Decrease In Price Research Articles

International Oil Price and Domestic Refinery Price: Empirical Evidence for Greece

Fuel prices and the pronounced fluctuations in the international oil market are among the most widely discussed topics worldwide. Recent international developments, including energy crises, have resulted in a substantial surge in global oil prices, leading to price increases across all countries and in all petroleum products. This paper investigates the correlation between international oil prices and refining costs in Greece. More specifically, this study focuses on how rapidly refinery prices respond to potential increases or decreases in the international oil price, commonly known as the ’Rockets and Feathers’ phenomenon. The investigation assesses the reaction of diesel and gasoline refinery prices to fluctuations in the international oil price and explores the potential presence of asymmetry. The econometric model employed is based on an asymmetric error correction model, utilizing weekly data spanning from 2013 to 2022 for Greece. According to our findings, both diesel and 95-octane gasoline prices exhibit an asymmetric response to international oil prices. Notably, refinery prices react more promptly to price increases than to decreases in the global oil price. This study holds particular significance, as this delay is reflected in final retail prices, indicating the possible existence of pricing asymmetries. Additionally, the issue of oil purchase contracts arises, which guarantee a fixed price regardless of the prevailing international oil price at the time and, consequently, do not justify such fluctuations in refinery prices. These findings could prove valuable for competition policy within Greece’s vertical oil market.

OP27 Impact Of Generic Entry Of Pharmaceuticals On Drug Prices In Australia

IntroductionPolicy makers are keen to introduce cost containment measures in medicine spending due to aging populations and fiscal pressure. A major price reform was applied to the Australian Pharmaceutical Benefits Scheme (PBS) in 2014. This aimed to stimulate price reductions by increasing competition among generics, amidst growing evidence at the time of unnecessarily high generic medicine prices in Australia. The aim of this study was to estimate the effect of patent expiration and generic competition on drug prices, while controlling for other determinants of drug prices in Australia.MethodsA dataset from publicly available sources was constructed using monthly data on the price of drugs listed on the PBS from October 2014 to July 2022. The information included the generic drug name, item code, date, approved ex-manufacturer price, dispensed price per maximum quantity, and brand names. This was supplemented with monthly government spending and number of prescriptions filled per item code. A fixed effects regression model was used to estimate the effect of patent expiration and generic competition on dispensed drug prices.ResultsThe model estimated that introducing generics in Australia led to an 18 percent decrease in prices, excluding further decreases resulting from other controlled variables. The price elasticity of total prescriptions filled was estimated to be -0.6, suggesting that a one percent increase in prescriptions filled resulted in drug prices being lowered by 0.6 percent. This reflects the fact that, on average, firms reacted by reducing prices to increase market share when faced with an increase in quantity demanded. Each extra competitor was estimated to result in a reduction in prices of roughly 1.8 percent.ConclusionsThese results show that entry of generics into the Australian pharmaceutical market resulted in a significant reduction in drug prices. However, this alone does not provide empirical support for the effectiveness of these price reforms in generating savings by inducing generic competition, especially over other forms of pharmaceutical regulation.

WITHDRAWN: Integration of an O2 transport membrane and a biomass-fueled SCO2 cycle for liquid CO2/freshwater/power production: ANN-based optimization and techno-economic evaluation

