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Innovation in the mining sector is crucial for industrial, economic, and sustainable development, particularly for developing economies. It is important to understand the factors that stimulate innovation in this sector to upgrade productivity and growth. In the mining sector, innovation is driven by profit structure, which in turn depends strongly on commodity prices. We hypothesize two innovation responses to prices, which we test against existing evidence found in recent literature and available industry data. We find two different innovation responses to prices: exploration and in-house research and development (R&D) investments by mining companies increase as commodity prices rise, while the use of suppliers' innovation intensifies when prices decrease. Policies to strengthen the sector should provide long-term support for the Mining Equipment, Technology and Services (METS) sector so that they can continuously invest in R&D to provide innovative solutions for mining firms, possibly extending to lateral linkages, applying digital and low-carbon solutions developed for the mining sector and beyond. [ABSTRACT FROM AUTHOR]

Soda taxes are an increasingly popular policy tool that discourages purchases of sugar-sweetened beverages. This study analyzes how emphasis on marketing conduct elements and their effectiveness might change after soda tax introductions. Prior studies on the effect of soda taxes focus on price increases but neglect other relevant marketing conduct tools (i.e., promotional frequency, promotional discount depth, and feature promotion frequency). This study documents the changes to marketing conduct elements and their effectiveness due to the introduction of soda tax across more than 200 retail stores in five markets. Findings related to price changes are consistent with prior literature; in addition, the study reveals a substantial, hitherto overlooked decrease in promotional frequency (−2%), promotional depth (−12%), and feature promotion frequency (−14%) compared with matched control markets, exacerbating the tax's negative sales effect. Introducing a soda tax also considerably influences the marketing conduct's effectiveness, such that consumers become less sensitive to changes in regular price, feature promotions, and the depth of the promotional discount but respond more to the presence of promotions. Importantly, marketing conduct and effectiveness changes do not align (e.g., while consumers become more sensitive to promotion frequency, managers often reduce them), a relevant insight for policy making. [ABSTRACT FROM AUTHOR]

The introduction of the Beijing–Shanghai high-speed rail (Launch) and the Wenzhou bullet-train collision (Crash) in China provided a unique occasion to study the effect of competition on price dispersion. Results show that price dispersion increased by about 48% after the Launch, as airlines offered greater discounts to price-elastic consumers than to price-inelastic consumers. By contrast, price dispersion decreased by about 55% after the Crash, as airlines raised prices more for price-elastic consumers than for price-inelastic consumers. [ABSTRACT FROM AUTHOR]

Although price increases are common in business-to-consumer and business-to-business (B2B) markets, research examining the consequences of price increases on financial performance outcomes in B2B contexts is scarce. This study takes a relationship perspective on price increases and examines how a portfolio price increase affects the financial performance of the customer relationship and whether and how this effect varies between international business customers from different cultures. Based on objective data from 966 international B2B customers of a chemical goods company, this study examines a large-scale field intervention. Results show that higher portfolio price increases, although rooted in an increase of upstream costs, bring more severe harm to B2B customers' sales revenue than lower portfolio price increases. These consequences vary with customers' cultures as B2B customers with culture-specific communal norms are more susceptible to the magnitude of portfolio price increases than customers without such norms. International B2B companies, therefore, need to refrain from implementing uniform price increases and should consider their business customers' cultural origin when designing and implementing price increases. [ABSTRACT FROM AUTHOR]

This paper argues that in housing transaction with asymmetric information, sellers may signal their private information with special design of listing prices. We build a cheap-talk signalling model in which sellers strategically choose round number listing prices to signal their weakness, i.e. they are willing to accept lower prices in order to sell their houses more quickly. Using housing market transaction data in Beijing, we find that round number listings sell 0.13% lower and 0.086 months sooner than precise ones. We also show that these results are unlikely to be driven by housing unobserved attributes or round number self-attractiveness. In addition, we find that as the roundness of listing price increases, the signalling effects become more pronounced. Our results present empirical evidence that signalling helps improve negotiation efficiency under asymmetric information. [ABSTRACT FROM AUTHOR]

The list of standard abbreviations for JDS is available at adsa.org/jds-abbreviations-24. Nonstandard abbreviations are available in the Notes. The welfare of cull cows during transport to slaughter is a current concern in the Canadian dairy industry. Cull cows sold through auction often have a high prevalence of lameness, low BCS, hock lesions, and udder engorgement. To evaluate whether drying off and feeding cull dairy cows before transport can mitigate these challenges, 45 cows designated for culling were randomly assigned to either be fed for 60 d after being dried off (fed group; n = 24) or to serve as controls by being sent directly to slaughter (direct group; n = 21). Two fed group cows were removed for health reasons before completing the feeding period. Both fed group and direct group cows were assessed for locomotion (5-point scale), BCS (5-point scale), hock lesions (3-point scale), udder engorgement (3-point scale), and BW at the time of enrollment. Fed group cows, locomotion, BCS, hock, and udder engorgement scores were assessed weekly until slaughter. Weights of the fed group cows were measured again the day before slaughter. Mixed linear regression models were used to assess continuous outcomes BCS and weight. Mixed logistic regression models were used to assess dichotomous outcomes presence of hock lesions and lameness. Fed group cows gained an average of 116.9 kg over the feeding period (SE ± 8.20). Fed group cows had an average weight at slaughter of 834.2 kg, whereas direct group cows' average weight was 767.3 kg (SE ± 26.8). The fed group cows' average BCS at the start of the trial was 2.4, and at slaughter was 3.6, with an average gain of 1.2 BCS points. At slaughter, the proportion of udders involuted in the fed group was 45.1% (10/22) and in the direct group cows, was 0% (0/21). No differences were found in locomotion or hock lesions between the fed group and direct groups. It is important to weigh potential benefits for the fed group cows with the fact that direct group cows did not endure a drying off procedure, nor were they placed at risk of potential adverse health events. However, despite these potential limitations, due to the improved BCS and udder engorgement scores, cows fed for 60 d may be better prepared for the transportation to slaughter, as well as sell for a higher price due to increased BW and body condition. [ABSTRACT FROM AUTHOR]

