Payment Schedule Research Articles

Subgame Consistent Cooperative Behavior in an Extensive form Game with Chance Moves

We design a mechanism of the players’ sustainable cooperation in multistage n-person game in the extensive form with chance moves. When the players agreed to cooperate in a dynamic game they have to ensure time consistency of the long-term cooperative agreement. We provide the players’ rank based (PRB) algorithm for choosing a unique cooperative strategy profile and prove that corresponding optimal bundle of cooperative strategies satisfies time consistency, that is, at every subgame along the optimal game evolution a part of each original cooperative trajectory belongs to the subgame optimal bundle. We propose a refinement of the backwards induction procedure based on the players’ attitude vectors to find a unique subgame perfect equilibrium and use this algorithm to calculate a characteristic function. Finally, to ensure the sustainability of the cooperative agreement in a multistage game we employ the imputation distribution procedure (IDP) based approach, that is, we design an appropriate payment schedule to redistribute each player’s optimal payoff along the optimal bundle of cooperative trajectories. We extend the subgame consistency notion to extensive-form games with chance moves and prove that incremental IDP satisfies subgame consistency, subgame efficiency and balance condition. An example of a 3-person multistage game is provided to illustrate the proposed cooperation mechanism.

Preferences of healthcare providers for capitation payment in Kenya: a discrete choice experiment.

Provider payment mechanisms (PPMs) are important to the universal health coverage (UHC) agenda as they can influence healthcare provider behaviour and create incentives for health service delivery, quality and efficiency. Therefore, when designing PPMs, it is important to consider providers’ preferences for PPM characteristics. We set out to uncover senior health facility managers’ preferences for the attributes of a capitation payment mechanism in Kenya. We use a discrete choice experiment and focus on four capitation attributes, namely, payment schedule, timeliness of payments, capitation rate per individual per year and services to be paid by the capitation rate. Using a Bayesian efficient experimental design, choice data were collected from 233 senior health facility managers across 98 health facilities in seven Kenyan counties. Panel mixed multinomial logit and latent class models were used in the analysis. We found that capitation arrangements with frequent payment schedules, timelier disbursements, higher payment rates per individual per year and those that paid for a limited set of health services were preferred. The capitation rate per individual per year was the most important attribute. Respondents were willing to accept an increase in the capitation rate to compensate for bundling a broader set of health services under the capitation payment. In addition, we found preference heterogeneity across respondents and latent classes. In conclusion, these attributes can be used as potential targets for interventions aimed at configuring capitation to achieve UHC.

The Impact of the Extra-Costs on the Global Cost of Credit

In this note, we analyze the impact of the extra-costs payment schedule on the Effective Annual interest Rate (EAR), one of the most popular global cost measures of consumer credit loan payments. First, we prove that the EAR can be expressed by the financing credit interest rate with an extra-costs interest rate addendum, and we investigate the drivers of this latter. We show that the extra-costs interest rate decreases if extra-costs payments are postponed. Consequently, the EAR is minimum if extra-costs are charged in a lump sum at the expiry date of the contract and maximum if they are charged in a lump sum at the contract beginning time. To explain how the schedule of payments impacts on the EAR, we develop a sensitivity analysis through illustrative applications. We also highlight that EAR depends on the timing of extra-costs payments. In particular, we show that EAR decreases with the increase in the Modified Duration of the cash flow of extra-costs. The results of the paper are useful to provide decision-makers a better awareness about how to spread the extra-costs payments during the contract lifetime and, therefore, to define the structure of consumer credit loan payments to supervise the global cost of the financing.

Eternal return on capital: nihilistic repetition in the asset economy

ABSTRACT What can the idea of eternal return tell us about contemporary financial society? In this essay I follow Nietzsche by deploying it as an existential provocation, linking the prospect of endless recurrence to the daily routines of the asset economy. This entails a departure from simple notions of cyclical time, typically associated with political economy and the study of economic history, in favor of a more complex view that sees recurrence and return as figures that organize and reflect the experience of life under the sign of finance. In particular, I argue that the reordering of class around the axis of asset ownership has produced two seemingly distinct structures of feeling—one based on the thrill of endless turnover and return on capital, the other on the drudgery of recurring payment schedules and debt rollovers. Though on the surface at odds with each other, both are anchored in a deeper libidinal economy associated with the asset form and ultimately nihilistic in character. The asset economy should therefore be seen as producing a very peculiar form of eternity based on the abolition of time through repetition. I conclude by foregrounding questions of culture and imagination, exploring these in connection with contemporary forms of on-demand television and the possibility of a time beyond the bad eternity of the asset economy.

