Benchmark Price Research Articles

Time trends of Part D drug expenses and Part D risk adjustment in the Oncology Care Model at a community oncology network.

72 Background: The Oncology Care Model (OCM) was a 6-year Medicare value-based care (VBC) program that rewarded practices for providing high-quality cancer care to Medicare beneficiaries receiving system anti-cancer therapy, while decreasing Total Cost of Care (TCOC) compared to a benchmark price. TCOC in the model was driven by drug expenses and included both physician-administered (Part B) and prescription (Part D) medications. The past decade has seen several novel oral anti-cancer drugs revolutionize cancer treatment. The impact of the shift to oral anti-cancer drugs, the associated costs, and risk adjustments in the OCM is studied here. Methods: Using Medicare episodes data for 15 practices in The US Oncology Network (The Network) participating in the OCM, we evaluated the time trends of Part D drug expenses between July 2016 and June 2022, assessed the risk adjustment for episodes with and without Part D, and studied impacts on TCOC & benchmark prices. Results: Mean per episode spending at The Network practices increased 16.4% (3.4% CAGR) driven by a mean Part D expense per episode increase of 59% (8% CAGR) from 2016 ($5,532) to 2022 ($8,796) for OCM beneficiaries. Much of the increase was led by the approval of new oral cancer medications, cost increases on legacy oral medications, and expanded indications for oral medications in various cancer diagnoses. Mean Part D expenses increased 46.5% for Multiple Myeloma, 68.7% for Chronic Leukemia, and 124.2% for Breast Cancers. The OCM risk adjustment methodology used to determine baseline and benchmark prices includes a Part D risk adjuster that applies to patients with Part D coverage (with and without low-income subsidy eligibility) during the episode. The Part D risk adjuster increased the episode benchmark on an average by 5.1% ($2,112) (range between 2.9% ($850) in 2016, and 6.1% ($2,500) in 2022)), less than the actual increased Part D episode expenses. 81.4% of episodes in the OCM had Part D coverage that ranges between practices: 66% to 88.6%. Variation in Part D coverage between practices translates to variable impact of Part D risk adjustment in the OCM. Conclusions: Novel drugs, cost increases and newer indications for oral anti-cancer medications have translated into higher Part D spending for patients with cancer. Part D risk adjusters alone did not proportionately adjust benchmarks for increased Part D spending, disproportionately affecting those practices with higher Part D coverage. A modified risk adjustment approach for Part D is needed in TCOC VBC programs to account for variations in Part D coverage and increases in Part D expenses.

The impact of dosing approaches for lenalidomide on total cost of care in episodic value-based care models at a community oncology network.

16 Background: The Oncology Care Model (OCM) was a 6-year long Medicare value-based care (VBC) program that rewarded practices for maintaining high-quality cancer care, while decreasing the total cost of care (TCOC) compared to a benchmark price. Lenalidomide, an oral medication used to treat multiple myeloma and other hematologic cancers, had the highest total Part D spending in the OCM. Lenalidomide is available as capsules of multiple strengths (2.5mg, 5mg, 10mg, 15mg, 20mg and 25mg), having the same cost per pill (mean cost of $735 per pill (over the 6 years)) for each of the strengths. Standard lenalidomide dosing includes one of the dose strengths taken once daily for 21 days on a 28-day cycle, 14 days on a 21-day cycle, or 28 days on a 28-day cycle. Doses and schedules may be adjusted to account for patient toxicities, different indications, or individual preferences. We studied the impact of different dosing approaches for Lenalidomide on TCOC. Methods: We used Medicare prescription dispense data for Lenalidomide for 15 practices in The US Oncology Network (The Network), participating in the OCM. We grouped dispenses based on pills per day (calculated using count of pills dispensed & days' supply), and evaluated the prevalence of different dosing approaches, cost of Lenalidomide, and the impact on TCOC throughout the OCM time periods (July 2016 to June 2022). Results: 85.5% of 52,793 total dispenses were for one pill daily doses, 10% (5,281) for fewer than one pill daily doses, and 4.5% (2,377) for alternative dosing approaches using more than one pill per day, such as multiple pills taken once daily, one pill taken more frequently than once daily, or the total strength being dispensed as a combination of multiple smaller strengths. Alternative dosing approaches led to a mean total cost of $28,300 per dispense, versus $15,600 per dispense for one pill daily doses. 95% of the episodes with alternative dosing approaches had TCOC more than the benchmark, whereas only 52% of the episodes with one pill daily dosing had TCOC more than the benchmark. Total strengths of Lenalidomide dispensed as a combination of multiple smaller strengths had the highest mean total cost of all alternative dosing approaches. Conclusions: Dosing approaches utilizing more than one pill per day for oral medications like Lenalidomide can lead to significantly higher total cost and unfavorable VBC outcomes. Similar impacts may be found with other oral medications where per pill costs are high. Appropriate dosing strategies for optimizing pill counts of oral medications can lead to cost savings for patients, and the health system at large.

