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When missing reliable comparables, estimating inappropriately is a high risk in the use of both market-oriented and income approach methods. Therefore, it is useful to identify effective alternatives in accordance with the estimation method to arrive at the estimated value in the absence of comparables. This paper examines the use of the asking price for estimating the market value of a fruit tree orchard, missing comparable data of similar assets. The analysis was conducted by considering two different scenarios. In the first, asking prices from the same segment of the land to be estimated were used in two market-oriented appraisal methods: the General Appraisal System (GAS) and the Nearest Neighbors Appraisal Technique (NNAT). In both these approaches, market prices were replaced with detected asking prices. The second scenario was based on the use of the Remote Segments Approach (RSA). The comparison was conducted between the market segment of the fruit orchard to be valued and other comparison market segments, consisting of three other species of fruit trees, grown in the same area where the fruit orchard to be estimated is located. The results showed that in the first scenario, the estimated value appeared to be unreliable and excessively high compared to actual market conditions. Using the segment comparison method, which applies asking prices for the purpose of determining the capitalization rate, produced more reliable results. The appraisal also appeared more objective, transparent, and consistent with valuation standards. In the presence of similar limiting conditions, RSA can be an effective support to the activity of the appraiser in the valuation process of agricultural land. [ABSTRACT FROM AUTHOR]

The goal of this paper is to systematically review the literature on United States Department of Agriculture (USDA) forecast evaluation and critically assess their methods and findings. The fundamental characteristics of optimal forecasts are bias, accuracy and efficiency as well as encompassing and informativeness. This review revealed that the findings of these studies can be very different based on the forecasts examined, commodity, sample period, and methodology. Some forecasts performed very well, while others were not very reliable, resulting in forecast specific optimality record. We discuss methodological and empirical contributions of these studies as well as their shortcomings and potential opportunities for future work. [ABSTRACT FROM AUTHOR]

The hedonic pricing method has been applied in the analysis of hotel room rates since the early 1990s and ever since has become the norm in the investigation of hotel room price determinants. A usual problem in the specific literature is that there are no theoretical guidelines in selecting the explanatory variables in hedonic pricing models. Therefore, scholars employed in such kind of research face the challenge of which of the numerous price determinants proposed in the literature should they include in their own analysis, with the hazard of multicollinearity complicating the issue even further. The current article proposes a strategy where both the variable selection problem and the potential multicollinearity are faced by utilizing a combination of stepwise regression techniques with a proper categorization of the candidate regressors. This procedure is used in analysing the determining factors of the hotel accommodation prices in Cyprus, a country whose economy is highly dependent on tourism, for 12 consecutive months, in order to account for the inherent seasonality. The main findings suggest that adding some attributes to the advertisements of the hotels significantly increase hoteliers' remunerations, but advertising certain other features may be actually sending negative signals, therefore hoteliers should consider excluding them from their brochures. [ABSTRACT FROM AUTHOR]

We posit that prices are signs, not just signals, that work in the same symbolic way as words. Both are complex, generative systems of shared meaning that rely on a web of intricate symbolic references. Just like the meaning of a word is a product of our social and linguistic action, the meaning of a price is a product of our relationship to the physical world phenomena of people in markets. The fundamental conception of both is to communicate and construct worlds with ourselves and others, enabling us to act in the world. Prices, like words, do symbolic work. [ABSTRACT FROM AUTHOR]

