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In leading strategy theories, such as industry analysis and value capture theory, maximizing bargaining power with transaction partners is a critical driver of profitability. However, in recent years a new business model has emerged that contradicts this fundamental precept: With pay-what-you-want (PWYW) pricing, a seller allows a buyer to name any nonnegative price, even zero, for the seller's product or service, and yet, enough buyers make voluntary positive payments, and of sufficient magnitude, that the seller may earn a substantial profit. Motivated by this development, we posit a theory of how value creation and value capture—though generally treated as distinct processes in strategy theory—are in fact strongly connected through the sociopsychological framing of a transaction: If a transaction is framed as a social exchange between the buyer and seller, the seller may capture more value with PWYW than if the seller posts a price or haggles with the buyer over terms in a market-based exchange. Our theory not only offers testable predictions about the conditions determining when PWYW will be successful but also extends strategy theory to consider social exchange as a mechanism for creating and capturing value. [ABSTRACT FROM AUTHOR]

We prove that the PoA of First Price Auctions is 1 -- 1/e² ≈ 0.8647, closing the gap between the best known bounds [0.7430, 0.8689]. [ABSTRACT FROM AUTHOR]

Do consumers really read a price from left to right, as assumed in past research? Or does price reading operate like word reading, with a single fixation toward the middle? Three eye-tracking lab studies reject both theories, revealing instead a distinct reading pattern: multiple fixations, with the first located on average between the first third and middle of the price; the first eye movement is usually to the left; and subsequent eye movements are as often to the left as to the right. Overall, consumers pay as much attention to cents as euros, with the cents part influencing how prices are encoded in memory, as evidenced by an in-store price-recall survey. The reading process identifies whether to encode a price verbally as is or replace it with a shorter substitute that is easier to memorize and turns out to be well correlated with the actual price (r = 0.952). When consumers compare two prices, eye movements and the subsequent subjective estimation of the price difference depend on whether or not the prices have identical integer parts. The combined findings of four studies suggest that consumers have developed a reliable, efficient ability to read and encode prices, despite limitations of their visual span and working memory. [ABSTRACT FROM AUTHOR]

Purchase decisions typically involve tradeoffs between attributes associated with desirability (e.g. quality) and feasibility (e.g. price). In this article, we examine how the decision context impacts consumers' preference between a high-desirability (HD) option and a high-feasibility (HF) alternative. Nineteen studies demonstrate a novel context effect, the "upscaling effect," whereby introducing a symmetrically dominated decoy option to a set (i.e. an option that is inferior compared to all alternatives in the set) leads to an increase in the choice share of the HD option. To account for the upscaling effect, we advance a two-stage model of consumer decision-making for decisions that involve tradeoffs between desirability and feasibility. According to our model, when the decision context provides a reason for choosing either option, such as when a decoy option is added to the set, consumers prioritize reasons that support choice of HD options over HF alternatives. Our model can explain the upscaling effect, as well as other findings reported in the literature, such as asymmetric attraction effects (Heath and Chatterjee 1995) and asymmetric sales promotion effects (Blattberg and Wisniewski 1989). Furthermore, the upscaling effect holds important managerial implications because it provides an effective way to increase sales of high-end products. [ABSTRACT FROM AUTHOR]

This essay offers a philosophical defense of deception about reservation prices in business negotiation. Its discussion is prompted by arguments that Charles N.C. Sherwood makes in a recent issue of Business Ethics Quarterly and develops ideas I put forward in an earlier issue of Business Ethics Quarterly. The essay argues that although reservation price deception cannot be justified by appeal to the consent of negotiating parties, it can be justified by appeal to a separate but related notion, assumption of risk, as long as the assumption of risk occurs in a suitably fair context. [ABSTRACT FROM AUTHOR]

We provide evidence that the profitability of corporate insiders' trading decreases in the degree of asymmetric timely loss recognition (TLR) of their firms' financial reporting. Consistent with TLR reducing insiders' information advantage over outside shareholders regarding future negative news about the firm, we find that reduced insider trading profitability is mainly driven by (a) stock sales, as opposed to purchases; (b) the price change component of trading, as opposed to its volume; and (c) insiders' nonroutine trades, as opposed to less information driven routine trades. Although CEOs/CFOs are more likely to influence TLR, the effect is more pronounced for non-CEO and non-CFO insiders, inconsistent with reverse causality. Overall, our findings suggest that TLR reduces managers' ability to extract rents from investors via insider trading. [ABSTRACT FROM AUTHOR]

Construction projects are often procured through multidimensional auctions, in which suppliers bid on both price and non-price attributes such as quality. In Korea, a unique scaling method is employed to differentiate bids, adjusting scores to ensure a sufficient point difference between adjacent quality bids. This scaling method aims to enhance the discriminating power of the scoring system and attract more sophisticated project designs. However, it may distort overall bid rankings and lead to inefficient contract allocation. The added uncertainty may incentivize suppliers to inflate their prices, as the effect of price on winning probability decreases with the scaling factor. Using Korean procurement data, I analyse cases of rank reversal, and I reveal a tendency among suppliers to bid less aggressively on price when quality differences are magnified, with the effect varying with the level of uncertainty in bid evaluation. This highlights the preference of buyers for a less distortionary scoring system to enhance the value of procurement. [ABSTRACT FROM AUTHOR]

