Price Differences Research Articles

Price Hedonics of Beers: Effects of Alcohol Content, Quality Rating, and Production Country

Abstract We examine the association between beer prices and the inherent characteristics of beers within the traditional price hedonic framework. Using a large-scale Norwegian data set with more than 9000 individual beer products from several production countries, we find that alcohol content has a strong, positive, and significant effect on the retail price of beer. In contrast, the effect of expert quality rating on beer price appears to be of only small to moderate importance. We also find significant and substantially important price differences between production countries. Finally, there is effect heterogeneity (i.e. interaction effects) for both alcohol content and quality rating with respect to production country. For example, the association between alcohol content and price is larger in Norway and Germany than in most of the other production countries in the data.

Unveiling the Biosimilar Paradox of Oncologists' Perceptions and Hesitations in South Korea: A Web-Based Survey Study.

Biosimilars offer a cost-effective alternative to original biopharmaceuticals with comparable efficacy and safety. The perception and familiarity of prescribers toward biosimilars play a critical role in their market penetration. Yet, few studies have explored the perception of oncologists toward biosimilars, much less in Asia. The objective of this study is to understand barriers of adopting biosimilars among oncologists and explore strategies to promote their use in clinical practice settings. A web-based survey was conducted among Korean oncologists from September to October 2022, assessing their perception of biosimilars and prescribing practices. Among the 118 surveyed oncologists, 75.4% (89 out of 118) had previously prescribed biosimilars. When asked about their preference, 48.3% (57 out of 118) of the respondents preferred originators to biosimilars, whereas 16.1% (19 out of 118) favored biosimilars over the originators. The primary reason for preferring the originators was trust in safety and efficacy (94.7%, 54 out of 57). Still, a paradox was noted as 87.0% (47 out of 54) and 85.2% (46 out of 54) of these also acknowledged the comparable efficacy and safety of biosimilars. A relatively small number of the respondents (16.1%, 19 out of 118) did not consider prescribing biosimilars to biologic-naïve patients at all, and up to 56.8% (67 out of 118) expressed reluctance to switch prescriptions from originators to biosimilars. However, 90.7% (107 out of 118) of respondents considered changing their prescription to biosimilars if patients faced financial stress. Concerns regarding the efficacy when switching to biosimilars were expressed by 42.7% (38 out of 89) of oncologists with biosimilar prescribing experience, increasing to 69.0% (20 out of 29) among those without such experience. Korean oncologists perceived biosimilars to be as safe and effective as originators. However, there is a notable mismatch between this perception and their prescribing practices, particularly among those who have not prescribed biosimilars before. The financial burden of patients served as a significant driver for prescribing biosimilars, yet marginal price differences between originators and biosimilars may be associated with the low adoption rate of biosimilars in Korea. Active price competition may enhance market penetration of biosimilars.

Discovery and identification of interspecies peptide biomarkers in the seahorse species using liquid chromatography tandem mass spectrometry and chemometrics

Seahorses have important edible and medicinal values including strengthening the body, tonifying the liver and kidneys, and reducing swelling. And there are abundant seahorse species on Earth. Many seahorses have large price differences due to the scarcity of resources, and some seahorses with similar appearances appear to be confused for use. While in market trading, Hippocampus is susceptible to loss of specialized morphology characteristics, making it difficult to distinguish between specific species. Here we report an effective method based on peptide biomarkers for the identification of seahorse species. Peptide biomarkers for each species were predicted using nano-liquid chromatography-tandem mass spectrometry (Nano-LC-MS/MS) combined with chemometrics software. One unique biomarker peptide for each species was synthesized and verified, and finally developed a liquid chromatography tandem mass spectrometry (LC-MS/MS) multiple reaction monitoring method. The results indicate that the method has great potential for species-specific identification of seahorses and their preparations, among others.

