Price Determination Research Articles

Training on Calculation of Production Cost and Determination of Product Selling Price to Increase Competitiveness of MSMEs in Alai Village

Micro, Small and Medium Enterprises (MSMEs) play a crucial role in the Indonesian economy, including in job creation, improving people's welfare, and strengthening the national economic structure. One effective solution to address these challenges is through training on cost of goods produced (COGS) calculation and selling price determination. This study focuses on the training provided to MSMEs in Alai Village, with the aim of improving the understanding of business actors regarding the components of COGS and effective selling price setting strategies. The method used in this research is the field practice method which goes through three stages, namely preparation, implementation and evaluation. The results showed that participants gained better knowledge about COGS calculations and were able to set competitive selling prices, thereby increasing operational efficiency and profit margins. This was proven when researchers conducted periodic research at 2 stages, namely before the presentation of the material (pretest) and after the presentation of the material (posttest). Thus, this training makes a positive contribution to business sustainability and the economic welfare of local communities, increases the competitiveness of MSMEs, and has a positive impact on local economic growth

An Analysis of Direct Operating Costs for the Wright Spirit Electric Aircraft

Global warming and CO2 emissions have become increasingly pressing concerns, with the aviation industry contributing significantly to these issues. In response, efforts have been made to develop environmentally sustainable aviation solutions. This paper examines the Direct Operating Costs (DOCs) of the Wright Spirit, one of the options for electric flight, compared to the conventional BAe 146 on which the Wright Spirit is based. Utilising methodologies adapted from previous studies (largely the AEA method), the analysis investigates various factors influencing DOC including battery prices, flight duration, and charging time. The results indicate a 73% increase in overall DOCs from the BAe 146 to the Wright Spirit, largely influenced by battery costs and lifespan. However, an 83% reduction in fuel/energy costs suggests the potential viability of the Wright Spirit, particularly with anticipated reductions in battery prices. For instance, a quartering of battery prices could result in a GBP 5 increase in costs for 1 h flights; compared to the BAe 146. Moreover, the analysis finds the battery lifespan and charging time to be the most important factors to control in order to increase commercial feasibility. Ticket price comparisons suggest that the Wright Spirit’s costs align closely with current market prices, with a flight from Paris to Heathrow predicted to cost the airline GBP 136.10 per passenger. Future research could explore alternative electric aircraft designs to further assess their impact on DOCs and ticket prices

Determinants of housing rental prices in Seoul: applying explainable AI

ABSTRACT Though previous analyses of housing rental prices rely on hedonic pricing or ordinary least squares models, they cannot fully account for the nonlinearity and complexity inherent in the determination of market prices. We exploit machine-learning techniques to accurately understand the determinants of housing rental prices and emphasise explainable artificial intelligence (XAI) to overcome the limitations of classical machine learning with black-box features. To analyse the determinants of housing rental prices in Seoul, we apply extreme gradient boosting (XGBoost) and Tree Shapley additive explanations (TreeSHAP) models which learn and explain nonlinear features of the rental prices. XGBoost predicts rental prices more accurately than regressions and is robust to multicollinearity. TreeSHAP identifies local and global features affecting the determination of rental prices. Our analyses identify the individual impacts of various determinant variables on rental prices and underscore the multifaceted influences that these variables exert on housing affordability.

