75 FR 6417 - U.S. One, Inc. and U.S. One Trust; Notice of Application

Federal Register 2010, 2011, 2012, 2013, 2014

2010-02-09

... anticipate that shares of the Funds (``Shares'') will be sold at a price of between $25 and $200 per Share in... Makers''). The price of Shares trading on the Listing Market will be based on a current bid/offer market... and keep the market price of shares close to their NAV. Applicants expect that secondary market...

Does the market share of generic medicines influence the price level?: a European analysis.

PubMed

Dylst, Pieter; Simoens, Steven

2011-10-01

After the expiry of patents for originator medicines, generic medicines can enter the market, and price competition may occur. This process generates savings to the healthcare payer and to patients, but knowledge about the factors affecting price competition in the pharmaceutical market following patent expiry is still limited. This study aimed to investigate the relationship between the market share of generic medicines and the change of the medicine price level in European off-patent markets. Data on medicine volumes and values for 35 active substances were purchased from IMS Health. Ex-manufacturer prices were used, and the analysis was limited to medicines in immediate-release, oral, solid dosage forms. Countries included were Austria, Belgium, Denmark, Germany, France, Italy, the Netherlands, Spain, Sweden and the UK, which constitute a mix of countries with low and high generic medicines market shares. Data were available from June 2002 until March 2007. Market volume has risen in both high and low generic market share countries (+29.27% and +27.40%, respectively), but the cause of the rise is different for the two markets. In low generic market share countries, the rise was caused by the increased use of generic medicines, while in high market share countries, the rise was driven by the increased use of generic medicines and a shift of use from originator to generic medicines. Market value was substantially decreased in high generic market share countries (-26.6%), while the decrease in low generic market share countries was limited (-0.06%). In high generic market share countries, medicine prices dropped by -43.18% versus -21.56% in low market share countries. The extent to which price competition from generic medicines leads to price reductions appears to vary according to the market share of generic medicines. High generic market share countries have seen a larger decrease in medicine prices than low market share countries.

[Risk sharing methods in middle income countries].

PubMed

Inotai, András; Kaló, Zoltán

2012-01-01

The pricing strategy of innovative medicines is based on the therapeutic value in the largest pharmaceutical markets. The cost-effectiveness of new medicines with value based ex-factory price is justifiable. Due to the international price referencing and parallel trade the ex-factory price corridor of new medicines has been narrowed in recent years. Middle income countries have less negotiation power to change the narrow drug pricing corridor, although their fair intention is to buy pharmaceuticals at lower price from their scarce public resources compared to higher income countries. Therefore the reimbursement of new medicines at prices of Western-European countries may not be justifiable in Central-Eastern European countries. Confidential pricing agreements (i.e. confidential price discounts, claw-back or rebate) in lower income countries of the European Union can alleviate this problem, as prices of new medicines can be adjusted to local purchasing power without influencing the published ex-factory price and so the accessibility of patients to these drugs in other countries. In order to control the drug budget payers tend to apply financial risk sharing agreements for new medicines in more and more countries to shift the consequences of potential overspending to pharmaceutical manufacturers. The major paradox of financial risk-sharing schemes is that increased mortality, poor persistence of patients, reduced access to healthcare providers, and no treatment reduce pharmaceutical spending. Consequently, payers have started to apply outcome based risk sharing agreements for new medicines recently to improve the quality of health care provision. Our paper aims to review and assess the published financial and outcome based risk sharing methods. Introduction of outcome based risk-sharing schemes can be a major advancement in the drug reimbursement strategy of payers in middle income countries. These schemes can help to reduce the medical uncertainty in coverage decisions for valuable innovative healthcare technologies. However risk-sharing schemes can also reduce the transparency of pharmaceutical pricing and reimbursement, as the payback, and consequently the actual price per patient can be calculated only retrospectively. Therefore risk-sharing agreements can be interpreted as special forms of confidential pricing agreements to facilitate the implementation of differential pricing in middle income countries.

78 FR 14376 - Order Granting Limited Exemptions From Exchange Act Rule 10b-17 and Rules 101 and 102 of...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-03-05

... market price of the Shares should not vary substantially from the NAV of such Shares; Shares of the Fund... the Fund and that a close alignment between the market price of Shares and the Fund's NAV is expected... alignment between the market price of Shares and the Fund's NAV is expected, the Commission finds that it is...

Option pricing: a flexible tool to disseminate shared savings contracts.

PubMed

Friedberg, Mark W; Buendia, Anthony M; Lauderdale, Katherine E; Hussey, Peter S

2013-08-01

Due to volatility in healthcare costs, shared savings contracts can create systematic financial losses for payers, especially when contracting with smaller providers. To improve the business case for shared savings, we calculated the prices of financial options that payers can "sell" to providers to offset these losses. Using 2009 to 2010 member-level total cost of care data from a large commercial health plan, we calculated option prices by applying a bootstrap simulation procedure. We repeated these simulations for providers of sizes ranging from 500 to 60,000 patients and for shared savings contracts with and without key design features (minimum savings thresholds,bonus caps, cost outlier truncation, and downside risk) and under assumptions of zero, 1%, and 2% real cost reductions due to the shared savings contracts. Assuming no real cost reduction and a 50% shared savings rate, per patient option prices ranged from $225 (3.1% of overall costs) for 500-patient providers to $23 (0.3%) for 60,000-patient providers. Introducing minimum savings thresholds, bonus caps, cost outlier truncation, and downside risk reduced these option prices. Option prices were highly sensitive to the magnitude of real cost reductions. If shared savings contracts cause 2% reductions in total costs, option prices fall to zero for all but the smallest providers. Calculating the prices of financial options that protect payers and providers from downside risk can inject flexibility into shared savings contracts, extend such contracts to smaller providers, and clarify the tradeoffs between different contract designs, potentially speeding the dissemination of shared savings.

14 CFR 1214.813 - Computation of sharing and pricing parameters.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 14 Aeronautics and Space 5 2010-01-01 2010-01-01 false Computation of sharing and pricing parameters. 1214.813 Section 1214.813 Aeronautics and Space NATIONAL AERONAUTICS AND SPACE ADMINISTRATION SPACE FLIGHT Reimbursement for Spacelab Services § 1214.813 Computation of sharing and pricing...

77 FR 75464 - Order Granting Limited Exemptions From Exchange Act Rules 101 and 102 of Regulation M to Shares...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-12-20

... agent,\\6\\ and information transparency measures \\7\\ will cause the price of Shares in the secondary... price of Shares is expected to trade within a limited range with the lower end of that range... align the price of the Shares in the secondary market to the copper held by the Trust, should mitigate...

Black-Scholes model under subordination

NASA Astrophysics Data System (ADS)

Stanislavsky, A. A.

2003-02-01

In this paper, we consider a new mathematical extension of the Black-Scholes (BS) model in which the stochastic time and stock share price evolution is described by two independent random processes. The parent process is Brownian, and the directing process is inverse to the totally skewed, strictly α-stable process. The subordinated process represents the Brownian motion indexed by an independent, continuous and increasing process. This allows us to introduce the long-term memory effects in the classical BS model.

77 FR 72416 - Foreside Advisor Services, LLC, et al.; Notice of Application

Federal Register 2010, 2011, 2012, 2013, 2014

2012-12-05

... Units''); (b) secondary market transactions in Shares to occur at negotiated market prices; (c) certain.... Applicants anticipate that the price of a Share will range from $15 to $25, and that Creation Units will... price of Shares will be based on a current bid/ offer in the secondary market. Transactions involving...

75 FR 54928 - Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-09-09

... (``LOC'') orders executed in the NYSE Closing Auction. For stocks with a per share stock price of $1.00... stocks with a per share stock price less than $1.00 per share, the fee will change from (A) the lesser of... LOC orders executed in the NYSE Closing Auction. For stocks with a per share stock price of $1.00 or...

The Spanish tobacco tax loopholes and their consequences.

PubMed

López-Nicolás, Ángel; Cobacho, María Belén; Fernández, Esteve

2013-05-01

The Spanish government has strengthened tobacco control policies since 2005, including changes in tobacco taxes. Because these changes have targeted cigarettes mainly, the tobacco industry has marketed cheaper alternative tobacco products, offering smokers the possibility to downtrade. This paper traces the evolution of patterns of demand for cigarettes and other tobacco products in Spain over the period 2005-2011 in order to assess the impact of such tax loopholes. The authors use data on tobacco products prices and sales as well as changes in the structure and levels of tobacco taxes to relate tax changes to price changes and subsequent market share changes. Tax reforms have lifted the bottom end of the cigarette price distribution, but the industry has been successful in marketing fine-cut tobacco at cheap prices. There have been partial attempts to correct this asymmetric tax treatment, but these have not avoided a remarkable increase in the market share of fine-cut tobacco. The absence of a minimum tax on quantity for the rest of tobacco products allows the industry to place them as potential future downtrading vehicles. In order to address public health objectives, tax policies should aim to equalise the cost of smoking across different tobacco products. Otherwise the tobacco industry can exploit tax loopholes to market cheap alternatives to cigarettes. This requires all tobacco products to bear a minimum tax on quantity, whose levels need to be adjusted in order to reflect the equivalence between different forms of smoking.

26 CFR 1.358-2 - Allocation of basis among nonrecognition property.

Code of Federal Regulations, 2010 CFR

2010-04-01

... respect of shares of stock or securities that were acquired on the same date and at the same price. To the... different prices, the share of stock or security received shall be divided into segments based on the... different prices exchanges such shares of stock or securities under the terms of section 354, 355, or 356...

Outpatient Provider Concentration and Commercial Colonoscopy Prices

PubMed Central

Pozen, Alexis

2015-01-01

The objective was to evaluate the magnitude of various contributors to outpatient commercial colonoscopy prices, including market- and provider-level factors, especially market share. We used adjudicated fee-for-service facility claims from a large commercial insurer for colonoscopies occurring in hospital outpatient department or ambulatory surgery center from October 2005 to December 2012. Claims were matched to provider- and market-level data. Linear fixed effects regressions of negotiated colonoscopy price were run on provider, system, and market characteristics. Markets were defined as counties. There were 178 433 claims from 169 providers (104 systems). The mean system market share was 76% (SD = 0.34) and the mean real (deflated) price was US$1363 (SD = 374), ranging from US$169 to US$2748. For every percentage point increase in a system or individual facility’s bed share, relative price increased by 2 to 4 percentage points; this result was stable across a number of specifications. Market population and price were also consistently positively related, though this relation was small in magnitude. No other factor explained price as strongly as market share. Price variation for colonoscopy was driven primarily by market share, of particular concern as the number of mergers increases in wake of the recession and the Affordable Care Act. Whether variation is justified by better quality care requires further research to determine whether quality is subsumed in prices. PMID:25870183

Simplified stock markets described by number operators

NASA Astrophysics Data System (ADS)

Bagarello, F.

2009-06-01

In this paper we continue our systematic analysis of the operatorial approach previously proposed in an economical context and we discuss a mixed toy model of a simplified stock market, i.e. a model in which the price of the shares is given as an input. We deduce the time evolution of the portfolio of the various traders of the market, as well as of other observable quantities. As in a previous paper, we solve the equations of motion by means of a fixed point like approximation.

78 FR 51251 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-08-20

... described below apply to transactions in stocks with a per share stock price of $1.00 or more. The Exchange... from the Exchange) that are not otherwise specified in the Price List are charged $0.0024 per share per... otherwise specified on the Price List (i.e., the proposed $.0022 and $0.0020 per share rates) because d...

26 CFR 25.2512-2 - Stocks and bonds.

Code of Federal Regulations, 2010 CFR

2010-04-01

... prices on the date of the gift is the fair market value per share or bond. If there were no sales on the... trading days after (Wednesday, June 20) and on these days the mean sale prices per share were $10 and $15, respectively. The price of $12 is taken as representing the fair market value of a share of stock as of the...

75 FR 54665 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing of Proposed Rule Change To...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-09-08

...; (d) Two market makers; and (e) A minimum initial listing price of $0.25 per share for securities... $0.05 per share bid price. Further, with respect to companies not previously listed on a national..., to be eligible to list with a $0.25 per share price. The Exchange believes it appropriate to consider...

78 FR 38741 - Order Granting Limited Exemptions From Exchange Act Rule 10b-17 and Rules 101 and 102 of...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-06-27

... value (``NAV'') and the secondary market price of the Shares should not vary substantially from the NAV... alignment between the market price of Shares and each Fund's NAV is expected. Regulation M While redeemable... alignment between the market price of Shares and the Funds' NAV is expected, the Commission finds that it is...

Statistical properties and pre-hit dynamics of price limit hits in the Chinese stock markets.

PubMed

Wan, Yu-Lei; Xie, Wen-Jie; Gu, Gao-Feng; Jiang, Zhi-Qiang; Chen, Wei; Xiong, Xiong; Zhang, Wei; Zhou, Wei-Xing

2015-01-01

Price limit trading rules are adopted in some stock markets (especially emerging markets) trying to cool off traders' short-term trading mania on individual stocks and increase market efficiency. Under such a microstructure, stocks may hit their up-limits and down-limits from time to time. However, the behaviors of price limit hits are not well studied partially due to the fact that main stock markets such as the US markets and most European markets do not set price limits. Here, we perform detailed analyses of the high-frequency data of all A-share common stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2000 to 2011 to investigate the statistical properties of price limit hits and the dynamical evolution of several important financial variables before stock price hits its limits. We compare the properties of up-limit hits and down-limit hits. We also divide the whole period into three bullish periods and three bearish periods to unveil possible differences during bullish and bearish market states. To uncover the impacts of stock capitalization on price limit hits, we partition all stocks into six portfolios according to their capitalizations on different trading days. We find that the price limit trading rule has a cooling-off effect (object to the magnet effect), indicating that the rule takes effect in the Chinese stock markets. We find that price continuation is much more likely to occur than price reversal on the next trading day after a limit-hitting day, especially for down-limit hits, which has potential practical values for market practitioners.

Price elasticity and medication use: cost sharing across multiple clinical conditions.

PubMed

Gatwood, Justin; Gibson, Teresa B; Chernew, Michael E; Farr, Amanda M; Vogtmann, Emily; Fendrick, A Mark

2014-11-01

To address the impact that out-of-pocket prices may have on medication use, it is vital to understand how the demand for medications may be affected when patients are faced with changes in the price to acquire treatment and how price responsiveness differs across medication classes.  To examine the impact of cost-sharing changes on the demand for 8 classes of prescription medications. This was a retrospective database analysis of 11,550,363 commercially insured enrollees within the 2005-2009 MarketScan Database. Patient cost sharing, expressed as a price index for each medication class, was the main explanatory variable to examine the price elasticity of demand. Negative binomial fixed effect models were estimated to examine medication fills. The elasticity estimates reflect how use changes over time as a function of changes in copayments. Model estimates revealed that price elasticity of demand ranged from -0.015 to -0.157 within the 8 categories of medications (P  less than  0.01 for 7 of 8 categories). The price elasticity of demand for smoking deterrents was largest (-0.157, P  less than  0.0001), while demand for antiplatelet agents was not responsive to price (P  greater than 0.05). The price elasticity of demand varied considerably by medication class, suggesting that the influence of cost sharing on medication use may be related to characteristics inherent to each medication class or underlying condition.

Maintenance service contract model for heavy equipment in mining industry using principal agent theory

NASA Astrophysics Data System (ADS)

Pakpahan, Eka K. A.; Iskandar, Bermawi P.

2015-12-01

Mining industry is characterized by a high operational revenue, and hence high availability of heavy equipment used in mining industry is a critical factor to ensure the revenue target. To maintain high avaliability of the heavy equipment, the equipment's owner hires an agent to perform maintenance action. Contract is then used to control the relationship between the two parties involved. The traditional contracts such as fixed price, cost plus or penalty based contract studied is unable to push agent's performance to exceed target, and this in turn would lead to a sub-optimal result (revenue). This research deals with designing maintenance contract compensation schemes. The scheme should induce agent to select the highest possible maintenance effort level, thereby pushing agent's performance and achieve maximum utility for both parties involved. Principal agent theory is used as a modeling approach due to its ability to simultaneously modeled owner and agent decision making process. Compensation schemes considered in this research includes fixed price, cost sharing and revenue sharing. The optimal decision is obtained using a numerical method. The results show that if both parties are risk neutral, then there are infinite combination of fixed price, cost sharing and revenue sharing produced the same optimal solution. The combination of fixed price and cost sharing contract results in the optimal solution when the agent is risk averse, while the optimal combination of fixed price and revenue sharing contract is obtained when agent is risk averse. When both parties are risk averse, the optimal compensation scheme is a combination of fixed price, cost sharing and revenue sharing.

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.

76 FR 4968 - Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting Approval of Proposed Rule Change...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-01-27

... Trading Session on the Exchange. Information regarding market price and trading volume of the Shares is... of information that may be necessary to price the Shares appropriately and to prevent trading when a... Listing and Trading Shares of the AdvisorShares Active Bear ETF January 19, 2011. I. Introduction On...

78 FR 11258 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-02-15

....0022/share in all Derivative Securities Products priced $1.00/share or more executed in the Regular....0022/share in all Derivative Securities Products priced $1.00/share or more executed in the Regular... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-68894; File No. SR-CHX-2013-06] Self-Regulatory...

5 CFR 1645.1 - Definitions.

Code of Federal Regulations, 2011 CFR

2011-01-01

... means the number of shares of an investment fund upon which the calculation of a share price is based... 5 Administrative Personnel 3 2011-01-01 2011-01-01 false Definitions. 1645.1 Section 1645.1 Administrative Personnel FEDERAL RETIREMENT THRIFT INVESTMENT BOARD CALCULATION OF SHARE PRICES § 1645.1...

Statistical Properties and Pre-Hit Dynamics of Price Limit Hits in the Chinese Stock Markets

PubMed Central

Wan, Yu-Lei; Xie, Wen-Jie; Gu, Gao-Feng; Jiang, Zhi-Qiang; Chen, Wei; Xiong, Xiong; Zhang, Wei; Zhou, Wei-Xing

2015-01-01

Price limit trading rules are adopted in some stock markets (especially emerging markets) trying to cool off traders’ short-term trading mania on individual stocks and increase market efficiency. Under such a microstructure, stocks may hit their up-limits and down-limits from time to time. However, the behaviors of price limit hits are not well studied partially due to the fact that main stock markets such as the US markets and most European markets do not set price limits. Here, we perform detailed analyses of the high-frequency data of all A-share common stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2000 to 2011 to investigate the statistical properties of price limit hits and the dynamical evolution of several important financial variables before stock price hits its limits. We compare the properties of up-limit hits and down-limit hits. We also divide the whole period into three bullish periods and three bearish periods to unveil possible differences during bullish and bearish market states. To uncover the impacts of stock capitalization on price limit hits, we partition all stocks into six portfolios according to their capitalizations on different trading days. We find that the price limit trading rule has a cooling-off effect (object to the magnet effect), indicating that the rule takes effect in the Chinese stock markets. We find that price continuation is much more likely to occur than price reversal on the next trading day after a limit-hitting day, especially for down-limit hits, which has potential practical values for market practitioners. PMID:25874716

Price-cap Regulation, Uncertainty and the Price Evolution of New Pharmaceuticals.

PubMed

Shajarizadeh, Ali; Hollis, Aidan

2015-08-01

This paper examines the effect of the regulations restricting price increases on the evolution of pharmaceutical prices. A novel theoretical model shows that this policy leads firms to price new drugs with uncertain demand above the expected value initially. Price decreases after drug launch are more likely, the higher the uncertainty. We empirically test the model's predictions using data from the Canadian pharmaceutical market. The level of uncertainty is shown to play a crucial role in drug pricing strategies. © 2014 The Authors. Health Economics Published by John Wiley & Sons Ltd.

5 CFR 1645.2 - Posting of transactions.

Code of Federal Regulations, 2010 CFR

2010-01-01

... 1645.2 Administrative Personnel FEDERAL RETIREMENT THRIFT INVESTMENT BOARD CALCULATION OF SHARE PRICES..., interfund transfers, and other transactions will be posted in dollars and in shares by source and by TSP Fund to the appropriate individual account by the TSP record keeper, using the share price for the date...

Reference Pricing, Consumer Cost-Sharing, and Insurer Spending for Advanced Imaging Tests.

PubMed

Robinson, James C; Whaley, Christopher; Brown, Timothy T

2016-12-01

Fees charged for similar imaging tests often vary dramatically within the same market, leading to wide variation in insurer spending and consumer cost-sharing. Reference pricing is an insurance design that offers good coverage to patients up to a defined contribution limit but requires the patients who select high-priced facilities to pay the remainder out of pocket. To measure the association between implementation of reference pricing and patient choice of facility, test prices, out-of-pocket spending, and insurer spending for advanced imaging (CT and MRI) procedures. Difference-in-differences multivariable analysis of insurance claims data. Study included 4751 employees of a national grocery chain (treatment group) and 23,428 enrollees in the nation's largest private insurance plan (comparison group) that used CT or MRI tests between 2010 and 2013. Patient choice of facility, price paid per test, patient out-of-pocket cost-sharing, and employer spending. Compared with trends in prices paid by insurance enrollees not subject to reference pricing, and after adjusting for characteristics of tests and patients, implementation of reference pricing was associated with a 12.5% (95% CI, -25.0%, 2.1%) reduction in average price paid per test by the end of the second full year of the program for CT scans and a 10.5% (95% CI, -16.9%, 3.6%) for MRIs. Out-of-pocket cost-sharing by patients declined by $71,508 (13.8%). The savings accruing to employees amounted to 45.5% of total savings from reference pricing, with the remainder accruing to the employer. Implementation of reference pricing led to reductions in payments by both employer and employees.

77 FR 51602 - Self-Regulatory Organizations; BATS Exchange, Inc.; Order Granting Approval of a Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-08-24

... minimum share price for a sustained period, and for at least 30 of the most recent 60 trading days, prior... address concerns that the potential for manipulation of the security to meet the minimum price... successfully used to meet the Exchange's minimum share price requirements. In addition, the Commission believes...

Real-time dynamic pricing for bicycle sharing programs.

DOT National Transportation Integrated Search

2014-10-01

This paper presents a new conceptual approach to improve the operational performance of public bike sharing systems : using pricing schemes. Its methodological developments are accompanied by experimental analyses with bike demand : data from Capital...

76 FR 2738 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-01-14

... Price List (``Price List'') for equity transactions in stocks with a per share stock price less than $1.00 to provide that the equity per share charge for all other transactions when taking liquidity from the Exchange per transaction will be the lesser of (i) 0.3% of the total dollar value of the...

12 CFR 563b.330 - How do I price my conversion shares?

Code of Federal Regulations, 2010 CFR

2010-01-01

... 12 Banks and Banking 5 2010-01-01 2010-01-01 false How do I price my conversion shares? 563b.330 Section 563b.330 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY CONVERSIONS FROM MUTUAL TO STOCK FORM Standard Conversions Offers and Sales of Stock § 563b.330 How do I price my...

76 FR 70520 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing of Proposed Rule Change to...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-14

.... Surveillance for opening price manipulation and other existing surveillance patterns are utilized to monitor... exchanges, covered securities were required to have a closing market price of at least $7.50 per share for... proposing the $3 per share closing market price requirement and the five-day ``look back'' period that is...

77 FR 75207 - The Adams Express Company and Petroleum & Resources Corporation; Notice of Application

Federal Register 2010, 2011, 2012, 2013, 2014

2012-12-19

... the Fund's long-term total return (in relation to market price and net asset value per common share... fixed percentage of the market price of such Fund's common shares at a particular point in time, or a..., dealer, bank or other person (``financial intermediary'') holds common shares issued by a Fund in nominee...

76 FR 59458 - Stone Harbor Emerging Markets Income Fund, et al.; Notice of Application

Federal Register 2010, 2011, 2012, 2013, 2014

2011-09-26

... market price and its net asset value per common share (``NAV'')) and the relationship between such Fund's... the market price of such Fund's common shares at a particular point in time or a fixed monthly... person (``financial intermediary'') holds common shares issued by the Fund in nominee name, or otherwise...

Competition among hospitals for HMO business: effect of price and nonprice attributes.

PubMed

Young, Gary J; Burgess, James E; Valley, Danielle

2002-10-01

To investigate patterns of competition among hospitals for the business of health maintenance organizations (HMOs). The study focused on the relative importance of hospital price and nonprice attributes in the competition for HMO business. The study capitalized on hospital cost reports from Florida that are unique in their inclusion of financial data regarding HMO business activity. The time frame was 1992 to 1997. The study was designed as an observational investigation of acute care hospitals. Results indicated that a hospital's share of HMO business was related to both its price and nonprice attributes. However, the importance of both price and nonprice attributes diminished as the number of HMOs in a market increased. Hospitals that were market share leaders in terms of HMO business (i.e., 30 percent or more market share) were superior, on average, to their competitors on both price and nonprice attributes. Study results indicate that competition among hospitals for HMO business involves a complex set of price and nonprice attributes. The HMOs do not appear to focus on price alone. Hospitals likely to be the most attractive to HMOs are those that can differentiate themselves on the basis of nonprice attributes while being competitive on price as well.

Quantifying immediate price impact of trades based on the k-shell decomposition of stock trading networks

NASA Astrophysics Data System (ADS)

Xie, Wen-Jie; Li, Ming-Xia; Xu, Hai-Chuan; Chen, Wei; Zhou, Wei-Xing; Stanley, H. Eugene

2016-10-01

Traders in a stock market exchange stock shares and form a stock trading network. Trades at different positions of the stock trading network may contain different information. We construct stock trading networks based on the limit order book data and classify traders into k classes using the k-shell decomposition method. We investigate the influences of trading behaviors on the price impact by comparing a closed national market (A-shares) with an international market (B-shares), individuals and institutions, partially filled and filled trades, buyer-initiated and seller-initiated trades, and trades at different positions of a trading network. Institutional traders professionally use some trading strategies to reduce the price impact and individuals at the same positions in the trading network have a higher price impact than institutions. We also find that trades in the core have higher price impacts than those in the peripheral shell.

Selection by consequences, behavioral evolution, and the price equation.

PubMed

Baum, William M

2017-05-01

Price's equation describes evolution across time in simple mathematical terms. Although it is not a theory, but a derived identity, it is useful as an analytical tool. It affords lucid descriptions of genetic evolution, cultural evolution, and behavioral evolution (often called "selection by consequences") at different levels (e.g., individual vs. group) and at different time scales (local and extended). The importance of the Price equation for behavior analysis lies in its ability to precisely restate selection by consequences, thereby restating, or even replacing, the law of effect. Beyond this, the equation may be useful whenever one regards ontogenetic behavioral change as evolutionary change, because it describes evolutionary change in abstract, general terms. As an analytical tool, the behavioral Price equation is an excellent aid in understanding how behavior changes within organisms' lifetimes. For example, it illuminates evolution of response rate, analyses of choice in concurrent schedules, negative contingencies, and dilemmas of self-control. © 2017 Society for the Experimental Analysis of Behavior.

26 CFR 1.424-1 - Definitions and special rules applicable to statutory options.

Code of Federal Regulations, 2010 CFR

2010-04-01

... in § 1.424-1(e)(4)(v)) or change in the terms or number of outstanding shares of such corporation... or price of shares purchasable under an option merely to reflect market fluctuations in the price of... of the outstanding shares of a corporation (as described in paragraph (a)(3)(ii) of this section...

77 FR 76135 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-12-26

... 500 Index option series in the pilot: (1) A time series analysis of open interest; and (2) an analysis... issue's total market share value, which is the share price times the number of shares outstanding. These... other series. Strike price intervals would be set no less than 5 points apart. Consistent with existing...

Open access, library and publisher competition, and the evolution of general commerce.

PubMed

Odlyzko, Andrew M

2015-02-01

Discussions of the economics of scholarly communication are usually devoted to Open Access, rising journal prices, publisher profits, and boycotts. That ignores what seems a much more important development in this market. Publishers, through the oft-reviled Big Deal packages, are providing much greater and more egalitarian access to the journal literature, an approximation to true Open Access. In the process, they are also marginalizing libraries and obtaining a greater share of the resources going into scholarly communication. This is enabling a continuation of publisher profits as well as of what for decades has been called "unsustainable journal price escalation." It is also inhibiting the spread of Open Access and potentially leading to an oligopoly of publishers controlling distribution through large-scale licensing. The Big Deal practices are worth studying for several general reasons. The degree to which publishers succeed in diminishing the role of libraries may be an indicator of the degree and speed at which universities transform themselves. More importantly, these Big Deals appear to point the way to the future of the whole economy, where progress is characterized by declining privacy, increasing price discrimination, increasing opaqueness in pricing, increasing reliance on low-paid or unpaid work of others for profits, and business models that depend on customer inertia. © The Author(s) 2014.

5 CFR 1645.3 - Calculation of total net earnings for each TSP Fund.

Code of Federal Regulations, 2010 CFR

2010-01-01

... BOARD CALCULATION OF SHARE PRICES § 1645.3 Calculation of total net earnings for each TSP Fund. (a) Each... be used to calculate the share price for that business day. [70 FR 32214, June 1, 2005] ...

19 CFR 351.507 - Equity.

Code of Federal Regulations, 2010 CFR

2010-04-01

...) Significant private sector participation required. The Secretary will not use private investor prices under... uses private investor prices for a form of shares that is similar to the newly issued shares purchased... is inconsistent with the usual investment practice of private investors, including the practice...

78 FR 21681 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change and...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-04-11

... calculate an estimated intraday NAV. Such traders understand what the intrinsic per-share price is, hedge... granting the Existing Relief rests on the premise that the prices of ETP shares closely track their per... number of shares of the ETP that are outstanding. The Annual Fee ranges from $5,000 to $55,000. \\6\\ The...

[Evolution of the relative prices of food groups between 1939 and 2010 in the city of Sao Paulo, Southeastern Brazil].

PubMed

Yuba, Tania Yuka; Sarti, Flavia Mori; Campino, Antonio Carlos Coelho; Carmo, Heron Carlos Esvael do

2013-06-01

To analyze the evolution of relative prices of food groups and its influence on public healthy eating policies. Data from the municipality of Sao Paulo between 1939 and 2010 were analyzed based on calculating index numbers. Data from the Economic Researches Foundation Institute price database and weight structures (1939 to 1988) and from the Brazilian Institute of Geography and Statistics (1989 to 2010) were used to. The price database was organized, its consistency tested and prices were deflated using the consumer price index. Relative prices were calculated and associated to food categories and groups, according to the food pyramid guide adapted for the Brazilian population. The price indices for each group were calculated according to Laspeyres modified formula. The general food price index was compared with the indices for each food group and respective category: fresh food, processed food, beverages, meat, legumes, milk and eggs, cereals and root vegetables and eating out. Price indices for fat, oil, spices, sugars and sweets and processed food showed relative price reduction. Fresh food, such as fruit and vegetables, showed an increase in relative prices. Other food groups, such as cereals, flour and pasta, meat, milk and egg, showed a steadier long term trend in relative prices. The evolution of relative prices of food in the city of Sao Paulo demonstrates a negative trend towards healthy eating at household level in the long run.

Competition among Hospitals for HMO Business: Effect of Price and Nonprice Attributes

PubMed Central

Young, Gary J; Burgess, James F; Valley, Danielle

2002-01-01

Objective To investigate patterns of competition among hospitals for the business of health maintenance organizations (HMOs). The study focused on the relative importance of hospital price and nonprice attributes in the competition for HMO business. Data Sources/Study Setting The study capitalized on hospital cost reports from Florida that are unique in their inclusion of financial data regarding HMO business activity. The time frame was 1992 to 1997. Study Design The study was designed as an observational investigation of acute care hospitals. Principal Findings Results indicated that a hospital's share of HMO business was related to both its price and nonprice attributes. However, the importance of both price and nonprice attributes diminished as the number of HMOs in a market increased. Hospitals that were market share leaders in terms of HMO business (i.e., 30 percent or more market share) were superior, on average, to their competitors on both price and nonprice attributes. Conclusions Study results indicate that competition among hospitals for HMO business involves a complex set of price and nonprice attributes. The HMOs do not appear to focus on price alone. Hospitals likely to be the most attractive to HMOs are those that can differentiate themselves on the basis of nonprice attributes while being competitive on price as well. PMID:12479496

Assessment of the impact of market regulation in Mali on the price of essential medicines provided through the private sector.

PubMed

Maïga, Diadié; Williams-Jones, Bryn

2010-10-01

In 1998, the government of Mali adopted a national pharmaceutical policy aimed at promoting a supply system for generic essential medicines that would guarantee equal access for all citizens. Distribution and delivery is a shared responsibility of both public and private sectors (wholesalers and pharmacies). To influence private sector behaviour, the national policy uses a combination of government regulation and market forces. In 2006, the government issued a decree fixing maximum prices in the private sector for 107 prescription drugs from the national list of 426 essential medicines. The current study assessed the impact of this intervention on the evolution of market prices (wholesale and retail), and the subsequent availability and public access to essential medicines in Mali. A cross-sectional descriptive survey was conducted in February and May 2006, and January 2009, with 16 wholesalers and 30 private drugstores in Bamako, Mali. The overall availability of essential medicines at private wholesalers (p=1) and pharmacies (p=0.53) was identical before and after the enforcement of the 2006 decree fixing maximum drug prices. Contrary to concerns expressed by wholesalers and pharmacies, and the other stakeholders, the decree did not impact negatively on availability of essential medicines. In fact, median wholesale prices in 2009 were 25.6% less than those fixed by the decree. In private pharmacies, retail prices were only 3% more expensive than the recommended prices, compared with being 25.5% more expensive prior to enforcement of the decree. The study shows that prices of essential medicines in Mali have evolved favourably towards the prices recommended by the government decree. Further, the study contributes to mounting evidence that market regulation by governments does not necessarily negatively affect drug availability; in fact, given the reduction in prices, the study shows that Malians arguably have better access to more affordable essential medicines. Copyright © 2010 Elsevier Ireland Ltd. All rights reserved.

78 FR 4955 - Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting Approval of Proposed Rule Change...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-01-23

... of the $2 per share premium, so the net loss to the Index's value would be $5.50 per share on the ABC... strike price, then the option expires worthless and the entire amount of the premium payment is retained... for a premium of $2 per share: Settlement at or above the strike price: If at the end of 60 days the...

World Economic Growth and Oil: a Producers' Perspective

NASA Astrophysics Data System (ADS)

Shihab-Eldin, Adnan

2014-07-01

This paper examines the following assertions: * A high share of oil price in GDP limits economic growth, * Oil Price shocks trigger recession, * These effects will be escalated by peaked oil supply and rising developing world demand and together with increasing contributions to climate change will result in a global emergency. The role of energy in societal development and economic growth, from primitive man through the industrial revolution and the oil age to the present and the evolution of energy intensity are described. The principle role of oil as a transport fuel and the possibilities of alternatives are examined. It is concluded that oil dependence will continue for the foreseeable future. The history of the industry, market behavior and its economic effects are presented to establish precedent and the assertions are then examined. It is shown that rising oil prices are an unavoidable consequence of economic growth, that they have stimulated efficient minimum functional use and made more difficult conventional and unconventional sources economic. It is then argued that potentially these additional resources eliminate the possibility of supply shortage and that diversification of supply lessens the possibility of shock, together rendering a global emergency less likely than could have been previously envisaged.

Evolutionary model of stock markets

NASA Astrophysics Data System (ADS)

Kaldasch, Joachim

2014-12-01

The paper presents an evolutionary economic model for the price evolution of stocks. Treating a stock market as a self-organized system governed by a fast purchase process and slow variations of demand and supply the model suggests that the short term price distribution has the form a logistic (Laplace) distribution. The long term return can be described by Laplace-Gaussian mixture distributions. The long term mean price evolution is governed by a Walrus equation, which can be transformed into a replicator equation. This allows quantifying the evolutionary price competition between stocks. The theory suggests that stock prices scaled by the price over all stocks can be used to investigate long-term trends in a Fisher-Pry plot. The price competition that follows from the model is illustrated by examining the empirical long-term price trends of two stocks.

48 CFR 1852.216-83 - Fixed price incentive.

Code of Federal Regulations, 2010 CFR

2010-10-01

... Price Incentive (OCT 1996) The target cost of this contract is $___. The Target profit of this contract is $___. The target price (target cost plus target profit) of this contract is $___. [The ceiling price is $___.] The cost sharing for target cost underruns is: Government ___percent; Contractor...

48 CFR 1852.216-83 - Fixed price incentive.

Code of Federal Regulations, 2011 CFR

2011-10-01

... Price Incentive (OCT 1996) The target cost of this contract is $___. The Target profit of this contract is $___. The target price (target cost plus target profit) of this contract is $___. [The ceiling price is $___.] The cost sharing for target cost underruns is: Government ___percent; Contractor...

NBER working paper series: oil and the dollar. Working Paper No. 554

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

Krugman, P.

1980-01-01

This paper develops a simple theoretical model of the effect of an oil price increase on exchange rates. The model shows that the direction of this effect depends on a comparison of the direct balance of payments burden of the higher oil price with the indirect balance of payments benefits of OPEC spending and investment. In the short run, what matters is whether the US share of world oil imports is more or less than its share of OPEC asset holdings; in the long run, whether its share of oil imports is more or less than its share of OPECmore » imports. Casual empiricism suggests that the initial effect and the long run effect will run in opposite directions; an oil price increase will initially lead to dollar appreciation, but eventually leads to dollar depreciation.« less

Product Bundling and Shared Information Goods: A Pricing Exercise

ERIC Educational Resources Information Center

Morrison, William G.

2016-01-01

In this article, the author describes an exercise in which two pricing problems (product bundling and the sharing of digital information goods) can be understood using the same analytical approach. The exercise allows students to calculate the correct numerical answers with relative ease, while the teaching plan demonstrates the importance of the…

Symbolic dynamics techniques for complex systems: Application to share price dynamics

NASA Astrophysics Data System (ADS)

Xu, Dan; Beck, Christian

2017-05-01

The symbolic dynamics technique is well known for low-dimensional dynamical systems and chaotic maps, and lies at the roots of the thermodynamic formalism of dynamical systems. Here we show that this technique can also be successfully applied to time series generated by complex systems of much higher dimensionality. Our main example is the investigation of share price returns in a coarse-grained way. A nontrivial spectrum of Rényi entropies is found. We study how the spectrum depends on the time scale of returns, the sector of stocks considered, as well as the number of symbols used for the symbolic description. Overall our analysis confirms that in the symbol space transition probabilities of observed share price returns depend on the entire history of previous symbols, thus emphasizing the need for a modelling based on non-Markovian stochastic processes. Our method allows for quantitative comparisons of entirely different complex systems, for example the statistics of symbol sequences generated by share price returns using 4 symbols can be compared with that of genomic sequences.

Measuring performance in off-patent drug markets: a methodological framework and empirical evidence from twelve EU Member States.

PubMed

Kanavos, Panos

2014-11-01

This paper develops a methodological framework to help evaluate the performance of generic pharmaceutical policies post-patent expiry or after loss of exclusivity in non-tendering settings, comprising five indicators (generic availability, time delay to and speed of generic entry, number of generic competitors, price developments, and generic volume share evolution) and proposes a series of metrics to evaluate performance. The paper subsequently tests this framework across twelve EU Member States (MS) by using IMS data on 101 patent expired molecules over the 1998-2010 period. Results indicate that significant variation exists in generic market entry, price competition and generic penetration across the study countries. Size of a geographical market is not a predictor of generic market entry intensity or price decline. Regardless of geographic or product market size, many off patent molecules lack generic competitors two years after loss of exclusivity. The ranges in each of the five proposed indicators suggest, first, that there are numerous factors--including institutional ones--contributing to the success of generic entry, price decline and market penetration and, second, MS should seek a combination of supply and demand-side policies in order to maximise cost-savings from generics. Overall, there seems to be considerable potential for faster generic entry, uptake and greater generic competition, particularly for molecules at the lower end of the market. Copyright © 2014. Published by Elsevier Ireland Ltd.

Price-Shopping in Consumer-Directed Health Plans

PubMed Central

Sood, Neeraj; Wagner, Zachary; Huckfeldt, Peter; Haviland, Amelia

2013-01-01

We use health insurance claims data from 63 large employers to estimate the extent of price shopping for nine common outpatient services in consumer-directed health plans (CDHPs) compared to traditional health plans. The main measures of price-shopping include: (1) the total price paid on the claim, (2) the share of claims from low and high cost providers and (3) the savings from price shopping relative to choosing prices randomly. All analyses control for individual and zip code level demographics and plan characteristics. We also estimate differences in price shopping within CDHPs depending on expected health care costs and whether the service was bought before or after reaching the deductible. For 8 out of 9 services analyzed, prices paid by CDHP and traditional plan enrollees did not differ significantly; CDHP enrollees paid 2.3% less for office visits. Similarly, office visits was the only service where CDHP enrollment resulted in a significantly larger share of claims from low cost providers and greater savings from price shopping relative to traditional plans. There was also no evidence that, within CDHP plans, consumers with lower expected medical expenses exhibited more price-shopping or that consumers exhibited more price-shopping before reaching the deductible. PMID:25342936

76 FR 74095 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-30

.... Rights and warrants entitle owners to purchase shares of stock at predetermined prices subject to various timing and other conditions. Like options, the price of rights and warrants are affected by the price of... consequence, the prices of rights and warrants may move more dramatically than the prices of the underlying...

Generic script share and the price of brand-name drugs: the role of consumer choice.

PubMed

Rizzo, John A; Zeckhauser, Richard

2009-09-01

Pharmaceutical expenditures have grown rapidly in recent decades, and now total nearly 10% of health care costs. Generic drug utilization has risen substantially alongside, from 19% of scripts in 1984 to 47% in 2001, thus tempering expenditure growth through significant direct dollar savings. However, generic drugs may lead to indirect savings as well if their use reduces the average price of those brand-name drugs that are still purchased. Prior work indicates that brand-name producers do not lower their prices in the face of generic competition, and our study confirms that finding. However, prior work is silent on how the mix of consumer choices between generic and brand-name drugs might affect the average price of those brand-name drugs that are purchased. We use a nationally representative panel of data on drug utilization and costs for the years 1996-2001 to examine how the share of an individual's prescriptions filled by generics (generic script share) affects his average out-of-pocket cost for brand-name drugs, and the net cost paid by the insurer. Our principal finding is that a higher generic script share lowers average brand-name prices to consumers, presumably because consumers are more likely to substitute generics when brand-name drugs would cost them more. This effect is substantial: a 10% increase in the consumer's generic script share is associated with a 15.6% decline in the average price paid for brand-name drugs by consumers. This implies that the potential cost savings to consumers from generic substitution are far greater than prior work suggests. In contrast, the percentage reduction in average brand costs to health plans is far smaller, and statistically insignificant.

A dataset on tail risk of commodities markets.

PubMed

Powell, Robert J; Vo, Duc H; Pham, Thach N; Singh, Abhay K

2017-12-01

This article contains the datasets related to the research article "The long and short of commodity tails and their relationship to Asian equity markets"(Powell et al., 2017) [1]. The datasets contain the daily prices (and price movements) of 24 different commodities decomposed from the S&P GSCI index and the daily prices (and price movements) of three share market indices including World, Asia, and South East Asia for the period 2004-2015. Then, the dataset is divided into annual periods, showing the worst 5% of price movements for each year. The datasets are convenient to examine the tail risk of different commodities as measured by Conditional Value at Risk (CVaR) as well as their changes over periods. The datasets can also be used to investigate the association between commodity markets and share markets.

Encouraging information sharing to boost the name-your-own-price auction

NASA Astrophysics Data System (ADS)

Chen, Yahong; Li, Jinlin; Huang, He; Ran, Lun; Hu, Yusheng

2017-08-01

During a name-your-own-price (NYOP) auction, buyers can learn a lot of knowledge from their socially connected peers. Such social learning process makes them become more active to attend the auction and also helps them make decisions on what price to submit. Combining an information diffusion model and a belief decision model, we explore three effects of bidders' information sharing on the buyers' behaviors and the seller profit. The results indicate that information sharing significantly increases the NYOP popularity and the seller profit. When enlarging the quality or quantity of information sharing, or increasing the spreading efficiency of the network topology, the number of attenders and the seller profit are increased significantly. However, the spread of information may make bidders be more likely to bid higher and consequently lose surplus. In addition, the different but interdependent influence of the successful information and failure information are discussed in this work.

Reference Pricing Changes The 'Choice Architecture' Of Health Care For Consumers.

PubMed

Robinson, James C; Brown, Timothy T; Whaley, Christopher

2017-03-01

Reference pricing in health insurance creates incentives for patients to select for nonemergency services providers that charge relatively low prices and still offer high quality of care. It changes the "choice architecture" by offering standard coverage if the patient chooses cost-effective providers but requires considerable consumer cost sharing if more expensive alternatives are selected. The short-term impact of reference pricing has been to shift patient volumes from hospital-based to freestanding surgical, diagnostic, imaging, and laboratory facilities. This article summarizes reference pricing's impacts to date on patient choice, provider prices, surgical complications, and employer spending and estimates its potential impacts if expanded to more services and a broader population. Reference pricing induces consumers to select lower-price alternatives for all of the forms of care studied, leading to significant reductions in prices paid and spending incurred by insurers and employers. The impact on consumer cost sharing is mixed, with some studies finding higher copayments and some lower. We conclude with a discussion of the incentives created for providers to redesign their clinical processes and for efficient providers to expand into price-sensitive markets. Over time, reference pricing may increase pressures for price competition and lead to further cost-reducing innovations in health care products and processes. Project HOPE—The People-to-People Health Foundation, Inc.

76 FR 36947 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Disapproving Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-06-23

... that reliable gold price information is available to investors in the Gold Shares. Further, the trustee... Gold Shares and diminish the risk of manipulation or unfair informational advantage. The Commission... daily basis, no less frequently than twice per week.\\10\\ If the spot price of the raw material or...

The Effects of Market Concentration on Residential Solar PV Prices: Competition, Installer Scale, and Soft Costs

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

OShaughnessy, Eric J

Competition among residential solar photovoltaic (PV) installers may reduce PV price markups and yield lower prices. At the same time, competition may reduce installer experience and opportunities for cost reductions through learning-by-doing and economies of scale. These dynamics suggest that PV non-hardware or 'soft' costs and installed prices depend on the distribution of market shares among installers, also known as market concentration. This study leverages a rich data set of 226,769 residential PV systems to examine the relationship between market concentration, soft costs, and PV prices. The results show that PV prices are lower, on average, in more concentrated markets,more » i.e., markets with fewer installers or where few installers hold high market share. The study provides evidence that this relationship is non-linear, such that prices are minimized in markets with an optimal balance of the benefits of market concentration and the benefits of competition.« less

Health Care Price Transparency and Communication: Implications for Radiologists and Patients in an Era of Expanding Shared Decision Making.

PubMed

Sadigh, Gelareh; Carlos, Ruth C; Krupinski, Elizabeth A; Meltzer, Carolyn C; Duszak, Richard

2017-11-01

The purpose of this article is to review the literature on communicating transparency in health care pricing, both overall and specifically for medical imaging. Focus is also placed on the imperatives and initiatives that will increasingly impact radiologists and their patients. Most Americans seek transparency in health care pricing, yet such discussions occur in fewer than half of patient encounters. Although price transparency tools can help decrease health care spending, most are used infrequently and most lack information about quality. Given the high costs associated with many imaging services, radiologists should be aware of such initiatives to optimize patient engagement and informed shared decision making.

26 CFR 1.1032-1 - Disposition by a corporation of its own capital stock.

Code of Federal Regulations, 2010 CFR

2010-04-01

... involved. For example, the receipt by a corporation of the subscription price of shares of its stock upon... corporation of its own capital stock. (a) The disposition by a corporation of shares of its own stock... or issue price be equal to, in excess of, or less than, the par or stated value of such stock. Also...

78 FR 1894 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-01-09

... whole months [sic]). In the case of spin-offs, the operating history of the spin-off will be considered... component price per share, (a) the highest price per share of a component was $661.15 (Google, Inc.), (b... top five highest weighted components was 40.78% (Apple Inc., Microsoft Corporation, Google Inc...

75 FR 8774 - Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing of Proposed Rule Change Amending...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-02-25

... limits were introduced as a means of forestalling the potential manipulation of an equity's price by... significantly reduced concerns of market manipulation or disruption in the underlying markets. Shares in these... values on a per-share basis, the option strike prices result in being equal to \\1/ 100\\th of the...

Stochastic differential equation (SDE) model of opening gold share price of bursa saham malaysia

NASA Astrophysics Data System (ADS)

Hussin, F. N.; Rahman, H. A.; Bahar, A.

2017-09-01

Black and Scholes option pricing model is one of the most recognized stochastic differential equation model in mathematical finance. Two parameter estimation methods have been utilized for the Geometric Brownian model (GBM); historical and discrete method. The historical method is a statistical method which uses the property of independence and normality logarithmic return, giving out the simplest parameter estimation. Meanwhile, discrete method considers the function of density of transition from the process of diffusion normal log which has been derived from maximum likelihood method. These two methods are used to find the parameter estimates samples of Malaysians Gold Share Price data such as: Financial Times and Stock Exchange (FTSE) Bursa Malaysia Emas, and Financial Times and Stock Exchange (FTSE) Bursa Malaysia Emas Shariah. Modelling of gold share price is essential since fluctuation of gold affects worldwide economy nowadays, including Malaysia. It is found that discrete method gives the best parameter estimates than historical method due to the smallest Root Mean Square Error (RMSE) value.

19 CFR 351.401 - In general.

Code of Federal Regulations, 2010 CFR

2010-04-01

... making adjustments to export price, constructed export price, or normal value, the Secretary will adhere...) Adjustments for movement expenses—(1) Original place of shipment. In making adjustments for movement expenses... information, involvement in production and pricing decisions, the sharing of facilities or employees, or...

76 FR 74113 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-30

... options. Rights and warrants entitle owners to purchase shares of stock at predetermined prices subject to various timing and other conditions. Like options, the price of rights and warrants are affected by the... consequence, the prices of rights and warrants may move more dramatically than the prices of the underlying...

Understanding differences between high- and low-price hospitals: implications for efforts to rein in costs.

PubMed

White, Chapin; Reschovsky, James D; Bond, Amelia M

2014-02-01

Private insurers pay widely varying prices for inpatient care across hospitals. Previous research indicates that certain hospitals use market clout to obtain higher payment rates, but there have been few in-depth examinations of the relationship between hospital characteristics and pricing power. This study used private insurance claims data to identify hospitals receiving inpatient prices significantly higher or lower than the median in their market. High-price hospitals, compared to other hospitals, tend to be larger; be major teaching hospitals; belong to systems with large market shares; and provide specialized services, such as heart transplants and Level I trauma care. High-price hospitals also receive significant revenues from nonpatient sources, such as state Medicaid disproportionate-share hospital funds, and they enjoy healthy total financial margins. Quality indicators for high-price hospitals were mixed: High-price hospitals fared much better than low-price hospitals did in U.S. News & World Report rankings, which are largely based on reputation, while generally scoring worse on objective measures of quality, such as postsurgical mortality rates. Thus, insurers may face resistance if they attempt to steer patients away from high-price hospitals because these facilities have good reputations and offer specialized services that may be unique in their markets.

Effect of the Affordable Medicines Facility--malaria (AMFm) on the availability, price, and market share of quality-assured artemisinin-based combination therapies in seven countries: a before-and-after analysis of outlet survey data.

PubMed

Tougher, Sarah; Ye, Yazoume; Amuasi, John H; Kourgueni, Idrissa A; Thomson, Rebecca; Goodman, Catherine; Mann, Andrea G; Ren, Ruilin; Willey, Barbara A; Adegoke, Catherine A; Amin, Abdinasir; Ansong, Daniel; Bruxvoort, Katia; Diallo, Diadier A; Diap, Graciela; Festo, Charles; Johanes, Boniface; Juma, Elizabeth; Kalolella, Admirabilis; Malam, Oumarou; Mberu, Blessing; Ndiaye, Salif; Nguah, Samuel B; Seydou, Moctar; Taylor, Mark; Rueda, Sergio Torres; Wamukoya, Marilyn; Arnold, Fred; Hanson, Kara

2012-12-01

Malaria is one of the greatest causes of mortality worldwide. Use of the most effective treatments for malaria remains inadequate for those in need, and there is concern over the emergence of resistance to these treatments. In 2010, the Global Fund launched the Affordable Medicines Facility--malaria (AMFm), a series of national-scale pilot programmes designed to increase the access and use of quality-assured artemisinin based combination therapies (QAACTs) and reduce that of artemisinin monotherapies for treatment of malaria. AMFm involves manufacturer price negotiations, subsidies on the manufacturer price of each treatment purchased, and supporting interventions such as communications campaigns. We present findings on the effect of AMFm on QAACT price, availability, and market share, 6-15 months after the delivery of subsidised ACTs in Ghana, Kenya, Madagascar, Niger, Nigeria, Uganda, and Tanzania (including Zanzibar). We did nationally representative baseline and endpoint surveys of public and private sector outlets that stock antimalarial treatments. QAACTs were identified on the basis of the Global Fund's quality assurance policy. Changes in availability, price, and market share were assessed against specified success benchmarks for 1 year of AMFm implementation. Key informant interviews and document reviews recorded contextual factors and the implementation process. In all pilots except Niger and Madagascar, there were large increases in QAACT availability (25·8-51·9 percentage points), and market share (15·9-40·3 percentage points), driven mainly by changes in the private for-profit sector. Large falls in median price for QAACTs per adult equivalent dose were seen in the private for-profit sector in six pilots, ranging from US$1·28 to $4·82. The market share of oral artemisinin monotherapies decreased in Nigeria and Zanzibar, the two pilots where it was more than 5% at baseline. Subsidies combined with supporting interventions can be effective in rapidly improving availability, price, and market share of QAACTs, particularly in the private for-profit sector. Decisions about the future of AMFm should also consider the effect on use in vulnerable populations, access to malaria diagnostics, and cost-effectiveness. The Global Fund to Fight AIDS, Tuberculosis and Malaria, and the Bill & Melinda Gates Foundation. Copyright © 2012 Elsevier Ltd. All rights reserved.

