiency, arbitrages would take place to bring back the markets to a stage of insignifficant correlations [1, 2].

Cross-correlations between West Texas Intermediate crude oil and the stock markets of the BRIC

NASA Astrophysics Data System (ADS)

Ma, Feng; Wei, Yu; Huang, Dengshi; Zhao, Lin

2013-11-01

In this paper, we investigate the cross-correlation properties between West Texas Intermediate crude oil and the stock markets of the BRIC. We use not only the qualitative analysis of the cross-correlation test, but also take the quantitative analysis of the MF-DXA, confirming the cross-correlation relationship between West Texas Intermediate crude oil and the stock markets of the BRIC (Brazil, Russia, India and China) respectively, which have strongly multifractal features, and the cross-correlations are more strongly multifractal in the short term than in the long term. Furthermore, based on the multifractal spectrum, we also find the multifractality strength between the crude oil WTI and Chinese stock market is stronger than the multifractality strength of other pairs. Based on the Iraq war (Mar 20, 2003) and the Financial crisis in 2008, we divide sample period into four segments to research the degree of the multifractal (ΔH) and the market efficiency (and the risk). Finally, we employ the technique of the rolling window to calculate the time-varying EI (efficiency index) and dependent on the EI, we can easily observe the change of stock markets. Furthermore, we explore the relationship between bivariate cross-correlation exponents (Hxy(q)) and the generalized Hurst exponents.

Effectiveness and legitimacy of forest carbon standards in the OTC voluntary carbon market

PubMed Central

2011-01-01

Background In recent years, the voluntary over-the-counter (OTC) carbon market has reached a significant market volume. It is particularly interesting for forest mitigation projects which are either ineligible in compliance markets or confronted with a plethora of technical and financial hurdles and lacking market demand. As the OTC market is not regulated, voluntary standards have been created to secure the social and environmental integrity of the traded mitigation projects and thus to ensure the quality of the resulting carbon credits. Building on a theoretical efficiency-legitimacy framework, this study aims to identify and analyse the characteristics and indicators that determine the efficiency and organisational legitimacy of standards for afforestation/reforestation carbon projects. Results All interviewed market actors consider third-party certification and standards as a crucial component of market functionality, which provide quality assurance mechanisms that reduce information asymmetries and moral hazard between the actors regarding the quality of carbon credits, and thus reduce transaction costs. Despite this development, the recent evolution of many new and differing standards is seen as a major obstacle that renders it difficult for project developers and buyers to select an appropriate standard. According to the interviewed experts the most important legitimating factors of standards are assurance of a sufficient level of quality of carbon credits, scientifically substantiated methodological accounting and independent third-party verification, independence of standard bodies, transparency, wide market acceptance, back-up of the wider community including experts and NGOs, rigorous procedures, and the resemblance to the Afforestation/Reforestation (A/R) CDM due to its international policy endorsements. In addition, standards must provide evidence that projects contribute to a positive social and environmental development, do no harm as a minimum requirement and build a strong track record of successful projects. Project developers require clear, easily and practically applicable standards at lowest possible costs with a high potential in order to achieve good carbon prices, while buyers require that standards are legitimate, credible and that no public criticism arises when carbon credits are purchased from projects certified by a certain standard. Conclusions Despite the fragmented and immature state of the OTC market, standards act as 'market-making' intermediaries and contribute to the quality and transparency of the OTC market. However, the variety of different standards imposes new hurdles for their efficiency and often creates confusion instead of confidence among potential buyers. Despite the lacking legitimacy of the standards, pressures from the institutional environment on standards ensure a minimum quality of carbon credits (including positive social and environmental impacts of carbon credits) that serves as an insurance mechanism for the integrity of standards. Its unregulated nature and the pressure from an increasingly competitive environment provides innovative space to deliver efficient certification procedures without imposing unreasonably high transaction costs on market actors. Furthermore, voluntary standards imply a more innovative certification approach, as one legal authority could do, because standards have to compete for adopters backed by civil society organisations. Thereby, the forest sector in OTC voluntary market bears great opportunities to provide the forest sector with crucial lessons for international climate policy and governmental institutions when designing regulation for forest regulation such as international and national REDDplus schemes. PMID:21849036