This research presents a sustainable approach leveraging biomass as a renewable energy source and separation technology to produce liquid carbon dioxide for the food industry, alongside power and freshwater. The proposed system comprises five key sections. The biomass gasification section produces pure oxygen as a gasification agent using an oxygen transport membrane. The power generation section employs supercritical carbon dioxide oxy-fuel, enabling simultaneous power generation and carbon dioxide separation and purification. The freshwater production department uses a Multi-Stage Flash unit for desalination, drawing heat from the power generation cycle. The oxygen production section, based on oxygen transport membrane technology, supplies oxygen for the power generation cycle. The liquefaction section, utilizing the Claude cycle, facilitates carbon dioxide storage and transportation. The proposed system underwent rigorous techno-economic analysis and was further explored through multi-objective optimization based on artificial intelligence, aiming to minimize liquid carbon dioxide production costs and maximize net power output. Under pre-optimized conditions, the system exhibited a net power of 850 kW and a carbon dioxide price of $0.6/kg. Optimization results revealed a 12-year payback period, with a minimum carbon dioxide price of $0.51/kg and a maximum net power of 1692 kW. Comparative analysis under minimum carbon dioxide price conditions showed a 15% decrease in liquid carbon dioxide price and an 89% decrease in net power compared to pre-optimized conditions. Conversely, comparing the system's maximum net power after optimization to pre-optimized conditions demonstrated a 17% increase in liquid carbon dioxide price and a remarkable 99% increase in net power, highlighting substantial economic benefits.

Modelling the Impact of Crude Oil Prices and Stock Price Index on Indonesia’s Exchange Rates

Abstract This paper employs various GARCH-type models and the daily data from 3 July 2006 to 30 June 2021 to examine the effect of crude oil prices and stock price index on exchange rates for Indonesia, the largest oil producer in Southeast Asia. Since the share markets and oil prices are very volatile, testing the stability of the parameters or system is desirable. We achieve this by using the Nyblom’s fluctuations test and account for the structural break associated with the fluctuations. Findings reveal that lower oil price return leads the Indonesian currency per US dollar to depreciate. In addition, we find that stock return has negative and significant relation with exchange rates. This lends support to the portfolio balance effect in which a decrease in stock prices leads to a depreciation of Indonesian Rupiah against the US dollar. Evidence from EGARCH model shows that shocks to the volatility of exchange rate have a symmetrical effect. Our results suggest that as lower oil prices and stock prices contributes to depreciation of Indonesia rupiah against USD, an appropriate monetary policy may require adjustment of interest rates to resist the exchange rate fluctuations without being detrimental to the banking system.

The Business Analysis of Pop Mart

Beijing POP MART is a leading cultural and entertainment company in China. Over the past decade, POP MART has built an integrated platform covering the whole industry chain of pop toys. In 2019, the company combined with blind boxes economy. It has become popular in the toy market. At the end of 2020, the Pop Marts shares are listed. Based on the pandemic background, the article uses some strange financial indicators collected from the companys annual and semi-annual reports to figure out why its stock price decrease in recent years. The research finally concludes about this phenomenon.

A Study on the Influence of Oil Price Fluctuations on Agricultural Value-Added

Recently, the volatility of oil prices has significantly increased due to various factors. This study aims to analyze the influences of oil price fluctuations on agricultural value added, with a particular focus on comparing the magnitude of ripple effects across different categories. In order to achieve this, we designated not only oil prices but also exchange rates and the prices of three grains as random variables, and developed a stochastic model that considers their correlations. When oil prices fluctuate within expected ranges, it was analyzed that agricultural value-added changes by approximately 540 billion KRW. When examined by category, it was found that fruit-bearing vegetables exhibited the largest ripple effect. As a policy alternative to alleviate the farmers’ operational risk, this study introduces margin insurance to effectively manage both the increases in input costs due to rising oil prices and the decreases in agricultural commodity prices.

LEGAL CONSEQUENCES OF ACCOUNTABILITY PRINCIPLES AND COMPANY TRANSPARENCY VIOLATION TOWARD COMPANY SHAREHOLDERS

This study aims to analyze Decision 1028/Pid.Sus/2020/Pn.Jkt.Sel regarding the Actions of the Former Directors of PT. Tiga Pilar Sejahtera Food Tbk in terms of inflating financial reports that cause losses for investors. In addition, the study will examine how GCG violations—particularly those involving accountability and transparency—were carried out by the former directors of PT. Tiga Pilar Sejahtera Food Tbk and how they affected the company’s stockholders. Legal normative research is the methodology employed. The study’s findings demonstrate that, on their own, internal corporate rules like the GCG guidelines of the company and the application of relevant laws and regulations to ensure that the principles of transparency and accountability are upheld are insufficient to prevent violations. Additionally, the two former Directors of PT. Tiga Pilar Sejahtera Food Tbk’s fraud on the financial statements due to their violation of the principles of transparency and accountability caused a significant price decrease for the company’s shareholders.