This study investigates the Chinese equity premium puzzle, a phenomenon that has been the subject of several inquiries in recent years. Central to the exploration is the potential unreliability of the relative risk aversion rate derived from the GMM approach, largely due to the quality of Chinese consumption data and the "limited T" problem. To ensure a robust examination, we adopted two robust inference methods.Our results consistently indicate that the estimated relative risk aversion is notably low, regardless of the variations in consumption measures used. This finding challenges the prevailing notion of the equity premium puzzle in the global context, suggesting its possible non-existence in China. Beyond providing a novel perspective on the Chinese equity premium puzzle, our study underscores the paramount importance of data integrity and the selection of appropriate methodologies in financial research. [ABSTRACT FROM AUTHOR]

• Investigate EV battery CLSC pricing decisions considering echelon utilization. • Derive equilibrium pricing and production R&D solutions under government subsidy. • Production R&D and government subsidy contribute to demand and recycling volume. • Production R&D subsidy is preferred by CLSC from the profit-oriented perspective. With the continuous promotion of electric vehicle applications, the recycling of power battery is urgent. Some batteries, although not suitable for continued use in electric vehicles, can be recycled for echelon utilization or remanufacturing. Thus, this study considers an electric vehicle power battery closed-loop supply chain consisting of a manufacturer and a retailer. We develop three strategies: no production research and development effort strategy, production research and development effort strategy, and government subsidy for production research and development strategy. Optimal pricing and production research and development effort decisions are derived based on Stackelberg game. Results indicate that production research and development positively impact the recycling of waste electric vehicle power batteries, with government subsidy further amplifying this effect by offering higher buyback and recycling prices. Government subsidy encourages manufacturer to increase production research and development effort and lowers the market pricing of electric vehicle power batteries, making these batteries more accessible to consumers. A sizable consumer base can offset the increased costs of production research and development, enabling manufacturer and retailer to achieve greater profitability. Both manufacturer and retailer can benefit from production research and development and government subsidy, ultimately enhancing the profitability of the entire closed-loop supply chain. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to examine decision factors for global sourcing, differentiated into transcontinental and continental sourcing to obtain insight into locational aspects of sourcing decisions and global trends. This study analyzed various country perceptions to reveal their influence on sourcing decisions. The country of origin (COO) theory explains why certain country perceptions and images influence purchasing experts in their selection of suppliers. Design/methodology/approach: This study used a two-study approach. In Study 1, the authors conducted discrete choice card experiments with 71 purchasing experts located in Europe and the USA to examine the importance of essential decision factors for global sourcing. Given the clear evidence that location is a factor in sourcing decisions, in Study 2 the authors investigated purchasers' perceptions and images of countries, adding country ranking experiments on various perceived characteristics such as quality, price and technology. Findings: Study 1 provides evidence that the purchasers' personal relationship with the supplier plays a decisive role in the supplier selection process. While product quality and location impact sourcing decisions, the attraction of the buying company and cultural barriers are less significant. Interestingly, however, these factors seem as important as price to respondents. This implies that a strong relationship with suppliers and good quality products are essential aspects of a reliable and robust supply chain in the post-COVID-19 era. Examining the locational aspect in detail, Study 2 linked the choice card experiments with country ranking experiments. In this study, the authors found that purchasing experts consider that transcontinental countries such as Japan and China offer significant advantages in terms of price and technology. China has enhanced its quality, which is recognizable in the country ranking experiments. Therefore, decisions on global sourcing are not just based on such high-impact factors as price and availability; country perceptions are also influential. Additionally, the significance of the locational aspect could be linked to certain country images of transcontinental suppliers, as the COO theory describes. Originality/value: The new approach divides global sourcing into transcontinental and European sourcing to evaluate special decision factors and link these factors to the locational aspect of sourcing decisions. To deepen the clear evidence for the locational aspect and investigate the possible influence of country perceptions, the authors applied the COO theory. This approach enabled authors to show the strong influence of country perception on purchasing departments, which is represented by the locational effect. Hence, the success of transcontinental countries relies not only on factors such as their availability but also on the purchasers' positive perceptions of these countries in terms of technology and price. [ABSTRACT FROM AUTHOR]

This study analyzes how changes in various aspects of excise tax systems, including minimum price laws and differential price tiers for excise taxation jointly rather than independently, influence firms' pricing decisions. We apply our model to Indonesia, where the tobacco excise tax system is complex, with several excise tax tiers within and across cigarette types. We use a comprehensive database of prices over the past decade for all cigarettes manufactured and sold in Indonesia, obtained from Indonesian Customs. We find that the impact of excise taxes on prices hides important effects of other pricing policies that are typically ignored in research, which either focus on the independent impacts of excise tax or do not distinguish between cigarette types. Specifically, minimum price policies have a larger impact than excise taxes on pricing decisions for machine-made clove cigarettes (kretek), while excise tax changes have a larger effect on prices for machine-made, non-clove (white) cigarettes. For cigarette types and brands that are more likely to feature a relatively more elastic demand (hand-rolled kretek), companies keep prices close to the minimum price. The results imply that a multi-tiered tobacco excise tax system likely generates distortions that limit government policies' effectiveness in reducing tobacco consumption. [ABSTRACT FROM AUTHOR]

Hydrogen price significantly impacts its potential as a viable alternative in the sustainable energy transition. This study introduces a synergy-based Hydrogen Pricing Mechanism (HPM) within an integrated framework. The HPM leverages synergy between a Renewable-Penetrated Electric Power System (RP-EPS) and a Hydrogen Energy System (HES). Utilizing the Alternating Direction Method of Multipliers (ADMM), it facilitates data exchange, quantifying integration levels and simplifying the complexities. The study assesses the HPM's operational sensitivity across various scenarios of hydrogen generation, transportation, and storage. It also evaluates the benefits of synergy-based versus stand-alone HPMs. Findings indicate that the synergy-based HPM effectively integrates infrastructure and operational improvements from both EPS and HES, leading to optimized hydrogen pricing. • Hydrogen pricing based on integration of hydrogen and electric power system. • Lower hydrogen prices by aligning operational targets in integrated configuration. • Enhances market flexibility by transitioning from cost-plus pricing. • Quantified integration level using data exchange method enabled by ADMM. [ABSTRACT FROM AUTHOR]

