scholarly journals COMPLEX MODEL OF MARKET PRICE DEVELOPMENT AND ITS SIMULATION

2015 ◽  
Vol 16 (4) ◽  
pp. 786-807 ◽  
Author(s):  
Bohumil Stádník ◽  
Algita Miečinskienė
Keyword(s):  
Resonance Effect ◽  
Market Price ◽  
Complex Model ◽  
Simulation Environment ◽  
Asset Valuation ◽  
Price Development ◽  
The Real ◽  
Real Price ◽  
Price Distribution ◽  
Fft Analysis

The purpose of this study is to suggest a complex model of market price development for liquid assets, which is able to simulate all of the main features particular to the real price development and has a realistic financial explanation. First, the paper defines assumptions for the model construction from empirically observed processes. Then, the model is implemented in the real simulation environment. Finally, the ability of the model is checked to simulate empirically observed features, e.g. leptokurtic characteristics or skewness of the price distribution. Also, this paper newly defines and implements the resonance effect. FFT analysis is used to support oscillation processes. Finally, selected markets are provided with parameter optimisation of the model based on empirical observations. It was found that the model built under the previously mentioned assumptions was able to explain empirically observed effects that reversely support the correctness of those assumptions. The practical value of the constructed model can be found in many areas, including risk management and asset valuation.

South Africa’s Trade Performance under Alternative Exchange Rate Regimes

2018 ◽  
Vol 10 (6) ◽  
pp. 261
Author(s):  
Romaine Patrick ◽  
Phocenah Nyatanga
Keyword(s):  
South Africa ◽  
Exchange Rate ◽  
Exchange Rates ◽  
Exchange Rate Regime ◽  
Real Exchange Rates ◽  
Series Data ◽  
Growth Strategies ◽  
The Real ◽  
Real Price ◽  
Floating Exchange Rate

This study examined the effect exchange rates have on import and export volumes under alternative exchange rate policies adopted in South Africa over the period 1960 to 2017. Using quarterly time series data for the stated period, a log-linear error correction model is employed to estimate the country’s export and import elasticities, taking into account Gross Domestic Product (GDP), the real price of exports, the real price of imports and real exchange rates. Using the freely floating exchange rate regime as the base period, the study concluded that both export and import volumes are lower under a system of fixed exchange rates. Export and import volumes were also found to be lower under the dual exchange rate regime, relative to the freely floating exchange rate regime. In accordance with export-led growth strategies, exports were found to be higher and imports lower under a managed floating exchange rate regime. It is therefore recommended that South Africa revert to a more managed exchange rate regime, until the South African economy is developed to accommodate a freely floating exchange rate regime.

The Impact of Energy on the Adoption of Conservation Tillage in the United States

1998 ◽  
Vol 9 (5) ◽  
pp. 549-568
Author(s):  
Noel D. Uri
Keyword(s):  
United States ◽  
Crude Oil ◽  
Conservation Tillage ◽  
The United States ◽  
Structural Instability ◽  
Special Importance ◽  
The Real ◽  
Real Price ◽  
The Impact ◽  
The Relationship

The impact of energy on the adoption of conservation tillage is of special importance in addressing concerns about the effect of agricultural production on the environment in the United States. It is the subject of this paper. After establishing that a relationship exists between the price of energy and the adoption of conservation tillage via cointegration techniques, the relationship is quantified. It is shown that while the real price of crude oil, the proxy used for the price of energy, does not affect the rate of adoption of conservation tillage, it does impact the extent to which it is used. Finally, there is no structural instability in the relationship between the relative use of conservation tillage and the real price of crude oil over the period 1963 to 1997.

scholarly journals Estimation of a Heterogeneous Demand Function with Berkson Errors

2021 ◽  
pp. 1-40
Author(s):  
Richard Blundell ◽  
Joel Horowitz ◽  
Matthias Parey
Keyword(s):  
Unobserved Heterogeneity ◽  
Market Price ◽  
Weighted Average ◽  
External Information ◽  
Gasoline Demand ◽  
Empirical Microeconomics ◽  
Shape Constraint ◽  
Heterogeneous Demand ◽  
Price Distribution ◽  
Transaction Price

Berkson errors are commonplace in empirical microeconomics. In consumer demand this form of measurement error occurs when the price an individual pays is measured by the (weighted) average price paid by individuals in a group (e.g., a county), rather than the true transaction price. We show the importance of Berkson errors for demand estimation with nonseparable unobserved heterogeneity. We develop a consistent estimator using external information on the true price distribution. Examining gasoline demand in the U.S., we document substantial within-market price variability. Accounting for Berkson errors is quantitatively important. Imposing the Slutsky shape constraint reduces sensitivity to Berkson errors.

scholarly journals Tobacco control and Healthy China 2030

2018 ◽  
Vol 28 (4) ◽  
pp. 409-413 ◽  
Author(s):  
Mark Goodchild ◽  
Rong Zheng
Keyword(s):  
Tobacco Control ◽  
Control Measures ◽  
Smoking Rate ◽  
Policy Makers ◽  
The Real ◽  
The Third ◽  
Full Implementation ◽  
Tobacco Taxes ◽  
Real Price ◽  
Business As Usual

BackgroundThe Healthy China 2030 strategy sets ambitious targets for China’s policy-makers, including a decrease in the smoking rate from 27.7% in 2015 to 20% by 2030. China has made progress on tobacco control in recent years, but many key measures remain underused. This study explores the potential for full implementation of these measures to achieve the targeted reduction in smoking by 2030.MethodsFirst, a ‘business as usual’ scenario for China’s cigarette market was developed based only on underlying economic parameters. Second, non-price tobacco control measures were then added assuming they are fully implemented by 2030. Third, excise per pack was raised to a level that would increase the real price of cigarettes by 50% in 2030.FindingsUnder the business as usual scenario, the rate of smoking falls to around 26.6% in 2030. When non-price measures are included, the rate of smoking falls to 22.0% (20.9%~23.1%). Thus, non-price measures alone are unlikely to achieve the Healthy China target. Under the third scenario, excise per pack was roughly doubled in 2030 in order to increase real cigarette prices by 50%. The rate of smoking then falls to 19.7% (18.2%~21.3%), reflecting 78 million (59~97 million) fewer smokers compared with 2016. In addition, real excise revenue from cigarettes increases by 21% (−3%~47%) compared with 2016.ConclusionSignificantly higher tobacco taxes will be needed to achieve Healthy China 2030 target for reduced smoking even after the implementation of other tobacco control measures.

The Real Price of Europe Going Green

2019 ◽  
pp. 357-361
Author(s):  
Silas Kpanan’Ayoung Siakor
Keyword(s):  
The Real ◽  
Real Price

The real price of intellectual property: evaluation of franchisees’ benefits

2013 ◽  
Vol 63 (1) ◽  
pp. 43-60 ◽  
Author(s):  
Ivan Kotliarov
Keyword(s):  
Intellectual Property ◽  
Risk Reduction ◽  
Royalty Rate ◽  
The Real ◽  
Managerial Support ◽  
Real Price ◽  
Property Evaluation ◽  
Additional Income

It is demonstrated that models of royalty rate calculations developed for licensing should not be applied to franchising because the benefits received by a licensee and a franchisee are different. It is proposed that the risk reduction generated by the franchisor’s effective technologies and the managerial support given to a franchisee also be included in the model of royalty calculation. It is demonstrated that a franchisee may wish to acquire the franchise even if the franchisor takes the full amount of additional income or if this additional income is negative.

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