Examining relative thinking in mixed compensation schemes: A replication study

Studies show that people exhibit relative thinking: they are affected by relative price differences even when these are irrelevant. The evidence is mostly based on hypothetical-scenario experiments in consumer-behavior contexts. A previous attempt to show relative thinking in the context of mixed compensation schemes (which include a fixed payment and a pay-for-performance payment) failed to document relative thinking (Azar, 2019). We replicate the main features of this study, but now do find evidence for relative thinking. Subjects are offered to do real-effort tasks of finding letters on pages and all of them are paid the same amount for every correct answer. However, there are two versions that differ in the fixed payment that is added. Effort is lower when the fixed payment is higher. This is explained by relative thinking: the higher fixed payment makes the per-task payment seem smaller compared to it, and therefore results in less effort. This finding has important implications because mixed compensation schemes are prevalent in many jobs and are also a common feature of experiments (a fixed show-up fee and a payment that depends on performance). We also find some connection between the behavior in the experiment and the decision-making style of the subjects (measured on scales of intuitive, rational, and spontaneous). Subjects with more spontaneous decision-making style make less effort in the experiment. Subjects with more intuitive decision-making style are less affected by relative thinking. Our study offers the first demonstration of relative thinking in the context of mixed compensation schemes.

Low-carbon optimal dispatch of campus integrated energy system considering flexible interactions between supply and demand

To solve the problem of coupled and coordinated dispatch of multi-energy between campus integrated energy system operator and users. A bi-level Stackelberg low-carbon economic dispatch model with horizontal and vertical integrated demand response and dynamic supply and demand multi-energy pricing (DSDMEP) is proposed. Firstly, the DSDMEP is established to effectively coordinate the interests of the upper CIESO and lower users. Secondly, the combined heat and power containing the power to gas and carbon capture system and the reward and penalty stepped carbon trading mechanism (SCTM) are introduced on the energy supply side to minimize carbon emissions. Then, the HVIDR is introduced to the users to increase the energy coupling and adjustable price characteristics of supply and demand. Finally, the results show that the proposed model compared to other scenarios has its carbon emissions reduced by 21.72%, the benefits of CIESO are increased by 27.86%, and the cost of the users is reduced by 6.9%. This paper also provides a multi-angle sensitivity analysis of the impact of different parameters of the SCTM on the operation of the campus integrated energy system (CIES), as well as a sensitivity analysis of the HVIDR and peak and valley electricity price difference.

Does the presentation of true costs at the point of purchase nudge consumers toward sustainable product options?

Do true cost campaigns (TCCs)—which display prices at the point of purchase that include social and environmental negative externalities—nudge consumers toward more expensive sustainable products? From a theoretical point of view, the answer is promising: Communicating true costs means introducing external reference prices that provide a benchmark for consumers to assess price acceptability. Showing true costs triggers a general reference to the price of sustainability, and the higher price of sustainable products becomes at least partially explained by their lower “hidden costs” (i.e., costs to compensate for all environmental and social impacts). In two empirical studies, we demonstrate that for TCCs to be effective, the hidden costs for the sustainable products must be lower than those for the conventional alternatives. Interestingly, under this condition, TCCs have an effect in markets characterized by a larger (study 1) and a smaller (study 2) green gap. In both studies, we find that increased perceived price fairness explains the effect of TCCs, as measured by the relative preference for the sustainable compared to the conventional product. In addition, we see that the price difference between the two products plays a significant role in forming this preference judgment, independent of other factors included in the model and especially independent of TCC.

The border effects and choices of competitive strategies of the provincial natural gas markets in China

The provincial government competition is regarded as a key variable in China's market-oriented reform to explore whether natural gas market will be integrated from segmentation. A spatial price equilibrium model with two markets is advanced to theoretically explain the competitive policy tools of environmental regulation and pipelines investment will increase resource rent but decrease congestion rent, and lead to more segmentation and integration of gas market, respectively. However, it is difficult to quantify the price differences resulted from these two rents on gas trade network. Therefore, the price difference is selected as the dependent variable of the border effect model, and a model-based analytical framework is put forward to empirically study the mechanism of the border effects from provincial competition. Results indicate that: (i) Natural gas physical network builds a trade network for provincial competition, and government uses policy tools to redistribute these two rents to change the spatial allocation relationships of natural gas on the trade network. (ii) Market segmentation by these two rents generates the border effects which display heterogeneity on gas trade network after provincial competitions in different ways. (iii) Once the margins of the two rents are changed by a node in the node-centered niche gas market when gas trade network evolves from a small world to free-world, the government will self-adaptively migrate its competitive strategies to maximize its marginal revenue. Consequently, the migration helps the niche market and the whole market to be integrated from segmentation. Some suggestions are given for China's natural gas market integration.