World regional natural gas prices: Convergence, divergence or what? New evidence

Mixed and outdated natural gas price convergence results have caused confusion among analysts and strongly call for a comprehensive revision of the topic. The issue has been exacerbated with the recent rampant increase in LNG trade and the emergence of new gas spot trading hubs. Filling the gap, this study conducts growth convergence testing and clustering analysis on a panel comprised of four established gas price benchmarks and two emerging ones that expand up to the pre-Covid-19 period. The most significant finding is that no gas price convergence can be found outside Europe. This is despite the existence of episodes of partial convergence that are identified in the literature, and replicated and explained here. Importantly, the results strongly reject the postulate that increased LNG flows serve as a price-levelling arbitrage mechanism. Overall, these findings inform analysts, researchers and policymakers that they should be wary about taking convergence claims for granted.

Volatility predictability in crude oil futures: Evidence based on OVX, GARCH and stochastic volatility models

The paper examines the volatility predictive ability of the CBOE crude oil volatility index (OVX), GARCH and Stochastic Volatility Models in the crude oil market. Specifically, the dynamics of two major crude oil pricing benchmarks — Brent in Europe and WTI in America are compared. OVX index is able to provide the optimal forecast for the volatility of Brent’s future. The GJR-GARCH model outperforms its competition volatility models in both oil markets. It also reveals that WTI exhibits a faster and stronger response to market shocks compared to Brent oil. Most importantly, the predictability exhibit consistent and convincing results during remarkable events: the 2014 oil price decline, the 2020 coronavirus pandemic, and the 2022 Russian–Ukraine war. In practice, the paper contributes to portfolio strategy construction and investment risk management.

The economic feasibility approach of the development of geothermal power plant 2 x 20 MW

The development of a geothermal power plant project can be implemented if the project is feasible and can provide benefits from the economic side. In this study, the economic feasibility calculation for the development of a 2 x 20 MW power plant project was carried out based on economic indicators such as Net Present Value (NPV), Internal Rate of Return (IRR) and Pay Out Time (POT). The discounted cash flow method is used in determining the economic feasibility. The calculation results obtained for this power plant development project is not feasible because the NPV is US$ -31,336 million, IRR is 7.11% and POT is 0 year. Due to the uneconomical results obtained, a sensitivity analysis was carried out on the tariff price, drilling costs, and Engineering, Procurement, Construction, and Commissioning (EPCC) costs. With electricity tariffs regulated based on Presidential Regulation Number 112 of 2022, it is found that the resulting taxes in the area are not economical and there is needed for tariff adjustments, namely at a minimum price of 15 cents/kWh and 18 cents/kWh so that the project is economical. However, this price could not be realized because the price far exceeded the highest benchmark price set. Meanwhile, with these uneconomical and unfeasible results, a scenario of a loan was carried out to get better results with an NPV is US$ 528,000, IRR is 10.46% and POT is 28 years. Therefore, with a loan scenario, the project can be obtained as feasible.

Analysis of the Income Enhancement Potential of the Terrestrial Carbon Sink in China Based on Remotely Sensed Data

