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This study attempts to examine whether it is beneficial to introduce the buy online and return to store (BORS) strategy in a competitive market. We consider two competing dual-channel retailers, and investigate conditions under which it is optimal for one or both of the retailers to offer the BORS strategy. We first assume that a partial refund is offered for online returns and then consider the important case of a full refund. We show that whether both retailers adopt this strategy significantly depends on the return rate and cross-selling profit. Specifically, if the return rate is sufficiently low (high), at least one retailer (both retailers) will adopt this strategy when cross-selling profit is relatively high. Nonetheless, both retailers will fall into the prisoner's dilemma under certain conditions. Interestingly, the return rate and proportion of consumers with a high hassle cost associated with BORS returns significantly influence the equilibrium channel strategy and the existence of the prisoner's dilemma. We further find that, when both retailers implement the BORS strategy, they both benefit from offering a full refund return policy when the number of online-type consumers is large enough and the unit cross-selling profit is relatively small, but should provide a partial refund otherwise. When only one retailer adopts the BORS strategy, a partial refund return policy is preferable.

We study a competitive partial equilibrium in markets where risk-averse agents solve multistage stochastic optimization problems formulated in scenario trees. The agents trade a commodity that is produced from an uncertain supply of resources. Both resources and the commodity can be stored for later consumption. Several examples of a multistage risked equilibrium are outlined, including aspects of battery and hydroelectric storage in electricity markets, distributed ownership of competing technologies relying on shared resources, and aspects of water control and pricing. The agents are assumed to have nested coherent risk measures based on one-step risk measures with polyhedral risk sets that have a nonempty intersection over agents. Agents can trade risk in a complete market of Arrow-Debreu securities. In this setting, we define a risk-trading competitive market equilibrium and establish two welfare theorems. Competitive equilibrium will yield a social optimum (with a suitably defined social risk measure) when agents have strictly monotone one-step risk measures. Conversely, a social optimum with an appropriately chosen risk measure will yield a risk-trading competitive market equilibrium when all agents have strictly monotone risk measures. The paper also demonstrates versions of these theorems when risk measures are not strictly monotone.

"Network adequacy regulations" expand patients' access to hospitals by mandating a lower bound on the number of hospitals that health insurers must include in their networks. Such regulations, however, compromise insurers' bargaining position with hospitals, which may increase hospital reimbursement rates, and may consequently be passed through to consumers in the form of higher premiums. In this paper, I quantify this effect by developing a model that endogenously captures: (i) how insurers form hospital-networks, (ii) how they bargain with hospitals over rates by threatening to drop them out of network or to replace them with an out of network hospital, and (iii) how they set premiums in an imperfectly competitive market. I estimate this model using detailed data from a Massachusetts health insurance market, and I simulate the effects of a range of regulations. I find that "tighter" regulations, which force insurers to include more than 85% of the hospital-systems in the market, raise the average reimbursement rates paid by some insurers by at least 28%. More moderate regulations, however, can expand the hospital networks without leading to large hikes in reimbursement-rates.

We construct a 45-sector model of Ukraine with Turkey and six other regions to estimate the impacts on Ukraine of deep integration with Turkey in their potential Free Trade Agreement (FTA). Our central model contains foreign direct investment (FDI) in business services with endogenous productivity effects from additional varieties of goods or services in imperfectly competitive sectors. We model deep integration to include reduction of: (i) barriers against FDI in business services; (ii) non-tariff barriers in goods; and (iii) time in trade costs. We innovatively estimate the ad valorem equivalents of the three types of deep integration instruments we model, and we construct an 85-sector input-output table of Ukraine. We estimate that this FTA will increase welfare in Ukraine by 2.72 percent, with the deep integration aspects responsible for about 56 percent of the gains; but preferential tariff reduction by Ukraine alone contributes less than one percent of the gains. We show including these deep integration features and imperfect competition produce estimated gains 3.5 times larger than a model of perfect competition focusing on only a narrow agreement limited to tariff elimination. We estimate that a reduction of non-discriminatory barriers against both FDI and Ukrainian investment in business services would add an additional 2.0 percent of real household income to the estimated gains.

This study introduces Stackelberg-Nash equilibrium to neoclassical growth theory. It attempts to make neoclassical economic growth theory more robust in modelling the complexity of market structures. The model is constructed within the framework of the Solow-Uzawa two-sector model. The economy is composed of two sectors. The final goods sector is the same as in the Solow one-sector growth model which is characterized by perfect competition. The consumer goods sector is the same as the consumer goods sector in the Uzawa model but is characterized by Stackelberg duopoly. We model household behavior with Zhang’s concept of disposable income and utility. The model endogenously determines profits of duopoly which are equally distributed among the homogeneous population. We build the model and then identify the existence of an equilibrium point through simulation. We conduct comparative static analyses of some parameters. We also compare the economic performance of the traditional Uzawa model and the model with the Stackelberg-Nash equilibrium. We conclude that the imperfect competition increases national output, national wealth, and utility level in comparison to perfect competition. JEL Classification: D43, L13, B40. Resumen: Este estudio introduce el equilibrio de Stackelberg-Nash en la teoría neoclásica del crecimiento. Intenta hacer que la teoría neoclásica del crecimiento económico sea más robusta en el modelado de la comple- jidad de las estructuras de mercado. El modelo de Solow-Uzawa se construye en el marco dos sectores. La economía se compone de dos sectores: el sector de bienes finales es el mismo que en el modelo de crecimiento de un solo sector de Solow, caracterizado por una competencia perfecta. El sector de bienes de consumo es el mismo que en el modelo de Uzawa, pero se caracteriza por el duopolio de Stackelberg. Se modela el comportamiento de los hogares con el concepto de Zhang de ingresos disponibles y utilidad. El modelo determina endógenamente los beneficios del duopolio que se distribuyen equitativamente entre la población homogénea. Se construye el modelo y luego se identifica la existencia de un punto de equilibrio a través de la simulación. Se realizan análisis estático-comparativos de algunos parámetros. También, se compara el rendimiento económico del modelo tradicional de Uzawa y el modelo con el equilibrio de Stackelberg-Nash. Se concluye que la competencia imperfecta aumenta la producción nacional, la riqueza nacional y el nivel de utilidad en comparación con la competencia perfecta. Résumé : Cette étude introduit l’équilibre de Stackelberg-Nash dans la théorie néoclassique de la croissance. Elle tente de rendre la théorie néoclassique de la croissance économique plus robuste dans la modélisation de la complexité des structures du marché. Le modèle Solow-Uzawa est construit dans le cadre de deux secteurs. L’économie est composée de deux secteurs. Le secteur des biens finaux est le même que dans le modèle de croissance d’un secteur unique de Solow, caractérisé par une concurrence parfaite. Le secteur des biens de consommation est le même que le secteur des biens de consommation dans le modèle d’Uzawa, mais se caractérise par le duopole de Stackelberg. Nous avons modélisé le comportement des ménages avec le concept de Zhang de revenu disponible et de bénéfices. Le modèle détermine de manière endogène les avantages du duopole qui sont répartis équitablement au sein de la population homogène. Nous construisons le modèle, puis identifions l’existence d’un point d’équilibre par simulation. Nous effectuons des analyses statiques-comparatives de certains paramètres. Nous avons également comparé la performance économique du modèle traditionnel d’Uzawa et du modèle avec l’équilibre de Stackelberg-Nash. Nous concluons qu’une concurrence imparfaite augmente la production nationale, la richesse nationale et le niveau d’utilité par rapport à la concurrence parfaite.