Cost and availability of selected medicines after implementation of increased import verification fees

BackgroundUganda imports approximately 90% of its medicines, with about 60% being distributed by the private sector. To discourage importation and promote local production of 37 selected locally manufactured medicines, the Ugandan government through the Ministry of Health in 2017 increased the import verification fees from 2 to 12%. The increase in verification fees ultimately affects cost and availability of these medicines. This study aimed to assess the cost and availability of the selected essential medicines after the 12% increase in verification fees in Uganda.MethodsA cross sectional study among 328 wholesale and retail pharmacies and seven key informant interviews was conducted using a pretested data collection checklist and in-depth interview guide from February to September 2021 in Uganda. Data on the availability and prices of the medicines before (2017) and after (2020) the increase in verification fees was collected. Paired sample T-Test was used to test if there is a significant difference in prices before and after the 12% increase in verification fees.ResultsMean availability of imported medicines was higher (54.8%, CI: 49.3–60.4) than the locally produced medicines (37.1%, CI: 31.9–42.7) except for locally manufactured parenteral preparations (54.6.%, CI: 49.1–60.1). Availability of locally produced medicines was mainly low (45%) while the imported medicines were fairly high (74%). Most commonly available locally manufactured medicines were Surgical spirit (89.9%), ORS (86%), Dextrose 5% solution (74.4%), Paracetamol 500 mg Tablets (73.8%) and Sodium Chloride 0.9% solution (72.9%). Most commonly available imported medicines were; Omeprazole 20 mg (94.2%), Amoxicillin Trihydrate 125 mg/5 ml (92.4%), Ciprofloxacin 500 mg (91.4%), Paracetamol Suspension 120 mg/5 ml (91.5%) and Metronidazole 200 mg Tablets (88.1%). Increase in lowest-priced local and imported medicines was significant for 10 (23.8%) and 7 (15.9%) of the medicines respectively. The median prices of imported medicines were generally higher than locally produced medicines. The median unit prices of 12 (28.6%) locally produced medicines and 20 (47.6%) imported medicines were higher than the international median unit prices.ConclusionsThe overall availability of imported medicines was still higher than the local medicines. The median prices of local and imported medicines generally increased or remained the same after the introduction of import verification fees. There is a need for price controls and transparency in the private sector.

Pediatric Market Access: A Qualitative Study.

This qualitative study aims to analyze current PM regulation and market access requirements and proposes potential solutions to mitigate current challenges. Twenty-two semi-structured interviews were conducted with experts from pharmaceutical industry, regulatory authorities, national health technology assessment (HTA) bodies, pediatricians, and academia from the Netherlands (NL), Germany (DE), the United Kingdom (UK), and France (FR) to get insight into the pediatric research, the regulatory and reimbursement processes, challenges, and solutions. Themes for further testing were developed on how to facilitate pediatric market access. Atlas.ti 9 was used to analyze the findings. Heterogeneity in requirements for the European Medicines Agency (EMA) and HTA approvals are noted. By example, DE grants direct reimbursement after regulatory approval, the other countries require additional reimbursement which generate delays and challenges in patient access after marketing authorization. Key components in facilitating PM market access include multi-stakeholder collaboration, transparency, patient representatives, informed consent guidance, real-world evidence, and appropriate clinical trial designs. Pricing models based on the economic capabilities of individual countries could further reduce delays and challenges in market access. The additional specific pediatric incentives should be taken as best practice to encourage innovation in pediatric conditions. This study highlights differences in requirements for regulatory and reimbursement approval, along with international differences in pricing and reimbursement procedures for pediatric market access.