The objective of this research is to construct a multifactorial model facilitating the assessment of the interrelation between aspects of Chinese consumers' attitudes towards luxury items and their psychological intent to acquire such goods. The paper presents a factorial model of the evaluation system, which encompasses factors such as luxury brand awareness, materialism, social comparison with peers, fashion novelty, and consumer engagement with fashion. The research findings indicate that: (1) there exists a positive correlation between the attitudes of Chinese consumers towards luxury items and their intention to acquire them; (2) Chinese consumers, overall, tend to disregard fashion innovations as a significant factor in luxury item purchasing decisions; (3) however, materialism as a motivation for conspicuous consumption and status has become a pivotal stimulating factor; (4) substantial influence is also exerted by the impact of luxury item acquisition on the owner's social status; (5) individuals possessing knowledge of fashion trends demonstrate a higher propensity to acquire luxury items. Theoretically, this study contributes to the broadening of the understanding of luxury goods consumption within the context of the Chinese market. This contribution holds value for researchers of this market, as well as those examining other regional markets, facilitating a comparative analysis of consumer behavior factors. From a practical perspective, the model is oriented towards expanding the toolkit available to managers and marketers. It enables an understanding of the psychological motives attracting Chinese consumers to the luxury goods market. This understanding, in turn, facilitates the formulation of an effective strategy for introducing new items into this market.

This paper studies simultaneous multilateral search (SMS) in over-the-counter markets: When searching, a customer simultaneously contacts several dealers and trades with the one offering the best quote. Higher search intensity (how often one can search) improves welfare, but higher search capacity (how many dealers one can contact) might be harmful. When the market is in distress, customers might inefficiently favor bilateral bargaining (BB) over SMS. Such a preference for BB speaks to the sluggish adoption of SMS trading, like request-for-quote protocols, in over-the-counter markets. Furthermore, a market-wide shift to SMS may not be socially optimal. [ABSTRACT FROM AUTHOR]

AbstractThe Indonesian electricity industry was under the management of PLN, presenting a significant opportunity to embrace renewable energy sources in response to tightening green energy regulations. This study utilized the sustainable business model concept, deconstructing the value economic, socio-cultural, and ecological. The goal was to pinpoint critical factors influencing business strategies for supplying renewable energy electricity to customers. Employing the Delphi method, which compiles expert consensus from PLN, was the subject of this study. In achieving a value delivery, collaboration with the government, suppliers, and technology partners played a vital role to achieving business objectives. Understanding customer requirements and desires was imperative for renewable energy companies in Indonesia to meet customer expectations. The value creation dimension emphasized establishing strong relationships and ensuring consumer satisfaction to foster loyalty. The value proposition served as the bedrock for articulating the distinct benefits of products and services, setting the company apart from competitors. Within the Indonesian renewable energy context, value capture stood as a crucial component in shaping a company’s business strategy. This involved efficiently managing production costs, investment costs, and attribute costs to guarantee consistent and profitable revenue. Future research should explore priority factors in-depth and craft intricate business models tailored to meticulously analyzed priorities.

The debate over the goals of competition law and the standard by which to apply it have been around, more or less, ever since competition laws were first enacted. In principle, they influence every decision made by a competition enforcer or a court, whether this decision is around cartels, mergers, abuse of dominant position or even advocacy. In recent years competition authorities have been operating in an environment which is unprecedently challenging. Enforcement in digital markets and labour markets, as well as the interplay between competition and environmental policy and the green transition, shift competition enforcement to undiscovered territories. With these contemporary challenges, enforcers are far more frequently faced with the need to have a clear perception of the goal of competition law and the standard according to which to apply it to make enforcement decisions. the need for clarifying, or even redefining, the goals of competition law and the standards by which these goals are achieved, should be seriously considered by the enforcers as well as by the policy makers, who, from a democratic perspective, should be the ultimate decision makers on policy issues. The need for legal certainty presents yet another argument in the same direction. [ABSTRACT FROM AUTHOR]

This study aims to examine the existence of asymmetry and nonlinearity in the influence of global crude oil price shocks on the pricing of oil products in India during the period spanning from April 2000 to March 2022. Novel symmetry and linearity tests, notably slope and impulse response tests, were used for this purpose. The findings of the slope test indicate the absence of nonlinearity in the reaction of most oil product prices to global crude oil price shocks. In contrast, the results obtained from the impulse response test indicate that except for liquid petroleum gas, all oil product prices exhibit asymmetric responses to both positive and negative crude oil shocks of varying magnitudes. The results align with previous research on the transmission of crude oil prices to oil product prices. Furthermore, these findings confirm the existence of the rockets-and-feathers phenomenon within the Indian oil product market. From a policy perspective, the findings indicate that it would be prudent for the government to contemplate the implementation of tax reductions on oil products. This approach would aid in ensuring a symmetric response of oil product pricing to global changes in crude oil prices and is projected to decrease the welfare loss incurred by consumers as a result of asymmetry. [ABSTRACT FROM AUTHOR]