The pandemic generated heterogeneous demand shocks in the food away from home industry's consumption channels: on-site and deliveries/takeaways. Hence, price adjustments by consumption channel could have also been different. This study examines dishes' prices intended to be consumed as deliveries, which come from an online food ordering and delivery platform in Mexico City (CDMX); as well as those aimed at on-site consumption, which are considered in CDMX's CPI. I document that, in the early stages of the pandemic, delivery prices grew at a faster rate than those for on-site consumption. This is consistent with the idea of positive demand shocks for delivery prices and negative for on-site prices. By March 2022, following some reversal in consumers' preferences, the cumulative price growth across both consumption channels was similar. [ABSTRACT FROM AUTHOR]

Our objective in this paper is to examine the growth of the price of farm milk quotas in Canada, to shed light on their patterns of growth within the last 15 years. Our quota price model is based on the Gordon growth model, supplemented by some important characteristics of the milk quota market. Our explanatory variables include the quota rental price, interest rate, and expectations of both price and quantity growth, all for the province of Alberta over the 2009–2023 time period. Our economic model of quota prices performs well by giving results with the predicted signs for all variables in our model and high levels of statistical significance except for expectations of quantity allocations when entered separately. The model has two variants, one with the expectation of growth in quota rents and the other with the expectation of growth in the quota asset price. Econometric issues related to time series problems are dealt with. The model allows calculation of policy risk, which shows an interesting pattern over this time period. [ABSTRACT FROM AUTHOR]

The COVID‐19 pandemic resulted in disruptions to the Canadian meat and livestock markets. While prices initially decreased, the shutdowns of beef packing plants led to a large reduction in the supply of beef and a corresponding increase in the wholesale price with ramifications along the entire supply chain. This study examines the effect of COVID‐19 on price transmission and price volatility in the Canadian beef supply chain using monthly farmgate, wholesale, and retail price data covering the period from July 2005 to February 2022. We find evidence indicating that COVID‐19 affected long‐run price transmission from farmgate and wholesale markets to the retail market. Specifically, we find that the pandemic resulted in a 94.42 and 81.48% decrease in price transmission from the farmgate and wholesale market, respectively, to the retail market, indicating that higher prices at the wholesale level were not being passed on to consumers to the same extent. In the short run, we find asymmetric price adjustments and both direct and indirect volatility spillovers among the three levels of markets, implying strong market interactions across the beef supply chain. Overall, our results suggest the resiliency of the Canadian beef sector to COVID‐19 shocks. [ABSTRACT FROM AUTHOR]

Purpose: The primary focus of this study is to examine the distributional consequences of the widespread increase in prices. The fundamental question the study aims to address is whether the dynamics of income distribution due to higher inflation differ in the short term compared to the long run. Design/methodology/approach: The authors estimated a panel-data model (fixed effects) using inequality and inflation data available at a high frequency, i.e. on a quarterly basis for over 30 years, and found evidence that inflation causes rapid swings in income distribution. Findings: The authors' contribution to the literature lies in providing evidence that inflation rapidly causes swings in income distribution, even after controlling for the state of the economy. The authors also demonstrate that the magnitude and direction of the effect of inflation on income inequality depend on whether the initial inflation rate is below or above the Federal Reserve's target of 2%. Originality/value: To the best of the authors' knowledge, the authors are the first to emphasize that the targets set by central banks can drive the strength and direction of the relationship between inflation and income inequality. [ABSTRACT FROM AUTHOR]

Key Takeaways: Biennial data from 2017 to 2023 show that water and sewer prices increased substantially, from an average combined monthly price of $79.39 in 2017 to $95.02 in 2023 at 6,200 gallons per month for single‐family residential customers. Water rate structures became more regressive during that time, with utilities collecting an increasing share of revenue through fixed charges and less revenue through volumetric charges. Average low‐income affordability in the United States has worsened over the past six years, mainly driven by extreme unaffordability in a small minority of utilities. [ABSTRACT FROM AUTHOR]

Land vacancy is a persistent phenomenon leading to various socioeconomic issues in postindustrial cities. We examine the relationship between the timing of vacant lot investment and land options and compare two investment options using a quasi‐experimental design: housing investment that develops vacant lots into housing, and greening investment that converts vacant lots into gardens and reserves redevelopment options. By compiling a unique lot‐level time‐to‐event dataset based on a large‐scale vacant lot greening program in Philadelphia, we address the questions of whether and how introducing the option of greening investment to vacant lots can expedite initial investment and reduce vacancy. With the greening option, initial investment on vacant lots becomes less irreversible, thus reducing time in vacancy by 50% and elevating the hazard rate of investment by 80%. We test for the presence of the real options channel, identifying a decelerating (accelerating) effect of price uncertainty (price growth rate) on the timing of housing investment and insignificant effects of the factors on the timing of greening investment. Our findings suggest that vacant lot greening as an anti‐blight strategy is more effective to expedite investment in neighborhoods with elevated uncertainty, subdued growth rate, moderately lower income, and heightened vacancy. [ABSTRACT FROM AUTHOR]