Objective: To examine how the United States compares in terms of health price growth relative to four other countries ‐ Australia, Canada, France, and the Netherlands. Data Sources and Study Setting: Secondary data on health expenditure were extracted from international and national agencies spanning the years 2000–2020. Study Design: International price indices specific to health were constructed using available international expenditure data and compared to existing health‐specific national and general international price indices. Data Collection/Extraction Methods: Health expenditure data were extracted from the Organization for Economic Cooperation and Development (OECD) database. We obtained a time series of health price indices from the national agencies in each of the study countries. Principal Findings: We find meaningful variation across countries in the rate at which health prices grow relative to general prices. The United States had the highest cumulative health price growth compared to general price growth over the years 2000–2020 at 14%, followed by Canada and the Netherlands. Unlike the other study countries, health prices in France grew consistently in line with general prices. Price growth for health care paid for by public funds and households grew at different rates across countries, where price growth was higher for public payers. US households faced the greatest mean annual price growth. Conclusions: The choice of price index has major implications for comparative analysis. Despite their widespread use internationally, general price indices likely underestimate the contribution of price growth to overall health expenditure growth. We find that in addition to its reputation for having high health price levels compared to other high‐income countries, the United States also faces health price growth for goods and services paid for by government and households in excess of general price growth. Furthermore, US households are exposed to greater health price growth than households in comparator countries. [ABSTRACT FROM AUTHOR]

Prior research suggests that high prices may motivate the decision to pirate entertainment goods. We analyzed a natural experiment that decreased the tax rate, and hence also the net prices of e-books, by 14% in Ireland while several other European countries were not affected. Using country-specific data on piracy visits, we found that this price decrease caused only a small and statistically insignificant decrease in total e-book piracy visits. However, we further decomposed piracy visits into those of direct pirates, who navigated directly to piracy sites, and indirect pirates, who searched to find piracy sites. The 14% price decrease caused no change in direct piracy visits but caused a statistically significant 27% decrease in indirect piracy visits. These findings align with prior research suggesting that search can play an important role in piracy, but only for some pirates. Our results demonstrate the potential of using price to mitigate piracy, but they also highlight the challenges firms face in competing with piracy for experienced pirates. We conclude by detailing both the policy and managerial implications of our work. [ABSTRACT FROM AUTHOR]

Cross-border e-commerce, in particular direct-delivery trade, has been severely impacted by turbulent events like the COVID-19 epidemic. E-tailers operating both bonded-warehouse and direct-delivery channels could mitigate disruption risks by self-reliant shipping to maintain control over logistics processes. The question is whether the e-tailer's bonded-warehouse channel will also benefit from self-reliant shipping. We analyse a typical situation in which an e-tailer imports products from overseas suppliers and resells them through dual-sales channels. Our findings reveal that the demand potential difference between these two channels and the common carrier's pricing power are critical factors in the e-tailer's decision-making process. If the bonded-warehouse channel has moderate demand potential, the e-tailer is less likely to choose self-reliant shipping. Therefore, the imbalance in demand potentials between the two channels serves as a significant driver for the e-tailer to favor self-reliant shipping. Interestingly, we find the common carrier's pricing power can either motivate or deter the e-tailer from self-reliant shipping. If the direct-delivery channel/bonded-warehouse channel has a large demand potential, a higher service price for this channel will be charged by the carrier, thus incentivizing the e-tailer to prefer self-reliant shipping. Our study also demonstrates that both self-reliant shipping and common carrier strategies can achieve a Pareto improvement in the e-tailer profit and the social welfare. [ABSTRACT FROM AUTHOR]

• We identify interactive effects of supply and demand factors determining MIT: higher levels of productive complexity moderate the external demand constraint. • While slowdowns growth within middle-income thresholds is a regular pattern in modern economy, different MIT trajectories can be tracked. • Using economic complexity indicators three MIT varieties are identified. • Countries that have reached medium complexity levels require deep structural changes to escape MIT. • MIT countries seem to follow a sort of hysteresis-affected trajectory in which national efforts to break it have resulted in erratic detours. This work provides new evidence on the structural change processes undertaken by countries trapped in the middle-income trap (MIT) by applying a comprehensive approach, from both the supply and the demand sides. First, it provides evidence that there is a regular trapping mechanism, determined by the interaction between external demand constraints and the level of complexity of the economies. External constraint operates since MIT countries depend on exogenous prices to grow. Meanwhile, that constraint relaxes as the complexity of production increases. Second, it presents a novel identification of the MIT countries trajectories using indicators of economic complexity. A typology of the varieties of MIT is built according to the level of complexity of national economies and the relatedness between their current productive structure and more complex goods. It shows that having reached certain levels, further increases in supply complexity require a deepening of structural change through unrelated diversification. [ABSTRACT FROM AUTHOR]

• We calibrate a network model and monetary shocks based on empirical data from input-output tables for the Russian economy. • We examine various aspects of the propagation of monetary shocks, such as the dispersion of relative prices and the local peak values of the aggregated price index achieved during the convergence to the new equilibrium. • We argue that monetary shocks with more 'concentrated' money inflows carry relatively higher inflationary risks in the short term. We calibrate a network model and monetary shocks based on empirical data from input-output tables for the Russian economy. We examine various aspects of the propagation of monetary shocks, such as the dispersion of relative prices and the local peak values of the aggregated price index achieved during the convergence to the new equilibrium. We show that these developments depend significantly on the way new money is injected into the economy. [ABSTRACT FROM AUTHOR]