This paper studies the short- and long-run eects of large rms on economic development. We use evidence from one of the largest multinationals of the 20th Century: The United Fruit Company (UFCo). The rm was given a large land concession in Costa Rica ---one of the so-called "Banana Republics"--- from 1899 to 1984. Using administrative census data with census-block geo-references from 1973 to 2011, we implement a geographic regression discontinuity (RD) design that exploits a quasi-random assignment of land. We nd that the rm had a positive and persistent eect on living standards. Regions within the UFCo were 29% less likely to be poor than nearby counterfactual locations in 1973, with only 56% of the gap closing over the following four decades. Company documents explain that a key concern at the time was to attract and maintain a sizable workforce, which induced the rm to invest heavily in local amenities that likely account for our result. We then build a dynamic spatial model in which a rm's labor market power within a region depends on how mobile workers are across locations and run counterfactual exercises. The model is consistent with observable spatial frictions and the RD estimates, and shows that the firm increased aggregate welfare by 2.9%. This eect is increasing in worker mobility: If workers were half as mobile, the rm would have decreased aggregate welfare by 6%. The model also shows that a local monopsonist compensates workers mostly through local amenities keeping wages low, and leads to higher welfare levels than a counterfactual with perfectly competitive labor markets in all regions, if we assume amenities increase local productivity.

В статье отмечаются особенности конкуренции и монополизации в моделях монополистической и несовершенной конкуренции. Показаны методы конкуренции, проанализированные в рамках рассматриваемых моделей конкуренции. Особое внимание уделено анализу эффективности рынков несовершенной конкуренции, в том числе монополистической конкуренции. Подчеркнуты актуальность теорий Э. Чемберлина и Дж. Робинсон. Определены новизна и прогрессивность этих теорий. Отмечены их некоторые недостатки и ограничения. Проведено сравнение теорий несовершенной конкуренции Дж. Робинсон и теории монополистической конкуренции Э. Чемберлина., The article notes the features of competition and monopolization in the models of monopolistic and imperfect competition. The competition methods analyzed within the considered competition models are shown. Particular attention is paid to the analysis of the efficiency of imperfect competition markets, including monopolistic competition. The relevance of the theories of E. Chamberlin and J. Robinson is emphasized. The novelty and progressiveness of these theories are determined. Some of their shortcomings and limitations are noted. The theory of imperfect competition by J. Robinson and the theory of monopolistic competition by E. Chamberlin are compared., Экономика и предпринимательство, Выпуск 5 (154) 2023, Pages 210-212

This chapter presents a discussion on the general production rules in a second-best environment. The chapter analyzes a set of assumptions regarding government activity and the underlying structure of the private sector. Regarding the government sector, the government is making a set of production decisions under two constraints: it must buy inputs and sell outputs at the established private sector producer prices, and it must cover any resulting deficit (surplus) with distorting commodity taxes levied on the consumer. The government may buy or sell any inputs or outputs, including those traded in the private sector. There are no restrictions on the form of the aggregate government production function other than the exclusion of externalities. Regarding the private sector, all markets are assumed to be perfectly competitive and private production exhibits general technology with constant returns to scale (CRS). There can be no pure profits or losses from private production.

This chapter presents a discussion on the second-best theory of taxation in one-consumer economies with linear production technology. The second-best theory of taxation explores the effects of distorting taxes on social welfare. A distorting tax is one that prevents at least one of the first-best pareto-optimal conditions from holding—that is, it forces society inside its first-best utility-possibilities frontier. The first-best pareto-optimal conditions are equalities between marginal rates of substitutions and marginal rates of transformation. Distorting taxes prevent the equalities from holding because they force at least two economic agents in the same market to face different prices in an otherwise perfectly competitive economy. Virtually all taxes actually employed by governments introduce some distortion into the economy, whether they are sales, excise, income, or wealth taxes. Because tax distortion is defined relative to pareto optimality, much of the literature on second-best tax theory has treated it strictly as an allocation issue concerned only with questions of economic efficiency. Furthermore, the theory of distorting taxation addresses three main questions, one associated with welfare loss, another with optimality, and a third with tax reform. The chapter concludes with a discussion on the philosophical and methodological underpinnings of the second-best theory of taxation.

