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The proposed work considers two different scenarios of a finite period complete-lockdown situation for two warehouse perishable inventory systems. The first scenario assumed the enforcement and ease of lockdown when the owned warehouse is being vacated. The latter studied the scenario using lockdown enforcement during the inventory dispatch from the owned warehouse and relieved as the items are taken from the rented warehouse. These deterministic models consider a time-dependent linear demand rate and two parameters Weibull distributed deterioration rate. The linearly increasing demand function decreases by a finite volume as the lockdown is imposed and increases suddenly whenever the lockdown is relaxed. Both of the models have been formulated to minimise the total system cost. Further, the behaviour of the models has been examined using sensitivity analysis. Considering the realistic scenarios makes the models practicable to implement in a crisis like the COVID-19 pandemic. [ABSTRACT FROM AUTHOR]

The study aimed at analyzing the consumer demand for various kinds of meat in AlKifah village in New Valley Governorate, by estimating individual demand functions for meat and elasticities of demand at different levels of income. The study relied on both descriptive and quantitative statistical approaches. Data were obtained through questionnaire forms for a random sample of 312 families. The findings showed that red meat, poultry, and fish are substitutionary commodities, and the demand for each kind is affected by the price of this kind besides the prices of other meat substitutes. Furthermore, the demand for meat is significantly affected by income, family size, and educational level of the head of the family. The findings also showed that the demand for all kinds of meat is inelastic (necessary goods), as the price elasticity of demand is less than one at the three income levels. The income elasticity of red meat and fish was higher than one for low-income families, which implies that these two commodities are considered luxury commodities for this category, while it was found that all kinds of meat are ordinary commodities for middle- and high-income families. As for cross elasticity, the elasticity coefficient was positive and less than one for all kinds of meat, which confirms that red meat, poultry, and fish are substitutionary commodities. The study concluded with many recommendations, which generally revolve around how to meet the local demand for meat and reduce its prices. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Agricultural Economics & Social Sciences is the property of Egyptian National Agricultural Library (ENAL) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Tack-on bonds are additional offerings, with the same terms of an existing bond series, where both pre- and post-offering market prices are observable. The prices of these bonds drop significantly on the announcement dates and do not fully recover to pre-offer levels, especially for bonds at the lower end of the investment-grade spectrum. We detect no adverse price effect for the firm's equity or other bonds, indicating that the permanent price drop is not attributable to unfavorable information about the offering firms. Our findings suggest that supply shocks affect pricing due to a downward sloping demand curve for individual bonds. [ABSTRACT FROM AUTHOR]

Introduction: Sex differences in vulnerability to opioid use disorder (OUD) have been reported in some clinical and preclinical studies, but findings are mixed and further research is needed in this area. The goal of this study was to compare elasticity of demand (reinforcement efficacy) in an i.v. morphine selfadministration (SA) model in male and female rats using a translationally relevant behavioral economics approach. Rate of acquisition and predictors of individual differences in demand (e.g., cumulative morphine infusions during acquisition) were also evaluated in both sexes. Materials, methods, and results: Acquisition of morphine SA (0.4  mg/kg/ infusion) under a fixed ratio (FR) 1 schedule of reinforcement was slower and infusions earned were lower in females than in males (n  =  30–31/sex), but infusions earned did not differ between sexes during the FR 2 and FR 3 phases of acquisition. Increases in the FR response requirement across sessions during demand testing (FR 1–FR 96) resulted in a progressive reduction in morphine infusions in both sexes. Morphine consumption was well-described by an exponential demand function in both sexes and was associated with considerable individual vulnerability. There were no sex differences in elasticity of demand (rate of decline in morphine consumption with increasing price) or intensity of demand (consumption at zero price). A higher number of infusions earned during the FR 2 and FR 3 phases of acquisition and greater maximum response rates during demand testing were associated with lower demand elasticity (i.e., greater reinforcing efficacy) in both males and females, whereas other relationships were sex-specific (e.g., higher intensity of demand was associated with lower elasticity of demand in males but not in females). Conclusion: Our findings indicate similar elasticity of demand and predictors of individual differences in demand for morphine in male and female rats, although sex differences were observed in initial rate of acquisition and in some correlations between morphine SA measures. These data are consistent with findings of similar OUD vulnerability in males and females in some human and animal studies. [ABSTRACT FROM AUTHOR]

• We rely on a multi-sectoral balance-of-payments constrained growth model that incorporates intermediate imports. • We explicitly incorporate the effects of intermediate imports and relative prices into the analysis. • The outcome of the study shows that the multi-sectoral balance-of-payments constrained growth model correctly predicts Turkey's growth path. • Heightened dependence on imported intermediates, resulting in a reduction in the income elasticity of export demand and an elevation in the income elasticity of import demand, could potentially exert adverse effects on the overall economic growth. • Countries, like Turkey, can benefit from increasing the usage of available domestic inputs in export production to reduce leakage occasioned by the extensive importation of foreign factor inputs. Several countries rely heavily on imported intermediate inputs for the manufacturing of their exported goods. Understanding the implications of this reliance on a country's growth performance is vital. To address this issue, we conducted an in-depth analysis using the multi-sectoral balance-of-payments constrained growth model with data from Turkey spanning 1970 to 2019. We used the autoregressive distributed lag method to estimate sectoral export, final import, intermediate goods import, and total import demand functions for five technology-based sectors. Subsequently, we calculated growth rates using the multi-sectoral balance of payments constrained growth models, factoring in the estimated income and price elasticities, as well as the respective sectoral shares in total exports, total imports, total final imports, and total intermediate goods imports. Our results demonstrate that the multi-sectoral balance of payments constrained growth model, which incorporates the impact of imported intermediate goods, successfully predicts Turkey's growth path. The findings indicate that structural changes in the production process and the use of imported intermediate inputs have a positive impact on exports. However, Turkey's significant dependence on imported intermediate goods during the production process leads to a decrease in the multi-sectoral balance of payments constrained growth rate. [ABSTRACT FROM AUTHOR]

