The innovation patterns and institutional environments of software as a medical device (SaMD) were empirically, comparatively, and institutionally analyzed as SaMD is attracting attention as innovative medical technology. Data were collected on SaMD products approved by the U.S. Food and Drug Administration (FDA) and medical providers (n=581 and 268, respectively). The relationships among SaMD use, the interaction of SaMD with existing medical devices, and company characteristics were structurally evaluated. The use of the current SaMDs as highly concentrated in the medical image processing field, with emerging information and communication technology companies producing many products. The relationship between SaMDs and hardware-type medical devices varied with their use purpose, based on which an innovation regime map for SaMDs was constructed. Next, the differences in reimbursement systems in Japan, the U.S., and Europe were comparatively analyzed, considering the policy implications for high-uncertainty technologies, such as SaMD and orphan drugs. We specifically focused on the cost-effectiveness-oriented reimbursement decision in Europe, the approval-for-reimbursement structure in Japan, and the range of individual decisions by payers in the United States. We summarized the actual state of price setting and payment models in each region (e.g., performance-based payments, price caps, and rebates). A framework for risk allocation between manufacturers and insurers is required when the value of medical technology is uncertain, suggesting a need for flexible and data-linked evaluations in future system designs.

This paper extends a random version of Bertrand model with Brownian motion. The model can be used to adjust price with changing economic environment, as it can serve to capture the behaviours of managers who seek to avoid errors in identifying the optimal response in dynamic price settings within their respective markets. The equilibrium of a stochastic game model is further discussed with the solution solved by Hamilton-Jacobi-Bellman equations, and the equilibrium exhibited fluctuations in the numerical simulation, with a constant value being observed. Finally, the model shows that organisations that are less efficient at managing errors, particularly those with a smaller market share, are more susceptible to failure.

We study contextual dynamic pricing, where a decision maker posts personalized prices based on observable contexts and receives binary purchase feedback indicating whether the customer’s valuation exceeds the price. Each valuation is modeled as an unknown latent function of the context, corrupted by independent and identically distributed market noise from an unknown distribution. Relying only on Lipschitz continuity of the noise distribution and bounded valuations, we propose a minimax-optimal algorithm. To accommodate the unknown distribution, our method discretizes the relevant noise range to form a finite set of candidate prices, then applies layered data partitioning to obtain confidence bounds substantially tighter than those derived via the elliptical potential lemma. A key advantage is that estimation bias in the valuation function cancels when comparing upper confidence bounds, eliminating the need to know the Lipschitz constant. The framework extends beyond linear models to general function classes through offline regression oracles. Our regret analysis depends solely on the oracle’s estimation error, typically governed by the statistical complexity of the class. These techniques yield a regret upper bound matching the minimax lower bound up to logarithmic factors. Furthermore, we refine these guarantees under additional structures—for example, linear valuation models, second-order smoothness, sparsity, and known noise distribution or observable valuations—and compare our bounds and assumptions with prior dynamic-pricing methods. Finally, numerical experiments corroborate the theory and show clear improvements over benchmark methods. Funding: X. Gong’s research is generously supported by the National Natural Science Foundation of China [Grant 72501238]. W. You’s research is generously supported by the Hong Kong Research Grants Council [Grant GRF 16212823]. J. Zhang’s research is generously supported by the Hong Kong Research Grants Council [Theme-based Research Project T32-615/24-R]. Supplemental Material: All supplemental materials, including the code, data, and files required to reproduce the results are available at https://doi.org/10.1287/opre.2025.1779 .

Novice art pricing is an understudied domain. Novice artists operate as microenterprises, making crucial price-setting decisions. Research shows that newcomers often risk overpricing or underpricing their work, and existing online tools offer basic, cost-based pricing advice. Using a three-study framework, we examine novice art pricing on Etsy, where artwork listings include structured data, images, and textual descriptions. We first analyze how these inputs relate to final selling prices using a hedonic regression on structured data, followed by a multimodal fusion deep learning (MMF-DL) model that integrates structured, visual, and textual features. Our results show that features related to artist authenticity (e.g., certificates), customer service (e.g., shipping, returns, personalization), and art style (e.g., genre) are important price predictors. Thus, novice art sold on online platforms exhibits some features typical of mature art markets (e.g., authenticity and reputation) but emphasize customer-focused services. Finally, using a Cox proportional hazards model, we show that, while higher artist reputation is associated with faster sales, discounting correlates with longer time on market. These associations suggest the importance of price setting. From these insights, we develop a price recommender application that predicts both selling prices and time-to-sale, offering practical guidance for newcomer artists and online platforms.