Price returns efficiency of the Shanghai A-Shares

NASA Astrophysics Data System (ADS)

Long, Wang Jiang; Jaaman, Saiful Hafizah; Samsudin, Humaida Banu

2014-06-01

Beta measured from the capital asset pricing model (CAPM) is the most widely used risk to estimate expected return. In this paper factors that influence Shanghai A-share stock return based on CAPM are explored and investigated. Price data of 312 companies listed on Shanghai Stock Exchange (SSE) from the year 2000 to 2011 are investigated. This study employed the Fama-MacBeth cross-sectional method to avoid weakness of traditional CAPM. In addition, this study improves the model by adjusting missing data. Findings of this study justifies that systematic risk can explain the portfolios' returns of China SSE stock market.

The impact of a national prescription drug formulary on prices, market share, and spending: lessons for Medicare?

PubMed

Huskamp, Haiden A; Epstein, Arnold M; Blumenthal, David

2003-01-01

Several recent bills in Congress to add a Medicare prescription drug benefit would allow the use of formularies to control costs. However, there is little empirical evidence of the impact of formularies among elderly and disabled populations. We assess the effect of a closed formulary implemented by the Veterans Health Administration (VHA) in 1997 on drug prices, market share, and drug spending. We find that the VHA National Formulary was effective at shifting prescribing behavior toward the selected drugs, achieving sizable price reductions from manufacturers, and greatly decreasing drug spending.

The pricing effect of the common pattern in firm-level idiosyncratic volatility: Evidence from A-Share stocks of China

NASA Astrophysics Data System (ADS)

Su, Zhi; Shu, Tengjia; Yin, Libo

2018-05-01

Inspired by Herskovic et al. (2016), we investigate the pricing effect of the firm-level common idiosyncratic volatility (CIV) in China's A-Share market. Return tests indicate that lower CIV risk loadings bring higher returns significantly, while the pricing function of market volatility (MV) is inconsistent. Strategy that goes long the highest CIV-beta quintile and short the lowest CIV-beta quintile brings an annualized average return of 5%-7%. Our findings supplement Herskovic et al. (2016) by confirming a significantly negative relationship between CIV and stock returns in a developing market.

77 FR 15819 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-03-16

... from the Book where the per share price is below $1.00, (ii) add three new Step Up Tiers and a new... market centers other than the New York Stock Exchange (``NYSE''). Below $1.00 Per Share Price Currently... removing liquidity from the Book, the Tape B Securities fee for orders routed outside the Book to any away...

Regional Hospital Input Price Indexes

PubMed Central

Freeland, Mark S.; Schendler, Carol Ellen; Anderson, Gerard

1981-01-01

This paper describes the development of regional hospital input price indexes that is consistent with the general methodology used for the National Hospital Input Price Index. The feasibility of developing regional indexes was investigated because individuals inquired whether different regions experienced different rates of increase in hospital input prices. The regional indexes incorporate variations in cost-share weights (the amount an expense category contributes to total spending) associated with hospital type and location, and variations in the rate of input price increases for various regions. We found that between 1972 and 1979 none of the regional price indexes increased at average annual rates significantly different from the national rate. For the more recent period 1977 through 1979, the increase in one Census Region was significantly below the national rate. Further analyses indicated that variations in cost-share weights for various types of hospitals produced no substantial variations in the regional price indexes relative to the national index. We consider these findings preliminary because of limitations in the availability of current, relevant, and reliable data, especially for local area wage rate increases. PMID:10309557

The use of copula functions for modeling the risk of investment in shares traded on the Warsaw Stock Exchange

NASA Astrophysics Data System (ADS)

Domino, Krzysztof; Błachowicz, Tomasz

2014-11-01

In our work copula functions and the Hurst exponent calculated using the local Detrended Fluctuation Analysis (DFA) were used to investigate the risk of investment made in shares traded on the Warsaw Stock Exchange. The combination of copula functions and the Hurst exponent calculated using local DFA is a new approach. For copula function analysis bivariate variables composed of shares prices of the PEKAO bank (a big bank with high capitalization) and other banks (PKOBP, BZ WBK, MBANK and HANDLOWY in decreasing capitalization order) and companies from other branches (KGHM-mining industry, PKNORLEN-petrol industry as well as ASSECO-software industry) were used. Hurst exponents were calculated for daily shares prices and used to predict high drops of those prices. It appeared to be a valuable indicator in the copula selection procedure, since Hurst exponent’s low values were pointing on heavily tailed copulas e.g. the Clayton one.

77 FR 7634 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-02-13

...] Silver Trust \\1\\ and United States Oil Fund at $0.50 Strike Price Intervals Where the Strike Price Is Less Than $75 \\1\\ ``iShares[supreg]'' is a registered trademark BlackRock Institutional Trust Company...] Silver Trust \\5\\ and United States Oil Fund at $0.50 strike price intervals where the strike price is...

Creative pricing strategies for medical services.

PubMed

Tellis, G J

1987-01-01

This paper discusses the strategic role of the pricing of medical services. Strategic pricing is a creative process that can be a vital means of defining marketing segments, differentiating services, and gaining a competitive advantage. The central issue in strategic pricing is creatively using the principle of cross-subsidies or shared economies over consumer groups, service sets, or competitors. This principle yields a rich set of pricing strategies that can be used in response to various environments.

Short-Term Energy Outlook Model Documentation: Natural Gas Consumption and Prices

EIA Publications

2015-01-01

The natural gas consumption and price modules of the Short-Term Energy Outlook (STEO) model are designed to provide consumption and end-use retail price forecasts for the residential, commercial, and industrial sectors in the nine Census districts and natural gas working inventories in three regions. Natural gas consumption shares and prices in each Census district are used to calculate an average U.S. retail price for each end-use sector.

75 FR 27848 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-05-18

... liquidity to the NYSE in securities with a per share price of $1.00 or more, and the SLP (i) meets the 3.... \\6\\ The Exchange currently has a three tier structure of rebates paid only to SLPs when the SLP... a per share price of $1.00 or more, and the SLP (i) meets the Quoting Requirement and (ii) adds...

17 CFR 229.505 - (Item 505) Determination of offering price.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 1934 AND ENERGY POLICY AND CONSERVATION ACT OF 1975-REGULATION S-K Registration Statement and... equity is being registered for which there is no established public trading market for purposes of... the offering price of the common equity being registered and the market price of outstanding shares of...

Alpine hydropower in a low carbon economy: Assessing the local implication of global policies

NASA Astrophysics Data System (ADS)

Anghileri, Daniela; Castelletti, Andrea; Burlando, Paolo

2016-04-01

In the global transition towards a more efficient and low-carbon economy, renewable energy plays a major role in displacing fossil fuels, meeting global energy demand while reducing carbon dioxide emissions. In Europe, Variable Renewable Sources (VRS), such as wind and solar power sources, are becoming a relevant share of the generation portfolios in many countries. Beside the indisputable social and environmental advantages of VRS, on the short medium term the VRS-induced lowering energy prices and increasing price's volatility might challenge traditional power sources and, among them, hydropower production, because of smaller incomes and higher maintenance costs associated to a more flexible operation of power systems. In this study, we focus on the Swiss hydropower sector analysing how different low-carbon targets and strategies established at the Swiss and European level might affect energy price formation and thus impact - through hydropower operation - water availability and ecosystems services at the catchment scale. We combine a hydrological model to simulate future water availability and an electricity market model to simulate future evolution of energy prices based on official Swiss and European energy roadmaps and CO2 price trends in the European Union. We use Multi-Objective optimization techniques to design alternative hydropower reservoir operation strategies, aiming to maximise the hydropower companies' income or to provide reliable energy supply with respect to the energy demand. This integrated model allows analysing to which extent global low-carbon policies impact reservoir operation at the local scale, and to gain insight on how to prioritise compensation measures and/or adaptation strategies to mitigate the impact of VRS on hydropower companies in increasingly water constrained settings. Numerical results are shown for a real-world case study in the Swiss Alps.

78 FR 68126 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing of Proposed Rule Change To...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-11-13

... same price on the Exchange's limit order book and (ii) the price is at or between the National Best Bid... shares of the same issuer, or involve the securities of participants in mergers or with intentions to...) no Customer Orders are at the same price on the Exchange's limit order book and (ii) the price is at...

Truncated Lévy walks and an emerging market economic index

NASA Astrophysics Data System (ADS)

Miranda, L. Couto; Riera, R.

2001-08-01

In this paper, we perform a statistical analysis of the major stock index in Latin America, the São Paulo Stock Exchange Index in Brazil (IBOVESPA). Database contains daily records for the 15-year period 1986-2000. We find that the time evolution of the index of share prices is well described by an Exponentially Truncated Lévy Flight (ETLF) characterized by a Lévy exponent α≃1.6-1.7 and a cutoff exponent λ≃1.7. The ETLF statistics accounts for the observed short-term large fluctuations of the financial data time series and describes the long-term convergence to the Gaussian regime. We derive the characteristic crossover time scale Nc dependence on α and λ according to this model as well as the volatility dependence on α, λ and Nc. We find an uncorrelated behaviour of the historical data and Nc≃20 trading days which are in numerical agreement with the analytical results. This dynamic model provides a framework within which it is possible to develop an efficient risk management and option pricing practice for emerging economies.

Pharmaceutical policies: effects of reference pricing, other pricing, and purchasing policies.

PubMed

Acosta, Angela; Ciapponi, Agustín; Aaserud, Morten; Vietto, Valeria; Austvoll-Dahlgren, Astrid; Kösters, Jan Peter; Vacca, Claudia; Machado, Manuel; Diaz Ayala, Diana Hazbeydy; Oxman, Andrew D

2014-10-16

Pharmaceuticals are important interventions that could improve people's health. Pharmaceutical pricing and purchasing policies are used as cost-containment measures to determine or affect the prices that are paid for drugs. Internal reference pricing establishes a benchmark or reference price within a country which is the maximum level of reimbursement for a group of drugs. Other policies include price controls, maximum prices, index pricing, price negotiations and volume-based pricing. To determine the effects of pharmaceutical pricing and purchasing policies on health outcomes, healthcare utilisation, drug expenditures and drug use. We searched the Cochrane Central Register of Controlled Trials (CENTRAL), part of The Cochrane Library (including the Effective Practice and Organisation of Care Group Register) (searched 22/10/2012); MEDLINE In-Process & Other Non-Indexed Citations and MEDLINE, Ovid (searched 22/10/2012); EconLit, ProQuest (searched 22/10/2012); PAIS International, ProQuest (searched 22/10/2012); World Wide Political Science Abstracts, ProQuest (searched 22/10/2012); INRUD Bibliography (searched 22/10/2012); Embase, Ovid (searched 14/12/2010); NHSEED, part of The Cochrane Library (searched 08/12/2010); LILACS, VHL (searched 14/12/2010); International Political Science Abstracts (IPSA), Ebsco (searched (17/12/2010); OpenSIGLE (searched 21/12/10); WHOLIS, WHO (searched 17/12/2010); World Bank (Documents and Reports) (searched 21/12/2010); Jolis (searched 09/10/2011); Global Jolis (searched 09/10/2011) ; OECD (searched 30/08/2005); OECD iLibrary (searched 30/08/2005); World Bank eLibrary (searched 21/12/2010); WHO - The Essential Drugs and Medicines web site (browsed 21/12/2010). Policies in this review were defined as laws; rules; financial and administrative orders made by governments, non-government organisations or private insurers. To be included a study had to include an objective measure of at least one of the following outcomes: drug use, healthcare utilisation and health outcomes or costs (expenditures); the study had to be a randomised trial, non-randomised trial, interrupted time series (ITS), repeated measures (RM) study or a controlled before-after study of a pharmaceutical pricing or purchasing policy for a large jurisdiction or system of care. Two review authors independently extracted data and assessed the risk of bias. Results were summarised in tables. There were too few comparisons with similar outcomes across studies to allow for meta-analysis or meaningful exploration of heterogeneity. We included 18 studies (seven identified in the update): 17 of reference pricing, one of which also assessed maximum prices, and one of index pricing. None of the studies were trials. All included studies used ITS or RM analyses. The quality of the evidence was low or very low for all outcomes. Three reference pricing studies reported cumulative drug expenditures at one year after the transition period. Two studies reported the median relative insurer's cumulative expenditures, on both reference drugs and cost share drugs, of -18%, ranging from -36% to 3%. The third study reported relative insurer's cumulative expenditures on total market of -1.5%. Four reference pricing studies reported median relative insurer's expenditures on both reference drugs and cost share drugs of -10%, ranging from -53% to 4% at one year after the transition period. Four reference pricing studies reported a median relative change of 15% in reference drugs prescriptions at one year (range -14% to 166%). Three reference pricing studies reported a median relative change of -39% in cost share drugs prescriptions at one year (range -87% to -17%). One study of index pricing reported a relative change of 55% (95% CI 11% to 98%) in the use of generic drugs and -43% relative change (95% CI -67% to -18%) in brand drugs at six months after the transition period. The same study reported a price change of -5.3% and -1.1% for generic and brand drugs respectively six months after the start of the policy. One study of maximum prices reported a relative change in monthly sales volume of all statins of 21% (95% CI 19% to 24%) after one year of the introduction of this policy. Four studies reported effects on mortality and healthcare utilisation, however they were excluded because of study design limitations. The majority of the studies of pricing and purchasing policies that met our inclusion criteria evaluated reference pricing. We found that internal reference pricing may reduce expenditures in the short term by shifting drug use from cost share drugs to reference drugs. Reference pricing may reduce related expenditures with effects on reference drugs but the effect on expenditures of cost share drugs is uncertain. Reference pricing may increase the use of reference drugs and may reduce the use of cost share drugs. The analysis and reporting of the effects on patients' drug expenditures were limited in the included studies and administration costs were not reported. Reference pricing effects on health are uncertain due to lack of evidence. The effects of other purchasing and pricing policies are until now uncertain due to sparse evidence. However, index pricing may reduce the use of brand drugs, increase the use of generic drugs, and may also slightly reduce the price of the generic drug when compared with no intervention.

Stock price forecasting for companies listed on Tehran stock exchange using multivariate adaptive regression splines model and semi-parametric splines technique

NASA Astrophysics Data System (ADS)

Rounaghi, Mohammad Mahdi; Abbaszadeh, Mohammad Reza; Arashi, Mohammad

2015-11-01

One of the most important topics of interest to investors is stock price changes. Investors whose goals are long term are sensitive to stock price and its changes and react to them. In this regard, we used multivariate adaptive regression splines (MARS) model and semi-parametric splines technique for predicting stock price in this study. The MARS model as a nonparametric method is an adaptive method for regression and it fits for problems with high dimensions and several variables. semi-parametric splines technique was used in this study. Smoothing splines is a nonparametric regression method. In this study, we used 40 variables (30 accounting variables and 10 economic variables) for predicting stock price using the MARS model and using semi-parametric splines technique. After investigating the models, we select 4 accounting variables (book value per share, predicted earnings per share, P/E ratio and risk) as influencing variables on predicting stock price using the MARS model. After fitting the semi-parametric splines technique, only 4 accounting variables (dividends, net EPS, EPS Forecast and P/E Ratio) were selected as variables effective in forecasting stock prices.

Pricing the Services of Scientific Cores. Part II: Charging Outside Users.

ERIC Educational Resources Information Center

Fife, Jerry; Forrester, Robert

2002-01-01

Explaining that scientific cores at research institutions support shared resources and facilities, considers pricing of services to users from outside the institution. Proposes a method of allocating charges from the cores to projects with multiple funding sources through program-based management. Describes aspects of an example program: price of…

Association of Reference Payment for Colonoscopy With Consumer Choices, Insurer Spending, and Procedural Complications.

PubMed

Robinson, James C; Brown, Timothy T; Whaley, Christopher; Finlayson, Emily

2015-11-01

Regulatory limits on consumer cost sharing permit wide variation in the prices charged for screening and diagnostic tests such as colonoscopy. Employers are experimenting with reference payment initiatives that offer full insurance coverage at low-priced facilities but require substantial cost sharing if patients select high-priced alternatives. To ascertain the effect of reference payment on facility choice, insurer spending, consumer cost sharing, and procedural complications for colonoscopy. The California Public Employees' Retirement System (CalPERS) implemented reference payment in January 2012. We obtained data on 21 644 CalPERS enrollees who underwent colonoscopy in the 3 years prior to implementation and on 13 551 patients in the 2 years after implementation. Control group data were obtained on 258 616 Anthem Blue Cross enrollees who underwent colonoscopy and who were not subject to reference payment initiatives during this 5-year period. Consumer choice of facility, price paid per procedure, total insurer spending, consumer cost sharing, and procedural complications. Choices, prices, and complications were compared for CalPERS and Anthem patients before and after implementation of reference payments, using difference-in-difference multivariable regressions to adjust for patient demographic characteristics and comorbidities, procedure indications, and geographic location. Utilization of low-priced facilities for CalPERS members increased from 68.6% in 2009 to 90.5% in 2013. After adjusting for patient demographic characteristics, comorbidities, and other factors, the implementation of reference payment increased use of low-priced facilities by 17.6 percentage points (95% CI, 11.8 to 23.4; P < .001). The mean price paid for colonoscopy for the CalPERS population increased from $1587 (95% CI, $1555-$1618) in 2009 to $1716 (95% CI, $1678-$1753) in 2011 and then decreased to $1508 (95% CI, $1469-$1548) in 2013 for patients subject to reference payment. After adjustment for other relevant factors, reference payment was responsible for a 21.0% (95% CI, -26.0% to -15.6%, P < .001) reduction in the price. Reference payment was associated with a small but statistically insignificant decline in procedural complications, from 2.1% in 2009 to 2.0% in 2013 (P = .47). In the first 2 years after implementation, CalPERS saved $7.0 million (28%) on spending for the procedure. Implementation of reference payment for colonoscopy was associated with reduced spending and no change in complications.

12 CFR 209.5 - The share register.

Code of Federal Regulations, 2010 CFR

2010-01-01

... CANCELLATION OF FEDERAL RESERVE BANK CAPITAL STOCK (REGULATION I) § 209.5 The share register. (a) Electronic or... cancellation dates and prices of shares cancelled, as the case may be. ... 12 Banks and Banking 2 2010-01-01 2010-01-01 false The share register. 209.5 Section 209.5 Banks...

Estimating the price elasticity of expenditure for prescription drugs in the presence of non-linear price schedules: an illustration from Quebec, Canada.

PubMed

Contoyannis, Paul; Hurley, Jeremiah; Grootendorst, Paul; Jeon, Sung-Hee; Tamblyn, Robyn

2005-09-01

The price elasticity of demand for prescription drugs is a crucial parameter of interest in designing pharmaceutical benefit plans. Estimating the elasticity using micro-data, however, is challenging because insurance coverage that includes deductibles, co-insurance provisions and maximum expenditure limits create a non-linear price schedule, making price endogenous (a function of drug consumption). In this paper we exploit an exogenous change in cost-sharing within the Quebec (Canada) public Pharmacare program to estimate the price elasticity of expenditure for drugs using IV methods. This approach corrects for the endogeneity of price and incorporates the concept of a 'rational' consumer who factors into consumption decisions the price they expect to face at the margin given their expected needs. The IV method is adapted from an approach developed in the public finance literature used to estimate income responses to changes in tax schedules. The instrument is based on the price an individual would face under the new cost-sharing policy if their consumption remained at the pre-policy level. Our preferred specification leads to expenditure elasticities that are in the low range of previous estimates (between -0.12 and -0.16). Naïve OLS estimates are between 1 and 4 times these magnitudes. (c) 2005 John Wiley & Sons, Ltd.

An empirical analysis of the corporate call decision

NASA Astrophysics Data System (ADS)

Carlson, Murray Dean

1998-12-01

In this thesis we provide insights into the behavior of financial managers of utility companies by studying their decisions to redeem callable preferred shares. In particular, we investigate whether or not an option pricing based model of the call decision, with managers who maximize shareholder value, does a better job of explaining callable preferred share prices and call decisions than do other models of the decision. In order to perform these tests, we extend an empirical technique introduced by Rust (1987) to include the use of information from preferred share prices in addition to the call decisions. The model we develop to value the option embedded in a callable preferred share differs from standard models in two ways. First, as suggested in Kraus (1983), we explicitly account for transaction costs associated with a redemption. Second, we account for state variables that are observed by the decision makers but not by the preferred shareholders. We interpret these unobservable state variables as the benefits and costs associated with a change in capital structure that can accompany a call decision. When we add this variable, our empirical model changes from one which predicts exactly when a share should be called to one which predicts the probability of a call as the function of the observable state. These two modifications of the standard model result in predictions of calls, and therefore of callable preferred share prices, that are consistent with several previously unexplained features of the data; we show that the predictive power of the model is improved in a statistical sense by adding these features to the model. The pricing and call probability functions from our model do a good job of describing call decisions and preferred share prices for several utilities. Using data from shares of the Pacific Gas and Electric Co. (PGE) we obtain reasonable estimates for the transaction costs associated with a call. Using a formal empirical test, we are able to conclude that the managers of the Pacific Gas and Electric Company clearly take into account the value of the option to delay the call when making their call decisions. Overall, the model seems to be robust to tests of its specification and does a better job of describing the data than do simpler models of the decision making process. Limitations in the data do not allow us to perform the same tests in a larger cross-section of utility companies. However, we are able to estimate transaction cost parameters for many firms and these do not seem to vary significantly from those of PGE. This evidence does not cause us to reject our hypothesis that managerial behavior is consistent with a model in which managers maximize shareholder value.

Specialty service contracting.

PubMed

Malcolm, C L; Fukui, M

1993-01-01

Package pricing of specific services and procedures can be an effective cost-containment and marketing tool for payers and providers. Payers can secure fixed prices at discounted rates, and hospitals and physicians can retain and gain market share in an increasingly competitive health care market. Successful implementation of a package pricing strategy, however, requires a careful assessment of both market and operational factors. This chapter outlines how to identify opportunities for package pricing and how to establish rates and procedures.

77 FR 75459 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing of a Proposed Rule Change To...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-12-20

... both sides would participate in an Exchange Auction, this proposed change would aid in price discovery... auction price. This proposed change would aid in price discovery and help to reduce the likelihood of... Sell Shares and, therefore, a User would never have complete knowledge of liquidity available on both...

77 FR 61800 - Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-10-11

... reflects a competitive pricing structure designed to incent market participants to direct their order flow... ROUC \\5\\ routing strategy and executes at non-exchange destinations. The pricing of Flag Q is also... qualifying for additional volume tiered pricing. The Exchange offered Members a rebate of $0.0014 per share...

78 FR 19050 - Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-03-28

... Balance Orders March 22, 2013. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act... security. Net Balance Order Pricing The uniform settlement price for net Balance Orders is currently established using a rounding methodology.\\11\\ If the current per share price of the Balance Order Security is...

78 FR 11935 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-02-20

... changes to these fees: Modifying the pricing tier that currently requires providing an average daily... more shares of liquidity would be required; Instituting a new pricing tier under which a member would..., including use of routable orders, will remain unchanged. Moreover, a new pricing tier is being created so...

77 FR 6160 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Order Granting Approval of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-02-07

... SLV and USO strike price intervals. \\4\\ The Exchange also proposed certain non-substantive changes to... Strike Price Intervals for SLV and USO Options February 1, 2012. I. Introduction On December 7, 2011...-4 thereunder,\\2\\ a proposed rule change regarding strike price intervals for options on iShares[reg...

Milk marketing policy options for the dairy industry in New England.

PubMed

Doyon, M; Criner, G; Bragg, L A

2008-03-01

New England dairy farmers are under intense price pressure resulting from important growth in milk production from lower cost of production Southwest states as well as by retailers' market power. Agricultural officials and legislative bodies in New England and in other Northeast US states are aware of these pressures and have been reacting with emergency dairy farm aid, following a very low 2006 milk price, and with state legislations in an attempt to address perceived excess retailing margins for fluid milk. In this paper, we suggest that a sigmoid demand relationship exists for fluid milk. This demand relationship would explain fluid milk asymmetric price transmission, high-low pricing, and the creation of a large retailing margin (chain surplus) often observed for fluid milk. It is also argued that a sigmoid demand relationship offers an opportunity for state legislators to help Northeast dairy farmers capturing a larger share of the dollar of the consumers through various policy options. Therefore, 5 milk market channel regulatory mechanisms (status quo, price gouging, supply control, fair share policy, and chain surplus return) are discussed and compared. The supply control mechanism was found the most effective at redistributing the chain surplus, associated with the sigmoid demand relationship for fluid milk, to dairy farmers. However, this option is unlikely to be politically acceptable in the United States. Second-best options for increasing dairy farmers' share of the consumers' dollar are the fair price policy and the chain surplus return. The former mechanism would distribute the chain surplus between retailers, processors, and farmers, whereas the latter would distribute it between consumers, retailers, and farmers. Remaining mechanisms would either transfer the chain surplus to retailers (status quo) or to consumers (price gouging).

17 CFR 230.405 - Definitions of terms.

Code of Federal Regulations, 2011 CFR

2011-04-01

... the estimated public offering price of the shares; or (3) In the case of an issuer whose public float... shares sold. (iii) Once an issuer fails to qualify for smaller reporting company status, it will remain... indebtedness, the number of shares if relating to shares, and the number of units if relating to any other kind...

36 CFR 230.6 - Project costs and cost share requirements.

Code of Federal Regulations, 2013 CFR

2013-07-01

... 36 Parks, Forests, and Public Property 2 2013-07-01 2013-07-01 false Project costs and cost share... Project costs and cost share requirements. (a) The CFP Federal contribution cannot exceed 50 percent of the total project costs. (b) Allowable project and cost share costs will include the purchase price...

36 CFR 230.6 - Project costs and cost share requirements.

Code of Federal Regulations, 2014 CFR

2014-07-01

... 36 Parks, Forests, and Public Property 2 2014-07-01 2014-07-01 false Project costs and cost share... Project costs and cost share requirements. (a) The CFP Federal contribution cannot exceed 50 percent of the total project costs. (b) Allowable project and cost share costs will include the purchase price...

36 CFR 230.6 - Project costs and cost share requirements.

Code of Federal Regulations, 2012 CFR

2012-07-01

... 36 Parks, Forests, and Public Property 2 2012-07-01 2012-07-01 false Project costs and cost share... Project costs and cost share requirements. (a) The CFP Federal contribution cannot exceed 50 percent of the total project costs. (b) Allowable project and cost share costs will include the purchase price...

Patient cost sharing and medical expenditures for the Elderly.

PubMed

Fukushima, Kazuya; Mizuoka, Sou; Yamamoto, Shunsuke; Iizuka, Toshiaki

2016-01-01

Despite the rapidly aging population, relatively little is known about how cost sharing affects the elderly's medical spending. Exploiting longitudinal claims data and the drastic reduction of coinsurance from 30% to 10% at age 70 in Japan, we find that the elderly's demand responses are heterogeneous in ways that have not been previously reported. Outpatient services by orthopedic and eye specialties, which will continue to increase in an aging society, are particularly price responsive and account for a large share of the spending increase. Lower cost sharing increases demand for brand-name drugs but not for generics. These high price elasticities may call for different cost-sharing rules for these services. Patient health status also matters: receiving medical services appears more discretionary for the healthy than the sick in the outpatient setting. Finally, we found no evidence that additional medical spending improved short-term health outcomes. Copyright © 2015 Elsevier B.V. All rights reserved.

Comparison of vector autoregressive (VAR) and vector error correction models (VECM) for index of ASEAN stock price

NASA Astrophysics Data System (ADS)

Suharsono, Agus; Aziza, Auliya; Pramesti, Wara

2017-12-01

Capital markets can be an indicator of the development of a country's economy. The presence of capital markets also encourages investors to trade; therefore investors need information and knowledge of which shares are better. One way of making decisions for short-term investments is the need for modeling to forecast stock prices in the period to come. Issue of stock market-stock integration ASEAN is very important. The problem is that ASEAN does not have much time to implement one market in the economy, so it would be very interesting if there is evidence whether the capital market in the ASEAN region, especially the countries of Indonesia, Malaysia, Philippines, Singapore and Thailand deserve to be integrated or still segmented. Furthermore, it should also be known and proven What kind of integration is happening: what A capital market affects only the market Other capital, or a capital market only Influenced by other capital markets, or a Capital market as well as affecting as well Influenced by other capital markets in one ASEAN region. In this study, it will compare forecasting of Indonesian share price (IHSG) with neighboring countries (ASEAN) including developed and developing countries such as Malaysia (KLSE), Singapore (SGE), Thailand (SETI), Philippines (PSE) to find out which stock country the most superior and influential. These countries are the founders of ASEAN and share price index owners who have close relations with Indonesia in terms of trade, especially exports and imports. Stock price modeling in this research is using multivariate time series analysis that is VAR (Vector Autoregressive) and VECM (Vector Error Correction Modeling). VAR and VECM models not only predict more than one variable but also can see the interrelations between variables with each other. If the assumption of white noise is not met in the VAR modeling, then the cause can be assumed that there is an outlier. With this modeling will be able to know the pattern of relationship or linkage of share prices of each country in ASEAN. The best modeling comparison result of the ASEAN stock price index is VAR.

Tiered co-payments, pricing, and demand in reference price markets for pharmaceuticals.

PubMed

Herr, Annika; Suppliet, Moritz

2017-12-01

Health insurance companies curb price-insensitive behavior and the moral hazard of insureds by means of cost-sharing, such as tiered co-payments or reference pricing in drug markets. This paper evaluates the effect of price limits - below which drugs are exempt from co-payments - on prices and on demand. First, using a difference-in-differences estimation strategy, we find that the new policy decreases prices by 5 percent for generics and increases prices by 4 percent for brand-name drugs in the German reference price market. Second, estimating a nested-logit demand model, we show that consumers appreciate co-payment exempt drugs and calculate lower price elasticities for brand-name drugs than for generics. This explains the different price responses of brand-name and generic drugs and shows that price-related co-payment tiers are an effective tool to steer demand to low-priced drugs. Copyright © 2017 Elsevier B.V. All rights reserved.

Two Stochastic Phases of Tick-wise Price Fluctuation and the Price Prediction Generator

NASA Astrophysics Data System (ADS)

Tanaka-Yamawaki, Mieko; Tokuoka, Seiji

2007-07-01

We report in this paper the existence of two different stochastic phases in the tick-wise price fluctuations. Based on this observation, we improve our old method of developing the evolutional strategy to predict the direction of the tick-wise price movements. We obtain a stable predictive power even in the region where the old method had a difficulty.

Female labour supply and nursing home prices.

PubMed

Bauer, Thomas K; Stroka, Magdalena A

2013-09-01

Long term care in Germany is provided in nursing homes, by professional ambulatory services and by the patient's relatives at home, with the latter being predominantly provided by women. Given an increasing labour market participation of women, long term care at home by female relatives might become less frequent in the future which in turn may result in rising demand for and hence rising prices for long term care services. This paper builds upon the existing literature on the determinants of nursing home prices and investigates whether the labour market participation and the education level of women are correlated with the prices of nursing homes. To the best of our knowledge, this is the first study using panel data approaches in this field of research. Based on a full sample of nursing homes in Germany for the years 2001, 2003, 2005 and 2007, our empirical results suggest that a high share of full-time employed women aged 50-65 at the district level is not associated with higher prices of nursing homes. Furthermore, we find only weak evidence for a positive correlation of prices with the local average of women's educational level and a negative correlation with part-time employment indicating that price levels are lower in regions with higher shares of part-time employed women.

Market competition, ownership, payment systems and the performance of health care providers - a panel study among Finnish occupational health services providers.

PubMed

Kankaanpää, Eila; Linnosmaa, Ismo; Valtonen, Hannu

2013-10-01

Many health care reforms rely on competition although health care differs in many respects from the assumptions of perfect competition. Finnish occupational health services provide an opportunity to study empirically competition, ownership and payment systems and the performance of providers. In these markets employers (purchasers) choose the provider and prices are market determined. The price regulation of public providers was abolished in 1995. We had data on providers from 1992, 1995, 1997, 2000 and 2004. The unbalanced panel consisted of 1145 providers and 4059 observations. Our results show that in more competitive markets providers in general offered a higher share of medical care compared to preventive services. The association between unit prices and revenues and market environment varied according to the provider type. For-profit providers had lower prices and revenues in markets with numerous providers. The public providers in more competitive regions were more sensitive to react to the abolishment of their price regulation by raising their prices. Employer governed providers had weaker association between unit prices or revenues and competition. The market share of for-profit providers was negatively associated with productivity, which was the only sign of market spillovers we found in our study.

Market competition and price of disease management programmes: an observational study.

PubMed

van Dijk, Christel E; Venema, Bob; de Jong, Judith D; de Bakker, Dinny H

2014-10-30

Managed competition was introduced into the health care system in several countries including the Netherlands, although effects of competition of both providers and health insurers on the price of health care are inconclusive. We investigated the association between competition of both providers (care groups) and health insurers and the price of disease management programmes (DMPs). Data from 76 DMP contractual agreements for type II diabetes mellitus in 2008, 2009 and 2010 were used to analyse the association between market competition and the price of DMPs. Market competition was calculated per municipal health services region (GGD). Insurer market competition was measured by the Herfindahl-Hirschman Index (HHI), care group competition by the number of care groups and the care group market share of GPs. The effect of competition was cross-sectionally studied with linear regression analyses. Insurer market concentration (HHI) and care group market share were not associated with the price of DMPs. The number of care groups in a GGD region was associated with a lower price (-€4.68; 95% CI: -8.36 - -1.00). The mean difference in the price of DMPs between health insurers was €58. The price of DMPs seems to be more dependent on the particular health insurer than on market conditions. For competition among health insurers and provider groups to develop, preconditions such as selective contracting and option for patient to change provider should be in place.

A price and use comparison of generic versus originator cardiovascular medicines: a hospital study in Chongqing, China

PubMed Central

2013-01-01

Background Developed countries use generic competition to contain pharmaceutical expenditure. China, as a developing and transitional country, has not yet deemed an increase in the use of generic products as important; otherwise, much effort has been made to decrease the drug prices. This paper aims to explore dynamically the price and use comparison of generic and originator drugs in China, and estimate the potential savings of patients from switching originator drugs to generics. Methods A typical hospital in Chongqing, China, was selected to examine the price and use comparisons of 12 cardiovascular drugs from 2006 to 2011. Results The market share of the 12 generic medicines studied in this paper was 34.37% for volume and 31.33% for value in the second half of 2011. The price ratio of generic to originator drugs was between 0.34 and 0.98, and the volume price index of originators to generics was 1.63. The potential savings of patients from switching originator drugs to generics is 65%. Conclusion The market share of the generics was lowering and the weighted mean price kept increasing in face of the strict price control. Under the background of hospitals both prescribing and dispensing medicines, China’s comprehensive healthcare policy makers should take measures from supply and demand sides to promote the consumption of generic medicines. PMID:24093493

77 FR 52776 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change Relating...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-08-30

... vendors at least once per day. Information regarding market price and trading volume of the Shares will be... and Trading of iShares 2018 S&P AMT-Free Municipal Series and iShares 2019 S&P AMT-Free Municipal... Equities Rule 5.2(j)(3), Commentary .02, the shares of the following two series of iShares Trust: iShares...

26 CFR 1.305-4 - Distributions of common and preferred stock.

Code of Federal Regulations, 2010 CFR

2010-04-01

... the class A stock payable in additional shares of class A stock and a dividend is declared on class B... date of distribution at a price that is only slightly higher than the market price of class A stock on... marketability of the convertible stock, and the conversion price, it is reasonable to anticipate that within a...

78 FR 57429 - Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-09-18

... BX, its rate for Flag C will not change. \\7\\ See BX, BX Pricing List--Trading & Connectivity, http://www.nasdaqtrader.com/Trader.aspx?id=bx_pricing (offering a rebate to remove liquidity of $0.0011 per... rebate of $0.0015 per share is equitable and reasonable because it accounts for the pricing changes on...

77 FR 7637 - Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-02-13

... Trust 1 and United States Oil Fund at $0.50 Strike Price Intervals Where the Strike Price Is Less Than... interested persons. \\1\\ ``iShares[supreg]'' is a registered trademark of BlackRock Institutional Trust...[supreg] Silver Trust \\5\\ and United States Oil Fund at $0.50 strike price intervals where the strike...

Physician gender and changes in drug prescribing after the implementation of reference pricing in British Columbia.

PubMed

Duetz, Margreet S; Schneeweiss, Sebastian; Maclure, Malcolm; Abel, Thomas; Glynn, Robert J; Soumerai, Stephen B

2003-01-01

Gender-specific attitudes and communication styles are known to influence both the content and outcome of medical visits. Therefore, gender-specific differences in response to cost containment may also occur. The purpose of this study was to assess the effect of physician gender on changes in prescribing patterns of angiotensin-converting enzyme (ACE) inhibitors after the implementation of reference pricing for prescription drugs in British Columbia, Canada. Reference pricing is a cost-sharing policy by which use of high-priced medication requires out-of-pocket payment of the price difference between the cost-sharing drug and a lower-cost drug within the same class. In British Columbia, reference pricing for ACE inhibitors was introduced on January 1, 1997. Analysis was carried out on linked pharmacy and medical service claims data on 927 female and 2922 male physicians treating 47,680 Pharmacare Plan A enrollees who were aged >-65 years and were prescribed a high-priced ACE inhibitors before the implementation of reference pricing. Female physicians (24.1% of all physicians) were younger, treated more female patients, had patients with fewer chronic illnesses, and worked more often as general practitioners than did male physicians. The patients of female physicians were more likely to receive a written physician-requested exemption from copayment, according to a multivariate logistic regression analysis (odds ratio [OR], 1.25; 95% CI, 1.04-1.50). Data suggested that patients of female physicians were more likely to stop antihypertensive drug therapy (OR, 1.43; 95% CI, 0.96-2.13); however, this was independent of the new copayment policy. The results provide empirical evidence that physician gender is associated with slightly different patient management strategies regarding physician-requested exemptions after the start of a new drug cost-sharing policy. However, these differences are unlikely to have meaningful clinical or economic consequences.

Pricing of American style options with an adjoint process correction method

NASA Astrophysics Data System (ADS)

Jaekel, Uwe

2005-07-01

Pricing of American options is a more complicated problem than pricing of European options. In this work a formula is derived that allows the computation of the early exercise premium, i.e. the price difference between these two option types in terms of an adjoint process evolving in the reversed time direction of the original process determining the evolution of the European price. We show how this equation can be utilised to improve option price estimates from numerical schemes like finite difference or Monte Carlo methods.

The Price Elasticity of Specialty Drug Use: Evidence from Cancer Patients in Medicare Part D.

PubMed

Jung, Jeah Kyoungrae; Feldman, Roger; McBean, A Marshall

2017-12-01

Specialty drugs can bring substantial benefits to patients with debilitating conditions, such as cancer, but their costs are very high. Insurers/payers have increased patient cost-sharing for specialty drugs to manage specialty drug spending. We utilized Medicare Part D plan formulary data to create the initial price (cost-sharing in the initial coverage phase in Part D), and estimated the total demand (both on- and off-label uses) for specialty cancer drugs among elderly Medicare Part D enrollees with no low-income subsidies (non-LIS) as a function of the initial price. We corrected for potential endogeneity associated with plan choice by instrumenting the initial price of specialty cancer drugs with the initial prices of specialty drugs in unrelated classes. We report three findings. First, we found that elderly non-LIS beneficiaries with cancer were less likely to use a Part D specialty cancer drug when the initial price was high: the overall price elasticity of specialty cancer drug spending ranged between -0.72 and -0.75. Second, the price effect in Part D specialty cancer drug use was not significant among newly diagnosed patients. Finally, we found that use of Part B-covered cancer drugs was not responsive to the Part D specialty cancer drug price. As the demand for costly specialty drugs grows, it will be important to identify clinical circumstances where specialty drugs can be valuable and ensure access to high-value treatments.

Impacts of High Variable Renewable Energy Futures on Wholesale Electricity Prices, and on Electric-Sector Decision Making

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

Seel, Joachim; Mills, Andrew D.; Wiser, Ryan H.

Increasing penetrations of variable renewable energy (VRE) can affect wholesale electricity price patterns and make them meaningfully different from past, traditional price patterns. Many long-lasting decisions for supply- and demand-side electricity infrastructure and programs are based on historical observations or assume a business-as-usual future with low shares of VRE. Our motivating question is whether certain electric-sector decisions that are made based on assumptions reflecting low VRE levels will still achieve their intended objective in a high VRE future. We qualitatively describe how various decisions may change with higher shares of VRE and outline an analytical framework for quantitatively evaluating themore » impacts of VRE on long-lasting decisions. We then present results from detailed electricity market simulations with capacity expansion and unit commitment models for multiple regions of the U.S. for low and high VRE futures. We find a general decrease in average annual hourly wholesale energy prices with more VRE penetration, increased price volatility and frequency of very low-priced hours, and changing diurnal price patterns. Ancillary service prices rise substantially and peak net-load hours with high capacity value are shifted increasingly into the evening, particularly for high solar futures. While in this report we only highlight qualitatively the possible impact of these altered price patterns on other demand- and supply-side electric sector decisions, the core set of electricity market prices derived here provides a foundation for later planned quantitative evaluations of these decisions in low and high VRE futures.« less

Price regulation and generic competition in the pharmaceutical market.

PubMed

Dalen, Dag Morten; Strøm, Steinar; Haabeth, Tonje

2006-09-01

In March 2003 the Norwegian government implemented yardstick-based price regulation schemes on a selection of drugs subjected to generic competition. The retail price cap, termed the "index price," on a drug (chemical substance) was set equal to the average of the three lowest producer prices on that drug, plus a fixed wholesale and retail margin. This is supposed to lower barriers of entry for generic drugs and to trigger price competition. Using monthly data over the period 1998-2004 for the six drugs (chemical entities) included in the index price system, we estimate a structural model enabling us to examine the impact of the reform on both demand and market power. Our results suggest that the index price helped to increase the market shares of generic drugs and succeeded in triggering price competition.

A taxonomy for the evolution of human settlements on the moon and Mars

NASA Technical Reports Server (NTRS)

Roberts, Barney B.; Mandell, Humboldt C.

1991-01-01

A proposed structure is described for partnerships with shared interests and investments to develop the technology and approach for evolutionary surface systems for the moon and Mars. Five models are presented for cooperation with specific references to the technical evolutionary path of the surface systems. The models encompass the standard customer/provider relationship, a concept for exclusive government use, a joint venture with a government-sponsored non-SEI market, a technology joint-development approach, and a redundancy model to insure competitive pricing. The models emphasize the nonaerospace components of the settlement technologies and the decentralized nature of surface systems that make the project suitable for private industrial development by several companies. It is concluded that the taxonomy be considered when examining collaborative opportunities for lunar and Martian settlement.

Value at Risk on Composite Price Share Index Stock Data

NASA Astrophysics Data System (ADS)

Oktaviarina, A.

2018-01-01

The financial servicest authority was declared Let’s Save Campaign on n commemoration of the World Savings Day that falls on this day, October 31, 2016. The activity was greeted enthusiastically by Indonesia Stock Exchange by taking out the slogan Let’s Save The Stocks. Stock is a form of investment that is expected to benefit in the future despite has risks. Value at Risk (VaR) is a method that can measure how much the risk of a financial investment. Composite Stock Price Indeks is the stock price index used by Indonesia Stock Exchange as stock volatility benchmarks in Indonesia. This study aimed to estimate Value at Risk (VaR) on closing price Composite Price Share Index Stock data on the period 20 September 2016 until 20 September 2017. Box-Pierce test results p value=0.9528 which is greater than a, that shows homoskedasticity. Value at Risk (VaR) with Variance Covariance Method is Rp.3.054.916,07 which means with 99% confindence interval someone who invests Rp.100.000.000,00 will get Rp.3.054.916,07 as a maximum loss.

An exploratory analysis of cigarette price premium, market share and consumer loyalty in relation to continued consumption versus cessation in a national US panel

PubMed Central

Lewis, Michael; Wang, Yanwen; Cahn, Zachary; Berg, Carla J

2015-01-01

Introduction Brand equity and consumer loyalty play a role in continued purchasing behaviour; however, this research has largely focused on non-addictive products without counter-marketing tactics. We examined the impact of brand equity (price premium, market share) and consumer loyalty (switching rates) on smoking cessation (discontinued cigarette purchases for 1 year) among smokers in a consumer panel. Methods In Spring 2015, we analysed 1077 cigarette-purchasing households in the Nielsen Homescan Panel. We analysed cessation in relation to brand equity, consumer loyalty, other purchasing behaviours (nicotine intake, frequency), sociodemographics and tobacco control activities (per state-specific data) over a 6-year period (2004–2009) using Cox proportional hazard modelling. Results The sample was 13.28% African-American; the average income was $52 334 (SD=31 445). The average price premium and market share of smokers’ dominant brands were $1.31 (SD=0.49) and 15.41% (SD=19.15), respectively. The mean brand loyalty level was 0.90 (SD=0.17), indicating high loyalty. In our final model, a higher price premium and market share were associated with lower quit rates (p=0.039); however, an interaction effect suggested that greater market share was not associated with lower cessation rates for African-American smokers (p=0.006). Consumer loyalty was not associated with cessation. Other predictors of lower quit rates included a higher nicotine intake (p=0.006) and baseline purchase frequency (p<0.001). Tobacco control factors were not significantly associated. Conclusions Smokers of high-equity cigarette brands are less likely to quit, perhaps due to strong brand–consumer relationships. Thus, continued efforts should aim to regulate tobacco marketing efforts in order to disrupt these relationships to promote cessation. PMID:26534732

12 CFR 5.67 - Fractional shares.

Code of Federal Regulations, 2010 CFR

2010-01-01

... fair price upon the fraction not being issued through its sale, or the purchase of the additional fraction required for a full share, if there is an established and active market in the national bank's stock; (c) Remit the cash equivalent of the fraction not being issued to those to whom fractional shares...

26 CFR 20.2031-8 - Valuation of certain life insurance and annuity contracts; valuation of shares in an open-end...

Code of Federal Regulations, 2011 CFR

2011-04-01

...) The fair market value of a share in an open-end investment company (commonly known as a “mutual fund..., or holiday), the fair market value of the mutual fund share is the last public redemption price...

[The introduction of generic pharmaceutical products into Galicia].

PubMed

Verdejo González, A; López-Lázaro, L; Rodríguez Moreno, C; Piñeiro Lago, B; Pereira Martínez, M L

1999-11-30

To know the evolution of the introduction of generic drugs (GDs) in Galicia. Secondarily, to evaluate its potential impact on pharmaceutical expenditure. Descriptive study of GDs utilization. Cost-minimization analysis. Galician autonomous region, year 1998. Using data from the prescription billing registry of Social Security we have selected the active ingredients corresponding to GDs with prescriptions in Galicia in 1997. We have analyzed the data for their oral single substance preparations by quarters. Consumption in DHDs of allopurinol, atenolol, captopril, naproxen and ranitidine remained stable during 1998. The market share for their GDs in quantitative terms relative to both total consumption of the active ingredients and to their pharmaceutical equivalents, showed an overall growing trend. The maximum observed value was seen for ranitidine at last quarter. Total expenditure (in final customer prices) during 1998 on the selected active substances was higher than 1864 million pesetas. Potential savings afforded by substitution for the lowest price GD prescribed in Galicia would reach 427 million pesetas. GDs market penetration in Galicia during 1998 was limited but increasing. Its utilization may afford estimated savings of 21-28% of the cost for the selected drugs. However, the expenditure on the above drugs was just 2.7% of total pharmaceutical expenditure.

Consolidation and the transformation of competition in health insurance.

PubMed

Robinson, James C

2004-01-01

This paper presents data on fifty state and substate insurance markets, in terms of the 2003 relative shares of the largest health plans and the antitrust index of concentration. It presents 2000-03 data on rates of growth in premiums, costs, operating earnings, returns on equity, and share prices for the nation's largest health plans (Well-Point, Anthem, Aetna, and CIGNA). Private insurers face renewed price and profit pressures in the short term, but long-term prospects depend on the emergence of new products and new competitors in an increasingly consolidated industry.

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.

Effect of market factors on the short-time pricing of stock-exchange metals

NASA Astrophysics Data System (ADS)

Bogdanov, S. V.; Shevelev, I. M.; Chernyi, S. A.

2016-12-01

The open trade on the world market is estimated using information of one-day exchange prices of nonferrous and precious metals, oil, reduced crude, and gasoline and the main world stock indices in the time period from January 1, 2009 to December 31, 2015. It is found that the short-term changes in the prices of nonferrous metals are determined by the prices on the metal market. The changes in the prices of energy carriers and the stock trade on the stock market weakly influence the pricing of nonferrous and precious metals. The prices of metals depend on the situation during trade on commodity exchanges, and the stock market indirectly influences the exchange prices of metals through changes in the share prices of the companies that produce copper, aluminum, and zinc.

The Evolution of Software Pricing: From Box Licenses to Application Service Provider Models.

ERIC Educational Resources Information Center

Bontis, Nick; Chung, Honsan

2000-01-01

Describes three different pricing models for software. Findings of this case study support the proposition that software pricing is a complex and subjective process. The key determinant of alignment between vendor and user is the nature of value in the software to the buyer. This value proposition may range from increased cost reduction to…

Adaptation of warrant price with Black Scholes model and historical volatility

NASA Astrophysics Data System (ADS)

Aziz, Khairu Azlan Abd; Idris, Mohd Fazril Izhar Mohd; Saian, Rizauddin; Daud, Wan Suhana Wan

2015-05-01

This project discusses about pricing warrant in Malaysia. The Black Scholes model with non-dividend approach and linear interpolation technique was applied in pricing the call warrant. Three call warrants that are listed in Bursa Malaysia were selected randomly from UiTM's datastream. The finding claims that the volatility for each call warrants are different to each other. We have used the historical volatility which will describes the price movement by which an underlying share is expected to fluctuate within a period. The Black Scholes model price that was obtained by the model will be compared with the actual market price. Mispricing the call warrants will contribute to under or over valuation price. Other variables like interest rate, time to maturity date, exercise price and underlying stock price are involves in pricing call warrants as well as measuring the moneyness of call warrants.

Shared social responsibility: a field experiment in pay-what-you-want pricing and charitable giving.

PubMed

Gneezy, Ayelet; Gneezy, Uri; Nelson, Leif D; Brown, Amber

2010-07-16

A field experiment (N = 113,047 participants) manipulated two factors in the sale of souvenir photos. First, some customers saw a traditional fixed price, whereas others could pay what they wanted (including $0). Second, approximately half of the customers saw a variation in which half of the revenue went to charity. At a standard fixed price, the charitable component only slightly increased demand, as similar studies have also found. However, when participants could pay what they wanted, the same charitable component created a treatment that was substantially more profitable. Switching from corporate social responsibility to what we term shared social responsibility works in part because customized contributions allow customers to directly express social welfare concerns through the purchasing of material goods.

50 CFR 680.20 - Arbitration System.

Code of Federal Regulations, 2011 CFR

2011-10-01

... purposes of Share Matching, Binding Arbitration, and Post Arbitration Opt-in; (2) A provision that... individual provider of information. (vi) The Market Report shall consider the following factors: (A) Current ex-vessel prices, including ex-vessel prices received for crab harvested under Class A IFQ, Class B...

50 CFR 680.20 - Arbitration System.

Code of Federal Regulations, 2010 CFR

2010-10-01

... purposes of Share Matching, Binding Arbitration, and Post Arbitration Opt-in; (2) A provision that... individual provider of information. (vi) The Market Report shall consider the following factors: (A) Current ex-vessel prices, including ex-vessel prices received for crab harvested under Class A IFQ, Class B...

Slowing Menthol's Progress: Differential Impact of a Tobacco Tax Increase on Cigarette Sales.

PubMed

Amato, Michael S; D'Silva, Joanne; Boyle, Raymond G

2016-05-01

The proportion of smokers who use menthol cigarettes has increased nationally since 2004, while use of non-menthol cigarettes is declining, suggesting that menthol may be undermining the effectiveness of population level tobacco control efforts. In 2013 Minnesota passed a $1.75 cigarette tax increase. We investigated whether sales of menthol and non-menthol cigarettes were differentially affected by the price increase. Cigarette sales data from convenience stores in the Minneapolis, Minnesota, metro area from January 2012, through May 2015, were obtained. Proportion of sales accounted for by menthol cigarettes was analyzed with segmented regression. Before the price increase, menthol cigarettes gained 2.21% (1.17, 3.12) of market share annually. Following the price increase, the trend slowed to 0.26% (-0.78, 1.56) annually. The slope before the price increase was significantly positive; the slope following the price increase did not significantly differ from zero. Sales of menthol cigarettes declined less rapidly than non-menthol cigarettes before the price increase. Sales of menthol and non-menthol cigarettes declined at more comparable rates after the price increase. Increasing the price of tobacco may help ensure declines in consumption are more evenly distributed across menthol and non-menthol cigarettes. Using sales data, we found that a trend of increasing market share for menthol cigarettes was significantly reduced by a $1.75 cigarette price increase. These results suggest that cigarette price increases, a core tobacco control policy, may have a greater effect on menthol smokers than non-menthol smokers. © The Author 2015. Published by Oxford University Press on behalf of the Society for Research on Nicotine and Tobacco. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

The choice of discount brand cigarettes: a comparative analysis of International Tobacco Control surveys in Canada and the USA (2002-2005).