Evidence of progress. Measurement of impacts of Australia's S and L program from 1990-2010

DOE Office of Scientific and Technical Information (OSTI.GOV)

Lowenthal-Savy; McNeil, Michael; Harrington, Lloyd

2013-10-15

Australia first put categorical energy efficiency labels on residential appliances in the mid-1980s, and the first Minimum Energy Performance Standards (MEPS) for refrigerators was implemented in 1999. Updated in 2005, these MEPS were aligned with US 2001 levels. Considered together, these actions set Australia apart as having one of the most aggressive appliance efficiency programs in the world. For these reasons, together with good data on product sales over time, Australia represents a potentially fruitful case study for understanding the dynamics energy efficiency standards and labeling (EES and L) programs impacts on appliance markets. This analysis attempts to distinguish betweenmore » the impacts of labeling alone as opposed to MEPS, and to probe the time-dependency of such impacts. Fortunately, in the Australian case, detailed market sales data and a comprehensive registration system provides a solid basis for the empirical evaluation of these questions. This paper analyzes Australian refrigerator efficiency data covering the years 1993-2009. Sales data was purchased from a commercial market research organization (in this case, the GfK Group) and includes sales and average price in each year for each appliance model – this can be used to understand broader trends by product class and star rating category, even where data is aggregated. Statistical regression analysis is used to model market introduction and adoption of high efficiency refrigerators according to logistic adoption model formalism, and parameterizes the way in which the Australian programs accelerated adoption of high-efficiency products and phased out others. Through this analysis, the paper presents a detailed, robust and quantitative picture of the impacts of EES and L in the Australian case, but also demonstrates a methodology of the evaluation of program impacts that could form the basis of an international evaluation framework for similar programs in other countries.« less

Evidence of Progress - Measurement of Impacts of Australia's S&L Program from 1990-2010

DOE Office of Scientific and Technical Information (OSTI.GOV)

Lowenthal-Savy, Danielle; McNeil, Michael; Harrington, Lloyd

2013-09-11

Australia first put categorical energy efficiency labels on residential appliances in the mid-1980s, and the first Minimum Energy Performance Standards (MEPS) for refrigerators was implemented in 1999. Updated in 2005, these MEPS were aligned with US 2001 levels. Considered together, these actions set Australia apart as having one of the most aggressive appliance efficiency programs in the world. For these reasons, together with good data on product sales over time, Australia represents a potentially fruitful case study for understanding the dynamics energy efficiency standards and labeling (EES&L) programs impacts on appliance markets. This analysis attempts to distinguish between the impactsmore » of labeling alone as opposed to MEPS, and to probe the time-dependency of such impacts. Fortunately, in the Australian case, detailed market sales data and a comprehensive registration system provides a solid basis for the empirical evaluation of these questions. This paper analyzes Australian refrigerator efficiency data covering the years 1993-2009. Sales data was purchased from a commercial market research organization (in this case, the GfK Group) and includes sales and average price in each year for each appliance model; this can be used to understand broader trends by product class and star rating category, even where data is aggregated. Statistical regression analysis is used to model market introduction and adoption of high efficiency refrigerators according to logistic adoption model formalism, and parameterizes the way in which the Australian programs accelerated adoption of high-efficiency products and phased out others. Through this analysis, the paper presents a detailed, robust and quantitative picture of the impacts of EES&L in the Australian case, but also demonstrates a methodology of the evaluation of program impacts that could form the basis of an international evaluation framework for similar programs in other countries.« less

Binary Hypothesis Testing With Byzantine Sensors: Fundamental Tradeoff Between Security and Efficiency

NASA Astrophysics Data System (ADS)