Undercutting Transit? Exploring Potential Competition Between Automated Vehicles and Public Transportation in the United States

Automated vehicles (AVs) have the potential to dramatically disrupt current transportation patterns and practices. One particular area of concern is AVs’ impacts on public transit systems. If vehicle automation enables significant price decreases or performance improvements for ride-hailing services, some fear that it could undercut public transit, which could have significant implications for the environment and transportation equity. The extent to which individuals adopt automated transportation modes will drive many system-level outcomes, and research on public preferences for AVs is immature and inconclusive. In this study, we used responses from an online choice-based conjoint survey fielded in the Washington, D.C. metropolitan region (N = 1,694) in October 2021 to estimate discrete choice models of public preferences for different automated (ride-hailing, shared ride-hailing, bus) and nonautomated (ride-hailing, shared ride-hailing, bus, rail) modes. We used the estimated models to simulate future marketplace competition across a range of trip scenarios. Respondents on average were only willing to pay a premium for automated modes when a vehicle attendant was also present, limiting the potential cost-savings that AV operators might achieve by removing the driver. Scenario analysis additionally revealed that for trips where good transit options were available, transit remained competitive with automated ride-hailing modes. These results suggest that fears of a mass transition away from transit to AVs may be limited by people’s willingness to use AVs, at least in the short term. Future AV operators should also recognize the presence of an AV attendant as a critical feature for early AV adoption.

The distortion in the EU feed market due to import constraints on genetically modified soy

Feed importers in some EU member states face constraints on imports of genetically modified (GM) soy, a practice that may compromise the interests of EU livestock farmers. Using the cases of Sweden and Austria, we analyzed price transmission in the soy supply chain originating from Brazil, applying an asymmetric non-linear auto-regressive distributed lag (ARDL) model to identify short-run and long-run asymmetries. The results revealed significant asymmetric effects in how positive and negative price changes are absorbed within the feed industry. Notably, increases in the cost of Brazilian soy swiftly affect the prices for EU farmers, while cost reductions fail to trigger corresponding price decreases. Consequently, stronger constraints on GM soy imports are likely to exacerbate the competitiveness challenges faced by livestock farmers, primarily due to their reliance on non-GM soy. This implies that the restrictions on GM imports need to be relaxed or that low-cost local protein alternatives need to be developed.

Evaluasi Bank Syariah Indonesia Pasca Serangan Siber: Pergerakan Saham dan Kinerja

This study aims to determine the movement of BRIS shares after the cyber attack on May 8 2023. BRIS, which is owned by PT. Bank Syariah Indonesia Tbk experienced a decrease in share price due to a system error. Digital transaction services had stopped, such as BSI Mobile, ATMs and tellers at branch offices unable to serve customers. This study uses a quantitative method with a descriptive approach. The results show that the stock price movement has decreased until June 26 2023 and BSI's performance seen from the KPMM, ROA and BOPO ratios received the criteria of being healthy and good. Meanwhile, the FDR ratio of Islamic banks is considered bad because it has poor liquidity.