Most scholars interpret Marx's prices of production as those which achieve simple reproduction assuming profit rates are equal and all capitals turn over completely each year. The dynamics of equalization, as circulation intertwines with production over the business cycle, is absent. The traditional 'Marxist' equation for the profit rate likewise considers only simple reproduction. This leaves a gap in our understanding of Marx, particularly regarding the impact of turnover time on the profit rate, one of Ricardo's original problems which Marx claimed to solve. Starting from a critique of Veronese Passarella's and Baron's attempt to extend the traditional equation to expanded reproduction, I develop a more general equation showing how changes in turnover times, rate of surplus value and accumulation affect the equalization process, the formation of the general profit rate and hence of prices of production. Finally, considering Moseley's introduction to the recently published translation of a 27-page excerpt from Marx's Economic Manuscript of 1867–1868, I suggest an equation for decomposing the profit adjustment during equalization. JEL Classification: B24, B51, E11. [ABSTRACT FROM AUTHOR]

The article focuses on the creation and effectiveness of private property rights, particularly in the context of privatization efforts. Topics include Demsetz's theory on the costs and benefits of privatizing resources, the socialist calculation debate and its challenges to Demsetz's account, and Mises' argument about the necessity of property rights for economic calculation.

Experts give scores to wines, which are quality proxies for marketers and buyers. The production of scores proxying wine quality is explained by a set of observable objective attributes, plus another set of unobservable and subjective (sensory) features, and randomness. Is it possible to use a Stochastic Frontier Approach (SFA) to understand whether objective and subjective (sensory) characteristics of wines explain the differences in 'producing' wine scores? We estimate a wine quality stochastic frontier production function, using a database of 1800 top-scored wines, in 18 years-window encompassing objective determinants that largely explain the scores (price, production, year, grape, country, etcetera), being aware that sensory aspects related to wine grading are unobservable. We find that the observable variables explain part of the 'efficiency' in attaining scores and suggest that 'inefficiency' in score generation can be attributed to unobservable (sensory) variables. [ABSTRACT FROM AUTHOR]

The phenomenon of fluctuating chili prices can be resolved in stages, one of which is through multiple crosses. However, this cross requires precise methods in the evaluation and selection process, especially regarding fruit characteristics. Image-based phenotyping 4.0 approaches can increase the potential precision of such evaluation genotypes, especially when this approach is combined with multivariate analysis. Therefore, both methods are needed to evaluate and select these cayenne multiple crosses. This research aims to identify the effectiveness of multivariate analysis and image-based explanatory characteristics of fruit phenotypes and to select multiple crosses that can continue to the F2 generation. The research was designed with a randomized complete block design of ten F1 multiple cross-genotypes and four check varieties. Each genotype was repeated three times, so there were 42 experimental units. Based on the results, multivariate was considered adequate in determining image explanatory characters based on fruit phenotype and genotype mapping of the population diversity of multiple crosses of cayenne pepper. The characteristics of fruit height, fruit area, and fruit Intden are imagebased explanatory characters that can map the completeness of cayenne pepper fruit between multiple crosses well. This indicates that image-based phenotyping and multivariate analysis can provide more detailed image information of the potential of cayenne fruit from multiple crosses than just based on fruit weight. Therefore, both approaches are recommended for analyzing cayenne paper fruit potential, especially for multiple crosses. In addition, three crosses (MC4, MC8, and MC9) are optimal for the next generation to be recommended and continued. [ABSTRACT FROM AUTHOR]

This paper aims at assessing competitiveness of shared e-scooters relative to public transport proposing a methodology that uses empirical data at the individual trip level and comparing e-scooter trips with the alternative public transit route available to the traveler at the time of the trip, as estimated by a navigation and public transit application. This allows us to obtain information at the individual transit trip level, such as in-vehicle time, walking, waiting, and other. We then explore the competitiveness between the two alternatives using two performance measures – travel time (TT) and an estimation of the generalized cost (GC) of a trip – for different levels of aggregation. Results show that in general, e-scooters are more competitive in terms of travel time. However, due to the higher pricing, generalized cost of transit is generally lower than that of e-scooter. In 60% of the cases users would lower their generalized cost by using public transport instead of e-scooter. On average, e-scooter is a better option for trips up to 15min, while public transit is better for longer trips. They are also more competitive during hours when transit frequency is reduced, as well as in areas with reduced service. Finally, we also find that one in five trips complement public transport service offering transportation outside of transit service hours or between areas with no connectivity. Further research should include surveys in order to obtain more details on the psychological constructs of the users. • We provide new tools (method and data) for modal competitiveness analysis. • E-scooters are more competitive in terms of Travel Time, but not Generalized Cost. • Travelers, especially tourists, "irrationally" prefer e-scooters over transit. • Conventional modal choice models are not able to integrate micromobility services. • The most competitive e-scooter trips are off-center and far from transit stops. [ABSTRACT FROM AUTHOR]