We show evidence of the impact providing information on market conditions (supply growth, demand patterns, pricing trends, and competitor rates) on pricing in the short‐term rental market. Using a sample of 2196 housing units over 18 months available on Airbnb in Madrid, Spain, we observe property managers' adoption of this technology at different points in time for 16% of our observations. Our propensity score matching estimates support the evidence of greater market transparency obtained through the adoption of this technology, with a significant increase in revenues obtained through a reduced average daily price and increased occupancy. Our results are robust to several model selections dealing with a potential endogeneity issue. We also show some preliminary evidence of property managers increasingly engaging in dynamic pricing after adopting this technology. Mainly, revenue growth seems to be generated through a small price drop leading to a rise in occupancy at the top end of the price distribution rather than at the bottom end, where a significant and much higher price drop is not able to generate the necessary occupancy growth to obtain an overall increase in revenues. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Planning Education & Research is the property of Sage Publications Inc. 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 Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal 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.)

This study constructs a pricing strategy model that considers consumer busyness and low price duration to examine the effectiveness of limited‐time pricing in influencing consumer behavior. The results show that local store can develop a limited‐time promotion strategy to improve profit, and there is an optimal low price duration. As consumer busyness increases, online retailer's profit may decrease, as local store is better able to leverage consumer busyness to enhance competitiveness. Interestingly, when local store lower price, online retailer may actually need to increase price to obtain greater profit from consumers who missed out on store discounts. [ABSTRACT FROM AUTHOR]

This paper examines the implications of common ownership on pricing and quality decisions in supply chains. Our results indicate that the presence of common ownership enhances the quality investment but increases the wholesale price. However, the presence of common ownership induces the retailers to charge lower sales price. Because of higher wholesale price and lower sales price, the manufacturer always benefits from the common ownership but the common ownership always hurts the retailers. The presence of common ownership always benefits consumer surplus and social welfare. The benefits of common ownership are more significant as the common ownership level becomes strong. [ABSTRACT FROM AUTHOR]

The current global pandemic scenario has health implications, but also economic and social. Impacts on energy markets are examples of these consequences. Thus, the main objective of this research is to assess the impacts of the Covid-19 context on energy prices. Furthermore, it was intended to analyse the interrelationships of these frameworks with unemployment rates and excess mortality. For this purpose, several data and other pertinent information from international databases were considered and analysed. For the empirical analysis, econometric approaches were taken into account, as well as other methodologies associated with statistical analyses. The main findings of this research highlight that the impacts of the pandemic context on energy markets were several phases and the last one are the implications for price increases. The rise in energy prices is not only a consequence of the pandemic scenario, but also an implication of energy policies adopted worldwide, namely in the European Union (EU) member-states. [ABSTRACT FROM AUTHOR]

This paper extends the Bayesian semiparametric stochastic volatility (SV‐DPM) model. Instead of using a Dirichlet process mixture (DPM) to model return innovations, we use an infinite hidden Markov model (IHMM). This allows for time variation in the return density beyond that attributed to parametric latent volatility. The new model nests several special cases as well as the SV‐DPM. We also discuss posterior and predictive density simulation methods for the model. Applied to equity returns, foreign exchange rates, oil price growth and industrial production growth, the new model improves density forecasts, compared with the SV‐DPM, a stochastic volatility with Student's t innovations and other fat‐tailed volatility models. [ABSTRACT FROM AUTHOR]

We utilize a unique setting associated with the mandatory closure of the government‐to‐business revolving door to examine whether and how an exogenous rise in firm‐level political uncertainty affects the mispricing of earnings. The tension that underlies our study stems from two opposing effects. To the extent that such uncertainty can trigger opinion divergence (rational attention) among investors, it is expected to delay (accelerate) price discovery and increase (decrease) security mispricing. Our identification strategy draws on the difference‐in‐differences analysis associated with the Chinese regulation in 2013 that mandated the resignation of corporate independent directors with a government background. Consistent with the dominance of the opinion divergence effect, we observe that these involuntary resignations unintentionally increase delays in share price responses following earnings announcements. These findings are more evident among firms that enjoy more benefits from independent directors with a government background. Further analyses confirm that these involuntary resignations trigger more opinion divergence rather than rational attention among investors by showing significant increases in analyst forecast diversity but no changes in analyst coverage following such resignations. We provide novel evidence that market information efficiency could deteriorate as an unintended consequence of the escalation of firm‐level political uncertainty. [ABSTRACT FROM AUTHOR]

Most microeconomic models consider that expanding the land supply would enlarge the housing stock, reducing the pressure on house prices to increase. Using 234 prefecture-level city data from 2011 to 2020 in China, we find land supply is positive with house prices, suggesting this widely used conclusion is invalid in China. Besides, the positive relation between house prices and land supply is more pronounced in the higher house price area. We consider local governments utilize the relevant land revenue to attract industries and build infrastructure, resulting in a positive externality of increased land supply and a rise in housing prices. [ABSTRACT FROM AUTHOR]