The rapid development of the digital economy, marked by the adoption of pricing algorithms, has introduced new dynamics to Indonesia's competition law landscape. Algorithmic systems enable autonomous price setting based on market data learning without direct human intervention. This condition potentially gives rise to algorithmic cartels, a form of market coordination occurring without explicit agreement, yet producing anti-competitive effects similar to conventional cartels. The national legal framework, specifically Law No. 5 of 1999 and KPPU Regulation No. 4 of 2010, remains inadequate to address this phenomenon, as it is still anchored to a traditional paradigm requiring the element of “agreement” as a prerequisite for proving violation. This study aims to analyze the dilemma faced by the regulator (KPPU) in proving the existence of algorithmic cartels against the principle of fair competition in the digital era. Employing a normative juridical approach, this study examines relevant legislation, academic literature, and international policies from the OECD and European Commission. The findings indicate a regulatory gap in Indonesia's competition law regarding proof involving autonomous systems. Furthermore, the KPPU faces conceptual and technical obstacles in determining legal intent (legal intent) and the validity of digital evidence derived from algorithmic systems. The study concludes that proving algorithmic cartels must shift from an intent-based approach to an effects-based approach, which focuses on assessing the economic impact on market structure and consumer welfare. Therefore, strategic recommendations include reinterpreting the element of “agreement” in Article 1, paragraph 7, and Article 11 of Law No. 5 of 1999 to encompass algorithmic coordination that generates anti-competitive effects. Additionally, the KPPU is mandated to develop digital evidence guidelines and strengthen the multidisciplinary institutional capacity to effectively oversee algorithmic behavior. These steps are crucial for Indonesian competition law to adapt to the realities of the digital economy while ensuring justice and legal certainty.

Exploring Price Rigidity and Market Dynamics: A Review of Truman F. Bewley’s ‘Price setting’

This article examines the practice of determining the price of fresh fruit bunches (FFB) of oil palm by PT Hari Sawit Jaya in North Sumatra from the perspective of Islamic economic law. This article uses an empirical juridical method with data obtained through interviews, participant observation, and documentation to explore the pricing mechanism and farmer involvement. The results of the study show that the pricing determined by PT Hari Sawit Jaya is often non-transparent and unilateral, without involving partner farmers, thereby causing injustice and economic losses for farmers. This practice contradicts the principles of Islamic economic law, which emphasises fairness, openness, and mutual agreement without uncertainty (gharar) and injustice (zulm). Although the company attempts to adjust prices to market conditions, the absence of transparent and participatory mechanisms leaves farmers in a weak bargaining position. This study also highlights the importance of the government's role in supervising and facilitating price setting in accordance with regulations and sharia principles in order to create fair and sustainable partnerships. In conclusion, the pricing of FFB at PT Hari Sawit Jaya needs to be reformed by increasing transparency, fairness, and farmer participation in accordance with sharia economic principles to strengthen farmer welfare and the stability of the palm oil industry. These findings are important as a reference for public policies that support the sustainability of the palm oil plantation sector in Indonesia.