PubMed

Nargis, Nigar; Fong, Geoffrey T; Chaloupka, Frank J; Li, Qiang

2014-03-01

Increasing tobacco taxes to increase price is a proven tobacco control measure. This article investigates how smokers respond to tax and price increases in their choice of discount brand cigarettes versus premium brands. To estimate how increase in the tax rate can affect smokers' choice of discount brands versus premium brands. Using data from International Tobacco Control surveys in Canada and the USA, a logit model was constructed to estimate the probability of choosing discount brand cigarettes in response to its price changes relative to premium brands, controlling for individual-specific demographic and socioeconomic characteristics and regional effects. The self-reported price of an individual smoker is used in a random-effects regression model to impute price and to construct the price ratio for discount and premium brands for each smoker, which is used in the logit model. An increase in the ratio of price of discount brand cigarettes to the price of premium brands by 0.1 is associated with a decrease in the probability of choosing discount brands by 0.08 in Canada. No significant effect is observed in case of the USA. The results of the model explain two phenomena: (1) the widened price differential between premium and discount brand cigarettes contributed to the increased share of discount brand cigarettes in Canada in contrast to a relatively steady share in the USA during 2002-2005 and (2) increasing the price ratio of discount brands to premium brands-which occurs with an increase in specific excise tax-may lead to upward shifting from discount to premium brands rather than to downward shifting. These results underscore the significance of studying the effectiveness of tax increases in reducing overall tobacco consumption, particularly for specific excise taxes.

Reference pricing for drugs: is it compatible with U.S. health care?

PubMed

Kanavos, Panos; Reinhardt, Uwe

2003-01-01

To control spending on prescription drugs, health insurance systems abroad have experimented in recent years with a novel form of patient cost sharing called "reference pricing." Under this approach, the insurer covers only the prices of low-cost, benchmark drugs in therapeutic clusters that are deemed to be close substitutes for one another in treating specific illnesses. Patients who desire a higher-price substitute in a cluster must then pay the full difference between the retail price of that drug and the reference price covered by the insurer. This paper explores the difficult trade-offs that policymakers must make in designing such a system, drawing where relevant from experience abroad.

Modelling Limit Order Execution Times from Market Data

NASA Astrophysics Data System (ADS)

Kim, Adlar; Farmer, Doyne; Lo, Andrew

2007-03-01

Although the term ``liquidity'' is widely used in finance literatures, its meaning is very loosely defined and there is no quantitative measure for it. Generally, ``liquidity'' means an ability to quickly trade stocks without causing a significant impact on the stock price. From this definition, we identified two facets of liquidity -- 1.execution time of limit orders, and 2.price impact of market orders. The limit order is an order to transact a prespecified number of shares at a prespecified price, which will not cause an immediate execution. On the other hand, the market order is an order to transact a prespecified number of shares at a market price, which will cause an immediate execution, but are subject to price impact. Therefore, when the stock is liquid, market participants will experience quick limit order executions and small market order impacts. As a first step to understand market liquidity, we studied the facet of liquidity related to limit order executions -- execution times. In this talk, we propose a novel approach of modeling limit order execution times and show how they are affected by size and price of orders. We used q-Weibull distribution, which is a generalized form of Weibull distribution that can control the fatness of tail to model limit order execution times.

Evaluation of the Impact of Wind Generation on the Electricity Market Prices and on the Profitability of New Wind Investments

NASA Astrophysics Data System (ADS)

Pereira, A. J.; Saraiva, J. T.

2012-10-01

This paper describes a Dynamic Model of the electricity sector that can be used to simulate the evolution of some key variables on the long term, namely the evolution of the electricity price, of the demand and of the capacity factors of the technologies in the generation mix. This model can be used in different ways and by several agents, for instance to estimate the impact on the electricity price of the increasing presence of renewable power stations, namely using wind power and PV systems. In several countries these stations are paid feed-in tariffs with a fixed price but in some cases this scheme is under discussion and there are opinions that payments determined by the market price are more adequate and would bring fewer costs to final consumers. Such a change has to be carefully evaluated given that the presence of renewable stations bidding at an infra marginal price will affect the price itself. The model described in this paper can be used in a profitable way both by governmental agencies when preparing or studying alternative remuneration schemes to renewable stations or by promoters themselves to get more insight to the profitability of their investments, namely if the fixed feed-in tariffs in force in several countries are changed.

Pricing and Reimbursement of Biosimilars in Central and Eastern European Countries

PubMed Central

Kawalec, Paweł; Stawowczyk, Ewa; Tesar, Tomas; Skoupa, Jana; Turcu-Stiolica, Adina; Dimitrova, Maria; Petrova, Guenka I.; Rugaja, Zinta; Männik, Agnes; Harsanyi, Andras; Draganic, Pero

2017-01-01

Objectives: The aim of this study was to review the requirements for the reimbursement of biosimilars and to compare the reimbursement status, market share, and reimbursement costs of biosimilars in selected Central and Eastern European (CEE) countries. Methods: A questionnaire-based survey was conducted between November 2016 and January 2017 among experts from the following CEE countries: Bulgaria, Czech Republic, Croatia, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, and Romania. The requirements for the pricing and reimbursement of biosimilars were reviewed for each country. Data on the extent of reimbursement of biologic drugs (separately for original products and biosimilars) in the years 2014 and 2015 were also collected for each country, along with data on the total pharmaceutical and total public health care budgets. Results: Our survey revealed that no specific criteria were applied for the pricing and reimbursement of biosimilars in the selected CEE countries; the price of biosimilars was usually reduced compared with original drugs and specific price discounts were common. Substitution and interchangeability were generally allowed, although in most countries they were at the discretion of the physician after a clinical assessment. Original biologic drugs and the corresponding biosimilars were usually in the same homogeneous group, and internal reference pricing was usually employed. The reimbursement rate of biosimilars in the majority of the countries was the same and amounted to 100%. Generally, the higher shares of expenditures were shown for the reimbursement of original drugs than for biosimilars, except for filgrastim, somatropin, and epoetin (alfa and zeta). The shares of expenditures on the reimbursement of biosimilar products ranged from 8.0% in Estonia in 2014 to 32.4% in Lithuania in 2015, and generally increased in 2015. The share of expenditures on reimbursement of biosimilars in the total pharmaceutical budget differed between the countries, with the highest observed value for Slovakia and Hungary and the lowest—for Croatia. Conclusions: The requirements for the pricing and reimbursement of biosimilar products as well as the access of patients to biologic treatment do not differ significantly between the considered CEE countries. Biosimilar drugs significantly influence the reimbursement systems of these countries, and the expenditure on the reimbursement of biosimilars is increasing as they are becoming more accessible to patients. PMID:28642700

Government agencies soften stance on what constitutes price fixing.

PubMed

Ettinger, D A; Lasser, M L

1997-02-01

The Federal Trade Commission and the Department of Justice have modified their views on what constitutes price fixing by integrated delivery systems. Recently released enforcement policy statements indicate that joint agreements on price between competing providers will not necessarily constitute price fixing, even without risk sharing, if the system is sufficiently integrated. The enforcement policy statements indicate that if integration arises from the combined efforts of previously competing providers, involves improvements in clinical efficiency or quality, and demonstrates no anticompetitive intent, it will be sufficient to withstand Federal scrutiny.

50 CFR 680.20 - Arbitration System.

Code of Federal Regulations, 2012 CFR

2012-10-01

... the public at large. (iii) The Market Report shall consider the following factors: (A) Current ex-vessel prices, including ex-vessel prices received for crab harvested under Class A IFQ, Class B IFQ, and... purposes of Share Matching, Binding Arbitration, and Post Arbitration Opt-in; (2) A provision that...

50 CFR 680.20 - Arbitration System.

Code of Federal Regulations, 2014 CFR

2014-10-01

... the public at large. (iii) The Market Report shall consider the following factors: (A) Current ex-vessel prices, including ex-vessel prices received for crab harvested under Class A IFQ, Class B IFQ, and... purposes of Share Matching, Binding Arbitration, and Post Arbitration Opt-in; (2) A provision that...

50 CFR 680.20 - Arbitration System.

Code of Federal Regulations, 2013 CFR

2013-10-01

... the public at large. (iii) The Market Report shall consider the following factors: (A) Current ex-vessel prices, including ex-vessel prices received for crab harvested under Class A IFQ, Class B IFQ, and... purposes of Share Matching, Binding Arbitration, and Post Arbitration Opt-in; (2) A provision that...

National reimbursement listing determinants of new cancer drugs: a retrospective analysis of 58 cancer treatment appraisals in 2007-2016 in South Korea.

PubMed

Kim, Eun-Sook; Kim, Jung-Ae; Lee, Eui-Kyung

2017-08-01

Since the positive-list system was introduced, concerns have been raised over restricting access to new cancer drugs in Korea. Policy changes in the decision-making process, such as risk-sharing agreement and the waiver of pharmacoeconomic data submission, were implemented to improve access to oncology medicines, and other factors are also involved in the reimbursement for cancer drugs. The aim of this study is to investigate the reimbursement listing determinants of new cancer drugs in Korea. All cancer treatment appraisals of Health Insurance Review and Assessment during 2007-2016 were analyzed based on 13 independent variables (comparative effectiveness, cost-effectiveness, drug-price comparison, oncology-specific policy, and innovation such as new mode of action). Univariate and multivariate logistic analyses were conducted. Of 58 analyzed submissions, 40% were listed in the national reimbursement formulary. In univariate analysis, four variables were related to listing: comparative effectiveness, drug-price comparison, new mode of action, and risk-sharing agreement. In multivariate logistic analysis, three variables significantly increased the likelihood of listing: clinical improvement, below alternative's price, and risk-sharing arrangement. Cancer drug's listing increased from 17% to 47% after risk-sharing agreement implementation. Clinical improvement, cost-effectiveness, and RSA application are critical to successful national reimbursement listing.

The impact of patient cost-sharing on low-income populations: evidence from Massachusetts.

PubMed

Chandra, Amitabh; Gruber, Jonathan; McKnight, Robin

2014-01-01

Greater patient cost-sharing could help reduce the fiscal pressures associated with insurance expansion by reducing the scope for moral hazard. But it is possible that low-income recipients are unable to cut back on utilization wisely and that, as a result, higher cost-sharing will lead to worse health and higher downstream costs through increased use of inpatient and outpatient care. We use exogenous variation in the copayments faced by low-income enrollees in the Massachusetts Commonwealth Care program to study these effects. We estimate separate price elasticities of demand by type of service. Overall, we find price elasticities of about -0.16 for this low-income population - similar to elasticities calculated for higher-income populations in other settings. These elasticities are somewhat smaller for the chronically sick, especially for those with asthma, diabetes, and high cholesterol. These lower elasticities are attributable to lower responsiveness to prices across all categories of service, and to some statistically insignificant increases in inpatient care. Copyright © 2013 Elsevier B.V. All rights reserved.

[Is the price of cancer drugs related to the cost of develo-pment and production or to the economic value of their clincal efficacy?].

PubMed

Russi, Alberto; Serena, Marta; Palozzo, Angelo C

2016-04-01

In the past years, the expenditure for cancer drugs has quickly increased, especially for biologic agents. Pharmaceutical companies and national health systems have different approaches in handling the issue of drug reimbursement. Companies support a price based on research and development (R&D) expenditures including those for unsuccessful drug projects while national health systems generally argue that pricing should be based on the incremental benefit generated by the agent under examination (value-based pricing - VBP). Nevertheless, current oncologic drugs prices are too high and not really justified by their incremental benefits or innovation, nor can they demonstrate that higher thresholds in QALYs could bring wider societal benefits. In this article we discuss these two points of view in the light of the most recent national and international literature. In Italy, drug reimbursement is currently managed through a mixed approach between the recognition of R&D expenditures and VBP. Reimbursement is also integrated with post-marketing patient-based national registries, particularly in the field of anti-cancer agents, that provide rebates based on financial risk sharing, cost-sharing, payment by results and success fee methods.

NASA policy on pricing shuttle launch services

NASA Technical Reports Server (NTRS)

Smith, J. M.

1977-01-01

The paper explains the rationale behind key elements of the pricing policy for STS, the major features of the non-government user policy, and some of the stimulating features of the policy which will open space to a wide range of new users. Attention is given to such major policy features as payment schedule, cost and standard services, the two phase pricing structure, optional services, shared flights, cancellation and postponement, and earnest money.

Topology of the South African stock market network across the 2008 financial crisis

NASA Astrophysics Data System (ADS)

Majapa, Mohamed; Gossel, Sean Joss

2016-03-01

This study uses the cross-correlations in the daily closing prices of the South African Top 100 companies listed on the JSE All share index (ALSI) from June 2003 to June 2013 to compute minimum spanning tree maps. In addition to the full sample, the analysis also uses three sub-periods to investigate the topological evolution before, during, and after the 2008 financial crisis. The findings show that although there is substantial clustering and homogeneity on the JSE, the most connected nodes are in the financial and resources sectors. The sub-sample results further reveal that the JSE network tree shrank in the run-up to, and during the financial crisis, and slowly expanded afterwards. In addition, the different clusters in the network are connected by various nodes that are significantly affected by diversification and credit market dynamics.

77 FR 50471 - Fisheries of the Caribbean, Gulf of Mexico, and South Atlantic; Gulf of Mexico Individual Fishing...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-08-21

... reporting, share and allocation price reporting, landing notification and landing transaction procedures... to improve price reporting. NMFS is also seeking input on procedural changes to landing notifications, landing transactions, offloading requirements, and other measures intended to enhance IFQ enforcement. No...

14 CFR 1214.813 - Computation of sharing and pricing parameters.

Code of Federal Regulations, 2012 CFR

2012-01-01

... paragraph of this section shall be applied as indicated. The procedure for computing Shuttle load factor, charge factor, and flight price for Spacelab payloads replaces the procedure contained in the Shuttle policy. (2) Shuttle charge factors as derived herein apply to the standard mission destination of 160 nmi...

14 CFR 1214.813 - Computation of sharing and pricing parameters.

Code of Federal Regulations, 2013 CFR

2013-01-01

... paragraph of this section shall be applied as indicated. The procedure for computing Shuttle load factor, charge factor, and flight price for Spacelab payloads replaces the procedure contained in the Shuttle policy. (2) Shuttle charge factors as derived herein apply to the standard mission destination of 160 nmi...

14 CFR § 1214.813 - Computation of sharing and pricing parameters.

Code of Federal Regulations, 2014 CFR

2014-01-01

... paragraph of this section shall be applied as indicated. The procedure for computing Shuttle load factor, charge factor, and flight price for Spacelab payloads replaces the procedure contained in the Shuttle policy. (2) Shuttle charge factors as derived herein apply to the standard mission destination of 160 nmi...

14 CFR 1214.813 - Computation of sharing and pricing parameters.

Code of Federal Regulations, 2011 CFR

2011-01-01

... paragraph of this section shall be applied as indicated. The procedure for computing Shuttle load factor, charge factor, and flight price for Spacelab payloads replaces the procedure contained in the Shuttle policy. (2) Shuttle charge factors as derived herein apply to the standard mission destination of 160 nmi...

30 CFR 220.015 - Pricing of materiel purchases, transfers, and dispositions.

Code of Federal Regulations, 2010 CFR

2010-07-01

... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Pricing of materiel purchases, transfers, and dispositions. 220.015 Section 220.015 Mineral Resources MINERALS MANAGEMENT SERVICE, DEPARTMENT OF THE INTERIOR MINERALS REVENUE MANAGEMENT ACCOUNTING PROCEDURES FOR DETERMINING NET PROFIT SHARE PAYMENT FOR OUTER...

A material political economy: Automated Trading Desk and price prediction in high-frequency trading.

PubMed

MacKenzie, Donald

2017-04-01

This article contains the first detailed historical study of one of the new high-frequency trading (HFT) firms that have transformed many of the world's financial markets. The study, of Automated Trading Desk (ATD), one of the earliest and most important such firms, focuses on how ATD's algorithms predicted share price changes. The article argues that political-economic struggles are integral to the existence of some of the 'pockets' of predictable structure in the otherwise random movements of prices, to the availability of the data that allow algorithms to identify these pockets, and to the capacity of algorithms to use these predictions to trade profitably. The article also examines the role of HFT algorithms such as ATD's in the epochal, fiercely contested shift in US share trading from 'fixed-role' markets towards 'all-to-all' markets.

The impact of advertising on price and practice volume. A case study of dental markets.

PubMed

Kwon, I W; Safranski, S R; Kim, J H

1993-02-01

Advertising is often considered a catalyst which stimulates competition by communicating the important attributes (information) of goods and services to consumers. Theoretically, advertising makes demand responsive to strategic price differences. This advertisement-induced price elasticity puts competitive pressure on the providers' pricing strategy. It has been assumed that this effect also exists in the health care market. This study investigates the impact that the advertising of services has on the price and demand behaviour in the dental care market. The sampling frame includes 1,326 dentists, 558 (44.3%) of whom have advertised their services. The statistical results seem to dispute the claim that advertising lowers the consumer's price and increases the advertising dentist's market share.

[The aspects of pricing policy in Azerbaijan pharmaceutical sector].

PubMed

Dzhalilova, K I; Alieva, K Ia

2012-01-01

The effect of macro-, middle- and microeconomic factors on price formation in Azerbaijan pharmaceutical market has been studied. Worldwide pharmaceutical leaders have the goals to become leader on the pharmaceutical market of Azerbaijan and maximize their market share. Non-leaders pharmaceutical companies use different strategies of price formation: prime cost plus markup, or price formation on the base of current prices. It was revealed that domestic pharmaceutical market has high demand elasticity. Future market development is related to stimulation of product development, and hard penetration to the market through realization of price formation strategy. Non-state pharmaceutical organizations to achieve the purpose of survive in conditions of high competition should take in to account the factor perceptions of assortment by customers.

75 FR 18558 - Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting Accelerated Approval of a Proposed...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-04-12

.... Information regarding the market price and trading volume of the Shares will be continually available on a... trading volume information for the Shares will be published daily in the financial sections of newspapers...), name of security or financial instrument, number of shares or dollar value of financial instruments...

77 FR 26052 - Invesco Total Property Market Income Fund, et al.; Notice of Application

Federal Register 2010, 2011, 2012, 2013, 2014

2012-05-02

... price of such Fund's common shares at a particular point in time, or a fixed percentage of NAV at a... broker, dealer, bank or other person (``financial intermediary'') holds common shares issued by a Fund in... outstanding common shares as frequently as monthly in any one taxable year, and as frequently as distributions...

Post-hit dynamics of price limit hits in the Chinese stock markets

NASA Astrophysics Data System (ADS)

Wu, Ting; Wang, Yue; Li, Ming-Xia

2017-01-01

Price limit trading rules are useful to cool off traders short-term trading mania on individual stocks. The price dynamics approaching the limit boards are known as the magnet effect. However, the price dynamics after opening price limit hits are not well investigated. Here, we provide a detailed analysis on the price dynamics after the hits of up-limit or down-limit is open based on all A-share stocks traded in the Chinese stock markets. A "W" shape is found in the expected return, which reveals high probability of a continuous price limit hit on the following day. We also find that price dynamics after opening limit hits are dependent on the market trends. The time span of continuously hitting the price limit is found to an influence factor of the expected profit after the limit hit is open. Our analysis provides a better understanding of the price dynamics around the limit boards and contributes potential practical values for investors.

Factors associated with the pricing of childhood vaccines in the U.S. public sector.

PubMed

Chen, Weiwei; Messonnier, Mark; Zhou, Fangjun

2018-02-01

Vaccine purchase cost has grown substantially over the last few decades. A closer look at vaccine prices reveals that not all vaccines shared the same increasing pattern. Various factors, such as vaccine attributes, competition, and supply shortages, could relate to price changes. In this study, we examined whether a variety of factors influenced the prices of noninfluenza childhood vaccines purchased in the public sector from 1996 to 2014. The association differed among price-capped vaccines and combination vaccines. There was an increasing time trend in real prices for non-price-capped vaccines, which was mostly offset by the effect of market longevity. The effect of competition in lowering prices was more pronounced among non-price-capped vaccines when manufacturer and vaccine component fixed effects were excluded. Supply shortage, manufacturer name change, and number of vaccine doses in series showed no effect. The results may help policy makers better understand price behaviors and make more informed decisions in vaccine planning and financing. Copyright © 2017 John Wiley & Sons, Ltd.

An exploratory analysis of cigarette price premium, market share and consumer loyalty in relation to continued consumption versus cessation in a national US panel.

PubMed

Lewis, Michael; Wang, Yanwen; Cahn, Zachary; Berg, Carla J

2015-11-03

Brand equity and consumer loyalty play a role in continued purchasing behaviour; however, this research has largely focused on non-addictive products without counter-marketing tactics. We examined the impact of brand equity (price premium, market share) and consumer loyalty (switching rates) on smoking cessation (discontinued cigarette purchases for 1 year) among smokers in a consumer panel. In Spring 2015, we analysed 1077 cigarette-purchasing households in the Nielsen Homescan Panel. We analysed cessation in relation to brand equity, consumer loyalty, other purchasing behaviours (nicotine intake, frequency), sociodemographics and tobacco control activities (per state-specific data) over a 6-year period (2004-2009) using Cox proportional hazard modelling. The sample was 13.28% African-American; the average income was $52,334 (SD=31,445). The average price premium and market share of smokers' dominant brands were $1.31 (SD=0.49) and 15.41% (SD=19.15), respectively. The mean brand loyalty level was 0.90 (SD=0.17), indicating high loyalty. In our final model, a higher price premium and market share were associated with lower quit rates (p=0.039); however, an interaction effect suggested that greater market share was not associated with lower cessation rates for African-American smokers (p=0.006). Consumer loyalty was not associated with cessation. Other predictors of lower quit rates included a higher nicotine intake (p=0.006) and baseline purchase frequency (p<0.001). Tobacco control factors were not significantly associated. Smokers of high-equity cigarette brands are less likely to quit, perhaps due to strong brand-consumer relationships. Thus, continued efforts should aim to regulate tobacco marketing efforts in order to disrupt these relationships to promote cessation. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/

Modeling HIV/AIDS Drug Price Determinants in Brazil: Is Generic Competition a Myth?

PubMed Central

Meiners, Constance; Sagaon-Teyssier, Luis; Hasenclever, Lia; Moatti, Jean-Paul

2011-01-01

Background Brazil became the first developing country to guarantee free and universal access to HIV/AIDS treatment, with antiretroviral drugs (ARVs) being delivered to nearly 190,000 patients. The analysis of ARV price evolution and market dynamics in Brazil can help anticipate issues soon to afflict other developing countries, as the 2010 revision of the World Health Organization guidelines shifts demand towards more expensive treatments, and, at the same time, current evolution of international legislation and trade agreements on intellectual property rights may reduce availability of generic drugs for HIV care. Methods and Findings Our analyses are based on effective prices paid for ARV procurement in Brazil between 1996 and 2009. Data panel structure was exploited to gather ex-ante and ex-post information and address various sources of statistical bias. In-difference estimation offered in-depth information on ARV market characteristics which significantly influence prices. Although overall ARV prices follow a declining trend, changing characteristics in the generic segment help explain recent increase in generic ARV prices. Our results show that generic suppliers are more likely to respond to factors influencing demand size and market competition, while originator suppliers tend to set prices strategically to offset compulsory licensing threats and generic competition. Significance In order to guarantee the long term sustainability of access to antiretroviral treatment, our findings highlight the importance of preserving and stimulating generic market dynamics to sustain developing countries' bargaining power in price negotiations undertaken with originator companies. PMID:21858138

Modeling HIV/AIDS drug price determinants in Brazil: is generic competition a myth?

PubMed

Meiners, Constance; Sagaon-Teyssier, Luis; Hasenclever, Lia; Moatti, Jean-Paul

2011-01-01

Brazil became the first developing country to guarantee free and universal access to HIV/AIDS treatment, with antiretroviral drugs (ARVs) being delivered to nearly 190,000 patients. The analysis of ARV price evolution and market dynamics in Brazil can help anticipate issues soon to afflict other developing countries, as the 2010 revision of the World Health Organization guidelines shifts demand towards more expensive treatments, and, at the same time, current evolution of international legislation and trade agreements on intellectual property rights may reduce availability of generic drugs for HIV care. Our analyses are based on effective prices paid for ARV procurement in Brazil between 1996 and 2009. Data panel structure was exploited to gather ex-ante and ex-post information and address various sources of statistical bias. In-difference estimation offered in-depth information on ARV market characteristics which significantly influence prices. Although overall ARV prices follow a declining trend, changing characteristics in the generic segment help explain recent increase in generic ARV prices. Our results show that generic suppliers are more likely to respond to factors influencing demand size and market competition, while originator suppliers tend to set prices strategically to offset compulsory licensing threats and generic competition. In order to guarantee the long term sustainability of access to antiretroviral treatment, our findings highlight the importance of preserving and stimulating generic market dynamics to sustain developing countries' bargaining power in price negotiations undertaken with originator companies.

Pharmaceutical Pricing and Market Access Outlook Europe 2010-HealthNetwork Communications' fourth annual conference. 24-25 March 2010, London, UK.

PubMed

Ogbighele, Erhimuvi

2010-05-01

The HealthNetwork Communications' Fourth Annual Conference on Pharmaceutical Pricing and Market Access Outlook Europe 2010, held in London, included topics covering the challenges facing the pharmaceutical industry, specifically related to pricing and reimbursement, and demonstrating the value of a pharmaceutical. This conference report highlights selected presentations on a global perspective on pricing and reimbursement, with an analysis of the specific, unique challenges in the six major markets, Europe, the US, Canada, Germany, the UK and Japan, and a discussion of the benefits of risk-sharing schemes.

Authorized generic drugs, price competition, and consumers' welfare.

PubMed

Berndt, Ernst R; Mortimer, Richard; Bhattacharjya, Ashoke; Parece, Andrew; Tuttle, Edward

2007-01-01

The growing frequency of authorized generics has important implications for the welfare of prescription drug consumers. Authorized generic entry could affect the timing of generic entry, brand-name and generic prices, and generic penetration. We reviewed 1999-2003 data and found that generic entry in the absence of short-run exclusivity restrictions benefits consumers through lower short-run prices. We suggest that these benefits likely also result from authorized generics. We posit that long-run prices and shares are likely essentially unaffected by authorized generics and that potential costs to consumers from any delayed generic entry are likely small.

Relationship between the Uncompensated Price Elasticity and the Income Elasticity of Demand under Conditions of Additive Preferences

PubMed Central

Sabatelli, Lorenzo

2016-01-01

Income and price elasticity of demand quantify the responsiveness of markets to changes in income and in prices, respectively. Under the assumptions of utility maximization and preference independence (additive preferences), mathematical relationships between income elasticity values and the uncompensated own and cross price elasticity of demand are here derived using the differential approach to demand analysis. Key parameters are: the elasticity of the marginal utility of income, and the average budget share. The proposed method can be used to forecast the direct and indirect impact of price changes and of financial instruments of policy using available estimates of the income elasticity of demand. PMID:26999511

Utility Green-Pricing Programs: What Defines Success? (Topical Issues Brief)

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

Swezey, B.; Bird, L.

2001-09-13

''Green pricing'' is an optional service through which customers can support a greater level of investment by their electric utility in renewable energy technologies. Electric utilities in 29 states are now implementing green-pricing programs. This report examines important elements of green-pricing programs, including the different types of programs offered, the premiums charged, customer response, and additional factors that experience indicates are key to the development of successful programs. The best-performing programs tend to share a number of common attributes related to product design, value creation, product pricing, and program implementation. The report ends with a list of ''best practices'' formore » utilities to follow when developing and implementing programs.« less

Relationship between the Uncompensated Price Elasticity and the Income Elasticity of Demand under Conditions of Additive Preferences.

PubMed

Sabatelli, Lorenzo

2016-01-01

Income and price elasticity of demand quantify the responsiveness of markets to changes in income and in prices, respectively. Under the assumptions of utility maximization and preference independence (additive preferences), mathematical relationships between income elasticity values and the uncompensated own and cross price elasticity of demand are here derived using the differential approach to demand analysis. Key parameters are: the elasticity of the marginal utility of income, and the average budget share. The proposed method can be used to forecast the direct and indirect impact of price changes and of financial instruments of policy using available estimates of the income elasticity of demand.

7 CFR 457.112 - Hybrid sorghum seed crop insurance provisions.

Code of Federal Regulations, 2011 CFR

2011-01-01

... seed test. Insurable interest. Your share of the financial loss that occurs in the event seed... by the price election you select and subtracting any minimum guaranteed payment, not to exceed the... value to dollars by multiplying it by the price election you selected. Approved yield. In lieu of the...

76 FR 2168 - Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-01-12

... proposed rule change reflects a competitive pricing structure designed to incent market participants to...) remains unchanged at $0.0032 per share. The Exchange believes that the above pricing is appropriate since... notes that it operates in a highly competitive market in which market participants can readily direct...

78 FR 10676 - Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-02-14

... be excessive. The proposed rule change reflects a competitive pricing structure designed to incent... fee of $0.0005 per share is equitable and reasonable because it accounts for the pricing changes on... strategies). The Exchange also notes that it operates in a highly-competitive market in which market...

A multilayer approach for price dynamics in financial markets

NASA Astrophysics Data System (ADS)

Biondo, Alessio Emanuele; Pluchino, Alessandro; Rapisarda, Andrea

2017-02-01

We introduce a new Self-Organized Criticality (SOC) model for simulating price evolution in an artificial financial market, based on a multilayer network of traders. The model also implements, in a quite realistic way with respect to previous studies, the order book dynamics, by considering two assets with variable fundamental prices. Fat tails in the probability distributions of normalized returns are observed, together with other features of real financial markets.

Transition from lognormal to χ2-superstatistics for financial time series

NASA Astrophysics Data System (ADS)

Xu, Dan; Beck, Christian

2016-07-01

Share price returns on different time scales can be well modelled by a superstatistical dynamics. Here we provide an investigation which type of superstatistics is most suitable to properly describe share price dynamics on various time scales. It is shown that while χ2-superstatistics works well on a time scale of days, on a much smaller time scale of minutes the price changes are better described by lognormal superstatistics. The system dynamics thus exhibits a transition from lognormal to χ2 superstatistics as a function of time scale. We discuss a more general model interpolating between both statistics which fits the observed data very well. We also present results on correlation functions of the extracted superstatistical volatility parameter, which exhibits exponential decay for returns on large time scales, whereas for returns on small time scales there are long-range correlations and power-law decay.

[Conditional pricing for innovative medicines in France: stop telling about risk-sharing!].

PubMed

Megerlin, F

2013-09-01

Across global borders and throughout the various sectors of health care, the search for viable methods to pay for value has intensified. Driven by soaring costs and constrained budgets, public and private payers are seeking innovative ways to incentivize providers and product manufacturers to focus on effective outcomes for patients according to key performance indexes. Conditional pricing and performance-based payment for innovative medicines could facilitate access to quasi-monopsonic french market, in a context of financial crisis, loss of reciprocal confidence, and growing aversion for therapeutic and economical uncertainty. However, we consider these new methods of payment should not be termed "risk-sharing agreements", a misleading term despite its common use today. They also should not impact the national list prices of medicines, that is a decisive tool for stabilizing international trade. Copyright © 2013 Elsevier Masson SAS. All rights reserved.

Forensic drug intelligence and the rise of cryptomarkets. Part I: Studying the Australian virtual market.

PubMed

Broséus, Julian; Morelato, Marie; Tahtouh, Mark; Roux, Claude

2017-10-01

Analysing and understanding cryptomarkets is essential to become proactive in the fight against the illicit drug trade. Such a research seeks to combine a diversity of indicators related to the virtual (darknet markets) and physical (the traditional "offline" market) aspects of the illicit drug trade to provide information on the distribution and consumption as well as to assess similarities/differences between the virtual and physical markets. This study analysed data that had previously been collected on cryptomarkets from December 2013 to March 2015. In this article, the data was extracted from two marketplaces, Evolution and Silk Road 2, and analysed to evaluate the illicit drug trade of the Australian virtual market (e.g. information about the supply and demand, trafficking flows, prices of illicit drugs and market share) and highlight its specificities. The results revealed the domestic nature of the virtual Australian illicit drug trade (i.e. Australian sellers essentially ship their products to local customers). This may explain the coherence between supply and demand. Particularly, the virtual Australian illicit drug trade is dominated by amphetamine-type substances (ATS), mainly methamphetamine and 3,4-methylenedioxymethamphetamine (MDMA), and cannabis. Australia, as a shipping country, accounts for half of the methamphetamine offered and purchased on Silk Road 2. Moreover, it was observed that the online price fixed by Australian sellers for the considered illicit drugs is higher than for any other shipping countries, which is in line with previous studies. Understanding the virtual and physical drug market necessitates the integration and fusion of different perspectives to capture the dynamic nature of drug trafficking, monitor its evolution and finally improve our understanding of the phenomenon so policy makers can make informed decisions. Copyright © 2017 Elsevier B.V. All rights reserved.

Nonlinear stochastic interacting dynamics and complexity of financial gasket fractal-like lattice percolation

NASA Astrophysics Data System (ADS)

Zhang, Wei; Wang, Jun

2018-05-01

A novel nonlinear stochastic interacting price dynamics is proposed and investigated by the bond percolation on Sierpinski gasket fractal-like lattice, aim to make a new approach to reproduce and study the complexity dynamics of real security markets. Fractal-like lattices correspond to finite graphs with vertices and edges, which are similar to fractals, and Sierpinski gasket is a well-known example of fractals. Fractional ordinal array entropy and fractional ordinal array complexity are introduced to analyze the complexity behaviors of financial signals. To deeper comprehend the fluctuation characteristics of the stochastic price evolution, the complexity analysis of random logarithmic returns and volatility are preformed, including power-law distribution, fractional sample entropy and fractional ordinal array complexity. For further verifying the rationality and validity of the developed stochastic price evolution, the actual security market dataset are also studied with the same statistical methods for comparison. The empirical results show that this stochastic price dynamics can reconstruct complexity behaviors of the actual security markets to some extent.

Evolution of drug reimbursement in Canada: the Pan-Canadian Pharmaceutical Alliance for new drugs.

PubMed

Husereau, Don; Dempster, William; Blanchard, Adrienne; Chambers, Johanne

2014-12-01

Canada has a unique system of public drug coverage and reimbursement characterized by a centralized review agency that makes funding recommendations along with decentralized authority for delivering health care across 10 provinces and three territories. There has been a significant increase in price negotiation for new pharmaceuticals in the past 10 years, first by individual provinces and now through a collective price negotiation process called the "Pan-Canadian Pharmaceutical Alliance." As of February 2014, the Pan-Canadian Pharmaceutical Alliance has already completed 32 negotiations despite still being in a formative stage; it is anticipated that a formal process will be developed in the coming year. In this article, we describe the evolution of price negotiation in Canada and identify several opportunities for improvement of the current process, including the incorporation of economic considerations into price negotiation. Copyright © 2014 International Society for Pharmacoeconomics and Outcomes Research (ISPOR). Published by Elsevier Inc. All rights reserved.

48 CFR 48.104-2 - Sharing acquisition savings.

Code of Federal Regulations, 2010 CFR

2010-10-01

... CONTRACT MANAGEMENT VALUE ENGINEERING Policies and Procedures 48.104-2 Sharing acquisition savings. (a... value engineering clause or alternate used, and the type of savings, as follows: Government/Contractor... percent for fixed-price contracts; or (2) 75 percent for cost-reimbursement contracts. Value engineering...

Incentive mechanism based on cooperative advertising for cost information sharing in a supply chain with competing retailers

NASA Astrophysics Data System (ADS)

Setak, Mostafa; Kafshian Ahar, Hajar; Alaei, Saeed

2017-09-01

This paper proposes a new motivation for information sharing in a decentralized channel consisting of a single manufacturer and two competing retailers. The manufacturer provides a common product to the retailers at the same wholesale price. Both retailers add their own values to the product and distribute it to consumers. Factors such as retail prices, values added to the product, and local advertising of the retailers simultaneously have effect on market demand. Each retailer has full information about the own added value which is unknown to the manufacturer and other retailer. The manufacturer uses a cooperative advertising program for motivating the retailers to disclose their private information. A numerical study is presented to compare different scenarios of information sharing. Computational results show that there is a condition in which full information sharing is beneficial for all members of the supply chain through cooperative advertising program and, therefore, retailers have enough incentive to disclose their cost information to the manufacturer.

The choice of discount brand cigarettes: A comparative analysis of International Tobacco Control (ITC) Surveys in Canada and the United States (2002–2005)

PubMed Central

Nargis, Nigar; Fong, Geoffrey T.; Chaloupka, Frank J.; Li, Qiang

2014-01-01

Background Increasing tobacco taxes to increase price is a proven tobacco control measure. This paper investigates how smokers respond to tax and price increases in their choice of discount brand cigarettes vs. premium brands. Objective To estimate how increase in the tax rate can affect smokers’ choice of discount brands versus premium brands. Methods Using data from ITC Surveys in Canada and the United States, a logit model was constructed to estimate the probability of choosing discount brand cigarettes in response to its price changes relative to premium brands, controlling for individual-specific demographic and socio-economic characteristics and regional effects. The self-reported price of an individual smoker is used in a random-effects regression model to impute price and to construct the price ratio for discount and premium brands for each smoker, which is used in the logit model. Findings An increase in the ratio of price of discount brand cigarettes to the price of premium brands by 0.1 is associated with a decrease in the probability of choosing discount brands by 0.08 in Canada. No significant effect is observed in case of the United States. Conclusion The results of the model explain two phenomena: (1) the widened price differential between premium and discount brand cigarettes contributed to the increased share of discount brand cigarettes in Canada in contrast to a relatively steady share in the United States during 2002–2005, and (2) increasing the price ratio of discount brands to premium brands—which occurs with an increase in specific excise tax—may lead to upward shifting from discount to premium brands rather than to downward shifting. These results underscore the significance of studying the effectiveness of tax increases in reducing overall tobacco consumption, particularly for specific excise taxes. PMID:23986408

Navy Shipbuilding: Need to Document Rationale for the Use of Fixed-Price Incentive Contracts and Study Effectiveness of Added Incentives

DTIC Science & Technology

2017-03-01

NAVY SHIPBUILDING Need to Document Rationale for the Use of Fixed-Price Incentive Contracts and Study Effectiveness of Added...Use of Fixed-Price Incentive Contracts and Study Effectiveness of Added Incentives What GAO Found Over 80 percent of the Navy’s shipbuilding...mackinm@gao.gov. Why GAO Did This Study DOD encourages the use of FPI contracts because they allow for equitable sharing of costs savings and risk

[Constrained competition in parallel drug importation: the case of simvastatin in Germany, the Netherlands, and the United Kingdom].

PubMed

Costa-Font, Joan; Kanavos, Panos

2007-01-01

To examine the effects of parallel simvastatin importation on drug price in three of the main parallel importing countries in the European Union, namely the United Kingdom, Germany, and the Netherlands. To estimate the market share of parallel imported simvastatin and the unit price -both locally produced and parallel imported- adjusted by defined daily dose in the importing country and in the exporting country (Spain). Ordinary least squares regression was used to examine the potential price competition resulting from parallel drug trade between 1997 and 2002. The market share of parallel imported simvastatin progressively expanded (especially in the United Kingdom and Germany) in the period examined, although the price difference between parallel imported and locally sourced simvastatin was not significant. Prices tended to rise in the United Kingdom and Germany and declined in the Netherlands. We found no evidence of pro-competitive effects resulting from the expansion of parallel trade. The development of parallel drug importation in the European Union produced unexpected effects (limited competition) on prices that differ from those expected by the introduction of a new competitor. This is partially the result of drug price regulation scant incentives to competition and of the lack of transparency in the drug reimbursement system, especially due to the effect of informal discounts (not observable to researchers). The case of simvastatin reveals that savings to the health system from parallel trade are trivial. Finally, of the three countries examined, the only country that shows a moderate downward pattern in simvastatin prices is the Netherlands. This effect can be attributed to the existence of a system that claws back informal discounts.

External costs as a measure of environmental impact in the generation of electricity in Poland

NASA Astrophysics Data System (ADS)

Cel, W.; Czechowska-Kosacka, A.; Kujawska, Justyna; Wasąg, H.

2018-05-01

The depletion of natural resources, rising fossil fuel prices and growing environmental awareness, are leading to an increase in the popularity of renewable energy sources. In Poland, the share of energy derived from renewable sources continues to grow and now stands at 12.9% of the country’s gross electricity consumption. Energy from renewable sources in Poland is 60€ more expensive per MWh than energy from conventional sources. According to the European Climate and Energy Package, Poland is committed to increasing its share of renewable energy to 15% in 2020, and a further 5% by 2030. It is very important to ensure that the increase in the share of renewable energy will increase the price of energy for the end users. To convince the public of the need to incur greater costs in the purchase of “green” power, we should put forward arguments showing the benefits of its use. The aim of this paper is to demonstrate the viability of support through a system of certification for renewable energy sources and also to estimate the potential increase in energy prices caused by raising RES contribution.

Using land to mitigate climate change: hitting the target, recognizing the trade-offs.

PubMed

Reilly, John; Melillo, Jerry; Cai, Yongxia; Kicklighter, David; Gurgel, Angelo; Paltsev, Sergey; Cronin, Timothy; Sokolov, Andrei; Schlosser, Adam

2012-06-05

Land can be used in several ways to mitigate climate change, but especially under changing environmental conditions there may be implications for food prices. Using an integrated global system model, we explore the roles that these land-use options can play in a global mitigation strategy to stabilize Earth's average temperature within 2 °C of the preindustrial level and their impacts on agriculture. We show that an ambitious global Energy-Only climate policy that includes biofuels would likely not achieve the 2 °C target. A thought-experiment where the world ideally prices land carbon fluxes combined with biofuels (Energy+Land policy) gets the world much closer. Land could become a large net carbon sink of about 178 Pg C over the 21st century with price incentives in the Energy+Land scenario. With land carbon pricing but without biofuels (a No-Biofuel scenario) the carbon sink is nearly identical to the case with biofuels, but emissions from energy are somewhat higher, thereby results in more warming. Absent such incentives, land is either a much smaller net carbon sink (+37 Pg C - Energy-Only policy) or a net source (-21 Pg C - No-Policy). The significant trade-off with this integrated land-use approach is that prices for agricultural products rise substantially because of mitigation costs borne by the sector and higher land prices. Share of income spent on food for wealthier regions continues to fall, but for the poorest regions, higher food prices lead to a rising share of income spent on food.

14 CFR 1214.801 - Definitions.

Code of Federal Regulations, 2010 CFR

2010-01-01

... customer's pro rata share of Shuttle services and used to compute the Shuttle charge factor. Means of... compute the customer's pro rata share of each element's services and used to compute the element charge... element charge factor. Parameters used in computation of the customer's flight price. Means of computing...

14 CFR 1214.801 - Definitions.

Code of Federal Regulations, 2011 CFR

2011-01-01

... customer's pro rata share of Shuttle services and used to compute the Shuttle charge factor. Means of... compute the customer's pro rata share of each element's services and used to compute the element charge... element charge factor. Parameters used in computation of the customer's flight price. Means of computing...

14 CFR 1214.801 - Definitions.

Code of Federal Regulations, 2012 CFR

2012-01-01

... customer's pro rata share of Shuttle services and used to compute the Shuttle charge factor. Means of... compute the customer's pro rata share of each element's services and used to compute the element charge... element charge factor. Parameters used in computation of the customer's flight price. Means of computing...

14 CFR 1214.801 - Definitions.

Code of Federal Regulations, 2013 CFR

2013-01-01

... customer's pro rata share of Shuttle services and used to compute the Shuttle charge factor. Means of... compute the customer's pro rata share of each element's services and used to compute the element charge... element charge factor. Parameters used in computation of the customer's flight price. Means of computing...

14 CFR § 1214.801 - Definitions.

Code of Federal Regulations, 2014 CFR

2014-01-01

... customer's pro rata share of Shuttle services and used to compute the Shuttle charge factor. Means of... compute the customer's pro rata share of each element's services and used to compute the element charge... element charge factor. Parameters used in computation of the customer's flight price. Means of computing...

17 CFR 270.30b1-6T - Weekly portfolio report for certain money market funds.

Code of Federal Regulations, 2011 CFR

2011-04-01

...; (I) The amortized cost value; and (J) In the case of a tax-exempt security, whether there is a demand... the fund's stable net asset value per share or stable price per share pursuant to § 270.2a-7(c)(1...) Market-based NAV means a money market fund's net asset value per share calculated using available market...

76 FR 57677 - Defense Federal Acquisition Regulation Supplement; Increase the Use of Fixed-Price Incentive...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-09-16

... Under Secretary of Defense for Acquisition, Technology, & Logistics (USD(AT&L)), dated November 3, 2010... cost, share lines, and ceiling price. This regulation is not a ``one-size- fits-all'' mandate. However.../optimistic weighted average and ensure that their cost curves do not mirror cost-plus-fixed-fee cost curves...

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

Heeter, J.

This presentation highlights the status of the voluntary green power market in 2012. The voluntary green power market totaled more than 48 million MWh in 2012, with about 1.9 million customers participating. The supply continues to be dominated by wind, though solar is increasing its share of utility green pricing programs. Prices for voluntary renewable energy certificates (RECs) increased to above $1/MWh.

75 FR 33878 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-06-15

... the Proposed Rule Change NASDAQ proposes to modify pricing for NASDAQ members using the NASDAQ Market... Statutory Basis for, the Proposed Rule Change 1. Purpose NASDAQ is making modifications to its pricing... for orders using the TFTY routing strategy that execute at the NYSE from $0.0017 per share executed to...

26 CFR 1.422-5 - Permissible provisions.

Code of Federal Regulations, 2010 CFR

2010-04-01

... reference to the fair market value of the stock at the time of exercise or to the option price. (d) Option... fair market value of the stock exceeds the exercise price of the option and the option is otherwise... disqualifying disposition of 75 shares is $1,500 (the difference between the fair market value of the stock on...

On international cost-sharing of pharmaceutical R&D.

PubMed

Barros, Pedro Pita; Martinez-Giralt, Xavier

2008-12-01

Ramsey pricing has been proposed in the pharmaceutical industry as a principle to price discriminate among markets while allowing to recover the (fixed) R&D cost. However, such analyses neglect the presence of insurance or the fund raising costs for most of drug reimbursement. By incorporating these new elements, we aim at providing some building blocks towards an economic theory incorporating Ramsey pricing and insurance coverage. We show how coinsurance affects the optimal prices to pay for the R&D investment. We also show that under certain conditions, there is no strategic incentive by governments to set coinsurance rates in order to shift the financial burden of R&D. This will have important implications to the application of Ramsey pricing principles to pharmaceutical products across countries.

The use of the Hurst exponent to predict changes in trends on the Warsaw Stock Exchange

NASA Astrophysics Data System (ADS)

Domino, Krzysztof

2011-01-01

The local properties of the time series of the evolution of share prices of 126 significant companies traded on the Warsaw Stock Exchange during the period between 1991-2008 have been investigated. The analysis was applied to daily financial returns. I have used the local DFA to obtain the Hurst exponent (diffusion coefficient) while searching for negative correlations by which changes of long-term trends would be effected. A certain evidence, proving that after the signature of anti-correlation-the drop in the Hurst exponent-the change in the trend and in the return rate of an investment is probable, was pointed out. Hence after further investigation this method may be useful as a part of an investment strategy. As the Warsaw Stock Exchange is relatively smaller and younger than other significant world Stock Exchanges-and as the developing market is less efficient-the generalization for others markets needs further investigation.

The positive impacts of Real-World Data on the challenges facing the evolution of biopharma.

PubMed

Wise, John; Möller, Angeli; Christie, David; Kalra, Dipak; Brodsky, Elia; Georgieva, Evelina; Jones, Greg; Smith, Ian; Greiffenberg, Lars; McCarthy, Marie; Arend, Michael; Luttringer, Olivier; Kloss, Sebastian; Arlington, Steve

2018-04-01

Demand for healthcare services is unprecedented. Society is struggling to afford the cost. Pricing of biopharmaceutical products is under scrutiny, especially by payers and Health Technology Assessment agencies. As we discuss here, rapidly advancing technologies, such as Real-World Data (RWD), are being utilized to increase understanding of disease. RWD, when captured and analyzed, produces the Real-World Evidence (RWE) that underpins the economic case for innovative medicines. Furthermore, RWD can inform the understanding of disease, help identify new therapeutic intervention points, and improve the efficiency of research and development (R&D), especially clinical trials. Pursuing precompetitive collaborations to define shared requirements for the use of RWD would equip service-providers with the specifications needed to implement cloud-based solutions for RWD acquisition, management and analysis. Only this approach would deliver cost-effective solutions to an industry-wide problem. Copyright © 2018 Elsevier Ltd. All rights reserved.

Research on Information Sharing Mechanism of Network Organization Based on Evolutionary Game

NASA Astrophysics Data System (ADS)

Wang, Lin; Liu, Gaozhi

2018-02-01

This article first elaborates the concept and effect of network organization, and the ability to share information is analyzed, secondly introduces the evolutionary game theory, network organization for information sharing all kinds of limitations, establishes the evolutionary game model, analyzes the dynamic evolution of network organization of information sharing, through reasoning and evolution. The network information sharing by the initial state and two sides of the game payoff matrix of excess profits and information is the information sharing of cost and risk sharing are the influence of network organization node information sharing decision.

Does the Price Multiplier Effect also Hold for Stocks?

NASA Astrophysics Data System (ADS)

Maslov, Sergei; Roehner, Bertrand M.

The price multiplier effect provides precious insight into the behavior of investors during episodes of speculative trading. It tells us that the higher the price of an asset (within a set of similar assets), the more its price is likely to increase during the upgoing phase of a speculative price peak. In short, instead of being risk averse, as is often assumed, investors rather seem to be "risk prone". While this effect is known to hold for several sorts of assets, it has not yet been possible to test it for stocks because the price of one share has no intrinsic significance, which means that one cannot say that stock A is more expensive than stock B on the basis of its price. In this paper we show that the price-dividend ratio gives a good basis for assessing the price of stocks in an intrinsic way. When this alternative measure is used instead, it turns out that the price multiplier effect also holds for stocks, at least if one concentrates on samples of companies which are sufficiently homogeneous.

What is a new drug worth? An innovative model for performance-based pricing.

PubMed

Dranitsaris, G; Dorward, K; Owens, R C; Schipper, H

2015-05-01

This article focuses on a novel method to derive prices for new pharmaceuticals by making price a function of drug performance. We briefly review current models for determining price for a new product and discuss alternatives that have historically been favoured by various funding bodies. The progressive approach to drug pricing, proposed herein, may better address the views and concerns of multiple stakeholders in a developed healthcare system by acknowledging and incorporating input from disparate parties via comprehensive and successive negotiation stages. In proposing a valid construct for performance-based pricing, the following model seeks to achieve several crucial objectives: earlier and wider access to new treatments; improved transparency in drug pricing; multi-stakeholder involvement through phased pricing negotiations; recognition of innovative product performance and latent changes in value; an earlier and more predictable return for developers without sacrificing total return on investment (ROI); more involved and informed risk sharing by the end-user. © 2014 John Wiley & Sons Ltd.

Reference Pricing with Endogenous or Exogenous Payment Limits: Impacts on Insurer and Consumer Spending.

PubMed

Brown, Timothy T; Robinson, James C

2016-06-01

Reference pricing (RP) theories predict different outcomes when reference prices are fixed (exogenous) versus being a function of market prices (MPs) (endogenous). Exogenous RP results in MPs at both high-price and low-price firms converging towards the reference price from above and below, respectively. Endogenous RP results in MPs at both high-price and low-price firms decreasing, with low-price firms acting strategically to decrease the reference price in order to gain market share. We extend these models to a hospital context focusing on insurer and consumer payments. Under exogenous RP, insurer and consumer payments to low-price hospitals increase, and insurer payments to high-price hospitals decrease, but predictions regarding consumer payments are ambiguous for high-price hospitals. Under endogenous RP, insurer payments to high-price and low-price hospitals decrease, and consumer payments to low-price hospitals decrease, but predictions regarding consumer payments are ambiguous for high-price hospitals. We test these predictions with difference-in-differences specifications using 2008-2013 data on patients undergoing joint replacement. For 2 years following RP implementation, insurer payments to high-price and low-price hospitals moved downward, consistent with endogenous RP. However, when the reference price was not reset to account for changes in MPs, insurer payments to low-price hospitals reverted to pre-implementation levels, consistent with exogenous RP. Copyright © 2015 John Wiley & Sons, Ltd. Copyright © 2015 John Wiley & Sons, Ltd.

A Tale of Two Stock Markets

ERIC Educational Resources Information Center

Armstrong, Michelle Hine; Piercey, Victor I.; Greene-Hunley, Stephanie

2015-01-01

This article describes two different projects using the stock market as a context for learning. For both projects, students "bought" shares in individual companies, tracked stock prices for a period of time, and then "sold" their shares at a gain or loss. The projects are adaptable for students in late elementary school through…

A quantum mechanical model for the relationship between stock price and stock ownership

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

Cotfas, Liviu-Adrian

2012-11-01

The trade of a fixed stock can be regarded as the basic process that measures its momentary price. The stock price is exactly known only at the time of sale when the stock is between traders, that is, only in the case when the owner is unknown. We show that the stock price can be better described by a function indicating at any moment of time the probabilities for the possible values of price if a transaction takes place. This more general description contains partial information on the stock price, but it also contains partial information on the stock owner.more » By following the analogy with quantum mechanics, we assume that the time evolution of the function describing the stock price can be described by a Schroedinger type equation.« less

Modelling and measuring the irrational behaviour of agents in financial markets: Discovering the psychological soliton

NASA Astrophysics Data System (ADS)

Dhesi, Gurjeet; Ausloos, Marcel

2016-07-01

Following a Geometrical Brownian Motion extension into an Irrational Fractional Brownian Motion model, we re-examine agent behaviour reacting to time dependent news on the log-returns thereby modifying a financial market evolution. We specifically discuss the role of financial news or economic information positive or negative feedback of such irrational (or contrarian) agents upon the price evolution. We observe a kink-like effect reminiscent of soliton behaviour, suggesting how analysts' forecasts errors induce stock prices to adjust accordingly, thereby proposing a measure of the irrational force in a market.

Controlling supply expenses through capitated supply contracting.