Background: Introducing more generics has been a successful strategy for lowering pharmaceutical prices and expenditure. However, the effect of the strategy depends on the pricing schemes for generics. We aimed to update the South Korean generic markets in terms of effective competition, and to examine the effects of number of manufacturers and price variance on pharmaceutical expenditure. Methods: We constructed balanced panel data provided by the Health Insurance Review and Assessment Service covering 726 reimbursed substances from 2019 to 2023. We developed original indicators to analyze the generic markets: the maximum-minimum price variance (MMPV) and the maximum-weighted price variance (MWPV). Panel regression with fixed and time-fixed effects was used. Results: Over the study period, the number of manufacturers increased from 17.81 in 2019 to 20.98 in 2020 and then decreased to 18.70 in 2023. The MMPV increased from 204.70 in 2019 to 230.07 in 2022 and then decreased slightly to 225.34 in 2023. The MWPV increased from 59.70 in 2019 to 72.58 in 2023. Two types of segmented markets were noteworthy: low use of low-cost generics with sufficient manufacturers and high use of low-cost generics with insufficient manufacturers. In the fixed and time-fixed effects panel analyses, the MWPV presented a negative association with the number of manufacturers and a positive association with the MMPV. Conclusions: A newly introduced tiered pricing scheme, designed to differentiate generic prices, was associated with a decrease in the number of manufacturers and an increase in price dispersion. The pricing schemes for generics should be designed with price variance in mind and limit the number of too many generics in South Korea. [ABSTRACT FROM AUTHOR]

Climate advocates and finance industry titans suggest firms' climate policies have economic payoffs. We examine whether stock markets reward firms that have joined the Science-Based Targets Initiative (SBTi), a voluntary climate program that verifies firms' emission reduction pledges. Our analysis of S&P 500 companies' quarterly stock prices for 2010–2023 finds little evidence that SBTi verification (of any type) increases stock prices. If stock markets are not incentivizing firms to voluntarily undertake climate actions, policymakers and climate advocates need to focus on providing nonfinancial rewards to encourage firms to invest in emission reductions. [ABSTRACT FROM AUTHOR]

Recent theoretical developments in economics distinguish between risk and ambiguity (Knightian uncertainty). Using state-of-the-art methods with intraday stock market data from February 1993 to February 2021, we derive financial ambiguity and empirically examine the effect of shocks to it on the price and volatility of crude oil. We provide evidence that ambiguity carries important information about future oil returns and volatility perceived by investors. We validate these results using Granger causality and in-sample and out-of-sample forecasting tests. Our findings reveal that financial ambiguity is a possible factor that explains future drops in oil prices and their increased variability. Our findings will benefit scholars and investors interested in how financial ambiguity shapes short-term oil prices. [ABSTRACT FROM AUTHOR]

Economic shocks, including shocks to commodity export prices, have often been related to civil conflict. However, the literature usually assumes that commodity prices have linear effects. In this paper, we hypothesize that negative and positive commodity export price shocks can have asymmetric effects: while negative shocks are likely to increase conflict, positive shocks can have a smaller conflict-reducing effect or even increase conflict. We test this hypothesis in a dataset for battle deaths during ongoing civil wars. Consistent with the hypothesis, negative price shocks increase battle deaths, but positive price shocks also have a positive effect. The positive effect is concentrated and becomes significant in countries with weak pre-conflict institutions that experience positive price shocks to fossil fuels. We conclude that a combination of institutional reforms, economic diversification, and price stabilization might reduce battle deaths in fuel-dependent countries with weak institutions. [ABSTRACT FROM AUTHOR]

In a drone system with dual data links, this article presents a redundant data processing algorithm that can minimize flight control instability without increasing the weight and price of the aircraft by software processing of duplicate received messages. [ABSTRACT FROM AUTHOR]

Disruptive policy packages that fundamentally change the current unsustainable passenger transport structures and enable low-carbon mobility transformation are inevitable. This implies the use of more stringent and multiple restrictive (i.e. push) measures. To enable successful implementation, public acceptance is critical, but what drives this acceptance? In this study, two main hypotheses were tested using survey methods that combined a two-group framing with a conjoint experiment: (1) The acceptance of push measures decreases as disruption increases; (2) disruptive push measures are less likely to be rejected when communicated as part of a policy package that included complementary pull measures (i.e. incentives). We conducted this survey with a quota-representative sample of 1,032 respondents from Austria. Two main findings emerge: First, we find low public acceptance of push measures, but observe differences based on the level of disruption (i.e. the measures' intensity or rapidity of implementation). The more disruptive the measure (e.g. a registration ban for fossil fuel cars or a fuel price increase), the more negatively these measures were evaluated by survey respondents. Second, our results indicate the need to communicate and implement high-impact, more restrictive push measures (e.g. car bans) as part of policy packages that include acceptance-boosting pull measures. Successful and acceptable mitigation policies for low-carbon mobility require multiple push measures that are communicated in policy packages together with pull measures. Acceptance levels of push measures are generally low, but acceptance differs depending on how disruptive the respective policy is, with the more disruptive policies being less well accepted. Acceptable combinations of push measures may include higher parking fees, car-free city centres, and street redesign to, e.g. prioritize non-motorized modes of transport. Responses to the presented push measures vary across society, with frequent car users showing higher levels of rejection dependent on the included policy measures, underlining the need to tailor policies for specific contexts. [ABSTRACT FROM AUTHOR]

This study applies the PSM-DID approach to investigate whether the energy price has been impacted by the Russia-Ukraine war among OECD countries during 1999–2022. Compared with previous studies, we obtain robust and heterogeneous results by considering endogeneity from the perspective of quantitative policy assessment. It concludes the Russia-Ukraine war has significantly raised energy prices, leading to a 9% increase in energy prices in OECD countries. The heterogeneity results show that the Russia-Ukraine war impacted the energy prices of EU and NATO members but not those of non-EU and non-NATO countries. Additionally, only the energy prices in Southern and Western European countries have been significantly increased by the Russia-Ukraine war, in which Southern Europe has been the most affected, rising by 22%. These findings have great practical significance for analyzing the degree of influence of war on fluctuations in energy prices and geopolitical risks in regions. [ABSTRACT FROM AUTHOR]