What to do when your volunteer board member wants to be paid?

A board member with specific expertise has offered to conduct a needs assessment to determine whether the organization should create a new program. She voluntarily performed some of the initial work, which included a proposal for the work that needs to be done leading up to development of a business plan. The proposal includes a schedule of payments to her for the work yet to be completed.

ФИНАНСОВЫЕ РАСЧЕТЫ: ПРАКТИЧЕСКОЕ ПРИЛОЖЕНИЕ

The proposed simple methods to calculate the schedule of payments on the annuity
 loan and the effective interest rate calculation to make informed decisions on borrowing.

A Preference Biobjective Evolutionary Algorithm for the Payment Scheduling Negotiation Problem.

The resource-constrained project scheduling problem (RCPSP) is a basic problem in project management. The net present value (NPV) of discounted cash flow is used as a criterion to evaluate the financial aspects of RCPSP in many studies. But while most existing studies focused on only the contractor's NPV, this article addresses a practical extension of RCPSP, called the payment scheduling negotiation problem (PSNP), which considers both the interests of the contractor and the client. To maximize NPVs of both sides and achieve a win-win solution, these two participants negotiate together to determine an activity schedule and a payment plan for the project. The challenges arise in three aspects: 1) the client's NPV and the contractor's NPV are two conflicting objectives; 2) both participants have special preferences in decision making; and 3) the RCPSP is nondeterministic polynomial-time hard (NP-Hard). To overcome these challenges, this article proposes a new approach with the following features. First, the problem is reformulated as a biobjective optimization problem with preferences. Second, to address the different preferences of the client and the contractor, a strategy of multilevel region interest is presented. Third, this strategy is integrated in the nondominated sorting genetic algorithm II (NSGA-II) to solve the PSNP efficiently. In the experiment, the proposed algorithm is compared with both the double-level optimization approach and the multiobjective optimization approach. The experimental results validate that the proposed method can focus on searching in the region of interest (ROI) and provide more satisfactory solutions.

INSTRUMENTS FOR CASH FLOW MANAGEMENT OF CONSTRUCTION ENTERPRISES

Introduction. Financial state of the construction enterprise, level of its financial stability, creditworthiness and liquidity depend on the availability of current assets, net cash flow (positive or negative), which is formed in the course of conducting payment transactions. The subject of the research is the flow of money of the construction enterprise. The research objectives: identifying the causes of current assets constraints at the construction industry enterprises; using projected cash flow budget and payment schedule as instruments of managing the enterprise cash flow. The purpose of the article is to determine the instruments for cash flow management of construction enterprises, taking into account the peculiarities of their activities. Method (methodology). The article suggests developing projected cash flow budgets and payment schedule to manage cash flows more efficiently (prevent negative net cash flow) based on estimates made by construction enterprises to determine the construction cost. The purpose of the payment schedule is to determine the flow of funds for the next day and the current week as a supplement and detailing of the projected cash flow budget. Research results. The use of the projected cash flow budget and payment schedule at the construction industry enterprises will help the management team to control the incoming and outgoing cash flows, form the data base for making decisions on the efficient use of funds. It will also promote the search for additional funding sources of the enterprise activity in the period of budget deficit as well as pre-justified investment of capital in the period of budgetary surplus Thus, the formation of projected cash flow budgets and payment schedule can be an important instrument for efficient cash flow management of construction enterprises. The method of formation of mutually agreed forecast budget of cash flow and payment calendar with definition of indicators of their efficiency in management of cash flows and a financial condition of the enterprise as a whole needs further improvement. The technique of forming mutually agreed projected cash flow budget and payment schedule along with the definition of their efficiency indicators in managing cash flows and the overall enterprise financial state requires further improvement.

Побудова ефективних систем контролю розрахунків непобутових споживачів в умовах різних форм оплати за спожиті енергетичні ресурси