DIGITAL PLATFORMS AS A CONDITION FOR INCREASING INNOVATION AND COMPETITIVENESS OF SMALL AND MEDIUM ENTERPRISES IN THE EU

The purpose of the study is to consider the potential of digital platforms as an environment for the formation of new types of relationships to promote the development of innovation and competitiveness of small and medium-sized enterprises in the EU. The main goal of digitalization, as defined in the normative documents of the European Commission, is to improve the use of the potential of information and communication technologies to promote innovation, support economic development and stimulate scientific and technological progress in general, and ultimately contribute to the formation of “smart”, sustainable and inclusive growth of the region’s economy A set of important measures is already being implemented and developed. Among them, the creation of a single digital market, which is considered as a primary goal of the European Commission strategy to ensure guaranteed access to online activities for citizens and businesses in a fair competitive environmen. Measures are being taken to reduce the cost of intercountry shipping of goods purchased online, the prices of which are 3-5 times higher than those for transactions carried out within individual countries. In order to enable the digital transformation of European industry and services, particular attention will be paid to the development of cross-sector, integrated digital platforms and large-scale pilot platforms for experimentation and co-creation with users. We define a digital platform as an organisation that offers digital services facilitating interactions between two or more different but interdependent groups of users (suppliers and individuals) via the Internet and that generate network effects. The following are characteristics of a systemically important digital platform: operating in a majority of EU countries; having significant influence on the internal market, namely the annual turnover of a group of companies; the ability to connect a large number of users with a large number of suppliers of goods (services), namely more than 45 million monthly active users located in the EU, or more than 10,000 commercial users located in the EU in the last financial year); having established economic power and stable income from intermediary services provided in the EU. In the presence of indirect network effects, the volume of demand for the platform's services will depend, among other things, on the price level and the economic model of the ecosystem. Also, when developing the EU draft law on digital markets, the European Commission, while formulating the characteristics of digital ecosystems (large digital platforms), noted the importance of having a plurality of digital services. The concept of a digital ecosystem should not include digital platforms with a single service. The digital nature of the ecosystem allows it to quickly introduce new functions and integrate data across multiple unrelated business lines and markets. These factors allow the ecosystem to avoid the traditional costs associated with rapid business expansion, both vertically (by using its services in new markets) and horizontally (by expanding the “range” of services). The digital platform uses information about the sales of suppliers on its platform to research the market and develop its own line of competing products. In this regard, the company can be accused of promoting its own products in this way. These features of the functioning of digital platforms determine the need to revise the criteria for compliance with the principles of competition. As a result of processing the user habits of citizens, the ecosystem issues a personalized offer. The consequence of this may be price discrimination, when some customers are offered more expensive goods than others, depending on their purchasing power. In this regard, it is proposed to oblige platforms to disclose the principles of such pricing. Disclosure requirements and pricing transparency are effective mechanisms for regulating the existing problem, since they increase consumer awareness, facilitate price comparison and prevent consumers from being misled. However, experts note that disclosure of pricing rules can weaken competition in the market and increase the overall price level. This measure can also lead to a lag in the development of recommendation services in the global market, a violation of commercial secrets, additional costs and a slowdown in the development of digital platforms.

CMS's Drug Price Negotiation Program 2023 Patient-Focused Listening Sessions: A Descriptive Analysis of Speaker Remarks.

The US Centers for Medicare and Medicaid Services (CMS) held patient-focused listening sessions in Fall 2023 for each of the first ten drugs selected for the Inflation Reduction Act's (IRA) Drug Price Negotiation Program (DPNP). This study aimed to quantitatively describe speaker input at the sessions, including the absolute and relative time allocated to key areas of interest for the DPNP. In this descriptive analysis of speaker remarks from ten CMS-hosted patient-focused listening sessions, speaker demographics were examined using video streams, time-stamped transcripts, public data, contextual clues, validated tools, and visual assessment when necessary. Audio recordings were transcribed using a speech-to-text application programming interface, followed by human review for accuracy. Transcripts included speaker identification and sentence-level timestamping. Two researchers coded each sentence into predefined categories on the basis of CMS's optional discussion topics, DPNP goals, and potential unintended consequences of the IRA: speaker background, evidence about selected drugs or therapeutic alternatives, drug prices, patient access/benefit design, therapeutic advancements, and other. The total and proportion of time spent by category were calculated per speaker. Out of an anticipated 200 speaker slots, 106 total speakers (median per session: 10; range 5-17) and 70 unique speakers participated, most of whom were patients (n = 38, 54.2%), female (n = 40, 57.1%), and below Medicare age (n = 40, 57.1%). The most popular categories discussed included evidence about the selected drug or therapeutic alternatives (median per slot: 36.5% of time; range 0-93.0%) and patient access/benefit design (median per slot: 12.1%; range 0-75.5%). CMS received a median of 12.3 total minutes of evidence about selected drugs or therapeutic alternatives per listening session across all speakers (range per session 3.9-22.6 minutes). The first listening sessions provided an important, but limited, first step toward patient engagement with the DPNP. Speaker demographics suggest the sessions fell short of capturing the voices of diverse and Medicare-representative patient populations. While speakers often focused their time on patient experience and evidence, CMS received less than 15 minutes of patient-focused evidence about therapeutic alternatives for more than half of the drug listening sessions. CMS has indicated its intent to improve upon the design of the patient-focused listening sessions for drugs selected in the second round of the DPNP. Future iterations should prioritize robust, two-way dialogue, transparency surrounding the impact of patient input on CMS's price determination process, and improvements to event logistics and outreach that facilitate the participation of diverse patients and stakeholders.