We study a method for calculating the utility function from a candidate of a demand function that is not differentiable, but is locally Lipschitz. Using this method, we obtain two new necessary and sufficient conditions for a candidate of a demand function to be a demand function. The first concerns the Slutsky matrix, and the second is the existence of a concave solution to a partial differential equation. Moreover, we show that the upper semi-continuous weak order that corresponds to the demand function is unique, and that this weak order is represented by our calculated utility function. We provide applications of these results to econometric theory. First, we show that, under several requirements, if a sequence of demand functions converges to some function with respect to the metric of compact convergence, then the limit is also a demand function. Second, the space of demand functions that have uniform Lipschitz constants on any compact set is compact under the above metric. Third, the mapping from a demand function to the calculated utility function becomes continuous. We also show a similar result on the topology of pointwise convergence. [ABSTRACT FROM AUTHOR]

A merchant dynamically sets prices in each time period when selling a product over a finite time horizon with a given initial inventory. The merchant utilizes new external information that is observed at the beginning of each time period, whereas the demand function—how the external information and the price jointly impact that single-period demand distribution—is unknown. The merchant's decision, setting price dynamically, serves dual roles to learn the unknown demand function and to balance inventory with an ultimate objective to maximize the expected cumulative revenue. The main objective of this work is to characterize and provide a full spectrum of relations between the order of optimal expected cumulative revenue achieved in three decision-making regimes: the merchant's online decision-making regime, a clairvoyant regime with complete knowledge about the demand function, and a deterministic regime in which all the uncertainties are relaxed to the expectations. In the analyses, we derive an unconstrained representation of the optimality gap for generic constrained online learning problems, which renders tractable lower and upper bounds for the expected revenue achieved by dynamic pricing algorithms between different regimes. This analytical framework also inspires the design of two dual-based dynamic pricing algorithms for the clairvoyant and online regimes. This paper was accepted by Hamid Nazerzadeh, data science. Supplemental Material: The online appendix and data are available at https://doi.org/10.1287/mnsc.2023.4963. [ABSTRACT FROM AUTHOR]

One of the most widely researched macroeconomic relationships is money demand stability, which helps monetary authorities understand what motivates economic agents hold real money balances and whether it can predict inflation. However, endogenous structural shocks to macroeconomic fundamentals have often been criticized for distorting the equilibrium relationship among economic variables. These shocks usually stem from socioeconomic and political changes, behavior of economic agents, and random shocks. We examine the presence of cointegrating relationships between money demand and scale and opportunity cost variables while allowing for multiple endogenous structural breaks in the cointegrating vectors in the Indian context for the period 1996:Q2–2021:Q2. We utilize the Narayan and Popp (J Appl Stat 37(9):1425–1438, 2010) test to identify the break dates in each series and then employ the Maki (Econ Model 29(5):2011–2015, 2012) cointegration approach to establish the presence of long-run relationships between money demand and its covariates. Our study finds the presence of stable long-run relationships in the money demand function, implying that monetary authorities may target narrow and broad monetary aggregates as an indicator or treat them as an information variable to anchor the inflation expectations of economic agents under the current flexible inflation-targeting framework. [ABSTRACT FROM AUTHOR]

A contemporary business challenge for bundling theory is the distribution of digital content such as media, entertainment, software, and other information goods. Consumers can use a number of devices to interact with software, online services, music, video, news, and other forms of digital content. For instance, Netflix videos and Kindle ebooks, initially accessed only on television sets and computers, respectively, are now also consumed on smartphones and tablets. Print products are now distributed and consumed both in print and digitally. Firms offer product line designs that include prices for single device access as also bundle discounts for multi-device access, so that consumers can choose a device or even multiple devices. This paper provides guidelines regarding such multi-device product line design and pricing. A starting point is to note that there are many ways to practice bundling, from offering prices for single-device consumption as well as a bundle discount (mixed bundling), to forcing multi-device prices (pure bundling), and designs in between (partial bundling). Picking the best design, and associated prices, is a complex problem due to how single-device demand functions relate to multi-device demand. Recognizing that some dual-device purchases can occur even when there is no bundle discount, the paper develops intuition around the net gain or loss incurred from giving a bundle discount to entice single-device access buyers to dual sales. One surprising finding is that inducing dual sales through bundle discounts can be profitable even when intent to consume multiple times is quite weak, because in this case dual sales would not occur organically. Less surprisingly, such inducement is also profitable when multi-consumption intent is strong, and least attractive when the intent is moderate. When one of the devices is an emerging one or has weak own demand in the short term, then it can be useful to offer a partial bundle, tying sales for the stronger device into a bundle comprising access to both devices. When device valuations are such that consumers generally agree on the rank-ordering of the devices (e.g., if a location-based app offers greater value on a smartphone than on a tablet), then it is best to employ some type of bundling, unless the intent for multi-device consumption is proportionally lower among low-value consumers than for high-value consumers. [ABSTRACT FROM AUTHOR]

The utility foundation of the Cobb-Douglas demand function is known for the one and two attributes cases. It is unknown in the case of three or more attributes, a regular need for modellers. In this article, we contribute by founding from a programme of (quasi-linear) utility maximization a Cobb-Douglas demand function of an arbitrary large number of attributes. We also contribute by providing simple formulas for consumer surplus and social welfare. By generalizing previous results, our research offers a normative foundation to a larger class of demand functions. [ABSTRACT FROM AUTHOR]