PubMed

Kowalski, J C

1997-07-01

Some providers dealing with the financial challenges of managed care are attempting to control supply expenses through capitated supply contracting and similar risk/reward sharing arrangements. Under such arrangements, a supplier sells products and services to a provider for a fixed, prospective price in exchange for the provider's exclusive business. If expenses exceed the prospectively established amount, the supplier and provider share the loss. Conversely, if expenses are less than the fixed amount, they share the savings. For a capitated supply arrangement to be successful, providers must be able to identify and track supply expense drivers, such as clinical pathways, technology utilization, and product selection and utilization. Sophisticated information systems are needed to capture data, such as total and per-transaction product usage/volume; unit price per item; average and cost per item; average and total cost per transaction; and total cost per outcome. Providers also will need to establish mutually cooperative relationships with the suppliers with whom they contract.

12 CFR 208.34 - Recordkeeping and confirmation of certain securities transactions effected by State member banks.

Code of Federal Regulations, 2011 CFR

2011-01-01

... reasonable time upon written request of such customer specifying the identity, price and number of shares or... primarily by the cash flows of a discrete pool of receivables or other financial assets, either fixed or... when the customer pays the bank any part of the purchase price (or the time when the bank makes the...

78 FR 49579 - Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-08-14

...://www.lavatrading.com/solutions/pricing.php (July 1, 2013) (charging a fee of $0.0030 per share for..., available at https://www.lavatrading.com/solutions/pricing.php (July 1, 2013) (no longer charging a fee of... omitted'' from Footnote 7 and replace it with the exact content from Footnote 11. Conforming changes are...

75 FR 2897 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-01-19

... of a mutual fund to investors at the fund's current net asset value, plus any applicable sales load... codified as NASD IM-2830-2, that requires members to sell mutual funds at the public offering price not... sell shares of mutual funds to non-member broker-dealers at a price below the current public offering...

Is the stock market efficient?

PubMed

Malkiel, B G

1989-03-10

A stock market is said to be efficient if it accurately reflects all relevant information in determining security prices. Critics have asserted that share prices are far too volatile to be explained by changes in objective economic events-the October 1987 crash being a case in point. Although the evidence is not unambiguous, reports of the death of the efficient market hypothesis appear premature.

Using business intelligence to manage supply costs.

PubMed

Bunata, Ernest

2013-08-01

Business intelligence tools can help materials managers and managers in the operating room and procedural areas track purchasing costs more precisely and determine the root causes of cost increases. Data can be shared with physicians to increase their awareness of the cost of physician preference items. Proper use of business intelligence goes beyond price benchmarking to manage price performance over time.

The impact of price policy on demand for alcohol in rural India.

PubMed

Subramanian, Arjunan; Kumar, Parmod

2017-10-01

Whether raising the price of addictive goods can reduce its burden is widely debated in many countries, largely due to lack of appropriate data and robust methods. Three key concerns frequently raised in the literature are: unobserved heterogeneity; omitted variables; identification problem. Addressing these concerns, using robust instrument and employing unique individual-level panel data from Indian Punjab, this paper investigates two related propositions (i) will increase in alcohol price reduce its burden (ii) since greater incomes raise the costs of inebriation, will higher incomes affect consumption of alcohol negatively. Distinct from previous studies, the key variable of interest is the budget share of alcohol that allows studying the burden of alcohol consumption on drinker's and also on other family members. Results presented show that an increase in alcohol price is likely to be regressive, especially on the bottom quartile, with a rise in the budget share of alcohol given budget constraint. This outcome is robust to different econometric specifications. Preliminary explorations suggest that higher per capita income increases the odds of quitting drinking. Results reported have wider implications for the effective design of addiction related health policies. Copyright © 2017 Elsevier Ltd. All rights reserved.

Optimal advertising and pricing decisions for complementary products

NASA Astrophysics Data System (ADS)

Taleizadeh, Ata Allah; Charmchi, Masoud

2015-03-01

Cooperative advertising is an agreement between a manufacturer and a retailer to share advertising cost at the local level. Previous studies have not investigated cooperative advertising for complementary products and their main focus was only on one good. In this paper, we study a two-echelon supply chain consisting of one manufacturer and one retailer with two complementary goods. The demand of each good is influenced not only by its price but also by the price of the other product. We use two game theory approaches to model this problem; Stackelberg manufacturer and Stackelberg retailer.

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.

Low carbon and clean energy scenarios for India: Analysis of targets approach

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

Shukla, Priyadarshi R.; Chaturvedi, Vaibhav

2012-12-01

Low carbon energy technologies are gaining increasing importance in India for reducing emissions as well as diversifying its energy supply mix. The present paper presents and analyses a targeted approach for pushing solar, wind and nuclear technologies in the Indian energy market. Targets for these technologies have been constructed on the basis of Indian government documents, policy announcements and expert opinion. Different targets have been set for the reference scenario and the carbon price scenario. In the reference scenario it is found that in the long run all solar, wind and nuclear will achieve their targets without any subsidy push.more » In the short run however, nuclear and solar energy require significant subsidy push. Nuclear energy requires a much higher subsidy allocation as compared to solar because the targets assumed are also higher for nuclear energy. Under a carbon price scenario, the carbon price drives the penetration of these technologies significantly. Still subsidy is required especially in the short run when the carbon price is low. It is also found that pushing solar, wind and nuclear technologies might lead to decrease in share of CCS under the price scenario and biomass under both BAU and price scenario, which implies that one set of low carbon technologies is substituted by other set of low carbon technologies. Thus the objective of emission mitigation might not be achieved due to this substitution. Moreover sensitivity on nuclear energy cost was done to represent risk mitigation for this technology and it was found that higher cost can significantly decrease the share of this technology under both the BAU and carbon price scenario.« less

Quantum-like Viewpoint on the Complexity and Randomness of the Financial Market

NASA Astrophysics Data System (ADS)

Choustova, Olga

In economics and financial theory, analysts use random walk and more general martingale techniques to model behavior of asset prices, in particular share prices on stock markets, currency exchange rates and commodity prices. This practice has its basis in the presumption that investors act rationally and without bias, and that at any moment they estimate the value of an asset based on future expectations. Under these conditions, all existing information affects the price, which changes only when new information comes out. By definition, new information appears randomly and influences the asset price randomly. Corresponding continuous time models are based on stochastic processes (this approach was initiated in the thesis of [4]), see, e.g., the books of [33] and [37] for historical and mathematical details.

Economic impact and policy implications from urban shared transportation: The case of Pittsburgh’s shared bike system

PubMed Central

Zacharias, Christos; Kokkodis, Marios; Lappas, Theodoros

2017-01-01

During the last years the number of cities that have installed and started operating shared bike systems has significantly increased. These systems provide an alternative and sustainable mean of transportation to the city dwellers. Apart from the energy sustainability benefits, shared bike systems can have a positive effect on residents’ health, air quality and the overall condition of the currently crumbling road network infrastructure. Anecdotal stories and survey studies have also identified that bike lanes have a positive impact on local businesses. In this study, driven by the rapid adoption of shared bike systems by city governments and their potential positive effects on a number of urban life facets we opt to study and quantify the value of these systems. We focus on a specific aspect of this value and use evidence from the real estate market in the city of Pittsburgh to analyze the effect on dwellers’ properties of the shared bike system installed in the city in June 2015. We use quasi-experimental techniques and find that the shared bike system led to an increase in the housing prices (both sales and rental prices) in the zip codes where shared bike stations were installed. We further bring into the light potential negative consequences of this impact (i.e., gentrification) and discuss/propose two public policies that can exploit the impact of the system for the benefit of both the local government as well as the city dwellers. PMID:28859121

Economic impact and policy implications from urban shared transportation: The case of Pittsburgh's shared bike system.

PubMed

Pelechrinis, Konstantinos; Zacharias, Christos; Kokkodis, Marios; Lappas, Theodoros

2017-01-01

During the last years the number of cities that have installed and started operating shared bike systems has significantly increased. These systems provide an alternative and sustainable mean of transportation to the city dwellers. Apart from the energy sustainability benefits, shared bike systems can have a positive effect on residents' health, air quality and the overall condition of the currently crumbling road network infrastructure. Anecdotal stories and survey studies have also identified that bike lanes have a positive impact on local businesses. In this study, driven by the rapid adoption of shared bike systems by city governments and their potential positive effects on a number of urban life facets we opt to study and quantify the value of these systems. We focus on a specific aspect of this value and use evidence from the real estate market in the city of Pittsburgh to analyze the effect on dwellers' properties of the shared bike system installed in the city in June 2015. We use quasi-experimental techniques and find that the shared bike system led to an increase in the housing prices (both sales and rental prices) in the zip codes where shared bike stations were installed. We further bring into the light potential negative consequences of this impact (i.e., gentrification) and discuss/propose two public policies that can exploit the impact of the system for the benefit of both the local government as well as the city dwellers.

Health care demand elasticities by type of service.

PubMed

Ellis, Randall P; Martins, Bruno; Zhu, Wenjia

2017-09-01

We estimate within-year price elasticities of demand for detailed health care services using an instrumental variable strategy, in which individual monthly cost shares are instrumented by employer-year-plan-month average cost shares. A specification using backward myopic prices gives more plausible and stable results than using forward myopic prices. Using 171 million person-months spanning 73 employers from 2008 to 2014, we estimate that the overall demand elasticity by backward myopic consumers is -0.44, with higher elasticities of demand for pharmaceuticals (-0.44), specialists visits (-0.32), MRIs (-0.29) and mental health/substance abuse (-0.26), and lower elasticities for prevention visits (-0.02) and emergency rooms (-0.04). Demand response is lower for children, in larger firms, among hourly waged employees, and for sicker people. Overall the method appears promising for estimating elasticities for highly disaggregated services although the approach does not work well on services that are very expensive or persistent. Copyright © 2017 Elsevier B.V. All rights reserved.

Does Federal Aid Hike College Tuition?

ERIC Educational Resources Information Center

Adam, Michelle

2005-01-01

Imagine a different kind of financial aid for those who can not afford the skyrocketing prices of today's college education. It involves selling shares of oneself--selling shares that would provide a return on one's potential earnings to those willing to invest in one's education. In this article, the author comments on Gary Wolfram's selling…

26 CFR 1.642(c)-5 - Definition of pooled income fund.

Code of Federal Regulations, 2010 CFR

2010-04-01

... contribution to the fund or of the purchase price of those assets purchased by the fund. This definition of... the income interest is designated, such beneficiaries may enjoy their shares of income concurrently... beneficiaries to whom the income is payable and the share of income distributable to each person so specified...

The value of innovation under value-based pricing.

PubMed

Moreno, Santiago G; Ray, Joshua A

2016-01-01

The role of cost-effectiveness analysis (CEA) in incentivizing innovation is controversial. Critics of CEA argue that its use for pricing purposes disregards the 'value of innovation' reflected in new drug development, whereas supporters of CEA highlight that the value of innovation is already accounted for. Our objective in this article is to outline the limitations of the conventional CEA approach, while proposing an alternative method of evaluation that captures the value of innovation more accurately. The adoption of a new drug benefits present and future patients (with cost implications) for as long as the drug is part of clinical practice. Incidence patients and off-patent prices are identified as two key missing features preventing the conventional CEA approach from capturing 1) benefit to future patients and 2) future savings from off-patent prices. The proposed CEA approach incorporates these two features to derive the total lifetime value of an innovative drug (i.e., the value of innovation). The conventional CEA approach tends to underestimate the value of innovative drugs by disregarding the benefit to future patients and savings from off-patent prices. As a result, innovative drugs are underpriced, only allowing manufacturers to capture approximately 15% of the total value of innovation during the patent protection period. In addition to including the incidence population and off-patent price, the alternative approach proposes pricing new drugs by first negotiating the share of value of innovation to be appropriated by the manufacturer (>15%?) and payer (<85%?), in order to then identify the drug price that satisfies this condition. We argue for a modification to the conventional CEA approach that integrates the total lifetime value of innovative drugs into CEA, by taking into account off-patent pricing and future patients. The proposed approach derives a price that allows manufacturers to capture an agreed share of this value, thereby incentivizing innovation, while supporting health-care systems to pursue dynamic allocative efficiency. However, the long-term sustainability of health-care systems must be assessed before this proposal is adopted by policy makers.

The value of innovation under value-based pricing

PubMed Central

Moreno, Santiago G.; Ray, Joshua A.

2016-01-01

Objective The role of cost-effectiveness analysis (CEA) in incentivizing innovation is controversial. Critics of CEA argue that its use for pricing purposes disregards the ‘value of innovation’ reflected in new drug development, whereas supporters of CEA highlight that the value of innovation is already accounted for. Our objective in this article is to outline the limitations of the conventional CEA approach, while proposing an alternative method of evaluation that captures the value of innovation more accurately. Method The adoption of a new drug benefits present and future patients (with cost implications) for as long as the drug is part of clinical practice. Incidence patients and off-patent prices are identified as two key missing features preventing the conventional CEA approach from capturing 1) benefit to future patients and 2) future savings from off-patent prices. The proposed CEA approach incorporates these two features to derive the total lifetime value of an innovative drug (i.e., the value of innovation). Results The conventional CEA approach tends to underestimate the value of innovative drugs by disregarding the benefit to future patients and savings from off-patent prices. As a result, innovative drugs are underpriced, only allowing manufacturers to capture approximately 15% of the total value of innovation during the patent protection period. In addition to including the incidence population and off-patent price, the alternative approach proposes pricing new drugs by first negotiating the share of value of innovation to be appropriated by the manufacturer (>15%?) and payer (<85%?), in order to then identify the drug price that satisfies this condition. Conclusion We argue for a modification to the conventional CEA approach that integrates the total lifetime value of innovative drugs into CEA, by taking into account off-patent pricing and future patients. The proposed approach derives a price that allows manufacturers to capture an agreed share of this value, thereby incentivizing innovation, while supporting health-care systems to pursue dynamic allocative efficiency. However, the long-term sustainability of health-care systems must be assessed before this proposal is adopted by policy makers. PMID:27123192

76 FR 13681 - Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-03-14

... Commission's Public Reference Room. \\5\\ A Member is any registered broker or dealer that has been admitted to... displayed liquidity to the BYX order book in securities priced $1.00 and above. The Exchange proposes to... liquidity to the BYX order book in securities priced $1.00 and above from a charge of $0.0005 per share to a...

Price performance following stock's IPO in different price limit systems

NASA Astrophysics Data System (ADS)

Wu, Ting; Wang, Yue; Li, Ming-Xia

2018-01-01

An IPO burst occurred in China's stock markets in 2015, while price limit trading rules usually help to reduce the short-term trading mania on individual stocks. It is interesting to make clear the function of the price limits after IPOs. We firstly make a statistical analysis based on all the IPO stocks listed from 1990 to 2015. A high dependency exists between the activities in stock's IPO and various market environment. We also focus on the price dynamics in the first 40 trading days after the stock listed. We find that price limit system will delay the price movement, especially for the up-trend movements, which may lead to longer continuous price limit hits. Similar to our previous work, many results such as ;W; shape can be also observed in the future daily return after the price limit open. At last, we find most IPO measures show evident correlations with the following price limit hits. IPO stocks with lower first-day turnover and earning per share will be followed with a longer continuous price limit hits and lower future daily return under the newest trading rules, which give us a good way to estimate the occurrence of price limit hits and the following price dynamics. Our analysis provides a better understanding of the price dynamics after IPO events and offers potential practical values for investors.

Evolution of antiretroviral drug costs in Brazil in the context of free and universal access to AIDS treatment.

PubMed

Nunn, Amy S; Fonseca, Elize M; Bastos, Francisco I; Gruskin, Sofia; Salomon, Joshua A

2007-11-13

Little is known about the long-term drug costs associated with treating AIDS in developing countries. Brazil's AIDS treatment program has been cited widely as the developing world's largest and most successful AIDS treatment program. The program guarantees free access to highly active antiretroviral therapy (HAART) for all people living with HIV/AIDS in need of treatment. Brazil produces non-patented generic antiretroviral drugs (ARVs), procures many patented ARVs with negotiated price reductions, and recently issued a compulsory license to import one patented ARV. In this study, we investigate the drivers of recent ARV cost trends in Brazil through analysis of drug-specific prices and expenditures between 2001 and 2005. We compared Brazil's ARV prices to those in other low- and middle-income countries. We analyzed trends in drug expenditures for HAART in Brazil from 2001 to 2005 on the basis of cost data disaggregated by each ARV purchased by the Brazilian program. We decomposed the overall changes in expenditures to compare the relative impacts of changes in drug prices and drug purchase quantities. We also estimated the excess costs attributable to the difference between prices for generics in Brazil and the lowest global prices for these drugs. Finally, we estimated the savings attributable to Brazil's reduced prices for patented drugs. Negotiated drug prices in Brazil are lowest for patented ARVs for which generic competition is emerging. In recent years, the prices for efavirenz and lopinavir-ritonavir (lopinavir/r) have been lower in Brazil than in other middle-income countries. In contrast, the price of tenofovir is US$200 higher per patient per year than that reported in other middle-income countries. Despite precipitous price declines for four patented ARVs, total Brazilian drug expenditures doubled, to reach US$414 million in 2005. We find that the major driver of cost increases was increased purchase quantities of six specific drugs: patented lopinavir/r, efavirenz, tenofovir, atazanavir, enfuvirtide, and a locally produced generic, fixed-dose combination of zidovudine and lamivudine (AZT/3TC). Because prices declined for many of the patented drugs that constitute the largest share of drug costs, nearly the entire increase in overall drug expenditures between 2001 and 2005 is attributable to increases in drug quantities. Had all drug quantities been held constant from 2001 until 2005 (or for those drugs entering treatment guidelines after 2001, held constant between the year of introduction and 2005), total costs would have increased by only an estimated US$7 million. We estimate that in the absence of price declines for patented drugs, Brazil would have spent a cumulative total of US$2 billion on drugs for HAART between 2001 and 2005, implying a savings of US$1.2 billion from price declines. Finally, in comparing Brazilian prices for locally produced generic ARVs to the lowest international prices meeting global pharmaceutical quality standards, we find that current prices for Brazil's locally produced generics are generally much higher than corresponding global prices, and note that these prices have risen in Brazil while declining globally. We estimate the excess costs of Brazil's locally produced generics totaled US$110 million from 2001 to 2005. Despite Brazil's more costly generic ARVs, the net result of ARV price changes has been a cost savings of approximately US$1 billion since 2001. HAART costs have nevertheless risen steeply as Brazil has scaled up treatment. These trends may foreshadow future AIDS treatment cost trends in other developing countries as more people start treatment, AIDS patients live longer and move from first-line to second and third-line treatment, AIDS treatment becomes more complex, generic competition emerges, and newer patented drugs become available. The specific application of the Brazilian model to other countries will depend, however, on the strength of their health systems, intellectual property regulations, epidemiological profiles, AIDS treatment guidelines, and differing capacities to produce drugs locally.

Dynamic Evolution of Financial Network and its Relation to Economic Crises

NASA Astrophysics Data System (ADS)

Gao, Ya-Chun; Wei, Zong-Wen; Wang, Bing-Hong

2013-02-01

The static topology properties of financial networks have been widely investigated since the work done by Mantegna, yet their dynamic evolution with time is little considered. In this paper, we comprehensively study the dynamic evolution of financial network by a sliding window technique. The vertices and edges of financial network are represented by the stocks from S&P500 components and correlations between pairs of daily returns of price fluctuation, respectively. Furthermore, the duration of stock price fluctuation, spanning from January 4, 1985 to September 14, 2009, makes us to carefully observe the relation between the dynamic topological properties and big financial crashes. The empirical results suggest that the financial network has the robust small-world property when the time evolves, and the topological structure drastically changes when the big financial crashes occur. This correspondence between the dynamic evolution of financial network and big financial crashes may provide a novel view to understand the origin of economic crisis.

Measuring multifractality of stock price fluctuation using multifractal detrended fluctuation analysis

NASA Astrophysics Data System (ADS)

Yuan, Ying; Zhuang, Xin-tian; Jin, Xiu

2009-06-01

Analyzing the Shanghai stock price index daily returns using MF-DFA method, it is found that there are two different types of sources for multifractality in time series, namely, fat-tailed probability distributions and non-linear temporal correlations. Based on that, a sliding window of 240 frequency data in 5 trading days was used to study stock price index fluctuation. It is found that when the stock price index fluctuates sharply, a strong variability is clearly characterized by the generalized Hurst exponents h(q). Therefore, two measures, Δh and σ, based on generalized Hurst exponents were proposed to compare financial risks before and after Price Limits and Reform of Non-tradable Shares. The empirical results verify the validity of the measures, and this has led to a better understanding of complex stock markets.

Black-Scholes finite difference modeling in forecasting of call warrant prices in Bursa Malaysia

NASA Astrophysics Data System (ADS)

Mansor, Nur Jariah; Jaffar, Maheran Mohd

2014-07-01

Call warrant is a type of structured warrant in Bursa Malaysia. It gives the holder the right to buy the underlying share at a specified price within a limited period of time. The issuer of the structured warrants usually uses European style to exercise the call warrant on the maturity date. Warrant is very similar to an option. Usually, practitioners of the financial field use Black-Scholes model to value the option. The Black-Scholes equation is hard to solve analytically. Therefore the finite difference approach is applied to approximate the value of the call warrant prices. The central in time and central in space scheme is produced to approximate the value of the call warrant prices. It allows the warrant holder to forecast the value of the call warrant prices before the expiry date.

Pricing schemes for new drugs: a welfare analysis.

PubMed

Levaggi, Rosella

2014-02-01

Drug price regulation is acquiring increasing significance in the investment choices of the pharmaceutical sector. The overall objective is to determine an optimal trade-off between the incentives for innovation, consumer protection, and value for money. However, price regulation is itself a source of distortion. In this study, we examine the welfare properties of listing through a bargaining process and value-based pricing schemes. The latter are superior instruments to uncertain listing processes for maximising total welfare, but the distribution of the benefits between consumers and the industry depends on rate of rebate chosen by the regulator. However, through an appropriate choice, it is always possible to define a value-based pricing scheme with risk sharing, which both consumers and the industry prefer to an uncertain bargaining process. Copyright © 2013 Elsevier Ltd. All rights reserved.

Can't get no satisfaction? Will pay for performance help?: toward an economic framework for understanding performance-based risk-sharing agreements for innovative medical products.

PubMed

Towse, Adrian; Garrison, Louis P

2010-01-01

This article examines performance-based risk-sharing agreements for pharmaceuticals from a theoretical economic perspective. We position these agreements as a form of coverage with evidence development. New performance-based risk sharing could produce a more efficient market equilibrium, achieved by adjustment of the price post-launch to reflect outcomes combined with a new approach to the post-launch costs of evidence collection. For this to happen, the party best able to manage or to bear specific risks must do so. Willingness to bear risk will depend not only on ability to manage it, but on the degree of risk aversion. We identify three related frameworks that provide relevant insights: value of information, real option theory and money-back guarantees. We identify four categories of risk sharing: budget impact, price discounting, outcomes uncertainty and subgroup uncertainty. We conclude that a value of information/real option framework is likely to be the most helpful approach for understanding the costs and benefits of risk sharing. There are a number of factors that are likely to be crucial in determining if performance-based or risk-sharing agreements are efficient and likely to become more important in the future: (i) the cost and practicality of post-launch evidence collection relative to pre-launch; (ii) the feasibility of coverage with evidence development without a pre-agreed contract as to how the evidence will be used to adjust price, revenues or use, in which uncertainty around the pay-off to additional research will reduce the incentive for the manufacturer to collect the information; (iii) the difficulty of writing and policing risk-sharing agreements; (iv) the degree of risk aversion (and therefore opportunity to trade) on the part of payers and manufacturers; and (v) the extent of transferability of data from one country setting to another to support coverage with evidence development in a risk-sharing framework. There is no doubt that--in principle--risk sharing can provide manufacturers and payers additional real options that increase overall efficiency. Given the lack of empirical evidence on the success of schemes already agreed and on the issues we set out above, it is too early to tell if the recent surge of interest in these arrangements is likely to be a trend or only a fad.

Do cost-sharing and entry deregulation curb pharmaceutical innovation?

PubMed

Grossmann, Volker

2013-09-01

This paper examines the role of both cost-sharing schemes in health insurance systems and the regulation of entry into the pharmaceutical sector for pharmaceutical R&D expenditure and drug prices. The analysis suggests that both an increase in the coinsurance rate and stricter price regulations adversely affect R&D spending in the pharmaceutical sector. In contrast, entry deregulation may lead to higher R&D spending of pharmaceutical companies. The relationship between R&D spending per firm and the number of firms may be hump-shaped. In this case, the number of rivals which maximizes R&D expenditure per firm is decreasing in the coinsurance rate and increasing in labor productivity. Copyright © 2013 Elsevier B.V. All rights reserved.

Fashion cycle dynamics in a model with endogenous discrete evolution of heterogeneous preferences

NASA Astrophysics Data System (ADS)

Naimzada, A. K.; Pireddu, M.

2018-05-01

We propose a discrete-time exchange economy evolutionary model, in which two groups of agents are characterized by different preference structures. The reproduction level of a group is related to its attractiveness degree, which depends on the social visibility level, determined by the consumption choices of the agents in that group. The attractiveness of a group is initially increasing with its visibility level, but it becomes decreasing when its visibility exceeds a given threshold value, due to a congestion effect. Thanks to the combined action of the price mechanism and of the share updating rule, the model is able to reproduce the recurrent dynamic behavior typical of the fashion cycle, presenting booms and busts both in the agents' consumption choices and in the population shares. More precisely, we investigate the existence of equilibria and their stability, and we perform a qualitative bifurcation analysis on varying the parameter describing the group's heterogeneity degree. From a global viewpoint, we detect, among others, multistability phenomena in which the group coexistence is dynamic, either regular or irregular, and the fashion cycle occurs. The existence of complex dynamics is proven via the method of the turbulent maps, working with homoclinic orbits. Finally, we provide a social and economic interpretation of the main scenarios.

Fashion cycle dynamics in a model with endogenous discrete evolution of heterogeneous preferences.

PubMed

Naimzada, A K; Pireddu, M

2018-05-01

We propose a discrete-time exchange economy evolutionary model, in which two groups of agents are characterized by different preference structures. The reproduction level of a group is related to its attractiveness degree, which depends on the social visibility level, determined by the consumption choices of the agents in that group. The attractiveness of a group is initially increasing with its visibility level, but it becomes decreasing when its visibility exceeds a given threshold value, due to a congestion effect. Thanks to the combined action of the price mechanism and of the share updating rule, the model is able to reproduce the recurrent dynamic behavior typical of the fashion cycle, presenting booms and busts both in the agents' consumption choices and in the population shares. More precisely, we investigate the existence of equilibria and their stability, and we perform a qualitative bifurcation analysis on varying the parameter describing the group's heterogeneity degree. From a global viewpoint, we detect, among others, multistability phenomena in which the group coexistence is dynamic, either regular or irregular, and the fashion cycle occurs. The existence of complex dynamics is proven via the method of the turbulent maps, working with homoclinic orbits. Finally, we provide a social and economic interpretation of the main scenarios.

76 FR 52363 - Tortoise Power and Energy Infrastructure Fund, Inc. and Tortoise Capital Advisors, L.L.C.; Notice...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-22

... relation to market price and net asset value (``NAV'') per common share) and the relationship between the... relation to NAV per share). Applicants state that the Independent Directors also considered what conflicts... appropriate in the public interest and consistent with the protection of investors and the purposes fairly...

12 CFR 563b.650 - What must I include in my plan of voluntary supervisory conversion?

Code of Federal Regulations, 2010 CFR

2010-01-01

... purchaser of conversion shares and a description of that purchaser's relationship to you. (c) The title, per-unit par value, number, and per-unit and aggregate offering price of shares that you will issue. (d... OF THE TREASURY CONVERSIONS FROM MUTUAL TO STOCK FORM Voluntary Supervisory Conversions Plan of...

26 CFR 1.304-3 - Acquisition by a subsidiary.

Code of Federal Regulations, 2010 CFR

2010-04-01

... amount of the selling price of the stock shall be treated as a dividend to the seller to the extent of... illustrated by the following example: Example. Corporation M has outstanding 100 shares of common stock which.... Corporation M owns the stock of Corporation X. B sells his 75 shares of Corporation M stock to Corporation X...

77 FR 68873 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-11-16

... calculation for Auto-Ex Mode, (ii) provide a fixed per share rebate for Midpoint Peg Zero Display Reserve... NMS stocks with quoted prices less than one dollar, (ii) create a fixed per share rebate for Midpoint Peg Zero Display Reserve Orders,\\3\\ and (iii) correct typographical inconsistencies within the Fee...

Businesses Angle for Share of School Stimulus Aid

ERIC Educational Resources Information Center

McNeil, Michele

2009-01-01

The prospect of sharing in the $100 billion in federal economic-stimulus aid has companies unleashing their sales pitches. Pittsburgh-based Apangea Learning, which offers online one-on-one tutoring, is offering school districts three years' worth of services for the price of two, to "help schools win new federal funding that is part of the…

Beta Coefficient and Market Share: Downloading and Processing Data from DIALOG to LOTUS 1-2-3.

ERIC Educational Resources Information Center

Popovich, Charles J.

This article briefly describes the topics "beta coefficient"--a measurement of the price volatility of a company's stock in relationship to the overall stock market--and "market share"--an average measurement for the overall stock market based on a specified group of stocks. It then selectively recommends a database (file) on…

Aspects of Hess' Acquisition of American Oil & Gas

EIA Publications

2010-01-01

On July 27, 2010, Hess Corporation announced that it had agreed to acquire American Oil & Gas, Inc. in a stock-only transaction worth as much as $488 million (based on Hess' closing price of $53.30/share, anticipated number of newly issued shares, and $30 million credit facility extended to American Oil & Gas prior to closing).

Coopetition in health care: A multi-level analysis of its individual and organizational determinants.

PubMed

Westra, Daan; Angeli, Federica; Carree, Martin; Ruwaard, Dirk

2017-08-01

Cooperative inter-organizational relations are salient to healthcare delivery. However, they do not match with the pro-competitive healthcare reforms implemented in several countries. Healthcare organizations thus need to balance competition and cooperation in a situation of 'coopetition'. In this paper we study the individual and organizational determinants of coopetition versus those of cooperation in the price-competitive specialized care sector of the Netherlands. We use shared medical specialists as a proxy of collaboration between healthcare organizations. Based on a sample of 15,431 medical specialists and 371 specialized care organizations from March 2016, one logistic multi-level model is used to predict medical specialists' likelihood to be shared and another to predict their likelihood to be shared to a competitor. We find that different organizations share different specialists to competitors and non-competitors. Cooperation and coopetition are hence distinct organizational strategies in health care. Cooperation manifests through spin-off formation. Coopetition occurs most among organizations in the price-competitive market segment but in alternative geographical markets. Hence, coopetition in health care does not appear to be particularly anti-competitive. However, healthcare organizations seem reluctant to share their most specialized human resources, limiting the knowledge-sharing effects of this type of relation. Therefore, it remains unclear whether coopetition in health care is beneficial to patients. Copyright © 2017 Elsevier Ltd. All rights reserved.

Dilemma for high-tech refiners

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

Not Available

The price difference between lighter and heavier crude oils, and between light and heavy refined products, amounts to the incentive for refiners to upgrade processing facilities. When that differential widens, the incentive to utilize lower price, lower quality crude is enhanced; when it narrows, the desirability of relying on light oil prices and supplies is intensified. The incentive to upgrade has been eroded ever since 1981 ushered in world-wide overproduction of crude oil. Lower demand due to recession met with increased pressure on producers to compete for market shares to maintain vital revenue levels - for private and national oilmore » companies alike. Light crude prices suffered, while heavy crude prices improved. As of mid-1984, the shrinkage of the price differential went into dormancy (see Energy Detente 8/8/84, A Hey-Day for Heavy Crudes) after both Mexico and Venezuela raised heavy oil prices by US $0.50 per barrel (bbl). Energy Detente refining netback data for the first half of October are presented for the US Gulf Coast and the US West Coast. The fuel price/tax series and the industrial fuel prices for October 1984 are included for countries of the Eastern Hemisphere.« less

What happened to anti-malarial markets after the Affordable Medicines Facility-malaria pilot? Trends in ACT availability, price and market share from five African countries under continuation of the private sector co-payment mechanism.

PubMed

Tougher, Sarah; Hanson, Kara; Goodman, Catherine

2017-04-25

The private sector supplies anti-malarial treatment for large proportions of patients in sub-Saharan Africa. Following the large-scale piloting of the Affordable Medicines Facility-malaria (AMFm) from 2010 to 2011, a private sector co-payment mechanism (CPM) provided continuation of private sector subsidies for quality-assured artemisinin combination therapies (QAACT). This article analyses for the first time the extent to which improvements in private sector QAACT supply and distribution observed during the AMFm were maintained or intensified during continuation of the CPM through 2015 in Kenya, Madagascar, Nigeria, Tanzania and Uganda using repeat cross-sectional outlet survey data. QAACT market share in all five countries increased during the AMFm period (p < 0.001). According to the data from the last ACTwatch survey round, in all study countries except Madagascar, AMFm levels of private sector QAACT availability were maintained or improved. In 2014/15, private sector QAACT availability was greater than 70% in Nigeria (84.3%), Kenya (70.5%), Tanzania (83.0%) and Uganda (77.1%), but only 11.2% in Madagascar. QAACT market share was maintained or improved post-AMFm in Nigeria, Tanzania and Uganda, but statistically significant declines were observed in Kenya and Madagascar. In 2014/5, QAACT market share was highest in Kenya and Uganda (48.2 and 47.5%, respectively) followed by Tanzania (39.2%), Nigeria (35.0%), and Madagascar (7.0%). Four of the five countries experienced significant decreases in median QAACT price during the AMFm period. Private sector QAACT prices were maintained or further reduced in Tanzania, Nigeria and Uganda, but prices increased significantly in Kenya and Madagascar. SP prices were consistently lower than those of QAACT in the AMFm period, with the exception of Kenya and Tanzania in 2011, where they were equal. In 2014/5 QAACT remained two to three times more expensive than the most popular non-artemisinin therapy in all countries except Tanzania. Results suggest that a private sector co-payment mechanism for QAACT implemented at national scale for 5 years was associated with positive and sustained improvements in QAACT availability, price and market share in Nigeria, Tanzania and Uganda, with more mixed results in Kenya, and few improvements in Madagascar. The subsidy mechanism as implemented over time across countries was not sufficient on its own to achieve optimal QAACT uptake. Supporting interventions to address continued availability and distribution of non-artemisinin therapies, and to create demand for QAACT among providers and consumers need to be effectively implemented to realize the full potential of this subsidy mechanism. Furthermore, there is need for comprehensive market assessments to identify contemporary market barriers to high coverage with both confirmatory testing and appropriate treatment.

The neglected topic: presentation of cost information in patient decision AIDS.

PubMed

Blumenthal-Barby, J S; Robinson, Emily; Cantor, Scott B; Naik, Aanand D; Russell, Heidi Voelker; Volk, Robert J

2015-05-01

Costs are an important component of patients' decision making, but a comparatively underemphasized aspect of formal shared decision making. We hypothesized that decision aids also avoid discussion of costs, despite their being tools designed to facilitate shared decision making about patient-centered outcomes. We sought to define the frequency of cost-related information and identify the common modes of presenting cost and cost-related information in the 290 decision aids catalogued in the Ottawa Hospital Research Institute's Decision Aid Library Inventory (DALI) system. We found that 56% (n = 161) of the decision aids mentioned cost in some way, but only 13% (n = 37) gave a specific price or range of prices. We identified 9 different ways in which cost was mentioned. The most common approach was as a "pro" of one of the treatment options (e.g., "you avoid the cost of medication"). Of the 37 decision aids that gave specific prices or ranges of prices for treatment options, only 2 were about surgery decisions despite the fact that surgery decision aids were the most common. Our findings suggest that presentation of cost information in decision aids is highly variable. Evidence-based guidelines should be developed by the International Patient Decision Aid Standards (IPDAS) Collaboration. © The Author(s) 2015.

Analyzing the Sensitivity of Hydrogen Vehicle Sales to Consumers' Preferences

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

Greene, David L; Lin, Zhenhong; Dong, Jing

2013-01-01

The success of hydrogen vehicles will depend on consumer behavior as well as technology, energy prices and public policy. This study examines the sensitivity of the future market shares of hydrogen-powered vehicles to alternative assumptions about consumers preferences. The Market Acceptance of Advanced Automotive Technologies model was used to project future market shares. The model has 1,458 market segments, differentiated by travel behavior, geography, and tolerance to risk, among other factors, and it estimates market shares for twenty advanced power-train technologies. The market potential of hydrogen vehicles is most sensitive to the improvement of drive train technology, especially cost reduction.more » The long-run market success of hydrogen vehicles is less sensitive to the price elasticity of vehicle choice, how consumers evaluate future fuel costs, the importance of fuel availability and limited driving range. The importance of these factors will likely be greater in the early years following initial commercialization of hydrogen vehicles.« less

Wealth and price distribution by diffusive approximation in a repeated prediction market

NASA Astrophysics Data System (ADS)

Bottazzi, Giulio; Giachini, Daniele

2017-04-01

The approximate agents' wealth and price invariant densities of a repeated prediction market model is derived using the Fokker-Planck equation of the associated continuous-time jump process. We show that the approximation obtained from the evolution of log-wealth difference can be reliably exploited to compute all the quantities of interest in all the acceptable parameter space. When the risk aversion of the trader is high enough, we are able to derive an explicit closed-form solution for the price distribution which is asymptotically correct.

A Simplified Treatment of Brownian Motion and Stochastic Differential Equations Arising in Financial Mathematics

ERIC Educational Resources Information Center

Parlar, Mahmut

2004-01-01

Brownian motion is an important stochastic process used in modelling the random evolution of stock prices. In their 1973 seminal paper--which led to the awarding of the 1997 Nobel prize in Economic Sciences--Fischer Black and Myron Scholes assumed that the random stock price process is described (i.e., generated) by Brownian motion. Despite its…

Characteristics of the Romanian energy market

NASA Astrophysics Data System (ADS)

Stet, M.

2017-05-01

This paper highlights the main characteristics of the energy market in Romania. Starting from the mode of organization and operation of the electricity market, there are revealed prices and tariffs for electricity for different categories of customers and their evolution in time. There are pointed also ways of setting electricity prices and tariffs, taking into account the expenditures actually recorded by economic operators.

The Global Drug Facility as an intervention in the market for tuberculosis drugs

PubMed Central

Cordier-Lassalle, Thierry; Lunte, Kaspars; Dye, Christopher

2015-01-01

Abstract Objective To investigate funding for the Global Drug Facility since 2001 and to analyse the facility’s influence on the price of high-quality tuberculosis drugs. Methods Data on the price of tuberculosis drugs were obtained from the Global Drug Facility for 2001 to 2012 and, for the private sector in 15 countries, from IMS Health for 2002 to 2012. Data on funding of the facility were also collected. Findings Quality-assured tuberculosis drugs supplied by the Global Drug Facility were generally priced lower than drugs purchased in the private sector. In 2012, just three manufacturers accounted for 29.9 million United Stated dollars (US$) of US$ 44.5 million by value of first-line drugs supplied. The Global Fund to Fight AIDS, Tuberculosis and Malaria provided 73% (US$ 32.5 million of US$ 44.5 million) and 89% (US$ 57.8 million of US $65.2 million) of funds for first- and second-line drugs, respectively. Between 2010 and 2012, the facility’s market share of second-line tuberculosis drugs increased from 26.1% to 42.9%, while prices decreased by as much as 24% (from US$ 1231 to US$ 939). Conversely, the facility’s market share of first-line drugs fell from 37.2% to 19.2% during this time, while prices increased from US$ 9.53 to US$ 10.2. Conclusion The price of tuberculosis drugs supplied through the facility was generally less than that on the private market. However, to realize its full potential and meet the needs of more tuberculosis patients, the facility requires more diverse and stable public funding and greater flexibility to participate in the private market. PMID:26229188

The Global Drug Facility as an intervention in the market for tuberculosis drugs.

PubMed

Arinaminpathy, Nimalan; Cordier-Lassalle, Thierry; Lunte, Kaspars; Dye, Christopher

2015-04-01

To investigate funding for the Global Drug Facility since 2001 and to analyse the facility's influence on the price of high-quality tuberculosis drugs. Data on the price of tuberculosis drugs were obtained from the Global Drug Facility for 2001 to 2012 and, for the private sector in 15 countries, from IMS Health for 2002 to 2012. Data on funding of the facility were also collected. Quality-assured tuberculosis drugs supplied by the Global Drug Facility were generally priced lower than drugs purchased in the private sector. In 2012, just three manufacturers accounted for 29.9 million United Stated dollars (US$) of US$ 44.5 million by value of first-line drugs supplied. The Global Fund to Fight AIDS, Tuberculosis and Malaria provided 73% (US$ 32.5 million of US$ 44.5 million) and 89% (US$ 57.8 million of US $65.2 million) of funds for first- and second-line drugs, respectively. Between 2010 and 2012, the facility's market share of second-line tuberculosis drugs increased from 26.1% to 42.9%, while prices decreased by as much as 24% (from US$ 1231 to US$ 939). Conversely, the facility's market share of first-line drugs fell from 37.2% to 19.2% during this time, while prices increased from US$ 9.53 to US$ 10.2. The price of tuberculosis drugs supplied through the facility was generally less than that on the private market. However, to realize its full potential and meet the needs of more tuberculosis patients, the facility requires more diverse and stable public funding and greater flexibility to participate in the private market.

Price regulation, new entry, and information shock on pharmaceutical market in Taiwan: a nationwide data-based study from 2001 to 2004

PubMed Central

2010-01-01

Background Using non-steroidal anti-inflammatory drugs (NSAIDs) as a case, we used Taiwan's National Health Insurance (NHI) database, to empirically explore the association between policy interventions (price regulation, new drug entry, and an information shock) and drug expenditures, utilization, and market structure between 2001 and 2004. Methods All NSAIDs prescribed in ambulatory visits in the NHI system during our study period were included and aggregated quarterly. Segmented regression analysis for interrupted time series was used to examine the associations between two price regulations, two new drug entries (cyclooxygennase-2 inhibitors) and the rofecoxib safety signal and expenditures and utilization of all NSAIDs. Herfindahl index (HHI) was applied to further examine the association between these interventions and market structure of NSAIDs. Results New entry was the only variable that was significantly correlated with changes of expenditures (positive change, p = 0.02) and market structure of the NSAIDs market in the NHI system. The correlation between price regulation (first price regulation, p = 0.62; second price regulation, p = 0.26) and information shock (p = 0.31) and drug expenditure were not statistically significant. There was no significant change in the prescribing volume of NSAIDs per rheumatoid arthritis (RA) or osteoarthritis (OA) ambulatory visit during the observational period. The market share of NSAIDs had also been largely substituted by these new drugs up to 50%, in a three-year period and resulted in a more concentrated market structure (HHI 0.17). Conclusions Our empirical study found that new drug entry was the main driving force behind escalating drug spending, especially by altering the market share. PMID:20653979

Understanding specialist sharing: A mixed-method exploration in an increasingly price-competitive hospital market.

PubMed

Westra, Daan; Angeli, Federica; Jatautaitė, Evelina; Carree, Martin; Ruwaard, Dirk

2016-08-01

Medical specialists seem to increasingly work in- and be affiliated to- multiple organizations. We define this phenomenon as specialist sharing. This form of inter-organizational cooperation has received scant scholarly attention. We investigate the extent of- and motives behind- specialist sharing, in the price-competitive hospital market of the Netherlands. A mixed-method was adopted. Social network analysis was used to quantitatively examine the extent of the phenomenon. The affiliations of more than 15,000 medical specialists to any Dutch hospital were transformed into 27 inter-hospital networks, one for each medical specialty, in 2013 and in 2015. Between February 2014 and February 2016, 24 semi-structured interviews with 20 specialists from 13 medical specialties and four hospital executives were conducted to provide in-depth qualitative insights regarding the personal and organizational motives behind the phenomenon. Roughly, 20% of all medical specialists are affiliated to multiple hospitals. The phenomenon occurs in all medical specialties and all Dutch hospitals share medical specialists. Rates of specialist sharing have increased significantly between 2013 and 2015 in 14 of the 27 specialties. Personal motives predominantly include learning, efficiency, and financial benefits. Increased workload and discontinuity of care are perceived as potential drawbacks. Hospitals possess the final authority to decide whether and which specialists are shared. Adhering to volume norms and strategic considerations are seen as their main drivers to share specialists. We conclude that specialist sharing should be interpreted as a form of inter-organizational cooperation between healthcare organizations, facilitating knowledge flow between them. Although quality improvement is an important perceived factor underpinning specialist sharing, evidence of enhanced quality of care is anecdotal. Additionally, the widespread occurrence of the phenomenon and the underlying strategic considerations could pose an antitrust infringement. Copyright © 2016 Elsevier Ltd. All rights reserved.

Price elasticities in the German Statutory Health Insurance market before and after the health care reform of 2009.

PubMed

Pendzialek, Jonas B; Danner, Marion; Simic, Dusan; Stock, Stephanie

2015-05-01

This paper investigates the change in price elasticity of health insurance choice in Germany after a reform of health insurance contributions. Using a comprehensive data set of all sickness funds between 2004 and 2013, price elasticities are calculated both before and after the reform for the entire market. The general price elasticity is found to be increased more than 4-fold from -0.81 prior to the reform to -3.53 after the reform. By introducing a new kind of health insurance contribution the reform seemingly increased the price elasticity of insured individuals to a more appropriate level under the given market parameters. However, further unintended consequences of the new contribution scheme were massive losses of market share for the more expensive sickness funds and therefore an undivided focus on pricing as the primary competitive element to the detriment of quality. Copyright © 2015 Elsevier Ireland Ltd. All rights reserved.

How energy conversion drives economic growth far from the equilibrium of neoclassical economics

NASA Astrophysics Data System (ADS)

Kümmel, Reiner; Lindenberger, Dietmar

2014-12-01

Energy conversion in the machines and information processors of the capital stock drives the growth of modern economies. This is exemplified for Germany, Japan, and the USA during the second half of the 20th century: econometric analyses reveal that the output elasticity, i.e. the economic weight, of energy is much larger than energy's share in total factor cost, while for labor just the opposite is true. This is at variance with mainstream economic theory according to which an economy should operate in the neoclassical equilibrium, where output elasticities equal factor cost shares. The standard derivation of the neoclassical equilibrium from the maximization of profit or of time-integrated utility disregards technological constraints. We show that the inclusion of these constraints in our nonlinear-optimization calculus results in equilibrium conditions, where generalized shadow prices destroy the equality of output elasticities and cost shares. Consequently, at the prices of capital, labor, and energy we have known so far, industrial economies have evolved far from the neoclassical equilibrium. This is illustrated by the example of the German industrial sector evolving on the mountain of factor costs before and during the first and the second oil price explosion. It indicates the influence of the ‘virtually binding’ technological constraints on entrepreneurial decisions, and the existence of ‘soft constraints’ as well. Implications for employment and future economic growth are discussed.

Cost and Business Analysis Module (CABAM). Revision A

NASA Technical Reports Server (NTRS)

Lee, Michael Hosung

1997-01-01

In the recent couple of decades, due to international competition, the US launchers lost a considerable amount of market share in the international space launch industry'. Increased international competition has continuously affected the US dominance to eventually place great pressure on future US space launch programs. To compete for future payload and passenger delivery markets, new launch vehicles must first be capable of reliably reaching a number of desired orbital destinations with customer-desired payload capacities. However, the ultimate success of a new launch vehicle program will depend on the launch price it is capable of offering it's customers. Extremely aggressive pricing strategies will be required for a new domestic launch service to compete with low-price international launchers. Low launch prices, then, naturally require a tight budget for the launch program economy. Therefore, budget constraints established by low-pricing requirements eventually place pressure on new launch vehicles to have unprecedentedly low Life Cycle Costs (LCC's).

Marketing the Library.

ERIC Educational Resources Information Center

Dragon, Andrea C.

1979-01-01

Describes the positive action using marketing strategies that libraries must take to capture their share of the post-Proposition 13 tax dollar. Strategies discussed relate to price, product, promotion, and place. (JD)

The Temptation of Zero Price: Event-Related Potentials Evidence of How Price Framing Influences the Purchase of Bundles.

PubMed

Ma, Haiying; Mo, Zan; Zhang, Huijun; Wang, Cuicui; Fu, Huijian

2018-01-01

Studies have revealed that consumers are susceptible to price framing effect, a common cognitive bias, due to their limited capacity in processing information. The effect of price framing in a bundling context and its neural correlates, however, remain not clearly characterized. The present study applied the event-related potentials (ERPs) approach to investigate the role of price framing in information processing and purchase decision making in a bundling context. Three price frames were created with practically identical total prices (with a maximum difference of ¥0.1, which was about equal to 0.016 US dollars) for a bundle with two components, a focal product and a tie-in product. In normal price condition (NP), both the focal and tie-in products were offered at a normal discounted price; in zero price condition (ZP), the tie-in product was offered free while the total price of the bundle remained the same as NP; whereas in low price condition (LP), the tie-in product was offered at a low token price (¥0.1), and the focal product shared the same price as the focal product of ZP. The behavioral results showed a higher purchase rate and a shorter reaction time for ZP in contrast to NP. Neurophysiologically, enlarged LPP amplitude was elicited by ZP relative to NP, suggesting that ZP triggered a stronger positive affect that could motivate decision to buy. Thus, this study provides both behavioral and neural evidence for how different price framing information is processed and ultimately gives rise to price framing effect in purchase decision making.

The price sensitivity of Medicare beneficiaries: a regression discontinuity approach.

PubMed

Buchmueller, Thomas C; Grazier, Kyle; Hirth, Richard A; Okeke, Edward N

2013-01-01

We use 4 years of data from the retiree health benefits program of the University of Michigan to estimate the effect of price on the health plan choices of Medicare beneficiaries. During the period of our analysis, changes in the University's premium contribution rules led to substantial price changes. A key feature of this 'natural experiment' is that individuals who had retired before a certain date were exempted from having to pay any premium contributions. This 'grandfathering' creates quasi-experimental variation that is ideal for estimating the effect of price. Using regression discontinuity methods, we compare the plan choices of individuals who retired just after the grandfathering cutoff date and were therefore exposed to significant price changes to the choices of a 'control group' of individuals who retired just before that date and therefore did not experience the price changes. The results indicate a statistically significant effect of price, with a $10 increase in monthly premium contributions leading to a 2 to 3 percentage point decrease in a plan's market share. Copyright © 2012 John Wiley & Sons, Ltd.

Characterizing health plan price estimator tools: findings from a national survey.

PubMed

Higgins, Aparna; Brainard, Nicole; Veselovskiy, German

2016-02-01

Policy makers have growing interest in price transparency and in the kinds of tools available to consumers. Health plans have implemented price estimator tools that make provider pricing information available to members; however, systematic data on prevalence and characteristics of such tools are limited. The purpose of this study was to describe the characteristics of price estimator tools offered by health plans to their members and to identify potential trends, challenges, and opportunities for advancing the utility of these tools. National Web-based survey. Between 2014 and 2015, we conducted a national Web-based survey of health plans with commercial enrollment (100 plans, 43% response rate). Descriptive analyses were conducted using survey data. Health plan members have access to a variety of price estimator tool capabilities for commonly used procedures. These tools take into account member characteristics, including member zip code and benefit design. Despite outreach to members, however, challenges remain with respect to member uptake of such tools. Our study found that health plans share price and provider performance data with their members.

Conditional dynamics driving financial markets

NASA Astrophysics Data System (ADS)

Boguñá, M.; Masoliver, J.

2004-08-01

We revisit the problem of daily correlations in speculative prices and report empirical evidences on the existence of what we term a conditional or dual dynamics driving the evolution of financial assets. This dynamics is detected in several markets around the world and for different historical periods. In particular, we have analyzed the DJIA database from 1900 to 2002 as well as 65 companies trading in the LIFFE market of futures and 12 of the major European and American treasury bonds. In all cases, we find a twofold dynamics driving the financial evolution depending on whether the previous price went up or down. We conjecture that this effect is universal and intrinsic to all markets.

77 FR 63406 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-10-16

... Liquidity Provider (``SLP'') for all assigned SLP securities in the aggregate (including shares of both a SLP proprietary trading unit (``SLP-Prop'') and a SLP market maker (``SLMM'') of the same member... per share price of $1.00 or more, if the SLP (i) meets the 10% average or more quoting requirement in...

Strategies for Increasing the Market Share of Recycled Products—A Games Theory Approach

NASA Astrophysics Data System (ADS)

Batzias, Dimitris F.; Pollalis, Yannis A.

2009-08-01

A methodological framework (including 28 activity stages and 10 decision nodes) has been designed under the form of an algorithmic procedure for the development of strategies for increasing the market share of recycled products within a games theory context. A case example is presented referring to a paper market, where a recycling company (RC) is in competition with a virgin-raw-material-using company (VC). The strategies of the VC, for increasing its market share, are the strengthening of (and advertisement based on) the high quality (VC1), the high reliability (VC2), the combination quality and reliability, putting emphasis on the first component (VC3), the combination quality and reliability, putting emphasis on the second component (VC4). The strategies of the RC, for increasing its market share, are proper advertisement based on the low price of produced recycled paper satisfying minimum quality requirements (RC1), the combination of low price with sensitization of the public as regards environmental and materials-saving issues, putting emphasis on the first component (RC2), the same combination, putting emphasis on the second component (RC3). Analysis of all possible situations for the case example under examination is also presented.

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.

Financing the health care Internet.

PubMed

Robinson, J C

2000-01-01

Internet-related health care firms have accelerated through the life cycle of capital finance and organizational destiny, including venture capital funding, public stock offerings, and consolidation, in the wake of heightened competition and earnings disappointments. Venture capital flooded into the e-health sector, rising from $3 million in the first quarter of 1998 to $335 million two years later. Twenty-six e-health firms went public in eighteen months, raising $1.53 billion at initial public offering (IPO) and with post-IPO share price appreciation greater than 100 percent for eighteen firms. The technology-sector crash hit the e-health sector especially hard, driving share prices down by more than 80 percent for twenty-one firms. The industry now faces an extended period of consolidation between e-health and conventional firms.