Ren, Xiaoqiang; Yan, Jiaqi; Mo, Yilin

2018-03-01

This paper studies binary hypothesis testing based on measurements from a set of sensors, a subset of which can be compromised by an attacker. The measurements from a compromised sensor can be manipulated arbitrarily by the adversary. The asymptotic exponential rate, with which the probability of error goes to zero, is adopted to indicate the detection performance of a detector. In practice, we expect the attack on sensors to be sporadic, and therefore the system may operate with all the sensors being benign for extended period of time. This motivates us to consider the trade-off between the detection performance of a detector, i.e., the probability of error, when the attacker is absent (defined as efficiency) and the worst-case detection performance when the attacker is present (defined as security). We first provide the fundamental limits of this trade-off, and then propose a detection strategy that achieves these limits. We then consider a special case, where there is no trade-off between security and efficiency. In other words, our detection strategy can achieve the maximal efficiency and the maximal security simultaneously. Two extensions of the secure hypothesis testing problem are also studied and fundamental limits and achievability results are provided: 1) a subset of sensors, namely "secure" sensors, are assumed to be equipped with better security countermeasures and hence are guaranteed to be benign, 2) detection performance with unknown number of compromised sensors. Numerical examples are given to illustrate the main results.

Does NVIX matter for market volatility? Evidence from Asia-Pacific markets

NASA Astrophysics Data System (ADS)

Su, Zhi; Fang, Tong; Yin, Libo

2018-02-01

Forecasting financial market volatility is an important issue in the area of econophysics, and revealing the determinants of the market volatility has drawn much attentions of the academics. In order to better predict market volatilities, we use news-based implied volatility (NVIX) to measure uncertainty, and examine the predictive power of NVIX on the stock market volatility in both long and short-term among Asia-Pacific markets via GARCH-MIDAS model. We find that NVIX does not well explain long-term volatility variants in the full sample period, and it is positively associated with market volatility through a subsample analysis starting from the Financial Crisis. We also find that NVIX is more efficient in determining short-term volatility than the long-term volatility, indicating that the impact of NVIX is short-lived and information that investors concern could be quickly reflected in the stock market volatilities.

From Ivory Towers to International Business: Are Universities Export Ready in Their Recruitment of International Students?

ERIC Educational Resources Information Center

Naidoo, Vik

2010-01-01

The main hypothesis examined in this study is that the success of export recruitment strategies of universities is partly determined by their export readiness, defined as a function of market orientation. This article seeks to fulfil both a research and a practitioner gap in the export of education field. There currently exists a lack of research…

78 FR 73737 - Energy Efficiency Program for Consumer Products: Energy Conservation Standards for General...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-12-09

..., and time needed to revise sales and marketing strategies. (42 U.S.C. 6295(i)(6)(A)(iv)) Further, for... contracts, workers, raw materials, and time needed to revise sales and marketing strategies. (42 U.S.C. 6295...

Markets, Bureaucracies, and Clans.

ERIC Educational Resources Information Center

Ouchi, William G.

1980-01-01

The transactions cost approach provides a framework for evaluating organizations on the basis of efficiency because it allows the identification of the conditions that give rise to the costs of mediating exchanges between individuals. The three basic mechanisms of mediation or control are markets, bureaucracies, and clans. (Author/IRT)

IT-strategy and major aspects of quality management on the market of goods and services

NASA Astrophysics Data System (ADS)

Khafizov, I. I.; Galimov, A. N.

2017-09-01

The article deals with the basic provisions of the formation of IT-strategies and interaction with management quality. Formation of the IT-strategy in a volatile, changing marketing environment is a prerequisite for efficient operation of the company.

Risk management consideration in the bioeconomy

Treesearch

Camilla Abbati de Assis; Ronalds Gonzalez; Stephen Kelley; Hasan Jameel; Ted Bilek; Jesse Daystar; Robert Handfield; Jay Golden; Jeff Prestemon; Damien Singh

2017-01-01

In investing in a new venture, companies aim to increase their competitiveness and generate value in scenarios where volatile markets, geopolitical instabilities, and disruptive technologies create uncertainty and risk. The biobased industry poses additional challenges as it competes in a mature, highly efficient market, dominated by...

Fixing the system? The experience of service users of the quasi-market in disability services in Australia.