In the current competitive market, green products are becoming more and more in demand across all customer demographics due to environmental contamination. Consequently, this has a direct impact on the notable rise in product demand. Conversely, a product cannot be used or repurposed if its maximum useful life has already elapsed. Therefore, the product's maximum lifespan plays a crucial role in inventory management. Advance payment is a critical component of the supplier–retailer relationship for a seasonal product with high demand. By integrating these issues, an inventory model for perishable goods is created, wherein the demand for the good is impacted by both its selling price and its green level. The model also includes linearly time‐dependent holding costs. According to this model, product greenness has an increasing effect on per‐unit costs. Different numerical examples are studied for supporting this model. Optimality of the objective function is shown graphically as well as numerically with the help of MATHEMATICA software. Finally, a fruitful conclusion is reached after performing a sensitivity analysis and visually depicting the impact of changing various factors. [ABSTRACT FROM AUTHOR]

This study aims at investigating the long-run and short-run relationships between international tourist arrivals in Mauritius and some of its key driving factors using an autoregressive distributed lag (ARDL) model over the period 1983–2019. Drawing on previous studies and exchange rate, its volatility, tourism infrastructure, relative price, tourists' income and economic crisis are employed as the explanatory variables to examine this nexus. The results show that income and relative price influence tourist arrivals in both the long-run and short-run. In the long run, tourism infrastructure also proves to be significant. Nevertheless, both exchange rate and its volatility are insignificant. [ABSTRACT FROM AUTHOR]

The article "Music in Profile: Twelve Performance Studies" reviews John Rink's book, which compiles twelve studies on performance originally published between 1990 and 2021. Rink offers insights into the field of performance studies, emphasizing the importance of performers shaping the work through creativity and intuition. The book covers various methodologies and perspectives, making it a valuable resource for scholars, pianists, musicologists, and those interested in performance studies and ontology. [Extracted from the article]

The article discusses Margaret Bent's book "The Motet in the Late Middle Ages," which focuses on motets in the fourteenth and early fifteenth centuries. Bent's work revisits and updates previous studies on motets, providing fresh insights and perspectives on this musical genre. The book is a significant contribution to the field of medieval music and will be valuable for specialists and scholars interested in this topic. [Extracted from the article]

"Becoming Ella Fitzgerald: The Jazz Singer Who Transformed American Song" by Judith Tick is a comprehensive biography that delves into the life and career of the legendary jazz singer Ella Fitzgerald. Tick explores Fitzgerald's rise to fame, her collaborations with jazz and popular music icons, and her enduring appeal to audiences worldwide. The book also delves into Fitzgerald's personal struggles and challenges, shedding light on her complex journey as an artist. Tick's meticulous research and detailed narrative provide a deep insight into the life of this iconic musician, making it a valuable resource for those interested in jazz history and music biography. [Extracted from the article]

A financial compensation model could incentivise peer reviewers to provide the optimal amount of effort by rewarding them for their quality reports. Therefore, in this article, we consider peer-reviewed journals with the mission to financially compensate reviewers for delivering quality reports and to ensure affordable access to peer review for every author. In a cross-subsidy scenario of compensated peer review, the mission-driven journals expect all authors to pay for either the standard or a premium peer review. However, using this strategy, the journals offer standard peer review to low-income authors at lower prices, compared with the premium price high-income authors pay for higher-quality peer review. In addition, we also present a buy-one-give-one model of compensated peer review for the mission-driven journals. In this alternative setting, when a high-income author pays for a premium peer review, the journals would donate a certain number of free peer reviews to the low-income authors who are unable to afford them. In this two-tiered system, scholars with access to more funding receive premium treatment, while low-income authors can still access standard peer review similar to what authors currently receive for free. In this article, we show a comparative study between the cross-subsidy and buy-one-give-one models of compensated peer review. We find that a buy-one-give-one scenario provides a higher total sum of financial and social gain than the cross-subsidy scenario either when the mission-driven journals are highly socially responsible or when the social gap between the high-income and the low-income authors is large enough. [ABSTRACT FROM AUTHOR]

Introduction: The goal of this economic model is to estimate an economically justifiable price (EJP) for using donanemab for the treatment of early symptomatic Alzheimer's disease (AD) in the United States based on clinical data from the phase 3 TRAILBLAZER-ALZ 2 trial (NCT04437511). Methods: We adapted an AD Markov state-transition model developed by the Institute for Clinical and Economic Review to estimate the EJP for donanemab at different willingness-to-pay (WTP) thresholds from the health care system perspective and the societal perspective as co-base cases. Results: Assuming a WTP threshold of $150,000 per quality-adjusted life-year (QALY) gained, the model estimates a 1-year (13-dose) EJP for donanemab of $80,538 from the health care system perspective and $91,126 from the societal perspective; at a WTP threshold of $100,000 per QALY gained, the model estimates a 1-year (13-dose) EJP for donanemab of $44,691 from the health care system perspective and $55,419 from the societal perspective. Mean total treatment costs per patient at the $150,000 per QALY gained EJP derived from the health care system perspective were estimated at $77,812 based on the average number of doses of donanemab patients received in the co-base case analysis. One-way sensitivity analysis (OWSA) indicated that treatment efficacy, disease severity at the time of treatment initiation, and duration of treatment effect were the main drivers of the potential EJP. Conclusions: Results from this modeling simulation informed by the TRAILBLAZER-ALZ 2 study support an EJP for limited-duration treatment with donanemab that exceeds per-dose list prices for currently available amyloid-targeting therapies, implying potentially lower lifetime costs and better value for money. [ABSTRACT FROM AUTHOR]