Market prices for water in the semiarid West of the United States

NASA Astrophysics Data System (ADS)

Brookshire, David S.; Colby, Bonnie; Ewers, Mary; Ganderton, Philip T.

2004-09-01

Market prices contain information about supply and demand, the institutions that influence both these elements, and the operation of the market. Prices also allocate scarce resources to higher-valued uses. In this paper we analyze the price history of three water markets in the arid Southwest: Arizona's Central Arizona Project, Colorado's Colorado Big Thompson Project, and New Mexico's Middle Rio Grande Conservancy District. Using water transfers over 11 years, we estimate a simultaneous system of market equations, one for price and the other for quantity demanded. Comparison of the institutional characteristics of each market reveals that Colorado's market is well developed, with many trades and rising prices that respond to market conditions, and New Mexico's market is developing well, with lower prices, but showing some response to supply and demand factors. Arizona's market is the least developed, with few trades and very low prices. Our empirical findings support our claim that markets are becoming more efficient in these regions despite the considerable institutional and historical impediments to the evolution of water markets.

Equity impacts of price policies to promote healthy behaviours.

PubMed

Sassi, Franco; Belloni, Annalisa; Mirelman, Andrew J; Suhrcke, Marc; Thomas, Alastair; Salti, Nisreen; Vellakkal, Sukumar; Visaruthvong, Chonlathan; Popkin, Barry M; Nugent, Rachel

2018-05-19

Governments can use fiscal policies to regulate the prices and consumption of potentially unhealthy products. However, policies aimed at reducing consumption by increasing prices, for example by taxation, might impose an unfair financial burden on low-income households. We used data from household expenditure surveys to estimate patterns of expenditure on potentially unhealthy products by socioeconomic status, with a primary focus on low-income and middle-income countries. Price policies affect the consumption and expenditure of a larger number of high-income households than low-income households, and any resulting price increases tend to be financed disproportionately by high-income households. As a share of all household consumption, however, price increases are often a larger financial burden for low-income households than for high-income households, most consistently in the case of tobacco, depending on how much consumption decreases in response to increased prices. Large health benefits often accrue to individual low-income consumers because of their strong response to price changes. The potentially larger financial burden on low-income households created by taxation could be mitigated by a pro-poor use of the generated tax revenues. Copyright © 2018 Elsevier Ltd. All rights reserved.

Price and convenience: The influence of supermarkets on consumption of ultra-processed foods and beverages in Brazil.

PubMed

Machado, Priscila Pereira; Claro, Rafael Moreira; Canella, Daniela Silva; Sarti, Flávia Mori; Levy, Renata Bertazzi

2017-09-01

To evaluate the influence of convenience and price of ultra-processed foods and beverages on purchases at supermarkets. The study used data on food and beverage acquisition for household consumption from the Brazilian Household Budget Survey, performed in a random sample of 55,970 households between 2008 and 2009. Foods and beverages were categorized into four groups, according to characteristics of food processing. Retail stores were grouped into supermarkets and other food stores. Proportion of calories from foods and beverages purchased at supermarkets and other food stores, and respective mean prices (R$/1000 kcal), were calculated according to households' geographical and socioeconomic characteristics. Effect of convenience in household purchases at retail stores was expressed by the acquisition of several food items at the same store. The influence of convenience and prices of ultra-processed products on purchases at supermarkets was analyzed using log-log regression model with estimation of elasticity coefficients. The mean prices of foods and beverages purchased at supermarkets were 37% lower in comparison to other food stores. The share of ultra-processed foods and beverages in purchases made at supermarkets was 25% higher than at other food stores. An increase of 1% in prices of ultra-processed food items led to a 0.59% reduction in calorie acquisition at supermarkets (R 2  = 0.75; p < 0.001). On the other hand, an increase of 1% in the number of food items purchased at supermarkets resulted in 1.83% increase in calorie acquisition of ultra-processed foods and beverages (p < 0.001). Convenience and lower relative prices of food items purchased at supermarkets, in comparison to other food stores, are relevant to explain higher share of purchases of ultra-processed foods and beverages at supermarkets. Copyright © 2017 Elsevier Ltd. All rights reserved.

Anti-tobacco control industry strategies in Turkey.

PubMed

Keklik, Seda; Gultekin-Karakas, Derya

2018-02-26

Transnational tobacco companies (TTCs) penetrated the Turkish cigarette market due to trade and investment liberalization in the post-1980 period and eventually secured full control. Despite tobacco control policies put in place in reaction to accelerating consumption, TTCs reinforced their market power through a variety of strategies. This paper explores industry strategies that counteract tobacco control policies in Turkey. The study employs both qualitative and quantitative analyses to explore industry strategies in Turkey. Besides the content analyses of industry and market reports, descriptive analyses were conducted for the sub-periods of 1999-2015. The analyses focus on the market strategies of product innovation, advertisement-promotion, cost management and pricing. Rising sales of low tar, ultra-low tar, slim, super-slim and flavoured cigarettes indicate that product innovation served to sustain consumption. Besides, the tobacco industry, using its strong distribution channels, the Internet, and CSR projects, were found to have promoted smoking indirectly. The industry also rationalized manufacturing facilities and reduced the cost of tobacco, making Turkey a cigarette-manufacturing base. Tobacco manufacturers, moreover, offered cigarettes in different price segments and adjusted net prices both up and down according to price categories and market conditions. In response to the successful effect of shifts in price margins, the market share of mid-priced cigarettes expanded while those within the economy category maintained the highest market share. As a result of pricing strategies, net sales revenues increased. Aside from official cigarette sales, the upward trends in the registered and unregistered sales of cigarette substitutes indicate that the demand-side tobacco control efforts remain inadequate. The Turkish case reveals that the resilience of the tobacco industry vis-à-vis mainstream tobacco control efforts necessitates a new policy perspective. Rising market concentration by TTCs and the global nature of industry strategies require that the highly profitable manufacturing and trade of tobacco products should be discouraged on a basis of international collaboration. To reduce and eventually eradicate tobacco consumption, supply-side tobacco control measures are needed along with demand-side policies.

Consumer price sensitivity in Dutch health insurance.

PubMed

van Dijk, Machiel; Pomp, Marc; Douven, Rudy; Laske-Aldershof, Trea; Schut, Erik; de Boer, Willem; de Boo, Anne

2008-12-01

To estimate the price sensitivity of consumer choice of health insurance firm. Using paneldata of the flows of insured between pairs of Dutch sickness funds during the period 1993-2002, we estimate the sensitivity of these flows to differences in insurance premium. The price elasticity of residual demand for health insurance was low during the period 1993-2002, confirming earlier findings based on annual changes in market share. We find small but significant elasticities for basic insurance but insignificant elasticities for supplementary insurance. Young enrollees are more price sensitive than older enrollees. Competition was weak in the market for health insurance during the period under study. For the market-based reforms that are currently under way, this implies that measures to promote competition in the health insurance industry may be needed.

Gas-kinetic theory and Boltzmann equation of share price within an equilibrium market hypothesis and ad hoc strategy

NASA Astrophysics Data System (ADS)

Ausloos, M.

2000-09-01

Recent observations have indicated that the traditional equilibrium market hypothesis (EMH; also known as Efficient Market Hypothesis) is unrealistic. It is shown here that it is the analog of a Boltzmann equation in physics, thus having some bad properties of mean-field approximations like a Gaussian distribution of price fluctuations. A kinetic theory for prices can be simply derived, considering in a first approach that market actors have all identical relaxation times, and solved within a Chapman-Enskog like formalism. In closing the set of equations, (i) an equation of state with a pressure and (ii) the equilibrium (isothermal) equation for the price (taken as the order parameter) of a stock as a function of the volume of money available are obtained.

Industry evolution through consolidation: Implications for addiction treatment.

PubMed

Corredoira, Rafael A; Kimberly, John R

2006-10-01

Drawing on experiences in other industries, this article argues that the business of addiction treatment is likely to be transformed by the advent of a period of consolidation, in which a number of small independent programs will be acquired by larger, better capitalized, and managerially more sophisticated enterprises. Consolidation will be driven by opportunities to leverage new technologies, to exploit new regulatory initiatives, and to introduce economies of scale and scope into an industry that is currently highly fragmented. The process is likely to result in segmentation of the market, with the coexistence of large, generalist, highly standardized firms and a number of small highly specialized firms. When an industry consolidates, the types and quality of services provided can improve through the adoption of best practices and through increased competition among larger providers. If these larger providers are publicly traded, however, efforts to improve will inevitably be influenced by pressures to maintain or increase quarter-to-quarter earnings and share prices, leaving open the long-term impact on service quality.

Lifting the veil.

PubMed

Sorrel, Amy Lynn

2014-07-01

As governments and employers look for ways to curb growing health care costs, and as patients bear a higher share of their medical bills, policymakers in Texas and beyond increasingly target physicians in their efforts to unveil health care prices. They couch such "price transparency" as a way to help patients make more informed health care decisions. But Texas Medical Association's Board of Trustees member Gary W. Floyd, MD, of Fort Worth, cautions that for a complex health care payment system, coupled with individual patients' complex needs, coming up with a so-called "sticker price" is not as simple as it seems.

The effect of hospital acquisitions of physician practices on prices and spending.

PubMed

Capps, Cory; Dranove, David; Ody, Christopher

2018-05-01

During the past decade, U.S. hospitals have acquired a large number of physician practices. For example, from 2007 to 2013, hospitals acquired nearly 10% of the practices in our sample. We find that the prices for the services provided by acquired physicians increase by an average of 14.1% post-acquisition. Nearly half of this increase is attributable to the exploitation of payment rules. Price increases are larger when the acquiring hospital has a larger share of its inpatient market. We find that integration of primary care physicians increases enrollee spending by 4.9%. Copyright © 2018 Elsevier B.V. All rights reserved.

Charge Master: Friend or Foe?

PubMed

Wan, Wenshuai; Itri, Jason

2016-01-01

Prices charged for imaging services can be found in the charge master, a catalog of retail list prices for medical goods and services. This article reviews the evolution of reimbursement in the United States and provides a balanced discussion of the factors that influence charge master prices. Reduced payments to hospitals have pressured hospitals to generate additional revenue by increasing charge master prices. An unfortunate consequence is that those least able to pay for health care, the uninsured, are subjected to the highest charges. Yet, differences in pricing also represent an opportunity for radiology practices, which provide imaging services that are larger in scope or superior in quality to promote product differentiation. Physicians, hospital executives, and policy makers need to work together to improve the existing reimbursement system to promote high-quality, low-cost imaging. Copyright © 2016 Mosby, Inc. All rights reserved.

The Association between Tax Structure and Cigarette Price Variability: Findings from the International Tobacco Control Policy Evaluation (ITC) Project

PubMed Central

Shang, Ce; Chaloupka, Frank J.; Fong, Geoffrey T; Thompson, Mary; O’Connor, Richard J

2015-01-01

Background Recent studies have shown that more opportunities exist for tax avoidance when cigarette excise tax structure departs from a uniform specific structure. However, the association between tax structure and cigarette price variability has not been thoroughly studied in the existing literature. Objective To examine how cigarette tax structure is associated with price variability. The variability of self-reported prices is measured using the ratios of differences between higher and lower prices to the median price such as the IQR-to-median ratio. Methods We used survey data taken from the International Tobacco Control Policy Evaluation (ITC) Project in 17 countries to conduct the analysis. Cigarette prices were derived using individual purchase information and aggregated to price variability measures for each surveyed country and wave. The effect of tax structures on price variability was estimated using Generalised Estimating Equations after adjusting for year and country attributes. Findings Our study provides empirical evidence of a relationship between tax structure and cigarette price variability. We find that, compared to the specific uniform tax structure, mixed uniform and tiered (specific, ad valorem or mixed) structures are associated with greater price variability (p≤0.01). Moreover, while a greater share of the specific component in total excise taxes is associated with lower price variability (p≤0.05), a tiered tax structure is associated with greater price variability (p≤0.01). The results suggest that a uniform and specific tax structure is the most effective tax structure for reducing tobacco consumption and prevalence by limiting price variability and decreasing opportunities for tax avoidance. PMID:25855641

Distributions of carbon pricing on extraction, combustion and consumption of fossil fuels in the global supply-chain

NASA Astrophysics Data System (ADS)

Karstensen, Jonas; Peters, Glen

2018-01-01

Pricing carbon is one of the most important tools to reduce emissions and mitigate climate change. Already, about 40 nations have implemented explicit or implicit carbon prices, and a carbon price was explicitly stated as a mitigation strategy by many nations in their emission pledges submitted to the Paris Agreement. The coverage of carbon prices varies significantly between nations though, often only covering a subset of sectors in the economy. We investigate the propagation of carbon prices along the global supply-chain when the carbon price is applied at the point where carbon is removed from the ground (extraction), is combusted (production), or where goods and services are consumed (consumption). We consider both the regional and sectoral effects, and compare the carbon price income and costs relative to economic output. We find that implementation using different accounting systems makes a significant difference to revenues and increased expenditure, and that domestic and global trade plays a significant role in spreading the carbon price between sectors and countries. A few single sectors experience the largest relative price increases (especially electricity and transport), but most of the carbon price is ultimately paid by households for goods and services due to the large expenditure and indirect supply chain impacts. We finally show that a global carbon price will generate a larger share of revenue relative to GDP in non-OECD nations than OECD nations, independent on the point of implementation.

Pricing and reimbursement of pharmaceuticals in the Czech Republic and Sweden.

PubMed

Davidova, Jana; Praznovcova, Lenka; Lundborg, Cecilia Stålsby

2008-01-01

To describe and compare price regulation and reimbursement in the Czech Republic and Sweden. Legal documents, government reports, statutory information, annual reports and scientific articles were searched using the keywords: pharmaceutical market regulation, drug policy, drug pricing, drug reimbursement and patients' participation in costs concerning both countries. Approaches to regulation and regulatory steps concerning prices were compared between the countries. (i) Institutional responsibilities in pricing and reimbursement of pharmaceuticals; (ii) principles of patients' participation in costs on pharmaceuticals. Substantial differences were found in terms of pricing. In the Czech Republic, the Ministry of Finance sets maximal prices for pharmaceuticals whereas in Sweden there is a process of price regulation combined with reimbursement decisions taken by the Pharmaceutical Benefits Board. Together with a system of state-owned pharmacies, this ensures that drug prices in Sweden are fixed at the same level throughout the country. In the Czech Republic, prices may differ, since only maximal price levels are set. In both countries, decisions about reimbursement are taken at the national or state level whereas insurance funds or county councils are responsible for covering costs. The private share of pharmaceutical expenditures is substantially lower in the Czech Republic, even though there is no maximal level for patient's co-payment, as there is in Sweden. Differences in price setting and some other regulations of the pharmaceutical market were found. Both systems are designed to promote rational use of pharmaceuticals; and are based on social solidarity.

Generic atorvastatin, the Belgian statin market and the cost-effectiveness of statin therapy.

PubMed

Simoens, Steven; Sinnaeve, Peter R

2013-02-01

This study examines how the market entry of generic atorvastatin influences the Belgian statin market and the cost-effectiveness of statin therapy. Using IMS Health data, the Belgian 2000-2011 statin market was analyzed in terms of total expenditure, annual price of statin treatment, and patient numbers. A simulation analysis projected statin market shares from 2012 to 2015 following market entry of generic atorvastatin. This analysis was based on three scenarios regarding the number of patients taking specific statins. Savings associated with an atorvastatin price reduction of 50-70 % were calculated. A literature review of economic evaluations assessed the cost-effectiveness of generic atorvastatin. Statin expenditure increased from €113 million in 2000 to €285 million in 2011 due to higher expenditure on atorvastatin and rosuvastatin. Although the number of patients treated with simvastatin increased by nearly 800 %, the resulting increase in expenditure was partially offset by price reductions. Atorvastatin is projected to become the dominant product in the Belgian statin market (market share of 47-66 % by 2015). Annual savings would attain €108.6-€153.7 million for a 50 % reduction in the atorvastatin price and €152.0-€215.2 million for a 70 % price reduction. The literature suggests that generic atorvastatin is cost-effective as compared to simvastatin. The limited evidence about the cost-effectiveness of rosuvastatin as compared with generic atorvastatin is inconclusive. Generic atorvastatin is cost-effective as compared to simvastatin, is projected to become the dominant product in the Belgian statin market and is expected to generate substantial savings to health care payers.

Coordinated clinical and financial analysis as a powerful tool to influence vendor pricing.

PubMed

Logan, Catherine A; Wu, Roger Y; Mulley, Debra; Smith, Paul C; Schwaitzberg, Steven D

2010-01-01

As costs continue to outpace reimbursements, hospital administrators and clinicians face increasing pressure to justify new capital purchases. Massachusetts Health Care Reform has added further economic challenges for Disproportionate Share Hospitals (DSH), as resources formerly available to treat the uninsured have been redirected. In this challenging climate, many hospitals still lack a standardized process for technology planning and/or vendor negotiation. : The purpose of this study was to determine whether a simple, coordinated clinical and financial analysis of a technology, Endoscopic Carpal Tunnel Release (ECTR), is sufficient to impact vendor pricing at Cambridge Health Alliance (CHA), a disproportionate share hospital (DSH) in Cambridge, Massachusetts. This case study addressed the topic of technology adoption, a complex decision-making process every hospital administration faces. Taking note of other hospitals approaches to instill a strategic management culture, CHA combined a literature review on clinical outcomes and financial analysis on profitability. Clinical effectiveness was evaluated through a literature review. The financial analysis was based on a retrospective inquiry of fixed and variable costs, reimbursement rates, actual payer mix, and profitability of adopting ECTR over open carpal tunnel release at CHA. This clinical and financial analysis was then shared with the vendor. A literature review revealed that although there are short-term benefits to ECTR, there is little to no difference in long-term outcomes to justify a calculated incremental loss of $91.49 in revenue per case. Sharing this analysis with the vendor resulted in a 30% price reduction. A revised cost analysis demonstrated a $53.51 incremental gain in revenue per case. CHA has since elected to offer ECTR to its patients. Smaller hospital systems often have modest leverage in vendor negotiations. Our results suggest that the development of adoption criteria and an evidence-based managerial approach can create dialogue with vendors and directly impact pricing. Coordinated clinical and financial analysis is a powerful tool, enabling administrators, clinicians, and medical device suppliers to work constructively to provide patients access to innovative technology, even in the face of a challenging payer mix. Ongoing assessment of clinical outcomes and financial data must be performed to reflect the most up-to-date scientific and economic climate.

76 FR 1656 - Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-01-11

... Exchange-listed securities priced at $1.00 or more. For such transactions in which the SLP also meets the 5... requirement''), the credit per share for the SLP will increase from the current rate of $0.0020 to $0.0027. For such transactions in which the SLP does not meet the 5% quoting requirement, the credit per share...

75 FR 30078 - Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by NASDAQ OMX PHLX, Inc...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-05-28

... example: Sanofi Aventis (SNY), which has recently traded at a low of about $33 per share, is not currently in the $1 Strike Program. This means that options on Sanofi Aventis are offered at strike price intervals of $2.50. If an investor desired to protect 100 shares of Sanofi Aventis in the event of a 10...

77 FR 29419 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-05-17

...,000.\\3\\ ETP issuers also pay a graduated Annual Fee based on the number of shares of the ETP that are..., and the ETP therefore trades without an LMM assigned to it. The Exchange operates under the price-time... may be higher for certain ETPs with low volume and low shares outstanding because there are fewer...

Variation in cannabis potency and prices in a newly legal market: evidence from 30 million cannabis sales in Washington state.

PubMed

Smart, Rosanna; Caulkins, Jonathan P; Kilmer, Beau; Davenport, Steven; Midgette, Greg

2017-12-01

To (1) assess trends and variation in the market share of product types and potency sold in a legal cannabis retail market and (2) estimate how potency and purchase quantity influence price variation for cannabis flower. Secondary analysis of publicly available data from Washington State's cannabis traceability system spanning 7 July 2014 to 30 September 2016. Descriptive statistics and linear regressions assessed variation and trends in cannabis product variety and potency. Hedonic regressions estimated how purchase quantity and potency influence cannabis flower price variation. Washington State, USA. (1) A total of 44 482 176 million cannabis purchases, including (2) 31 052 123 cannabis flower purchases after trimming price and quantity outliers. Primary outcome measures were (1) monthly expenditures on cannabis, total delta-9-tetrahydrocannabinol (THC) concentration and cannabidiol (CBD) concentration by product type and (2) excise tax-inclusive price per gram of cannabis flower. Key covariates for the hedonic price regressions included quantity purchased, THC and CBD. Traditional cannabis flowers still account for the majority of spending (66.6%), but the market share of extracts for inhalation increased by 145.8% between October 2014 and September 2016, now comprising 21.2% of sales. The average THC-level for cannabis extracts is more than triple that for cannabis flowers (68.7% compared to 20.6%). For flower products, there is a statistically significant relationship between price per gram and both THC [coefficient = 0.012; 95% confidence interval (CI) = 0.011-0.013] and CBD (coefficient = 0.017; CI = 0.015-0.019). The estimated discount elasticity is -0.06 (CI = -0.07 to -0.05). In the state of Washington, USA, the legal cannabis market is currently dominated by high-THC cannabis flower, and features growing expenditures on extracts. For cannabis flower, both THC and CBD are associated with higher per-gram prices, and there are small but significant quantity discounts. © 2017 Society for the Study of Addiction.

The Temptation of Zero Price: Event-Related Potentials Evidence of How Price Framing Influences the Purchase of Bundles

PubMed Central

Ma, Haiying; Mo, Zan; Zhang, Huijun; Wang, Cuicui; Fu, Huijian

2018-01-01

Studies have revealed that consumers are susceptible to price framing effect, a common cognitive bias, due to their limited capacity in processing information. The effect of price framing in a bundling context and its neural correlates, however, remain not clearly characterized. The present study applied the event-related potentials (ERPs) approach to investigate the role of price framing in information processing and purchase decision making in a bundling context. Three price frames were created with practically identical total prices (with a maximum difference of ¥0.1, which was about equal to 0.016 US dollars) for a bundle with two components, a focal product and a tie-in product. In normal price condition (NP), both the focal and tie-in products were offered at a normal discounted price; in zero price condition (ZP), the tie-in product was offered free while the total price of the bundle remained the same as NP; whereas in low price condition (LP), the tie-in product was offered at a low token price (¥0.1), and the focal product shared the same price as the focal product of ZP. The behavioral results showed a higher purchase rate and a shorter reaction time for ZP in contrast to NP. Neurophysiologically, enlarged LPP amplitude was elicited by ZP relative to NP, suggesting that ZP triggered a stronger positive affect that could motivate decision to buy. Thus, this study provides both behavioral and neural evidence for how different price framing information is processed and ultimately gives rise to price framing effect in purchase decision making. PMID:29731705

Understanding tobacco industry pricing strategy and whether it undermines tobacco tax policy: the example of the UK cigarette market.

PubMed

Gilmore, Anna B; Tavakoly, Behrooz; Taylor, Gordon; Reed, Howard

2013-07-01

Tobacco tax increases are the most effective means of reducing tobacco use and inequalities in smoking, but effectiveness depends on transnational tobacco company (TTC) pricing strategies, specifically whether TTCs overshift tax increases (increase prices on top of the tax increase) or undershift the taxes (absorb the tax increases so they are not passed onto consumers), about which little is known. Review of literature on brand segmentation. Analysis of 1999-2009 data to explore the extent to which tax increases are shifted to consumers, if this differs by brand segment and whether cigarette price indices accurately reflect cigarette prices. UK. UK smokers. Real cigarette prices, volumes and net-of-tax- revenue by price segment. TTCs categorise brands into four price segments: premium, economy, mid and 'ultra-low price' (ULP). TTCs have sold ULP brands since 2006; since then, their real price has remained virtually static and market share doubled. The price gap between premium and ULP brands is increasing because the industry differentially shifts tax increases between brand segments; while, on average, taxes are overshifted, taxes on ULP brands are not always fully passed onto consumers (being absorbed at the point each year when tobacco taxes increase). Price indices reflect the price of premium brands only and fail to detect these problems. Industry-initiated cigarette price changes in the UK appear timed to accentuate the price gap between premium and ULP brands. Increasing the prices of more expensive cigarettes on top of tobacco tax increases should benefit public health, but the growing price gap enables smokers to downtrade to cheaper tobacco products and may explain smoking-related inequalities. Governments must monitor cigarette prices by price segment and consider industry pricing strategies in setting tobacco tax policies. © 2013 Society for the Study of Addiction.

Alternative Fuels Data Center: Ridesharing

Science.gov Websites

. Carsharing programs such as Zipcar, Car2Go, and Enterprise CarShare offer different plans and pricing for carsharing companies even offer alternative fuel vehicles, such as all-electric vehicles. Fuels &

42 CFR § 512.350 - Data sharing.

Code of Federal Regulations, 2010 CFR

2017-10-01

...) HEALTH CARE INFRASTRUCTURE AND MODEL PROGRAMS EPISODE PAYMENT MODEL Pricing and Payment § 512.350 Data... delivery of care. (4) Otherwise achieve the goals of the models described in this section. (b) Beneficiary...

The Price Equation, Gradient Dynamics, and Continuous Trait Game Theory.

PubMed

Lehtonen, Jussi

2018-01-01

A recent article convincingly nominated the Price equation as the fundamental theorem of evolution and used it as a foundation to derive several other theorems. A major section of evolutionary theory that was not addressed is that of game theory and gradient dynamics of continuous traits with frequency-dependent fitness. Deriving fundamental results in these fields under the unifying framework of the Price equation illuminates similarities and differences between approaches and allows a simple, unified view of game-theoretical and dynamic concepts. Using Taylor polynomials and the Price equation, I derive a dynamic measure of evolutionary change, a condition for singular points, the convergence stability criterion, and an alternative interpretation of evolutionary stability. Furthermore, by applying the Price equation to a multivariable Taylor polynomial, the direct fitness approach to kin selection emerges. Finally, I compare these results to the mean gradient equation of quantitative genetics and the canonical equation of adaptive dynamics.

Modeling stock price dynamics by continuum percolation system and relevant complex systems analysis

NASA Astrophysics Data System (ADS)

Xiao, Di; Wang, Jun

2012-10-01

The continuum percolation system is developed to model a random stock price process in this work. Recent empirical research has demonstrated various statistical features of stock price changes, the financial model aiming at understanding price fluctuations needs to define a mechanism for the formation of the price, in an attempt to reproduce and explain this set of empirical facts. The continuum percolation model is usually referred to as a random coverage process or a Boolean model, the local interaction or influence among traders is constructed by the continuum percolation, and a cluster of continuum percolation is applied to define the cluster of traders sharing the same opinion about the market. We investigate and analyze the statistical behaviors of normalized returns of the price model by some analysis methods, including power-law tail distribution analysis, chaotic behavior analysis and Zipf analysis. Moreover, we consider the daily returns of Shanghai Stock Exchange Composite Index from January 1997 to July 2011, and the comparisons of return behaviors between the actual data and the simulation data are exhibited.

Seeking lower prices where providers are consolidated: an examination of market and policy strategies.

PubMed

Ginsburg, Paul B; Pawlson, L Gregory

2014-06-01

The ongoing consolidation between and among hospitals and physicians tends to raise prices for health care services, which poses increasing challenges for private purchasers and payers. This article examines strategies that these purchasers and payers can pursue to combat provider leverage to increase prices. It also examines opportunities for governments to either support or constrain these strategies. In response to higher prices, payers are developing new approaches to benefit and network design, some of which may be effective in moderating prices and, in some cases, volume. These approaches interact with public policy because regulation can either facilitate or constrain them. Federal and state governments also have opportunities to limit consolidation's effect on prices by developing antitrust policies that better address current market environments and by fostering the development of physician organizations that can increase competition and contract with payers under shared-savings approaches. The success of these private- and public-sector initiatives likely will determine whether governments shift from supporting competition to directly regulating payment rates. Project HOPE—The People-to-People Health Foundation, Inc.

[Competition between branded and generic drugs in Austria: evidence from the market for ACE inhibitors].

PubMed

Mahlich, J C; Stadler, I

2012-01-01

The market for pharmaceuticals in Austria is highly regulated and manufacturers cannot set prices freely after patent expiration of the pioneer drug. We wanted to examine the effect of price regulation on price competition between branded and generic drugs in Austria. We examined the Austrian market for ACE inhibitors and describe competitive dynamics by means of 6 indices. We compared our results with those of Grabowski and Vernon who studied the US market. According to our analysis the competition amongst the producers of generic drugs is not great and consequently, compared to the USA, over time the prices for generic products decrease less and their market share increases less. This is due to a market-oriented system in the USA which waives most regulatory provisions. Our conclusions are in line with the findings by Danzon und Chao (2000) who argue that in a price-regulated market competitive dynamics are less strongly developed. From a politico-economic view, the necessity of price regulations in the pharmaceutical market seems questionable, as price regulations generally also cause other negative effects, such as distorted economic incentives for research and development investments. © Georg Thieme Verlag KG Stuttgart · New York.

Understanding tobacco industry pricing strategy and whether it undermines tobacco tax policy: the example of the UK cigarette market

PubMed Central

Gilmore, Anna B; Tavakoly, Behrooz; Taylor, Gordon; Reed, Howard

2013-01-01

Aims Tobacco tax increases are the most effective means of reducing tobacco use and inequalities in smoking, but effectiveness depends on transnational tobacco company (TTC) pricing strategies, specifically whether TTCs overshift tax increases (increase prices on top of the tax increase) or undershift the taxes (absorb the tax increases so they are not passed onto consumers), about which little is known. Design Review of literature on brand segmentation. Analysis of 1999–2009 data to explore the extent to which tax increases are shifted to consumers, if this differs by brand segment and whether cigarette price indices accurately reflect cigarette prices. Setting UK. Participants UK smokers. Measurements Real cigarette prices, volumes and net-of-tax- revenue by price segment. Findings TTCs categorise brands into four price segments: premium, economy, mid and ‘ultra-low price’ (ULP). TTCs have sold ULP brands since 2006; since then, their real price has remained virtually static and market share doubled. The price gap between premium and ULP brands is increasing because the industry differentially shifts tax increases between brand segments; while, on average, taxes are overshifted, taxes on ULP brands are not always fully passed onto consumers (being absorbed at the point each year when tobacco taxes increase). Price indices reflect the price of premium brands only and fail to detect these problems. Conclusions Industry-initiated cigarette price changes in the UK appear timed to accentuate the price gap between premium and ULP brands. Increasing the prices of more expensive cigarettes on top of tobacco tax increases should benefit public health, but the growing price gap enables smokers to downtrade to cheaper tobacco products and may explain smoking-related inequalities. Governments must monitor cigarette prices by price segment and consider industry pricing strategies in setting tobacco tax policies. PMID:23445255

The effect of pricing level to the loss of welfare costs (case study: Indonesia region II water company)

NASA Astrophysics Data System (ADS)

K, B. Rosalina E. W.; Gravitiani, E.; Raharjo, M.; Mulyaningsih, T.

2018-03-01

Climate change makes the water balance composition being unstable, both quality and quantity. As a company which responsible for water management, Regional Drinking Water Company (abbreviated as PDAM) is often unable to solve the problem. Welfare costs are indicators to evaluate the economic efficiency. This study aims to calculate the welfare cost of the people lost due to the price determination of PDAM Indonesia in region II with deadweight loss (DWL) approach, so it can provide information to pricing regulator, pricing decision makers and for coIDRorate management. DWL is a loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved, caused by monopoly pricing of artificial scarcity, an externality, a tax or subsidy, or a binding price ceiling or price floor such as a minimum wage. Results showed that the pricing rules set by PDAM yielded different DWL, depending on margin set by the company DWL PDAM ranges between IDR 260,485.66/M3 to IDR 127,486,709.86/M3 which is actually shared to improve the welfare of customers, other communities, and PDAM itself. Data analysis used PDAM performance in 2015 that have not Good CoIDRorate Governance Management and Efficiency.

Nonlinear Pricing in Drug Benefits and Medication Use: The Case of Statin Compliance in Medicare Part D

PubMed Central

Jung, Kyoungrae; Feldman, Roger; McBean, A Marshall

2014-01-01

Objective To examine how enrollees' statin compliance responds to expected prices in Medicare Part D, which features a nonlinear price schedule due to a coverage gap. Data Sources/Study Setting Prescription Drug Event data for a 5 percent random sample of Medicare Advantage Prescription Drug Plan enrollees in 2008 who did not receive a low-income subsidy. Study Design We analyze statin compliance prior to the coverage gap, where the “effective price” is higher than the actual copayment for drugs because consumers anticipate that more spending will make them more likely to reach the gap. We construct each enrollee's effective price as her expected price at the end of the year, which is the weighted average between pre-gap and in-gap copayments with the weight being the predicted probability of hitting the gap. Compliance is defined as at least 80 percent of days covered. Principal Findings Part D enrollees' pre-gap statin compliance decreases by 3.7–4.7 percentage points for a $10 increase in the effective price. Conclusion The presence of a coverage gap decreases statin compliance prior to the gap, suggesting that incorporating expected future prices is important to assess the full impact of cost sharing on drug compliance under nonlinear price schedules. PMID:24354765

76 FR 45885 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change To List...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-01

... Registration Statements, the Funds face the risk of non-performance by the counterparties to over-the- counter... the Fund in a fashion such that its per Share NAV will equal, in dollar terms, the spot price of a... intend to operate the Fund in a fashion such that its per Share NAV will equal, in dollar terms, the spot...

Successful behavioral health business development for the millennium.

PubMed

Pyrce, J M

1998-08-01

The business development framework for provider positioning, market share, and competition has significantly shifted in the late 1990s as providers prepare for the millennium. The use of the Marketing Four Ps is a helpful tool for providers to thoroughly evaluate their product/service viability, pricing objectives, promotional mix, and place accessibility, and will allow organizations to reposition in their marketplace, maximize market share, and develop new partnerships with previous competitors.

Responsiveness of Rural and Urban Land Uses to Land Rent Determinants in the U.S. South

Treesearch

Ian Hardie; Peter Parks; Peter Gottleib; David N. Wear

2000-01-01

Ricardian and von Thünen land rent models are combined into a single land use shore model including farm, forest, and urban lurid uses. The lurid share model is applied to the Southern United States, and elasticities are extracted that measure land share response to changes in iqulation, income, land values, prices, and costs in counties with different degrees of...

78 FR 9094 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing of a Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-02-07

... is available on the Exchange's Web site at http://www.nsx.com , at the principal office of the...: Midpoint Peg x 500 (Auto-Ex mode/Dark) 134.50 x 400 (Order Delivery mode) 134.50 x 200 (Auto-Ex mode... shares priced at 134.50 would execute against the Midpoint Peg Dark Auto-Ex order of 500 shares at 134...

[Toward a conditional price for medicine?].

PubMed

Baseilhac, E

2013-09-01

For the first time, and as an exceptional option, the 2012 LEEM-CEPS framework agreement introduces the notion of conditional prices in conventional practice. The contractualization of drug price according to changes in its value that could occur in "real world" enables the Payer and the Company to settle, in a predictable manner, the "bet" represented by first registration price setting. Its systematization is based on the ability to standardize the implementation and assessment of observational studies, whereas the analysis and sharing of the risk of value changes (depreciation, appreciation) are structuring elements of the contractualization. Ethical from both the payer's and patient's point of view, drug price conditionality on its value is impeded by compliance with legal and economic constraints for the company, that should be taken into account by legalising this latter's ability to influence it through observance or therapeutic education and by guaranteeing a sufficiently long period of revenues for the company. Copyright © 2013 Elsevier Masson SAS. All rights reserved.

From managed care to consumer health insurance: the fall and rise of Aetna.

PubMed

Robinson, James C

2004-01-01

This paper documents Aetna's fall as the nation's largest managed care plan and its subsequent reemergence as a smaller but more profitable multiproduct insurer. The paper emphasizes the transformation in corporate goals, product design, organizational structure, information technology, product mix, premiums, cash flow, net income, and share prices. Disciplined underwriting and pricing have restored the firm to profitability and set the foundation for new growth. The implications for the health care system as a whole are less unambiguously positive.

The Price-Concentration Relationship in Early Residential Solar Third-Party Markets

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

Pless, Jacquelyn; Langheim, Ria; Machak, Christina

The market for residential solar photovoltaic (PV) systems in the United States has experienced tremendous growth over the past decade, with installed capacity more than doubling between 2014 and 2016 alone (SEIA, 2016). As the residential market continues to grow, it prompts new questions about the nature of competition between solar installers and how this competition, or lack thereof, affects the prices consumers are paying. It is often assumed that more competition leads to lower prices, but this is not universally true. For example, some studies have shown that factors such as brand loyalty could lead to a negative relationshipmore » between concentration and price in imperfectly competitive markets (Borenstein, 1985; Holmes, 1989). As such, the relationship between prices and market concentration is an open empirical question since theory could predict either a positive or negative relationship. Determining a relationship between prices and market concentration is challenging for several reasons. Most significantly, prices and market structure are simultaneously determined by each other -- the amount of competition a seller faces influences the price they can command, and prices determine a seller's market share. Previous studies have examined recent PV pricing trends over time and between markets (Davidson et al., 2015a; Davidson and Margolis 2015b; Nemet et al., 2016; Gillingham et al., 2014; Barbose and Darghouth 2015). While these studies of solar PV pricing are able to determine correlations between prices and market factors, they have not satisfactorily proven causation. Thus, to the best of our knowledge, there is little work to date that focuses on identifying the causal relationship between market structure and the prices paid by consumers. We use a unique dataset on third-party owned contract terms for the residential solar PV market in the San Diego Gas and Electricity service territory to better understand this relationship. Surprisingly, we find that firms charged higher prices in more competitive markets in our sample. The finding is robust across multiple definitions of firm concentration. There are at least two potential explanations for our findings. First, firms could be conducting entry deterrence strategies. It is possible that firms are acting in a non-competitive way and setting prices lower than they would be otherwise. Setting low prices that are below potential competitors' marginal costs could deter entrants and ensure a larger market share. Second, there could be a group of dominant firms (with a competitive fringe), and the dominant firms may occasionally engage in price wars. If this is true, prices should be lower in more concentrated markets during the price wars (Salinger, 1990). As the rooftop PV market continues to grow, market structure will remain a relevant policy issue in consideration of the potential for rooftop solar to contribute to de-carbonization efforts or other policy objectives. This paper adds to a growing emphasis on understanding supply-side factors in scaling up solar markets in the residential sector. Generally, solar markets have become more competitive over the same time period that solar technology costs decreased. While solar system hard costs have come down, our research suggests that total costs are more nuanced in early solar system TPO markets. Policymakers should consider these findings when designing markets, and have the data needed to make informed decisions.« less

The association between tax structure and cigarette price variability: findings from the ITC Project.

PubMed

Shang, Ce; Chaloupka, Frank J; Fong, Geoffrey T; Thompson, Mary; O'Connor, Richard J

2015-07-01

Recent studies have shown that more opportunities exist for tax avoidance when cigarette excise tax structure departs from a uniform specific structure. However, the association between tax structure and cigarette price variability has not been thoroughly studied in the existing literature. To examine how cigarette tax structure is associated with price variability. The variability of self-reported prices is measured using the ratios of differences between higher and lower prices to the median price such as the IQR-to-median ratio. We used survey data taken from the International Tobacco Control Policy Evaluation (ITC) Project in 17 countries to conduct the analysis. Cigarette prices were derived using individual purchase information and aggregated to price variability measures for each surveyed country and wave. The effect of tax structures on price variability was estimated using Generalised Estimating Equations after adjusting for year and country attributes. Our study provides empirical evidence of a relationship between tax structure and cigarette price variability. We find that, compared to the specific uniform tax structure, mixed uniform and tiered (specific, ad valorem or mixed) structures are associated with greater price variability (p≤0.01). Moreover, while a greater share of the specific component in total excise taxes is associated with lower price variability (p≤0.05), a tiered tax structure is associated with greater price variability (p≤0.01). The results suggest that a uniform and specific tax structure is the most effective tax structure for reducing tobacco consumption and prevalence by limiting price variability and decreasing opportunities for tax avoidance. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://group.bmj.com/group/rights-licensing/permissions.

How Can Pricing and Reimbursement Policies Improve Affordable Access to Medicines? Lessons Learned from European Countries.

PubMed

Vogler, Sabine; Paris, Valérie; Ferrario, Alessandra; Wirtz, Veronika J; de Joncheere, Kees; Schneider, Peter; Pedersen, Hanne Bak; Dedet, Guillaume; Babar, Zaheer-Ud-Din

2017-06-01

This article discusses pharmaceutical pricing and reimbursement policies in European countries with regard to their ability to ensure affordable access to medicines. A frequently applied pricing policy is external price referencing. While it provides some benchmark for policy-makers and has been shown to be able to generate savings, it may also contribute to delay in product launch in countries where medicine prices are low. Value-based pricing has been proposed as a policy that promotes access while rewarding useful innovation; however, implementing it has proven quite challenging. For high-priced medicines, managed-entry agreements are increasingly used. These agreements allow policy-makers to manage uncertainty and obtain lower prices. They can also facilitate earlier market access in case of limited evidence about added therapeutic value of the medicine. However, these agreements raise transparency concerns due to the confidentiality clause. Tendering as used in the hospital and offpatent outpatient sectors has been proven to reduce medicine prices but it requires a robust framework and appropriate design with clear strategic goals in order to prevent shortages. These pricing and reimbursement policies are supplemented by the widespread use of Health Technology Assessment to inform decision-making, and by strategies to improve the uptake of generics, and also biosimilars. While European countries have been implementing a set of policy options, there is a lack of thorough impact assessments of several pricing and reimbursement policies on affordable access. Increased cooperation between authorities, experience sharing and improving transparency on price information, including the disclosure of confidential discounts, are opportunities to address current challenges.

Socially Shared Metacognitive Regulation in Asynchronous CSCL in Science: Functions, Evolution and Participation

ERIC Educational Resources Information Center

Iiskala, Tuike; Volet, Simone; Lehtinen, Erno; Vauras, Marja

2015-01-01

The significance of socially shared metacognitive regulation (SSMR) in collaborative learning is gaining momentum. To date, however, there is still a paucity of research of how SSMR is manifested in asynchronous computer-supported collaborative learning (CSCL), and hardly any systematic investigation of SSMR's functions and evolution across…

An island apart? Risks and prices in the Australian cryptomarket drug trade.

PubMed

Cunliffe, Jack; Martin, James; Décary-Hétu, David; Aldridge, Judith

2017-12-01

Australia has a reputation as an anomaly with regard to cryptomarket drug trading, with seemingly disproportionately high levels of activity given its relatively small size, high prices and anecdotal accounts of it being a destination where many foreign-based vendors will not sell. This paper aims to investigate these claims from a risk and prices perspective. By analysing data for over 60,000 drug products available for purchase from eight cryptomarkets in January 2016 this work builds a descriptive picture of the Australian online market in comparison to the rest of the world, before moving onto analyse the prices of drugs available to Australian consumers, both online and though conventional drug supply routes. Results show that the Australian online illicit drugs market is of considerable size, internally isolated and with methamphetamine sales being particularly large by comparison to other countries. Australian cryptomarket vendors sell drugs at significantly higher prices than those listed by their foreign counterparts. Online prices are however broadly comparable to street prices, with the exception of methamphetamine where prices appear to be much lower online. These findings indicate that the perceived stringency of Australian border protection inadvertently increases the competitiveness and local market share of domestic cryptomarket vendors via a consumer side 'risk tariff', challenging the traditionally vendor-oriented drugs risk and prices framework. Copyright © 2017 Elsevier B.V. All rights reserved.

High prices for generics in Australia - more competition might help.

PubMed

Bulfone, Liliana

2009-05-01

It is commonly believed that dispensed prices of medicines in Australia are substantially lower than those in other developed countries, particularly the US. This article reports the results of an analysis comparing dispensed prices for the most commonly prescribed and the highest cost items in Australia with dispensed prices in the US. Although a large majority of items are less expensive in Australia than in the US, Australian prices are higher for a substantial number of products, particularly generic drugs. This article examines various policies affecting the pricing of generics in Australia. It is postulated that the main cause for higher prices for a substantial number of generic products is the lack of price competition. This results from government policy which ensures that a price reduction by one company is communicated immediately to all competitors in that market along with an invitation to match the reduced price. The dominant strategy for all suppliers is to only reduce their price in response to a reduction in price by a competitor. The result is a lack of differentiation in pricing across brands of a medicine on the Schedule of Pharmaceutical Benefits. The government could improve the structure of the generics market and encourage greater competition by ceasing to disclose competitor firms' offers to other competitors. The government could conduct pricing reviews of each generic product relatively infrequently (eg, only once annually or every 18 months). At the time of the pricing review, the government would request confidential offers on price for a generic from all players in the market. Brands should then all be listed under the Pharmaceutical Benefits Scheme (PBS) at the offered price. Prices offered by the individual supplier would apply until the next pricing review. The PBS would continue to subsidise up to the price of the lowest priced brand, with brand premiums applying to all brands priced higher than the benchmark price. Such an approach would provide opportunity for players in the market to capture market share by being the lowest priced brand.

Share the road campaign research study

DOT National Transportation Integrated Search

2011-01-01

SFpark is a demonstration of a new approach to parking management that will evaluate the effectiveness of demand-responsive pricing and real-time information on parking availability for reducing congestion and greenhouse gas emissions and provide oth...

Financial Data Analysis by means of Coupled Continuous-Time Random Walk in Rachev-Rűschendorf Model

NASA Astrophysics Data System (ADS)

Jurlewicz, A.; Wyłomańska, A.; Żebrowski, P.

2008-09-01

We adapt the continuous-time random walk formalism to describe asset price evolution. We expand the idea proposed by Rachev and Rűschendorf who analyzed the binomial pricing model in the discrete time with randomization of the number of price changes. As a result, in the framework of the proposed model we obtain a mixture of the Gaussian and a generalized arcsine laws as the limiting distribution of log-returns. Moreover, we derive an European-call-option price that is an extension of the Black-Scholes formula. We apply the obtained theoretical results to model actual financial data and try to show that the continuous-time random walk offers alternative tools to deal with several complex issues of financial markets.

High and varying prices for privately insured patients underscore hospital market power.

PubMed

White, Chapin; Bond, Amelia M; Reschovsky, James D

2013-09-01

Across 13 selected U.S. metropolitan areas, hospital prices for privately insured patients are much higher than Medicare payment rates and vary widely across and within markets, according to a study by the Center for Studying Health System Change (HSC) based on claims data for about 590,000 active and retired nonelderly autoworkers and their dependents. Across the 13 communities, aver­age hospital prices for privately insured patients are about one-and-a-half times Medicare rates for inpatient care and two times what Medicare pays for outpa­tient care. Within individual communities, prices vary widely, with the highest-priced hospital typically paid 60 percent more for inpatient services than the lowest-priced hospital. The price gap within markets is even greater for hospital outpatient care, with the highest-priced hospital typically paid nearly double the lowest-priced hospital. In contrast to the wide variation in hospital prices for pri­vately insured patients across and within markets, prices for primary care physi­cian services generally are close to Medicare rates and vary little within markets. Prices for specialist physician services, however, are higher relative to Medicare and vary more across and within markets. Of the 13 markets, five are in Michigan, which has an unusually concentrated private insurance market, with one insurer commanding a 70-percent market share. Despite the presence of a dominant insurer, almost all Michigan hospi­tals command prices that are higher than Medicare, and some hospitals com­mand prices that are twice what Medicare pays. In the eight markets outside of Michigan, private insurers generally pay even higher hospital prices, with even wider gaps between high- and low-priced hospitals. The variation in hospital and specialist physician prices within communities underscores that some hospitals and physicians have significant market power to command high prices, even in markets with a dominant insurer.

Drug Policy in Bulgaria.

PubMed

Dimova, Antoniya; Rohova, Maria; Atanasova, Elka; Kawalec, Paweł; Czok, Katarzyna

2017-09-01

Bulgaria has a mixed public-private health care financing system. Health care is financed mainly from compulsory health insurance contributions and out-of-pocket payments. Out-of-pocket payments constitute a large share of the total health care expenditure (44.14% in 2014). The share of drugs expenditure for outpatient treatment was 42.3% of the total health care expenditure in 2014, covered mainly by private payments (78.6% of the total pharmaceutical expenditure). The drug policy is run by the Ministry of Health (MoH), the National Council on Prices and Reimbursement of Medicinal Products, and the Health Technology Assessment Commission. The MoH defines diseases for which the National Health Insurance Fund (NHIF) pays for medicines. The National Council on Prices and Reimbursement of Medicinal Products maintains a positive drug list (PDL) and sets drug prices. Health technology assessment was introduced in 2015 for medicinal products belonging to a new international nonproprietary name group. The PDL defines prescription medicines that are paid for by the NHIF, the MoH, and the health care establishments; exact patient co-payments and reimbursement levels; as well as the ceiling prices for drugs not covered by the NHIF, including over-the-counter medicines. The reimbursement level can be 100%, 75%, or up to 50%. The PDL is revised monthly in all cases except for price increase. Physicians are not assigned with pharmaceutical budgets, there is a brand prescribing practice, and the substitution of prescribed medicines by pharmacists is prohibited. Policies toward cost containment and effectiveness increase include introduction of a reference pricing system, obligation to the NHIF to conduct mandatory centralized bargaining of discounts for medicinal products included in the PDL, public tendering for medicines for hospital treatment, reduction of markup margins of wholesalers and retailers, patient co-payment, and the introduction of health technology assessment. Although most of the policies have been introduced since 2011, there is still weak evidence for improvement regarding cost containment and effectiveness. Copyright © 2017. Published by Elsevier Inc.

Brand placement on price boards after tobacco display bans: a point-of-sale audit in Melbourne, Australia.

PubMed

Wakefield, Melanie; Zacher, Meghan; Scollo, Michelle; Durkin, Sarah

2012-11-01

This study aims to explore how cigarette brands are arranged on boards listing tobacco products and/or prices following the 1 January 2011 ban on point-of-sale tobacco displays in Victoria, Australia. An audit undertaken in late 2011 gathered information on the prevalence and contents of tobacco product information displays ('price boards'). We examined how often all or most of the brands listed at the top of price boards were owned by the same tobacco company, and whether premium, mainstream and value brands were listed in prominent positions more frequently in different store types and socio-economic areas (SES). Of the 281 stores audited, 64% (179) had legible price boards. Of the 178 with factory-made products, 11% arranged brands alphabetically, 2% by price and 87% did so in some other way. In 65% of stores where brands were arranged in some other way, at least three of the top four positions were devoted to brands owned by the same tobacco company. Premium brands were given greater prominence than would be expected by market share. Neighbourhood SES was significantly related to the representation in the most prominent price board positions of brands from the most appropriate market segment. Price boards are being used to target brands to consumers. Jurisdictions should also prohibit price board display when they ban tobacco product display; prices might instead be itemised in alphabetical order on a list only viewable upon customer request.

Pharmaceutical Pricing in Germany: How Is Value Determined within the Scope of AMNOG?

PubMed

Lauenroth, Victoria Desirée; Stargardt, Tom

To analyze how value is determined within the scope of the German Pharmaceutical Restructuring Act, which came into effect in 2011. Using data from all pharmaceuticals that had undergone assessment, appraisal, and price negotiations in Germany before June 30, 2016, we applied generalized linear model regression to analyze the impact of added benefit on the difference between negotiated prices and the prices of comparators. Data were extracted from the Federal Joint Committee's appraisals and price databases. We specified added benefit in various ways. In all models, we controlled for additional criteria such as size of patient population, European price levels, and whether the comparators were generic. Our regression results confirmed the descriptive results, with price premiums reflecting the extent of added benefit as appraised by the Federal Joint Committee. On the substance level, an added benefit was associated with an increase in price premium of 227.2% (P < 0.001) compared with no added benefit. Moreover, we saw increases in price premium of 377.5% (P < 0.001), 90.0% (P < 0.001), and 336.8% (P < 0.001) for added benefits that were "considerable," "minor," and "not quantifiable," respectively. Beneficial effects on mortality were associated with the greatest price premium (624.3%; P < 0.001), followed by such effects on morbidity (174.7%; P < 0.001) and adverse events (93.1%; P = 0.019). Price premiums, or "value," are driven by health gain, the share of patients benefiting from a pharmaceutical, European price levels, and whether comparators are generic. No statement can be made, however, about the appropriateness of the level of price premiums. Copyright © 2017 International Society for Pharmacoeconomics and Outcomes Research (ISPOR). Published by Elsevier Inc. All rights reserved.