PubMed

Spall, Pam; McDonald, Catherine; Zetlin, Di

2005-01-01

A qualitative study involving semi-structured interviews with 31 people with disabilities and 32 carers in the state of Queensland, Australia, found that their experience of supportive service delivery had not improved despite reforms of the service delivery system driven by a version of the quasi-market model. Instead of delivering increased consumer choice and improved efficiency in service delivery, service users experienced inadequate service supply, service cutbacks, and an increased emphasis on cost subsidisation and assessment processes. Additionally, few consumers felt that individualised funding arrangements had personally delivered the benefits which the quasi-market model and associated policy paradigm had indicated that they should receive. For many consumers, the notion of consumer 'choice' around service provision was fictitious and they felt that any efficiency gains were at the agency level, largely at the consumers' cost. It is concluded that there appears to be no particular benefit to service users of quasi-market reforms, particularly in policy contexts where service delivery systems are historically under-funded.

Effects of fundamentals acquisition and strategy switch on stock price dynamics

NASA Astrophysics Data System (ADS)

Wu, Songtao; He, Jianmin; Li, Shouwei

2018-02-01

An agent-based artificial stock market is developed to simulate trading behavior of investors. In the market, acquisition and employment of information about fundamentals and strategy switch are investigated to explain stock price dynamics. Investors could obtain the information from both market and neighbors resided on their social networks. Depending on information status and performances of different strategies, an informed investor may switch to the strategy of fundamentalist. This in turn affects the information acquisition process, since fundamentalists are more inclined to search and spread the information than chartists. Further investigation into price dynamics generated from three typical networks, i.e. regular lattice, small-world network and random graph, are conducted after general relation between network structures and price dynamics is revealed. In each network, integrated effects of different combinations of information efficiency and switch intensity are investigated. Results have shown that, along with increasing switch intensity, market and social information efficiency play different roles in the formation of price distortion, standard deviation and kurtosis of returns.

Expanding Energy Performance Contracting in china: policy solutions and market mechanisms

DOE Office of Scientific and Technical Information (OSTI.GOV)

Shen, Bo; Price, Lynn; Liu, Xu

Energy performance contracting is an important market mechanism that uses energy savings to pay over time for the upfront costs of energy efficiency retrofits in buildings, industries, and other types of facilities. Through energy performance contracts (EPCs), Energy Service Companies (ESCOs) play an important role in implementing energy efficiency retrofits. Both China and the United States have large markets for EPCs and significant opportunities for growth. The Chinese government has made great efforts in promoting the country’s ESCO business and expanding its EPC markets. This paper makes a series of recommendations for China to adopt more ambitious policy measures tomore » encourage deep energy savings projects via EPCs. These recommendations are built on initial insights from a white paper developed by researchers at the Pacific Northwest National Laboratory and the Lawrence Berkeley National Laboratory with the assistance from the ESCO Committee of China’s Energy Conservation Association (EMCA). Key recommendations are listed below.« less

Grid commerce, market-driven G-negotiation, and Grid resource management.

PubMed

Sim, Kwang Mong

2006-12-01

Although the management of resources is essential for realizing a computational grid, providing an efficient resource allocation mechanism is a complex undertaking. Since Grid providers and consumers may be independent bodies, negotiation among them is necessary. The contribution of this paper is showing that market-driven agents (MDAs) are appropriate tools for Grid resource negotiation. MDAs are e-negotiation agents designed with the flexibility of: 1) making adjustable amounts of concession taking into account market rivalry, outside options, and time preferences and 2) relaxing bargaining terms in the face of intense pressure. A heterogeneous testbed consisting of several types of e-negotiation agents to simulate a Grid computing environment was developed. It compares the performance of MDAs against other e-negotiation agents (e.g., Kasbah) in a Grid-commerce environment. Empirical results show that MDAs generally achieve: 1) higher budget efficiencies in many market situations than other e-negotiation agents in the testbed and 2) higher success rates in acquiring Grid resources under high Grid loadings.

Developing markets for forest environmental services: an opportunity for promoting equity while securing efficiency?