To ensure viability, it is necessary for an intertwined supply network (ISN) system to optimise network structure to provide flexible redundancy in response to changing environment. Considering resilience methods are usually designed as reactions to single discrete disruptions rather than situational reactions to real-time changes, this study proposes a novel redundancy optimisation approach dynamically providing each demand market with a pair of supply routes to optimise the flexible redundancy of ISN, thereby ensuring the survivability of supply chains and demand markets under continuous changes. Based on this, we propose the ISN design (ISND) model to capture the trade-off between total cost and viability performance under facility and transportation disruption. The Lagrangian relaxation algorithm, combined with the sub-gradient method and the improved cellular genetic algorithm, are utilised for solving problems of different scales. To test the performance of the model and corresponding algorithms, we also conduct a numerical analysis of the data from medical equipment ISN in southern China. The results indicate that the ISND model can effectively optimise ISN structures, which makes it possible to dynamically provide flexible redundancy; the two algorithms also show good calculation efficiency. The relationship between ISN structure and viability performance is thus observed and explained. [ABSTRACT FROM AUTHOR]

Consumption of animal protein food in the Special Region of Yogyakarta is still low compared to consumption of plant food which dominates, so there is a need for a policy from the government to make it easier for households to increase consumption of animal protein food. Animal protein food consumption is influenced by household income and the price of the animal food commodity itself. The aim of this research was to determine the elasticity of household demand for animal protein food and determine the factors that influenced animal food consumption patterns in the Special Region of Yogyakarta. This research utilized data from the 2020 Indonesian National Socioeconomic Survey (Susenas) which covers a total of 3529 households, which the demand for protein food animal origin was estimated using the Quadratic Almost Ideal Demand System (QUAIDS) model. The results of the analysis showed that all variables were significant at the one percent level, which means that animal protein food commodities were influenced by household income, own prices, and prices of other commodity goods as well as socio-demographics (number of household members, age of household heads, education level of household heads, and region) in the Special Region of Yogyakarta. The animal protein food commodity most sensitive to changes in income in the Special Region of Yogyakarta was fish (1.440) followed by meat (1.289), and fish (1.184) as a luxury item while eggs were a normal item (0.469). The Hicksian (compensated) price elasticity values ​​for other commodities in the Special Region of Yogyakarta showed positive results, indicating that these commodities replace each other or were substitutes. Thus, the government could use a pricing strategy to ensure that protein needs for animal food were met in the Special Region of Yogyakarta.

The consumption of animal-sourced protein food in Indonesia is projected to continue increasing. However, current issues include low average consumption levels, a significant share of expenditure, and relatively high prices of some animal-sourced protein foods. This study analyzed the demand function for animal protein food consumption to identify the factors influencing household consumption and examined own-price elasticity, cross-price elasticity, and income elasticity. The analysis used SUSENAS consumption data, including household members, income, and food expenditure, and employed the QUAIDS model. The results showed that all variables were significant at the 1 percent level, implying that animal protein food commodities were influenced by household income, own-price, prices of other commodities, and socio-demographic factors (household size, age of household head, education level of household head, and region) in East Java and East Nusa Tenggara. The animal food commodity most sensitive to income changes in East Java was milk (1.409%), followed by meat (1.252%), and fish (1.214%) as luxury goods, and eggs (0.433%) as normal goods. The Marshallian (uncompensated) and Hicksian (compensated) own-price elasticities for all commodities in East Java and NTT were negative, indicating that the demand for animal protein food adhered to the law of demand. The Hicksian (compensated) cross-price elasticity values for other commodities in East Java and NTT were positive, suggesting that these commodities are substitutes for one another.

The article focuses on the application of mathematical methods in economics, in particular discussing economic problems that are easily solved using definite integral. The purpose of the article is to show students the way and opportunity to use mathematical methods to solve economic problems. To this end, the article discusses and analyzes several economic tasks in detail, which will be interesting and easy for students to master

Live-streaming commerce (LSC) has been adopted by an increasing number of supply-chain enterprises to enhance their market competitiveness. However, the question of who will lead live-streaming e-commerce in the supply chain (SC-LSC) is a key issue, especially when there is equity cooperation between upstream and downstream enterprises. Three main SC-LSC models are examined: independent SC-LSC run by manufacturers, independent SC-LSC run by retailers, and cooperatively run SC-LSC. Then, a novel LSC demand function composed of online popularity, price discount and sales conversion rate is proposed. Furthermore, four scenarios have been comprehensively investigated considering whether there is an online-to-offline drainage effect and whether there is equity cooperation. Regardless of the scenario, having both parties reach an agreement on a given SC-LSC model is difficult, and even equity cooperation cannot promote SC-LSC cooperation. In most cases, manufacturers tend to offset the losses caused by the drainage effect by adopting high wholesale prices, which will in turn exacerbate retailers' resistance to SC-LSC. These findings provide insight into how LSC is modeled and how LSC can be better implemented in various types of supply chains such as that of Gree Electric. [ABSTRACT FROM AUTHOR]

The blank of the aviation complex part is usually produced by casting or forging, which results in a bad stock allowance distribution. Even small deviations in the blank parts or slight inadequacy in fixturing may result in a local shortage of material. Thus, the localization of blank is important in the numerical control (NC) machining process. However, except for a positive allowance, other actual requirements such as the efficiency of rough machining are not considered in most existing optimal models of localization. In this paper, we formulated the blank part localization problem as a combined problem of minimum allowance and demand function. The new unconstrained optimal model aims to achieve extra actual requirements based on a positive allowance distribution by adjusting the demand function to achieve an even allowance distribution or improving the efficiency of rough machining. Improving the efficiency of rough machining by seeking an optimal localization is first presented in the paper. The optimal model is solved by the particle swarm optimization (PSO) algorithm, and the localization result is compared with others of existing optimal models. Experiment results show that the optimal model proposed is appropriate and feasible to achieve extra requirements besides a positive allowance. [ABSTRACT FROM AUTHOR]

The structure of demand plays a fundamental role in shaping economic equilibrium. In computable general equilibrium analysis, comparative statics allow us to simulate how policies or external adjustments impact the equilibrium state. The results of these simulations are significantly influenced by the nature of the adopted demand structure. Typically, homothetic demand structures are frequently used for simplicity in these equilibrium models, but they do not accurately capture demand behavior. In this text, we study the properties of a demand system that eliminates demand constraints often found in general equilibrium models. Specifically, we first explore the characteristics of a demand system that generalizes the standard Stone–Geary linear demand structure. Second, we illustrate its possibilities with an empirical application using available Spanish data. [ABSTRACT FROM AUTHOR]