A key focus of international climate action is achieving a terrestrial carbon sink within the framework of carbon neutrality. For certain regions with vital ecological functions and high poverty rates, the generation of surplus ecological carbon income is crucial for mitigating global inequality. While the evaluation of the economic benefits of carbon income still faces limitations in terms of inadequacy and inaccuracy, enhancing green carbon poverty alleviation schemes is urgently needed. This project introduces an analysis framework for assessing the land-based ecological carbon sink and poverty alleviation potential based on a per capita ideal carbon sink income evaluation, which compares the regional economic benefits of a carbon sink under different carbon price benchmarks and explores tailored green poverty alleviation strategies. It indicates that the per capita ideal carbon sink income in China exhibits a seasonal variation, ranging from approximately USD 16.50 to USD 261.41 per person per month on average. Its spatial distribution shows a pattern of lower values in the central region and higher values in the north and south, following a “high differentiation, low clustering” distribution pattern. The per capita carbon sink income can reach 30% to 70% of the per capita GDP, with a peak value of USD 19,138.10 per year, meeting the minimum livelihood guarantee for the needs in economically underdeveloped areas. Simultaneously, the per capita carbon sequestration income within the Chinese carbon market is expected to demonstrate a yearly ascending trajectory, with an approximate growth rate of USD 23.6 per individual annually. The southwest, northeast, and north China regions can be prioritized as key areas for carbon market development, facilitating more comprehensive inter-regional and sustainable carbon trading. This study plays a significant role in disclosing the regional ecological function and economic benefits, promoting the use of “carbon neutrality” as a driving force to alleviate global inequality and contributing to global climate action and poverty eradication strategies.

Electricity price modeling from the perspective of start-up costs: incorporating renewable resources in non-convex markets

This paper constructs a comprehensive electricity market model in the context of China, highlighting the deviation caused by neglecting start-up costs from an engineering perspective. The model allows for the abandonment of excess wind and solar power generation, contributing to the achievement of research objectives in scenarios with a high proportion of renewable energy. Our method innovatively integrates fuel and carbon prices, clean energy expansion, and power system marginal prices according to the carbon trading rules of the Chinese power industry, providing a more accurate representation of market dynamics. Findings reveal that neglecting start-up costs can lead to significant biases in electricity prices. We demonstrate that the marginal price sometimes deviates from the fluctuation of the real value. While fuel and CO2 prices can be transmitted downstream, the value of new energy must be transmitted through its impact on the marginal unit. This insight is crucial for understanding the “missing money” problem in electricity markets. Based on these findings, we propose policy recommendations. We suggest considering fixed and average costs as pricing benchmarks and utilizing capacity utilization as a signal for demand response to adjust power pricing. Furthermore, we recommend trading different energy types separately in the spot market with different pricing benchmarks to ensure the homogeneity of marginal units.

Strategies for supplying enterprises with energy in the context of changing coal prices on the Polish market - The effect of the war in Ukraine

The primary fuel carrier of energy in the Polish economy is hard coal. Due to such a high share in the energy balance, it is important to guarantee stable and predictable prices for this raw material and to ensure the possibility of its availability. Climate and energy policy and the international context have a significant impact on shaping the framework of the national energy strategy. The long-term vision of striving for the EU climate neutrality by 2050 and stimulating regulatory mechanisms have an impact on the achievement of effects in the coming decades. The implementation of the 2030 climate and energy targets in the EU is crucial for a low-carbon energy transition. The objective of the article is to present, for the Polish domestic market, the PSCMI index of a group of indices for benchmark prices of thermal coal produced by domestic producers and sold in the domestic energy market and the domestic heat market. The article discusses indices for coal sold in the domestic market for power generation (PSCMI 1) and heating (PSCMI 2). Price trends and analysis of price changes for these indices between 2020 and 2022 are also analyzed. The adopted scope of the conducted research was taken into account in the period of the greatest boom in price and index changes, which was caused by various external factors.

Explore information disclosure strategies in pre-loved luxury digital market

ABSTRACT The pre-loved luxury market has attracted more attention from both practitioners and researchers, yet empirical research on this market remains scarce. Since information asymmetry is a bigger challenge in the pre-loved luxury digital market, it is essential to understand the effectiveness of different information disclosure strategies. This paper finds that the information disclosure effect is important yet complicated in the pre-loved luxury digital market. Not only does it depend on how much information to disclose, it also depends on what type of information to share. While providing more product images helps to sell preowned luxury products faster, providing benchmark price information may backfire. Further exploring the mechanism, we find that information disclosure influences sales also through other marketing mix. Interestingly, more product image information reduces consumers’ price sensitivity, but extra benchmark price information increases consumers’ price sensitivity. Actionable managerial implications are provided to guide sellers on leveraging information disclosure strategies in this market.