Efektivitas Penyelenggaraan Tempat Pelelangan Ikan (TPI) Desa Sungaibuntu Kecamatan Pedes Kabupaten Karawang Jawa Barat

The fish auction serves as a marketing center for the distribution of fish. The implementation of the fish auction is expected to enhance the selling prices of the fishermen's catch. The purpose of this research is to analyze the level of effectiveness of the fish auction implementation. Effectiveness is measured in two ways: first, effectiveness is measured using the Mahmudi formula. Variables measured include the number of boats landing fish at the fish auction, fish production, fish prices, revenue, auction fees, fish auction operational activities, and the reporting system at Sungaibuntu’s fish auction. Second, effectiveness is measured according to the fishermen's perceptions, with variables including fish auction as a facility, auction activities, and services. This research also analyzes the comparison of fish prices and the income of fishermen selling fish at the fish auction and outside the fish auction. This research uses descriptive quantitative methods. Primary data collection involves field observations, questionnaires, and interviews, while secondary data is obtained from relevant institutions, theses, and journals. Simple random sampling is used to obtain 37 fishermen respondents. The research results show that the overall effectiveness ratio values measured by the Mahmudi’s formula for the period 2020-2022, for the effectiveness of boat activities, auction fees, fish production, and auction revenue, are categorized as "Less Effective." Meanwhile, the effectiveness of TPI operational activities and monitoring reporting systems achieves a level of "Very Effective," and the effectiveness of fish prices at Sungaibuntu TPI reaches the level of "Effective." For effectiveness measured according to the fishermen's perceptions, the variables of fish auction as a service and facility are categorized as "Less Effective." Meanwhile, fish auction as a facility is categorized as "Effective." There is a difference in the income of fishermen selling fish at the fish auction compared to fishermen selling fish outside the fish auction.

Dynamic pricing and inventory model for perishable products with reference price and reference quality

Reference price (quality) is a benchmark point used by consumers to make price (quality) judgements. Combining reference price and reference quality with dynamic pricing and inventory management, this paper applies differential equations theory to construct a optimal control model for perishable products when the quality of products declines exponentially. The demand of products depends on price, quality, reference price and reference quality, among which reference price and reference quality are influenced by consumers’ past memory. The aim is to maximize the retailer’s profit during the period. The conclusions are as follows. Firstly, a optimal dynamic pricing and inventory model for perishable products with reference price and reference quality is constructed, and the model is extended to dual decision variables, stochastic demand, time-dependent effects, competitive and infinite planing horizon setups. Secondly, through the Pontryagin maximum principle, the analytical expression of the optimal dynamic price is derived. Thirdly, a linear search method to solve the optimal static price is proposed. Finally, the sensitivity of the main parameters is analyzed and the corresponding management enlightenments are given. By comparison of dynamic and static pricing, we find that dynamic pricing can achieve more profits and take a shorter selling period. In addition, for the sales problem of perishable products affected by both reference price and reference quality, retailers should adopt skimming pricing strategy (the optimal price decreases with time). Furthermore, to obtain more profit, retails should strive to increase the sensitivity coefficients of two types of reference, and the reference quality memory coefficient, while to decrease the reference price memory coefficient.