Amidst the global energy crisis in 2022, the Spanish and Portuguese governments introduced a subsidy to natural gas ("the Iberian exception"), attempting to lower the wholesale electricity market prices, with the understanding that gas-fired-combined cycle gas turbines (CCGTs) are price-setting technologies most of the time, directly or indirectly. The subsidy succeeded in lowering the market price but induced several other effects, such as (1) the increase in cleared energy in the Spanish market (mostly produced with gas), (2) the bias in the import/export cross-border position between Spain and France (Spain became a net exporter to France immediately), or (3) the consequent increase in congestion rents, which serve to lightly finance the subsidy, among other effects. This paper provides a framework for clustering the different effects based on the market participation phases: the subsidy, the market bidding, the market results, and surplus and rents. Moreover, this paper builds on the theoretical market models, with and without subsidies, and with and without cross-border exchanges. Based on the real market bids, the subsidies, and the generators' data, we reconstruct the supply and demand curves and simulate the counterfactual market scenarios in order to illustrate and quantify the effects. We highlight the quantification of the theoretical effect of the transfer of rents, from non-fossil to fossil fuel producers, induced by the gas subsidy. [ABSTRACT FROM AUTHOR]

Output uncertainty is a major concern for industries prone to exogenous, persistent and large fluctuations in output, such as agriculture, wind and solar power generation, while technology adoption aimed at mitigating output uncertainty can improve social welfare. This paper constructs a competitive market model with random output fluctuations to examine the scale of technology adoption at the long-term equilibrium and its comparison with the social optimum. We show that the First Welfare Theorem no longer holds in general, and depending on the characteristics of the demand function, the scale of technology adoption in the competitive market may be greater or less than the socially optimal scale. • We consider technology adoption aimed at mitigating output uncertainty in the competitive market. • We show that the First Welfare Theorem no longer holds in general. • We show that the scale of technology adoption in the competitive market may be too high or too low. [ABSTRACT FROM AUTHOR]

Copyright of Mexican Journal of Economics & Finance / Revista Mexicana de Economia y Finanzas is the property of Instituto Mexicano de Ejecutivos de Finanzas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Tendencias: Revista de la Facultad de Ciencias Económicas y Administrativas is the property of Universidad de Narino, Facultad de Ciencias Economics y Administrativas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We report estimates of supply and demand elasticities for houses (i.e., non-strata properties) in three geographic locations of Sydney. In the Inner Ring of Local Government Areas (LGAs)—those closest to the Central Business District (CBD)—our estimates indicate that the supply curve for houses is perfectly inelastic. This finding allows us to condition on the stock of houses and estimate the corresponding Inner Ring demand curve using ordinary least squares. In the Middle and Outer Rings—where the supply curve for houses has positive elasticity—we use instrumental variables to estimate the demand curve for houses. For all three locations, we obtain theoretically reasonable point estimates of standard demand elasticities, although the degree of uncertainty surrounding the Outer Ring estimates is relatively large. Averaging across the three regions of Sydney, the price elasticity of demand for houses is −1.3, cross-price elasticity with units is 1.1, and income elasticity is 2.1. Based on our elasticity estimates, only in the Outer Ring are any of the direct burdens of stamp duty born by buyers (about 40 percent). [ABSTRACT FROM AUTHOR]

This paper presents a profit optimization model for substitute products in a competitive, time-sensitive market with scarcity and shifting user preferences. The model maximizes profit, considering production costs and inventory maintenance. It uses a discrete choice model to represent demand, sensitivity to price, availability, and changing preferences. A two-phase PSO-type metaheuristic solution tackles the nonlinear, recursive model, efficiently managing inventories and evolving consumer preferences. The model integrates production decisions, inventories, and sales prices, considering scarcity conditions and user preferences. It uses a multinomial logit for the consumers' demand function with soft exogenous constraints, which influence utility and change consumption preferences and choices. This research offers a tool for companies to manage stock, production, and pricing in a context where goods are substitutes, providing a new perspective on business strategy. [ABSTRACT FROM AUTHOR]

Careful observers had already pointed out before the capital theory controversies that an investment demand schedule inversely responsive to the rate of interest is theoretically untenable. This implies that the weak empirical evidence showing the negative relation between aggregate investment spending and the rate of interest cannot be explained via the neoclassical investment theory. Assuming a short-run framework and concentrating on the "Sources and Uses of Funds Account," it is shown here that the inverse relationship between the two variables derives, not from the investment demand function, but from the ability to finance investment spending. The explanation is valid only in the short run. In the long run, aggregate investment spending may rise, fall, or remain constant in response to a change in the rate of interest. JEL Classification: B51, E11, E22, G31 [ABSTRACT FROM AUTHOR]

This paper constructs the money demand function including the variable of electronic payments while adopting the Autoregressive Distributed Lag (ARDL) bounds testing approach to investigate the relationship between electronic payments and money demand in China. The empirical results show that there is the cointegration among the variables in the constructed function with stability, and the e-payment variable is negatively correlated with the demand for money. According to the findings of this paper, in the long run, for every 1 percent increase in the e-payment variable, the demand for M1 will decrease by approximately 0.01 percent. In addition, the money demand function that contains the e-payment variable performs better than the one that does not in the forecast evaluation. [ABSTRACT FROM AUTHOR]