PubMed

Landell-Mills, Natasha

2002-08-15

Market-based approaches to environmental management are all the rage. Claims that market mechanisms can encourage environmental protection and promote greater economic efficiency while saving taxpayers' money are tantalizing. In the forestry sector, policy makers are widely heeding this advice and shrinking command-and-control systems in favour of incentive mechanisms that seek to align private enthusiasm with the public good. In some cases, governments are even promoting the creation of markets where none existed before. In others, markets are evolving of their own accord. In such times of change, it is difficult to stand back and take stock. Yet, it is during such times that guidance is most needed. In the rush to introduce market-based solutions to environmental problems, a particular concern is how markets are impacting on the poor. In this paper an effort is made to draw on a recent review of markets for four forest environmental services (biodiversity conservation, carbon sequestration, watershed protection and landscape beauty) to draw out preliminary insights into how markets are performing with respect to their impacts on the poor. The evidence suggests a need for caution. While the potential benefits are significant, the poor face an uphill battle in realizing them. Key constraints facing the poor include a lack of property rights over forest resources and their environmental services; inadequate skills and education; poor market information; lack of market contacts; inadequate communication infrastructure; inappropriate contract design; and lack of access to financial resources. To tackle these, four potential ways forward are highlighted: (1) assign property rights to forest assets and their related environmental services in ways that respect customary arrangements and poor people's tenure; (2) strengthen capacity for market participation, e.g. through training and education; (3) invest in the provision of market information, advice and, essentially, a contact point for buyers and sellers, perhaps through the establishment of a 'market support centre'; and (4) improve access to finance so that poor individuals can make necessary up-front investments in market participation.

Evolution of female multiple mating: A quantitative model of the “sexually selected sperm” hypothesis

PubMed Central

Bocedi, Greta; Reid, Jane M

2015-01-01

Explaining the evolution and maintenance of polyandry remains a key challenge in evolutionary ecology. One appealing explanation is the sexually selected sperm (SSS) hypothesis, which proposes that polyandry evolves due to indirect selection stemming from positive genetic covariance with male fertilization efficiency, and hence with a male's success in postcopulatory competition for paternity. However, the SSS hypothesis relies on verbal analogy with “sexy-son” models explaining coevolution of female preferences for male displays, and explicit models that validate the basic SSS principle are surprisingly lacking. We developed analogous genetically explicit individual-based models describing the SSS and “sexy-son” processes. We show that the analogy between the two is only partly valid, such that the genetic correlation arising between polyandry and fertilization efficiency is generally smaller than that arising between preference and display, resulting in less reliable coevolution. Importantly, indirect selection was too weak to cause polyandry to evolve in the presence of negative direct selection. Negatively biased mutations on fertilization efficiency did not generally rescue runaway evolution of polyandry unless realized fertilization was highly skewed toward a single male, and coevolution was even weaker given random mating order effects on fertilization. Our models suggest that the SSS process is, on its own, unlikely to generally explain the evolution of polyandry. PMID:25330405

Feed intake and efficiency of F1 lambs

USDA-ARS?s Scientific Manuscript database

Objective estimates of feed efficiency for progeny of terminal-sire breeds of sheep are needed to improve the value of market lambs. Because recent terminal-sire breed-comparison data are lacking, we determined effects of terminal-sire breed on feed efficiency of F1 lambs. Each year for 3 yr, Columb...

Markets and medical care: the United States, 1993-2005.

PubMed

White, Joseph

2007-09-01

Many studies arguing for or against markets to finance medical care investigate "market-oriented" measures such as cost sharing. This article looks at the experience in the American medical marketplace over more than a decade, showing how markets function as institutions in which participants who are self-seeking, but not perfectly rational, exercise power over other participants in the market. Cost experience here was driven more by market power over prices than by management of utilization. Instead of following any logic of efficiency or equity, system transformations were driven by beliefs about investment strategies. At least in the United States' labor and capital markets, competition has shown little ability to rationalize health care systems because its goals do not resemble those of the health care system most people want.