The purpose of this article is to formulate the main direction of improvement of data about receivables generated in information control subsystems of trading companies that supply traditional energy resources (natural gas and electricity) to non-household consumers, in terms of forming a full cash flow management system in strict connection with the terms of contracts. The article systematically considers the problem of inadequate control over the payments for the consumed energy resources by non- household clients of domestic trading energy companies. The law aspects governing the contractual relations of the partners during the supply of energy resources are established. The typical conditions of payments for the consumed energy resources and ways of their adequate reflection in information subsystems of trading companies are defined. It is assumed that in order to solve the applied task, the information subsystems of accounting and control of trading companies must operate with the following information, which will be provided to the management system to make informed management decisions: a) general payment terms of each non- household counterparty; b) the current schedule of payment of each counterparty in connection with the terms of the signed contract; c) binding payment terms to the month of delivery (M); the month preceding the month of delivery (M - 1) and the month following the month of delivery (M + 1); d) dynamic change of the payment schedule according to additional agreements signed by the partners. As a result of research of the specified problem in all important aspects, practical recommendations on display in information subsystems of trading companies of the information on the schedule of payments for the consumed energy resources with a reference to a month of delivery are developed. Therefore, specific solutions are proposed for the algorithmization of procedures for controlling the timeliness of payments to counterparties and the formation on this basis of the necessary information for the management system of overdue debt. Further research in researched direction should focus on improving the final documents on the control of payment discipline of counterparties and management reporting on the timeliness of counterparties' payments for energy consumed.

PELAYANAN KOMUNIKASI PERBANKAN DAN KEPUASAN NASABAH (PERSPEKTIF KOMUNIKASI ISLAM)

<p><em>This article explains about the optimization of banking communication services that causes customer (campus community) dissatisfaction. Banking communication services as the main source of the problem are not being able to use internet banking in banking services, the lack of employees at the nearest BTN operational office, payment schedules that are often delayed because of internet integrity connecting between the campus and the bank is broken and service dissatisfaction has not yet reached the remote area. This study is a qualitative research by doing interview, observation, and documentation in data collection. The interactive analysis model is done in a descriptive qualitative manner and the data is presented with a SWOT analysis to determine the company's situation and strategy. The conclusion is the component of customer satisfaction in the form of: responsiveness, compliance, empathy, tangible, reliability and assurance which are elements of patterns of improvement in communication services have a positive influence on customer satisfaction in using banking services. This must be started and addressed by prioritizing customer needs. Researchers found that service influences customer satisfaction, which means that the greater the influence of service, the greater the satisfaction achieved by these customers, and these efforts continue to be carried out by BTN in maintaining customer trust in the company. Another thing is the need to optimize the strength they have to respond to opportunities that arise from external companies.</em></p><p> </p>

Budgeting of non-commercial clinical trials: development of a budget tool by a public funding agency

BackgroundInvestigator-led multicentre randomised trials are essential to generate evidence on the optimal use of medical interventions. These non-commercial trials are often hampered by underfunding, which may lead to difficulties in gathering a team with the necessary expertise, a delayed trial start, slow recruitment and even early trial discontinuation. As a new public funder of pragmatic clinical trials, the KCE Trials programme was committed to correctly pay all trial activities in order to assure timely delivery of high-quality trial results. As no appropriate trial budget tool was readily publicly available that took into account the costs for the sponsor as well as the costs for participating sites, we developed a tool to make the budgeting of a clinical trial efficient, transparent and fair across applicants.MethodsAll trial-related activities of the sponsor and sites were categorised, and cost drivers were identified. All elements were included in a spreadsheet tool allowing the sponsor team to calculate in detail the various activities of a clinical trial and to appreciate the budget impact of specific cost drivers, e.g. a delay in recruitment. Hourly fees by role were adapted from published data. Fixed amounts per activity were developed when appropriate.ResultsThis publicly available tool has already been used for 17 trials funded since the start of the KCE Trials programme in 2016, and it continues to be used and improved. This budget tool is used together with additional risk-reducing measures such as a multistep selection process with advance payments, a recruitment feasibility check by sponsor and funder, a close monitoring of study progress and a milestone-based payment schedule with the last payment made when the manuscript is submitted.ConclusionsThe budget tool helps the KCE Trials programme to answer relevant research questions in a timely way, within budget and with high quality, a necessary condition to achieve impact of this programme for patients, clinical practice and healthcare payers.