This study underscores the significance of the nexus between tourism and housing price. Using panel data from 35 major cities in China, it employed the panel smooth transition regression approach to explore the interplay between tourism development and housing prices. Our findings showed a nonlinear tourism–housing price nexus. Specifically, tourism development can raise housing prices in a nonlinear way, indicating that this positive impact varies at different levels of tourism specialisation. Housing prices had an inverted U-shaped effect on tourism development. Several explanations for these empirical results are provided in the Discussion section, along with policy suggestions. [ABSTRACT FROM AUTHOR]

We examine the uncertainty in households' expectations regarding macroeconomic outcomes, namely inflation and the rate of nationwide home price growth. We document that people extrapolate from the instability of their personal and local environment when assessing the future volatility of these macroeconomic variables. Consequently, there are within-person spillovers in subjective uncertainty regarding different economic outcomes. This extrapolative behavior is more pronounced among lower-numeracy individuals, and it persists throughout the business cycle. People with more uncertain macroeconomic expectations are more likely to engage in precautionary behaviors regarding consumption and equity market exposure and are more concerned about credit market access. This paper was accepted by David Simchi-Levi, finance. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2023.00820. [ABSTRACT FROM AUTHOR]

Conventionally, entry is thought to enhance welfare by enhancing competition and hence lowering prices and increasing the output. Contrary to the conventional wisdom, working with an n -firm Cournot oligopoly set up and using the trigger strategies, we show that entry may or may not impact welfare. However, entry has the potential to alter the market structure from collusion to Cournot competition, and when it does so, there is a discontinuous rise in welfare. [ABSTRACT FROM AUTHOR]

The article analyses the Renewable Energy Sources Act (EEG) and the climate protection agreements, focusing on three aspects: Firstly, very high costs of CO2 avoidance that have to be paid over decades and limit the room for manoeuvre of future parliaments. Secondly, the promotion of technical progress in climate protection – possibly beyond the effect of permanently rising CO2 prices. Thirdly, lower CO2 emissions in Germany, which do not lead to lower global emissions through the EU-ETS. Overall, it is highly questionable whether Germany can play a leading international role in climate protection through the EEG and climate protection agreements. [ABSTRACT FROM AUTHOR]

We investigate the empirical relation between country governance quality and stock market liquidity, as well as information asymmetry, using a sample of non-U.S. stocks from 17 emerging markets listed on the NYSE between 2004 and 2019. We find that non-U.S. stocks from emerging markets with higher democracy quality tend to have narrower spreads and larger depth, suggesting improved liquidity. Higher autocracy levels, on the other hand, are associated with wider spreads and lower depth, indicating poorer liquidity. Additionally, stronger democracy and polity qualities are linked to reduced price impact, while heightened autocracy levels are associated with increased price impact and a higher probability of informed trading. Moreover, we show that changes in our liquidity and information asymmetry measures significantly relate to changes in the country governance index over time. Our results remain remarkably robust across regions and when using different measures of liquidity and information-based trading. [ABSTRACT FROM AUTHOR]

This article presents a new perspective on the nature of market power through the lens of firm prominence. We build a model of oligopolistic price competition with sequential consumer search, showing that a larger firm sets a higher price than its smaller competitors. Consumers are more likely to encounter sellers from a larger firm both immediately and in future interactions, resulting in less‐elastic demand for that firm. Small firms can free‐ride on the prominent firm's market power to raise their prices and earn higher profits. The Herfindahl–Hirschman Index provides a useful guide for welfare evaluation. [ABSTRACT FROM AUTHOR]

Many countries in Europe have experienced a steady increase in housing prices over the past decade, which continued even during the recent crisis. We analyze a panel of 15 European countries over the period 2000–2020. We find that demand-side determinants, such as GDP, unemployment, wage and population, strongly influence housing prices. Nevertheless, we suggest that construction costs, access to finance (credit to GDP), and financing costs (long-term interest rate) should be included to avoid biased results. We find that financial development can significantly affect housing prices in the long run. We confirm the robustness of our results by conducting a lag sensitivity analysis of selected determinants. In addition, we find a negative effect of the GFC and a positive effect of the Covid crisis on housing prices. Furthermore, we find that countries with a mild reaction to or a quick recovery from the GFC experienced significantly higher housing price growth. [ABSTRACT FROM AUTHOR]

Nevertheless, the response was not uniform between farms in Costa Rica while high and medium productivity groupings of farms had higher EBITDA, low and very low productivity farms experienced a decline similar to Guatemala. The difference in performance of farm groups in Costa Rica was due to a decline in production per hectare of the lower productivity group; while the difference between Guatemala and Costa Rica was firstly due to price differences, and secondarily due to lower productivity of some farm groups. The investment of Costa Rican farmers was undoubtedly supported by the substantially increased price received by farmers (as compared to Guatemala), reflected in the increase in export price of coffee from Costa Rica relative to Guatemala. This shows the importance of farmers receiving higher prices for their produce in enabling them to cover increasing production costs, invest in increasing productivity and maintain profitability. [ABSTRACT FROM AUTHOR]