PurposeSupply chain integration (SCI) and flexibility (SCF) are recognised as crucial business practices and capability in the global competitive market. However, limited research has paid attention to study the relationship between SCI, SCF and their impact on supply chain performance (SCP). Therefore, the purpose of this paper is to establish a relationship between integration, flexibility and performance.Design/methodology/approachThe structural equation modelling technique was used to analyse the 187 data collected from Indian organisations through the survey methodology.FindingsFindings indicate that external integration contributes significantly to realise SCF and SCP. Sourcing and logistics flexibility also help to improve the SCP. The mediation analysis showed that the association of customer and supplier integration with SCP is partially and fully mediated by logistics flexibility, respectively. This study suggests that integration influences the SCP when the firm has a strong association with downstream partners and enough capability for logistics flexibility.Research limitations/implicationsThe study has collected cross-sectional data to analyse the relationship between SCI, SCF and SCP. However, as integration requires an effort of the years, longitudinal data and industry-specific studies may provide comprehensive views to validate the results of this study.Originality/valueBuilding on relational view theory and dynamic capability theory, the study has proposed the SCP assessment framework based on the relationship between SCI and SCF.

BACKGROUND The goal is to provide a national analysis of organ procurement organization (OPO) costs. METHODS Five years of data, for 51 of the 58 OPOs (2013-2017, a near census) were obtained under a FOIA. OPOs are not-for-profit federal contractors with a geographic monopoly. A generalized 15-factor cost regression model was estimated with adjustments to precision of estimates (P) for repeated observations. Selected measures were validated by comparison to IRS forms. RESULTS Decease donor organ procurement is a $1B/y operation with over 26 000 transplants/y. Over 60% of the cost of an organ is overhead. Profits are $2.3M/OPO/y. Total assets are $45M/OPO and growing at 9%/y. "Tissue" (skin, bones) generates $2-3M profit/OPO/y. A comparison of the highest with the lower costing OPOs showed our model explained 75% of the cost difference. Comparing costs across OPOs showed that highest-cost OPOs are smaller, import 44% more kidneys, face 6% higher labor costs, report 98% higher compensation for support personnel, spend 46% more on professional education, have 44% fewer assets, compensate their Executive Director 36% less, and have a lower procurement performance (SDRR) score. CONCLUSIONS Profits and assets suggest that OPOs are fiscally secure and OPO finances are not a source of the organ shortage. Asset accumulation ($45M/OPO) of incumbents suggests establishing a competitive market with new entrants is unlikely. Kidney-cost allocations support tissue procurements. Professional education spending does not reduce procurement costs. OPO importing of organs from other OPOs is a complex issue possibly increasing cost ($6K/kidney).

University continuing and distance education is at a crossroads. This article asserts that a radical disruption in the competitive landscape for university-based continuing education (CE) is on the...

The current operational setup in Kenya’s Universities is a turbulent one and highly competitive market condition. To ensure survival and sustainability, public universities require to adopt and implement competitive strategies. Many scholars have investigated sustainability efforts by Universities in pursuit of performance, however, it is still not clear how sustainable strategies have the greatest influence on the performance of Public Universities. Thus, the study set to establish the influence of sustainability strategies on the performance of Public Universities in Kenya. The study was anchored on resource-based theory. To achieve the objectives, the study was anchored on a pragmatic philosophy and mixed research design with a target population of 234 University top managers. Primary data was collected using a 5 point Likert-type questionnaire and an interview guide. Data were analyzed using descriptive and inferential statistics. Findings revealed that sustainability strategies had a significantly statistical influence on the performance of public universities in Kenya. The regression analysis for composite results revealed that sustainability strategies (SS) alone account for 53% of the variation of performance of Public Universities (R2=0.53, (t=7.68, p

Purpose This study aims to show the relationship between competition, financial stability and ownership structure of banks in the Middle East and North African (MENA) countries. Design/methodology/approach This study uses the generalized method of moments (GMM) estimators to generate research results. This study uses an unbalanced panel dynamic data set. It covers the period 2011 to 2017 in MENA banks. Findings This study implies that there is a significant and positive relationship between market power and the financial stability of banks in MENA countries. It explains a competitive market focus on credit risk, which turns them risky. From the bank’s ownership view, Islamic banks are in a less risky position which means Islamic banks are more stable than other ownership structures. On the other hand, government specialized institute displays their poor financial stability and risky from other ownership structures. Unfortunately, there is no significant impact of ownership structure on competition unless Islamic banks prove that they (Islamic banks) perform better in market power. Practical implications The empirical findings of this study suggest that MENA banks should improve the process of managing and monitoring the non-performing loan (loan segment business). It reduces the level of credit risk, which leads to achieving more profit. It also recommends that loan quality should improve immediately in this region for declining financial disruption. Based on the ownership structure, policymakers and stakeholders should adjust their risk and financial stability. Notably, the stakeholders can focus on Islamic banks in this region as this type of ownership structure showing superiority over other ownership structures. Originality/value This study is based on the latest data set and produced outcomes by using a GMM estimator. It also uses multiple measures of competition and risk variables to get robust results. Moreover, to the best of the knowledge, this study is the pioneer to examine the competition, risk (financial stability) and ownership structure of banks in the MENA countries.

— The article presents the authors’ pilot project for monitoring the implementation of the Strategy for the Development of the Electronics Industry of the Russian Federation. Monitoring stages include analysis of industry indicators (number and size of organizations, intensity of competition); economic viability (economic potential, efficiency, growth); business reputation of companies (corporate, financial, market, social components). Sectoral indicators are proposed as quantitative characteristics that provide regular diagnostics of the development of the industry and the identification of the most effective business models, which will serve as the basis for justifying the forms of financing and a flexible system of support for enterprises. The monitoring model developed provides control over the restructuring of the industry, the creation of a fair competitive market, an increase in the share of efficient private Russian companies, and their integration into the global ecosystem.

Indonesia has failed to achieve meat self-sufficiency; meanwhile, East Java is among the centers of beef cattle with a relatively high contribution in terms of GDP and employment. Therefore, this study aims to identify and analyze the market structure of the beef cattle commodity chain by considering the concentration ratio, Gini Index, as well as barriers to exit and entry. The study was conducted in Malang Regency and Sapudi Island, with 164 respondents, which consisted of calf suppliers, farmers, traders, and slaughterhouses. Furthermore, the analytical tools used include descriptive, concentration ratio, Gini Coefficient, and analysis of barriers to entry and exit. Based on the results, the market structures in the beef cattle commodity chain in terms of its input market was perfect competition, while the intermediate and output market was oligopoly. These results were confirmed by the concentration ratios of calf suppliers and farmers, which were lower than the ratios of traders and slaughterhouses. Although the market structures were different, their Gini Coefficients are almost similar because a value of 0.2 showed an equitable distribution. Additionally, the barriers to entry into the market were high investment with a large number of import and market problems. Meanwhile, the barriers to exit the market were a large number of potential demands, high investment, and a source of income.