This paper investigates the long-run and short-run relationship between trade openness and inflation for ECOWAS countries for the period 1970–2020. Using alternative openness measures and estimation methods, it was found that there is a significant positive long-run relationship between trade openness and inflation for ECOWAS countries. The implication of this result is that, if ECOWAS countries continue to import consumption products outside the region rather than capital goods that can increase domestic production, it will be very difficult for member countries to meet the convergence criteria, specifically low inflation required for the proposed monetary unification. In the short run, the results show that there is a negative relationship between trade openness and inflation for ECOWAS countries. This result is specific to a determined period and as the economy gets more open, it becomes more exposed to a higher rate of inflation. Therefore, to meet low inflation criteria, member countries should take it as a matter of urgency to fully implement the ECOWAS trade liberalization scheme to improve intra-regional trade. This would reduce excessive dependence on external imports which makes ECOWAS countries vulnerable to international price volatility, currency depreciation and a high rate of inflation. [ABSTRACT FROM AUTHOR]

Conventional analysis has sought to explain the determinants of price competitiveness by way of national factors, but given the current degree of international fragmentation of production, a more holistic perspective needs to be explored. This document develops a specific proposal that permits the indicator on vertically integrated unit labor costs (VIULCs) to be broken down into its fundamental components; also, the evolution of this indicator is explored for the German automotive sector, to determine which component might best elucidate the evolution of the VIULCs. The results show a decrease in VIULCs deriving from the German sector as well as from its suppliers, confirming the relevant effects of outsourcing and offshoring strategies. Moreover, wage restraint among suppliers coupled with productivity gains are found to explain the overall reduction in VIULCs. JEL classification : P16, F15, F23, [ABSTRACT FROM AUTHOR]

India is the second largest producer of potato in the world. The present study aims at examining the growth, sustainability, market and export situations of Indian potatoes during the period 1966–1967 to 2019–2020 using time series data of area, production, productivity, market prices, export amount and values in major growing states, markets and importing countries, respectively. Descriptive, sustainability, price dependence analysis is taken up to study the internal production and market situation. Box Jenkin's ARIMA methodology is taken up to forecast the future area, production and productivity of India and the major growing states. To analyse the export behaviour, Markov Chain analysis is taken up. The study reveals that although there have been growths in area, production and productivity, the average productivity is far below the world highest productivity. Sustainability analysis reveals differential sustainability status of major growing states with respect to area, production and productivity. Forecasting of area, production and productivity reveals that India is expected to produce 56 million tonnes of potato from 2.2 million hectares of area with an expected productivity of 25.24 tonnes per hectare, much below the present highest productivity of the world. Study of seasonality of prices and markets cointegration reveals seasonal and lag dependence of prices with only unidirectional market cointegration. The Markov Chain analysis reveals that excepting Saudi Arabia and Oman there will be reduced import of Indian potatoes by other major importing countries. Thus, the findings of the whole study suggest augmentation in the process of production and marketing (both internal and international) for Indian potatoes. [ABSTRACT FROM AUTHOR]

Data envelopment analysis (DEA) is a well-established method for measuring efficiency among a comparable group of decision-making units (DMUs). DMUs comprise entities with time-related activities—i.e., inputs and outputs. The concept of DMU is not reserved only for business entities; it can also be a project or product. This study focuses on the latter by using DEA efficiency scores to estimate the product price from suppliers' perspective of newly developed products. These prices are then used as a basis for negotiation. However, DEA-based estimations of such product-related purchasing can only account for deterministic input and output relationships and cannot handle unobservable negotiation behavior. Therefore, we propose a two-stage estimator in which DEA is a deterministic baseline estimator that captures production-related price components. We then train regression trees to estimate the behavioral bargaining surplus. We present a real-world application stemming from the automotive supplier industry to demonstrate the applicability of our approach. Most importantly, we confirm the effectiveness of our approach by substantiating the hypothesis that our method provides better estimates than one-step machine learning methods, especially when there is little knowledge about new products, i.e., when data availability is limited. [ABSTRACT FROM AUTHOR]

Amidst the prevailing subjective pricing paradigms for high-rise apartments in India, this paper advocates for a paradigm shift toward thermal comfort–based differential pricing, recognizing its pivotal role in influencing residents' well-being in hot and humid climates and energy savings. Understanding the correlation between thermal comfort, floor level, and orientation can lead to implementing such pricing strategies. Three models are proposed through market surveys and simulations, incorporating thermal comfort and other existing market preferences using Hedonic regression and two models using the analytic hierarchy process. The comparison reveals that Model 1, based on buyers' preferences, yields a 0.72% mean improvement in the total sale price, Model 2, focused on thermal comfort, sees a mean increase of 0.86%, and Model 3, incorporating both thermal comfort and buyer preferences, results in a mean increase of 2.22%. The study emphasizes the significance of a multicriteria-based pricing model for high-rise apartments with thermal comfort as the focus, highlighting its flexibility to accommodate diverse criteria and determine suitable differential prices by adjusting percentage priorities based on specific requirements. [ABSTRACT FROM AUTHOR]

This article studies an optimal control problem for the financial investment strategy with random incomes. The investment portfolio is simplified to be composed of a risk-free asset and a risky asset. The price of a risky asset is followed by a constant variance elasticity (CEV) model. We consider any correlation coefficient ρ ∈ [ − 1 , 1 ] between the income risk and the risk of risky asset. By applying the Legendre transformation, dual theory, and asymptotic expansion approach, we obtain an asymptotic strategy for the exponential utility function. Numerical examples are presented to illustrate the effects of parameters on the optimal strategy. [ABSTRACT FROM AUTHOR]

Purpose: Our result of this paper aims to indicate that the beta pricing formula could be applied in a long-term model setting as well. Design/methodology/approach: In this paper, we show that the capital asset pricing model can be derived from a three-period general equilibrium model. Findings: We show that our extended model yields a Pareto efficient outcome. Practical implications: The capital asset pricing model (CAPM) model can be used for pricing long-lived assets. Social implications: Long-term modelling and sustainability can be modelled in our setting. Originality/value: Our results were only known for two periods. The extension to 3 periods opens up a large scope of applicational possibilities in asset pricing, behavioural analysis and long-term efficiency. [ABSTRACT FROM AUTHOR]