Pengaruh Profitabilitas, Growth, Size, dan HPM terhadap Net Profit Margin Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia (BEI)

This study aims to measure the effect of profitability through the ratio of ROA (Return on Assets) and ROE (Return on Equity), company growth, company size and HPM (Mineral Benchmark Price) on Profit Margins of mining companies, especially nickel that listed on the Indonesia Stock Exchange (IDX). The research conducted is a quantitative study and the subjects in this study are all mining sector companies listed on the Indonesia Stock Exchange (IDX) in the 2020-2022 period. The data used is secondary data and were obtained through the official website of the Indonesia Stock Exchange (IDX) in the form of annual financial reports. The sample selection used purposive sampling method. Testing the data in this study used the Statistical Package for the Science 25 (SPSS 25). There were 66 samples selected using the purposive sampling method, so the criteria in this study were as follows: sample selection criteria and for companies that have been registered since 2010 and have complete financial report data from 2020-2022. The results of this study are as follows: Profitability (ROA) has a positive and significant effect on company NPM, Profitability (ROE) has a negative and significant effect on company NPM, and HPM have a positive and significant effect on company NPM. Whereas growth and size not have a significant effect on company NPM.

Turkish Straits and an Important Oil Price Benchmark: Urals

The Turkish Straits is one of the busiest waterways in the World. Around 4% of the world’s crude oil trade passes through the Turkish Straits. We model the CIF Mediterranean price of Urals crude, one of the world’s most critical medium gravity crude brands that passes through the Turkish Straits. The empirical evidence provided here suggests that congestion (measured in terms of the waiting time for entering the Turkish Straits) increases the CIF Mediterranean price of Urals crude up to 5.05% and 3.09% for the İstanbul and Çanakkale straits, respectively. However, similar supporting evidence could be found for neither an important benchmark oil (Brent) nor Iranian Light, which has similar characteristics and can be considered a close substitute for Urals crude in the Mediterranean refinery market. This shows that the Turkish Straits have an important impact on the price of this important medium crude oil in world oil markets.

Efisiensi Saluran Pemasaran Sapi Potong Peternakan Rakyat di Kecamatan Soko Kabupaten Tuban

Beef cattle farmers in Soko District are still based on prices from intermediary traders because there is no benchmark price from the government, so farmers have a weak bargaining position. The purpose of this research was to determine the level of marketing efficiency of beef cattle in the marketing channel. The study was conducted in Soko District, Tuban Regency, with 60 respondents consisting of 43 breeders, 14 collectors, and three slaughters. The research was conducted from March to June 2022. A sampling of breeders was carried out by purposive sampling, and snowball sampling was carried out to identify the marketing channels. The analysis was done by identifying marketing channels and functions, analyzing marketing margin, farmer's share, marketing efficiency, and profitability index on each marketing channel. The study results showed that there are two models of marketing channels. The first model is called model A, a marketing channel for cattle, and model B, a marketing channel for beef. The marketing channel for the cattle, channel I Model A, is the most efficient. In contrast, the marketing channel for the meat, channel I Model B, is more efficient than Channel II Model B. Based on farmer's share calculations and marketing efficiency, the four marketing channels are efficient because has a farmer's share value of >50% and marketing efficiency of <5%. Breeders are advised to choose the shortest channel in marketing beef cattle. Beef cattle at a young age can be sold through channels I model A and II model A because these channels are already efficient according to margin analysis, farmer's share, marketing efficiency, and profitability index. For beef cattle with mature ages, breeders can sell directly to slaughters such as channel I model B so that breeders can get maximum profits.

Impact of Price and Promotion on The Consumer's Buying Behavior in The Metropolitan Region of Bandung

The present research endeavors to examine the impact of price and promotion on the consumer's buying behavior in the metropolitan region of Bandung. The study employs path analysis to establish that consumer choices are significantly influenced by both price and promotion. The study's sample comprises 81 customers, which accounts for 7% of the total transactions that occurred in 2019. The influence of price on consumer purchase decisions is positively correlated, whereas promotion has both a direct and indirect positive impact. The present findings are consistent with prior research, emphasizing the crucial significance of price and promotion in influencing consumer behavior. The findings have led to the formulation of suggestions for enterprises that are functioning in the region of Bandung. It is recommended to perform a thorough examination of diverse pricing benchmarks in order to evaluate competitiveness and the consumer's value proposition. It is advisable to allocate resources towards efficacious promotional strategies in order to augment consumer awareness and stimulate interest in products. The implementation of successful promotional strategies has the potential to exert a favorable impact on the purchasing behavior of consumers. Additional research could delve into alternative factors that may influence consumer decision-making, thereby augmenting comprehension of consumer behavior through the inclusion of supplementary variables. The research acknowledges a number of constraints. The study exclusively centers on the influence of price and promotion in relation to purchase behavior, disregarding other variables such as product excellence, brand image, and customer support. Subsequent studies may consider incorporating these variables to conduct a more thorough analysis. Notwithstanding the aforementioned constraints, this research offers significant perspectives for enterprises in Bandung to guide their pricing and promotional approaches.