The aim of this paper is to measure the impact of certain factors on the formation of the price of electricity, which is obtained from conventional and renewable energy sources, in the deregulated markets of developing countries, such as Montenegro. Another goal is to identify and analyze the criteria that can lead to a change in the electricity market structure. This study was especially inspired by the fact that no similar research has been conducted in this domain, according to the authors’ knowledge. A regression model is applied in the paper, which can be used to display the fluctuation of electricity prices based on the analyzed factors. In addition to price as a dependent variable, the model also examined eight factors that are independent variables. Apart from the basic model, another model has been formulated which, in addition to a price as dependent variable and the examined factors, also takes into consideration the production of electricity from renewable sources. The results of the research showed that an increase in the amount of electricity produced will lead to a slight increase in price, which is to be expected considering there is still one large producer servicing the market, which, despite the deregulation of the market, still has significant monopoly power. The generation of electricity by small hydropower plants will not significantly affect price change, and these entities will behave as if they were in a market of perfect competition. Further opening up the market to new competitors would lead to a fall in the price of electricity. Based on the predicted capacity of electricity generation from small hydropower plants, the electricity deficit could be reduced; in another words it could lead to the reduction of imports. Based on the results of the study, energy policy makers will be able to adopt informed strategies and make decisions related to developments in the energy market, most notably the creation of a common EU energy market. Also, the results of the conducted research expand the theoretical body of work dealing with the determination of the price of electricity. Future studies could address the issue of using natural potential for the generation of electricity from renewable sources, such as solar energy, wind energy and other sources.

Distributed energy resources (DERs) are rocking the utilities’ business landscape. It calls for competitive market environments that incentivize DERs to form maximum operating efficiency. Among proposed pricing schemes, distribution-level locational marginal price (DLMP) is effective in signaling the marginal generation cost differences driven by energy losses and network constraints. It can be derived from a distribution-level optimal power flow (OPF) framework, as it essentially presents the sensitivity of optimized generation cost towards incremental loads. However, due to the high resistance-to-inductance ratio and unbalanced characteristics of distribution networks, computational affordable DLMPs are highly challenged. This article provides a linear-approximated DLMP that can be solved efficiently and generalized to account for reactive power flow, three-phase unbalanced loads and meshed network structure. The successive linear programming technique is introduced to enhance the model accuracy. Case studies on an IEEE 123-Bus system validate its accuracy against a nonlinear benchmark and capability in offering proper incentives.

By the first welfare theorem, competitivemarket equilibriabelong to thecoreand hence arePareto optimal. Lettingmoneybe a commodity, this paper turns these two inclusions around. More precisely, by generalizing the second welfare theorem we show that the said solutions may coincide as a commonfixed pointfor one and the same system.Mathematical arguments invoke conjugation, convolution, and generalized gradients. Convexity is merely needed via subdifferentiablity of aggregate “cost”, and at one point only.Economic arguments hinge on idealized market mechanisms. Construed as algorithms, each stops, and a steady state prevails if and only if price-taking markets clearandvalue added is nil.

This chapter is about the key contributions to political economy that originated from Hilferding’s Finance Capital. It covers the period from its publication in 1910 to 1966, the year Monopoly Capital by Paul Sweezy and Paul Baran appeared. I will show that the ideas associated with Finance Capital dominated economic thinking on the left during the second and third decades of the twentieth century. In the 1930s, the Great Depression marked a setback for the book’s prestige. However, important economists like Natalie Moszkowska and Paul Sweezy, who elaborated on the realisation/underconsumption version of monopoly theory during that period, sparked fresh interest in this line of thought, concluding an intellectual effort that stemmed from the insights of Rosa Luxemburg. Their input established a paradigm that gained recognition among economists. Moreover, it offers an analytical explanation for the booming growth of finance following 1980 and the economic crisis that began in 2007/8. The most serious criticism of Hilferding is that Moszkowska and Sweezy’s conclusions rely on the neoclassical theory of perfect competition and its ‘dark side’ of monopolistic price setting. Neoclassical monopoly pricing implies the rejection of the labour theory of value and stands in stark contrast to Marx.

Quality and customer satisfaction have long been recognized as playing a crucial role for success and survival in today’s competitive market. As part of the monitoring and evaluation of products and services, this research was undertaken to assess the quality of products and service delivery at a mining canteen and to establish whether the catering service company employees were being trained and further to identify the challenges faced by the employees. The sample consisted of 150 customers, out of which 101 responded. Triangulation method was utilized to find information from the different units within the catering service company. The managers, waitresses, cashiers, supervisors form part of the sample. A closed-ended questionnaire was given to users and visitors who patronize the canteen. Semi-Structured interviews were conducted to the canteen staff. The results from the survey indicated that respondents were not satisfied with the variety of meals and the quality of drinks offered to them. As depicted in the findings, quality service delivery is a major issue, and it is not consistent. In terms of hygienic condition at the canteen, participants were of the view that the canteen was the best. Regarding training of most of the employees from the catering services company did not receive enough training compared to what they should. Shortage of skillful personnel in the kitchen especially chefs and cooks, shortage of kitchen equipment to perform tasks, shortage of ingredients in the kitchen which often compromises quality and long working hours where mentioned as some of challenges that hinders the provision of quality service. This study significantly contributes to providing a deeper insight into factors that influences dining choice of a mining community.

Higher Education Institutions (HEIs) providing online education have been facing challenges in an increasingly competitive market. Consequently, brand equity has gained importance. This study takes...