Targeted price subsidies create a gap between subsidized and unsubsidized prices. The resulting dual pricing can lead to arbitrage opportunities where intermediaries divert subsidized goods to unintended beneficiaries via the black market. I study India's Direct Benefit Transfer policy for cooking fuel subsidies, which altered the existing subsidy program by transferring subsidies directly to beneficiaries' bank accounts. The policy decreased subsidized fuel purchases, indicating a reduction in diversion to the black market. Changes in unsubsidized fuel sales and black market prices provide supporting evidence that leakage was reduced. These results suggest that addressing the underlying perverse incentives in welfare delivery can improve efficiency by curbing leakages. (JEL D73, I38, O17, Q41, Q48) [ABSTRACT FROM AUTHOR]

This article provides a comprehensive overview of the most important sources and data available for the German capital market, highlighting their capabilities and limitations. We focus on firm-specific information related to stock corporations and price data for the 19th and early 20th Century. By reviewing examples from existing literature, we illustrate the practical applications of these sources. We also launch a new stock index derived from the daily prices of 39 banks listed on the Berlin Stock Exchange, demonstrating the potential of price data for market analysis. [ABSTRACT FROM AUTHOR]

We use a large cross section of equity returns to estimate a rich affine model of equity prices, dividends, returns, and their dynamics. Our model prices dividend strips of the market and equity portfolios without using strips data in the estimation. Yet model‐implied equity yields closely match yields on traded strips. Our model extends equity term‐structure data over time (to the 1970s) and across maturities, and generates term structures for various equity portfolios. The novel cross section of term structures from our model covers 45 years and includes several recessions, providing a novel set of empirical moments to discipline asset pricing models. [ABSTRACT FROM AUTHOR]

Purpose: The Public–Private Partnership (PPP) modality plays an important role in the procurement of global infrastructure projects. Regarding PPP's complex transaction structure, pricing of a PPP project is critical to both parties where the government pursues a high value for money (VFM) and the investor strives to maximize its financial gains. Despite the straightforward win–win principle, a formidable compromise is often the case to end up with a fairly acceptable price, subject to many determinants such as the risk profile, expected return, technological innovation and capacities of both parties. Among them, this study chooses to examine the "managing flexibility" (MF) capacity of investors in pricing of a PPP project, in light of the widely recognized importance of a real-option perspective toward the long term, complex and uncertain PPP arrangement. This study addresses two major questions: (1) how is MF in PPP projects to be valued and (2) how are PPP projects to be priced when considering a project's MF value. Design/methodology/approach: A binomial tree model is used to evaluate the MF value in PPP projects. Based on the developed MF pricing model, net present value (NPV) and adjusted VFM value are then calculated. Finally, a multi-objective decision-making method (MODM) was adopted to determine the optimal level of returns based on invested capital (ROIC), return on operation maintenance (ROOM) and concession period. Findings: The applicability and functionality of the proposed model is investigated using a real project case. For a given return, extended NPV and adjusted VFM value were calculated and analyzed using sensitivity analysis. Factor influence is shown by the model to be dependent on factor impact on cash flow. Subsequently, a multi-objective decision-making (MODM) model was adopted to determine the optimal level of returns, where the solution approximates the real-world bidding price. Results confirm that the pricing model provides a reliable and practical PPP proposal pricing tool. Originality/value: This study proposes an integrated framework for valuing MF in PPP projects and thus more accurately determine optimal pricing of PPP projects than revealed in extant research. The model offers a practical tool to aid in the valuation of PPP projects. [ABSTRACT FROM AUTHOR]

The document titled "ACCOUNTS OF MAJOR JOSEPH HAWKSWORTH, 1641–1643" from the Camden Fifth Series journal offers detailed records of rents, arrears, and payments in Warwickshire, Kineton, and Warwick from 1641 to 1643. It includes tables listing arrearages, rents due, amounts received, and payments made for different properties and individuals during this period. The document provides a comprehensive overview of financial transactions and obligations in these areas during the early 17th century, shedding light on the economic activities and expenditures of the time. [Extracted from the article]

The document "ACCOUNTS OF MAJOR JOSEPH HAWKSWORTH, 1640–1641" from the Camden Fifth Series journal provides detailed records of arrearages, rents, and payments in Warwickshire locations from Michaelmas 1640 to Lady Day 1641. It includes tables listing arrearages, rents due, and payments made for properties in various areas, offering a comprehensive view of financial activities during the specified period. Additionally, the document details rents, receipts, and disbursements for properties in Oxfordshire and Lincolnshire, including chief rents, long leases, arrears, and rents now due, as well as weekly profits from mills for the year 1640. The summary presents a structured overview of financial transactions and operational costs, shedding light on the diverse activities and services required for running a mill and managing other tasks during this time. [Extracted from the article]

Letter-sheet price-currents appeared in at least twenty-two American cities from 1819 to 1887. These were condensed special editions of newspapers printed on stationery-quality paper with a page left blank on which a letter could be written; a subscriber would typically fold, seal, and address the letter-sheet to be self-mailing. These publications carried commercial information such as local commodity prices and market reports. The chief subscribers were financial agents who bought and sold commodities on behalf of distant clients; by using the letter-sheets for correspondence, these middlemen could depict local markets and show they were acting in their clients' best interests. The interpersonal nature of long-distance trade during much of the nineteenth century made it possible for the letter-sheets to thrive, as millions of copies circulated annually by the late 1850s. But ultimately telegraphed market news and modern commodity exchanges led to the demise of the letter-sheets after the Civil War. Nonetheless, these publications fulfilled an important role for decades: they allowed financial agents to serve as the eyes and ears of their clients in distant markets, making trade less risky as the Industrial Revolution caused economic activity to skyrocket. The letter-sheets thus helped usher in the modern industrial economy. [ABSTRACT FROM AUTHOR]