Markets and Medical Care: The United States, 1993–2005

PubMed Central

White, Joseph

2007-01-01

Many studies arguing for or against markets to finance medical care investigate “market-oriented” measures such as cost sharing. This article looks at the experience in the American medical marketplace over more than a decade, showing how markets function as institutions in which participants who are self-seeking, but not perfectly rational, exercise power over other participants in the market. Cost experience here was driven more by market power over prices than by management of utilization. Instead of following any logic of efficiency or equity, system transformations were driven by beliefs about investment strategies. At least in the United States' labor and capital markets, competition has shown little ability to rationalize health care systems because its goals do not resemble those of the health care system most people want. PMID:17718663

Why Do Markets Crash? Bitcoin Data Offers Unprecedented Insights.

PubMed

Donier, Jonathan; Bouchaud, Jean-Philippe

2015-01-01

Crashes have fascinated and baffled many canny observers of financial markets. In the strict orthodoxy of the efficient market theory, crashes must be due to sudden changes of the fundamental valuation of assets. However, detailed empirical studies suggest that large price jumps cannot be explained by news and are the result of endogenous feedback loops. Although plausible, a clear-cut empirical evidence for such a scenario is still lacking. Here we show how crashes are conditioned by the market liquidity, for which we propose a new measure inspired by recent theories of market impact and based on readily available, public information. Our results open the possibility of a dynamical evaluation of liquidity risk and early warning signs of market instabilities, and could lead to a quantitative description of the mechanisms leading to market crashes.

Activity-dependent branching ratios in stocks, solar x-ray flux, and the Bak-Tang-Wiesenfeld sandpile model

NASA Astrophysics Data System (ADS)

Martin, Elliot; Shreim, Amer; Paczuski, Maya

2010-01-01

We define an activity-dependent branching ratio that allows comparison of different time series Xt . The branching ratio bx is defined as bx=E[ξx/x] . The random variable ξx is the value of the next signal given that the previous one is equal to x , so ξx={Xt+1∣Xt=x} . If bx>1 , the process is on average supercritical when the signal is equal to x , while if bx<1 , it is subcritical. For stock prices we find bx=1 within statistical uncertainty, for all x , consistent with an “efficient market hypothesis.” For stock volumes, solar x-ray flux intensities, and the Bak-Tang-Wiesenfeld (BTW) sandpile model, bx is supercritical for small values of activity and subcritical for the largest ones, indicating a tendency to return to a typical value. For stock volumes this tendency has an approximate power-law behavior. For solar x-ray flux and the BTW model, there is a broad regime of activity where bx≃1 , which we interpret as an indicator of critical behavior. This is true despite different underlying probability distributions for Xt and for ξx . For the BTW model the distribution of ξx is Gaussian, for x sufficiently larger than 1, and its variance grows linearly with x . Hence, the activity in the BTW model obeys a central limit theorem when sampling over past histories. The broad region of activity where bx is close to one disappears once bulk dissipation is introduced in the BTW model—supporting our hypothesis that it is an indicator of criticality.

Activity-dependent branching ratios in stocks, solar x-ray flux, and the Bak-Tang-Wiesenfeld sandpile model.

PubMed

Martin, Elliot; Shreim, Amer; Paczuski, Maya

2010-01-01

We define an activity-dependent branching ratio that allows comparison of different time series X(t). The branching ratio b(x) is defined as b(x)=E[xi(x)/x]. The random variable xi(x) is the value of the next signal given that the previous one is equal to x, so xi(x)=[X(t+1) | X(t)=x]. If b(x)>1, the process is on average supercritical when the signal is equal to x, while if b(x)<1, it is subcritical. For stock prices we find b(x)=1 within statistical uncertainty, for all x, consistent with an "efficient market hypothesis." For stock volumes, solar x-ray flux intensities, and the Bak-Tang-Wiesenfeld (BTW) sandpile model, b(x) is supercritical for small values of activity and subcritical for the largest ones, indicating a tendency to return to a typical value. For stock volumes this tendency has an approximate power-law behavior. For solar x-ray flux and the BTW model, there is a broad regime of activity where b(x) approximately equal 1, which we interpret as an indicator of critical behavior. This is true despite different underlying probability distributions for X(t) and for xi(x). For the BTW model the distribution of xi(x) is Gaussian, for x sufficiently larger than 1, and its variance grows linearly with x. Hence, the activity in the BTW model obeys a central limit theorem when sampling over past histories. The broad region of activity where b(x) is close to one disappears once bulk dissipation is introduced in the BTW model-supporting our hypothesis that it is an indicator of criticality.

