The Grondona System of Conditional Currency Convertibility Based on Primary Commodities

Taking a different approach to the problem, Leo St. Clare Grondona devised a system of conditional currency convertibility that individual countries can implement independently in terms of their own currency. For each of the durable, essential, imported commodities included in the system, instead of stipulating a price-range to be maintained, Grondona stipulated a “price-schedule” in which the price-range to be guaranteed for each commodity adjusts in proportion to the quantity of reserves held, falling as they rise and vice versa. In this way the maximum possible outlay that could be required, even under extreme market conditions, can be decided in advance. Consequently, a government establishing a Commodities Reserve Department (CRD) to implement such a system could legitimately pay for reserves through corresponding expansion of the national money supply, which would be reversed as and when the reserves were repurchased.

Exploring the Potential for Electric Retrofit Regulations and an Accreditation Scheme for the UK

Electric vehicles have zero tailpipe emissions and can reduce greenhouse gas emissions by up to 90% compared to internal combustion engine (ICE) vehicles. Electric retrofits involve converting an ICE vehicle to an electric drivetrain, aiding the transition to zero emission vehicles by adapting current vehicles and, thus, reducing the transport sector emissions. Other benefits include charge exemptions in major cities, reduced driving costs, and lower maintenance. The UK has a considerable retrofit market, with a large price range of services offered. There is a varying level of practice undertaken and current regulations may not adequately cover these retrofits. Industrial engagement has highlighted the varying levels and common themes of practice, such as restoration work, computer-aided design, and finite element analysis. Converting the registered fuel type of a vehicle to electricity, post-retrofit, appears to be a limited process, with few steps. Therefore, a regulatory framework, such as an accreditation scheme, could be introduced to ensure high levels of safety and good practice. Future work suggestions include further meetings with the DVLA and DVSA, and meeting the Motor Insurers’ Bureau.

Characterization and Benchmark of a Novel Capacitive and Fluidic Inclination Sensor

In this paper, a fluidic capacitive inclination sensor is presented and compared to three types of silicon-based microelectromechanical system (MEMS) accelerometers. MEMS accelerometers are commonly used for tilt measurement. They can only be manufactured by large companies with clean-room technology due to the high requirements during assembly. In contrast, the fluidic sensor can be produced by small- and medium-sized enterprises (SMEs) as well, since only surface mount technologies (SMT) are required. Three different variants of the fluidic sensor were investigated. Two variants using stacked printed circuit boards (PCBs) and one variant with 3D-molded interconnect devices (MIDs) to form the sensor element are presented. Allan deviation, non-repeatability, hysteresis, and offset temperature stability were measured to compare the sensors. Within the fluidic sensors, the PCB variant with two sensor cavities performed best regarding all the measurement results except non-repeatability. Regarding bias stability, white noise, which was determined from the Allan deviation, and hysteresis, the fluidic sensors outperformed the MEMS-based sensors. The accelerometer Analog Devices ADXL355 offers slightly better results regarding offset temperature stability and non-repeatability. The MEMS sensors Bosch BMA280 and TDK InvenSense MPU6500 do not match the performance of fluidic sensors in any category. Their advantages are the favorable price and the smaller package. From the investigations, it can be concluded that the fluidic sensor is competitive in the targeted price range, especially for applications with extended requirements regarding bias stability, noise, and hysteresis.