Consumers’ privacy concerns and price setting in a multichannel monopoly

Purpose. This study aims to develop innovative pricing models for digital educational products in higher education institutions, focusing on diversification and digitalization, especially for short-term and online programs. The research addresses a significant gap in pricing methods for online courses and digital learning materials, which have become increasingly important as universities expand beyond traditional degree programs. Methodology. The study uses a multi-method approach combining comparative analysis of European pricing practices, typological classification of educational products, and mathematical modeling for cost calculation and price setting. Mathematical algorithms are created for both synchronous and asynchronous online courses, integrating cost-based foundations with market-driven adjustment coefficients that reflect institutional reputation, seasonal demand, level of innovation, digital marketing effectiveness, content relevance, labor market needs for skills, and instructor expertise. Results. The study presents a comprehensive two-part typology that distinguishes traditional educational products (degree programs, professional development courses, corporate training) from online programs (synchronous online courses, asynchronous video courses, electronic materials). Each type shows different cost structures, demand elasticity, and scalability potential. The proposed pricing algorithms factor in fixed costs, variable costs per student, marketing expenses, and nine adjustment coefficients ranging from 0.80 to 1.40, with built-in limits to prevent overpricing. The research shows that digital products have high demand elasticity, substantial economies of scale due to minimal marginal costs, and need to incorporate behavioral and value-based factors along with traditional cost calculations. Financial modeling includes break-even analysis and scenario planning for various enrollment levels. Practical implications. The models developed enable universities to set prices that are economically justified and competitive, adopt flexible pricing strategies (such as subscriptions, freemium, pay-per-course), predict financial outcomes under different scenarios, optimize marketing spending, and diversify revenue sources, especially important during wartime when government funding is limited and institutional relocations have disrupted operations. Value/originality. This research fills a critical methodological gap by developing concrete, formula-based pricing algorithms specifically for digital learning environments. The integration of behavioral factors, quality measures, and labor market relevance with cost-based calculations presents a new approach to competitive pricing in higher education, situated within Ukraine's wartime context and the urgent need for financial independence while maintaining educational accessibility.

Background: Cuff reconstructions vary due to different technical approaches by suture anchor manufacturers, as well as different suture construct configurations. Objectives: The main aim of this study is to primarily compare clinical outcomes and secondarily observe cost-effectiveness by assessing suture construct configurations in arthroscopic rotator cuff repair (ARCR). Methods: Using a retrospective local registry, we included patients undergoing arthroscopic rotator cuff repair who had been implanted with different anchor configurations and different anchor manufacturers. Data analysis was conducted via multiple linear regression, primarily evaluating the relationship between clinical scores (OSS; SSV) and suture construct configurations, to analyze, monitor, and compare the postoperative clinical development. Total surgical costs were also obtained from the clinical billing department for analysis of various factors, including Adjusted Life Years (ALYs) and Incremental Cost-Effectiveness Ratio (ICER), while controlling for sex, tear severity, and age. Results: A total of 317 patients were included in the final analysis, with a mean age at surgery of 60.1 ± 10.8 years, with 58% of patients being male. According to the Gerber tear severity classification, 23% of patients had a partial tear, 59% had at least one full-thickness tear, and the remaining 18% had a massive tear. Using linear regression models, the analysis of changes in Quality-Adjusted Life Years (QALYs) as the dependent variable did not yield statistically significant results. The postoperative development of the measured clinical scores (SSV; OSS) did not show a significant difference comparing the two manufacturers (p = 0.11, p = 0.85). However, the model evaluating costs identified significant effects related to the type of anchor configuration and manufacturer. Regarding anchor configurations, utilizing anchor configuration 1 or 2 resulted in lower costs by up to CHF 254.51 compared to the reference anchor configuration 4 (p < 0.05), after controlling for age, sex, tear severity, and anchor configuration. Conclusions: The primary findings of this study indicate that although clinical outcomes are generally consistent across various rotator cuff reconstruction scenarios, while secondarily the cost implications can differ significantly and are mainly attributed to the differing numbers of anchors required for each configuration and price setting of the manufacturer. The study underscores the importance of suture construct configuration and manufacturer selection in controlling healthcare costs while maintaining quality patient care.

This study aims to examine the implementation of marketing mix strategies, which include product, price, place, and promotion, in the SME IKM Cahaya Faiz in Desa Terapung, Mawasangka District, Central Buton Regency. The research method used is a descriptive qualitative method with data collection techniques through interviews, observation, and documentation with business owners and consumers. The research results indicate that in terms of products, IKM Cahaya Faiz has produced various local fish-based products such as Teri Balado, Teri Crackers, and Dry Sambal Goreng with Peanuts and Anchovies. One of the products has obtained BPOM certification, but product innovation and other certifications still need to be improved. In terms of pricing, the price setting has been adjusted to the community's purchasing power, although it is still constrained by fluctuations in raw material prices. In terms of place/distribution, the business location is fairly strategic and easily accessible, although the distribution reach is still limited. In terms of promotion, promotional activities are still simple and have not optimally utilized digital media. Overall, the implementation of marketing strategies at IKM Cahaya Faiz has been quite good, but improvements are needed in product innovation, price stability, distribution expansion, and digital promotion to enhance competitiveness and expand the market.