Strategies for price reduction of HIV medicines under a monopoly situation in Brazil

PubMed Central

Chaves, Gabriela Costa; Hasenclever, Lia; Osorio-de-Castro, Claudia Garcia Serpa; Oliveira, Maria Auxiliadora

2016-01-01

ABSTRACT OBJECTIVE To analyze Government strategies for reducing prices of antiretroviral medicines for HIV in Brazil. METHODS Analysis of Ministry of Health purchases of antiretroviral medicines, from 2005 to 2013. Expenditures and costs of the treatment per year were analyzed and compared to international prices of atazanavir. Price reductions were estimated based on the terms of a voluntary license of patent rights and technology transfer in the Partnership for Productive Development Agreement for atazanavir. RESULTS Atazanavir, a patented medicine, represented a significant share of the expenditures on antiretrovirals purchased from the private sector. Prices in Brazil were higher than international references, and no evidence was found of a relationship between purchase volume and price paid by the Ministry of Health. Concerning the latest strategy to reduce prices, involving local production of the 200 mg capsule, the price reduction was greater than the estimated reduction. As for the 300 mg capsule, the amounts paid in the first two years after the Partnership for Productive Development Agreement were close to the estimated values. Prices in nominal values for both dosage forms remained virtually constant between 2011 (the signature of the Partnership for Productive Development Agreement), 2012 and 2013 (after the establishment of the Partnership). CONCLUSIONS Price reduction of medicines is complex in limited-competition environments. The use of a Partnership for Productive Development Agreement as a strategy to increase the capacity of local production and to reduce prices raises issues regarding its effectiveness in reducing prices and to overcome patent barriers. Investments in research and development that can stimulate technological accumulation should be considered by the Government to strengthen its bargaining power to negotiate medicines prices under a monopoly situation. PMID:26759969

Quantum diffusion of prices and profits

NASA Astrophysics Data System (ADS)

Piotrowski, Edward W.; Sładkowski, Jan

2005-01-01

We discuss the time evolution of quotations of stocks and commodities and show that corrections to the orthodox Bachelier model inspired by quantum mechanical time evolution of particles may be important. Our analysis shows that traders tactics can interfere as waves do and trader's strategies can be reproduced from the corresponding Wigner functions. The proposed interpretation of the chaotic movement of market prices imply that the Bachelier behaviour follows from short-time interference of tactics adopted (paths followed) by the rest of the world considered as a single trader and the Ornstein-Uhlenbeck corrections to the Bachelier model should qualitatively matter only for large time scales. The famous smithonian invisible hand is interpreted as a short-time tactics of whole the market considered as a single opponent. We also propose a solution to the currency preference paradox.

Conflicts of interest and the evolution of decision sharing

PubMed Central

Conradt, Larissa; Roper, Timothy J.

2008-01-01

Social animals regularly face consensus decisions whereby they choose, collectively, between mutually exclusive actions. Such decisions often involve conflicts of interest between group members with respect to preferred action. Conflicts could, in principle, be resolved, either by sharing decisions between members (‘shared decisions’) or by one ‘dominant’ member making decisions on behalf of the whole group (‘unshared decisions’). Both, shared and unshared decisions, have been observed. However, it is unclear as to what favours the evolution of either decision type. Here, after a brief literature review, we present a novel method, involving a combination of self-organizing system and game theory modelling, of investigating the evolution of shared and unshared decisions. We apply the method to decisions on movement direction. We find that both, shared and unshared, decisions can evolve without individuals having a global overview of the group's behaviour or any knowledge about other members' preferences or intentions. Selection favours unshared over shared decisions when conflicts are high relative to grouping benefits, and vice versa. These results differ from those of group decision models relating to activity timings. We attribute this to fundamental differences between collective decisions about modalities that are disjunct (here, space) or continuous (here, time) with respect to costs/benefits. PMID:19073479

Hierarchical structure of stock price fluctuations in financial markets

NASA Astrophysics Data System (ADS)

Gao, Ya-Chun; Cai, Shi-Min; Wang, Bing-Hong

2012-12-01

The financial market and turbulence have been broadly compared on account of the same quantitative methods and several common stylized facts they share. In this paper, the She-Leveque (SL) hierarchy, proposed to explain the anomalous scaling exponents deviating from Kolmogorov monofractal scaling of the velocity fluctuation in fluid turbulence, is applied to study and quantify the hierarchical structure of stock price fluctuations in financial markets. We therefore observed certain interesting results: (i) the hierarchical structure related to multifractal scaling generally presents in all the stock price fluctuations we investigated. (ii) The quantitatively statistical parameters that describe SL hierarchy are different between developed financial markets and emerging ones, distinctively. (iii) For the high-frequency stock price fluctuation, the hierarchical structure varies with different time periods. All these results provide a novel analogy in turbulence and financial market dynamics and an insight to deeply understand multifractality in financial markets.

Price-Transparency and Cost Accounting

PubMed Central

Eakin, Cynthia; Fischer, Katrina

2015-01-01

Health care reform is directed toward improving access and quality while containing costs. An essential part of this is improvement of pricing models to more accurately reflect the costs of providing care. Transparent prices that reflect costs are necessary to signal information to consumers and producers. This information is central in a consumer-driven marketplace. The rapid increase in high deductible insurance and other forms of cost sharing incentivizes the search for price information. The organizational ability to measure costs across a cycle of care is an integral component of creating value, and will play a greater role as reimbursements transition to episode-based care, value-based purchasing, and accountable care organization models. This article discusses use of activity-based costing (ABC) to better measure the cost of health care. It describes examples of ABC in health care organizations and discusses impediments to adoption in the United States including cultural and institutional barriers. PMID:25862425

A methodology for stochastic analysis of share prices as Markov chains with finite states.

PubMed

Mettle, Felix Okoe; Quaye, Enoch Nii Boi; Laryea, Ravenhill Adjetey

2014-01-01

Price volatilities make stock investments risky, leaving investors in critical position when uncertain decision is made. To improve investor evaluation confidence on exchange markets, while not using time series methodology, we specify equity price change as a stochastic process assumed to possess Markov dependency with respective state transition probabilities matrices following the identified state pace (i.e. decrease, stable or increase). We established that identified states communicate, and that the chains are aperiodic and ergodic thus possessing limiting distributions. We developed a methodology for determining expected mean return time for stock price increases and also establish criteria for improving investment decision based on highest transition probabilities, lowest mean return time and highest limiting distributions. We further developed an R algorithm for running the methodology introduced. The established methodology is applied to selected equities from Ghana Stock Exchange weekly trading data.

'We eat together; today she buys, tomorrow I will buy the food': adolescent best friends' food choices and dietary practices in Soweto, South Africa.

PubMed

Voorend, Carlijn G N; Norris, Shane A; Griffiths, Paula L; Sedibe, Modiehi H; Westerman, Marjan J; Doak, Colleen M

2013-03-01

To explore if and how female adolescents engage in shared eating and joint food choices with best friends within the context of living in urban Soweto, South Africa. A qualitative, exploratory, multiple case study was conducted using semi-structured duo interviews of best friend pairs to ascertain their eating patterns, friendship and social interactions around dietary habits. Participants were recruited from three high schools in the urban township of Soweto, South Africa. Fifty-eight female adolescents (twenty-nine friend pairs) still in high school (mean age of 18 years) were enrolled. Although overweight rates were high, no association between friends was found; neither did friends share dieting behaviours. Both at school and during visits to the shopping mall, foods were commonly shared and money pooled together by friends to make joint purchases. Some friends carefully planned expenditures together. Foods often bought at school were mostly unhealthy. Availability, price and quality were reported to affect choice of foods purchased at school. Preference shaped joint choices within the shopping mall environment. Food sharing practices should be investigated in other settings so as to identify specific behaviours and contexts for targeted and tailored obesity prevention interventions. School-based interventions focusing on price and portion size should be considered. In the Sowetan context, larger portions of healthy food may improve dietary intake of fruit and vegetables where friends are likely to share portions.

Drug Policy in the Czech Republic.

PubMed

Skoupá, Jana

2017-09-01

The legal background of the current pharmaceutical pricing and reimbursement (P&R) setting in the Czech Republic is based on Act 48/1997. Since 2008, the P&R process has been coordinated by the State Institute for Drug Control, which is the main stakeholder in the decision-making process; marketing authorization holders and insurance funds (IFs) also participate. To present a general overview of the current Czech health care system and its P&R principles. The study used publicly available sources concerning health care, mainly acts related to public health care and public health care insurance, public notices related to P&R setting, and statistical data. Regulation covers P&R. The official price represents the highest exfactory price, which cannot be exceeded. It is calculated as the mean of the three lowest prices in the European Union reference basket. Reimbursement is based on the lowest price per daily dose across the whole European Union. For reimbursement, products can be clustered into jumbo groups (mutually interchangeable), stated by law. In each group, reimbursement is set at the lowest price of any substance within the group. For highly innovative drugs a temporary reimbursement can be granted for a period of 3 years. During the administrative proceeding, efficacy, safety, cost-effectiveness, and budget impact are assessed. The cost-effectiveness principles are aligned with the guidelines of the National Institute for Health and Clinical Care Excellence, preferring cost-utility analyses. The willingness-to-pay threshold has been implicitly set at 3 times the gross domestic product per capita. Products exceeding this threshold are subject to further risk-sharing negotiations. Budget impact is becoming increasingly important mainly for IFs. The IFs have recently introduced their own methodology, which allows only products with a budget impact in the range of CZK16 to CZK48 million (CZK = Czech koruna; ∼€600,000 to €1.8 million) to enter the system. Products exceeding this budget impact have to negotiate risk-sharing schemes, mainly further discounts and/or budget caps. The Czech pricing and reimbursement system is rather complex, taking into account clinical evidence, cost-effectiveness and budget impact. The strict regulations are a result of financial scarcity. Copyright © 2017. Published by Elsevier Inc.

Hybrid Vehicle Technologies and their potential for reducing oil use

NASA Astrophysics Data System (ADS)

German, John

2006-04-01

Vehicles with hybrid gasoline-electric powertrains are starting to gain market share. Current hybrid vehicles add an electric motor, battery pack, and power electronics to the conventional powertrain. A variety of engine/motor configurations are possible, each with advantages and disadvantages. In general, efficiency is improved due to engine shut-off at idle, capture of energy during deceleration that is normally lost as heat in the brakes, downsizing of the conventional engine, and, in some cases, propulsion on the electric motor alone. Ongoing increases in hybrid market share are dependent on cost reduction, especially the battery pack, efficiency synergies with other vehicle technologies, use of the high electric power to provide features desired by customers, and future fuel price and availability. Potential barriers include historically low fuel prices, high discounting of the fuel savings by new vehicle purchasers, competing technologies, and tradeoffs with other factors desired by customers, such as performance, utility, safety, and luxury features.

Medicare Program; Revisions to Payment Policies Under the Physician Fee Schedule and Other Revisions to Part B for CY 2017; Medicare Advantage Bid Pricing Data Release; Medicare Advantage and Part D Medical Loss Ratio Data Release; Medicare Advantage Provider Network Requirements; Expansion of Medicare Diabetes Prevention Program Model; Medicare Shared Savings Program Requirements. Final rule.

PubMed

2016-11-15

This major final rule addresses changes to the physician fee schedule and other Medicare Part B payment policies, such as changes to the Value Modifier, to ensure that our payment systems are updated to reflect changes in medical practice and the relative value of services, as well as changes in the statute. This final rule also includes changes related to the Medicare Shared Savings Program, requirements for Medicare Advantage Provider Networks, and provides for the release of certain pricing data from Medicare Advantage bids and of data from medical loss ratio reports submitted by Medicare health and drug plans. In addition, this final rule expands the Medicare Diabetes Prevention Program model.

Transitioning to a national health system in Cyprus: a stakeholder analysis of pharmaceutical policy reform.

PubMed

Wouters, Olivier J; Kanavos, Panos G

2015-09-01

To review the pharmaceutical sector in Cyprus in terms of the availability and affordability of medicines and to explore pharmaceutical policy options for the national health system finance reform expected to be introduced in 2016. We conducted semi-structured interviews in April 2014 with senior representatives from seven key national organizations involved in pharmaceutical care. The captured data were coded and analysed using the predetermined themes of pricing, reimbursement, prescribing, dispensing and cost sharing. We also examined secondary data provided by the Cypriot Ministry of Health; these data included the prices and volumes of prescription medicines in 2013. We identified several key issues, including high medicine prices, underuse of generic medicines and high out-of-pocket drug spending. Most stakeholders recommended that the national government review existing pricing policies to ensure medicines within the forthcoming national health system are affordable and available, introduce a national reimbursement system and incentivize the prescribing and dispensing of generic medicines. There were disagreements over how to (i) allocate responsibilities to governmental agencies in the national health system, (ii) reconcile differences in opinion between stakeholders and (iii) raise awareness among patients, physicians and pharmacists about the benefits of greater generic drug use. In Cyprus, if the national health system is going to provide universal health coverage in a sustainable fashion, then the national government must address the current issues in the pharmaceutical sector. Importantly, the country will need to increase the market share of generic medicines to contain drug spending.

Inclusive Education in Progress: Policy Evolution in Four European Countries

ERIC Educational Resources Information Center

Smyth, Fiona; Shevlin, Michael; Buchner, Tobias; Biewer, Gottfried; Flynn, Paula; Latimier, Camille; Šiška, Jan; Toboso-Martín, Mario; Rodríguez Díaz, Susana; Ferreira, Miguel A. V.

2014-01-01

This paper seeks to compare the evolution of inclusive education policy in the four countries of an EU-funded research project (QualiTYDES) operating under the shared policy environment of the UN, EU and European Commission. A shared policy cannot of course be assumed to result in common legislative or provisional outcomes at national level. The…

Differences in external price referencing in Europe: a descriptive overview.

PubMed

Leopold, Christine; Vogler, Sabine; Mantel-Teeuwisse, A K; de Joncheere, Kees; Leufkens, H G M; Laing, Richard

2012-01-01

This study aimed to provide an up-to-date description as well as comparative analysis of the national characteristics of pharmaceutical external price referencing (EPR) in Europe. Review of the country-specific PPRI (Pharmaceutical Pricing and Reimbursement Information) Pharma Profiles written by representatives of the PPRI Network. The Profiles were analysed according to predefined criteria. Of 28 analysed European countries 24 applied EPR in 2010. The majority of countries have statutory rules to implement EPR. Most countries had less than 10 countries in their reference baskets. Higher income countries tend to include higher income countries in their basket, whereas lower income countries refer to lower income countries. Taking the average price of all countries in the basket as the basis to calculate the national price was the most common strategy (n=8). The methodology of EPR has changed in most European countries over the past 10 years (n=19). EPR is a widely used pricing policy in Europe and is still actively used as well as adjusted by national authorities. However, we still see room for improvement by implementing more detailed legislations in terms of the revision of prices and by identifying alternative countries in case a product is not on the market. We also see the need for formal information sharing (e.g. congresses dedicated to pricing strategies and systems) with other public pricing authorities to learn about the different EPR methodologies as well as the national experiences. These congresses might also give room to better understand national pricing methods including discussions on possible limitations of these pricing methods. Copyright © 2011 Elsevier Ireland Ltd. All rights reserved.

Evolutionary model of an anonymous consumer durable market

NASA Astrophysics Data System (ADS)

Kaldasch, Joachim

2011-07-01

An analytic model is presented that considers the evolution of a market of durable goods. The model suggests that after introduction goods spread always according to a Bass diffusion. However, this phase will be followed by a diffusion process for durable consumer goods governed by a variation-selection-reproduction mechanism and the growth dynamics can be described by a replicator equation. The theory suggests that products play the role of species in biological evolutionary models. It implies that the evolution of man-made products can be arranged into an evolutionary tree. The model suggests that each product can be characterized by its product fitness. The fitness space contains elements of both sites of the market, supply and demand. The unit sales of products with a higher product fitness compared to the mean fitness increase. Durables with a constant fitness advantage replace other goods according to a logistic law. The model predicts in particular that the mean price exhibits an exponential decrease over a long time period for durable goods. The evolutionary diffusion process is directly related to this price decline and is governed by Gompertz equation. Therefore it is denoted as Gompertz diffusion. Describing the aggregate sales as the sum of first, multiple and replacement purchase the product life cycle can be derived. Replacement purchase causes periodic variations of the sales determined by the finite lifetime of the good (Juglar cycles). The model suggests that both, Bass- and Gompertz diffusion may contribute to the product life cycle of a consumer durable. The theory contains the standard equilibrium view of a market as a special case. It depends on the time scale, whether an equilibrium or evolutionary description is more appropriate. The evolutionary framework is used to derive also the size, growth rate and price distribution of manufacturing business units. It predicts that the size distribution of the business units (products) is lognormal, while the growth rates exhibit a Laplace distribution. Large price deviations from the mean price are also governed by a Laplace distribution (fat tails). These results are in agreement with empirical findings. The explicit comparison of the time evolution of consumer durables with empirical investigations confirms the close relationship between price decline and Gompertz diffusion, while the product life cycle can be described qualitatively for a long time period.

Presenting Germany's drug pricing rule as a cost-per-QALY rule.

PubMed

Gandjour, Afschin

2012-06-01

In Germany, the Institute for Quality and Efficiency in Health Care (IQWiG) makes recommendations for ceiling prices of drugs based on an evaluation of the relationship between costs and effectiveness. To set ceiling prices, IQWiG uses the following decision rule: the incremental cost-effectiveness ratio of a new drug compared with the next effective intervention should not be higher than that of the next effective intervention compared to its comparator. The purpose of this paper is to show that IQWiG's decision rule can be presented as a cost-per-QALY rule by using equity-weighted QALYs. This transformation shows where both rules share commonalities. Furthermore, it makes the underlying ethical implications of IQWiG's decision rule transparent and open to debate.

Comparing Generic Drug Markets in Europe and the United States: Prices, Volumes, and Spending.

PubMed

Wouters, Olivier J; Kanavos, Panos G; McKEE, Martin

2017-09-01

Policy Points: Our study indicates that there are opportunities for cost savings in generic drug markets in Europe and the United States. Regulators should make it easier for generic drugs to reach the market. Regulators and payers should apply measures to stimulate price competition among generic drugmakers and to increase generic drug use. To meaningfully evaluate policy options, it is important to analyze historical context and understand why similar initiatives failed previously. Rising drug prices are putting pressure on health care budgets. Policymakers are assessing how they can save money through generic drugs. We compared generic drug prices and market shares in 13 European countries, using data from 2013, to assess the amount of variation that exists between countries. To place these results in context, we reviewed evidence from recent studies on the prices and use of generics in Europe and the United States. We also surveyed peer-reviewed studies, gray literature, and books published since 2000 to (1) outline existing generic drug policies in European countries and the United States; (2) identify ways to increase generic drug use and to promote price competition among generic drug companies; and (3) explore barriers to implementing reform of generic drug policies, using a historical example from the United States as a case study. The prices and market shares of generics vary widely across Europe. For example, prices charged by manufacturers in Switzerland are, on average, more than 2.5 times those in Germany and more than 6 times those in the United Kingdom, based on the results of a commonly used price index. The proportion of prescriptions filled with generics ranges from 17% in Switzerland to 83% in the United Kingdom. By comparison, the United States has historically had low generic drug prices and high rates of generic drug use (84% in 2013), but has in recent years experienced sharp price increases for some off-patent products. There are policy solutions to address issues in Europe and the United States, such as streamlining the generic drug approval process and requiring generic prescribing and substitution where such policies are not yet in place. The history of substitution laws in the United States provides insights into the economic, political, and cultural issues influencing the adoption of generic drug policies. Governments should apply coherent supply- and demand-side policies in generic drug markets. An immediate priority is to convince more physicians, pharmacists, and patients that generic drugs are bioequivalent to branded products. Special-interest groups continue to obstruct reform in Europe and the United States. © 2017 The Authors The Milbank Quarterly published by Wiley Periodicals, Inc. on behalf of The Millbank Memorial Fund.

Dynamical analogy between economical crisis and earthquake dynamics within the nonextensive statistical mechanics framework

NASA Astrophysics Data System (ADS)

Potirakis, Stelios M.; Zitis, Pavlos I.; Eftaxias, Konstantinos

2013-07-01

The field of study of complex systems considers that the dynamics of complex systems are founded on universal principles that may be used to describe a great variety of scientific and technological approaches of different types of natural, artificial, and social systems. Several authors have suggested that earthquake dynamics and the dynamics of economic (financial) systems can be analyzed within similar mathematical frameworks. We apply concepts of the nonextensive statistical physics, on time-series data of observable manifestations of the underlying complex processes ending up with these different extreme events, in order to support the suggestion that a dynamical analogy exists between a financial crisis (in the form of share or index price collapse) and a single earthquake. We also investigate the existence of such an analogy by means of scale-free statistics (the Gutenberg-Richter distribution of event sizes). We show that the populations of: (i) fracto-electromagnetic events rooted in the activation of a single fault, emerging prior to a significant earthquake, (ii) the trade volume events of different shares/economic indices, prior to a collapse, and (iii) the price fluctuation (considered as the difference of maximum minus minimum price within a day) events of different shares/economic indices, prior to a collapse, follow both the traditional Gutenberg-Richter law as well as a nonextensive model for earthquake dynamics, with similar parameter values. The obtained results imply the existence of a dynamic analogy between earthquakes and economic crises, which moreover follow the dynamics of seizures, magnetic storms and solar flares.

The relationship between relational models and individualism and collectivism: evidence from culturally diverse work groups.

PubMed

Vodosek, Markus

2009-04-01

Relational models theory (Fiske, 1991 ) proposes that all thinking about social relationships is based on four elementary mental models: communal sharing, authority ranking, equality matching, and market pricing. Triandis and his colleagues (e.g., Triandis, Kurowski, & Gelfand, 1994 ) have suggested a relationship between the constructs of horizontal and vertical individualism and collectivism and Fiske's relational models. However, no previous research has examined this proposed relationship empirically. The objective of the current study was to test the association between the two frameworks in order to further our understanding of why members of culturally diverse groups may prefer different relational models in interactions with other group members. Findings from this study support a relationship between Triandis' constructs and Fiske's four relational models and uphold Fiske's ( 1991 ) claim that the use of the relational models is culturally dependent. As hypothesized, horizontal collectivism was associated with a preference for equality matching and communal sharing, vertical individualism was related to a preference for authority ranking, and vertical collectivism was related to a preference for authority ranking and communal sharing. However, contrary to expectations, horizontal individualism was not related to a preference for equality matching and market pricing, and vertical individualism was not associated with market pricing. By showing that there is a relationship between Triandis' and Fiske's frameworks, this study closes a gap in relational models theory, namely how culture relates to people's preferences for relational models. Thus, the findings from this study will enable future researchers to explain and predict what relational models are likely to be used in a certain cultural context.

Balancing medicine prices and business sustainability: analyses of pharmacy costs, revenues and profit shed light on retail medicine mark-ups in rural Kyrgyzstan

PubMed Central

2010-01-01

Background Numerous not-for-profit pharmacies have been created to improve access to medicines for the poor, but many have failed due to insufficient financial planning and management. These pharmacies are not well described in health services literature despite strong demand from policy makers, implementers, and researchers. Surveys reporting unaffordable medicine prices and high mark-ups have spurred efforts to reduce medicine prices, but price reduction goals are arbitrary in the absence of information on pharmacy costs, revenues, and profit structures. Health services research is needed to develop sustainable and "reasonable" medicine price goals and strategic initiatives to reach them. Methods We utilized cost accounting methods on inventory and financial information obtained from a not-for-profit rural pharmacy network in mountainous Kyrgyzstan to quantify costs, revenues, profits and medicine mark-ups during establishment and maintenance periods (October 2004-December 2007). Results Twelve pharmacies and one warehouse were established in remote Kyrgyzstan with < US $25,000 due to governmental resource-sharing. The network operated at break-even profit, leaving little room to lower medicine prices and mark-ups. Medicine mark-ups needed for sustainability were greater than originally envisioned by network administration. In 2005, 55%, 35%, and 10% of the network's top 50 products revealed mark-ups of < 50%, 50-99% and > 100%, respectively. Annual mark-ups increased dramatically each year to cover increasing recurrent costs, and by 2007, only 19% and 46% of products revealed mark-ups of < 50% and 50-99%, respectively; while 35% of products revealed mark-ups > 100%. 2007 medicine mark-ups varied substantially across these products, ranging from 32% to 244%. Mark-ups needed to sustain private pharmacies would be even higher in the absence of government subsidies. Conclusion Pharmacy networks can be established in hard-to-reach regions with little funding using public-private partnership, resource-sharing models. Medicine prices and mark-ups must be interpreted with consideration for regional costs of business. Mark-ups vary dramatically across medicines. Some mark-ups appear "excessive" but are likely necessary for pharmacy viability. Pharmacy financial data is available in remote settings and can be used towards determination of "reasonable" medicine price goals. Health systems researchers must document the positive and negative financial experiences of pharmacy initiatives to inform future projects and advance access to medicines goals. PMID:20626904

Balancing medicine prices and business sustainability: analyses of pharmacy costs, revenues and profit shed light on retail medicine mark-ups in rural Kyrgyzstan.

PubMed

Waning, Brenda; Maddix, Jason; Soucy, Lyne

2010-07-13

Numerous not-for-profit pharmacies have been created to improve access to medicines for the poor, but many have failed due to insufficient financial planning and management. These pharmacies are not well described in health services literature despite strong demand from policy makers, implementers, and researchers. Surveys reporting unaffordable medicine prices and high mark-ups have spurred efforts to reduce medicine prices, but price reduction goals are arbitrary in the absence of information on pharmacy costs, revenues, and profit structures. Health services research is needed to develop sustainable and "reasonable" medicine price goals and strategic initiatives to reach them. We utilized cost accounting methods on inventory and financial information obtained from a not-for-profit rural pharmacy network in mountainous Kyrgyzstan to quantify costs, revenues, profits and medicine mark-ups during establishment and maintenance periods (October 2004-December 2007). Twelve pharmacies and one warehouse were established in remote Kyrgyzstan with < US $25,000 due to governmental resource-sharing. The network operated at break-even profit, leaving little room to lower medicine prices and mark-ups. Medicine mark-ups needed for sustainability were greater than originally envisioned by network administration. In 2005, 55%, 35%, and 10% of the network's top 50 products revealed mark-ups of < 50%, 50-99% and > 100%, respectively. Annual mark-ups increased dramatically each year to cover increasing recurrent costs, and by 2007, only 19% and 46% of products revealed mark-ups of < 50% and 50-99%, respectively; while 35% of products revealed mark-ups > 100%. 2007 medicine mark-ups varied substantially across these products, ranging from 32% to 244%. Mark-ups needed to sustain private pharmacies would be even higher in the absence of government subsidies. Pharmacy networks can be established in hard-to-reach regions with little funding using public-private partnership, resource-sharing models. Medicine prices and mark-ups must be interpreted with consideration for regional costs of business. Mark-ups vary dramatically across medicines. Some mark-ups appear "excessive" but are likely necessary for pharmacy viability. Pharmacy financial data is available in remote settings and can be used towards determination of "reasonable" medicine price goals. Health systems researchers must document the positive and negative financial experiences of pharmacy initiatives to inform future projects and advance access to medicines goals.

The effect of cigarette prices on brand-switching in China: a longitudinal analysis of data from the ITC China Survey

PubMed Central

White, Justin S; Li, Jing; Hu, Teh-wei; Fong, Geoffrey T; Jiang, Yuan

2014-01-01

Background Recent studies have found that Chinese smokers are relatively unresponsive to cigarette prices. As the Chinese government contemplates higher tobacco taxes, it is important to understand the reasons for this low response. One possible explanation is that smokers buffer themselves from rising cigarette prices by switching to cheaper cigarette brands. Objective This study examines how cigarette prices influence consumers’ choices of cigarette brands in China. Methods This study uses panel data from the first three waves of the International Tobacco Control China Survey, drawn from six large cities in China and collected between 2006 and 2009. The study sample includes 3477 smokers who are present in at least two waves (8552 person-years). Cigarette brands are sorted by price into four tiers, using excise tax categories to determine the cut-off for each tier. The analysis relies on a conditional logit model to identify the relationship between price and brand choice. Findings Overall, 38% of smokers switched price tiers from one wave to the next. A ¥1 change in the price of cigarettes alters the tier choice of 4–7% of smokers. Restricting the sample to those who chose each given tier at baseline, a ¥1 increase in price in a given tier would decrease the share choosing that tier by 4% for Tier 1 and 1–2% for Tiers 2 and 3. Conclusions China's large price spread across cigarette brands appears to alter the brand selection of some consumers, especially smokers of cheaper brands. Tobacco pricing and tax policy can influence consumers’ incentives to switch brands. In particular, whereas ad valorem taxes in a tiered pricing system like China's encourage trading down, specific excise taxes discourage the practice. PMID:23697645

The price sensitivity of cigarette consumption in Bangladesh: evidence from the International Tobacco Control (ITC) Bangladesh Wave 1 (2009) and Wave 2 (2010) Surveys.

PubMed

Nargis, Nigar; Ruthbah, Ummul H; Hussain, A K M Ghulam; Fong, Geoffrey T; Huq, Iftekharul; Ashiquzzaman, S M

2014-03-01

In Bangladesh, the average excise tax on cigarettes accounted for just 38% of the average retail price of cigarettes in 2009, and 45% in 2010. Both these rates are well below the WHO recommended share of 70% of the retail price at a minimum. There is thus ample room for raising taxes on cigarettes in Bangladesh. The objective of the present work was therefore to estimate the price elasticity of demand for cigarettes and the effect of tax increases on the consumption of cigarettes and on tax revenue in Bangladesh. Based on data from Wave 1 (2009) and Wave 2 (2010) of the International Tobacco Control Bangladesh Survey, we estimated the overall impact of a price change on cigarette demand using a two-part model. The total price elasticity of cigarettes was measured by the sum of the elasticity of smoking prevalence and the elasticity of average daily consumption conditional on smoking participation. The price elasticity estimates were used in a simulation model to predict changes in cigarette consumption and tax revenue from tax and price increases. The total price elasticity of demand for cigarettes was estimated at -0.49. The elasticity of smoking prevalence accounted for 59% of the total price elasticity. The price elasticity of cigarette consumption is higher for people belonging to lower socioeconomic status. Increases in taxes would result in a significant reduction in cigarette consumption while increasing tax revenue. Raising cigarette prices through increased taxation could lead to a win-win-win situation in Bangladesh: it would reduce cigarette consumption, increase tobacco tax revenue and potentially decrease socioeconomic inequities.

The Price Sensitivity of Cigarette Consumption in Bangladesh: Evidence from the International Tobacco Control (ITC) Bangladesh Wave 1 (2009) and Wave 2 (2010) Surveys

PubMed Central

Nargis, Nigar; Ruthbah, Ummul H.; Hussain, AKM Ghulam; Fong, Geoffrey T.; Huq, Iftekharul; Ashiquzzaman, SM

2014-01-01

Background In Bangladesh, the average excise tax on cigarettes accounted for merely 38% in 2009 and 45% in 2010 of the average retail price of cigarettes. It is well below the WHO recommended share of 70% of the retail price at a minimum. There is thus ample room for raising taxes on cigarettes in Bangladesh. Objective The objective of the paper is to estimate the price elasticity of demand for cigarettes and the effect of tax increases on the consumption of cigarettes and on tax revenue in Bangladesh. Methods Based on data from Wave 1 (2009) and Wave 2 (2010) of the International Tobacco Control Bangladesh Survey, we estimate the overall impact of a price change on cigarette demand using a two-part model. The total price elasticity of cigarettes is measured by the sum of the elasticity of smoking prevalence and the elasticity of average daily consumption conditional on smoking participation. The price elasticity estimates are used in a simulation model to predict changes in cigarette consumption and tax revenue from tax and price increases. Findings The total price elasticity of demand for cigarettes is estimated at −0.49. The elasticity of smoking prevalence accounts for 59% of the total price elasticity. The price elasticity of cigarette consumption is higher for people belonging to lower socio-economic status. Increases in taxes would result in significant reduction in cigarette consumption while tax revenue increases. Conclusion Raising cigarette price through increased taxation can lead to a win-win-win situation in Bangladesh—it will reduce cigarette consumption, increase tobacco tax revenue and potentially decrease socio-economic inequities. PMID:24105828

If it ain't broke, don't price fix it: the OFT and the PPRS.

PubMed

Towse, Adrian

2007-07-01

The Office of Fair Trading (OFT) Report on the UK Pharmaceutical Price Regulation Scheme (PPRS) recommends that when the current five-year PPRS expires in 2010 it be replaced with 'value-based pricing' which involves pre-launch centralised government price setting based on a cost-per-QALY threshold plus periodic ex post reviews. I examine the validity of the OFTs criticisms of the existing PPRS, review its proposals and propose an alternative way forward. I conclude that PPRS has performed well as a procurement bargain between industry and the UK government. It does not, however, incentivise efficient relative prices. That is not its job. I identify a number of problems with the OFT proposals. I recommend that key elements of a reformed UK pharmaceutical environment for 2010 should include an expanded role for HTA but with companies retaining freedom to set prices at launch; HTA use targeted via a contingent value of information approach; a retained backstop PPRS, perhaps moving to an RPI-X type control; the use of risk sharing and non-linear pricing arrangements; measures to ensure more effective therapeutic switching at local level; and measures to improve the take up of cost-effective treatments. Copyright (c) 2007 John Wiley & Sons, Ltd.

Menthol cigarette pricing at military and community retail outlets in the United States.

PubMed

Poston, Walker S C; Jahnke, Sara A; Haddock, Christopher K; Hyder, Melissa L; Taylor, Jennifer E; Lando, Harry A; Kaipust, Christopher M

2012-09-01

Cigarette prices at military exchanges historically have been discounted. DoD Instruction 1330.9 has mandated that prices be within 5% of the price offered in the local community since 2001. Because minorities are highly represented in the military, we determined whether menthol cigarette prices, the leading choice of African Americans, were compliant with the instruction. We collected, via telephone, menthol cigarette price data from 48 randomly selected US military installation exchanges and matched local area Walmarts. We collected prices after taxes to determine the cost to consumer. Newport was selected as the index brand for menthol cigarettes because it is the leading and second leading brand smoked by African Americans and by Hispanics, respectively and has the second overall highest market share in the US. Smokers purchasing menthols at exchanges would realize average savings of 22.78%. There were no significant differences in savings based on military service (F = 1.850, p = 0.152) or US Census Division (F = 1.226, p = 0.311: data not shown). In addition, not a single exchange price was compliant with the DoD instruction. Newport menthol cigarettes at military exchanges cost substantially less than the nearest Walmart, with an average savings of 23%. Our findings demonstrate that menthol cigarettes are substantially discounted on military installations, in a manner similar to other cigarette prices, and that DoD Instruction 1330.09 is not enforced.

Menthol cigarette pricing at military and community retail outlets in the United States

PubMed Central

2012-01-01

Background Cigarette prices at military exchanges historically have been discounted. DoD Instruction 1330.9 has mandated that prices be within 5% of the price offered in the local community since 2001. Because minorities are highly represented in the military, we determined whether menthol cigarette prices, the leading choice of African Americans, were compliant with the instruction. Methods We collected, via telephone, menthol cigarette price data from 48 randomly selected US military installation exchanges and matched local area Walmarts. We collected prices after taxes to determine the cost to consumer. Newport was selected as the index brand for menthol cigarettes because it is the leading and second leading brand smoked by African Americans and by Hispanics, respectively and has the second overall highest market share in the US. Results Smokers purchasing menthols at exchanges would realize average savings of 22.78%. There were no significant differences in savings based on military service (F = 1.850, p = 0.152) or US Census Division (F = 1.226, p = 0.311: data not shown). In addition, not a single exchange price was compliant with the DoD instruction. Conclusions Newport menthol cigarettes at military exchanges cost substantially less than the nearest Walmart, with an average savings of 23%. Our findings demonstrate that menthol cigarettes are substantially discounted on military installations, in a manner similar to other cigarette prices, and that DoD Instruction 1330.09 is not enforced. PMID:22938755

Price-volume multifractal analysis and its application in Chinese stock markets

NASA Astrophysics Data System (ADS)

Yuan, Ying; Zhuang, Xin-tian; Liu, Zhi-ying

2012-06-01

An empirical research on Chinese stock markets is conducted using statistical tools. First, the multifractality of stock price return series, ri(ri=ln(Pt+1)-ln(Pt)) and trading volume variation series, vi(vi=ln(Vt+1)-ln(Vt)) is confirmed using multifractal detrended fluctuation analysis. Furthermore, a multifractal detrended cross-correlation analysis between stock price return and trading volume variation in Chinese stock markets is also conducted. It is shown that the cross relationship between them is also found to be multifractal. Second, the cross-correlation between stock price Pi and trading volume Vi is empirically studied using cross-correlation function and detrended cross-correlation analysis. It is found that both Shanghai stock market and Shenzhen stock market show pronounced long-range cross-correlations between stock price and trading volume. Third, a composite index R based on price and trading volume is introduced. Compared with stock price return series ri and trading volume variation series vi, R variation series not only remain the characteristics of original series but also demonstrate the relative correlation between stock price and trading volume. Finally, we analyze the multifractal characteristics of R variation series before and after three financial events in China (namely, Price Limits, Reform of Non-tradable Shares and financial crisis in 2008) in the whole period of sample to study the changes of stock market fluctuation and financial risk. It is found that the empirical results verified the validity of R.

Pricing strategies for capitated delivery systems

PubMed Central

Gruenberg, Leonard; Wallack, Stanley S.; Tompkins, Christopher P.

1986-01-01

This article discusses alternative methods for establishing a fairer pricing mechanism for Medicare recipients who enroll in health maintenance organizations and other competitive medical plans. The current method, based upon the adjusted average per capita cost, is inadequate because it fails to adjust premium levels for differences in health status; it establishes undesirable incentives that may lead to underservice, and it is tied to costs in the fee-for-service system. Alternative methods would incorporate health status, have Medicare share the risk with HMO's, and base payment on HMO experience. PMID:10311925

The collision of masses and the way prices react to expectations

NASA Astrophysics Data System (ADS)

Chavez-Guzman, Luis

2004-12-01

When a body is impacted by other bodies its position is determined by the force of the impacts, likewise the price of a share is determined by expectations. This study intents to establish taxonomy of expectations based on the different types of impacts a body can receive, these can be: a blow without penetration, a blow that penetrates and stays in the body, a blow that goes through the body without affecting the body mass, and lastly, a blow that reduces but does not penetrate the body mass.

Entry time effects and follow-on drug competition.

PubMed

Andrade, Luiz Flavio; Sermet, Catherine; Pichetti, Sylvain

2016-01-01

Pharmaceutical firms have been criticized for concentrating efforts of R&D on the so-called me-too or follow-on drugs. There have been many comments for and against the dissemination of these incremental innovations but few papers have broached the subject from an econometric point of view, possibly because identification of me-too or follow-on drugs is not so obvious. This paper focuses on the impact of entry order on follow-on drug competition in the French market between the years 2001 and 2007. More precisely, this study examines the effects on market share of first entrants in the follow-on drug market and how this possible competitive advantage changes over time. First results are coherent with theoretical microeconomic issues concerning the importance of being first. We find evidence that first movers in the follow-on drug market have the ability to capture and maintain greater market share for a long period of time. The hierarchical market position of follow-on drugs does not seem to be affected by generic drug emergence. From a dynamic perspective, our analysis shows that market share is positively correlated with the ability of follow-on drugs to set prices higher than the average follow-on drug prices in a specific therapeutic class, which means that market power remains considerably important for first movers. Moreover, we found that the optimum level of innovation to maximize market share is the highest one.

A Study of The Effect of Demand Uncertainty for Low-Carbon Products Using a Newsvendor Model

PubMed Central

Qu, Shaojian; Zhou, Yongyi

2017-01-01

This paper studies the effect of uncertain demand on a low-carbon product by using a newsvendor model. With two different kinds of market scales, we examine a game whereby a manufacturer produces and delivers a single new low-carbon product to a single retailer. The retailer observes the demand information and gives an order before the selling season. We find in the game that if the retailer shares truthful (or in contrast unreal or even does not share) forecast information with the manufacturer, the manufacturer will give a low (high) wholesale price through the sequence of events. In addition, as a policy-maker, the government posts a subsidy by selling the low-carbon product per unit. The manufacturer creates a new contract with a rebate for the retailer. We also take the consumer aversion coefficient and truth coefficient as qualitative variables into our model to study the order, pricing, and expected profit for the members of supply chain. The research shows that uncertain demand causes a the major effect on the new low-carbon product. Thereby, we suggest the retailer should share more truthful information with the manufacturer. PMID:29068382

Supply chain coordination with two production modes and random demand depending on advertising expenditure and selling price

NASA Astrophysics Data System (ADS)

Wang, Sheng-Dong; Zhou, Yong-Wu; Wang, Jun-Ping

2010-10-01

This article discusses production and order as well as advertising coordination issues in a single-manufacturer single-buyer supply chain, where the manufacturer sells a newsvendor-type product through the buyer who faces a random demand depending on advertising expenditure and selling price. The buyer has two ordering opportunities: the one happens before the beginning of the season, and the other takes place at the end of the season. The ordered items are produced by the manufacturer in two production modes for different requirements. The first production mode is relatively cheap but requires a long lead-time, whereas the second is expensive but offers quick response. Under such a setting, the centralised and decentralised decision models are developed, respectively, and the closed form solution to each model is provided as well. Moreover, we point out that the traditional revenue-sharing contract fails to coordinate the supply chain. We thus propose an improved revenue-sharing contract that requests the manufacturer not only shares the buyer's revenue but also bears a portion of the buyer's operating costs. Such a contract can achieve perfect coordination of the supply chain and arbitrarily allocate its profit between two parties.

A Strategic Bargaining Game for a Spectrum Sharing Scheme in Cognitive Radio-Based Heterogeneous Wireless Sensor Networks.

PubMed

Mao, Yuxing; Cheng, Tao; Zhao, Huiyuan; Shen, Na

2017-11-27

In Wireless Sensor Networks (WSNs), unlicensed users, that is, sensor nodes, have excessively exploited the unlicensed radio spectrum. Through Cognitive Radio (CR), licensed radio spectra, which are owned by licensed users, can be partly or entirely shared with unlicensed users. This paper proposes a strategic bargaining spectrum-sharing scheme, considering a CR-based heterogeneous WSN (HWSN). The sensors of HWSNs are discrepant and exist in different wireless environments, which leads to various signal-to-noise ratios (SNRs) for the same or different licensed users. Unlicensed users bargain with licensed users regarding the spectrum price. In each round of bargaining, licensed users are allowed to adaptively adjust their spectrum price to the best for maximizing their profits. . Then, each unlicensed user makes their best response and informs licensed users of "bargaining" and "warning". Through finite rounds of bargaining, this scheme can obtain a Nash bargaining solution (NBS), which makes all licensed and unlicensed users reach an agreement. The simulation results demonstrate that the proposed scheme can quickly find a NBS and all players in the game prefer to be honest. The proposed scheme outperforms existing schemes, within a certain range, in terms of fairness and trade success probability.

A Study of The Effect of Demand Uncertainty for Low-Carbon Products Using a Newsvendor Model.

PubMed

Qu, Shaojian; Zhou, Yongyi

2017-10-25

This paper studies the effect of uncertain demand on a low-carbon product by using a newsvendor model. With two different kinds of market scales, we examine a game whereby a manufacturer produces and delivers a single new low-carbon product to a single retailer. The retailer observes the demand information and gives an order before the selling season. We find in the game that if the retailer shares truthful (or in contrast unreal or even does not share) forecast information with the manufacturer, the manufacturer will give a low (high) wholesale price through the sequence of events. In addition, as a policy-maker, the government posts a subsidy by selling the low-carbon product per unit. The manufacturer creates a new contract with a rebate for the retailer. We also take the consumer aversion coefficient and truth coefficient as qualitative variables into our model to study the order, pricing, and expected profit for the members of supply chain. The research shows that uncertain demand causes a the major effect on the new low-carbon product. Thereby, we suggest the retailer should share more truthful information with the manufacturer.

Evolution in fluctuating environments: decomposing selection into additive components of the Robertson-Price equation.

PubMed

Engen, Steinar; Saether, Bernt-Erik

2014-03-01

We analyze the stochastic components of the Robertson-Price equation for the evolution of quantitative characters that enables decomposition of the selection differential into components due to demographic and environmental stochasticity. We show how these two types of stochasticity affect the evolution of multivariate quantitative characters by defining demographic and environmental variances as components of individual fitness. The exact covariance formula for selection is decomposed into three components, the deterministic mean value, as well as stochastic demographic and environmental components. We show that demographic and environmental stochasticity generate random genetic drift and fluctuating selection, respectively. This provides a common theoretical framework for linking ecological and evolutionary processes. Demographic stochasticity can cause random variation in selection differentials independent of fluctuating selection caused by environmental variation. We use this model of selection to illustrate that the effect on the expected selection differential of random variation in individual fitness is dependent on population size, and that the strength of fluctuating selection is affected by how environmental variation affects the covariance in Malthusian fitness between individuals with different phenotypes. Thus, our approach enables us to partition out the effects of fluctuating selection from the effects of selection due to random variation in individual fitness caused by demographic stochasticity. © 2013 The Author(s). Evolution © 2013 The Society for the Study of Evolution.

Using Performance-Based Risk-Sharing Arrangements to Address Uncertainty in Indication-Based Pricing.

PubMed

Yeung, Kai; Li, Meng; Carlson, Josh J

2017-10-01

The rise in pharmaceutical expenditures in recent years has increased health care payer interest in ensuring good value for the money. Indication-based pricing (IBP) sets separate, indication-specific prices paid to the manufacturer according to the expected efficacy of a drug in each of its indications. IBP allows payers to consistently pay for value across indications. While promising, a limitation of IBP as originally conceived is that efficacy estimates are typically based on clinical trial data, which may differ from real-world effectiveness. An outcomes guarantee is a type of performance-based risk-sharing arrangement that adjusts payments according to prospectively tracked outcomes. We suggest that an outcomes guarantee contract, which has been used by some payers, may be adapted to achieve indication-based prices supported by real-world effectiveness. To illustrate the potential of an outcomes guarantee to achieve indication-based prices aligned with real-world value, using a case study of trastuzumab for the treatment of metastatic breast and advanced gastric cancers. We estimated costs and outcomes under traditional IBP (i.e., expected value IBP) and outcomes guarantee frameworks and calculated incremental cost-effectiveness ratios (ICERs) comparing treatment with and without trastuzumab. Efficacy data came from pivotal trials, whereas effectiveness data came from observational studies. We adjusted trastuzumab prices in order to achieve target ICERs of $150,000 per quality-adjusted life-year under each framework and for each indication. To achieve the ICER target under traditional IBP, the unit price of trastuzumab using efficacy evidence was adjusted for metastatic breast and advanced gastric cancers from an average sales price of $9.17 per mg to $3.50 per mg and $0.93 per mg, respectively. Under an outcomes guarantee, the unit price of trastuzumab using effectiveness evidence was adjusted for metastatic breast cancer and advanced gastric cancer to $8.66 per mg and $0.20 per mg, respectively. Like expected value IBP, outcomes guarantee contracts can also vary payment based on indication. In addition, an outcomes guarantee can also reduce uncertainty regarding effectiveness and better align payment with the actual value of a treatment. No funding supported this study. Carlson reports consulting fees from Genentech, Pfizer, and Seattle Genetics. The other authors have no conflicts of interest to disclose. Study concept and design were contributed by Carlson, Yeung, and Li. Yeung, Carlson, and Li collected and analyzed the data. The manuscript was written primarily by Yeung, along with Carlson and Li, and revised by all the authors.

Quantifying stock-price response to demand fluctuations

NASA Astrophysics Data System (ADS)

Plerou, Vasiliki; Gopikrishnan, Parameswaran; Gabaix, Xavier; Stanley, H. Eugene

2002-08-01

We empirically address the question of how stock prices respond to changes in demand. We quantify the relations between price change G over a time interval Δt and two different measures of demand fluctuations: (a) Φ, defined as the difference between the number of buyer-initiated and seller-initiated trades, and (b) Ω, defined as the difference in number of shares traded in buyer- and seller-initiated trades. We find that the conditional expectation functions of price change for a given Φ or Ω, Φ and Ω (``market impact function''), display concave functional forms that seem universal for all stocks. For small Ω, we find a power-law behavior Ω~Ω1/8 with δ depending on Δt (δ~3 for Δt=5 min, δ~3/2 for Δt=15 min and δ~1 for large Δt). We find that large price fluctuations occur when demand is very small-a fact that is reminiscent of large fluctuations that occur at critical points in spin systems, where the divergent nature of the response function leads to large fluctuations.

The role of benchmark crudes in crude oil pricing

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

Wildblood, P.

1993-12-31

Most of the world`s oil, whether sold on a spot basis or as part of a term contract, will be priced on a relationship with one or other of a small number of marker crude oils. Generally, the markers used are West Texas Intermediate (WTI) and Alaskan North Slope (ANS) for crude oil coming into North and South America; Dubai or Oman for crudes being delivered into the Far Eastern markets; and Brent for any crude being delivered into Europe. For a variety of reasons, over the laster two years, Brent blend has become more predominant in the pricing processmore » for crude oils throughout the world. This has resulted in the fact that, directly or indirectly, Brent is now used to price approximately 65% of the world`s crude oil. So why is it that a crude oil with a comparatively small production base of around 700,000 barrels per day has now come to dominate the pricing of the lion`s share of the world`s crude oil? The answer to this question is discussed.« less

A Novel Model for Stock Price Prediction Using Hybrid Neural Network

NASA Astrophysics Data System (ADS)

Senapati, Manas Ranjan; Das, Sumanjit; Mishra, Sarojananda

2018-06-01

The foremost challenge for investors is to select stock price by analyzing financial data which is a menial task as of distort associated and massive pattern. Thereby, selecting stock poses one of the greatest difficulties for investors. Nowadays, prediction of financial market like stock market, exchange rate and share value are very challenging field of research. The prediction and scrutinization of stock price is also a potential area of research due to its vital significance in decision making by financial investors. This paper presents an intelligent and an optimal model for prophecy of stock market price using hybridization of Adaline Neural Network (ANN) and modified Particle Swarm Optimization (PSO). The connoted model hybrid of Adaline and PSO uses fluctuations of stock market as a factor and employs PSO to optimize and update weights of Adaline representation to depict open price of Bombay stock exchange. The prediction performance of the proposed model is compared with different representations like interval measurements, CMS-PSO and Bayesian-ANN. The result indicates that proposed scheme has an edge over all the juxtaposed schemes in terms of mean absolute percentage error.

Oil supply between OPEC and non-OPEC based on game theory

NASA Astrophysics Data System (ADS)

Chang, Yuwen; Yi, Jiexin; Yan, Wei; Yang, Xinshe; Zhang, Song; Gao, Yifan; Wang, Xi

2014-10-01

The competing strategies between OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC producers make the oil supply market a complex system, and thus, it is very difficult to model and to make predictions. In this paper, we combine the macro-model based on game theory and micro-model to propose a new approach for forecasting oil supply. We take into account the microscopic behaviour in the clearing market and also use the game relationships to adjust oil supplies in our approach. For the supply model, we analyse and consider the different behaviour of non-OPEC and OPEC producers. According to our analysis, limiting the oil supply, and thus maintaining oil price, is the best strategy for OPEC in the low-price scenario, while the rising supply is the best strategy in the high-price scenario. No matter what the oil price is, the dominant strategy for non-OPEC producers is to increase their oil supply. In the high-price scenario, OPEC will try to deplete non-OPEC's share in the oil supply market, which is to OPEC's advantage.

U.S. Energy Sector Impacts of Technology Innovation, Fuel Price, and Electric Sector CO 2 Policy: Results from the EMF 32 Model Intercomparison Study

DOE PAGES

Hodson, Elke L.; Brown, Maxwell; Cohen, Stuart; ...

2018-03-22

We study the impact of fuel prices, technology innovation, and a CO 2 emissions reduction policy on both the electric power and end-use sectors by comparing outputs from four U.S. energyeconomic models through the year 2050. Achieving innovation goals decreases CO 2 emissions in all models, regardless of natural gas price, due to increased energy efficiency and low-carbon generation becoming more cost competitive. For the models that include domestic natural gas markets, achieving innovation goals lowers wholesale electricity prices, but this effect diminishes as projected natural gas prices increase. Higher natural gas prices lead to higher wholesale electricity prices butmore » fewer coal capacity retirements. A CO 2 electric power sector emissions cap influences electric sector evolution under reference technology assumptions but has little to no incremental influence when added to innovation goals. Long-term, meeting innovation goals achieves a generation mix with similar CO 2 emissions compared to the CO 2 policy but with smaller increases to wholesale electricity prices. In the short-term, the relative effect on wholesale prices differs by model. Finally, higher natural gas prices, achieving innovation goals, and the combination of the two, increases the amount of renewable generation that is cost-effective to build and operate while slowing the growth of natural-gas fired generation, which is the predominant generation type in 2050 under reference conditions.« less

U.S. Energy Sector Impacts of Technology Innovation, Fuel Price, and Electric Sector CO 2 Policy: Results from the EMF 32 Model Intercomparison Study

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

Hodson, Elke L.; Brown, Maxwell; Cohen, Stuart

We study the impact of fuel prices, technology innovation, and a CO 2 emissions reduction policy on both the electric power and end-use sectors by comparing outputs from four U.S. energyeconomic models through the year 2050. Achieving innovation goals decreases CO 2 emissions in all models, regardless of natural gas price, due to increased energy efficiency and low-carbon generation becoming more cost competitive. For the models that include domestic natural gas markets, achieving innovation goals lowers wholesale electricity prices, but this effect diminishes as projected natural gas prices increase. Higher natural gas prices lead to higher wholesale electricity prices butmore » fewer coal capacity retirements. A CO 2 electric power sector emissions cap influences electric sector evolution under reference technology assumptions but has little to no incremental influence when added to innovation goals. Long-term, meeting innovation goals achieves a generation mix with similar CO 2 emissions compared to the CO 2 policy but with smaller increases to wholesale electricity prices. In the short-term, the relative effect on wholesale prices differs by model. Finally, higher natural gas prices, achieving innovation goals, and the combination of the two, increases the amount of renewable generation that is cost-effective to build and operate while slowing the growth of natural-gas fired generation, which is the predominant generation type in 2050 under reference conditions.« less

Poor program's progress: the unanticipated politics of Medicaid policy.

PubMed

Brown, Lawrence D; Sparer, Michael S

2003-01-01

Advocates of U.S. national health insurance tend to share an image that highlights universal standards of coverage, social insurance financing, and national administration--in short, the basic features of Medicare. Such an approach is said to be good (equitable and efficient) policy and equally good politics. Medicaid, by contrast, is often taken to exemplify poor policy and poorer politics: means-tested eligibility, general revenue financing, and federal/state administration, which encourage inequities and disparities of care. This stark juxtaposition fails, however, to address important counterintuitive elements in the political evolution of these programs. Medicare's benefits and beneficiaries have stayed disturbingly stable, but Medicaid's relatively broad benefits have held firm, and its categories of beneficiaries have expanded. Repeated alarms about "bankruptcy" have undermined confidence in Medicare's trust funding, while Medicaid's claims on the taxpayer's dollar have worn well. Medicare's national administration has avoided disparities, but at the price of sacrificing state and local flexibility that can ease such "reforms" as the introduction of managed care. That Medicaid has fared better than a "poor people's program" supposedly could has provocative implications for health reform debates.