How do macro-level contexts and policies affect the employment chances of chronically ill and disabled people? Part II: The impact of active and passive labor market policies.

PubMed

Holland, Paula; Nylén, Lotta; Thielen, Karsten; van der Wel, Kjetil A; Chen, Wen-Hao; Barr, Ben; Burström, Bo; Diderichsen, Finn; Andersen, Per Kragh; Dahl, Espen; Uppal, Sharanjit; Clayton, Stephen; Whitehead, Margaret

2011-01-01

The authors investigate three hypotheses on the influence of labor market deregulation, decommodification, and investment in active labor market policies on the employment of chronically ill and disabled people. The study explores the interaction between employment, chronic illness, and educational level for men and women in Canada, Denmark, Norway, Sweden, and the United Kingdom, countries with advanced social welfare systems and universal health care but with varying types of active and passive labor market policies. People with chronic illness were found to fare better in employment terms in the Nordic countries than in Canada or the United Kingdom. Their employment chances also varied by educational level and country. The employment impact of having both chronic illness and low education was not just additive but synergistic. This amplification was strongest for British men and women, Norwegian men, and Danish women. Hypotheses on the disincentive effects of tighter employment regulation or more generous welfare benefits were not supported. The hypothesis that greater investments in active labor market policies may improve the employment of chronically ill people was partially supported. Attention must be paid to the differential impact of macro-level policies on the labor market participation of chronically ill and disabled people with low education, a group facing multiple barriers to gaining employment.

Improving Recruiting of the 6th Recruiting Brigade Through Statistical Analysis and Efficiency Measures

DTIC Science & Technology

2014-12-01

example of maximizing or minimizing decision variables within a model. Carol Stoker and Stephen Mehay present a comparative analysis of marketing and advertising strategies...strategy development process; documenting various recruiting, marketing , and advertising initiatives in each nation; and examining efforts to

A Marketing Manual for Job Developers.

ERIC Educational Resources Information Center

Serapio, Manuel G., Jr.

This manual is intended for job developers and people working in educational, vocational, and training organizations with responsibilities for job development and placement. It is designed to help them perform their responsibilities more effectively by making them more responsive to market needs and more efficient in executing their…

Energy Efficiency Financing for Low- and Moderate-Income Households: Current State of the Market, Issues, and Opportunities

DOE Office of Scientific and Technical Information (OSTI.GOV)

None

Although the need is great, many LMI households may not be able to afford efficiency improvements or may be inhibited from adopting efficiency for other reasons. Decision-makers across the country are currently exploring the challenges and potential solutions to ramping up adoption of efficiency in LMI households, including the use of financing.

A sliding windows approach to analyse the evolution of bank shares in the European Union

NASA Astrophysics Data System (ADS)

Ferreira, Paulo; Dionísio, Andreia; Guedes, Everaldo Freitas; Zebende, Gilney Figueira

2018-01-01

Both sub-prime and Eurozone debt crisis problems caused severe financial crisis, which affected European markets in general, but particularly the banking sector. The continuous devaluation of bank shares in the financial sector caused a great decrease in market capitalization, and in citizen and investor confidence. Panic among investors led them to sell shares, while other agents took the opportunity to buy them. Therefore, the study of bank shares is important, particularly of their efficiency. In this paper, adopting a sliding windows detrended fluctuation approach, we analyse the efficiency concept dynamically with 63 European banks (both in and outside the Eurozone). The main results show that the crisis had an effect on changing the efficiency pattern.