This article provides aggregate data on credit flows in Santafé de Bogotá, the capital of the Viceroyalty of New Granada (present-day Colombia, Ecuador and western Venezuela). By perusing a thorough report submitted to Bourbon authorities on notarial transactions, which included both ecclesiastical and non-ecclesiastical loans in the city, the article estimates the volume and size of lending activity while exploring how distinct types of credit interacted and shaped the business milieu of the region. It argues that by the late 1770s, Catholic Church lending had ceased to be the main source of investable funds in the region, with merchants and other non-ecclesiastical investors injecting growing funds into sectors traditionally avoided by ecclesiastical lenders such as commerce, mining and manufacturing. Network analysis suggests that merchants became brokers between different credit sources, alleviating information asymmetries and opening the credit market to borrowers with collateral and institutional restrictions willing to pay higher interest rates. Finally, by focusing on New Granada, the largest gold producer of the Spanish Empire, the article identifies some distinctive credit patterns that are different from those developed in silver-driven economies such as New Spain and Peru. Thus, the article provides new paths to study Latin American financial history. [ABSTRACT FROM AUTHOR]

We interviewed 379 bank CEOs in 20 emerging markets to identify their banks' main competitors. We show that banks are more likely to identify another bank as a main competitor in small-business lending when both banks are foreign owned or relationship oriented; when there exists a large spatial overlap in their branch networks and when the potential competitor has fewer hierarchical layers. We then construct a novel bilateral competition measure at the locality level and assess how well it explains geographic variation in firms' credit constraints. We show that intense bilateral bank competition tightens local credit constraints, especially for small firms, as competition may impede the formation of lending relationships. [ABSTRACT FROM AUTHOR]

This study investigates the presence of a non-linear relationship between market concentration and bank risk-taking using a balanced dataset of 78 European commercial banks during the period 2006 to 2016. In order to test the hypothesis of non-linearity, this study applies the threshold estimation technique developed by Hansen (1999). We choose the non-performing loans ratio, the loan loss provision ratio to measure credit risk, and the cat-nonfat to proxy liquidity risk. Our main findings are twofold. The outcome of our analysis indicates that the threshold effect indeed exists. Moreover, our results suggest that there is a significant positive relationship between market concentration and bank credit risk. This positive impact is diminished when the level of market concentration is above a certain threshold. Overall, this study finds evidence that banks' risk-taking behavior varies under different levels of market concentration. The results are robust under additional tests. These findings have strong implications for regulators. [ABSTRACT FROM AUTHOR]

The article addresses how merchants and wine producers interacted while oscillating between competition and collaboration in their internal relations. Spanning a period of more than a century, it addresses three chronological periods: 1900–1940, 1940–1994, and 1994 to the present. In the first, producers were able to forge a common front against the merchants in the shape of the Koöperatieve Wynbouwers Vereniging van Suid-Afrika, which was granted devolved regulatory powers over distilling wine in 1924 and then all wine in 1940. In the second, the antagonism between good and distilling producers was sublimated at a time of relative prosperity, while the merchants engaged in fierce competition. In the final phase, the regulatory system imploded while the export market re-emerged. Quality producers found common ground in appealing to terroir, whereas marginal producers supplied merchants and supermarkets with low-priced bulk wines. [ABSTRACT FROM AUTHOR]