A comparative analysis of vaccine lists, prices, and candidates, and the national immunization program between China and the United States

Vaccines have an essential role in preventing infectious diseases and reducing the burden of disease. The differences in vaccine lists and prices, and the National Immunization Program (NIP) and vaccine development between China and the United States (US) in conjunction with epidemiologic data on infectious diseases were systematically compared. The epidemiologic data of infectious diseases in 2019 were extracted from the China National Health Commission and the US Centers for Disease Control and Prevention (CDC). The vaccine list was identified from the China National Medical Products Administration and US Food and Drug Administration databases. Vaccine prices were obtained via the China government procurement platform and the US CDC. The NIP vaccines for China and the US were obtained from the China and US CDCs. Vaccine candidates investigated in 2015-2022 were identified from the China Clinical Trial Registry Platform and the US clinicaltrials.gov database. Differences in the incidence of infectious diseases between China and the US were detected with both countries facing a lack of available vaccines for prevention of many diseases. The number of listed vaccines and preventable diseases in China was 59 and 36, respectively, which was higher than the US (45 and 31, respectively). The median price of NIP vaccines in China was significantly lower than the price in the US (median: $3.8 vs. $20; P<0.001); however, there was no significant difference in the price of non-NIP vaccines (median: $68 vs. $86; P=0.498). Vaccines developed by local manufacturers were less expensive than imported products despite the absence of significant differences (median: $16 vs. $31; P=0.180). The number and types of NIP vaccines used to prevent infectious diseases in China were lower than the US. The majority of vaccine candidates in China were not novel compared to the US. Vaccines marketed in China for infectious diseases were comparable to the US. Our findings suggest that China should further expand NIP vaccines and incentive research and development on novel vaccines to improve accessibility based on infectious disease epidemiology.

Why Do Prices Differ Across Stores? Differential Competition Environments and Their Price Impacts

Why Do Prices Differ Across Stores? Differential Competition Environments and Their Price Impacts

Improving the Machine Learning Stock Trading System: An N‐Period Volatility Labeling and Instance Selection Technique

Financial technology is crucial for the sustainable development of financial systems. Algorithmic trading, a key area in financial technology, involves automated trading based on predefined rules. However, investors cannot manually analyze all market patterns and establish rules, necessitating the development of supervised learning trading systems that can discover market patterns using machine or deep learning techniques. Many studies on supervised learning trading systems rely on up–down labeling based on price differences, which overlooks the issues of nonstationarity, complexity, and noise in stock data. Therefore, this study proposes an N‐period volatility trading system that addresses the limitations of up–down labeling systems. The N‐period volatility trading system measures price volatility to address uncertainty and enables the construction of a stable, long‐term trading system. Additionally, an instance‐selection technique is utilized to address the limitations of stock data, including noise, nonlinearity, and complexity, while effectively reducing the data size. The effectiveness of the proposed model is evaluated through trading simulations of stocks comprising the NASDAQ 100 index and compared with up–down labeling trading systems. The experimental results demonstrate that the proposed N‐period volatility trading system exhibits higher stability and profitability than other trading systems.

Analytic approximations for European-style Asian spread options

<abstract><p>Spread option is a exotic option, which allows investors to simultaneously take positions in two correlated underlying assets and profit from their price difference over some spread. This option provides stable investment opportunities for practitioners in unpredictable and complex financial markets. However, investors of the spread option may face problems caused by manipulating the two underlying assets' prices near the expiry, compared to plain vanilla options. To overcome such disadvantages, we propose Asian-spread options, which are linked to the price difference between two average prices of two underlying assets over the life of the option, and exhibit the original properties of standard spread options. In this paper, using distribution-approximating and moment-matching approaches, lower bounds of prices for the European spread option on the geometric average Asian option and arithmetic average Asian option are obtained in the classical Black-Scholes model. We verified the pricing accuracy of the proposed Asian-spread options by comparing our solutions with those obtained by Monte Carlo simulations. Finally, we analyzed the influence of stock price, maturity date, and some model parameters on option price and delta value through numerical examples. Numerical results showed that the lower bounds had a very high precision.</p></abstract>