Impact of carbon emission trading and renewable energy development policy on the sustainability of electricity market: A stackelberg game analysis

Optimizing the electricity structure and achieving sustainable development are critical objectives in the current electricity market. To facilitate a low-carbon transition, China is planning to implement renewable energy development policies based on carbon emissions trading (CET), which includes feed-in premiums (FIP), renewable portfolio standards (RPS), and their corresponding green certificate trading mechanisms. However, it remains to be seen how these policies will work together to promote the growth and adoption of renewable energy sources in China. Accordingly, this paper aims to establish a Stackelberg game model of the electricity market under the two types of combination policy scenarios of CET-FIP and CET-RPS and compare the influence of different combination policies on the development of the renewable energy industry. The results show that: (1) Compared with a single renewable energy development policy, CET-RPS and CET-FIP policies can effectively reduce carbon emissions. (2) In the long run, the CET-RPS policy has a stronger ability to reduce emissions, and the CET-FIP policy has stronger economic benefits. (3) In the early stage of renewable energy development, electricity generation, profit of power generation companies, and social welfare are higher under the CET-RPS policy, while in the mature stage of renewable energy development, these important performance indices become better under the CET-FIP policy. (4) Under the CET-RPS policy, an increase in carbon price will result in an increase in on-grid price and a decrease in green certificate price. In contrast, under the CET-FIP policy, an increase in carbon price will lead to an increase in on-grid price and premium subsidy.

The use of M-learning to foster the development of self-regulated learning in university students: A systematic review

The rapid development of mobile technologies and their price decrease have enabled mobile devices to become ubiquitous. Both lecturers and students are integrating mobile technologies into teaching and learning. The continuous global innovation in emerging mobile technologies and their ever-increasing overlap with the lives of students and lecturers in Higher Education Institutions (HEIs) have thrust Mlearning and self-regulated learning into prominence. Accordingly, this review analyses conference proceedings and national and international journals on the potential of M-learning for fostering self-regulated learning. To select relevant sources, a systematic literature review approach was employed. This study fills gaps in existing literature and investigates how mobile devices might enhance self-regulated learning among university students. It also signals future research directions and offers implications for researchers and practitioners in HEIs.

Changing determinant driver and oil volatility forecasting: A comprehensive analysis

Academic research relies on exogenous drivers to enhance the accuracy of forecasting oil volatility. Following the relevant literature, this study collects 62 exogenous drivers that reflect the movements of oil demand, oil supply, oil inventory, macroeconomic fundamentals, financial indicators, and measures of uncertainty. Our empirical results indicate that dimension reduction regressions, especially principal component analysis regression (PCA), successfully predict both WTI and Brent oil volatility at the one-month ahead forecast horizon. Shrinkage methods, on the other hand, outperform their counterparts for medium- and long-term forecast horizons. Furthermore, the unsupervised learning method (PCA) achieves superior forecasting performance during periods of oil price decrease, whereas supervised learning methods (i.e., shrinkage methods) significantly improve volatility accuracy. Additionally, the empirical results reveal that movements in the Kilian index, World industrial production index, global economic conditions index, U.S. steel production, Chicago Fed national activity index, capacity utilization for manufacturing, U.S. default yield spread, and MSCI emerging market index have a significant impact on oil volatility.

Cost–Benefit Evaluation of Walnut and Jujube Orchards under Fruit Tree–Crop Intercropping Conditions in Southern Xinjiang

Fruit planting plays an essential role in achieving zero hunger, ensuring food security, and increasing the income of local people. As one of China’s principal fruit-planting areas, southern Xinjiang possesses more than 80% of the total fruit-planting areas of Xinjiang. However, the spatial distribution, extent, and types of fruit trees remain unknown, generating uncertainty in calculating the economic benefits of orchards in this area. In this paper, we used walnut and jujube orchards under fruit tree–crop intercropping conditions in the Hotan Oasis in southern Xinjiang as the research object. Walnut and jujube orchards were precisely characterized using object-oriented and decision tree classification methods. Then, the economic benefits for farmers were estimated based on field surveys and statistical data. From 2003 to 2020, the area of jujube orchards rapidly increased from 1.91 × 103 ha to 33.59 × 103 ha, while that of walnut orchards steadily increased from 18.05 × 103 ha to 40.24 × 103 ha. The expansion areas of walnut orchards were mainly transformed from other orchards in the oasis, while the expansion areas of jujube orchards mainly originated from newly cultivated land in the desert. The increases in areas and yields largely offset the increase in planting costs and the decrease in purchase prices, resulting in an increasing trend in the total net income of the orchards. From 2003 to 2020, the total net income of walnut orchards increased by 68.96%, and the total net income of jujube orchards significantly increased by 23.37 times. However, the output/input ratios of walnut orchards under intercropping conditions were approximately two times higher than those of jujube orchards under monocropping conditions. The increase in investment slightly offset the decreases in yields and purchase prices, resulting in increases of 5.24% and 18.64% in the output/input ratios of walnuts and jujubes, respectively, in orchards exhibiting standardized cultivation. In the future, it is necessary to significantly expand the area of orchards involving standardized cultivation and improve the yield and quality of fruits, thereby increasing the yields and income levels of local farmers.

