We study a dynamic pricing problem of a firm facing stochastic reference price effect.Randomness is incorporated in the formation of reference prices to capture either consumers’heterogeneity or exogenous factors tha...We study a dynamic pricing problem of a firm facing stochastic reference price effect.Randomness is incorporated in the formation of reference prices to capture either consumers’heterogeneity or exogenous factors that affect consumers’memory processes.We apply the stochastic optimal control theory to the problem and derive an explicit expression for the optimal pricing strategy.The explicit expression allows us to obtain the distribution of the steady-state reference price.We compare the expected steadystate reference price to the steady-state reference price in a model with deterministic reference price effect,and we find that the former one is always higher.Our numerical study shows that the two steady-state reference prices can have opposite sensitivity to the problem parameters and the relative difference between the two can be very significant.展开更多
This paper uses the HS2 extension cancellation in November 2021 as a quasi-experiment to study its impact on house prices and rents in Leeds.Using a DiD approach on repeat sales and monthly rents,I compare property va...This paper uses the HS2 extension cancellation in November 2021 as a quasi-experiment to study its impact on house prices and rents in Leeds.Using a DiD approach on repeat sales and monthly rents,I compare property values near the HS2 station and proposed construction site before and after the announcement.Results show a 3.6%decrease in house prices and a 3.9%decline in rents near the station,while properties near the construction site experienced a 2.4%increase in prices and a 2.1%rise in rents.This is the first paper to analyse the HS2 cancellation effect using panel data methods.展开更多
Sharp fluctuation of soybean prices in international and domestic markets has caused big risks for both domestic soybean producers and processing enterprises in recent years. It also increases the difficulties in impl...Sharp fluctuation of soybean prices in international and domestic markets has caused big risks for both domestic soybean producers and processing enterprises in recent years. It also increases the difficulties in implementing price stabilization policy for the government. This paper analyzes the volatility spillovers in soybean prices between international and domestic markets using the multivariate VAR-BEKK-GARCH model based on the data set from December 22,2004 to December 19,2014. The estimate results indicate that there are volatility spillover effects from domestic futures market to spot market and bilateral spillover between international futures market and domestic spot market. In order to prevent market manipulation and to reduce the impacts of price volatility in international soybean market on Chinese market,this paper proposes the following policy measures such as establishing early warning mechanism for soybean price fluctuations,improving soybean futures contract design and strengthening trading risk management mechanism,amplifying information disclosure system,and regularizing speculation activities of big traders.展开更多
Factors leading to rise of prices of agricultural products mainly include tension of supply-demand relationship,promotion of production cost and circulation cost,and speculation of Refugee Capital(Hot Money).Factors l...Factors leading to rise of prices of agricultural products mainly include tension of supply-demand relationship,promotion of production cost and circulation cost,and speculation of Refugee Capital(Hot Money).Factors leading to low price and difficult sales of agricultural products mainly include asymmetry of supply-demand information,lack of risk management tools for prices of agricultural products and decentralized and small-scaled operation of farmers.On the basis of these factors,this paper presents following countermeasures and suggestions for stabilizing prices of agricultural products:firstly,building long-effect mechanism for production and sales of agricultural products;secondly,expand the production and increase supply of agricultural products;thirdly,control the rising range of production cost for agricultural products;fourthly,enhance organization level of farmers;fifthly,promote innovation and development of risk management tools for prices of agricultural products.展开更多
Based on the Chinese provincial panel data during the period 2003-2010,we conduct empirical test on whether China's rapidly rising prices of agricultural products narrow the urban-rural income gap.The empirical re...Based on the Chinese provincial panel data during the period 2003-2010,we conduct empirical test on whether China's rapidly rising prices of agricultural products narrow the urban-rural income gap.The empirical results indicate that the effects of rising agricultural prices on the urban-rural income gap show U shape:within some range of rise,the rising agricultural prices are conducive to narrowing the urban-rural income gap;when the rise is too sharp,it will widen the urban-rural income gap.In the multiple factors fueling the uptick in agricultural prices,rising labor costs in rural areas is an important factor,and the rising agricultural prices driven by this factor can significantly reduce the urban-rural income gap.Therefore,when the government regulates agricultural prices,there is a need to act according to the specific factors,and it should maintain certain"tolerance"for the modest rise in the agricultural prices that contributes to the increase in farmers'income,to avoid over-regulation at the expense of urban and rural residents'income convergence.展开更多
As for ways to improve the effectiveness of supply chains,this essay focus on 2 parts that involved in the process of logistic and supply chains and analyses ways to make them better preformed.The first one is Home De...As for ways to improve the effectiveness of supply chains,this essay focus on 2 parts that involved in the process of logistic and supply chains and analyses ways to make them better preformed.The first one is Home Depot,the other is the Study of Radio-Frequency Identification.展开更多
This paper selects the daily data of national oil prices from January 2, 2014 to February 28, 2019, establishes an ARMA (2, 0) model, and tests its residuals for ARCH effects. Finally, the TARCH (1, 1) model is determ...This paper selects the daily data of national oil prices from January 2, 2014 to February 28, 2019, establishes an ARMA (2, 0) model, and tests its residuals for ARCH effects. Finally, the TARCH (1, 1) model is determined to quantitatively analyze the volatility of the crude oil market.展开更多
基金This research is partly supported by the National Science Foundation(Nos.CMMI-1030923,CMMI-1363261,CMMI-1538451 and CMMI-1635160)the National Natural Science Foundation of China(Nos.71228203,71201066 and 71520107001)research Grant of National University of Singapore(Project R-314-000-105-133).