This research aims to analyze the partial and simultaneous influence of four independent variables—Ticket Price (X_1), Service Quality (X_2), Customer Trust (X_3), and Promotion (X_4)—on Ship Ticket Purchase Decisions (Y) at PT. PELNI Semarang Branch. Utilizing an associative quantitative method with a sample of 100 passenger respondents (N=100), the data were analyzed using multiple linear regression (SPSS 22.0). The model demonstrated a strong explanatory power, accounting for 55.7% of the variation in purchase decisions (Adjusted\ R^2 = 0.557). The t-test results indicate that all independent variables have a positive and significant influence on Purchase Decisions (all t_{hitung} &gt; 1.9853). The Promotion variable (X_4) showed the strongest individual influence (\beta = 0.282, t=4.777), highlighting the critical nature of effective information dissemination and communication strategies in attracting and guiding mass maritime consumers. Customer Trust (X_3) and Service Quality (X_2) also proved highly significant, affirming the essential role of State-Owned Enterprise (BUMN) integrity and service reliability in mitigating perceived maritime travel risks. Managerial implications suggest PT. PELNI prioritizes enhancing Promotion through digital media and maintaining the fairness of Price setting, which remains a key consideration for this market segment.

The program adopted at the 22nd Party Congress in October 1961 stated that prices must reflect socially necessary labor costs. Soviet economics held that it is these costs that form value. Meanwhile, Robert Campbell published an article under the title “Marx, Kantorovich, Novozhilov: Stoimost’ Versus Reality” supporting the view that Kantorovich and Novozhilov had revived Soviet economics. However, they had to reject the Marxist theory of value. In the opinion of many Soviet scholars, these economists withdrew from Marxism, which was not a positive contribution to economics. This article analyzes problems concerned with the content of the theory of value, whether it was adequately understood by Soviet economists and whether Kantorovich’s and Novozhilov’s approaches were compatible with Marxism. In fact, they developed interesting concepts of objectively determined valuations and differential costs. These indicators were to be used in the process of setting prices. Both Kantorovich and Novozhilov sincerely believed that their approaches were in line with Marxism. In his works, Novozhilov criticized Campbell’s article. This article attempts to prove that Marx did not complete the theory of value and, in fact, came to a dead end. With this in view, it would be incorrect to blame scholars for withdrawing from such an incomplete theory. The article studies the questions of correlation between Kantorovich’s and Novozhilov’s approaches and of their mutual estimation of each other’s thinking. In addition, the article demonstrates differences and similarities in the concepts of these outstanding economists. Although in correspondence with Canadian historian Vsevolod Holubnychy, Novozhilov tried to prove that his theory of differential costs was developed independently of Kantorovich’s works, this statement seems to be incorrect. The article also marks the influence of Kantorovich’s and Novozhilov’s ideas on the development of the concept of economic reform. The Appendix includes fragments from correspondence between Novozhilov and Holubnychy and excerpts from Campbell’s letter addressed to the author of this article. These excerpts contain quite a just rejoinder to critical remarks by Novozhilov concerning Campbell’s article.

This study is devoted to the analysis of pricing policy in the retail trade of household appliances and electronics. The purpose of the study is to identify the factors influencing price formation, as well as to build a mechanism for forming the pricing policy of organizations to increase competitiveness and customer satisfaction, considering the peculiarities of this market segment. Pricing policy is an important factor in the development of any organization. In order for the pricing policy to be effective, the company needs to conduct a high-quality analysis of the current market situation, be able to predict the behavior of consumers and competitors, and understand the patterns of all processes in the organization (both internal and external). To make informed decisions on setting prices, the company needs to have complete information about competitors, their range and prices. The value of the study is due to the fact that retail plays a significant role in the Russian economy, but a unified methodology for forming the pricing policy of companies in the segment of sales of household appliances and electronics, considering their peculiarities, has not been formed. According to statistics, the volume of this market in the country is trillions of rubles annually. The financial condition of large players in the market plays an important role for the entire economy. In this study, the authors studied the theoretical basis for forming pricing policy (using specific scientific works as an example), considered the relationship between setting goals for pricing policy at different levels of the organization, and also recorded the dependence of pricing on the company’s strategic goals. A specific list of possible pricing strategies for companies in the field of sales of household appliances and electronics, including for product groups, was given. As a result, a step-by-step mechanism for forming an organization’s pricing policy was proposed, which companies can implement in practice. In the course of the study, the authors used analytical, comparative methods, as well as the synthesis method.