ANTIHISTAMINES: RESEARCH AND ANALYSIS OF THE REGIONAL RETAIL MARKET

the aim. Focused on optimizing the assortment portfolio of pharmacy organizations and improving the process of drug supply to end-consumers, the aim of the study was to analyze the regional pharmaceutical market for antihistamines.Materials and methods. In the study, the following methods were used: a content analysis of regulatory documents; a documentary observation method of the volume of antihistamines sales; a sociological survey method. The objects of the study were accounting registers in 32 pharmacy organizations for 2020, as well as the sociological survey results of 174 respondents – consumers of antihistamines.Results. The classification analysis of 38 international non-proprietary trade names of antihistamines, represented by 187 names of drugs, revealed the prevalence of the first-generation drugs (63%). On the Russian pharmaceutical market, there were also 55% of foreign production drugs. At the regional level, there are 66 types of drugs in circulation, 50% of which are second-generation ones. The cost analysis showed rather a wide rage of the pricing proposal and the economic availability of antihistamines for patients. The sociological survey revealed the fact that 46% of the consumers were ready to pay for the necessary drugs in the price range “over 100 and up to 500 rubles” (over $ 1.38 and up to $ 6.88) for one conventional package. A medical-demographic profile of the antihistamines consumer at the regional level has been made up, and guidelines for pharmaceutical specialists on managing the assortment portfolio of pharmaceutical organizations have been developed.Conclusion. As a result of the study, the following facts have been established: the seasonal peaks in the antihistamines consumption; a gradual renewal of the pharmacies assortment portfolio due to the increased consumption of the second and third generation antihistamines. The medical and demographic profile of the consumer should be taken into consideration when planning a drug provision for the patients with allergic pathologies, and it is connected with the growth in pharmacies profits due to the sale of drugs in the range from 100 to 500 rubles (from $ 1.38 to $ 6.88). The methodical recommendations have been brought to the attention of the management of regional pharmacy organizations.

Determinants of underpricing initial public offerings (IPOs) of BRICS companies

The purpose of this article is to identify the nature of the influence of crucial factors on the short-term underpricing of initial public offerings of common stocks of companies in the BRICS countries. Based on a sample of 1,141 companies from the BRICS countries that conducted IPOs (using Bloomberg and World Bank databases), we tested the influence of decisive factors on the underpricing of the shares of these companies. The empirical study is based on testing OLS models for different periods: for the period 2001–2018 and separately for the periods 2001–2008 and 2010–2018. The study shows that, firstly, with an increase in the volume of the placement of shares, their underestimation in an IPO decreases. In addition, having an auditor from the Big Four also reduces the underestimation of shares. Secondly, we revealed that the underpricing of shares in the course of the IPO increased with GDP growth. Besides, if companies place their shares on a foreign exchange, the underestimation of their shares increases. At the same time, such IPO parameters as the number of underwriters, the reputation of underwriters, and the deviation of the offer price from the middle of the price range during the placement period do not affect the underestimation of shares for companies from the BRICS countries. Taking into account the results of an empirical study, the article formulates recommendations for improving the efficiency of initial public offerings for companies from the BRICS countries.

Private Payer–Negotiated Prices for Outpatient Otolaryngologic Surgery

In January 2021, the Centers for Medicare & Medicaid Services began requiring hospitals to publish price transparency files listing all prices negotiated with payers. We performed a cross-sectional analysis of payer-negotiated prices for commonly performed outpatient otolaryngology surgery at all hospitals scored by the US News & World Report in otolaryngology. We compared prices among hospitals (across-center ratios) and among payers at the same hospital (within-center ratios). Price disclosure rates were low overall for otolaryngologic surgery (maximum, 26.7% for bronchoscopy). Across-center ratios ranged from 3.5 (adjacent tissue transfer/rearrangement <10 cm2; raw median price range, $1384-$7047) to 18.6 (cochlear implant placement; raw median price range, $2417-$60,255). Median within-center ratios ranged between 2.7 (intraoperative navigation) and 5.4 (total thyroidectomy). Although price variation may signal opportunities for cost savings, patients may have limited ability to comparison shop due to hospital nondisclosure. Further investigation is necessary to examine the factors affecting price variation for otolaryngologic procedures.