In the Fully Automatic Operation system of urban rail transit, due to braking failure or poor track conditions and other special circumstances, the train can not stop in the designated position as marked by the stop sign when entering the station, resulting in failure to open the doors, and maintenance personnel can not board the train to deal with the fault. Through the Generic Jog function in the station, the train is controlled to move a short distance, enabling the train doors to open when the train is aligned with the position of the stop sign. This facilitates maintenance personnel in handling faults. In this paper, the Generic Jog function for the above scenarios is designed, Bang-Bang control and Light Brake Demand functions are respectively used for diff erent fault scenarios, and the fully automatic operation system project has been tested and used. The accuracy of train stopping meets the index requirements of ATO platform accurate stopping, which improves the processing ability under fault scenarios. [ABSTRACT FROM AUTHOR]

In this paper, we address the problem of groundwater exploitation by heterogeneous farmers for irrigation purposes. In particular, we study the possible inefficiencies that can arise in this type of common resource problem by considering the dynamic and strategic interactions between groundwater users. To this end, we build a two-player differential game in which two types of farmers (or many farmers grouped into two types, with a representative farmer for each group) display different characteristics related to their agricultural activity. More precisely, they can have different water demand functions, extraction costs, crop productivity, land types and time-preferences. Conditions are studied for the existence and uniqueness of the cooperative and non-cooperative solutions asymptotically converging to a steady state. The model is then applied to the case study of the Western La Mancha aquifer. Effects of the different heterogeneities on the degree of inefficiency of non-cooperative solutions with respect to cooperative solutions are analyzed. Numerical results show that cooperation is always beneficial for the environment and for the agents: It results in higher levels of groundwater stock and total welfare. Moreover, considering heterogeneous time preferences is crucial for reducing the inefficiency of non-cooperation with respect to cooperation, regardless of the other asymmetries between farmers. [ABSTRACT FROM AUTHOR]

Policymakers at the federal and state level have begun to incorporate energy burden into equity goals and program evaluations, aiming to reduce energy burden below a high level of 6% for lower income households in the United States. Pairing an empirical household-level dataset spanning United States geographies together with modeled hourly energy demand curves, we show that rooftop solar reduces energy burden across a majority of adopters during our study period from a median of 3.3% to 2.6%. For low- and moderate-income adopters (at or below 80% and 120% of area median income, respectively), solar reduces median 2021 energy burden from 7.7% to 6.2%, and 4.1% to 3.3%, respectively. Importantly, solar reduces the rate of high or severe energy burden from 67% of all low-income households before adoption to 52% of households following adoption, and correspondingly from 21% to 13% for moderate-income households. Here, we show rooftop solar can support policy goals to reduce energy burden along with strategies such as weatherization and bill assistance. Modeled results show that rooftop solar reduced energy burden for most adopters in 2021 from a median of 3.3% to 2.6% with the average adopter seeing a 0.6 point ($691 annual) reduction in burden, accounting for costs, incentives, and savings. [ABSTRACT FROM AUTHOR]

During the early 1920s, a scattered group of American scholars, among whom were Harold Hotelling and E. B. Wilson, started a joint effort to develop statistical instruments in economics. They became interested in disparate topics such as the statistical determination of demand curves, business cycles, yield forecasting, population growth, and many others. Hotelling and Wilson shared much: both were trained in mathematics, both were convinced of the importance of developing inferential statistical tools based on probability theory, and both were at odds with the common sentiment of the community of statisticians contemporary with them, a community that was highly skeptical about statistical inference grounded on probabilities. Their trajectories, however, differed, diverted by their entanglement with Stanford for Hotelling and Harvard for Wilson. Confronted with different local realities, they came to develop profoundly different approaches that characterized the debates of the 1920s and 1930s on statistical inference. [ABSTRACT FROM AUTHOR]

Welfare analysis of policy interventions is ubiquitous in economic research. It plays an important role in merger analysis and antitrust litigation, design of tax and subsidies, and informs the current debate on a universal basic income. This paper provides a survey of existing empirical methods, based on cross-sectional microdata, for calculating welfare effects and deadweight loss resulting from realized or hypothetical policy change. We briefly outline classical parametric methods that are computationally tractable, then discuss recent nonparametric approaches that avoid making statistical and functional-form restrictions on individual preferences. This makes the welfare estimates theoretically more credible, and clarifies exactly what welfare-relevant information is contained in demand distribution in various choice settings. However, these methods also demand greater in-sample variation in the data for practical implementation than classical parametric approaches. We then cover settings with externalities. The above results are theoretical, and take the demand function as known; therefore, we briefly discuss empirical problems around demand estimation. We conclude by suggesting areas for future research. (JEL C14, C35, D11, D60, D62) [ABSTRACT FROM AUTHOR]

The paper investigates the asymmetric effects of expected oil wealth on the demand for money in Nigeria over the period 1986:Q1-2020:Q4, by using linear autoregressive distributed lag (ARDL) and nonlinear ARDL (NARDL) approaches. The linear (ARDL) bounds testing approach shows that expected oil wealth has no significant effect both in the short and long run. However, when a NARDL model is applied, the effect of negative and positive expected oil wealth shocks on the demand for money is significant and unequal in the long run, with a higher long-term impact of negative shocks compared to positive shocks. This result highlights a long-run asymmetry in the transmission of expected oil wealth shocks. Expected oil wealth is thus rather a long-run phenomenon for the Nigerian money demand function. [ABSTRACT FROM AUTHOR]

This article describes a data-driven case study for teaching and assessing students' skills in marketing analytics, specifically in pricing. This case study combines teaching econometrics to analyze data and substantive marketing to derive managerial insights. The econometric challenge requires students to set up and implement a regression analysis to derive the demand function, detect multicollinearity, and select appropriate data visualizations. The substantive challenge requires deriving optimal pricing decisions and understanding how the parameters of the demand function impact optimal prices and the associated profit. We test the case study in a marketing analytics exam and discuss the performance of 134 students. Beyond assessing student performance in an exam, the case study facilitates teaching through in-class group work or assignments. Free of charge, under a liberal CC BY license, we encourage other educators to use the case study in their teaching. We provide the necessary data and a sample solution using the statistical programming language R. [ABSTRACT FROM AUTHOR]