Over the past decade, the feed‐in‐tariff (FIT) subsidy policy of China has driven rapid growth in the photovoltaic power generation (PPG) industry. China now boasts the largest installed capacity of PPG around the world. However, the policy‐driven expansion of the PPG industry has not brought about a simultaneous improvement in quality. PPG costs remain high and it is difficult to sustain PPG competitiveness. Therefore, it is imperative to gradually withdraw from the implementation of photovoltaic subsidies. Using a game theory approach, this study investigates the impact of subsidy exit policy on China's PPG industry. The results show that stimulating research and development (R&D) can be difficult under current uncertain subsidy withdrawal plan. The government should announce the plan of subsidy reduction with clear adjustment as well as corresponding effective dates. In addition, under the condition of government‐controlled prices, the social welfare of the monopoly market is higher than that in the competitive market. In order to achieve the same technological progress and target output, the total cost (including enterprise cost and government expenditure) in competitive market is higher than that in monopoly market, which is caused by repeated R&D investment and technical cost. Technical cooperation could lower costs and increase profits, and is therefore recommended.

In the present competitive market, information sharing and quality assurance are bothneeded for client support. This relationship was set up through a quantitative examinationstudy. The information was gathered utilizing the poll strategy, and the discoveries uncoveredthat, despite options, banks are continually enticed to bundle item contributions to draw inclients. This appeal stems exclusively from the arrangement of excellent administrations. Atlast, ideas are made for additional improvement to remain competitive in the monetary market.

Customer loyalty has become an important role in ensuring successful businesses in this highly competitive market. Thus, there is a need for McDonald’s management to creating loyal customers in order to maintain their sustainability in the market. The purpose of this study is to measure the relationship of the demographic variable with customer loyalty and also to measure the significant relationship of food quality, physical environment, price and value, and also convenience with customer loyalty in McDonald’s restaurant in Kuala Terengganu. Convenience sampling was used to distribute the questionnaire from 120 respondents through social media platforms via WhatsApp and Facebook. The data then were analysed by using Statistical Package of Social Science version 23 to carry out the test from descriptive analysis, cross-tabulation, and multiple linear regression. This study reveals that age, ethnics, education, and income have a significant relationship with customer loyalty on behalf of demographic variables. Meanwhile, on behalf of independent variables, convenience and food quality has a positive relationship with customer loyalty. So, we can say that food quality and convenience factors have the highest influence on customer’s loyalty. Thus, McDonald’s restaurant should find the strategies on how to improve themselves in that factor such as provide a big size of chicken or a convenience drive thru. It is pretty sure can make customers more comfortable to revisit the restaurants.

Purpose – Regulation, which is an interdisciplinary concept such as economic, social, political, administrative and global, is when an authority imposes a set of rules, sanctions and practices for relevant sectors or markets in case of a problem in the market mechanism. The banking system, has a large and important share in Turkey's economic and financial structure, continues its activities as one of the sectors where regulations are carried out intensively.The aim of the study is to measure the effects of regulations on market structure in the banking sector is also the focus of empirical analysis. Design/methodology/approach – In this study, using panel data regression analysis, the regulation index and other balance sheet items created for the Turkish banking sector for the period of 2000-2018 were used as variables for the purpose of the study. The effects of regulations on the market structure of the Turkish banking sector has been analyzed by carrying out a panel data analysis with equations established using the Augmented Mean Group (AMG) estimator. Findings – It is observed that the regulations made by relevant institutions and legal ratios in the period of 2000-2018 had an increasing effect on the competition in the Turkish banking sector. Discussion – In case of imperfect information conditions in the banking sector, it is foreseen that the regulations may have difficulties in both reducing costs and transferring the gains obtained in this way to consumers. It is suggested in the study that the regulations applied in the banking sector can work more competitively and close to full information conditions, with the effect of increasing competition. In addition, it is likely that the regulations will bring the market closer to the level of perfect competition by increasing the level of competition towards the banking sector.

This paper proposes a new methodology for the assessment of quality and benchmarking of antiquarian bookshops. The methodology reflects current trends in this specific market, where, in particular, the most influential factor is the Internet, which changed the structure of this market from a locally oligopolistic structure closer to the perfect competition model. However, though the Internet allowed for the competition in prices, there are several further aspects determining the quality of a bookshop. In our AHP-based methodology, we combine both the traditional bookshop-specific criteria (such as opening hours) with those measuring the new features resulting from the public open-access database of all books in stock. We present a case study of antiquarian bookshops in Prague, Czech Republic. The case study illustrates not only the insight into the structure of this market, but also demonstrates that the methodology is useful in the management of bookshops, enabling a bookshop to determine its market position among competitors. The main findings support the hypothesis that quality web services are essential as the pricing policy, which distinguishes the market from its previous locally oligopolistic phase. We also confirm the results of the case study by a robustness analysis showing that the possible subjectivity of experts plays a minor role since we would need large changes in weights of criteria to alter the resulting ranking.

The purpose of the study is to examine the awareness, perception and satisfaction level of clients of popular UPI platforms. Satisfied clients are the biggest promoters in today’s fast-changing competitive market. Their favourable word-of-mouth provides legitimacy, appeal, and aids in the acquisition of new clients to the business. The Unified Payment System (UPI) is designed to build a platform for cashless and transparent financial transactions by using the advantages of mobile technology. So, this study is based mostly on primary data collected from 100 samples from UPI clients in Kerala through structured questionnaire and the secondary data used only for theocratical frame. The key tools for data analysis is statistical tool like One-way ANOVA and weighted averages. Study result reveals the significant influence of educational status of the clients in their awareness of UPI platforms and its services. The study also observes the age and gender effect on the satisfaction and perception of clients. KEYWORDS: Unified Payment Interface (UPI), UPI Platforms, Client satisfaction, Client Perception, Digital inclusion.

In the context of a dynamically developing competitive market, global changes in production and the distribution of production resources, the increasing influence of political and socio-economic factors, the issues of ensuring the economic security of both the region and the industries included in its economy acquire special relevance. Agriculture is, on the one hand, the most vulnerable sector of the economy and is influenced by many factors, but, on the other hand, the most significant for the sustainable development of the Altai Territory. The study concluded that it is highly competitive and dependent in food security in other regions of the Siberian Federal District and the dynamics of development of the agro-industrial complex of the region. However, there are threats to economic security, the presence of which impedes the effective functioning of the agro-industrial complex. Based on the study, the main risks and threats have been identified that are of the greatest importance for the economic security of agriculture in the Altai Territory: a low level of investment activity, deterioration of agricultural machinery, a shortage of qualified personnel, risks of natural factors.