Grain bread: nutritional value, quality assessment and assortment

Grain bread has a high nutritional and biological value, is rich in vitamins of B and E groups, phosphorus, chlorine, sodium, potassium, iron, zinc, manganese, as well as an essential amino acid — leucine. Compared to regular bread, cereal bread contains more fiber. Grain bread is popular not only in Russia, but also in other countries such as France, Sweden, Germany and the USA. The analysis of the assortment of grain bread in the “VkusVill” trading network has been carried out, since this network specializes in the sale of products for proper, healthy nutrition. 5 commodity items of the assortment of grain bread of the own brand “VkusVill” were considered. Their composition, nutritional value, as well as the price range were studied. When carrying out an organoleptic assessment of bread samples, 3 samples were selected: borodinsky dark rye bread “Khlebny Dom” as a control sample, and two grain breads of the brands “VkusVill” and “Fazer”. As a result of the organoleptic assessment, it was found that all bread samples meet the requirements of regulatory and technical documentation for organoleptic properties, as well as the requirements for food labeling.

Restaurant Success Rate Prediction

Online reviews are becoming more and more vital when it comes to decision making of the consumer. Every business wants to succeed in the present and the upcoming future, thus good online reviews help the business grow. Especially in a restaurant business, its rating holds an important indicator to whether the restaurant is any good or not. It not only helps us understand the quality and services but also attracts more customers. Ordinarily a new restaurant owner would have to invest time in building a menu, setting the correct price range and making something unique to scope out their competition as well as improve their ratings on online services such as Zomato. Thus, this paper attempts to ease the efforts of new restaurant owners by predicting the success rate of a restaurant on the Zomato app.

The Assessment of Quality of Products Called Sandalwood Oil Based on the Information Provided by Manufacturer of the Oil on Polish, German, and English Websites

Background. Sandalwood oil is one of the most valuable raw materials worldwide. As a highly valued product, it has its own regulations based on the ISO 3518 standard, which clearly informs producers, distributors, and consumers of the requirements to be met. The aim of this study was to assess the quality of products called sandalwood oil based on the information provided by the manufacturer of the oils on Polish, German, and English websites. Methods. A Google search was utilized to collect data on sandalwood oil offered by producers and distributors in Polish and foreign markets. Information from 50 websites in each of the aforementioned languages, including the description of sandalwood oil properties on websites, method for using it, safety limitations, and presence of a product description consistent with the INCI recommendations, was gathered using Microsoft Excel software and was analyzed. The information that enabled us to estimate the quality of the oils was the botanical name of the oil-bearing plant and the price. Good-quality oils were considered to be oils with the botanical name Santalum album in the description and with a price not considerably less than the price of white sandalwood oils sold by reliable distributors who control the quality of the oils by chromatography. Ultimately, the lower price limit for one milliliter of the oil was established as PLN 21. Results and Conclusions. Good-quality sandalwood oils derived from the Santalum album plant at a price equal to or greater than the chromatographically tested items amounted to a negligible percentage of products sold online. Without knowing the botanical name of the essential oil plant and the price range of unadulterated sandalwood oil, the likelihood of buying a reliable product is low on all of the analyzed websites, with the lowest probability being observed on the Polish websites.

Consumer Behaviour in the Accommodation Services Market – a Comparison of Vienna, Bratislava and Prague in 2018

The paper aims to compare three accommodation services markets using empirical data from more than 250 accommodation facilities in specific destinations (Vienna, Bratislava, Prague). The data are available on a daily basis, but the resulting comparison is then performed on a monthly basis within 2018. The comparison is performer based on three basic criteria – occupancy, average daily rate and an indicator of price elasticity of demand. Price elasticity is measured using a log‑log regression analysis. The key findings of the comparison are as follows: (1) The Vienna and Prague markets are similar in terms of occupancy and coefficient of price elasticity. In contrast, the Bratislava market showed statistically significant differences from the other two markets in all the criteria under review. (2) The Bratislava market operates at a significantly lower price range compared to the other markets analysed. In the long term, this market has also been lower in the field of occupancy. (3) The markets in Vienna and Prague respond more dynamically to changes in consumer behaviour by changing prices. (4) The so‑called “November Phenomenon” has been identified, where all indicators in all markets behave unconventionally. (5) All markets have in common the fact that they have shown price‑inelastic demand over the long term, and at the turn of the year, they all face Giffen’s paradox.