[Spending on private health insurance plans of Brazilian families: a descriptive study with data from the Family Budget Surveys 2002-2003 and 2008-2009].

PubMed

Garcia, Leila Posenato; Ocké-Reis, Carlos Octávio; de Magalhães, Luís Carlos Garcia; Sant'Anna, Ana Claudia; de Freitas, Lúcia Rolim Santana

2015-05-01

Spending on health insurance represents an important share of private expenditure on health in Brazil. The study aimed to describe the evolution of spending on private health insurance plans of Brazilian families, according to their income. Data from the Family Budget Surveys (POF) 2002-2003 and 2008-2009 were used. To compare the spending figures among the surveys, the Consumer Price Index (IPCA) was applied. The proportion of families with private health insurance expenses remained stable in both surveys (2002-2003 and 2008-2009), around 24%. However, the household spending on health insurance plans increased. Among those families who spent money oh health insurance plans, the average spending increased from R$154.35 to R$183.97. The average spending on health insurance plans was greater with increasing household income, as well as portions of the family income and total expenditure committed to these expenses. Spending on health insurance is concentrated among higher-income families, for which it was the main component of total health expenditure.

Evolutionary Thinking in Microeconomic Models: Prestige Bias and Market Bubbles

PubMed Central

Bell, Adrian Viliami

2013-01-01

Evolutionary models broadly support a number of social learning strategies likely important in economic behavior. Using a simple model of price dynamics, I show how prestige bias, or copying of famed (and likely successful) individuals, influences price equilibria and investor disposition in a way that exacerbates or creates market bubbles. I discuss how integrating the social learning and demographic forces important in cultural evolution with economic models provides a fruitful line of inquiry into real-world behavior. PMID:23544100

The 1986 world oil puzzle: Confusion and anxiety

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

Field, S.

1986-01-01

The turbulent international political and economic events of the 1970s and 1980s reinforce the instinctive feeling that the future is inherently unpredictable. Yet we continue to strive for a perception of the future because it is a necessary component of a rational framework for intelligent decision making. In this paper, the chronological evolution of oil pricing is presented to provide an historical perspective to view current events. The outlook for the main determinants of oil price is then examined.

The simple economics of risk-sharing agreements between the NHS and the pharmaceutical industry.

PubMed

Barros, Pedro Pita

2011-04-01

The introduction of new (and expensive) pharmaceutical products is one of the major challenges for health systems. The search for new institutional arrangements is natural. The use of the so-called risk-sharing agreements is one example. Recent discussions have somewhat neglected the economic fundamentals underlying risk-sharing agreements. We argue here that risk-sharing agreements, although attractive due to the principle of paying by results, also entail risks. Too many patients may be put under treatment. Prices are likely to be adjusted upward, in anticipation of future risk-sharing agreements between the pharmaceutical company and the third-party payer. An available instrument is a verification cost per patient treated, which allows obtaining the first-best allocation of patients to the new treatment, under the agreement. Overall, the welfare effects of risk-sharing agreements are ambiguous, and caution is urged regarding their use. Copyright © 2010 John Wiley & Sons, Ltd.

Should health authorities offer risk-sharing contracts to pharmaceutical firms? A theoretical approach.

PubMed

Antonanzas, Fernando; Juarez-Castello, Carmelo; Rodriguez-Ibeas, Roberto

2011-07-01

In this paper, we characterise the risk-sharing contracts that health authorities can design when they face a regulatory decision on drug pricing and reimbursement in a context of uncertainty. We focus on two types of contracts. On the one hand, the health authority can reimburse the firm for each treated patient regardless of health outcomes (non risk-sharing). Alternatively, the health authority can pay for the drug only when the patient is cured (risk-sharing contract). The optimal contract depends on the trade-off between the monitoring costs, the marginal production cost and the utility derived from treatment. A non-risk-sharing agreement will be preferred by the health authority, if patients who should not be treated impose a relatively low cost to the health system. When this cost is high, the health authority would prefer a risk-sharing agreement for relatively low monitoring costs.

Good Samaritans in Networks: An Experiment on How Networks Influence Egalitarian Sharing and the Evolution of Inequality

PubMed Central

Chiang, Yen-Sheng

2015-01-01

The fact that the more resourceful people are sharing with the poor to mitigate inequality—egalitarian sharing—is well documented in the behavioral science research. How inequality evolves as a result of egalitarian sharing is determined by the structure of “who gives whom”. While most prior experimental research investigates allocation of resources in dyads and groups, the paper extends the research of egalitarian sharing to networks for a more generalized structure of social interaction. An agent-based model is proposed to predict how actors, linked in networks, share their incomes with neighbors. A laboratory experiment with human subjects further shows that income distributions evolve to different states in different network topologies. Inequality is significantly reduced in networks where the very rich and the very poor are connected so that income discrepancy is salient enough to motivate the rich to share their incomes with the poor. The study suggests that social networks make a difference in how egalitarian sharing influences the evolution of inequality. PMID:26061642

Recycling Pricing and Coordination of WEEE Dual-Channel Closed-Loop Supply Chain Considering Consumers' Bargaining.

PubMed

Zhu, Xiaodong; Wang, Jing; Tang, Juan

2017-12-15

Environmentally friendly handling and efficient recycling of waste electrical on Waste Electrical and Electronic Equipment (WEEE) have grown to be a global social problem. As holders of WEEE, consumers have a significant effect on the recycling process. A consideration of and attention to the influence of consumer behavior in the recycling process can help achieve more effective recycling of WEEE. In this paper, we built a dual-channel closed-loop supply chain model composed of manufacturers, retailers, and network recycling platforms. Based on the influence of customer bargaining behavior, we studied several different scenarios of centralized decision-making, decentralized decision-making, and contract coordination, using the Stackelberg game theory. The results show that retailers and network recycling platforms will reduce the direct recovery prices to maintain their own profit when considering the impact of consumer bargaining behavior, while remanufacturers will improve the transfer payment price for surrendering part of the profit under revenue and the expense sharing contract. Using this contract, we can achieve supply chain coordination and eliminate the effect of consumer bargaining behavior on supply chain performance. It can be viewed from the parameter sensitivity analysis that when we select the appropriate sharing coefficient, the closed-loop supply chain can achieve the same system performance under a centralized decision.

Recycling Pricing and Coordination of WEEE Dual-Channel Closed-Loop Supply Chain Considering Consumers’ Bargaining

PubMed Central

Zhu, Xiaodong; Wang, Jing; Tang, Juan

2017-01-01

Environmentally friendly handling and efficient recycling of waste electrical on Waste Electrical and Electronic Equipment (WEEE) have grown to be a global social problem. As holders of WEEE, consumers have a significant effect on the recycling process. A consideration of and attention to the influence of consumer behavior in the recycling process can help achieve more effective recycling of WEEE. In this paper, we built a dual-channel closed-loop supply chain model composed of manufacturers, retailers, and network recycling platforms. Based on the influence of customer bargaining behavior, we studied several different scenarios of centralized decision-making, decentralized decision-making, and contract coordination, using the Stackelberg game theory. The results show that retailers and network recycling platforms will reduce the direct recovery prices to maintain their own profit when considering the impact of consumer bargaining behavior, while remanufacturers will improve the transfer payment price for surrendering part of the profit under revenue and the expense sharing contract. Using this contract, we can achieve supply chain coordination and eliminate the effect of consumer bargaining behavior on supply chain performance. It can be viewed from the parameter sensitivity analysis that when we select the appropriate sharing coefficient, the closed-loop supply chain can achieve the same system performance under a centralized decision. PMID:29244778

Real price and affordability as challenges for effective tobacco control policies: an analysis for Argentina.

PubMed

Rodríguez-Iglesias, Germán; González-Rozada, Martín; Champagne, Beatriz Marcet; Schoj, Verónica

2015-02-01

To describe the evolution of cigarettes' real price and affordability during the last decade in Argentina. To analyze the real price of cigarettes, the weighted average monthly price of a pack of 20 cigarettes was divided by the consumer price index (CPI) from 2004 to 2014. The relative income price (RIP) was evaluated for the same period, defining RIP as the percentage of the income required to buy 100 packs of 20-per-pack cigarettes. The RIP was calculated for first-quartile, median, and third-quartile income groups. The lower the RIP, the higher the affordability. The nominal price of a pack of 20 cigarettes sold in Argentina increased from AR$ 2.24 in March 2004 to AR$ 14.36 in June 2014 (nominal price increase of about 19.7% per year). The real price fell from AR$ 2.24 in March 2004 to AR$ 2.11 in June 2014 (real price drop of about 0.6% per year). Between June 2004 and June 2014, the RIP decreased about 39% for the 3rd quartile income group (from 31.3% to 19.2%), about 42% for the median (from 55.7% to 32.0%), and about 50% for the 1st quartile (from 104.4% to 51.8%). In Argentina, inflation and rising income were greater than growth in cigarette prices. Cigarette affordability increased for each income group, with the highest shifts occurring among the poorest and most vulnerable income earners. The increased affordability of cigarettes might reduce the impact of implemented tobacco control policies.

Coordinating a Supply Chain with Price and Advertisement Dependent Stochastic Demand

PubMed Central

Li, Liying; Wang, Yong; Yan, Xiaoming

2013-01-01

This paper investigates pricing and ordering as well as advertising coordination issues in a single-manufacturer single-retailer supply chain, where the manufacturer sells a newsvendor-type product through the retailer who faces a stochastic demand depending on both retail price and advertising expenditure. Under the assumption that the market demand has a multiplicative functional form, the Stackelberg and cooperative game models are developed, and the closed form solution to each model is provided as well. Comparisons and insights are presented. We show that a properly designed revenue-cost-sharing contract can achieve supply chain coordination and lead to a Pareto improving win-win situation for channel members. We also discuss the allocation of the extra joint profit according to individual supply chain members' risk preferences and negotiating powers. PMID:24453832

Low-traffic limit and first-passage times for a simple model of the continuous double auction

NASA Astrophysics Data System (ADS)

Scalas, Enrico; Rapallo, Fabio; Radivojević, Tijana

2017-11-01

We consider a simplified model of the continuous double auction where prices are integers varying from 1 to N with limit orders and market orders, but quantity per order limited to a single share. For this model, the order process is equivalent to two M / M / 1 queues. We study the behavior of the auction in the low-traffic limit where limit orders are immediately matched by market orders. In this limit, the distribution of prices can be computed exactly and gives a reasonable approximation of the price distribution when the ratio between the rate of order arrivals and the rate of order executions is below 1 / 2. This is further confirmed by the analysis of the first-passage time in 1 or N.

Coordinating a supply chain with price and advertisement dependent stochastic demand.

PubMed

Li, Liying; Wang, Yong; Yan, Xiaoming

2013-01-01

This paper investigates pricing and ordering as well as advertising coordination issues in a single-manufacturer single-retailer supply chain, where the manufacturer sells a newsvendor-type product through the retailer who faces a stochastic demand depending on both retail price and advertising expenditure. Under the assumption that the market demand has a multiplicative functional form, the Stackelberg and cooperative game models are developed, and the closed form solution to each model is provided as well. Comparisons and insights are presented. We show that a properly designed revenue-cost-sharing contract can achieve supply chain coordination and lead to a Pareto improving win-win situation for channel members. We also discuss the allocation of the extra joint profit according to individual supply chain members' risk preferences and negotiating powers.

Three essays in corporate finance: Examining the influence of government ownership and evaluating crude oil arbitrage

NASA Astrophysics Data System (ADS)

Holland, Kateryna

The aim of this dissertation is twofold: first, to evaluate how governments influence firms in which they invest (chapters one and two), and second, to examine arbitrage in the crude oil market by investigating the relationship between crude oil inventories, physical prices, and financial prices (chapter three). In the first chapter (The Wealth Effects of Government Investment in Publicly Traded Firms), I study how government share ownership affects shareholder wealth. I find that government investments with higher likelihood of political interference have a negative influence on shareholder wealth, while the opposite is true for government investments with economic objectives. In the second chapter (Government Ownership and the Cost of Debt: Evidence form Government Investment in Publicly Traded Firms), I investigate how government share ownership affects the cost of debt of publicly traded firms. I find that government ownership generally leads to a higher cost of debt, except for times of economic and firm distress, when the value of the implicit government guarantee is associated with a reduction in the cost of debt. In the third chapter (Financial Trading, Spot Oil Prices, and Inventory: Evidence from the U.S. Crude Oil Market), I confirm the existence of an active cash and carry market in crude oil in Cushing, OK, the main U.S. crude oil futures settlement location. In other words, crude oil inventories in Cushing, but not in any other U.S. crude oil storage locations, are explained by the spread between the financial and the physical price of oil in addition to operational factors.

Transitioning to a national health system in Cyprus: a stakeholder analysis of pharmaceutical policy reform

PubMed Central

Kanavos, Panos G

2015-01-01

Abstract Objective To review the pharmaceutical sector in Cyprus in terms of the availability and affordability of medicines and to explore pharmaceutical policy options for the national health system finance reform expected to be introduced in 2016. Methods We conducted semi-structured interviews in April 2014 with senior representatives from seven key national organizations involved in pharmaceutical care. The captured data were coded and analysed using the predetermined themes of pricing, reimbursement, prescribing, dispensing and cost sharing. We also examined secondary data provided by the Cypriot Ministry of Health; these data included the prices and volumes of prescription medicines in 2013. Findings We identified several key issues, including high medicine prices, underuse of generic medicines and high out-of-pocket drug spending. Most stakeholders recommended that the national government review existing pricing policies to ensure medicines within the forthcoming national health system are affordable and available, introduce a national reimbursement system and incentivize the prescribing and dispensing of generic medicines. There were disagreements over how to (i) allocate responsibilities to governmental agencies in the national health system, (ii) reconcile differences in opinion between stakeholders and (iii) raise awareness among patients, physicians and pharmacists about the benefits of greater generic drug use. Conclusion In Cyprus, if the national health system is going to provide universal health coverage in a sustainable fashion, then the national government must address the current issues in the pharmaceutical sector. Importantly, the country will need to increase the market share of generic medicines to contain drug spending. PMID:26478624

Space Station Freedom

NASA Technical Reports Server (NTRS)

Keyes, Gilbert

1991-01-01

Information is given in viewgraph form on Space Station Freedom. Topics covered include future evolution, man-tended capability, permanently manned capability, standard payload rack dimensions, the Crystals by Vapor Transport Experiment (CVTE), commercial space projects interfaces, and pricing policy.

Analyzing the prices of the most expensive sheet iron all over the world: Modeling, prediction and regime change

NASA Astrophysics Data System (ADS)

Song, Fu-Tie; Zhou, Wei-Xing

2010-09-01

The private car license plates issued in Shanghai are bestowed the title of “the most expensive sheet iron all over the world”, more expensive than gold. A citizen has to bid in a monthly auction to obtain a license plate for his new private car. We perform statistical analysis to investigate the influence of the minimal price Pmin of the bidding winners, the quota N of private car license plates, the number N of bidders, as well as two external shocks including the legality debate of the auction in 2004 and the auction regime reform in January 2008 on the average price P of all bidding winners. It is found that the legality debate of the auction had marginal transient impact on the average price in a short time period. In contrast, the change of the auction rules has significant permanent influence on the average price, which reduces the price by about 3020 yuan Renminbi. It means that the average price exhibits nonlinear behaviors with a regime change. The evolution of the average price is independent of the number N of bidders in both regimes. In the early regime before January 2008, the average price P was influenced only by the minimal price Pmin in the preceding month with a positive correlation. In the current regime since January 2008, the average price is positively correlated with the minimal price and the quota in the preceding month and negatively correlated with the quota in the same month. We test the predictive power of the two models using 2-year and 3-year moving windows and find that the latter outperforms the former. It seems that the auction market becomes more efficient after the auction reform since the prediction error increases.

Consumer preference models: fuzzy theory approach

NASA Astrophysics Data System (ADS)

Turksen, I. B.; Wilson, I. A.

1993-12-01

Consumer preference models are widely used in new product design, marketing management, pricing and market segmentation. The purpose of this article is to develop and test a fuzzy set preference model which can represent linguistic variables in individual-level models implemented in parallel with existing conjoint models. The potential improvements in market share prediction and predictive validity can substantially improve management decisions about what to make (product design), for whom to make it (market segmentation) and how much to make (market share prediction).

CSR Cuts Bring Unintended Consequences, Prompt State Responses.

PubMed

Kirkner, Richard Mark

2017-12-01

Eliminating the cost-sharing payments (CSRs) to insurers to hold down out-of-pocket costs for low-income people who purchase individual health plans may wind up actually increasing overall federal spending by driving up premium subsidies to cover higher price plans.

Guidelines for Outsourcing Remote Access.

ERIC Educational Resources Information Center

Hassler, Ardoth; Neuman, Michael

1996-01-01

Discusses the advantages and disadvantages of outsourcing remote access to campus computer networks and the Internet, focusing on improved service, cost-sharing, partnerships with vendors, supported protocols, bandwidth, scope of access, implementation, support, network security, and pricing. Includes a checklist for a request for proposals on…

OCLC: Changing the Tasks of Librarianship.

ERIC Educational Resources Information Center

Smith, K. Wayne

1993-01-01

Reviews the history of OCLC and describes current and future objectives. Highlights include membership; network affiliations; cataloging services; interlibrary loan; EPIC, a new reference system; a new telecommunications network; PRISM, a new online system for cataloging and resource sharing; pricing strategies; international operations; and…

Effects of food price inflation on infant and child mortality in developing countries.

PubMed

Lee, Hyun-Hoon; Lee, Suejin A; Lim, Jae-Young; Park, Cyn-Young

2016-06-01

After a historic low level in the early 2000s, global food prices surged upwards to bring about the global food crisis of 2008. High and increasing food prices can generate an immediate threat to the security of a household's food supply, thereby undermining population health. This paper aims to assess the precise effects of food price inflation on child health in developing countries. This paper employs a panel dataset covering 95 developing countries for the period 2001-2011 to make a comprehensive assessment of the effects of food price inflation on child health as measured in terms of infant mortality rate and child mortality rate. Focusing on any departure of health indicators from their respective trends, we find that rising food prices have a significant detrimental effect on nourishment and consequently lead to higher levels of both infant and child mortality in developing countries, and especially in least developed countries (LDCs). High food price inflation rates are also found to cause an increase in undernourishment only in LDCs and thus leading to an increase in infant and child mortality in these poorest countries. This result is consistent with the observation that, in lower-income countries, food has a higher share in household expenditures and LDCs are likely to be net food importing countries. Hence, there should be increased efforts by both LDC governments and the international community to alleviate the detrimental link between food price inflation and undernourishment and also the link between undernourishment and infant mortality.

Reform of prescription drug reimbursement and pricing in the German social health insurance market: a comparison of three scenarios.

PubMed

Gress, Stefan; Niebuhr, Dea; May, Uwe; Wasem, Jürgen

2007-01-01

We review regulation of two important parameters for third-party payers and manufacturers of prescription drugs: regulation of reimbursement and pricing. We find that centralised regulation of reimbursement and pricing prevails in the 15 original EU member countries (EU-15) and in European Free Trade Association (EFTA) countries. Compared with countries such as Switzerland, The Netherlands, France and England, regulation in the German social health insurance system is rather unique. First, market approval is nearly always equivalent to reimbursement. Second, manufacturers are free to determine prices but internal reference prices restrict them from actually doing so for generics and therapeutic substitutes. In order to contain rising expenditures for prescription drugs in Germany, and to set incentives for physicians to consider the costs as well as the benefits of prescriptions, three reform scenarios are feasible. The first scenario maintains centralised reimbursement and centralised pricing; the second maintains centralised reimbursement but switches to decentralised pricing (similar to social health insurance in Israel and Medicare in the US). Third-party payers would be able to negotiate with manufacturers about discounts and market shares for genetic and therapeutic substitutes. In the third scenario, pricing and reimbursement would be decentralised (similar to private health insurance in the US). We suggest that the second scenario is a viable compromise between consumer protection and a more competitive and cost-effective market for prescription drugs in German social health insurance and other similar markets for prescription drugs.

Eigenvalue density of cross-correlations in Sri Lankan financial market

NASA Astrophysics Data System (ADS)

Nilantha, K. G. D. R.; Ranasinghe; Malmini, P. K. C.

2007-05-01

We apply the universal properties with Gaussian orthogonal ensemble (GOE) of random matrices namely spectral properties, distribution of eigenvalues, eigenvalue spacing predicted by random matrix theory (RMT) to compare cross-correlation matrix estimators from emerging market data. The daily stock prices of the Sri Lankan All share price index and Milanka price index from August 2004 to March 2005 were analyzed. Most eigenvalues in the spectrum of the cross-correlation matrix of stock price changes agree with the universal predictions of RMT. We find that the cross-correlation matrix satisfies the universal properties of the GOE of real symmetric random matrices. The eigen distribution follows the RMT predictions in the bulk but there are some deviations at the large eigenvalues. The nearest-neighbor spacing and the next nearest-neighbor spacing of the eigenvalues were examined and found that they follow the universality of GOE. RMT with deterministic correlations found that each eigenvalue from deterministic correlations is observed at values, which are repelled from the bulk distribution.

Price-transparency and cost accounting: challenges for health care organizations in the consumer-driven era.

PubMed

Hilsenrath, Peter; Eakin, Cynthia; Fischer, Katrina

2015-01-01

Health care reform is directed toward improving access and quality while containing costs. An essential part of this is improvement of pricing models to more accurately reflect the costs of providing care. Transparent prices that reflect costs are necessary to signal information to consumers and producers. This information is central in a consumer-driven marketplace. The rapid increase in high deductible insurance and other forms of cost sharing incentivizes the search for price information. The organizational ability to measure costs across a cycle of care is an integral component of creating value, and will play a greater role as reimbursements transition to episode-based care, value-based purchasing, and accountable care organization models. This article discusses use of activity-based costing (ABC) to better measure the cost of health care. It describes examples of ABC in health care organizations and discusses impediments to adoption in the United States including cultural and institutional barriers. © The Author(s) 2015.

Modeling and simulating industrial land-use evolution in Shanghai, China

NASA Astrophysics Data System (ADS)

Qiu, Rongxu; Xu, Wei; Zhang, John; Staenz, Karl

2018-01-01

This study proposes a cellular automata-based Industrial and Residential Land Use Competition Model to simulate the dynamic spatial transformation of industrial land use in Shanghai, China. In the proposed model, land development activities in a city are delineated as competitions among different land-use types. The Hedonic Land Pricing Model is adopted to implement the competition framework. To improve simulation results, the Land Price Agglomeration Model was devised to simulate and adjust classic land price theory. A new evolutionary algorithm-based parameter estimation method was devised in place of traditional methods. Simulation results show that the proposed model closely resembles actual land transformation patterns and the model can not only simulate land development, but also redevelopment processes in metropolitan areas.

Pricing timer options and variance derivatives with closed-form partial transform under the 3/2 model

PubMed Central

Zheng, Wendong; Zeng, Pingping

2016-01-01

ABSTRACT Most of the empirical studies on stochastic volatility dynamics favour the 3/2 specification over the square-root (CIR) process in the Heston model. In the context of option pricing, the 3/2 stochastic volatility model (SVM) is reported to be able to capture the volatility skew evolution better than the Heston model. In this article, we make a thorough investigation on the analytic tractability of the 3/2 SVM by proposing a closed-form formula for the partial transform of the triple joint transition density which stand for the log asset price, the quadratic variation (continuous realized variance) and the instantaneous variance, respectively. Two distinct formulations are provided for deriving the main result. The closed-form partial transform enables us to deduce a variety of marginal partial transforms and characteristic functions and plays a crucial role in pricing discretely sampled variance derivatives and exotic options that depend on both the asset price and quadratic variation. Various applications and numerical examples on pricing moment swaps and timer options with discrete monitoring feature are given to demonstrate the versatility of the partial transform under the 3/2 model. PMID:28706460

The Value of Renewable Energy as a Hedge Against Fuel Price Risk: Analytic Contributions from Economic and Finance Theory

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

Bolinger, Mark A; Wiser, Ryan

2008-09-15

For better or worse, natural gas has become the fuel of choice for new power plants being built across the United States. According to the Energy Information Administration (EIA), natural gas-fired units account for nearly 90% of the total generating capacity added in the U.S. between 1999 and 2005 (EIA 2006b), bringing the nationwide market share of gas-fired generation to 19%. Looking ahead over the next decade, the EIA expects this trend to continue, increasing the market share of gas-fired generation to 22% by 2015 (EIA 2007a). Though these numbers are specific to the US, natural gas-fired generation is makingmore » similar advances in many other countries as well. A large percentage of the total cost of gas-fired generation is attributable to fuel costs--i.e., natural gas prices. For example, at current spot prices of around $7/MMBtu, fuel costs account for more than 75% of the levelized cost of energy from a new combined cycle gas turbine, and more than 90% of its operating costs (EIA 2007a). Furthermore, given that gas-fired plants are often the marginal supply units that set the market-clearing price for all generators in a competitive wholesale market, there is a direct link between natural gas prices and wholesale electricity prices. In this light, the dramatic increase in natural gas prices since the 1990s should be a cause for ratepayer concern. Figure 1 shows the daily price history of the 'first-nearby' (i.e., closest to expiration) NYMEX natural gas futures contract (black line) at Henry Hub, along with the futures strip (i.e., the full series of futures contracts) from August 22, 2007 (red line). First, nearby prices, which closely track spot prices, have recently been trading within a $7-9/MMBtu range in the United States and, as shown by the futures strip, are expected to remain there through 2012. These price levels are $6/MMBtu higher than the $1-3/MMBtu range seen throughout most of the 1990s, demonstrating significant price escalation for natural gas in the United States over a relatively brief period. Perhaps of most concern is that this dramatic price increase was largely unforeseen. Figure 2 compares the EIA's natural gas wellhead price forecast from each year's Annual Energy Outlook (AEO) going back to 1985 against the average US wellhead price that actually transpired. As shown, our forecasting abilities have proven rather dismal over time, as over-forecasts made in the late 1980's eventually yielded to under-forecasts that have persisted to this day. This historical experience demonstrates that little weight should be placed on any one forecast of future natural gas prices, and that a broad range of future price conditions ought to be considered in planning and investment decisions. Against this backdrop of high, volatile, and unpredictable natural gas prices, increasing the market penetration of renewable generation such as wind, solar, and geothermal power may provide economic benefits to ratepayers by displacing gas-fired generation. These benefits may manifest themselves in several ways. First, the displacement of natural gas-fired generation by increased renewable generation reduces ratepayer exposure to natural gas price risk--i.e., the risk that future gas prices (and by extension future electricity prices) may end up markedly different than expected. Second, this displacement reduces demand for natural gas among gas-fired generators, which, all else equal, will put downward pressure on natural gas prices. Lower natural gas prices in turn benefit both electric ratepayers and other end-users of natural gas. Using analytic approaches that build upon, yet differ from, the past work of others, including Awerbuch (1993, 1994, 2003), Kahn and Stoft (1993), and Humphreys and McClain (1998), this chapter explores each of these two potential 'hedging' benefits of renewable electricity. Though we do not seek to judge whether these two specific benefits outweigh any incremental cost of renewable energy (relative to conventional fuels), we do seek to quantify the magnitude of these two individual benefits. We also note that these benefits are not unique to renewable electricity: other generation (or demand-side) resources whose costs are not tied to natural gas would provide similar benefits.« less

Reviews.

ERIC Educational Resources Information Center

Repak, Arthur J.; And Others

1988-01-01

Computer software, audiovisuals, and books are reviewed. Includes topics on interfacing, ionic equilibrium, space, the classification system, Acquired Immune Disease Syndrome, evolution, human body processes, energy, pesticides, teaching school, cells, and geological aspects. Availability, price, and a description of each are provided. (RT)

Optimal Pricing and Power Allocation for Collaborative Jamming with Full Channel Knowledge in Wireless Sensor Networks

PubMed Central

Jeong, Dae-Kyo; Kim, Insook; Kim, Dongwoo

2017-01-01

This paper presents a price-searching model in which a source node (Alice) seeks friendly jammers that prevent eavesdroppers (Eves) from snooping legitimate communications by generating interference or noise. Unlike existing models, the distributed jammers also have data to send to their respective destinations and are allowed to access Alice’s channel if it can transmit sufficient jamming power, which is referred to as collaborative jamming in this paper. For the power used to deliver its own signal, the jammer should pay Alice. The price of the jammers’ signal power is set by Alice and provides a tradeoff between the signal and the jamming power. This paper presents, in closed-form, an optimal price that maximizes Alice’s benefit and the corresponding optimal power allocation from a jammers’ perspective by assuming that the network-wide channel knowledge is shared by Alice and jammers. For a multiple-jammer scenario where Alice hardly has the channel knowledge, this paper provides a distributed and interactive price-searching procedure that geometrically converges to an optimal price and shows that Alice by a greedy selection policy achieves certain diversity gain, which increases log-linearly as the number of (potential) jammers grows. Various numerical examples are presented to illustrate the behavior of the proposed model. PMID:29165373

Feynman path integral application on deriving black-scholes diffusion equation for european option pricing

NASA Astrophysics Data System (ADS)

Utama, Briandhika; Purqon, Acep

2016-08-01

Path Integral is a method to transform a function from its initial condition to final condition through multiplying its initial condition with the transition probability function, known as propagator. At the early development, several studies focused to apply this method for solving problems only in Quantum Mechanics. Nevertheless, Path Integral could also apply to other subjects with some modifications in the propagator function. In this study, we investigate the application of Path Integral method in financial derivatives, stock options. Black-Scholes Model (Nobel 1997) was a beginning anchor in Option Pricing study. Though this model did not successfully predict option price perfectly, especially because its sensitivity for the major changing on market, Black-Scholes Model still is a legitimate equation in pricing an option. The derivation of Black-Scholes has a high difficulty level because it is a stochastic partial differential equation. Black-Scholes equation has a similar principle with Path Integral, where in Black-Scholes the share's initial price is transformed to its final price. The Black-Scholes propagator function then derived by introducing a modified Lagrange based on Black-Scholes equation. Furthermore, we study the correlation between path integral analytical solution and Monte-Carlo numeric solution to find the similarity between this two methods.

Optimal Pricing and Power Allocation for Collaborative Jamming with Full Channel Knowledge in Wireless Sensor Networks.

PubMed

Jeong, Dae-Kyo; Kim, Insook; Kim, Dongwoo

2017-11-22

This paper presents a price-searching model in which a source node (Alice) seeks friendly jammers that prevent eavesdroppers (Eves) from snooping legitimate communications by generating interference or noise. Unlike existing models, the distributed jammers also have data to send to their respective destinations and are allowed to access Alice's channel if it can transmit sufficient jamming power, which is referred to as collaborative jamming in this paper. For the power used to deliver its own signal, the jammer should pay Alice. The price of the jammers' signal power is set by Alice and provides a tradeoff between the signal and the jamming power. This paper presents, in closed-form, an optimal price that maximizes Alice's benefit and the corresponding optimal power allocation from a jammers' perspective by assuming that the network-wide channel knowledge is shared by Alice and jammers. For a multiple-jammer scenario where Alice hardly has the channel knowledge, this paper provides a distributed and interactive price-searching procedure that geometrically converges to an optimal price and shows that Alice by a greedy selection policy achieves certain diversity gain, which increases log-linearly as the number of (potential) jammers grows. Various numerical examples are presented to illustrate the behavior of the proposed model.

Energy Security Role of Biofuels in Evolving Liquid Fuel Markets

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

Brown, Maxwell; Uria-Martinez, Rocio; Leiby, Paul N.

We explore the role of biofuels in mitigating the negative impacts of oil supply shocks on fuel markets under a range of oil price trajectories and biofuel blending mandate levels. Using a partial equilibrium model of US biofuels production and petroleum fuels trade, we discuss the adjustments in light-duty vehicle fuel mix, fuel prices, and renewable identification number (RIN) prices following each shock as well as the distribution of shock costs across market participants. Ethanol is used as both a complement (blend component in E10) and a substitute (in E15 and E85 blends) to gasoline. Results show that, during oilmore » supply shocks, the role of ethanol as a substitute dominates and allows some mitigation of the shock. As US petroleum imports decrease with growing US oil production, the net economic welfare effect of sudden oil price changes and the energy security role of biofuels becomes less clear than it has been in the past. Although fuel consumers lose when oil price increases due to an external shock, domestic fuel producers gain. In some cases, depending on import share and supply and demand elasticities, we show that the gain to producers could more than offset consumer losses. However, in most cases evaluated here, sudden oil-price increases remain costly.« less

Summary of FY17 ParaChoice Accomplishments

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

Levinson, Rebecca Sobel; West, Todd H.

As part of analysis support for FCTO, Sandia assesses the factors that influence the future of FCEVs and Hydrogen in the US vehicle fleet. Using ParaChoice, we model competition between FCEVs, conventional vehicles, and other alternative vehicle technologies in order to understand the drivers and sensitivities of adoption of FCEVs. ParaChoice leverages existing tools such as Autonomie (Moawad et al., 2016), AEO (U.S. Energy Information Administration, 2016), and the Macro System Model (Ruth et al., 2009) in order to synthesize a complete picture of the co-evolution of vehicle technology development, energy price evolution, and hydrogen production and pricing, with consumermore » demand for vehicles and fuel. We then assess impacts of FCEV market penetration and hydrogen use on green- house gas (GHG) emissions and petroleum consumption, providing context for the role of policy, technology development, infrastructure, and consumer behavior on the vehicle and fuel mix through parametric and sensitivity analyses.« less

17 CFR 41.43 - Definitions.

Code of Federal Regulations, 2011 CFR

2011-04-01

... such security future is a stock, the product of the daily settlement price of such security future as shown by any regularly published reporting or quotation service, and the applicable number of shares per... regulations applicable to financial relations between a security futures intermediary and a customer with...

78 FR 1286 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-01-08

... (``CCS'').\\12\\ CCS provides the Display Book[supreg] \\13\\ with the amount of shares that the DMM is willing to trade at price points outside, at and inside the Exchange Best Bid or Best Offer (``BBO''). CCS...

Cournot and Bertrand Games.

ERIC Educational Resources Information Center

Beckman, Steven R.

2003-01-01

Describes a series of matrix choice games that illustrate for students the concepts of monopoly, shared monopoly, Cournot, Bertrand, and Stackelberg behavior given either perfect complements or perfect substitutes. Suggests that the use of the games also allows for student dialogue about international trade and price wars. (JEH)

When Are Users Comfortable Sharing Locations with Advertisers?

DTIC Science & Technology

2010-10-01

allowing small businesses and national chains (e.g., Starbucks ) to offer recurring, frequency-based, and loyalty-based coupons to over three million...Mobile Business, 2002. [8] Clara Mancini, Keerthi Thomas, Yvonne Rogers, Blaine A. Price , Lukazs Jedrzejczyk, Arosha K. Bandara, Adam N. Joinson, and

Innovation and The Welfare Effects of Public Drug Insurance*

PubMed Central

Lakdawalla, Darius; Sood, Neeraj

2010-01-01

Rewarding inventors with inefficient monopoly power has long been regarded as the price of encouraging innovation. Prescription drug insurance escapes that trade-off and achieves an elusive goal: lowering static deadweight loss, without reducing incentives for innovation. As a result of this feature, the public provision of drug insurance can be welfare-improving, even for risk-neutral and purely self-interested consumers. The design of insurers’ cost-sharing schedules can either reinforce or mitigate this result. Schedules that impose higher consumer cost-sharing requirements on more expensive drugs help ensure that insurance subsidies translate into higher utilization, rather than pure increases in manufacturer profits. Moreover, some degree of price-negotiation with manufacturers is likely to be welfare-improving, but the optimal degree depends on the size of such transactions costs, as well as the social cost of weakening innovation incentives by lowering innovator profits. These results have practical implications for the evaluation of public drug insurance programs like the US Medicaid and Medicare Part D programs, along with European insurance schemes. PMID:20454467

Statistical properties of share volume traded in financial markets

NASA Astrophysics Data System (ADS)

Gopikrishnan, Parameswaran; Plerou, Vasiliki; Gabaix, Xavier; Stanley, H. Eugene

2000-10-01

We quantitatively investigate the ideas behind the often-expressed adage ``it takes volume to move stock prices,'' and study the statistical properties of the number of shares traded QΔt for a given stock in a fixed time interval Δt. We analyze transaction data for the largest 1000 stocks for the two-year period 1994-95, using a database that records every transaction for all securities in three major US stock markets. We find that the distribution P(QΔt) displays a power-law decay, and that the time correlations in QΔt display long-range persistence. Further, we investigate the relation between QΔt and the number of transactions NΔt in a time interval Δt, and find that the long-range correlations in QΔt are largely due to those of NΔt. Our results are consistent with the interpretation that the large equal-time correlation previously found between QΔt and the absolute value of price change \\|GΔt\\| (related to volatility) are largely due to NΔt.

National Health Expenditure Projections, 2015-25: Economy, Prices, And Aging Expected To Shape Spending And Enrollment.

PubMed

Keehan, Sean P; Poisal, John A; Cuckler, Gigi A; Sisko, Andrea M; Smith, Sheila D; Madison, Andrew J; Stone, Devin A; Wolfe, Christian J; Lizonitz, Joseph M

2016-08-01

Health spending growth in the United States for 2015-25 is projected to average 5.8 percent-1.3 percentage points faster than growth in the gross domestic product-and to represent 20.1 percent of the total economy by 2025. As the initial impacts associated with the Affordable Care Act's coverage expansions fade, growth in health spending is expected to be influenced by changes in economic growth, faster growth in medical prices, and population aging. Projected national health spending growth, though faster than observed in the recent history, is slower than in the two decades before the recent Great Recession, in part because of trends such as increasing cost sharing in private health insurance plans and various Medicare payment update provisions. In addition, the share of total health expenditures paid for by federal, state, and local governments is projected to increase to 47 percent by 2025. Project HOPE—The People-to-People Health Foundation, Inc.

The determinants of merger waves: An international perspective

PubMed Central

Gugler, Klaus; Mueller, Dennis C.; Weichselbaumer, Michael

2012-01-01

One of the most conspicuous features of mergers is that they come in waves that are correlated with increases in share prices and price/earnings ratios. We use a natural way to discriminate between pure stock market influences on firm decisions and other influences by examining merger patterns for both listed and unlisted firms. If “real” changes in the economy drive merger waves, as some neoclassical theories of mergers predict, both listed and unlisted firms should experience waves. We find significant differences between listed and unlisted firms as predicted by behavioral theories of merger waves. PMID:27346903

Examining the production costs of antiretroviral drugs.

PubMed

Pinheiro, Eloan; Vasan, Ashwin; Kim, Jim Yong; Lee, Evan; Guimier, Jean Marc; Perriens, Joseph

2006-08-22

To present direct manufacturing costs and price calculations of individual antiretroviral drugs, enabling those responsible for their procurement to have a better understanding of the cost structure of their production, and to indicate the prices at which these antiretroviral drugs could be offered in developing country markets. Direct manufacturing costs and factory prices for selected first and second-line antiretroviral drugs were calculated based on cost structure data from a state-owned company in Brazil. Prices for the active pharmaceutical ingredients (API) were taken from a recent survey by the World Health Organization (WHO). The calculated prices for antiretroviral drugs are compared with quoted prices offered by privately-owned, for-profit manufacturers. The API represents the largest component of direct manufacturing costs (55-99%), while other inputs, such as salaries, equipment costs, and scale of production, have a minimal impact. The calculated prices for most of the antiretroviral drugs studied fall within the lower quartile of the range of quoted prices in developing country markets. The exceptions are those drugs, primarily for second-line therapy, for which the API is either under patent, in short supply, or in limited use in developing countries (e.g. abacavir, lopinavir/ritonavir, nelfinavir, saquinavir). The availability of data on the cost of antiretroviral drug production and calculation of factory prices under a sustainable business model provide benchmarks that bulk purchasers of antiretroviral drugs could use to negotiate lower prices. While truly significant price decreases for antiretroviral drugs will depend largely on the future evolution of API prices, the present study demonstrates that for several antiretroviral drugs price reduction is currently possible. Whether or not these reductions materialize will depend on the magnitude of indirect cost and profit added by each supplier over the direct production costs. The ability to achieve price reductions in line with production costs will have critical implications for sustainable treatment for HIV/AIDS in the developing world.

The Evolution of the Shared Services Business Unit.

ERIC Educational Resources Information Center

Forst, Leland

2000-01-01

Explains shared services, where common business practices are applied by a staff unit focused entirely on delivering needed services at the highest value and lowest cost to internal customers. Highlights include accountability; examples of pioneering shared services organizations; customer focus transition; relationship management; expertise…

Coordination-based inventory management for deteriorating items in a two-echelon supply chain with profit sharing

NASA Astrophysics Data System (ADS)

Yu, Jonas C. P.; Lin, Yu-Siang; Wang, Kung-Jeng

2013-09-01

This study develops a model for inventory management consisting of a two-echelon supply chain (SC) with profit sharing and deteriorating items. The retailer and the supplier act as the leader and follower, in which the supplier faces a huge setup cost and economic order quantity ordering strategy. The market demand is affected by the sale price of the product, and the inventory has a deterioration rate following a Weibull distribution. The retailer executes three profit-sharing mechanisms to motivate the supplier to participate in SC optimisation and to extend the life cycle of the product. A search algorithm is developed to determine the solutions as using the profit-sharing mechanisms. The outcomes from numerical experiments demonstrate the profitability of the proposed model.

Thin Film CIGS and CdTe Photovoltaic Technologies: Commercialization, Critical Issues, and Applications; Preprint

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

Ullal, H. S.; von Roedern, B.

2007-09-01

We report here on the major commercialization aspects of thin-film photovoltaic (PV) technologies based on CIGS and CdTe (a-Si and thin-Si are also reported for completeness on the status of thin-film PV). Worldwide silicon (Si) based PV technologies continues to dominate at more than 94% of the market share, with the share of thin-film PV at less than 6%. However, the market share for thin-film PV in the United States continues to grow rapidly over the past several years and in CY 2006, they had a substantial contribution of about 44%, compared to less than 10% in CY 2003. Inmore » CY 2007, thin-film PV market share is expected to surpass that of Si technology in the United States. Worldwide estimated projections for CY 2010 are that thin-film PV production capacity will be more than 3700 MW. A 40-MW thin-film CdTe solar field is currently being installed in Saxony, Germany, and will be completed in early CY 2009. The total project cost is Euro 130 million, which equates to an installed PV system price of Euro 3.25/-watt averaged over the entire solar project. This is the lowest price for any installed PV system in the world today. Critical research, development, and technology issues for thin-film CIGS and CdTe are also elucidated in this paper.« less

Probability distribution of extreme share returns in Malaysia

NASA Astrophysics Data System (ADS)

Zin, Wan Zawiah Wan; Safari, Muhammad Aslam Mohd; Jaaman, Saiful Hafizah; Yie, Wendy Ling Shin

2014-09-01

The objective of this study is to investigate the suitable probability distribution to model the extreme share returns in Malaysia. To achieve this, weekly and monthly maximum daily share returns are derived from share prices data obtained from Bursa Malaysia over the period of 2000 to 2012. The study starts with summary statistics of the data which will provide a clue on the likely candidates for the best fitting distribution. Next, the suitability of six extreme value distributions, namely the Gumbel, Generalized Extreme Value (GEV), Generalized Logistic (GLO) and Generalized Pareto (GPA), the Lognormal (GNO) and the Pearson (PE3) distributions are evaluated. The method of L-moments is used in parameter estimation. Based on several goodness of fit tests and L-moment diagram test, the Generalized Pareto distribution and the Pearson distribution are found to be the best fitted distribution to represent the weekly and monthly maximum share returns in Malaysia stock market during the studied period, respectively.

Nuclear markers reveal that inter-lake cichlids' similar morphologies do not reflect similar genealogy.

PubMed

Kassam, Daud; Seki, Shingo; Horic, Michio; Yamaoka, Kosaku

2006-08-01

The apparent inter-lake morphological similarity among East African Great Lakes' cichlid species/genera has left evolutionary biologists asking whether such similarity is due to sharing of common ancestor or mere convergent evolution. In order to answer such question, we first used Geometric Morphometrics, GM, to quantify morphological similarity and then subsequently used Amplified Fragment Length Polymorphism, AFLP, to determine if similar morphologies imply shared ancestry or convergent evolution. GM revealed that not all presumed morphological similar pairs were indeed similar, and the dendrogram generated from AFLP data indicated distinct clusters corresponding to each lake and not inter-lake morphological similar pairs. Such results imply that the morphological similarity is due to convergent evolution and not shared ancestry. The congruency of GM and AFLP generated dendrograms imply that GM is capable of picking up phylogenetic signal, and thus GM can be potential tool in phylogenetic systematics.

Reviews.

ERIC Educational Resources Information Center

Science Teacher, 1988

1988-01-01

Presents information and concerns regarding computer courseware, books, and audiovisual materials reviewed by teachers. Covers a variety of topics including dissection of common classroom specimens, medicine, acid rain projects, molecules, the water cycle, erosion, plankton, and evolution. Notes on availability, price, and needed equipment, where…

Evaluating the impact of climate policies on regional food availability and accessibility using an Integrated Assessment Model

NASA Astrophysics Data System (ADS)

Gilmore, E.; Cui, Y. R.; Waldhoff, S.

2015-12-01

Beyond 2015, eradicating hunger will remain a critical part of the global development agenda through the Sustainable Development Goals (SDG). Efforts to limit climate change through both mitigation of greenhouse gas emissions and land use policies may interact with food availability and accessibility in complex and unanticipated ways. Here, we develop projections of regional food accessibility to 2050 under the alternative futures outlined by the Shared Socioeconomic Pathways (SSPs) and under different climate policy targets and structures. We use the Global Change Assessment Model (GCAM), an integrated assessment model (IAM), for our projections. We calculate food access as the weighted average of consumption of five staples and the portion of income spend on those commodities and extend the GCAM calculated universal global producer price to regional consumer prices drawing on historical relationships of these prices. Along the SSPs, food access depends largely on expectations of increases in population and economic status. Under a more optimistic scenario, the pressures on food access from increasing demand and rising prices can be counterbalanced by faster economic development. Stringent climate policies that increase commodity prices, however, may hinder vulnerable regions, namely Sub-Saharan Africa, from achieving greater food accessibility.

Pharmaceutical policies in European countries.

PubMed

Barros, Pedro Pita

2010-01-01

Pharmaceutical expenditures have an important role in Europe. The attempts to control expenditure have used a wide range of policy measures. We reviewed the main measures adopted by the European Union countries, especially in countries where governments are the largest third-party payers. To complement a literature review on the topic, data was gathered from national reviews of health systems and direct inquiries to several government bodies. Almost all countries regulate prices of pharmaceutical products. Popular policy measures include international referencing to set prices (using as benchmark countries that have set lower prices), internal reference pricing systems to promote price competition in domestic markets, and positive lists for reimbursement to promote consumption of generics (including in some cases substitution by pharmacists of drugs prescribed by physicians). Despite the wide range of policy measures, it is not possible to identify a "silver bullet" to control pharmaceutical expenditures. We also identified two main policy challenges: policy coordination among countries within the European Union to maintain incentives for R&D at the global level, and the development of new relationships with the pharmaceutical industry; namely, the so-called risk-sharing agreements between the pharmaceutical industry and governments/regulators (or large third-party payers).

Information-sharing tendency on Twitter and time evolution of tweeting

NASA Astrophysics Data System (ADS)

Kwon, H. W.; Kim, H. S.; Lee, K.; Choi, M. Y.

2013-03-01

While topics on Twitter may be categorized according to their predictability and sustainability, some topics have characteristics depending on the time scale. Here we propose a good measure for the transition of sustainability, which we call the information-sharing tendency, and find that the unpredictability on Twitter is provoked by the exposure of Twitter users to external environments, e.g., mass media and other social network services. In addition, it is demonstrated that the numbers of articles and comments on on-line newspapers serve as plausible measures of exposure. From such measures of exposure, the time evolution of tweeting can be described, when the information-sharing tendency is known.

34 CFR 682.410 - Fiscal, administrative, and enforcement requirements.

Code of Federal Regulations, 2011 CFR

2011-07-01

... accordance with applicable legal and accounting standards; (iii) The Secretary's equitable share of... any other errors in its accounting or reporting as soon as practicable after the errors become known... guaranty agency's agreements with the Secretary; and (C) Market prices of comparable goods or services. (b...

New U.S.-Japan Bilateral Aviation Agreement: Airline Competition Through the Political Process

DOT National Transportation Integrated Search

1998-01-01

International aviation is still dominated by the remnants of a 1950s regulatory regime. A mosaic of bilateral treaties continues to control supply, price, and market share as well as other aspects of aviation. The U.S.-Japan airline market was previo...

Illicit Cigarette Trade in Five South American Countries: A Gap Analysis for Argentina, Brazil, Chile, Colombia and Peru.

PubMed

Paraje, Guillermo

2018-05-15

Due to its nature, it is very hard to measure tobacco illicit trade in any product. In the case of Latin American countries, there is scant information on the magnitude and characteristics of this trade in the case of cigarettes. The goal of this article is to provide estimates on the evolution of the illicit cigarette trade in five South American countries: Argentina, Brazil, Chile, Colombia and Peru. Gap analysis estimates for cigarette tax evasion/avoidance (a comparison on the evolution of the difference between registered cigarette sales and measured population consumption) is developed for Argentina, Brazil, Chile, Colombia and Peru. Nationally representative surveys, conducted regularly, are used to measure population consumption. Confidence intervals constructed by bootstrapping sample estimates are generated in order to statistically evaluate the evolution of the gap. Cigarette illicit trade has increased as a percentage of total sales in Brazil in recent years. In the case of Argentina, after a relative decrease between 2005 and 2009 it seems to have stabilized. There is no statistical evidence to argue that there has been an increase of cigarette illicit trade in Chile, Colombia and Peru, despite substantial price increases in Chile and tax increase in both Colombia and Peru. Using simple statistical methods, it is possible to assess the trend in tobacco illicit trend over time to better inform policy-makers. Getting reliable and regular population consumption surveys can also help to track tobacco illicit trade. Claims by tobacco industry of a positive association between price/tax changes and illicit trade are unsubstantiated. Evolution of cigarette illicit trade in five Latin American countries show different trajectories, not in line with tobacco industry estimates, which highlight the importance of producing solid, independent estimates. There are inexpensive methodologies that can provide estimates of the evolution of the relative importance of illicit trade and can be used to inform policy-makers. Claims by tobacco industry of a positive association between price/tax changes and illicit trade are unsubstantiated.

The Affordable Medicines Facility-malaria (AMFm): are remote areas benefiting from the intervention?

PubMed

Ye, Yazoume; Arnold, Fred; Noor, Abdisalan; Wamukoya, Marilyn; Amuasi, John; Blay, Samuel; Mberu, Blessing; Ren, Ruilin; Kyobutungi, Catherine; Wekesah, Frederick; Gatakaa, Hellen; Toda, Mitsuru; Njogu, Julius; Evance, Illah; O'Connell, Kathryn; Shewchuk, Tanya; Thougher, Sarah; Mann, Andrea; Willey, Barbara; Goodman, Catherine; Hanson, Kara

2015-10-09

To assess the availability, price and market share of quality-assured artemisinin-based combination therapy (QAACT) in remote areas (RAs) compared with non-remote areas (nRAs) in Kenya and Ghana at end-line of the Affordable Medicines Facility-malaria (AMFm) intervention. Areas were classified by remoteness using a composite index computed from estimated travel times to three levels of service centres. The index was used to five categories of remoteness, which were then grouped into two categories of remote and non-remote areas. The number of public or private outlets with the potential to sell or distribute anti-malarial medicines, screened in nRAs and RAs, respectively, was 501 and 194 in Ghana and 9980 and 2353 in Kenya. The analysis compares RAs with nRAs in terms of availability, price and market share of QAACT in each country. QAACT were similarly available in RAs as nRAs in Ghana and Kenya. In both countries, there was no statistical difference in availability of QAACT with AMFm logo between RAs and nRAs in public health facilities (PHFs), while private-for-profit (PFP) outlets had lower availability in RA than in nRAs (Ghana: 66.0 vs 82.2 %, p < 0.0001; Kenya: 44.9 vs 63.5 %, p = <0.0001. The median price of QAACT with AMFm logo for PFP outlets in RAs (USD1.25 in Ghana and USD0.69 in Kenya) was above the recommended retail price in Ghana (US$0.95) and Kenya (US$0.46), and much higher than in nRAs for both countries. QAACT with AMFm logo represented the majority of QAACT in RAs and nRAs in Kenya and Ghana. In the PFP sector in Ghana, the market share for QAACT with AMFm logo was significantly higher in RAs than in nRAs (75.6 vs 51.4 %, p < 0.0001). In contrast, in similar outlets in Kenya, the market share of QAACT with AMFm logo was significantly lower in RAs than in nRAs (39.4 vs 65.1 %, p < 0.0001). The findings indicate the AMFm programme contributed to making QAACT more available in RAs in these two countries. Therefore, the AMFm approach can inform other health interventions aiming at reaching hard-to-reach populations, particularly in the context of universal access to health interventions. However, further examination of the factors accounting for the deep penetration of the AMFm programme into RAs is needed to inform actions to improve the healthcare delivery system, particularly in RAs.