Basic Concepts of Stock Option Pricing Models Traded in the Capital Market

An option, in the world of capital markets, is a right based on an agreement to buy or sell a commodity, financial securities, or a foreign currency at an agreed price at any time within a three-month contract period. Factors that determine the value of an option include the current price of the stock, intrinsic value, expiration time or time value, volatility, interest rate, and cash dividends paid. Some options pricing models use this parameter to determine the fair market value of an option. This paper aims to learn the basic concepts of option pricing. The method used in studying the pricing of options is a literature review, which is an activity to collect scientific data, especially in the form of theories, methods, or research that has been carried out previously, either in the form of books, manuscripts, journals, and others that already exist in the library. Based on the results of the study, concepts, scientific findings, and method innovations that have been achieved previously are obtained, which are very relevant and useful for understanding the determination of stock option prices. An option, in the world of capital markets, is a right based on an agreement to buy or sell a commodity, financial securities, or a foreign currency at an agreed price at any time within a three-month contract period. Factors that determine the value of an option include the current price of the stock, intrinsic value, expiration time or time value, volatility, interest rate, and cash dividends paid. Some options pricing models use this parameter to determine the fair market value of an option. This paper aims to learn the basic concepts of option pricing. The method used in studying the pricing of options is a literature review, which is an activity to collect scientific data, especially in the form of theories, methods, or research that has been carried out previously, either in the form of books, manuscripts, journals, and others that already exist in the library. Based on the results of the study, concepts, scientific findings, and method innovations that have been achieved previously are obtained, which are very relevant and useful for understanding the determination of stock option prices.

The Effect of Effective Tax Rate and Tunneling Incentive on Transfer Pricing Decisions in Mining Companies Listed on the Indonesia Stock Exchange for the 2019-2021 Period

Companies in the mining industry make decisions to determine transfer pricing, the purpose of this study is to examine the role of effective tax rate (ETR) and tunneling incentives in transfer pricing. All companies listed on the IDX for the mining sector from 2019 to 2021 make up the population of this study. This study uses a quantitative method, which relies on numerical data. A total of 12 companies were sampled for this study, over 4 years. The analysis in this study found that neither the effective tax rate nor the tunnelling incentive had any influence on the decisions made regarding the determination of transfer pricing.

Investigating Ticket Price Determination of Collegiate Athletics: Insights from Pricing Professionals in Non-Football Bowl Subdivision Schools

Investigating Ticket Price Determination of Collegiate Athletics: Insights from Pricing Professionals in Non-Football Bowl Subdivision Schools

Analysis of Selling Price Determination in Maju Sejahtera Cooperative Beef Cattle Farming Business: Implementation of Accretion Accounting