Attribute development and level selection for a discrete choice experiment to elicit the preferences of health care providers for capitation payment mechanism in Kenya

BackgroundStated preference elicitation methods such as discrete choice experiments (DCEs) are now widely used in the health domain. However, the “quality” of health-related DCEs has come under criticism due to the lack of rigour in conducting and reporting some aspects of the design process such as attribute and level development. Superficially selecting attributes and levels and vaguely reporting the process might result in misspecification of attributes which may, in turn, bias the study and misinform policy. To address these concerns, we meticulously conducted and report our systematic attribute development and level selection process for a DCE to elicit the preferences of health care providers for the attributes of a capitation payment mechanism in Kenya.MethodologyWe used a four-stage process proposed by Helter and Boehler to conduct and report the attribute development and level selection process. The process entailed raw data collection, data reduction, removing inappropriate attributes, and wording of attributes. Raw data was collected through a literature review and a qualitative study. Data was reduced to a long list of attributes which were then screened for appropriateness by a panel of experts. The resulting attributes and levels were worded and pretested in a pilot study. Revisions were made and a final list of attributes and levels decided.ResultsThe literature review unearthed seven attributes of provider payment mechanisms while the qualitative study uncovered 10 capitation attributes. Then, inappropriate attributes were removed using criteria such as salience, correlation, plausibility, and capability of being traded. The resulting five attributes were worded appropriately and pretested in a pilot study with 31 respondents. The pilot study results were used to make revisions. Finally, four attributes were established for the DCE, namely, payment schedule, timeliness of payments, capitation rate per individual per year, and services to be paid by the capitation rate.ConclusionBy rigorously conducting and reporting the process of attribute development and level selection of our DCE,we improved transparency and helped researchers judge the quality.

SISTEM MANAJEMEN DAN REMINDER OTOMATIS JADWAL PEMBAYARAN TAGIHAN BERBASIS ANDROID PADA CV ARIYA DVC COMPUTER MALANG

CV Ariya DVC Computer is a company engaged in the field of computer services and sales. Constraints on CV Ariya DVC Computer is the application which used for managing payments to suppliers on a monthly basis, has some weaknesses, such as page access speed, neatness of appearance, and the ease of current application usage on mobile devices, so that Android-based systems is needed, which can help the effectiveness and efficiency of performance in the company. The purpose of this study is the establishment of a management system and automatic payment schedule reminders using Android that can solve problems from previous web-based applications in terms of page access speed, appearance neatness, and ease of application usage. This study implements the system using Ionic framework, then uses the REST Web API as a communication medium with a MySQL-based database processing system. The results of implemented system is expected to help the productivity of CV Ariya DVC Computer Malang, which can be accessed anytime and anywhere, using Android smartphone, and also push notifications that will greatly help reduce late invoice payments. Keywords: Automatic Reminder System, Android, Ionic, REST

Simulation-dynamic model for calculating the equipment leasing

The article presents a simulation-dynamic model for calculating leasing payments for leased equipment. The model was developed based on the system dynamics method using Powersim Studio tools. In the model, the calculations were carried out for financial leasing, regressive payment schedule and the method of minimum deductions. The model was used as a tool to study options for leasing payments with linear and non-linear deprecation methods, with a multiplying factor-accelerated depreciation. As a result of experiments with options, various amounts of leasing payments (depreciation, loan payments, commission fees, total leasing payments, etc.) were received. The conducted study allows us to conclude that the constructed simulated dynamic model is quite universal and on its basis, it is possible to carry out a variety of studies concerning various aspects of equipment leasing.

Can providing incentives to stop smoking to adult smokers of mixed populations increase quit rates?

High‐certainty evidence shows that providing incentives such as cash for abstinence (contingent rewards) or monetary incentives in the form of vouchers or more complex payment schedules to adult smokers from mixed populations improves smoking cessation rates at 6 to 24 months. However, quit rates were very low in both groups (70 vs 47 per 1000 people). In addition, some trials compared contingent reward and automatic reward groups, with the latter serving as the control group. Trials did not assess adverse events associated with incentives.

An Empirical Bargaining Model with Digit Bias – A Study on Auto Loan Monthly Payments

This paper studies price bargaining when both parties have left-digit bias when processing numbers. The empirical analysis focuses on the auto finance market in the U.S., using a large data set of 35 million auto loans. Incorporating left-digit bias in bargaining is motivated by several intriguing observations. The scheduled monthly payments of auto loans bunch at both $9- and $0-ending digits, especially over $100 marks. In addition, $9-ending loans carry a higher interest rate and $0-ending loans have a lower interest rate. We develop a Nash bargaining model that allows for left-digit bias from both consumers and finance managers of auto dealers. Results suggest that both parties are subject to this basic human bias: the perceived difference between $9- and the next $0-ending payments is larger than $1, especially between $99- and $00-ending payments. The proposed model can explain the phenomena of payments bunching and differential interest rates for loans with different ending digits. We use counterfactual to show a nuanced impact of left-digit bias, which can both increase and decrease the payments. Overall, bias from both sides leads to a $33 increase in average payment per loan, compared to a benchmark case with no bias.