Effect of cost sharing on adherence to evidence-based medications in patients with acute coronary syndrome

PubMed Central

González López-Valcárcel, Beatriz; Librero, Julián; García-Sempere, Aníbal; Peña, Luz María; Bauer, Sofía; Puig-Junoy, Jaume; Oliva, Juan; Peiró, Salvador; Sanfélix-Gimeno, Gabriel

2017-01-01

Objectives Cost-sharing scheme for pharmaceuticals in Spain changed in July 2012. Our aim was to assess the impact of this change on adherence to essential medication in patients with acute coronary syndrome (ACS) in the region of Valencia. Methods Population-based retrospective cohort of 10 563 patients discharged alive after an ACS in 2009–2011. We examined a control group (low-income working population) that did not change their coinsurance status, and two intervention groups: pensioners who moved from full coverage to 10% coinsurance and middle-income to high-income working population, for whom coinsurance rose from 40% to 50% or 60%. Weekly adherence rates measured from the date of the first prescription. Days with available medication were estimated by linking prescribed and filled medications during the follow-up period. Results Cost-sharing change made no significant differences in adherence between intervention and control groups for essential medications with low price and low patient maximum coinsurance, such as antiplatelet and beta-blockers. For costlier ACE inhibitor or an angiotensin II receptor blocker (ACEI/ARB) and statins, it had an immediate effect in the proportion of adherence in the pensioner group as compared with the control group (6.8% and 8.3% decrease of adherence, respectively, p<0.01 for both). Adherence to statins decreased for the middle-income to high-income group as compared with the control group (7.8% increase of non-adherence, p<0.01). These effects seemed temporary. Conclusions Coinsurance changes may lead to decreased adherence to proven, effective therapies, especially for higher priced agents with higher patient cost share. Consideration should be given to fully exempt high-risk patients from drug cost sharing. PMID:28249992

Economic incentives and diagnostic coding in a public health care system.

PubMed

Anthun, Kjartan Sarheim; Bjørngaard, Johan Håkon; Magnussen, Jon

2017-03-01

We analysed the association between economic incentives and diagnostic coding practice in the Norwegian public health care system. Data included 3,180,578 hospital discharges in Norway covering the period 1999-2008. For reimbursement purposes, all discharges are grouped in diagnosis-related groups (DRGs). We examined pairs of DRGs where the addition of one or more specific diagnoses places the patient in a complicated rather than an uncomplicated group, yielding higher reimbursement. The economic incentive was measured as the potential gain in income by coding a patient as complicated, and we analysed the association between this gain and the share of complicated discharges within the DRG pairs. Using multilevel linear regression modelling, we estimated both differences between hospitals for each DRG pair and changes within hospitals for each DRG pair over time. Over the whole period, a one-DRG-point difference in price was associated with an increased share of complicated discharges of 14.2 (95 % confidence interval [CI] 11.2-17.2) percentage points. However, a one-DRG-point change in prices between years was only associated with a 0.4 (95 % CI [Formula: see text] to 1.8) percentage point change of discharges into the most complicated diagnostic category. Although there was a strong increase in complicated discharges over time, this was not as closely related to price changes as expected.

A review of international coverage and pricing strategies for personalized medicine and orphan drugs.

PubMed

Degtiar, Irina

2017-12-01

Personalized medicine and orphan drugs share many characteristics-both target small patient populations, have uncertainties regarding efficacy and safety at payer submission, and frequently have high prices. Given personalized medicine's rising importance, this review summarizes international coverage and pricing strategies for personalized medicine and orphan drugs as well as their impact on therapy development incentives, payer budgets, and therapy access and utilization. PubMed, Health Policy Reference Center, EconLit, Google Scholar, and references were searched through February 2017 for articles presenting primary data. Sixty-nine articles summarizing 42 countries' strategies were included. Therapy evaluation criteria varied between countries, as did patient cost-share. Payers primarily valued clinical effectiveness; cost was only considered by some. These differences result in inequities in orphan drug access, particularly in smaller and lower-income countries. The uncertain reimbursement process hinders diagnostic testing. Payer surveys identified lack of comparative effectiveness evidence as a chief complaint, while manufacturers sought more clarity on payer evidence requirements. Despite lack of strong evidence, orphan drugs largely receive positive coverage decisions, while personalized medicine diagnostics do not. As more personalized medicine and orphan drugs enter the market, registries can provide better quality evidence on their efficacy and safety. Payers need systematic assessment strategies that are communicated with more transparency. Further studies are necessary to compare the implications of different payer approaches. Copyright © 2017 Elsevier B.V. All rights reserved.

Effects of reference pricing in pharmaceutical markets: a review.

PubMed

Galizzi, Matteo Maria; Ghislandi, Simone; Miraldo, Marisa

2011-01-01

This work aims to provide a systematic and updated survey of original scientific studies on the effect of the introduction of reference pricing (RP) policies in Organisation for Economic Co-operation and Development (OECD) countries. We searched PubMed, EconLit and Web of Knowledge for articles on RP. We reviewed studies that met the inclusion criteria established in the search strategy. From a total of 468 references, we selected the 35 that met all of the inclusion criteria. Some common themes emerged in the literature. The first was that RP was generally associated with a decrease in the prices of the drugs subject to the policy. In particular, price drops seem to have been experienced in virtually every country that implemented a generic RP (GRP) policy. A GRP policy applies only to products with expired patents and generic competition, and clusters drugs according to chemical equivalence (same form and active compound). More significant price decreases were observed in the sub-markets in which drugs were already facing generic competition prior to RP. Price drops varied widely according to the amount of generic competition and industrial strategies: brand-named drugs originally priced above RP values decreased their prices to a greater extent. A second common theme was that both therapeutic RP (TRP) and GRP have been associated with significant and consistent savings in the first years of application. A third general result is that generic market shares significantly increased whenever the firms producing brand-named drugs did not adopt one of the following strategies: lowering prices to RP values; launching new dosages and/or formulations; or marketing substitute drugs still under patent protection. Finally, concerning TRP, although more evidence is needed, studies based on a large number of patient-level observations showed no association between the RP policy and health outcomes.

Biotechnology stock prices before public announcements: evidence of insider trading?

PubMed

Overgaard, C B; van den Broek, R A; Kim, J H; Detsky, A S

2000-03-01

Unique financial challenges faced by biotechnology companies developing therapeutics have contributed to the creation of a highly sensitive market, where stock prices are capable of great fluctuation. The potential for significant financial reward and the nature of the scientific review process make this industry susceptible to illegal share trading on nonpublic information. We examined stock prices of biotechnology products before and after announcement of Phase III clinical trial and Food and Drug Administration (FDA) Advisory Panel results for indirect evidence of insider trading. Biotechnology stock prices were recorded for 98 products undergoing Phase III clinical trials and 49 products undergoing FDA Advisory Panel review between 1990 and 1998. Prices were recorded for 120 consecutive trading days before and after public announcement of these two events. We compared the average change in stock price of successful products ('winners') with unsuccessful products ('losers') before the public announcement of results for both critical events. The difference between average stock price change from 120 to 3 days before public announcement of results of Phase III clinical trial winners (+27%) and losers (-4%) was highly significant (P = 0.0007). A similar but non-significant difference was observed between the average stock price of winning (+27%) and losing products (+13%) before FDA Advisory Panel review announcements (P = 0.25). Our results provide indirect evidence that insider trading may be common in the biotechnology industry. Clinical investigators may wish to consider this issue before participating in any equity position in the biotechnology industry, especially if they are going to perform research for those companies.

Competition in decentralized electricity markets: Three papers on electricity auctions

NASA Astrophysics Data System (ADS)

Harbord, David William Cameron

This thesis consists of three self-contained papers on the analysis of electricity auctions written over a period of twelve years. The first paper models price competition in a decentralized wholesale market for electricity as a first-price, sealed-bid, multi-unit auction. In both the pure and mixed-strategy equilibria of the model, above marginal cost pricing and inefficient despatch of generating units occur. An alternative regulatory pricing rule is considered and it is shown that offering to supply at marginal cost can be induced as a dominant strategy for all firms. The second paper analyses strategic interaction between long-term contracts and price competition in the British electricity wholesale market, and confirms that forward contracts will tend to put downward pressure on spot market prices. A 'strategic commitment' motive for selling forward contracts is also identified: a generator may commit itself to bidding lower prices into the spot market in order to ensure that it will be despatched with its full capacity. The third paper characterizes bidding behavior and market outcomes in uniform and discriminatory electricity auctions. Uniform auctions result in higher average prices than discriminatory auctions, but the ranking in terms of productive efficiency is ambiguous. The comparative effects of other market design features, such as the number of steps in suppliers' bid functions, the duration of bids and the elasticity of demand are analyzed. The paper also clarifies some methodological issues in the analysis of electricity auctions. In particular we show that analogies with continuous share auctions are misplaced so long as firms are restricted to a finite number of bids.

The structure and resilience of financial market networks

NASA Astrophysics Data System (ADS)

Kauê Dal'Maso Peron, Thomas; da Fontoura Costa, Luciano; Rodrigues, Francisco A.

2012-03-01

Financial markets can be viewed as a highly complex evolving system that is very sensitive to economic instabilities. The complex organization of the market can be represented in a suitable fashion in terms of complex networks, which can be constructed from stock prices such that each pair of stocks is connected by a weighted edge that encodes the distance between them. In this work, we propose an approach to analyze the topological and dynamic evolution of financial networks based on the stock correlation matrices. An entropy-related measurement is adopted to quantify the robustness of the evolving financial market organization. It is verified that the network topological organization suffers strong variation during financial instabilities and the networks in such periods become less robust. A statistical robust regression model is proposed to quantity the relationship between the network structure and resilience. The obtained coefficients of such model indicate that the average shortest path length is the measurement most related to network resilience coefficient. This result indicates that a collective behavior is observed between stocks during financial crisis. More specifically, stocks tend to synchronize their price evolution, leading to a high correlation between pair of stock prices, which contributes to the increase in distance between them and, consequently, decrease the network resilience.

Static and dynamic factors in an information-based multi-asset artificial stock market

NASA Astrophysics Data System (ADS)

Ponta, Linda; Pastore, Stefano; Cincotti, Silvano

2018-02-01

An information-based multi-asset artificial stock market characterized by different types of stocks and populated by heterogeneous agents is presented. In the market, agents trade risky assets in exchange for cash. Beside the amount of cash and of stocks owned, each agent is characterized by sentiments and agents share their sentiments by means of interactions that are determined by sparsely connected networks. A central market maker (clearing house mechanism) determines the price processes for each stock at the intersection of the demand and the supply curves. Single stock price processes exhibit volatility clustering and fat-tailed distribution of returns whereas multivariate price process exhibits both static and dynamic stylized facts, i.e., the presence of static factors and common trends. Static factors are studied making reference to the cross-correlation of returns of different stocks. The common trends are investigated considering the variance-covariance matrix of prices. Results point out that the probability distribution of eigenvalues of the cross-correlation matrix of returns shows the presence of sectors, similar to those observed on real empirical data. As regarding the dynamic factors, the variance-covariance matrix of prices point out a limited number of assets prices series that are independent integrated processes, in close agreement with the empirical evidence of asset price time series of real stock markets. These results remarks the crucial dependence of statistical properties of multi-assets stock market on the agents' interaction structure.

Inside Money, Procyclical Leverage, and Banking Catastrophes

PubMed Central

Brummitt, Charles D.; Sethi, Rajiv; Watts, Duncan J.

2014-01-01

We explore a model of the interaction between banks and outside investors in which the ability of banks to issue inside money (short-term liabilities believed to be convertible into currency at par) can generate a collapse in asset prices and widespread bank insolvency. The banks and investors share a common belief about the future value of certain long-term assets, but they have different objective functions; changes to this common belief result in portfolio adjustments and trade. Positive belief shocks induce banks to buy risky assets from investors, and the banks finance those purchases by issuing new short-term liabilities. Negative belief shocks induce banks to sell assets in order to reduce their chance of insolvency to a tolerably low level, and they supply more assets at lower prices, which can result in multiple market-clearing prices. A sufficiently severe negative shock causes the set of equilibrium prices to contract (in a manner given by a cusp catastrophe), causing prices to plummet discontinuously and banks to become insolvent. Successive positive and negative shocks of equal magnitude do not cancel; rather, a banking catastrophe can occur even if beliefs simply return to their initial state. Capital requirements can prevent crises by curtailing the expansion of balance sheets when beliefs become more optimistic, but they can also force larger price declines. Emergency asset price supports can be understood as attempts by a central bank to coordinate expectations on an equilibrium with solvency. PMID:25136959

Inside money, procyclical leverage, and banking catastrophes.

PubMed

Brummitt, Charles D; Sethi, Rajiv; Watts, Duncan J

2014-01-01

We explore a model of the interaction between banks and outside investors in which the ability of banks to issue inside money (short-term liabilities believed to be convertible into currency at par) can generate a collapse in asset prices and widespread bank insolvency. The banks and investors share a common belief about the future value of certain long-term assets, but they have different objective functions; changes to this common belief result in portfolio adjustments and trade. Positive belief shocks induce banks to buy risky assets from investors, and the banks finance those purchases by issuing new short-term liabilities. Negative belief shocks induce banks to sell assets in order to reduce their chance of insolvency to a tolerably low level, and they supply more assets at lower prices, which can result in multiple market-clearing prices. A sufficiently severe negative shock causes the set of equilibrium prices to contract (in a manner given by a cusp catastrophe), causing prices to plummet discontinuously and banks to become insolvent. Successive positive and negative shocks of equal magnitude do not cancel; rather, a banking catastrophe can occur even if beliefs simply return to their initial state. Capital requirements can prevent crises by curtailing the expansion of balance sheets when beliefs become more optimistic, but they can also force larger price declines. Emergency asset price supports can be understood as attempts by a central bank to coordinate expectations on an equilibrium with solvency.

Modeling evolution of the mind and cultures: emotional Sapir-Whorf hypothesis

NASA Astrophysics Data System (ADS)

Perlovsky, Leonid I.

2009-05-01

Evolution of cultures is ultimately determined by mechanisms of the human mind. The paper discusses the mechanisms of evolution of language from primordial undifferentiated animal cries to contemporary conceptual contents. In parallel with differentiation of conceptual contents, the conceptual contents were differentiated from emotional contents of languages. The paper suggests the neural brain mechanisms involved in these processes. Experimental evidence and theoretical arguments are discussed, including mathematical approaches to cognition and language: modeling fields theory, the knowledge instinct, and the dual model connecting language and cognition. Mathematical results are related to cognitive science, linguistics, and psychology. The paper gives an initial mathematical formulation and mean-field equations for the hierarchical dynamics of both the human mind and culture. In the mind heterarchy operation of the knowledge instinct manifests through mechanisms of differentiation and synthesis. The emotional contents of language are related to language grammar. The conclusion is an emotional version of Sapir-Whorf hypothesis. Cultural advantages of "conceptual" pragmatic cultures, in which emotionality of language is diminished and differentiation overtakes synthesis resulting in fast evolution at the price of self doubts and internal crises are compared to those of traditional cultures where differentiation lags behind synthesis, resulting in cultural stability at the price of stagnation. Multi-language, multi-ethnic society might combine the benefits of stability and fast differentiation. Unsolved problems and future theoretical and experimental directions are discussed.

The evolution of siderophore production as a competitive trait.

PubMed

Niehus, Rene; Picot, Aurore; Oliveira, Nuno M; Mitri, Sara; Foster, Kevin R

2017-06-01

Microbes have the potential to be highly cooperative organisms. The archetype of microbial cooperation is often considered to be the secretion of siderophores, molecules scavenging iron, where cooperation is threatened by "cheater" genotypes that use siderophores without making them. Here, we show that this view neglects a key piece of biology: siderophores are imported by specific receptors that constrain their use by competing strains. We study the effect of this specificity in an ecoevolutionary model, in which we vary siderophore sharing among strains, and compare fully shared siderophores with private siderophores. We show that privatizing siderophores fundamentally alters their evolution. Rather than a canonical cooperative good, siderophores become a competitive trait used to pillage iron from other strains. We also study the physiological regulation of siderophores using in silico long-term evolution. Although shared siderophores evolve to be downregulated in the presence of a competitor, as expected for a cooperative trait, privatized siderophores evolve to be upregulated. We evaluate these predictions using published experimental work, which suggests that some siderophores are upregulated in response to competition akin to competitive traits like antibiotics. Although siderophores can act as a cooperative good for single genotypes, we argue that their role in competition is fundamental to understanding their biology. © 2017 The Author(s). Evolution © 2017 The Society for the Study of Evolution.

The Evolution of "Association" as a Model for Lay/Religious Collaboration in Catholic Education, Part II: The Emergence of Shared Mission as a Ministry Paradigm, 1986-2000

ERIC Educational Resources Information Center

Tidd, Kevin M.

2009-01-01

In Part I of this two-part series (published in the March 2009 issue), the author traced the evolution of the Brothers of the Christian Schools' (Christian Brothers in the United States) understanding of how they related to the lay people with whom they increasingly shared their apostolate of Catholic education. From a stance of wary distance in…

41 CFR 102-38.295 - May we retain sales proceeds?

Code of Federal Regulations, 2011 CFR

2011-01-01

..., equal to your direct costs and reasonably related indirect costs (including your share of the Governmentwide costs to support the eFAS Internet portal and Governmentwide reporting requirements) incurred in... subcontract provisions authorize the proceeds of sale to be credited to the price or cost of the contract or...

41 CFR 102-38.295 - May we retain sales proceeds?

Code of Federal Regulations, 2010 CFR

2010-07-01

..., equal to your direct costs and reasonably related indirect costs (including your share of the Governmentwide costs to support the eFAS Internet portal and Governmentwide reporting requirements) incurred in... subcontract provisions authorize the proceeds of sale to be credited to the price or cost of the contract or...

17 CFR 240.12b-2 - Definitions.

Code of Federal Regulations, 2011 CFR

2011-04-01

... price and number of shares sold. (iii) Once an issuer fails to qualify for smaller reporting company... deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is... control over financial reporting that is less severe than a material weakness, yet important enough to...

78 FR 2696 - Submission for OMB Review; Comment Request

Federal Register 2010, 2011, 2012, 2013, 2014

2013-01-14

... Securities and Exchange Commission (the ``Commission'') has submitted to the Office of Management and Budget... money market funds. Money market funds are open-end management investment companies that differ from other open-end management investment companies in that they seek to maintain a stable price per share...

78 FR 3477 - International Mail Contracts

Federal Register 2010, 2011, 2012, 2013, 2014

2013-01-16

... they share similar cost and market characteristics. Id. at 5. It notes that the pricing formula and...-filed Postal Service request concerning an additional Global Plus 2C contract. This document invites... announcing that it is entering into an additional Global Plus 2C contract (Agreement).\\1\\ The Postal Service...

ADONIS: One Library's Experience with a CD-ROM Document Delivery System.

ERIC Educational Resources Information Center

Pereira, Monica

Academic libraries have traditionally used interlibrary lending to facilitate document delivery. The trend of stagnating or dwindling serials budgets in libraries, coupled with increased journal costs, has served to increase libraries' reliance on the benefits of consortium pricing and shared costs, by utilizing interlibrary lending of journals.…

39 CFR 777.25 - Additional rules for replacement housing payments.

Code of Federal Regulations, 2011 CFR

2011-07-01

... displacement dwelling; or (2) The difference between (i) the occupant's share of the acquisition cost of the displacement dwelling and (ii) the purchase price of a decent, safe, and sanitary replacement dwelling actually purchased and occupied by the displaced person. (b) Multiple Occupants of One Displacement Dwelling. If two...

39 CFR 777.25 - Additional rules for replacement housing payments.

Code of Federal Regulations, 2010 CFR

2010-07-01

... displacement dwelling; or (2) The difference between (i) the occupant's share of the acquisition cost of the displacement dwelling and (ii) the purchase price of a decent, safe, and sanitary replacement dwelling actually purchased and occupied by the displaced person. (b) Multiple Occupants of One Displacement Dwelling. If two...

39 CFR 777.25 - Additional rules for replacement housing payments.

Code of Federal Regulations, 2013 CFR

2013-07-01

... displacement dwelling; or (2) The difference between (i) the occupant's share of the acquisition cost of the displacement dwelling and (ii) the purchase price of a decent, safe, and sanitary replacement dwelling actually purchased and occupied by the displaced person. (b) Multiple Occupants of One Displacement Dwelling. If two...

39 CFR 777.25 - Additional rules for replacement housing payments.

Code of Federal Regulations, 2012 CFR

2012-07-01

... displacement dwelling; or (2) The difference between (i) the occupant's share of the acquisition cost of the displacement dwelling and (ii) the purchase price of a decent, safe, and sanitary replacement dwelling actually purchased and occupied by the displaced person. (b) Multiple Occupants of One Displacement Dwelling. If two...

39 CFR 777.25 - Additional rules for replacement housing payments.

Code of Federal Regulations, 2014 CFR

2014-07-01

... displacement dwelling; or (2) The difference between (i) the occupant's share of the acquisition cost of the displacement dwelling and (ii) the purchase price of a decent, safe, and sanitary replacement dwelling actually purchased and occupied by the displaced person. (b) Multiple Occupants of One Displacement Dwelling. If two...

31 CFR 352.7 - Issues on exchange.

Code of Federal Regulations, 2014 CFR

2014-07-01

... redemption value exceeded, but was not an even multiple of $500, the owner had the option either: (1) To add... United States Savings Notes (Freedom Shares) at their current redemption values for Series HH bonds...) Computation of issue price. The total current redemption value of the eligible securities submitted for...

17 CFR 229.506 - (Item 506) Dilution.

Code of Federal Regulations, 2010 CFR

2010-04-01

... disparity between the public offering price and the effective cash cost to officers, directors, promoters... offering and the effective cash contribution of such persons. In such cases, and in other instances where... amount of the increase in such net tangible book value per share attributable to the cash payments made...

Technology-Driven Resource Sharing: Paying for Improvement.

ERIC Educational Resources Information Center

Rush, James E.

1993-01-01

Addresses the inadequacies of traditional methods of library financing and proposes a strategy to be implemented in an environment supported by automation and networks. Publisher pricing of data rather than publications, options for charging library users with debit cards, and the role of regional library networks are discussed. (EAM)

78 FR 42115 - NGAM Advisors, LP, et al.; Notice of Application

Federal Register 2010, 2011, 2012, 2013, 2014

2013-07-15

... size, experience and potentially stronger relationships in the fixed income markets. Purchases of... to deposit securities into, and receive securities from, the series in connection with the purchase... anticipate that the price of a Share will range from $20 to $200. All orders to purchase Creation Units must...

5 CFR 1653.4 - Calculating entitlements.

Code of Federal Regulations, 2010 CFR

2010-01-01

... PROCESSES AFFECTING THRIFT SAVINGS PLAN ACCOUNTS Retirement Benefits Court Orders § 1653.4 Calculating... purchased as of the effective date; and (iii) Multiplying the price per share as of the payment date by the... estimate the amount of a payee's entitlement when it prepares the court order decision letter and will...

Cost-Sharing Rates Increase During Deep Recession: Preliminary Data From Greece.

PubMed

Gouvalas, Athanasios; Igoumenidis, Michael; Theodorou, Mamas; Athanasakis, Kostas

2016-05-28

Measures taken over the past four years in Greece to reduce pharmaceutical expenditure have led to significant price reductions for medicines, but have also changed patient cost-sharing rates for prescription drugs. This study attempts to capture the resulting increase in patients' out-of-pocket (OOP) expenses for prescription drugs during the 2011-2014 period. The authors conducted a retrospective review of financial data derived from 39 883 prescriptions, dispensed at three randomly chosen pharmacies located in Lamia, central Greece. The study recorded an average contribution rate per prescription as follows: 11.28% for 2011 (95% CI: 10.76-11.80), 14.10% for 2012, 19.97% for 2013, and 29.08% for 2014. Correspondingly, the mean patient charge per prescription for 2011 was €6.58 (95% CI: 6.22-6.94), €8.28 for 2012, €8.35 for 2013, and €10.87 for 2014. During the 2011-2014 period, mean percentage rate of patient contribution increased by 157.75%, while average patient charge per prescription in current prices increased by 65.22%. The use of a newly introduced internal reference price (IRP) system increased the level of prescription charge at a rate of 2.41% for 2012 (100% surcharge on patients), 26.24% for 2013 (49.95% on patients and 50.04% on the appropriate health insurance funds), and 47.72% for 2014 (85.06% on patients and 14.94% on funds). Increased cost-sharing rates for prescription drugs can reduce public pharmaceutical expenditure, but international experience shows that rising OOP expenses can compromise patients' ability to pay, particularly when it comes to chronic diseases and vulnerable populations. Various suggestions could be effective in refining the cost-sharing approach by giving greater consideration to chronic patients, and to the poor and elderly. © 2016 The Author(s); Published by Kerman University of Medical Sciences. This is an open-access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Potential impact of policy regulation and generic competition on sales of cholesterol lowering medication, antidepressants and acid blocking agents in Belgium.

PubMed

Fraeyman, J; Van Hal, G; De Loof, H; Remmen, R; De Meyer, G R Y; Beutels, P

2012-01-01

Pharmaceutical expenditures are increasing as a proportion of health expenditures in most rich countries. Antidepressants, acid blocking agents and cholesterol lowering medication are major contributors to medicine sales around the globe. We aimed to document the possible impact of policy regulations and generic market penetration on the evolution of sales volume and average cost per unit (Defined Daily Doses and packages) of antidepressants, acid blocking agents and cholesterol lowering medication. We extracted data from the IMS health database regarding the public price and sales volume of the antidepressants (selective serotonin reuptake inhibitors (SSRI's), monoamine oxidase inhibitors (MAOl's) and tricyclic and remaining antidepressants (TCA's)), acid blocking agents (proton pump inhibitors (PPl's) and H2 receptor antagonists) and cholesterol lowering medication (statins and fibrates) in Belgium between 1995 and 2009. We describe these sales data in relation to various national policy measures which were systematically searched in official records. Our analysis suggests that particular policy regulations have had immediate impact on sales figures and expenditures on pharmaceuticals in Belgium: changes in reimbursement conditions, a public tender and entry of generic competitors in a reference pricing system. However, possible sustainable effects seem to be counteracted by other mechanisms such as marketing strategies, prescribing behaviour, brand loyalty and the entry of pseudogenerics. It is likely that demand-side measures have a more sustainable impact on expenditure. Compared with other European countries, generic penetration in Belgium remains low. Alternative policy regulations aimed at enlarging the generic market and influencing pharmaceutical expenditures deserve consideration. This should include policies aiming to influence physicians' prescribing and a shared responsibility of pharmacists, physicians and patients towards expenditures.

Extreme prices in electricity balancing markets from an approach of statistical physics

NASA Astrophysics Data System (ADS)

Mureddu, Mario; Meyer-Ortmanns, Hildegard

2018-01-01

An increase in energy production from renewable energy sources is viewed as a crucial achievement in most industrialized countries. The higher variability of power production via renewables leads to a rise in ancillary service costs over the power system, in particular costs within the electricity balancing markets, mainly due to an increased number of extreme price spikes. This study analyzes the impact of an increased share of renewable energy sources on the behavior of price and volumes of the Italian balancing market. Starting from configurations of load and power production, which guarantee a stable performance, we implement fluctuations in the load and in renewables; in particular we artificially increase the contribution of renewables as compared to conventional power sources to cover the total load. We then determine the amount of requested energy in the balancing market and its fluctuations, which are induced by production and consumption. Within an approach of agent-based modeling we estimate the resulting energy prices and costs. While their average values turn out to be only slightly affected by an increased contribution from renewables, the probability for extreme price events is shown to increase along with undesired peaks in the costs. Our methodology provides a tool for estimating outliers in prices obtained in the energy balancing market, once data of consumption, production and their typical fluctuations are provided.

Persistent collective trend in stock markets

NASA Astrophysics Data System (ADS)

Balogh, Emeric; Simonsen, Ingve; Nagy, Bálint Zs.; Néda, Zoltán

2010-12-01

Empirical evidence is given for a significant difference in the collective trend of the share prices during the stock index rising and falling periods. Data on the Dow Jones Industrial Average and its stock components are studied between 1991 and 2008. Pearson-type correlations are computed between the stocks and averaged over stock pairs and time. The results indicate a general trend: whenever the stock index is falling the stock prices are changing in a more correlated manner than in case the stock index is ascending. A thorough statistical analysis of the data shows that the observed difference is significant, suggesting a constant fear factor among stockholders.

25. anniversary of the 1973 oil embargo: Energy trends since the first major U.S. energy crisis

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

NONE

The purpose of this publication is not to assess the causes of the 1973 energy crisis or the measures that were adopted to resolve it. The intent is to present some data on which such analyses can be based. Many of the trends presented here fall into two distinct periods. From 1973 to the mid-1980`s, prices continued at very high levels, in part because of a second oil shock in 1979--80. During this period, rapid progress was made in raising American oil production, reducing dependence on oil imports, and improving end-use efficiency. After the oil price collapse of the mid-1980`s,more » however, prices retreated to more moderate levels, the pace of efficiency gains slowed, American oil production fell, and the share of imports rose. 30 figs.« less

Canada's new national energy program on oil and gas: What are the main provisions? What are the reactions so far?

NASA Astrophysics Data System (ADS)

Burr, K. K.

1981-04-01

The Canadian federal government announced a National Energy Program (NEP) for oil and natural gas to achieve energy self sufficiency. The program deals with two major political and economic influences in Canadian energy: provincial ownership of natural resources and 70% of foreign ownership in the Canadian petroleum industry. The objectives to achieve national energy security, create opportunities for Canadian participation, and share resource benefits among the provinces. The major provisions include: a 80% federal tax on oil and gas production; a natural gas federal excise tax; a pricing scheme which holds conventional oil prices down but gives incentives for oil sands, heavy oil, and tertiary recovery production; a gas pricing scheme which encourages substitution of gas for oil; a 25% carried interest for the government on federal leases; and a Canadianization incentives grant system which replace the depletion allowance system.

Transparency--"Deal or no deal"?

PubMed

Lutz, Sandy

2007-01-01

In the United States, transparency is becoming an ideal worthy of Mom and apple pie, like quality in healthcare. Physicians, payers, hospitals, business associations, and organizations representing patients have all chimed in expressing support. At the local, state, and national levels a variety of transparency initiatives are under way. How will transparency affect the healthcare industry? Transparency could profoundly change today's balance of power, for it is about information, and information is power. As employers push more cost sharing to workers, hospitals and health systems will have to construct a pricing structure that is meaningful to consumers. What are providers to do? To be successful with this new demand, providers should make sure they are making quality information as well as pricing information available to consumers. They will have to know the market, know what their own prices mean, consider the customer, and reengineer business processes around the patient rather than around the billing side of business.

Quantifying the link between art and property prices in urban neighbourhoods

PubMed Central

Seresinhe, Chanuki Illushka

2016-01-01

Is there an association between art and changes in the economic conditions of urban neighbourhoods? While the popular media and policymakers commonly believe this to be the case, quantitative evidence remains lacking. Here, we use metadata of geotagged photographs uploaded to the popular image-sharing platform Flickr to quantify the presence of art in London neighbourhoods. We estimate the presence of art in neighbourhoods by determining the proportion of Flickr photographs which have the word ‘art’ attached. We compare this with the relative gain in residential property prices for each Inner London neighbourhood. We find that neighbourhoods which have a higher proportion of ‘art’ photographs also have greater relative gains in property prices. Our findings demonstrate how online data can be used to quantify aspects of the visual environment at scale and reveal new connections between the visual environment and crucial socio-economic measurements. PMID:27152228

Quantifying the link between art and property prices in urban neighbourhoods.

PubMed

Seresinhe, Chanuki Illushka; Preis, Tobias; Moat, Helen Susannah

2016-04-01

Is there an association between art and changes in the economic conditions of urban neighbourhoods? While the popular media and policymakers commonly believe this to be the case, quantitative evidence remains lacking. Here, we use metadata of geotagged photographs uploaded to the popular image-sharing platform Flickr to quantify the presence of art in London neighbourhoods. We estimate the presence of art in neighbourhoods by determining the proportion of Flickr photographs which have the word 'art' attached. We compare this with the relative gain in residential property prices for each Inner London neighbourhood. We find that neighbourhoods which have a higher proportion of 'art' photographs also have greater relative gains in property prices. Our findings demonstrate how online data can be used to quantify aspects of the visual environment at scale and reveal new connections between the visual environment and crucial socio-economic measurements.

Job Sharing: An Alternative to Traditional Employment Patterns.

ERIC Educational Resources Information Center

Duttweiler, Robert W.

Taking the view that job sharing is a positive alternative for workers and employers, this article defines job sharing in broad terms and describes its evolution from the Fair Labor Standards Act of 1938 to the present. The advantages, such as increased productivity, are felt to be impressive, but disadvantages also exist, including significant…

Reference pricing of pharmaceuticals for Medicare: evidence from Germany, The Netherlands, and New Zealand.

PubMed

Danzon, Patricia M; Ketcham, Jonathan D

2004-01-01

This paper describes three prototypical systems of therapeutic reference pricing (RP) for pharmaceuticals--Germany, the Netherlands, and New Zealand--and examines their effects on the availability of new drugs, reimbursement levels, manufacturer prices, and out-of-pocket surcharges to patients. RP for pharmaceuticals is not simply analogous to a defined contribution approach to subsidizing insurance coverage. Although a major purpose of RP is to stimulate competition, theory suggests that the achievement of this goal is unlikely, and this is confirmed by the empirical evidence. Other effects of RP differ across countries in predictable ways, reflecting each country's system design and other cost-control policies. New Zealand's RP system has reduced reimbursement and limited the availability of new drugs, particularly more expensive drugs. Compared to these three countries, if RP were applied in the United States, it would likely have a more negative effect on prices of onpatent products because of the more competitive U.S. generic market, and on research and development (R&D) and the future supply of new drugs, because of the much larger U.S. share of global pharmaceutical sales.

Increasing excise taxes in the presence of an illegal cigarette market: the 2011 Brazil tobacco tax reform.

PubMed

Iglesias, Roberto Magno

2016-10-01

The Brazilian cigarette excise tax reform of 2011 increased tax rates significantly in the presence of a high proportion of illegal and cheap cigarettes contributing to total consumption. Prior to 2011, tobacco tax policy in Brazil had reduced excise tax share on consumer prices, for fear of smuggling. This report examines two hypotheses explaining why tax authorities changed direction. The first is related to lack of concern regarding smuggling in tobacco industry pricing behavior before 2011 (rather than reducing prices following tax reduction, legal companies increased net of tax prices above inflation and key costs). The second hypothesis regards inconsistent industry assessments of the size of the illicit market, which ultimately undermined the credibility of the industry with tax authorities. The author concludes that the 2011 reform was designed to revert the weakness of previous policies, and did indeed succeed. The post-2011 experience in Brazil indicates that increased cigarette excise taxes can increase government revenues and reduce smoking prevalence and consumption despite widespread smuggling of tobacco products.

Revenue Sufficiency and Reliability in a Zero Marginal Cost Future

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

Frew, Bethany A.

Features of existing wholesale electricity markets, such as administrative pricing rules and policy-based reliability standards, can distort market incentives from allowing generators sufficient opportunities to recover both fixed and variable costs. Moreover, these challenges can be amplified by other factors, including (1) inelastic demand resulting from a lack of price signal clarity, (2) low- or near-zero marginal cost generation, particularly arising from low natural gas fuel prices and variable generation (VG), such as wind and solar, and (3) the variability and uncertainty of this VG. As power systems begin to incorporate higher shares of VG, many questions arise about themore » suitability of the existing marginal-cost-based price formation, primarily within an energy-only market structure, to ensure the economic viability of resources that might be needed to provide system reliability. This article discusses these questions and provides a summary of completed and ongoing modelling-based work at the National Renewable Energy Laboratory to better understand the impacts of evolving power systems on reliability and revenue sufficiency.« less

Revenue Sufficiency and Reliability in a Zero Marginal Cost Future: Preprint

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

Frew, Bethany A.; Milligan, Michael; Brinkman, Greg

Features of existing wholesale electricity markets, such as administrative pricing rules and policy-based reliability standards, can distort market incentives from allowing generators sufficient opportunities to recover both fixed and variable costs. Moreover, these challenges can be amplified by other factors, including (1) inelastic demand resulting from a lack of price signal clarity, (2) low- or near-zero marginal cost generation, particularly arising from low natural gas fuel prices and variable generation (VG), such as wind and solar, and (3) the variability and uncertainty of this VG. As power systems begin to incorporate higher shares of VG, many questions arise about themore » suitability of the existing marginal-cost-based price formation, primarily within an energy-only market structure, to ensure the economic viability of resources that might be needed to provide system reliability. This article discusses these questions and provides a summary of completed and ongoing modelling-based work at the National Renewable Energy Laboratory to better understand the impacts of evolving power systems on reliability and revenue sufficiency.« less

Language and emotions: emotional Sapir-Whorf hypothesis.

PubMed

Perlovsky, Leonid

2009-01-01

An emotional version of Sapir-Whorf hypothesis suggests that differences in language emotionalities influence differences among cultures no less than conceptual differences. Conceptual contents of languages and cultures to significant extent are determined by words and their semantic differences; these could be borrowed among languages and exchanged among cultures. Emotional differences, as suggested in the paper, are related to grammar and mostly cannot be borrowed. The paper considers conceptual and emotional mechanisms of language along with their role in the mind and cultural evolution. Language evolution from primordial undifferentiated animal cries is discussed: while conceptual contents increase, emotional reduced. Neural mechanisms of these processes are suggested as well as their mathematical models: the knowledge instinct, the dual model connecting language and cognition, neural modeling fields. Mathematical results are related to cognitive science, linguistics, and psychology. Experimental evidence and theoretical arguments are discussed. Dynamics of the hierarchy-heterarchy of human minds and cultures is formulated using mean-field approach and approximate equations are obtained. The knowledge instinct operating in the mind heterarchy leads to mechanisms of differentiation and synthesis determining ontological development and cultural evolution. These mathematical models identify three types of cultures: "conceptual" pragmatic cultures in which emotionality of language is reduced and differentiation overtakes synthesis resulting in fast evolution at the price of uncertainty of values, self doubts, and internal crises; "traditional-emotional" cultures where differentiation lags behind synthesis, resulting in cultural stability at the price of stagnation; and "multi-cultural" societies combining fast cultural evolution and stability. Unsolved problems and future theoretical and experimental directions are discussed.

Adjusting the Capital Asset Pricing Model for the Short-Run with Liquidity Proxies, While Accounting for Denials and Deceptions in Financial Markets

DTIC Science & Technology

2014-03-01

period, Ki broke down his dataset into three periods of market evolution : before HFT 1994-2000, after HFT’s introduction 2001-2005, and after HFT’s...addition to the integrity measures above. The TPs can also act as authentication systems, barring users from interacting (i.e., reading, writing...and Whaley’s published work, Cheating and Deception, traces the origins and evolution of contemporary academic work concerning deception from

Stochastic modelling of non-stationary financial assets

NASA Astrophysics Data System (ADS)

Estevens, Joana; Rocha, Paulo; Boto, João P.; Lind, Pedro G.

2017-11-01

We model non-stationary volume-price distributions with a log-normal distribution and collect the time series of its two parameters. The time series of the two parameters are shown to be stationary and Markov-like and consequently can be modelled with Langevin equations, which are derived directly from their series of values. Having the evolution equations of the log-normal parameters, we reconstruct the statistics of the first moments of volume-price distributions which fit well the empirical data. Finally, the proposed framework is general enough to study other non-stationary stochastic variables in other research fields, namely, biology, medicine, and geology.

Canadian oil and gas taxation

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

Watkins, C.; Scarfe, B.

1985-01-01

The taxation of Canadian oil and gas production has occasioned significant conflict between the federal government and the provinces, which own most of the petroleum resources. During the upheaval of the world oil market in the 1970s, such conflict became overt, with claims and counterclaims on perceived economic rents. In contrast, the 1950s and 1960s had been relatively quiet, with quite straightforward taxation regimes requiring only a little federal-provincial policy coordination. Federal policies were then preoccupied with encouraging market growth, with scant attention to pricing and revenue shares, the issues that have dominated federal and provincial energy policy in themore » 1970s and the 1980s. The authors begin by outlining the tax and royalty systems imposed by the federal government and by the government of Alberta, which accounts for some 85% of Canadian oil and gas output. They use the term system here in a broad sense to include all revenue-collecting devices and direct subsidies. Then they analyze the nature, problems, and efficiency of these regimes, especially as devices to collect economic rent. A final section speculates about the future evolution of Canadian oil and gas taxation. 13 references, 4 tables.« less

Should a coal-fired power plant be replaced or retrofitted?

PubMed

Patiño-Echeverri, Dalia; Morel, Benoit; Apt, Jay; Chen, Chao

2007-12-01

In a cap-and-trade system, a power plant operator can choose to operate while paying for the necessary emissions allowances, retrofit emissions controls to the plant, or replace the unit with a new plant. Allowance prices are uncertain, as are the timing and stringency of requirements for control of mercury and carbon emissions. We model the evolution of allowance prices for SO2, NOx, Hg, and CO2 using geometric Brownian motion with drift, volatility, and jumps, and use an options-based analysis to find the value of the alternatives. In the absence of a carbon price, only if the owners have a planning horizon longer than 30 years would they replace a conventional coal-fired plant with a high-performance unit such as a supercritical plant; otherwise, they would install SO2 and NOx, controls on the existing unit. An expectation that the CO2 price will reach $50/t in 2020 makes the installation of an IGCC with carbon capture and sequestration attractive today, even for planning horizons as short as 20 years. A carbon price below $40/t is unlikely to produce investments in carbon capture for electric power.

Temporal evolution of financial-market correlations.

PubMed

Fenn, Daniel J; Porter, Mason A; Williams, Stacy; McDonald, Mark; Johnson, Neil F; Jones, Nick S

2011-08-01

We investigate financial market correlations using random matrix theory and principal component analysis. We use random matrix theory to demonstrate that correlation matrices of asset price changes contain structure that is incompatible with uncorrelated random price changes. We then identify the principal components of these correlation matrices and demonstrate that a small number of components accounts for a large proportion of the variability of the markets that we consider. We characterize the time-evolving relationships between the different assets by investigating the correlations between the asset price time series and principal components. Using this approach, we uncover notable changes that occurred in financial markets and identify the assets that were significantly affected by these changes. We show in particular that there was an increase in the strength of the relationships between several different markets following the 2007-2008 credit and liquidity crisis.

Temporal evolution of financial-market correlations

NASA Astrophysics Data System (ADS)

Fenn, Daniel J.; Porter, Mason A.; Williams, Stacy; McDonald, Mark; Johnson, Neil F.; Jones, Nick S.

2011-08-01

We investigate financial market correlations using random matrix theory and principal component analysis. We use random matrix theory to demonstrate that correlation matrices of asset price changes contain structure that is incompatible with uncorrelated random price changes. We then identify the principal components of these correlation matrices and demonstrate that a small number of components accounts for a large proportion of the variability of the markets that we consider. We characterize the time-evolving relationships between the different assets by investigating the correlations between the asset price time series and principal components. Using this approach, we uncover notable changes that occurred in financial markets and identify the assets that were significantly affected by these changes. We show in particular that there was an increase in the strength of the relationships between several different markets following the 2007-2008 credit and liquidity crisis.

Cellular scaling rules for the brain of afrotherians

PubMed Central

Neves, Kleber; Ferreira, Fernanda M.; Tovar-Moll, Fernanda; Gravett, Nadine; Bennett, Nigel C.; Kaswera, Consolate; Gilissen, Emmanuel; Manger, Paul R.; Herculano-Houzel, Suzana

2014-01-01

Quantitative analysis of the cellular composition of rodent, primate and eulipotyphlan brains has shown that non-neuronal scaling rules are similar across these mammalian orders that diverged about 95 million years ago, and therefore appear to be conserved in evolution, while neuronal scaling rules appear to be free to vary in evolution in a clade-specific manner. Here we analyze the cellular scaling rules that apply to the brain of afrotherians, believed to be the first clade to radiate from the common eutherian ancestor. We find that afrotherians share non-neuronal scaling rules with rodents, primates and eulipotyphlans, as well as the coordinated scaling of numbers of neurons in the cerebral cortex and cerebellum. Afrotherians share with rodents and eulipotyphlans, but not with primates, the scaling of number of neurons in the cortex and in the cerebellum as a function of the number of neurons in the rest of the brain. Afrotheria also share with rodents and eulipotyphlans the neuronal scaling rules that apply to the cerebral cortex. Afrotherians share with rodents, but not with eulipotyphlans nor primates, the neuronal scaling rules that apply to the cerebellum. Importantly, the scaling of the folding index of the cerebral cortex with the number of neurons in the cerebral cortex is not shared by either afrotherians, rodents, or primates. The sharing of some neuronal scaling rules between afrotherians and rodents, and of some additional features with eulipotyphlans and primates, raise the interesting possibility that these shared characteristics applied to the common eutherian ancestor. In turn, the clade-specific characteristics that relate to the distribution of neurons along the surface of the cerebral cortex and to its degree of gyrification suggest that these characteristics compose an evolutionarily plastic suite of features that may have defined and distinguished mammalian groups in evolution. PMID:24596544

Stock price estimation using ensemble Kalman Filter square root method

NASA Astrophysics Data System (ADS)

Karya, D. F.; Katias, P.; Herlambang, T.

2018-04-01

Shares are securities as the possession or equity evidence of an individual or corporation over an enterprise, especially public companies whose activity is stock trading. Investment in stocks trading is most likely to be the option of investors as stocks trading offers attractive profits. In determining a choice of safe investment in the stocks, the investors require a way of assessing the stock prices to buy so as to help optimize their profits. An effective method of analysis which will reduce the risk the investors may bear is by predicting or estimating the stock price. Estimation is carried out as a problem sometimes can be solved by using previous information or data related or relevant to the problem. The contribution of this paper is that the estimates of stock prices in high, low, and close categorycan be utilized as investors’ consideration for decision making in investment. In this paper, stock price estimation was made by using the Ensemble Kalman Filter Square Root method (EnKF-SR) and Ensemble Kalman Filter method (EnKF). The simulation results showed that the resulted estimation by applying EnKF method was more accurate than that by the EnKF-SR, with an estimation error of about 0.2 % by EnKF and an estimation error of 2.6 % by EnKF-SR.

The effect of the water tariff structures on the water consumption in Mallorcan hotels

NASA Astrophysics Data System (ADS)

Deyà-Tortella, Bartolomé; Garcia, Celso; Nilsson, William; Tirado, Dolores

2016-08-01

Tourism increases water demand, especially in coastal areas and on islands, and can also cause water shortages during the dry season and the degradation of the water supply. The aim of this study is to evaluate the impact of water price structures on hotel water consumption on the island of Mallorca (Spain). All tourist municipalities on the island use different pricing structures, such as flat or block rates, and different tariffs. This exogenous variation is used to evaluate the effect of prices on water consumption for a sample of 134 hotels. The discontinuity of the water tariff structure and the fixed rate, which depends on the number of hotel beds, generate endogeneity problems. We propose an econometric model, an instrumental variable quantile regression for within artificial blocks transformed data, to solve both problems. The coefficients corresponding to the price variables are not found to be significantly different from zero. The sign of the effect is negative, but the magnitude is negligible: a 1% increase in all prices would reduce consumption by an average of only 0.024%. This result is probably due to the small share of water costs with respect to the total hotel operational costs (around 4%). Our regression model concludes that the introduction of water-saving initiatives constitutes an effective way to reduce consumption.

Cost-savings for biosimilars in the United States: a theoretical framework and budget impact case study application using filgrastim.

PubMed

Grewal, Simrun; Ramsey, Scott; Balu, Sanjeev; Carlson, Josh J

2018-05-18

Biosimilars can directly reduce the cost of treating patients for whom a reference biologic is indicated by offering a highly similar, lower priced alternative. We examine factors related to biosimilar regulatory approval, uptake, pricing, and financing and the potential impact on drug expenditures in the U.S. We developed a framework to illustrate how key factors including regulatory policies, provider and patient perception, pricing, and payer policies impact biosimilar cost-savings. Further, we developed a budget impact cost model to estimate savings from filgrastim biosimilars under various scenarios. The model uses publicly available data on disease incidence, treatment patterns, market share, and drug prices to estimate the cost-savings over a 5-year time horizon. We estimate five-year cost savings of $256 million, of which 18% ($47 million) are from reduced patient out-of-pocket costs, 34% ($86 million) are savings to commercial payers, and 48% ($123 million) are savings for Medicare. Additional scenarios demonstrate the impact of uncertain factors, including price, uptake, and financing policies. A variety or interrelated factors influence the development, uptake, and cost-savings for Biosimilars use in the U.S. The filgrastim case is a useful example that illustrates these factors and the potential magnitude of costs savings.

Dynamics of electricity market correlations

NASA Astrophysics Data System (ADS)

Alvarez-Ramirez, J.; Escarela-Perez, R.; Espinosa-Perez, G.; Urrea, R.

2009-06-01

Electricity market participants rely on demand and price forecasts to decide their bidding strategies, allocate assets, negotiate bilateral contracts, hedge risks, and plan facility investments. However, forecasting is hampered by the non-linear and stochastic nature of price time series. Diverse modeling strategies, from neural networks to traditional transfer functions, have been explored. These approaches are based on the assumption that price series contain correlations that can be exploited for model-based prediction purposes. While many works have been devoted to the demand and price modeling, a limited number of reports on the nature and dynamics of electricity market correlations are available. This paper uses detrended fluctuation analysis to study correlations in the demand and price time series and takes the Australian market as a case study. The results show the existence of correlations in both demand and prices over three orders of magnitude in time ranging from hours to months. However, the Hurst exponent is not constant over time, and its time evolution was computed over a subsample moving window of 250 observations. The computations, also made for two Canadian markets, show that the correlations present important fluctuations over a seasonal one-year cycle. Interestingly, non-linearities (measured in terms of a multifractality index) and reduced price predictability are found for the June-July periods, while the converse behavior is displayed during the December-January period. In terms of forecasting models, our results suggest that non-linear recursive models should be considered for accurate day-ahead price estimation. On the other hand, linear models seem to suffice for demand forecasting purposes.

32 CFR 3.8 - DoD access to records policy.

Code of Federal Regulations, 2011 CFR

2011-07-01

... for defined payable milestones, with no provision for financial or cost reporting that would be a... necessary to verify statutory cost share or to verify amounts generated from financial or cost records that... General access. (1) Fixed-price type OT agreements. (i) General—DoD access to records is not generally...

32 CFR 3.8 - DoD access to records policy.

Code of Federal Regulations, 2010 CFR

2010-07-01

... for defined payable milestones, with no provision for financial or cost reporting that would be a... necessary to verify statutory cost share or to verify amounts generated from financial or cost records that... General access. (1) Fixed-price type OT agreements. (i) General—DoD access to records is not generally...

78 FR 6391 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-01-30

... shares other than 100.\\8\\ Moreover, the concept of listing and trading parallel options products of... system capacity, the Exchange has analyzed its capacity and represents that it and the Options Price Reporting Authority (``OPRA'') have the necessary systems capacity to handle the potential additional...

On Affordability: Public Higher Education in New England

ERIC Educational Resources Information Center

Syverud, Gretchen

2015-01-01

As the lowest-priced higher education institutions serving the greatest share of students in New England, public institutions are a crucial access point for the region's students who may not have other opportunities to enroll in college. Maintaining the cost of attending a public institution in New England is imperative for students, families,…

Periodicals Price Survey 2008: Embracing Openness

ERIC Educational Resources Information Center

Van Orsdel, Lee C.; Born, Kathleen

2008-01-01

Evidence for open access as an emergent, global state of mind is everywhere. The "New York Times" went "open" last September, and the "Wall Street Journal" is slated to follow. Increasingly, scholarly communities are breaking with tradition and calling for the open sharing of research, software, and data. Amongst these global initiatives is the…

Pricing the Services of Scientific Cores. Part I: Charging Subsidized and Unsubsidized Users.

ERIC Educational Resources Information Center

Fife, Jerry; Forrester, Robert

2002-01-01

Explaining that scientific cores at research institutions support shared resources and facilities, discusses devising a method of charging users for core services and controlling and managing the rates. Proposes the concept of program-based management to cover sources of core support that are funding similar work. (EV)

The Four Elementary Forms of Sociality: Framework for a Unified Theory of Social Relations.

ERIC Educational Resources Information Center

Fiske, Alan Page

1992-01-01

A theory is presented that postulates that people in all cultures use four relational models to generate most kinds of social interaction, evaluation, and affect. Ethnographic and field studies (n=19) have supported cultural variations on communal sharing; authority ranking; equality matching; and market pricing. (SLD)

76 FR 27118 - Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-05-10

... elimination of this fee. Consequently, the Exchange proposes to eliminate from its NYSE Amex Equities Price... surveillance for position limit violations, manipulation, front-running, contrary exercise advice violations... doing so shares information and coordinates with other exchanges designed to detect the unlawful use of...

76 FR 66096 - RiverPark Advisors, LLC, et al.; Notice of Application

Federal Register 2010, 2011, 2012, 2013, 2014

2011-10-25

..., and receive securities from, the series in connection with the purchase and redemption of Creation... price of a Share will range from $20 to $200. All orders to purchase Creation Units must be placed with... Participant''). The Initial Funds and most Future Funds will generally be purchased in Creation Units in...

Pricing and disseminating customer data with privacy awareness.

PubMed

Li, Xiao-Bai; Raghunathan, Srinivasan

2014-03-01

Organizations today regularly share their customer data with their partners to gain competitive advantages. They are also often requested or even required by a third party to provide customer data that are deemed sensitive. In these circumstances, organizations are obligated to protect the privacy of the individuals involved while still benefiting from sharing data or meeting the requirement for releasing data. In this study, we analyze the tradeoff between privacy and data utility from the perspective of the data owner. We develop an incentive-compatible mechanism for the data owner to price and disseminate private data. With this mechanism, a data user is motivated to reveal his true purpose of data usage and acquire the data that suits to that purpose. Existing economic studies of information privacy primarily consider the interplay between the data owner and the individuals, focusing on problems that occur in the collection of private data. This study, however, examines the privacy issue facing a data owner organization in the distribution of private data to a third party data user when the real purpose of data usage is unclear and the released data could be misused.