Learning the dynamics of power prices in a given market is important for a number of players (e.g., producers, consumers, and policy makers) at both macro- and microeconomic levels. This paper analyzes the recent behavior of spot prices in eight Western European countries. The sample period coincides with the COVID-19 pandemic for the most part: it starts in April 2020 and runs until May 2023; it includes the start of the Russia–Ukraine war. We introduce a new model for the hourly spot price of electricity. The deterministic component includes yearly, weekly, and daily seasonalities; the stochastic component accounts for volatility, mean reversion, and discrete jumps. We estimate the model with publicly available hourly data. Regarding the development of the internal market for electricity, we find that core mainland power markets now move closer in step with one another than before, but the integration process of the Iberian Peninsula seems to have kicked into reverse. As for the dynamics of power prices, in the last part of the sample period the speed of reversion falls everywhere, and price volatility increases noticeably; the expected number of jumps per hour decreases, but their average size turns to positive and they become more volatile. [ABSTRACT FROM AUTHOR]

We exploit a city-level panel comprised of individual house price estimates to estimate the impact of COVID-19 on both small and big real-estate markets in California USA. Descriptive analysis of spot house price estimates, including contemporaneous price uncertainty and 30-day price change for individual properties listed on the online real-estate platform Zillow.com, together facilitate quantifying both the excess valuation and valuation confidence attributable to this global socio-economic shock. Our quasi-experimental pre-/post-COVID-19 design spans several years around 2020 and leverages contemporaneous price estimates of rental properties – i.e., off-market real estate entering the habitation market, just not for purchase and hence free of speculation – as an appropriate counterfactual to properties listed for sale, which are subject to on-market speculation. Combining unit-level matching and multivariate difference-in-difference regression approaches, we obtain consistent estimates regarding the sign and magnitude of excess price growth observed after the pandemic onset. Specifically, our results indicate that properties listed for sale appreciated an additional 1% per month above what would be expected in the absence of the pandemic. This corresponds to an excess annual price growth of roughly 12.7 percentage points, which accounts for more than half of the actual annual price growth in 2021 observed across the studied regions. Simultaneously, uncertainty in price estimates decreased, signaling the irrational confidence characteristic of prior asset bubbles. We explore how these two trends are related to market size, local market supply and borrowing costs, which altogether lend support for the counterintuitive roles of uncertainty and interruptions in decision-making. [ABSTRACT FROM AUTHOR]

The study evaluates how changes in prices of goods and services and currency rates have affected growth rate of GDP in a sample of thirty-two (32) developing countries across Africa, Asia, Latin America, and Europe and fifteen (15) developed countries from Europe, Asia, and North America. The methodologies adopted in analyzing the data collected in this research work were the panel GARCH, panel NARDL, and panel SVAR. For developing countries, positive devaluation shock induced a 0.641% decrease in GDP growth rate, while a decrease in devaluation shock stimulated a 0.286% increase in GDP growth rate. A positive variation in goods price led to a 0.496% decrease in GDP growth rate, while a 0.23% decline in GDP growth rate related to a percentage decline in price variation. For the developed countries, positive variation in goods prices stimulated a 0.00554 increase in GDP growth rate whereas 0.068% rise was induced owing a negative price variation. The major research outcome is that devaluation negatively impacted GDP growth rate in the developing countries while it favorably impacted GDP growth rate of developed countries. The observed shocks from devaluation and price variations to the growth rate of GDP are highly persistent for the developing nations. For the developed nations, shocks are symmetric, temporary and will die out with time. Economic managers of the developing countries should guide against devaluing their currency because it produces adverse consequences for their economies due to low productivity. Rather, policies should be implemented to stabilize variation in commodities prices in developing economies to prevent smuggling of goods as well as, price racketeering by producers. [ABSTRACT FROM AUTHOR]

Objectives: To evaluate the pricing of etanercept (ETN) reference and biosimilar drugs in a changing competitive to monopolized market. Methods: We conducted a comprehensive, retrospective analysis of ETN market competition, specifically changes in tender price based on shifts in market monopoly, including the effects on cost evolution, in the off-patent market in Poland. We included a total of 473 tenders for ETN purchase in dedicated biologic drug reimbursement programs, covering both pre-filled syringes and automatic injectors. This study covers the timeframe from November 2017 to December 2023, throughout which we evaluated a unique setting of ETN market re-monopolization from the perspective of payer, hospital and patient benefits resulting from changing cost calculations. Results: Between 2017 and 2022, Erelzi was recorded as having the largest total tender volume (59%), with a mean price [per ETN daily defined dose (DDD)] of €7.28, followed by Enbrel (31%, €8.34) and Benepali (10%, €9.45), respectively. Over the last 6 months of waning market competition, the mean price for winning bids was estimated at €5.69. After market re-monopolization by an ETN biosimilar, the mean price of winning bids increased to €8.09, and continued to increase (€9.71) in the last 6 months of available follow-up. In contrast to the competitive era, no significant relationship between tender volume and winning price was recorded after re-monopolization. In the most recent tenders, mean ETN prices increased up to €15.82, nearly tripling the lowest prices of the competitive market period. In the early re-monopolization market, mean annual treatment cost per patient is estimated at over €3800, which exceeds therapy costs in the prior competitive market years, and is expected to increase to over €6200 based on the most recent tenders. On a healthcare system level, this corresponds to over €3.42 million excess costs due to market monopoly. Higher ETN prices resulted in downstream failure of regulatory incentives to promote affordable biologics. Due to higher pricing, hospitals lost over an estimated €2.52 million, with possible risk of treatment restrictions. For the same reason, the public payer achieved comparable savings, allowing for partial coverage of higher reimbursement expenses. Conclusions: This nation-level scenario of market re-monopolization by a biosimilar drug confirms net loss and excess costs for the healthcare payer, as can be expected from economic theory. The upwards drug repricing and restriction of treatment availability occurs much more rapidly than the decrement in a period of market competition. [ABSTRACT FROM AUTHOR]

