Search results for "pricing"
showing 10 items of 167 documents
Primary commodity prices: co-movements, common factors and fundamentals
2011
The behavior of commodities is critical for developing and developed countries alike. This paper contributes to the empirical evidence on the co-movement and determinants of commodity prices. Using nonstationary panel methods, the authors document a statistically significant degree of co-movement due to a common factor. Within a Factor Augmented VAR approach, real interest rate and uncertainty, as postulated by a simple asset pricing model, are both found to be negatively related to this common factor. This evidence is robust to the inclusion of demand and supply shocks, which both positively impact on co-movement of commodity prices.
Alternative pricing regimes in interurban passenger transport with externalities and modal competition
2009
Abstract We develop an interurban passenger transport model with modal competition, where modes are perceived as differentiated products, and capture all major externalities. Our objective is to establish whether alternative regulatory regimes, which may involve road tolls, may lead to a traffic allocation, user welfare, and total welfare that may be closer to the social optimum. An empirical application to interurban Spanish travel is undertaken. We find that the private regime yields the lowest total welfare level: 12.6% below the social optimum level. Optimum pricing requires a toll on car transport of 5.1 cents of per passenger-km, and a price decrease of all other modes, relative to th…
Unawareness and bankruptcy: A general equilibrium model
1998
International audience; We present a consistent pure-exchange general equilibrium model where agents may not be able to foresee all possible future contingencies. In this context, even with nominal assets and complete asset markets, an equilibrium may not exist without appropriate assumptions. Specific examples are provided. An existence result is proved under the main assumption that there are sufficiently many states that all the agents foresee. An intrinsic feature of the model is bankruptcy, which agents may involuntarily experience in the unforeseen states.
Sharing economy and incumbents' pricing strategy: The impact of Airbnb on the hospitality industry
2019
Abstract In this paper, we examine how the emergence of sharing economy platforms influences incumbents' price responses. Grounding on the literature on price reactions to new entrants and on the unique characteristics of the sharing economy, we argue that the effect of the penetration of the sharing economy on incumbents' prices is not straightforward, and actually depends on the type of incumbents as well as certain product/service offer characteristics. Indeed, relying on a large sample of hotel price offerings from the Italian market, we find that the effect of the growing relevance of the sharing economy (exemplified by Airbnb) on incumbents' prices depends on the type of incumbents (l…
Putting time into space: the temporal coherence of spatial applications in the housing market
2016
International audience; Relationships between past events, future expectations and present decisions, typically examined through a temporal prism within applied economics, have been lately moving to the spatial dimension through spatial econometrics. However, violations of the “arrow of time”, and thus causality, have been identified in spatial econometric techniques applied to spatio-temporal data consisting of observations each at a specific location and distinct moment in time. A comprehensive review classifies for the first time several redresses to this issue in a currently fragmented literature. This paper puts back the temporal dimension into spatial Hedonic Pricing models through a …
Quality pricing-to-market
2014
We examine firm's pricing-to-market decisions in vertically differentiated industries featuring a large number of firms that compete monopolistically in the quality space. Firms sell goods of heterogeneous quality to consumers with non-homothetic preferences that differ in their income and thus their marginal willingness to pay for quality increments. We derive closed-form solutions for the pricing game under costly international trade, thus establishing existence and uniqueness. We then examine how the interaction of good quality and market demand for quality affects firms' pricing-to-market decisions. The relative price of high quality goods compared to that of low quality goods is an inc…
ES konkurences tiesību regulējums un pierādīšanas standarts aizliegtu vienošanās lietās, kurās izmantota cenu veidošanas algoritmu programmatūra
2021
Eiropas Komisija ir paudusi uzskatu, ka Eiropas Savienībā tiesību regulējumam ir jābūt vienādam, “likvidējot jebkādu mākslīgu nošķīrumu starp tradicionālo un digitālo tirgu”. Šis maģistra darbs pētī jautājumu, vai Eiropas konkurences tiesības paredz iespēju pierādīt aizliegtas vienošanās, karteļa esamību tad, ja tiek izmantoti viedie cenu algoritmi un nav pierādījumu par tradicionālu komunikāciju starp tirgus dalībniekiem. Analizējot judikatūru par LESD 101 (1) punktu, īpaši pievēršoties lietām, kurās pierādījumi vākti e-vidē, tiek secināts ar kādiem ierobežojumiem būtu jāsastopas izmeklējošajai iestādei, piemēram, EK, mēģinot pierādīt tāda karteļa esamību, kas darbojas uz algoritmu pamata.…
IPO procesa analīze Nasdaq Baltic akciju tirgū
2021
Maģistra darba tēma ir „ IPO procesa analīze Nasdaq Baltic akciju tirgū”. Maģistra darbā tiek analizēti akciju tirgus teorētiskie aspekti, to nozīme ekonomikā un akciju sākotnējā publiskā piedāvājuma process. Tiek izpētītas IPO tendences gan pasaulē, gan Baltijas valstīs, kā arī tiek analizēta Nasdaq Baltic dalībnieku struktūra, tirgus darbība, attīstības tendences, IPO underpricing aspekts un IPO ietekme uz uzņēmumu finanšu rādītājiem. Maģistra darba mērķis ir, pamatojoties uz Baltijas valstu akciju tirgus darbības izpēti, veikt akciju sākotnējā publiskā piedāvājuma procesa analīzi un tā dalībnieku finanšu analīzi, kā rezultātā izstrādāt priekšlikumus par Nasdaq Baltiс vērtspapīru tirgus a…
Sharing economy and dynamic pricing: Is the impact of Airbnb on the hotel industry time-dependent?
2021
Abstract Prior literature has reported significant price and revenue reductions in the hotel industry due to the emergence of Airbnb. Other studies have documented that hotels' price reactions to the penetration of Airbnb depend on their service level, e.g., low/medium-end versus high end. Relying on a large sample from the Italian market, we contribute by showing that the effect of Airbnb on hotels' price decisions does not only depend on incumbents’ quality level, but also on the difference between booking and check-in time. That is, the effect of the penetration of Airbnb on hotels' dynamic price decisions varies over time depending on the core segment hotels target.
Volatility-Managing International Equity Risk Factors
2018
Recent research (see Moreira and Muir, 2017) suggests that volatility-managed portfolios take less risk when volatility is high produce large alphas, increase Sharpe ratios, and produce large utility gains for mean-variance investors. We extend this literature by investigating the profitability of volatility-managing the Fama and French (2017) local risk factors in international equity markets. Our general findings indicate that volatility-managing adds value for local risk factors in Europe and Asia, whereas in Japan we find no such evidence. Confirming earlier studies, we find that a risk-based story is unlikely to explain our results.