Contract price change during the construction phase: unforeseen market conditions

Abstract The unstable economic conditions that have been in place in the Slovenian and international construction markets reveal the problem of a disproportionate increase in the prices of construction materials and energy products. Such increases will therefore result in higher costs of construction services, which would ultimately affect the total value of the construction project. These events in turn bring uncertainty to the construction project and would negatively impact the business of construction companies and investors. Legal and construction practices have so far developed various ways to regulate contract changes arising due to unforeseen market conditions. The present paper offers a contribution to the contract price change solution during the construction phase. The introduction first presents the measures and guidelines that deal with the differences in contract prices in Slovenia and some other countries. Then, various methods of calculating price differences that have emerged in current Slovenian practice are described. As a result, a proposal for a hybrid method of monthly price difference calculation is presented. The hybrid method represents a balanced solution resulting from the unforeseen increase in construction material prices on the market and is applicable to all construction projects. The three methods, i.e., a calculation method, a method based on the GZS-ZGIGM index, and a hybrid method, are applied to a real example of a public contract. The calculation of the price valorisation, represented as an index of the recognised price increases of contract works, is carried out. The results are compared, and further solutions are proposed.

Relationship Between Vehicle Price and its Safety Ratings

Abstract The objective of the paper is to determine the relationship between a vehicle price and its safety ratings in the Czech Republic for vehicles sold and newly registered in the year 2022. The data collection was performed using content analysis. It was found that in 2022, Škoda Auto vehicles accounted for more than 35 % of all newly registered vehicles in the Czech Republic. The evaluation of vehicle safety was performed on the basis of results published on the EuroNCAP server. The findings were used as a basis for performing cluster analysis and correlation analysis of the data obtained. The analysis shows that even though safety plays an important role in the automotive industry, vehicle price is not a decisive factor in achieving higher safety ratings. The findings of this paper have a significant impact on consumers and automotive, showing that the price difference between vehicles does not necessarily correlate with different levels of safety. The limitation of this paper is its focus on the Czech Republic only, which may influence the generalization of the results to other markets.

Экономическая дифференциация и восприимчивость муниципалитетов российской Арктики к федеральным преференциальным режимам

The modern Arctic policy of Russia focuses on the Arctic Zone of the Russian Federation (AZRF) as a single macroregion. However, since the Russian Arctic is internally heterogeneous, a common Arctic policy can either increase or decrease the differentiation of municipalities. Therefore, to improve federal spatial policy, it is necessary to assess the differentiation of Arctic municipalities and their receptivity to federal support measures for investors. To this end, the study proposes a new indicator, namely, the share of social and other benefits to the population in the sum of social benefits and taxable income of individuals and individual entrepreneurs. Unlike traditional wage indicators, the proposed indicator adequately reflects the income of the population and is not distorted by territorial price differences. This indicator for the AZRF varies from 5 % in municipalities with accelerated gas production to more than 50 % in peripheral areas. A reduced share of social benefits is typical for agglomerations of regional capitals, industrially developed municipalities or important seaports. The receptivity of municipalities to federal preferential treatment is analysed based on the author’s processing of resident registers (distribution of residents by Arctic municipalities). According to the results, investors are primarily attracted to the largest urban agglomerations of the European Russian Arctic (about half of residents of the Russian Arctic are in Arkhangelsk and Murmansk agglomerations), while the impact of preferential treatment on peripheral municipalities is minimal or non-existent (there were no residents of the Russian Arctic in approximately 20 percent of municipalities in three years). Such a situation will increase the imbalance in economic development of Arctic municipalities, therefore, state policy should provide various measures to support different municipalities, which should be substantiated in further research.