AC-DC-DC Converter for Small Power Energy Storage Systems

The energy transformation driven by the development of renewable energy sources has become a reality for all power grid users. Prosumer energy, primarily utilizing photovoltaic installations, is one of the fastest-growing market segments. The advancement of technology, a decrease in electrochemical energy storage prices, and changes in the legal framework governing energy billing for grid-fed power have led to a growing interest in expanding prosumer installations with energy storage modules. This article presents the authors’ concept and expected functionalities of a prosumer system equipped with energy storage based on theoretical assumptions, simulation analyses, and experimental research. Additionally, it covers the design and functionality of a hybrid converter; its experimental validation, including an analysis of operational modes; the development of a control algorithm under real conditions; and the efficiency testing of the device.

An Investigation into the Reason for the Decrease of Tesla's Stock Price Despite Obtaining a Great Sale in 2022

Tesla, a multinational automotive and clean energy company, is one of the world's most valuable companies with its CEO Elon Musk. However, in 2022, its stock price decreased by 65% although its sales and revenue went on very well. As a result, this paper tends to find out what led to this dramatic decline through literature reviews and the authors additional analysis. This paper would solve this puzzle from the following four aspects: Musks acquisition of Twitter, a less promising NEVs market, threatening changes in Teslas biggest market (China), and the increase in the interest rate in the U.S.

Review of Shanghais Green City Policy A Discussion Based on Land Price Theory

This paper studies the impact of green city policy on land price change in Shanghai. We find that the displacement of industry zone will cause the land supply surplus in short run in moving out area, which will lead to the decrease of land price. In moving-in area, the price in long run and short run is completely opposite with moving out area. Land price theory is reviewed regarding its explanatory power in understanding the relation between change in price of land and external factors. The theory is utilized in reviewing of green city policy in Shanghai and its influence over the change in land price concerning industrial zones. While the green city policy is expected to have a number of positive effects on the city, including improving air quality, reducing greenhouse gas emissions, and creating a more livable environment, it is found to have some negative effects, such as increasing the cost of living and reducing the amount of available land.

CHANGES IN PRICES OF LIVE LAMB AND LAMB CARCASSES IN POLAND

TThe main objective of the study was to determine changes in the prices of live lamb and lamb carcasses in Poland and to indicate the occurring regularities. The specific objectives were to show the changes in the prices of live lamb and lamb carcasses after the accession to the EU, to identify the periods with the highest and the lowest prices and to define the occurring regularities in this respect. The sources of materials are data from EUROSTAT, the Central Statistical Office (CSO) and the Regional Union of Sheep and Goat Breeders in Białystok. The research period covered the years 2004-2020. Descriptive, tabular and graphical methods were used to analyse and present the materials, as well as fixed-base dynamics indicators. In Poland, prices of livestock and lamb carcasses did not change significantly during the several years after EU accession. There were short periods of price decreases and increases. Seasonal price fluctuations were also found. The highest prices for lamb carcasses were achieved from December to Easter, while the lowest prices were achieved during the summer months. The reason for this was the seasonality of both production and consumption. There were also regional disparities in the purchase prices of lamb livestock due to differences in sheep production and use.