文摘We study a dynamic pricing problem of a firm facing stochastic reference price effect.Randomness is incorporated in the formation of reference prices to capture either consumers’heterogeneity or exogenous factors that affect consumers’memory processes.We apply the stochastic optimal control theory to the problem and derive an explicit expression for the optimal pricing strategy.The explicit expression allows us to obtain the distribution of the steady-state reference price.We compare the expected steadystate reference price to the steady-state reference price in a model with deterministic reference price effect,and we find that the former one is always higher.Our numerical study shows that the two steady-state reference prices can have opposite sensitivity to the problem parameters and the relative difference between the two can be very significant.
文摘This paper uses the HS2 extension cancellation in November 2021 as a quasi-experiment to study its impact on house prices and rents in Leeds.Using a DiD approach on repeat sales and monthly rents,I compare property values near the HS2 station and proposed construction site before and after the announcement.Results show a 3.6%decrease in house prices and a 3.9%decline in rents near the station,while properties near the construction site experienced a 2.4%increase in prices and a 2.1%rise in rents.This is the first paper to analyse the HS2 cancellation effect using panel data methods.
基金Supported by National Social Science Foundation of China(13BJY141)
文摘Sharp fluctuation of soybean prices in international and domestic markets has caused big risks for both domestic soybean producers and processing enterprises in recent years. It also increases the difficulties in implementing price stabilization policy for the government. This paper analyzes the volatility spillovers in soybean prices between international and domestic markets using the multivariate VAR-BEKK-GARCH model based on the data set from December 22,2004 to December 19,2014. The estimate results indicate that there are volatility spillover effects from domestic futures market to spot market and bilateral spillover between international futures market and domestic spot market. In order to prevent market manipulation and to reduce the impacts of price volatility in international soybean market on Chinese market,this paper proposes the following policy measures such as establishing early warning mechanism for soybean price fluctuations,improving soybean futures contract design and strengthening trading risk management mechanism,amplifying information disclosure system,and regularizing speculation activities of big traders.
文摘Factors leading to rise of prices of agricultural products mainly include tension of supply-demand relationship,promotion of production cost and circulation cost,and speculation of Refugee Capital(Hot Money).Factors leading to low price and difficult sales of agricultural products mainly include asymmetry of supply-demand information,lack of risk management tools for prices of agricultural products and decentralized and small-scaled operation of farmers.On the basis of these factors,this paper presents following countermeasures and suggestions for stabilizing prices of agricultural products:firstly,building long-effect mechanism for production and sales of agricultural products;secondly,expand the production and increase supply of agricultural products;thirdly,control the rising range of production cost for agricultural products;fourthly,enhance organization level of farmers;fifthly,promote innovation and development of risk management tools for prices of agricultural products.
基金Supported by Key National Social Science Fund Project(12AGL008)Humanities and Social Sciences Planning Fund Project of the Ministry of Education(2012JA79102)
文摘Based on the Chinese provincial panel data during the period 2003-2010,we conduct empirical test on whether China's rapidly rising prices of agricultural products narrow the urban-rural income gap.The empirical results indicate that the effects of rising agricultural prices on the urban-rural income gap show U shape:within some range of rise,the rising agricultural prices are conducive to narrowing the urban-rural income gap;when the rise is too sharp,it will widen the urban-rural income gap.In the multiple factors fueling the uptick in agricultural prices,rising labor costs in rural areas is an important factor,and the rising agricultural prices driven by this factor can significantly reduce the urban-rural income gap.Therefore,when the government regulates agricultural prices,there is a need to act according to the specific factors,and it should maintain certain"tolerance"for the modest rise in the agricultural prices that contributes to the increase in farmers'income,to avoid over-regulation at the expense of urban and rural residents'income convergence.
文摘As for ways to improve the effectiveness of supply chains,this essay focus on 2 parts that involved in the process of logistic and supply chains and analyses ways to make them better preformed.The first one is Home Depot,the other is the Study of Radio-Frequency Identification.
文摘This paper selects the daily data of national oil prices from January 2, 2014 to February 28, 2019, establishes an ARMA (2, 0) model, and tests its residuals for ARCH effects. Finally, the TARCH (1, 1) model is determined to quantitatively analyze the volatility of the crude oil market.