Aims: This study aims to analyze the accounting for biological assets and the determination of selling prices in the Maju Sejahtera Livestock Production Cooperative (KPT) based on PSAK 69. Study Design: This study uses a qualitative descriptive method to describe how the accounting treatment of biological assets and the determination of the selling price in the Maju Sejahtera Livestock Production Cooperative (KPT) is based on PSAK 69. Place and Duration of Study: Determination of the research location was carried out purposively, namely at the Maju Sejahtera Livestock Production Cooperative, Tanjung Sari District, South Lampung Regency. This research was carried out from February to July 2024. Methodology: The data collection method in this study used semi-structured interviews and literature studies. Respondents were determined using purposive sampling. These criteria are that respondents must be involved in preparing financial reports and determining the selling price of cattle. Based on these criteria, the respondents of this research are the treasurer and marketing department who are members of KPT Maju Sejahtera, totaling 3 people. Meanwhile, secondary data was obtained through the documentation method, namely from the financial report data of KPT Maju Sejahtera. Results: KPT Maju Sejahtera at the end of each period did not require re-measurement of biological assets using fair value. KPT Maju Sejahtera has not grouped biological assets into productive and non-productive groups and has not reconciled changes in biological assets either narratively or quantitatively in presentation in the financial statements. In addition, KPT Maju Sejahtera discloses increases or decreases in the value of biological assets in the inventory account in the Balance Sheet, which should be disclosed in the Income Statement. Conclusion: The accounting treatment of KPT Maju Sejahtera's biological assets is in the form of recognition of biological assets, measurement of biological assets, presentation of biological assets, and mapping of biological assets are not in accordance with PSAK 69. In addition, the selling price set by KPT Maju Sejahtera is based on market prices, not based on costs incurred.

Cross-country price comparison of institutional long-term care: In search of suitable data

Abstract Background In European ageing societies, the national expenditure on institutional long-term care (LTC) has been growing for decades, currently exceeding 1% of the GDP in many countries. At the same time, however, comparative analyses of (day) prices in the nursing and residential care facilities (NRCFs) are still lacking. The data reported by international databases vary substantially in the services they cover which makes cross-country comparisons very difficult. Methods We combine publicly available data from Eurostat (System of Health Accounts), OECD and national sources on the number of recipients of LTC in NRCFs, the number of beds in NRCFs and the expenditure on LTC in NRCFs in over 20 European countries. Our aim is to compute internationally comparable daily prices of LTC in NRCFs using gross-costing approach. We first validate the data by cross-checking and documenting which health care functions and providers are reported by each country. Second, based on that we identify countries with comparable data and, third, perform a cross-country comparison of the daily spending on LTC in NRCFs. Results The reported data vary substantially with respect to their coverage. For instance, while some countries include NRCFs for all disabled people at all ages, others focus only on the NRCFs for the elderly. The ways the beds and the recipients are counted also show substantial variation. Moreover, we found inconsistencies in the reported numbers not only between but also within countries. Conclusions The considerable cross-country diversity in the LTC provision within the NRCFs poses inevitable challenges to international standardised reporting. Our analysis shows, however, that at least some of the challenges can be overcome by, e.g. improving the consistency of the reported numbers at the country level. Key messages • A consistent definition application markedly improves the comparability of data on LTC in NRCFs. • Given the rising demand for and economic importance of the LTC sector standardised data on NRCF services are greatly needed.

A New Framework for Food Catering Price Determination

This article aims to propose a reasonable quantitative (mathematical) expressions for the price calculation of food-manufacturing products. Little research has been conducted on the validity of food product pricing; thus we have identified a need for a thorough, systematic investigation in this area. The suggested three methods are also applicable for developing the artificial intelligence system to solve raw food material (resources) quantity management and other inventory issues in collaboration with the food suppliers. We consider the option of an appropriate pricing strategy in the profit-making catering and other food production firms to be a relevant scientific issue, which we have have addressed and proposed solutions for in this article. By analyzing different scientific assumptions and attitudes, informed quantitative decisions were made. We also developed and described quantitative expressions for determining the price of food products using mathematical formulas. Also, we found that a simple three-digit rule, based on logic and proportional modeling of actions, as the main instrument is the most effective approach for formulating these pricing models. Original and innovative mathematical methods for the price accounting of food production have been created and explained. We have also explained how each of the three suggested methods works, along with their advantages and disadvantages in certain situations. Using these recommended methods of pricing will allow food companies to achieve more appropriate commercial results and to make less expenditure for decisions regarding the pricing of food products. In the article, we explained how to calculate the prices of food and catering companies using simple math. The application of any of the three mentioned techniques regarding existing circumstance will enable food production companies to ensure a straightforward yet accurate determination of the product price that aligns with the current situation.