Dynamic regime differences in the market behavior of primary natural resources in response to geopolitical risk and economic policy uncertainty

The study explores the dynamic effects of geopolitical risks and economic policy uncertainties on oil and natural gas prices in the US market's less volatile and highly volatile regimes, employing Markov regime-switching dynamic regression models (MS-DR) with monthly data from January 2000 to November 2022. Our empirical results demonstrate that a positive shock in the geopolitical risk of the USA (GPR_US) causes an increase in the growth rate of the prices of WTI at the high volatile periods (regime 1), and its one-period lagged effects are negative at time t in the less volatile periods (regime 0), and it cumulatively causes an increase in WTI price. GPR_US and one lagged effect negatively and positively natural gas prices (NGAS) at both regimes. respectively, where the dynamic cumulative impact of GPR_US causes NGAS to increase. World geopolitical risks (GPR) lead to an increase in WTI and natural gas prices. Furthermore, US economic policy exerts a reduction in WTI price at both less and highly volatile regimes, and its lag influences are positive at both regimes, where it cumulatively causes a decrease in WTI price. In a similar manner, global economic policy uncertainty also reduces WTI. US economic policy and its lag effects exhibit an increase and decrease in NGAS prices in the high volatile regime but exhibited a cumulatively positive response to shock in economic policy uncertainty. Global economic policy uncertainty causes nature gas prices to go up. Hence, geopolitical risks and economic policy uncertainty might have a complex impact on the prices of natural resources. It depends on the specific circumstances and the supply-demand dynamics in the market. Our findings offer insightful implications for economic agents.

ПРОТЕКЦІОНІЗМ ЯК ДЕТЕРМІНАНТА РОЗВИТКУ АВТОМОБІЛЕБУДУВАННЯ ВЕЛИКОЇ БРИТАНІЇ

Розглянуто тарифну політику щодо імпорту, яку було запроваджено у Великій Британії з початком Першої світової війни і яка діяла протягом близько 60 років. Спираючись на історичні факти і цифри, обґрунтовано на прикладі автомобільної індустрії, що так звані мита Маккенна в довгостроковій перспективі вплинули на зростання виробництва, зайнятості, надходжень до бюджету; обумовили зниження цін на внутрішньому ринку, скорочення імпорту і збільшення експорту, сприяли іноземним інвестиціям і трансферу передових технологій, ширшому залученню до бізнес-процесів місцевого потенціалу. Унаочнено, що запущені нині урядом Індії захисні мита для регулювання імпорту товарів, випуск яких визначено її урядом пріоритетом (зокрема, ідеться про виробництво електромобілів), є віддзеркаленням заходів, що реалізовувала Велика Британія на початку ХХ ст. Наголошено, що захисні тарифи на ці товари в Україні є суттєво нижчими. Показано, що США в цілях національної безпеки також використовують імпортні мита.Беручи до уваги положення ГАТТ/СОТ і Угоди про асоціацію з ЄС, а також сучасні приклади їх застосування, цілком очевидно, що Україна в нинішніх умовах зовнішніх і внутрішніх викликів та інституційних обмежень може в період повоєнного відновлення скористатися перевагами політики протекціонізму для розвитку індустрії, базуючись на своєму праві визначати «найважливіші винятки з міркувань безпеки» задля забезпечення соціально-економічної та фінансової стабільності країни і добробуту нації. З огляду на це, необхідно переосмислити поточну політику України щодо автомобілебудування, зокрема в частині зовнішньоторговельного регулювання, і сформувати нову політику, яка спиратиметься на положення теорії ефективного протекціонізму і розрахунки ефективної ставки захисту, оцінки поточного стану і перспектив підприємств, результати фахової дискусії щодо пріоритетів галузі: чи вона має залишатися на стадії великовузлового складання, чи націлитися на повноциклове виробництво з високим рівнем локалізації.