Existing research based on labels, risks and benefits, and cultural differences has focused on consumers' preferences for genetically modified (GM) food products. Limited attention has been paid to the attitudes toward the source who developed the biotechnology. Because there may be trust issues associated with large multinational firms that are often involved in the development of biotechnology, it remains an unexplored question whether consumers consider who produces the technology when forming opinions about food produced with biotechnology. This study investigates consumers' attitude toward the source of biotechnology using a choice experiment with GM oranges. The study involved participants from three major orange-consuming countries (United States, Germany, and Spain). Results reveal that participants from all three countries were less willing to pay for GM oranges when the technology originated from multinational agribusiness corporations, compared to public universities and small companies. Further examining the effect of consumers' perceptions, we found consumers' perception of corporate distrust and environmental concern negatively influence their attitude toward the source of biotechnology, but their technology acceptance positively affects the attitude. By understanding consumers' attitudes about the source of biotechnology and factors that may improve the consumer reactions, communication and promotion of new biotechnology food products to improve acceptance from existing and potential consumers are discussed. [ABSTRACT FROM AUTHOR]

Market competition is a key driver for an efficient allocation of resources and thus to sustained economic growth and higher aggregate welfare. Portugal implemented significant policy reforms during the difficult period 2010-2016 to improve the level of competition and flexibility in the product and labour markets. This paper measures price-cost margins in 190 markets during these years and the results present a stability pattern while providing evidence of imperfectly competitive markets. This seems to indicate that both the market power of firms and competition did not improve significantly during the period, although there was a reduction in the mark-ups of some non-manufacturing sectors, such as construction and other services. In addition, there was a sizeable decrease of the estimated parameter for labour market frictions in some services sectors, which may be interpreted as the policy reforms leading to a reduction in their workers' bargaining power. [ABSTRACT FROM AUTHOR]

In this paper I examine price competition between two sellers who sequentially arrive at an online consumer-to-consumer market: e.g., Craigslist. Each seller has one unit of a homogeneous good that she wants to sell to a pool of buyers. When buyers arrive randomly at the market, I show that there is a unique equilibrium, in which sellers choose different prices and earn the same profit. When buyers' arrival positively correlates with their valuations, an additional equilibrium outcome has sellers choose almost the same prices but with the second-arriving seller earning a higher profit. I discuss how these results relate to the environment of traditional markets analyzed in Hviid (1990). [ABSTRACT FROM AUTHOR]

Adam Smith saw the division of labour and specialisation as the driver of 'universal opulence', a process limited by the scope of the market. He also believed that competition was essential to ensure growth benefited the public. Yet eventually there could be a trade-off between these two mechanisms. In today's era of global production networks, the markets at certain links in supply chains may support just one specialised supplier; and in winner-take-all digital markets there is a single supplier even at global scale. When the scope of the market is global, there may be a trade-off between specialisation and competition. [ABSTRACT FROM AUTHOR]

Using newly released public data on beer prices in the state of California, we construct a large dataset (approximately 2 million observations) that includes beer prices and packaging configurations. We merge this dataset with brewery attributes and county demographics to explore pricing differentials across California, the U.S.'s largest brewing state. We provide evidence of potential pricing-to-market conducted by macro breweries across the three-tier distribution system where craft breweries do not. In addition, we describe package attributes that exhibit price differentials across brewery types. We make the cleaned data available to the public and provide avenues for future research that may be addressed with this new data. [ABSTRACT FROM AUTHOR]

The income share of the top 1% of earners in the USA increased to 20% in 2014. The increase in income inequalities is contemporaneous with the rising market concentration across industries. This article shows that both developments are linked: top executives in more concentrated markets receive more pay than those in less concentrated markets. Superstars—the best-paid and most experienced chief executive officers—are paid significantly more than other executives in concentrated markets. Investors also receive higher returns in more concentrated markets, while the average worker's wage does not increase. The link between market concentration and top executive pay is higher in information-technology and R&D-intensive industries. While larger firms pay their executives more, they pay relatively less (more) than smaller firms if their market is more (less) concentrated. We do not find effects of the governance quality and trends in firm stock market valuation on the executive pay premium from concentration. [ABSTRACT FROM AUTHOR]