The Comparison of Stock Price Before and After Pandemic to Identify The Health of Sector Company

At the beginning of the Covid-19 outbreak in Indonesia, almost all activities in this country weredisrupted and economic activity was no exception. Indonesia's current economic growth is down2.07% in 2020 due to the Covid-19 pandemic which has caused it to be reduced to a low and middleincome country. Based on the gross domestic product (GDP), most sectors of the Indonesian economyexperienced a decline in growth in 2020. Only 5 economic sectors showed positive growth. The sectorwith the largest positive growth was the health services sector and social activities, which amountedto 11.60%. This growth affects the stock price of health sector companies. Grounded on the IDXIndustry category (IDXHEALTH) from 2018-2022, there was an increase of 41.28%. The HealthSector which continues to grow is driven by the payment of Covid- 19 incentives. This study wasconducted to identify the Difference in Stock prices of Health Sector Companies before and afterCovid- 19 with the supposition that the Covid- 19 pandemic occurred in March 2020 by observingstock price fluctuations two years before and after the Covid- 19 Pandemic. Based on the PairedSample T-test, the stock prices of 3 companies from 6 companies have significant differences in thespecified sample period, namely DVLA, PRDA, and MERK companies where the stock prices ofDVLA and PRDA have increased. In addition, PRDA's stock price has the largest stock price amongother health sector companies, meaning that PRDA companies have good performance.

The Effect Of Credit Derivatives On Hedging Risk Of Non-Payment: Applied Research

The purpose of the current research is to reveal the impact of credit derivatives by (purchased credit derivatives, the value of credit derivatives sold) in hedging the risk of non-payment at a sample of commercial banks in the Iraq Stock Exchange by (Middle East Bank, Gulf Commercial Bank, Trade Bank of Iraq, Bank of Baghdad, Credit Bank) for the financial period from (2016-2020), and for the purpose of analyzing the results, the Office package was adopted (Excel.V.2016) in order to extract the level of credit derivatives, And the risks of non-payment at the commercial banks surveyed, has been using a set of statistical methods to determine these variables, represented in (credit derivatives, arithmetic mean, correlation coefficient, and regression coefficient), as a result, the research came out with a set of results, foremost of which was that there is an effect of credit derivatives in hedging the risks of non-payment, and this shows that credit derivatives contribute to improving the ability to hedge against non-payment risks, allowing investors to reduce financial risks. The focus of the surveyed commercial banks on the use of credit derivatives to protect investors from fluctuations in interest rates and currency rates, which works to reduce the impact of non-payment risks on their profits, which means that these contracts allow the determination of a future price for financial assets.

Distribution of Sheep Fattening Practices and Marketing Systems in the Sagnarigu Municipality in Northern Ghana

The study was conducted in the Sagnarigu Municipality in Northern Ghana to assess sheep fattening practices and marketing systems. Eighty respondents were selected and questionnaires administrated to them. Data was summarized and analysed using SPSS version 20. Majority of the fatteners were within the ages 21-30 years. Sheep fatteners were not equally distributed across the different age groups. Most of the farmers had at least primary education while majority (30.0%) of them had tertiary education. The sheep fattening enterprise in the area was male and Muslim dominant activity. Majority of respondents were engaged in specialized skill work as their main occupation with self-financing as the main source of income for the sheep fattening business. Majority had at most 5 years fattening experience. Semi-intensive system of management was mainly practiced. Farmers use wide range of feed stuff alternatively and supplied from multiple sources. Mature animals (≥ 6 months) sourced from farmers’ own flock were mostly used in fattening. Generating cash was the primary motivation for fattening sheep, with a convenient market for the fattened sheep. Customers of fattened sheep were mainly butchers. mostly at local markets (50%). Price determination for the fattened sheep was bargaining. The major constraints of sheep fatteners were diseases and mortality and lack of capital/financial. It was concluded that sheep fattening practices and marketing system was a business in the Sagnarigu municipality, nevertheless, it was not well organized and developed. To create a lucrative sheep fattening industry, government and non-governmental organizations should promote sheep fattening by providing financial and training support for the fatteners and the teaming youth in Ghana to venture into the business. This could contribute to enhancing livelihood of rural resource poor farmers, unemployment and poverty reduction as well as women empowerment in the country.