In theory, discretionary pricing enhances company performance by enabling managers to incorporate local information. However, in practice, managers may be prone to behavioral biases that can lead to suboptimal decisions. This paper investigates the effectiveness of discretionary pricing and behavioral elements on pricing decisions via field and lab experiments. Collaborating with a pharmacy chain retailer, we first analyzed a field experiment that delegated pricing authority to store managers. We find that managers began engaging in discretionary pricing after two months of experiment implementation and tended to raise the prices of high-priced drugs, resulting in significant sales and revenue losses. This effect was particularly prominent among less-experienced managers and in low-competition stores. We further designed a set of lab experiments to generalize our field observations and explore possible behavioral drivers. We requested lab participants to make pricing decisions under different information display scenarios and compared the average price adjustments between the direct display and click-to-view designs. We observe that participants also tended to raise product prices, and the magnitude of elevation was higher in the click-to-view group where the demand function information is less salient and accessible. Follow-up lab experiments support our field observations, suggesting that experience through repeated decisions and real-time feedback could alleviate the bias effect. Additionally, participants focused on high-priced products when given a list of items for discretionary pricing. Our results highlight the need to consider behavioral biases in human–algorithm collaborations and provide practical insights for improving information provision and training in discretionary settings. [ABSTRACT FROM AUTHOR]

Charactering Cournot equilibria in settings with asymmetric firms is a challenging problem. In their technical note "Multimarket Cournot Equilibria with Heterogeneous Resource-Constrained Firms," R. Caldentey and M. Haugh consider competition in a multimarket setting where firms are subject to varying budget or capacity constraints. They explicitly characterize the unique equilibrium in this environment by introducing the concepts of augmented and cutoff budgets for firms and markets. In particular, they show that a firm operates in a particular market if only if its augmented budget surpasses the market's cutoff budget. They also investigate how the equilibrium properties change as the number of firms N varies while maintaining a fixed aggregate budget. They show via a numerical study that increasing N leads to a higher total output across all markets but that this monotonicity need not hold individual at the level of an individual market level. They also show that, although the firms' cumulative payoff decreases in N, the consumer surplus and social surplus increase in N. We study Cournot competition among firms in a multimarket framework where each of the firms face different budget/capacity constraints. We assume independent linear inverse demand functions for each market and completely characterize the resulting unique equilibrium. Specifically, we introduce the notions of augmented and cutoff budgets for firms and markets, respectively. We show, for example, that firm i operates in market j if and only if firm i's augmented budget is greater than market j's cutoff budget. We also study the properties of the equilibrium as a function of the number of firms N while keeping the aggregate budget fixed. In a numerical study, we show that increasing N increases the total output across all markets although this monotonicity can fail to hold at the individual market level. Similarly, we show that that, although the firms' cumulative payoff decreases in N, the consumer surplus and social surplus increase in N. Funding: R. Caldentey thanks the University of Chicago Booth School of Business for financial support. [ABSTRACT FROM AUTHOR]

This research considers advertising and corporate social responsibility (CSR) in a supply chain. The supply chain composed of a retailer and a manufacturer is considered. It is assumed that the manufacturer chooses one of two strategies: the manufacturer is only concerned with its profit, and the manufacturer is concerned with society's satisfaction level in addition to its profit. Accordingly, in the second strategy, the manufacturer has a utility consisting of profit and consumer satisfaction. Concerning the manufacturer over consumers, satisfaction is assumed as the CSR concern. Therefore, in this study, a measure for determining the satisfaction level in society is developed for the first time. Moreover, we assume that the manufacturer could have environmental transparency in advertising when facing its customers. Hence, it is considered that the demand function is sensitive to advertising transparency. The effect of advertising transparency on the demand function is also considered in this paper. In addition, we assume that the supply chain members are rivals and tend to determine their equilibrium decision variables to earn the maximum profit or utility. At last, based upon the equilibrium values of variables, some analysis and managerial insights are proposed. For instance, when the manufacturer is concerned with CSR, the equilibrium advertising, demand, and the profit of the retailer are higher and the wholesale and retail prices are lower than when he is not concerned about CSR. [ABSTRACT FROM AUTHOR]

This article applies competition-based pricing method to a location-inventory-pricing problem, something which had not yet been investigated as of this study. It reveals that examining the three problems of location, inventory and pricing in an integrated and simultaneous manner can be the best approach to optimize the supply chain (SC) and increase the profitability of its companies. The investigated three-level SC distribution network model includes one supplier, several distribution centers (DCs), and several customers. The model is structured in form of a mixed integer nonlinear programming to maximize the long-term average profit of the distribution network. It considers constraints of inventory capacity along with continuous review inventory policy in each open DC. For its DCs' retail price determination, two competing pricing approaches of higher than and lower than the average price of competitors have been used. The approach has been investigated on several potential DCs and customers and its numerical results show that retail price from the DCs to the customers is dependent on the average price of the market and its fluctuations. The major finding of this research is the fact that the type of demand function can have a substantial effect on the obtained results in the location-inventory-pricing model and greatly influence the amount of the profit of each company. Its applied strategy along with innovative competition-based pricing approach and projection of customers' demand via linear and exponential functions show how companies can increase their profit through price adjustment and demand projection. [ABSTRACT FROM AUTHOR]

How does an increase in market size, say due to globalization, affect welfare? We study this question using a model with monopolistic competition, heterogeneous markups, and fixed costs. We characterize changes in welfare and decompose changes in allocative efficiency into three different effects: (1) reallocations across firms with heterogeneous price elasticities due to intensifying competition, (2) reallocations due to the exit of marginally profitable firms, and (3) reallocations due to changes in firms' markups. Whereas the second and third effects have ambiguous implications for welfare, the first effect, which we call the Darwinian effect, always increases welfare regardless of the shape of demand curves. We nonparametrically calibrate demand curves with data from Belgian manufacturing firms and quantify our results. We find that mild increasing returns at the microlevel can catalyze large increasing returns at the macrolevel. Between 70 and 90% of increasing returns to scale come from improvements in how a larger market allocates resources. The lion's share of these gains are due to the Darwinian effect, which increases the aggregate markup and concentrates sales and employment in high-markup firms. This has implications for policy: an entry subsidy, which harnesses Darwinian reallocations, can improve welfare even when there is more entry than in the first best. [ABSTRACT FROM AUTHOR]