After some years of poor trade, Birmingham’s button-making boomed when gilt buttons became fashionable in the mid-1790s. In this competitive market, disquiet about dishonest trading resulted in leg...

The burgeoning integration of distributed energy resources (DER) poses new challenges for the economic and safe operation of the electricity system. The current distribution-side policy is largely based on mandatory regulations and incentives, rather than the design of a competitive market mechanism to arouse DERs to freely compete in the retail market. To address this issue, we proposed a transactive retail market mechanism to attract the active participation of profit-driven DER retailers in a deregulated way. Considering the limited competitive property of the retail market, a bi-level DSO-dominated framework is constructed to simulate the virtual game between distribution system operator (DSO) and DER retailers. Specifically, the flexible interval pricing of retailers is modeled as a series of binary revenue constraints to influence the DSO's centralized economic dispatch decisions, where the time-varying distribution locational marginal price is adopted to settle energy activities at different locations over the time horizon. Due to the uncertain power flow path during the coordinated decision-making process, we proposed a general undirected second-order cone-based AC radial power flow model and provided sufficient conditions to ensure its exactness. Also, we applied a series of approximation and relaxation techniques to transform the bi-level mixed-integer quadratic framework with highly discrete induced domains into a solvable mixed-integer semidefinite programming problem. It is demonstrated in the case study that the proposed mechanism can not only improve market efficiency but also eliminate market power and the resulting market failures.

Mobile applications (apps) have been massively developed and released in recent years. In this competitive market, the users’ adoption of the app or satisfaction greatly depends on its usability. Therefore, tech companies and app developers are looking for quick and easy approaches to evaluate the usability of their products early in the design cycle. The objective of this study was to introduce a novel approach combining the capabilities of the gesture-level model (GLM) and heuristic evaluation to assess the usability of mobile apps in early stages of the design cycle and without the need for costly and time-consuming user testing. The approach can be run on a graphical user interface and includes uncertainties regarding user skill level and distraction. Preliminary results suggested that this approach can be used for usability evaluation of mobile apps; however, its validity and generalizability to other domains need to be validated in the future with human-subject experiments.

The article considers the conceptual framework of the content essence of competition, the conditions for the formation of approaches for high competitiveness of business entities as the main element of the functioning of the market economy. The article analyzes the current state of the competitive market space in Russia. A comparative assessment of the state of the Russian competitive environment in 2016 and 2020 is carried out in the context of: determining the areas with the highest (and lowest) degree of influence on the competitive market, guidelines for strengthening competitive positions, positive effects of competition for business entities, etc. The key directions of increasing the competitiveness of business entities are formulated. An up-to-date set of methods for assessing competitiveness is presented. The advantages of healthy competition in the system of market relations for the growth of the welfare of economic entities, the economic development of the country and, accordingly, the improvement of the standard of living of the population are determined. In Russia, at present, the development and implementation of state programs for the development of small and medium-sized businesses in the regions is insufficient for the formation of an effective competitive market environment for the economy in the regions. While the development of healthy competitive relations allows the most effective impact on market mechanisms in the regions, and also contributes to the sustainable development of socio-economic, technical areas of the economy. And the key task of the state in this case is to provide opportunities for realizing the competitive potential of the region, that is, its readiness for effective competition and sustainable functioning of a certain competitive market environment. The formation of such an environment ensures the effectiveness of interregional and international relations of the region, which leads to positive effects in the socio-economic development of the state as a whole.

This paper characterises the conventional and the digital sector of the EU economy since the late 90s and introduces a two sector growth model which highlights structural differences between the two sectors. In contrast to conventional goods and services, digital goods and services are more easily scalable but require more upfront intangible investment. These features require consideration of fixed costs and a departure from perfect competition and raise issues about market entry. Another important dimension is the skill demand of both sectors, with the latter requiring a larger share of workers with digital skills. Since COVID-19 is expected to induce a persistent increase of demand for digital services, we use this model to estimate the likely economic impacts. We are in particular interested how the digital transition is affecting the labour market and the functional distribution of income. The paper shows how the distribution of economic rents between workers with digital skills and platforms is determined by labour supply conditions and entry barriers. This suggests that there is a role for competition policy and labour market policies to support the digital transition.

The purpose of the researchis to establish and develop effective concepts in the catering industry, their constant adaptation in accordance with modern trends is necessary for the survival of the company in a competitive market. One of the simple and popular concepts, regardless of the format of the institution, is the national cuisine. At the same time, this concept was transformed into an independent direction in Kazakhstan due to the peculiarities of the social and cultural development of the country. This concept is still not fully understood, does not have a clearly defined definition, description of the features of the components. In this regard, the purpose of the research is to study the features of the concepts of public catering establishments of various formats on the example of the Republic of Kazakhstan and the city of Taraz, in particular, and, on this basis, to study the reasons for the emergence, success factors and prospects for the development of a unique concept of multinational cuisine, taking into account global trends.Methodology. The study used a systematic analysis of the concepts of public catering establishments, analysis of the results of scientific research, Internet sources and media materials, developed a questionnaire, interview form, collected and analyzed the results of the survey with various target groups: business communities, employees and visitors of food establishments with coverage of more than 60 % of the city's establishments.Originality / value of research –complex factors influencing the development, development and success of the concepts of public catering establishments of various formats are investigated. The possibilities of developing ideas for branding based on the study of socio-cultural criteria and demand characteristics are shown.Findings –the reasons for the emergence and trends in the development of a unique trade offer in Kazakhstan – the concept of multinational cuisine. The factors that must be considered when creating and promoting the concept of public catering establishments are studied and taken into account. The features of the concept of multinational cuisine and positive factors of development corresponding to modern trends are named.