Adaption to prices is an important feature of productivity development. This paper proposes an extension of the StoNED model to accommodate estimation of allocative efficiency. It demonstrates how indirect production theory is suited for assessing allocative efficiency and helps alleviating the curse of dimensionality for stochastic nonparametric estimators compared to conventional measures of allocative efficiency. Furthermore, the paper elaborates on the appropriate cost of capital for the estimation of allocative efficiency. The proposed model framework is utilized to study allocative efficiency of Norwegian container ports, thereby adding to the literature on seaport terminal efficiency studies. [ABSTRACT FROM AUTHOR]

Insufficient information and understanding regarding a product's price components can lead to negative perceptions of the fairness of the price and subsequent negative behaviors toward the product. Cost transparency is a way to disclose these components and enhance price fairness and, in turn, behaviors. Previous research rarely tests the role of price fairness in the cost transparency process and limits itself to studying conventional products without considering other product types (e.g. Fairtrade products). Moreover, the moderating effect of consumers' characteristics (such as the construal level) is also lacking. To fill these gaps, we run two online experiments. We find that price fairness fully mediates the cost transparency–purchase intention relationship. We further find that this effect is stronger for Fairtrade products than for conventional products and that this enhanced effect is stronger for consumers with high construal level compared to consumers with low construal level. We discuss theoretical and managerial implications. [ABSTRACT FROM AUTHOR]

Motivated by investor criticisms of current accounting standards, this study investigates whether differences exist in how acquired identifiable intangible assets relate to investors' expectations about the entity's cash flow prospects. Some investors assert that all acquired intangibles should be subsumed within goodwill, while others prefer separate recognition of identifiable intangibles only when they are strategically important sources of future cash flows. Still other investors call for separate recognition from goodwill only when identifiable intangibles are separable from the business, have defined useful lives, and have identifiable revenue streams (i.e., "wasting" intangibles). Consistent with some investor views, we find cross-sectional variation in the value relevance of identifiable intangibles based on differences in underlying asset characteristics. Our primary findings suggest that strategically important and wasting intangibles provide information different from that provided by goodwill. These findings inform standard setters as they evaluate recognition and disclosure alternatives for identifiable intangible assets. [ABSTRACT FROM AUTHOR]

Given important market and regulatory changes over the past two decades, we re-examine the relation between IPO pricing and coverage by sell-side stock analysts. Our design builds on the well-documented finding of the partial adjustment phenomenon, in that the IPO offer price revision following the road show is highly predictive of the first-day return. We provide new insights to the literature on IPO analyst coverage/recommendations. With respect to coverage, we find no evidence to suggest that the decisions of affiliated analysts vary with IPO pricing. As for unaffiliated analysts, our results indicate that their coverage decisions are driven much more so by the offer price revision than by the return on the first-trading day. We interpret this as consistent with the view that unaffiliated analysts consider institutional investor demand revealed during book-building as an important input into their decision of whether to cover an IPO issuer. With respect to recommendations, our findings suggest that, for IPOs after the JOBS Act of 2012, lead underwriters appear to bring on co-managers that seemingly pre-commit to provide favorable recommendations, particularly for IPOs that do not experience an increase in their offer price after the road show or an increase in their share price on the first trading day. [ABSTRACT FROM AUTHOR]

We develop and test a refinement to motivated reasoning theory that predicts long investors are more prone than short investors to forming biased beliefs about the value of a stock. Our theory suggests that motivated reasoning is muted for short investors because the investing setting conveys a conventional preference for prices to rise that is directionally inconsistent with short investors' incentivized preference for prices to fall. We examine this premise across four experiments. Experiment 1 tests our theory in an investing setting in which participants take either long or short positions. Compared to a rational benchmark for an unbiased judgment, we find that long traders' estimates of future stock price exhibit upward bias while short traders' estimates are unbiased. Consistent with motivated reasoning underlying these results, the magnitude of long traders' bias becomes less pronounced as the amount of uncertainty in the information environment decreases. Experiment 2 suggests that direct experience with taking short positions can increase short traders' propensity to engage in motivated reasoning. Experiments 3 and 4 provide additional evidence for our theory outside of the investing context. Overall our paper contributes new insights into differences between long and short investors and speaks to the broader literature on bias in judgment and decision-making that spans multiple fields. [ABSTRACT FROM AUTHOR]

In November 1744, a series of riots broke out at Drury Lane theatre, forcing its proprietor, Charles Fleetwood, to sell his majority share of the theatrical patent. Theatre scholarship has long held that the riots were caused by Fleetwood's attempt to raise admission prices for old pantomimes, yet also, somewhat contradictorily, has maintained that admission prices definitively increased at London's patent theatres in the period around 1740. This article shows both points to be mistaken: prices did not rise in the period, and Fleetwood was forced out due to a range of grievances that had developed over the preceding decade. By revealing how pricing practices, Fleetwood's tenure, and the riots developed, this article provides new insights on a crucial period in London's theatre history (the 1730s–40s) and on the wider social and economic dynamics of Georgian theatregoing. [ABSTRACT FROM AUTHOR]