In view of the rapid development and application of blockchain technology, this paper considers a secondary supply chain system consisting of a single upstream supplier and a downstream e-tailer that implements blockchain technology and a traditional e-tailer that does not implement blockchain technology. We establish the demand function of two channels based on consumers' sensitivity to the blockchain and use the Stackelberg game model to compare and analyse the e-tailers' profits from the two channels. For the basic properties, interestingly, we find that there exists a critical threshold on the cost sensitivity to effort that helps each e-tailer decide whether to implement effort. If the cost sensitivity to effort is high, the two-sided e-tailers will reduce their effort as much as possible to obtain greater profits. Conversely, if the cost sensitivity to effort is low, they will increase their effort to obtain more benefits. We also discuss the role of blockchain technology in competition between e-tailers and analyse the impact of the product brand effect brought by the traceability characteristic of blockchain on the competition between e-tailers. To check the robustness of the core results and to investigate different forms of supply chain configurations, this paper further develops the analysis of the supplier entering agency agreements with two-sided e-tailers. Under this scenario, the supplier sells their products directly to consumers through two-sided e-platforms and shares revenue with e-tailers as platform agency fees. These core ideas remain valid in the extended model. [ABSTRACT FROM AUTHOR]

Egyptian green peas are distinguished by their high quality and delicious taste, which makes them desirable in international markets. Despite this, Egypt's share of global exports is small, not exceeding 2.7 thousand tons, which represents about 0.83%. Therefore, there was a need to know the export situation and the determinants of external demand for the Egyptian green peas crop in the most important markets. The results of the research showed that there was no stability in Egyptian exports of green peas, whether in terms of quantity, price, or value during the study period. Our Egyptian exports are concentrated in a limited number of countries, the most important of which are the United Kingdom, the Netherlands, Belgium, France, and Germany. Export competitiveness indicators showed that Egypt enjoyed a Revealed comparative advantage in green peas exports, amounting to about 5 during the average period (2005-2022), in addition to a specialized comparative advantage of about 4.1. The results also showed a decrease in the market share of Egypt’s peas exports in the markets of the United Kingdom, which amounted to about 5.2%, followed by France with about 2.8%, then Germany with about 2.3%, then the Netherlands and Belgium with about 1.3% and 0.24%, respectively. Studying the market penetration index revealed the weak ability of Egyptian green peas exports to penetrate the markets of the study countries. The external demand model for the United Kingdom market showed that the quantity of imports of green peas is affected by both the price of imports and the quantity of domestic production, and the price elasticity of demand was about 1.3. As for the Dutch and French markets, it was found that the quantity of crop imports is affected by both the import price and the population size, and the price elasticity of demand reached about 1.2. In the Belgian market, it became clear that the quantity of imports is affected by the price of imports, the quantity of domestic production, and the population. The price elasticity of demand was about 0.003. As was shown by conducting the substitution model, to increase Egyptian exports to the markets of the United Kingdom, the Netherlands, Germany, Belgium, and France, we must work to reduce the export price of green peas compared to the prices of competing countries, especially in markets characterized by price flexibility. The research recommended the need to increase the area cultivated with peas, especially in new lands, and that this area be allocated for export. With the importance of improving the quality of exports and raising the efficiency of export operations. And increasing the amount of exports to Arab countries, especially Saudi Arabia, Yemen, and Kuwait. [ABSTRACT FROM AUTHOR]

We propose an optimal pricing model for products with both positive and negative network effects. A closed-form expression of the optimal pricing policy is derived under the assumption that the demand function is linear. When there are two customer types with different attitudes towards congestion, the monotonicity of the optimal price differs according to the price sensitivity of each customer type. We show that even if the number of customers who are averse to congestion increases, if the negative-type price sensitivity is low and the positive network effect is weak, increasing the optimal price will increase total profit. [ABSTRACT FROM AUTHOR]

We develop a novel methodology for disentangling the demand and cost drivers of firm heterogeneity when firms sort themselves into different markets, and we apply it to export status differences. Our methodology results in joint estimates of firm-level productivity and of markups in every market, without imposing functional form restrictions on demand. We find that exporters, relative to nonexporters, (i) have flatter domestic demand curves—thicker domestic markets—and (ii) have higher demand conditional on productivity. Finally, (iii) these demand advantages translate to foreign markets, thereby leading to export status differences. [ABSTRACT FROM AUTHOR]

This study analyzes the residual demand curves of 42 countries under five scenarios with varying variable renewable energy (VRE) levels to observe how replacing coal with VRE can alter the demand curve. Using 2018 demand data, the residual demand was calculated and analyzed by subtracting the VRE supply curve from the demand curve. The operational requirements for low-carbon load-following sources amid high VRE penetration are examined. Key findings indicate that substantial peak residual demand persists even with 70% energy from VREs, emphasizing the need for significant load-following resources. Transitioning to a 70% VRE scenario could reduce CO2 emissions by approximately 16.799 billion tons, advancing towards carbon neutrality. However, this benefit depends on maintaining grid stability, highlighting the importance of adequate load-following plants to manage VRE intermittency. Countries like Malaysia, South Korea, Tunisia, the UK, Japan, Indonesia, Thailand, and Libya face higher load-following demands due to specific renewable energy contexts. This study reveals varying renewable energy environments across countries, suggesting that a universal strategy for carbon neutrality and replacing coal may not be feasible. Each nation must develop its own approach to emission reduction, considering its unique conditions. This research emphasizes the urgent need for developing cost-effective, flexible, low-carbon load-following sources to enhance decarbonization potential globally. [ABSTRACT FROM AUTHOR]