This paper investigates the outsourcing relationship between an original equipment manufacturer (OEM) and a contract manufacturer (CM) when both compete in the same product market. We identify optimal solutions and the favorable conditions that both players may benefit from outsourcing when either one is the dominant player in the Cournot competition in the base setting. In the extended models, we include a supplier in the game who sells the key component to the CM and explore all players’ decisions on pricing and/or quantity. We find that the optimal wholesale price for outsourcing is normally higher when the CM is dominant than that when the OEM is dominant. The Win–win conditions that both the OEM and the CM favor outsourcing in various scenarios are identified. There exist some scenarios that no outsourcing will be formed due to conflicting interests between the OEM and the CM. The supplier may benefit from outsourcing due to additional OEM's quantity when the OEM's production cost is high. In that case, a Win–Win–Win result for outsourcing occurs for all three players in the extended model.

This paper argues that micro-credentials are gig credentials for the gig economy. Micro-credentials are short competency-based industry-aligned units of learning, while the gig economy comprises contingent work by individual ‘suppliers’. Both can be facilitated by (often the same) digital platforms, and both are underpinned by social relations of precariousness in the labour market and in society. They are mutually reinforcing and each has the potential to amplify the other. Rather than presenting new opportunities for social inclusion and access to education, they contribute to the privatisation of education by unbundling the curriculum and blurring the line between public and private provision in higher education. They accelerate the transfer of the costs of employment preparation, induction, and progression from governments and employers to individuals. Micro-credentials contribute to ‘disciplining’ higher education in two ways: first by building tighter links between higher education and workplace requirements (rather than whole occupations), and through ensuring universities are more ‘responsive’ to employer demands in a competitive market crowded with other types of providers. Instead of micro-credentials, progressive, democratic societies should seek to ensure that all members of society have access to a meaningful qualification that has value in the labour market and in society more broadly, and as a bridge to further education. This is a broader vision of education in which the purpose of education is to prepare individuals to live lives they have reason to value, and not just in the specifics required of particular jobs.

Published online: 28 September 2022 We study minimal conditions for competitive behavior with few agents. We adapt a price-quantity strategic market game to the indivisible commodity environment commonly used in double auction experiments, and show that all Nash equilibrium outcomes with active trading are competitive if and only if there are at least two buyers and two sellers willing to trade at every competitive price. Unlike previous formulations, this condition can be verified directly by checking the set of competitive equilibria. In laboratory experiments, the condition we provide turns out to be enough to induce competitive results, and the Nash equilibrium appears to be a good approximation for market outcomes. Subjects, although possessing limited information, are able to act as if complete information were available in the market. This article was published Open Access with the support from the EUI Library through the CRUI - Springer Transformative Agreement (2020-2024)

The purpose of this case study is to provide an understanding of how innovation is possible even when an artistic product has a 180-year history of design stability. Innovation does not come from a lightning bolt out of the sky. Rather, it emerges from an openness to new ideas and deep experience in your industry or product. There are numerous parameters on which a business can innovate, including materials, mechanics, aesthetic design and manufacturing technology. One approach is to eliminate constraints blocking innovation by working backwards from Z to A, rather than working incrementally forward from A to B to C. Market surveys must be conducted cautiously, as consumers may not be able to envision a hypothetical product for which a prototype is not yet available. When innovation breaks new ground, it can also create new markets or market segments. Therefore, it is generally preferable to own 100% of your own market segment than 10% of a highly competitive market.

Nowadays, in a competitive market circumstance, a distributor/wholesaler permits a settled trade credit to the retailer(s) for more deal, and in turn, retailer offers a fraction of that credit period to the customers for the quick-moving of the business, i.e. to increase the demand. In reality, all the customers are not fully trustworthy. There are some customers who do not pay the dues after enjoying the trade credit. The number of default customers increases with the increase in trade credit period given to them. Thus, these two contradict each other. There is a decent market with increasing demand for greener (contamination free) item(s), especially for deteriorating item(s). Here, in the present investigation, customers’ demand increases with both the trade credit given to customers and the greenness of the product. Obviously, the price tag will be higher for green items. Increased price always negates the demand. Hence, greenness and the increased price of the green products are contradictory to each other. Once more, to reduce the deterioration rate, the retailer incurs an expenditure termed as preservation technology cost. Due to preservation, deterioration of the items decreases but cost increases. Here, control of deterioration and preservation act contradictory to each other. The base demand, effects (coefficients) of the trade credit, and greenness are taken as fuzzy. Incorporating the above facts, a model is developed with a fuzzy differential equation and solved by Chalco-Cano $$\alpha $$ -cut method. The profit is calculated by assuming two-level trade credit and default customers. In this investigation, a new concept of clearing the supplier’s dues is introduced. Instead of payment of all dues at the end of business cycle period, the retailer clears his dues as and when he has sufficient money for this purpose. Numerical experiments for different cases are performed along with their physical interpretations. Imprecise nature of the profit is shown through its membership function and depicted graphically. Interestingly, it is demonstrated that positive effect of deterioration due to the increase in preservation technology and increase in profit due to greenness are up to certain extent. After that, these have the reverse effects.

In an increasingly competitive market for tourist destinations, visitorattractions play a key role in enticing visitors to the destination, and assuch must continually develop new extraordinary experiential offeringsto keep visitors coming. The Renaissance castle of Kronborg, a Danishheritage visitor attraction and the setting of Shakespeare’s Hamlet, hasshown the way by staging Hamlet Live, an interactive theatricalexperience. Its success is due to the professional actors’ co-creativeperformances and improvisations. In this study, based on observations,semi-structured interviews and thematic analysis of TripAdvisor reviews,we identify and describe seven interconnected elements that havemade Hamlet Live successful in terms of revenue and visitor satisfaction.These elements form an experiential strategy framework that otherheritage visitor attractions could use to create extraordinaryexperiences. We provide recommendations on which types of heritagevisitor attractions could replicate the achievements of Kronborg’sHamlet Live.

I simulate firms competing in an urban landscape that is segregated by income level. Some firms are located close to wealthy neighborhoods and far from competitors, but other firms do not enjoy these advantages. The probability that a household selects a certain firm to patronize depends on that firm’s price and its distance from the household. The firms have almost no information about the urban market they inhabit, but they can experiment with prices and learn what actions lead to higher profits. Firms that experience persistent losses go out of business. When transportation costs are low, households shop aggressively and the result that emerges resembles perfect competition. When transportation costs are high, households shop less aggressively, which gives firms greater market power. The results here more closely resemble monopolistic competition, with more firms surviving, higher prices and higher profits. However, this collusion is implicit, as there is no mechanism for the firms to communicate or explicitly collude with each other. I validate the model by conducting a Probit analysis of the factors that determine firm survival. I also conduct an econometric analysis of the factors that determine a firm’s price, quantity sold, and profit. Firms locating close to rival have a higher probability of going out of business. If these firms do survive, on average their profits are no different than the profits of firms that are not located close to a rival.