Market Day is one of the experiential learning strategies designed to cultivate entrepreneurial values among students from an early age. This study aims to describe the role of Market Day activities in developing students’ entrepreneurial spirit and to explore the character values and skills that emerge through the implementation of these activities. The research employed a literature review method by analyzing various relevant scientific sources, including national and international journals discussing the application of Market Day in elementary and secondary schools. The findings show that Market Day plays a significant role in fostering students’ economic, social, and entrepreneurial skills. Through this activity, students learn to manage capital, set prices, market products, interact with customers, and take responsibility for their business outcomes. Furthermore, values such as creativity, honesty, discipline, self-confidence, and cooperation naturally develop throughout the process. Market Day also supports the implementation of the Pancasila Student Profile Reinforcement Project (P5) by teaching independence, collaboration, and practical problem-solving. In conclusion, Market Day is not merely a simple economic activity at school but serves as an effective contextual learning medium to shape students’ character and entrepreneurial mindset. Therefore, it is recommended that Market Day be continuously developed and integrated into the school curriculum as a strategic effort to prepare creative, competitive, and entrepreneurial-minded young generations.

ABSTRACT I study price setting within a network of interconnected monopolists. Some firms possess stronger commitment or bargaining power than others, enabling them to influence the pricing decisions of other firms. Although it is well‐understood that multiple marginalization reduces both total profits and social welfare, I show that strategic interactions within the network exacerbate the marginalization problem. Individual profits are proportional to a new measure of network centrality, defined by the equilibrium characterization. The results underscore the importance of network structure in policy considerations, such as mergers or trade policies.

We study the pass-through of corporate taxes into consumer prices, leveraging 1,058 municipal tax rate changes affecting 4,754 German firms. A 1 p.p. increase in a producer’s tax rate raises retail prices by 0.3% on average, consistent with imperfectly competitive producers. Product-level pass-through varies substantially, as it increases in destination-specific product and retailer-category market shares. We find little evidence linking heterogeneous passthrough to differences in retailer efficiency as reflected in relative consumer prices. Instead, our findings align with standard non-CES preferences where pass through increasing with market shares implies weaker strategic complementarities in price setting than when this relationship is reversed.

This study aims to analyze the influence of brand image, product quality, and price on customer satisfaction at Warung Seblak Neng Otot in Garut Regency. The research background is based on the rapid growth of the spicy culinary business, especially Seblak, as well as the importance of differentiation through effective marketing strategies. This study uses a quantitative approach with a survey method through a questionnaire administered to 200 respondents. The data were analyzed using validity, reliability, exploratory factor analysis (EFA), and multiple linear regression tests, complemented by classical assumption tests. The results showed that simultaneously, brand image, product quality, and price had a significant effect on customer satisfaction (R² = 0.684). However, partially, only brand image and price had a significant effect, while product quality did not. Brand image had the most dominant influence (? = 0.452), followed by price (? = 0.333). These findings confirm the importance of building a strong brand perception and setting prices commensurate with the product's value in creating customer satisfaction, especially in the competitive culinary MSME sector. The practical implications of this research encourage business actors to focus on strengthening brand identity and value-based pricing strategies as the key to long-term success.

In competitive markets, companies often lack access to their rivals’ sales, costs, and strategies. Can they still learn to make optimal decisions? In a new study, Li and Mehrotra show that the answer is yes. Their research demonstrates that even without competitor data, firms can adaptively learn to make near-optimal choices using only their own operational information. More strikingly, when all players follow such self-driven learning, the entire market converges to a Nash equilibrium—the stable state predicted by economic theory—without explicit coordination. The study establishes theoretical guarantees for both convergence rates and regret performance and illustrates the framework in inventory management and dynamic pricing settings. These findings provide a foundation for data-driven decision making in competitive and uncertain environments and offer insights into how markets naturally self-organize.

Estimated total cost of care and patient out-of-pocket cost savings with first-line fixed duration venetoclax + obinutuzumab compared with treat-to-progression BTKi regimens among Medicare-eligible patients with chronic lymphocytic leukemia in the United States following the Inflation Reduction Act.