Connotation, calculation and influencing factors of the water-use rights benchmark price: A case study of agricultural water use in the Ningxia Yellow River irrigation area

Connotation, calculation and influencing factors of the water-use rights benchmark price: A case study of agricultural water use in the Ningxia Yellow River irrigation area

Dose rounding bevacizumab and its biosimilars to reduce drug waste in the oncology care model in a community oncology network.

1529 Background: The Oncology Care Model (OCM) was a 6-year long Medicare value-based care (VBC) program that rewarded practices for decreasing TCOC compared to a benchmark price, while maintaining high-quality cancer care. Drug waste from partially used single dose vials (SDV) of expensive anti-neoplastic agents is a leading contributor to avoidable Total Cost of Care (TCOC) expenditures for payers. Dose rounding (DR) of biological anti-neoplastic agents, using recommendations (https://www.nccn.org/docs/default-source/clinical/order-templates/hopa.pdf?sfvrsn=3af91118_6) from the Hematology Oncology Pharmacists Association (HOPA) and endorsed by the National Comprehensive Cancer Network (NCCN), is a standard approach to mitigate the impact of drug waste. Many of the practices in The US Oncology Network (The Network) adopted a DR program for biologic agents in 2018 as a strategy to reduce drug waste and TCOC. We studied the impact of a DR initiative targeting bevacizumab and its biosimilars (B+B) on TCOC and drug waste expenditures for The Network practices participating in the OCM. Methods: Claims data for 14 practices in The Network participating in the OCM were assessed. Drug administration data for B+B was used to evaluate drug waste, total dose, TCOC, DR and the financial impact of drug waste reduction on TCOC from 2017 to 2021. Results: In 2017, prior to implementing DR, an average of 5.3% (range 4.6% to 5.5%) of the total dose of B+B was wasted, with ~25% of B+B administrations having waste in excess of 10% of the total dose. Implementation of the initiative led to a reduction of waste on 30% of the total administrations of B+B across 14 OCM participant practices in The Network. As a result of DR, B+B drug waste decreased by 55% to an average of 2.5% (range - 2.3% to 2.7%) of the total dose in 2021. Decreasing drug waste resulted in TCOC reduction of approximately $100 per member episode per month (0.97% of TCOC) for episodes with B+B administrations in the OCM. The highest waste reduction was seen with B+B administered for treatment of gastrointestinal cancers (colon, rectal, anal, gastroesophageal, or pancreatic cancers) compared to other cancer types (lung, brain, ovarian, etc.), and for B+B administrations where drug waste was greater than 10% of the total dose (~50% reduction). Conclusions: Drug waste contributes avoidable expenditures to the TCOC. Implementing strategies such as DR can offset the impact of drug waste and offer meaningful TCOC savings for VBC programs such as the OCM. A similar DR approach may be adopted for other high-cost biologic agents where drug waste results from partial use of SDVs.

Has the Wind Power Price Policy Promoted the High-Quality Development of China’s Wind Power Industry?—Analysis Based on Total Factor Productivity

The wind power price policy has promoted the rapid development of the wind power industry in China. However, China’s wind power industry is facing high-quality development problems such as wind curtailment and blind investment. Exploring the relationship between the change in wind power price policy and China’s high-quality development of wind power is of great significance for the energy system to achieve carbon neutrality. This paper constructs an SBM-GML global covariance model, calculates the total factor productivity of wind power in 30 provinces in China from 2015 to 2019 and conducts index decomposition, and selects provincial panel data from 2015 to 2019 to empirically test the impact of the wind power price policy on the total factor productivity of wind power in China. The results show that the wind power price policy can significantly improve the total factor productivity of wind power, and the results of the endogenous test and robustness test show the effectiveness of the model. The wind power price policy is helpful to promote the technological progress of wind power, affect the reduction of the price difference between wind power benchmark price and coal power benchmark price, and then promote the improvement of wind power total factor productivity so as to meet the policy requirements of wind power full grid parity. In addition, the impact of wind power price policy on the total factor productivity of wind power has obvious regional heterogeneity. Future price policy formulation should clarify industry development expectations, consider regional differences, and establish a sound, market-oriented electricity pricing mechanism.