Nowadays, people from across the globe are very much concerned about the adverse effects of global warming due to greenhouse gas emissions. To control the effects of these emissions, almost all countries are investing in projects that address the adverse effects of emissions. Again, to avoid the limited capacity of the available warehouse, many retailers include a second warehouse, preferably for rent, under the assumption of the limitless capacity of the rented one. This work considers a two-warehouse deteriorating inventory model for a time-dependent demand function with an optimum investment in green technology (GT) to control the emission due to transportation considering shortages caused by partial backlogging. The solution to the model problem is carried out to find the optimum cycle length and minimum total cost by taking an appropriate numerical example, and graphical explanations are mentioned for the model problem. Again, for validation purposes, sensitivity analysis is provided concerning some parameters that have significant impacts on the different objectives of the model. MATLAB software carries out all the numerical computations, and finally, it concludes with conclusions and scope for future research. [ABSTRACT FROM AUTHOR]

This research incorporates an electricity market model based on a stochastic allocation of distributed resources and the analysis of an optimal demand response for a smart microgrid. This research develops a methodology that allows the application and comparison of various demand-response mechanisms and the analysis of the differences between them and the case of no-demand response, emphasizing economics, environmental care, demand curves, and other factors. By enabling more active participation by residential users of the smart microgrid, these demand-response methods help to flatten the demand curve and support the goals set by the electricity market model. Both conventional and non-conventional generators compete in the electricity market, with renewable energy sources preferred to encourage green generation. Conventional generators are required to supply electricity gradually, starting with the lowest pollution level. In addition, conventional generators are compensated for dispatch, system reliability, and availability. In addition, random variables are used in this study to predict initial load, solar radiation analysis, and biomass input before resources are optimized to meet demand. [ABSTRACT FROM AUTHOR]

In this study, an analytical framework of non-linear co-integration theory is applied to empirically analyze the Chinese money demand function data from Q1 1994 to Q3 2017. The results show that it neglects non-linearities in all variables and that M1 and M2 have long-run nonlinear equilibrium relationships with real GDP, interest rate, inflation rate, the effective exchange rate of RMB, and trade dependence. Further, an enhanced BP neural network is applied to estimate the long-run equilibrium equation, and it is found that the marginal coefficients of M2 are more stable than those of M1. It is suggested that although China was much less dependent on foreign trade since the 2008 financial crisis, the RMB-USD exchange rate and financial variables outside China had a slight impact on China's money demand because of its closed financial market so that the financial crisis had little effect on China's financial system. [ABSTRACT FROM AUTHOR]

Electronic contracts are witnessing rapid growth, becoming a significant portion of both international and domestic trade. This is attributed to the ease and speed of their formation and execution, allowing individuals to access a wide range of options by simply pressing the keyboard of their internet-connected devices. This eliminates the need for physical movement and facilitates constant communication and interaction between the contract parties. Such digital transactions ensure complete freedom for negotiation and discussion of contract terms, akin to traditional face-to-face negotiations conducted in a physical contract assembly. This has led to an increased demand for products and services online, consequently expanding the consumer base in the realm of electronic commerce (Al Marzouki, 2019). The buyer holds a central role in the business process but is in a relatively weaker position compared to the merchant, who is considered the stronger party. Merchants can master the mechanisms of managing electronic business practices professionally on websites, while consumers may approach contracts with only basic familiarity, limited by the technologies available to them. Hence, there arises a need for consumer protection laws designed to shield individuals from deceptive and misleading policies and practices in unfair business transactions (Almehiri, 2015). Therefore, it is imperative to provide special protection for the buyer in electronic contracts. The idea of buyer protection has garnered significant interest in most civilizations worldwide, as it constitutes a right enjoyed by the consumer. This protection shields the consumer from fraud and deception that may be perpetrated by the seller. Consumer protection witnessed a substantial breakthrough in the twentieth century with the enactment of numerous laws supporting consumer rights. Additionally, both local and international entities have shown interest in educating consumers across various fields to ensure they are aware of their rights and responsibilities, preserving them within the appropriate legal framework (Abdul Samad, 2016). It is now evident that buyer protection is crucial in electronic contracting. This protection extends beyond the time of contract formation and execution; it is equally essential to safeguard the buyer from the moment they enter the online sphere to search for an e-commerce store to contract with until the contract's execution. The aspects of this protection manifest in the stage of electronic advertising on the store's website on one hand, on the other hand, ensuring consumer protection during the negotiation phase of the contract is a matter that must be carefully considered by the e-commerce store. [ABSTRACT FROM AUTHOR]

During the coronavirus epidemic, food supply chains have been affected by disruptions of this epidemic. Having an overview and considering food-related factors such as energy, waste, and water make the design of the supply chain more effective. In this study, a multi-objective model for a sustainable food supply chain is presented based on the prevalence of coronavirus by considering the food-energy-water-waste nexus. There are dual-channel sales including online and in-person channels, which their demand functions depend on products price in every channel, as well as the prevalence of coronavirus in high-risk or low-risk areas. Distribution centers, located in high-risk regions, require the disinfection of products to minimize coronavirus spread. Indeed, the proposed mathematical model has three objective functions that the first objective maximizes the profit of the food supply under COVID-19 conditions. The other two objectives minimize not only the environmental impact of transportation, but also the delivery time. In order to solve this multi-objective model, the epsilon constraint method, as an efficient technique, is employed. To validate the proposed model, the model is finally implemented in a two-channel supply chain in Iran. The results show that the food supply chain has a close relationship with the energy-water-waste nexus COVID-19 and can also affect customers' behavior. Moreover, the model shows when the prevalence of COVID-19 increases, people tend to buy from online shops, affecting product prices that can change by nearly 50%. [ABSTRACT FROM AUTHOR]