The transport sector is responsible for around 20% of global CO2 emissions, and road transport alone contributes to three-quarters of that share. A separate Emissions Trading System (ETS) in the EU will be implemented in 2027, covering road transport, buildings and additional sectors (mainly small industry). The likely outcomes of such policy are higher fuel prices, leading to less fuel consumption and reduced road transport emissions. Given that the inclusion of road transport in the EU ETS was originally proposed by the UK in the 2000s, and that the UK is exploring possible improvements to its own UK ETS, it is not impossible that the idea of emissions trading in road transport could be revisited in the UK. This article explores differences in perceptions of fuel price increases as a result of an increase in fuel duties or as a result of the introduction of a parallel ETS for road transport. This research employs a Serious Game to elicit perceptions. The game was designed to create situations where car drivers would need to make decisions in response to an increase in the pump price of fuel. Ultimately, the idea was to get the study participants to reflect on their travel decisions both in the game and in real life. Possible responses included changing their cars, modifying their travel behaviour and moving house. The data was analyzed using an interpretive approach, which contributed to the understanding of how participants experience and rationalize their decisions after fuel price increases. The main finding is that emissions trading seems to be seen more positively than an increase in fuel duties. The study participants associated emissions trading with a reduction in GHG emissions, and fuel duty increases to an increase in pump prices. When they were reminded that emissions trading would also cause pump prices to increase, they still seemed to be open to the idea of such a policy, and when they were reminded that the increase in fuel duties would also be aimed at reducing GHG emissions, they changed their attitude slightly towards a more positive one. [ABSTRACT FROM AUTHOR]

The term Inflation means a process of continuous increase in the prices of goods and services and a decrease in the purchasing power of people.The indicator that serves to measure inflation is the Consumer Price Index (CPI), that is, the consumer basket that includes the costs that people make to buy the most important products that are necessary for the family, monitored over time.The costs for this basket at a given time expressed relative to the base period represent the consumer price index (CPI). The percentage change in the CPI over the specified period relative to the base period is consumer price inflation.Inflation inevitably affects the operation of all activities and branches. Therefore, tourism and hospitality industry are no exception.Inflation affects the reduction of the purchasing power of the population, so in the conditions of inflation, people try to reduce the expenses in the family by completely giving up or reducing the purchase of products and services that are not necessary for them.All of this on the one hand, and on the other hand the increase in prices in accommodation and catering facilities, additionally influences people to reduce the number of tourist trips, to choose closer and cheaper destinations for tourist trips or to completely give up on tourist trips.In order to determine whether inflation in Kosovo affects the change in the tourist travel habits of the population, an online survey was conducted that included 200 residents of Kosovo. The data from the survey was processed with the SPSS system using the methods of linear regression and correlation, with inflation and the prices of hotel services as independent variables, and travel within the country and the use of hotel services in Kosovo as dependent variables.Applying the Chi-square test shows the existence of a significant difference between domestic tourism trips in Kosovo in 2015 and 2022 (Chi square value of 4.927; degree of freedom 1; two-sided asymptotic significance is 0.026), as well as the existence of a significant difference between the use of hotel services by the domicile population in Kosovo in 2015 and 2022 (the obtained Chi square value of 44,444;degree of freedom 1; the two-sided asymptotic significance is 0). The research also showed that inflation inevitably leads to an increase in the prices of hotel services (correlation coefficient 0.959; coefficient of determination 0.920, B = 0.617, p = 0), and an increase in the prices of hotel services leads to a decrease in the use of hotel services. by the domicile population (correlation coefficient - 0.807, coefficient of determination 0.651, B = - 0.568, p = 0).Inflation also affects the decrease in the number of domestic tourist trips (correlation coefficient - 0.859, coefficient of determination 0.738, B = - 0.389, p = 0). Based on that, it can be concluded that the negative impact of inflation on both domestic tourist trips and the use of hotel services by the resident population is huge. [ABSTRACT FROM AUTHOR]

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Considering the prevalent information asymmetry in housing markets, this study demonstrates the predictive power of homebuyers' geographic proximity on housing prices. At the ZIP‐code level, a 10‐percentage‐point increase in the fraction of local buyers corresponds to a 1.1‐percentage‐point higher housing price growth over the subsequent 2 years. At the individual level, out‐of‐town buyers experience a 0.64‐percentage‐point lower annual return compared to local buyers within a county. These results not only highlight the significant information advantages enjoyed by geographically proximate buyers, but also imply that informationally privileged buyers' revealed preferences for specific locations could provide informationally disadvantaged buyers with hints about which areas are likely to experience higher housing price growth in the near future. [ABSTRACT FROM AUTHOR]

This study is the first to investigate the asymmetric effects of oil price volatility on stock returns for the Ho Chi Minh Stock Exchange (HOSE). We utilized weekly series of VN30-Index, WTI crude oil prices, geopolitical risks (GPR) index, and gold prices spanning from 6 February 2012 to 31 December 2023 as data sources. Using a nonlinear autoregressive distributed lag (NARDL) bounds testing approach, we found that, in the shortterm, oil price volatility has negative asymmetric effects on market returns. Specifically, in the shortterm, a 1 percent increase in oil price volatility immediately leads to a 2.6868 percent decrease in the market returns, while a similar magnitude decrease in oil price volatility is associated with a 6.3180 percent increase in the market returns. In addition, the results obtained from the NARDL model indicated that, in the longterm, the negative and positive changes of oil price volatility have significantly negative effects on the market returns. Finally, the findings derived from the error correction model (ECM) show that a 98.21 percent deviation from the equilibrium level in the previous week is converged and corrected back to the long-term equilibrium in the current week. [ABSTRACT FROM AUTHOR]