The synergistic effect between Renewable Portfolio Standards and carbon emission trading system: A perspective of China

Renewable Portfolio Standards (RPS) and carbon emission trading (CET) system are the top-level system design of China's energy low-carbon transformation, which have great strategic significance for realizing the “carbon peak in 2030 and carbon neutrality in 2060”. At present, China's tradable green certificates market and CET market are still in the initial stage. The implementation single system may have diverse trials and errors in its initial stage, and the market activity and transaction frequency are low. Therefore, this paper aims to explore whether the synergistic effect between the two systems can effectively promote China's energy low-carbon transformation. This paper establishes the system dynamic model of the synergistic effect between the RPS and CET in China's electricity market to reveal the influence mechanism and the synergistic effect. The results show that: (1) There is a positive synergistic effect between the RPS and CET, which will change with the institutional parameters. (2) The simultaneous implementation of the RPS and CET can effectively stimulate market vitality and promote the development of the renewable energy industry. (3) Higher quota and lower benchmark price can optimize power source structure, and improve social welfare and institutional performance.

COVID-19 and commodity pricing premium: Evidence from the Chinese market

Our paper studies the impact of the COVID-19 epidemic on commodity pricing premiums in the Chinese commodity futures market. After summarizing the explanatory power of documented benchmark pricing factors, we apply the difference-in-difference regression for our event study. We document a substantial impact of the COVID-19 pandemic on increasing the commodity basis premium by at least 30%. Basis-momentum premium, especially for agriculture futures, also increases during the epidemic. The results are robust and validated by sub-sample regressions. The influence of COVID-19 on the commodity market is more prevailing than the trade war.

On Point Predictions and Reference Dependence in Behavior-Based Pricing Experiments


 
 
 It has been shown that the comparative static results of two-period behavior-based pricing models hold in laboratory experiments, while point predictions do not. This study aims to check whether these findings replicate and to evaluate why observed prices deviate from point predictions. We report observed prices in conformity with point predictions through: (1.) a uniform pricing benchmark, (2.) a replication of a behavior-based pricing experiment, and (3.) a follow-up experiment in which we consider the second period disjointed from the first period. By disjoining the two periods, we show that reference dependence toward first-period prices shifts the second-period pricing behavior of participants upwards. In a post hoc analysis, we show that considering consumers' myopic instead of strategic explains a downward shift in first-period prices and rationalizes prior experimental findings. Volatile price levels affect price-based welfare measures – such as seller profits and total customer costs. We show that transport costs are a robust welfare measure that alleviates the impact of distorted prices. Ultimately, our findings are relevant for the design and assessment of multi-period pricing experiments.
 
 

Omitted Budget Constraint Bias and Implications for Competitive Pricing

Standard choice-based conjoint models often ignore or insufficiently approximate consumers’ budget constraints, despite the prominent role of budget constraints in economic theory. The authors offer a theoretically motivated improvement to the choice-based conjoint model that is especially appropriate for high-ticket durable goods and develop a Bayesian method for the inference of unobserved budget constraints. The proposed method leverages respondents’ stated budget constraints that suffer from measurement error and respondents’ financial demographic variables as additional information to reduce the dependency on functional form assumptions in the estimation. The authors show that accounting for budget constraints substantially increases model fit and the accuracy of competitive pricing in an industry-grade discrete-choice experiment on consumer preferences for high-end laptops. The proposed model performs better than the canonical linear price benchmark model, which is not flexible enough to approximate budget constraints. In theory, more flexible utility specifications, such as the nonlinear dummy price model, can approximate consumers’ budget constraints. However, they perform poorly when only finite data are available. The authors conclude that applied researchers in industry and academia will benefit from having a better tool for estimating budgets in high-ticket categories.