US physicians’ decision-making during buprenorphine-naloxone treatment: Conjoint analyses of dose and office visit adjustments based on patient progress

BackgroundResearch on how US physicians individualize buprenorphine-naloxone treatment is limited. The current study uses conjoint analysis to examine the importance of current dose, visit frequency, clinical indicators, and payment type on office visit and dose adjustments during buprenorphine-naloxone treatment. MethodsA national random sample of 776 US buprenorphine-prescribing physicians participated in a mailed survey between October 2015 and July 2018. The survey contained 16 patient vignettes describing: (1) current dose, (2) urine drug test (UDT) results and opioid blockade, (3) recent intravenous use, (4) visit attendance, (5) counseling adherence, (6) payment, and (7) visit schedule. Physicians rated how they would adjust office visits (0=definitely decrease to 5=no change to 10=definitely increase) and the dose (0=definitely decrease to 5=no change to 10=definitely increase). Descriptive statistics were calculated for the vignette responses. Conjoint analysis was used to estimate relative importance scores and part-worth utilities. ResultsAcross the vignettes, the mean response for adjusting office visits was 7.43 (SD = 1.69), indicating a tendency to increase the frequency of visits. UDT results/opioid blockade, intravenous use, and current visit schedule had the greatest importance scores for office visit adjustments. The mean response for adjusting the dose was 5.48 (SD = 1.69), corresponding with a tendency toward not changing dose. Current dose, UDT results/opioid blockade, and intravenous use had the largest importance scores for dose adjustment. ConclusionsPhysicians individualized buprenorphine-naloxone treatment in response to hypothetical patient attributes by changing visit frequency and, to a lesser extent, modifying maintenance dose, in a manner generally consistent with current practice guidelines.

The backward hustle: An experimental investigation of tax code notches and labor supply

The phase-in and phase-out of benefits as part of social safety nets has the potential to distort individuals’ labor supply decisions. Classical economic theory predicts a strong incentive to adjust labor supply and bunch at the discontinuities that arise within notched tax systems. However, such behavior has been difficult to observe in both survey and administrative data. In this paper, we design a laboratory experiment to explore the impact of notches on subjects’ bunching behavior within an environment where subjects receive full information about their payment schedules and can freely adjust their labor supply (number of tasks completed). While we find clear evidence of bunching under our notched payment system, many subjects still fail to bunch. We explore the role of behavioral factors such as self-control, overconfidence, and loss aversion as potential determinants of bunching behavior. Our results indicate that, within our sample, self-control and loss aversion have a positive and significant association with subjects’ decision to bunch, while overconfidence has a negative association. These estimates are of the expected sign and suggest that behavioral factors may serve as important underlying determinants of an individual’s decision to bunch.

Analisis Strategi 5c Dalam Penyelesaian Kredit Bermasalah Bank Perkreditan Rakyat Md Di Lamongan Jawa Timur

This study aims to find out the 5Cs strategy adopted in the process of settlement of non-performing loans. Research data were analyzed with descriptive qualitative approach, and collected by studying documents, observation and interviews. These results indicated that the strategy had been implemented effectively in resolving loan problem showed by the decrease of loan problem number from year 2012 to 2014. Data obtained from the Peoples Credit Bank (PCB) MD in the provision of credit could not be separated from non-performing loans. The factors are the failure of the debtor's business, bad characters, house transfering and death of the borrower. Credit settlement strategy undertaken by PCB MD were rescheduling, reconditioning and restructuring. Rescheduling was a change in credit terms concerning the payment schedule and time period, the amount of installment, and the grace period. Reconditioning (back requirements) was a partial or total changes in credit terms which was not limited to, changes in payment schedules, duration, and or other requirements, as long as no change plafon credit. And restructuring (or realignment) was including changes in conditions before credit terms: the addition of bank funds, conversion of all or part of the areas of interest into a new loan principal.

Using referenda to improve targeting and decrease costs of conditional cash transfers

Cost-effective allocation of conditional cash transfers (CCT) requires identifying recipients with low opportunity costs who might change behavior. This paper develops a low-cost approach for improving program implementation by using a stated preference, referendum-style survey question to calculate willingness to accept (WTA) for CCT contracts. We illustrate this in the context of Mexico's Payments for Ecosystem Services Program, and find that the estimated social cost based on WTA is substantially lower than actual payments. Simulation of three geographic targeting approaches shows that joint selection using deforestation risk and WTA could increase program impact under the same budget. We also simulate modified payment schedules based on predicted WTA and demonstrate that these could reduce program cost.