Design and Empirical Research on Cross-provincial and Cross-regional Power Transmission Pricing Mechanism Adapted to Marketized Trading in China

With the deepening of China’s electricity market reform, the cross-provincial and cross-regional power trading system dominated by government pricing has struggled to release reasonable price signals. Under a single electricity price system, transmission costs are prone to exceed the price difference between sending and receiving ends, thereby affecting the conclusion of cross-provincial and cross-regional transactions. In order to connect cross-provincial and cross-regional power transmission prices with the electricity market effectively, in this paper, a two-part transmission pricing mechanism is designed for cross-provincial and cross-regional power transmission “benchmark + floating” trading prices, and a price calculation model is established by selecting typical projects for empirical calculation to verify the effectiveness of the transmission pricing mechanism design. This research can provide reference for improving the pricing mechanism, which is conducive to promoting cross-provincial and cross-regional transactions.

Sosialiasi Pengadaan Bahan dan Alat Kerja Furniture Untuk Meningkatkan Kelancaran Usaha Perusahaan

The purpose of this research is to find out whether the Procurement of Materials and Work Equipment that is implemented by IdeSign Interior Design & Build at Pegadungan Kalideres, West Jakarta is optimal and can increase insight into the importance of the process of Procurement of Work Materials and Equipment at IdeSign Interior Design and Furniture Company. This research was conducted through direct observation to the location, namely Pegadungan Kalideres, West Jakarta. Data collection was carried out by field observations and interviews with the Supervisor and CEO of IdeSign Interior Design & Build.Limited knowledge related to differences in the quality of Materials and Working Tools from various brands or brands used is a problem faced in managing a furniture business, it is necessary to identify the quality specifications of a brand or brand, besides that differences in price and availability of goods affect the process of providing materials to evaluate various types of decision-making and raw materials remain available when needed.

Effect of Smuggling on Economic Status of Households of District Loralai: An Analysis

This study analyzes the effect of smuggling on the economic status of households in District Loralai. The data of 400 households were collected by using a simple random sampling technique from the Loralai district. The ordinary least square method was applied to estimate the results. Both rural and urban households were sampled. The economic status of the households was measured with household monthly income, household monthly expenditures, and household value of physical assets. The core independent variable used in the study was the participation of respondents in smuggling and price differences. Results show that smuggling boosts the economic status of households but harms the country's economic growth.

Study on the Spatial Correlation Characteristics of Residential Land Prices in Counties of the Urban Agglomeration in the Middle Reaches of the Yangtze River and Their Influencing Factors

The role of residential land price in regulating local economic development and optimizing urban land spatial layout is becoming more and more prominent. This paper takes the residential land price of 229 counties (districts, cities) of urban agglomeration in the middle reaches of the Yangtze River in 2017 as the research object, and establishes a theoretical model of the influencing factors of county residential land price based on equilibrium price and regional economic theory; and uses methods of spatial autocorrelation analysis and spatial lag model to explore the spatial distribution characteristics and influencing factors of residential land price in the research area and the influencing factors. The research results indicate that: (1) There are significant overall differences in residential land price among different counties within the urban agglomeration in the middle reaches of the Yangtze River, and the overall distribution of residential land price shows a "pyramid" pattern from low to high. (2) The spatial distribution pattern of residential land price in counties within urban agglomerations is greatly influenced by the location conditions and the administrative level of higher-level cities. The residential land price shows an inverted "U" distribution in the east-west direction, with the eastern part being higher than the western part as a whole; There is a gradual downward trend from north to south in the north-south direction. (3) The Global Moran’s I of residential land prices in the research area is 0. 603, with a significant spatial positive correlation and agglomeration phenomenon. and the obvious local spatial agglomeration characteristics. (4) There is a significant positive spillover effect between county-level residential land price in the urban agglomeration of the middle reaches of the Yangtze River. The residential land price in the study area is strongly influenced by both land supply and demand factors, policy systems, and government regulatory capabilities. The relevant conclusions can provide reference for urban agglomeration to optimize urban resource allocation through land price regulation, narrow regional development gaps, and promote the integrated development of the region.