Frank Knight's theory of monopoly price has received relatively little attention in the literature on Risk, Uncertainty and Profit. We argue that Knight accepted and refined the monopoly price theory of Carl Menger and his followers. Knight highlights the difference between monopoly as an inevitable outcome of departures from perfect competition, and monopoly as a contingent or ‘culture-history fact’. In the latter case, coercive institutional barriers to potential competition shape the choice set of consumers and producers, and provide a crucial method for identifying monopoly gains. There are three benefits to this account of Knight's contributions: it rehabilitates the focus on the institutional determinants of monopoly price, as opposed to the mainstream emphasis on market frictions and imperfections; it opens the way for a Mengerian monopoly price theory that seriously engages the study of institutions; and it adds new evidence and nuance to ongoing debates about Knight's place in economics.

This study aims to explore dynamic pathways of business supply chain transformation under competitive market evolution. Although extensive studies have discussed the strategic alignment of managing...

Although some studies have assessed the market power of advanced degrees in Vietnam’s agricultural sector, this research only focuses on analyzing the level of market concentration through CR4 or HHI indexes. The stochastic cost frontier can estimate market power using the Lerner ratio when input price data are not available and with or without constant returns to scale. Thus, the stochastic cost frontier with a maximum likelihood approach of Kumbhakar et al. (2012) is used to assess the market power of traders in the coffee value chain in Lam Dong province, Vietnam. The estimated market power and Lerner rate results are 0.0001. This index shows that the local coffee market is a market with perfect competition. So the traders do not have market power. Thus, there is no collusion between coffee traders to lower the purchase price for farmers or increase the price for processors and exporters. An RTS ratio of 0.96 (less than one) shows that the return to scale for traders is decreasing. This number proves that the degree of competition in the local coffee market among traders is very high.

The study examined the effect of marketing intermediaries on onion prices in Benue state, Nigeria. A multistage sampling method was employed to select 150 onion sellers in the study area. Primary data were collected using a structured questionnaire administered to respondents. Data collected were analysed using descriptive statistics, marketing efficiency and Gini coefficient. The study revealed that the majority (66.7%) of the respondents were female, 46.7% were married with an average age of 38 and an average income of ₦96684.00. The result also showed e marketing efficiency of 5.19 indicating that the product was efficient in the study area and Gini coefficient of 0.29 indicating that onion marketing is perfectly competitive. Transportation and storage facilities constituted the greatest challenge faced by onion sellers in the study area. Based on the findings of the study, it was recommended that the sellers should form cooperatives to promote bulk purchase which will, in turn, reduce transportation charges as well as enable them to achieve the benefits from economies of scale.

Tight and competitive market situations pose a serious challenge to enterprises in the manufacturing industry domain. Competing in the use of data analytics to enhance products and processes requires additional resources to deal with the complexity. On the contrary, the possibilities afforded by digitization and data analysis-based approaches make for a valuable asset. In this paper we suggest a guideline to a systematic course of action for the data-based creation of holistic insight. Building an overlaying corpus of knowledge accelerates the learning curve within specific projects as well as across projects by exceeding the project-specific view towards an integrated approach.

The Indian start-ups are finding that their secret ingredient for fulfillment in life is indeed, food. There are too many players today fighting to win the consumers heart literally through their bellies. Food technology is that the flavour of the season for Indian start-ups. But contrary to public opinion, it’s not about IT but innovation within the food experience provided to the buyer using real food technology. Indian food delivery market is valued at 15 billion dollars and set for an exponential growth. Food delivery has become a competitive market in India. The expansion of online food ordering delivery platform by mobile apps has made businessmen awake and notice. The number of the favored food hubs like Swiggy, Uber EATS, Zomato, FoodPanda and other similar apps are feeding the planet online and making profits. The target of the study is to analyse the factors influencing customers to order food online through food delivery apps. Chi- Square is employed to analyse the target of the study. From the study, it’s found that the bulk of the respondents (57.8%) accept that there’s difficulty in using the appliance. Thus, the web food delivering application should initiate some ideas for the convenience of the users. The super senior citizens aren’t ready to adapt to the changing trends and technologies in modern food ordering systems. Thus, awareness should be created among them.

Multi-homing behavior refers to the behavior that ride-sourcing drivers simultaneously register and sequentially provide services on multiple ride-sourcing platforms. The multi-homing behavior of ride-sourcing drivers significantly impacts the competition among multiple ride-sourcing platforms in a competitive market. To better understand the multi-homing behavior, we present exploratory evidence on the factors that influence drivers' platform switching behavior. The RF-MNL (random forest multinomial logistic regression) framework is applied to analyze multi-homing driver behavior in a competitive ride-sourcing market. Multinomial logistic regression (MLR) is adopted to model the platform switching behavior of multi-homing drivers. The random forest is employed to seek the best combination of variables for the MLR model, which is calibrated by using the one-month multi-platform ride-sourcing data in Hangzhou, China. A variety of explanatory variables that influence ride-sourcing drivers' multi-homing behavior are estimated. The results show that the driver's socio-demographic characteristics, income level, bonus income (e.g., long-distance price rise), and work time related factors (e.g., the time gap of order dispatching, and wait time) play an essential role in determining the platform switching decision. This study corroborates the evidence of significant factors that impact drivers' switching from one ride-sourcing platform to another, which can support decision-making for ride-sourcing platforms to attract drivers serving the platform exclusively. We also examine how heterogeneity in drivers' multi-homing tendencies affects the platform's policy. To our best knowledge, this paper is one of the first quantitative studies that empirically reveal the commonly observed multi-homing behavior of ride-sourcing drivers by exploring real-world city-wide data collected on multiple platforms.