Matching makes or breaks peer-to-peer (P2P) platforms. As the platform-based P2P markets shift from their grassroots nature toward elite offerings, will differentiating suppliers by quality increase matching performance? Can P2P markets differentiate certain suppliers without marginalizing others? We seek answers to these questions by leveraging an empirical opportunity on Airbnb, which differentiates listings that meet high quality standards from others through its Plus program in several U.S. cities. Our findings are threefold. First, we find a sizable increase in market-level matching performance after the program launch, that is, a 15.8%–16.2% increase in the number of booked nights. Second, the rise in matching performance is attributed to reduced search frictions, evident in markets with higher discovery and evaluation costs. Third, the Plus program benefits all listing tiers through reduced search frictions, yielding the most benefits to the Plus and non-Plus listings in terms of increased bookings and prices. Regular listings also receive increased bookings because of competitive prices. Our findings hold across multiple robustness checks and offer important insights for platform design and supply management in P2P markets. This paper was accepted by Hemant Bhargava, information systems. Supplemental Material: The web appendix and data are available at https://doi.org/10.1287/mnsc.2020.03920. [ABSTRACT FROM AUTHOR]

In competitive scenarios, we analyze the optimal pricing, launch timing, and influencing factors of new products by establishing three differential game models. The findings indicate that (1) the depreciation rate of old products directly impacts the pricing strategies of advantaged and disadvantaged enterprises. Enterprises with competitive advantages tend to set higher prices for new products when old products depreciate faster, while those with fewer advantages adjust their pricing strategies by initially increasing prices for the latest prices and eventually reducing them. (2) The rate of old‐product depreciation also affects the timing of new‐product launches. Advantaged enterprises tend to delay their product launches when the impact of the new product on the old ones is significant, while disadvantaged enterprises opt for earlier launches under similar circumstances. (3) The technological level of the new product influences the timing of its launch for both advantaged and disadvantaged enterprises. Higher technological levels prompt advantaged enterprises to launch earlier and disadvantaged enterprises tend to follow suit. (4) High levels of innovation in new products by advantaged enterprises prompt earlier launches by disadvantaged enterprises. These results may offer valuable insights for enterprises in formulating effective product rollover strategies. [ABSTRACT FROM AUTHOR]

The price growth of the property in Surabaya is the highest among the other cities in East Java, but demand in the residential sub-sector is still there. The value of a property is described by its price. Property price is one of the important factors considered in making an investment decision. The market value is determined by its physical and microneighborhood factors. It consists of location and environmental factors. Mass appraisal is an efficient and cost-effective way to value property fairly, transparently, and consistently, as properties with the same attributes will receive equal value. The existence of a price property model is vital in the context of mass appraisal. The objective of mass appraisal is to value a group of properties using data, valuation methods, and statistical tests. Mass appraisal is invaluable for the government to formulate taxes based on the market value. In this research, the Geo-aditive model is used to model property price based on its physical and location factors. The results show that the physical (number of bedrooms, number of bathrooms, land area, and building area) and location (longitude and latitude coordinates) factors significantly influence the property prices in Surabaya. The building area has more impact on the property price compared to the land area. The combined effect plot shows also that the properties located in the eastern of Surabaya have a relatively higher price than those in the western part. [ABSTRACT FROM AUTHOR]

This study examines the effect of cost stickiness on stock price delay. Using a sample of U.S. firms in the period of 1984–2019, I find that the stickiness of Selling, General, and Administrative (SG&A) costs is positively associated with stock price delay. This finding is consistent with the notion that cost stickiness reduces the quality of information available to investors and causes stock price delay (the direct channel). Using a mediation test, I document that cost stickiness reduces the analyst following of the firm, thus increasing stock price delay (the indirect channel). Cross-sectional analyses reveal that the effect of cost stickiness on stock price delay is prominent in firms characterized ex-ante by a relatively poor information environment. Meanwhile, the effect is weak for firms with managers who use less uncertain and more positive words in Management Discussion and Analysis (MD&A) disclosures within 10-K filings. This study contributes to the growing literature on cost behavior by documenting the adverse consequences of managers' cost decisions on the capital market and the role of the information environment in mitigating these negative implications. [ABSTRACT FROM AUTHOR]

This paper frames the choice of messenger in advertising content as a Bayesian persuasion problem and characterizes the optimal messenger choice. We propose a model of advertising content that focuses on messenger selection, where advertising can generate product-match signals for consumers. We consider advertising as a problem of Bayesian persuasion with costly information processing, where the type of communication messenger is costless to observe and determines the information structure consumers will face, thereby affecting their attention decisions. Messengers are classified as high type or low type based on their likelihood of generating positive signals about product match. Our findings highlight that the optimal choice of messengers depends on their signal elasticities and the firm's decision on whether to induce consumer attention. In particular, we find that when it is crucial to raise prices and high-type messengers overshadow the product match value by providing generally positive signals, a low-type messenger can effectively capture consumer attention and persuade them to pay a higher premium. This holds true even if high-type messengers can better grab consumers' attention by providing additional entertainment value or when some consumers are naive in belief updating. History: Antony Dukes served as the senior editor. Supplemental Material: The online appendix is available at https://doi.org/10.1287/mksc.2022.0405. [ABSTRACT FROM AUTHOR]