Policies for Selecting the Advance Selling Mode in a Supply Chain Considering Network Externalities

ABSTRACTThe marketing strategy of advance selling new products through e‐commerce channels is becoming increasingly popular among merchants and users. In advance selling on e‐commerce platforms, network externalities and the probability of consumer satisfaction with products are important factors affecting consumers' strategic behavior. This study considers network externalities and the probability of consumer satisfaction with products in the advance selling decision‐making problem in the supply chain. Using game theory and prospect theory, three scenario models—advance selling considering network externalities, advance selling without considering network externalities, and nonadvance selling—are designed to construct theoretical models for supply chain decision‐making. The optimal decision‐making problem of supply chain members is discussed. Furthermore, through a comparison of pricing, demand and profits, the impacts of advance selling with or without considering network externalities on the decisions of retailers and manufacturers are analyzed. By comparing the differences in decision‐making between manufacturers and retailers, the feasible area for advance selling under network externalities is obtained. Furthermore, through numerical experiments, the impacts of the strength of network externalities, and the probability of consumer satisfaction with products on the decision‐making of supply chains are analyzed.

Research on Real-time E-commerce Price Comparison System Using Python Web Scraping Technology

This paper presents a study on the development of a real-time price comparison system for e-commerce platforms using Python-based web scraping technologies. The objective is to analyze and compare product prices across major e-commerce platforms, including Taobao, JD.com, and Amazon, by leveraging different web scraping libraries such as BeautifulSoup, Scrapy, and Selenium. The study outlines the technical challenges associated with dynamic content extraction, anti-scraping mechanisms, and the effectiveness of various scraping tools. Through experimental evaluation, we compare the scraping efficiency, success rate, and data accuracy across the three platforms. The results indicate that JD.com, with its mostly static content, offers the highest scraping efficiency when using BeautifulSoup, while Amazon, despite slower page loading, achieves a high success rate using Scrapy. Taobao, on the other hand, presents significant challenges due to its dynamic loading and strict anti-scraping measures, making Selenium the most appropriate tool, albeit with slower processing times. This research provides valuable insights into the selection of optimal web scraping techniques for real-time price comparison systems and highlights the impact of platform-specific challenges on the accuracy and efficiency of data extraction.

Determining the optimal bid direction of a generation company using the gradient vector of the profit function in the network constraints of the electricity market

AbstractOne of the primary challenges faced by generation companies (GenCos), which operate multiple generation units within the electricity market, is the determination of the optimal bid price for these units to maximize profit. This paper proposes a novel approach to ascertain the optimal bid price direction for GenCos by leveraging the gradient vector of the profit function within the constraints of the electricity market. First, the Jacobian matrix of unit profits is computed using the electricity market structural decomposition method. This matrix highlights how the profit of generation units is affected by market input parameters, including the bid prices of the units. Then, the gradient vector of the GenCos' profit function and the optimal bid price direction are derived from the Jacobian matrix. The methodology is applied to a 24‐bus IEEE network, with results validated against those from a simulation method to confirm the efficacy of the proposed approach. The simulation results show that the highest and lowest profit changes with a step increase of 0.1$/MWh are observed for GenCo 4 and GenCo 6 with values of 60.28 and 2.20 $/h, respectively. The proposed approach can be effective in the changes of bid direction of the units of a GenCo to achieve the highest possible profit.

S846 Washington, DC University Hospitals' Price Compliance and Comparison for Endoscopies

S846 Washington, DC University Hospitals' Price Compliance and Comparison for Endoscopies