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The Drugs (Prices Control) Order of 2013 in India regulated the prices of certain essential and life-saving drugs to ensure their affordability and availability, expecting an increase in sales of those drugs. The authors study the effects of the regulation on sales volumes of each regulated drug using a synthetic control approach with sales data from a comparable country that did not experience a regulatory change. They assess the robustness of the results via multiple empirical approaches to triangulate the findings. Contrary to the order's objectives, they find that sales volumes declined for regulated drugs. Since the order placed restrictions on production levels and on drugs exiting the market, the lowered margins of regulated drugs could have pushed pharmaceutical firms to reduce their marketing expenditures on them. The authors provide evidence of such a reduction using detailing data from a large pharmaceutical firm. The findings illustrate that this shift in detailing adversely affected prescriptions from physicians without formal medical degrees who treat poor and disadvantaged people in India—patients that the order was intended to help the most. A survey the authors conducted shows that these physicians rely on detailing more than medically trained doctors. Taken together, the results provide insights into the strategic actions of firms when faced with regulations, and highlight their unintended consequences. The generalizable nature of the study's findings across a broad set of medications has implications for governmental agencies in terms of the need to account for the entire ecosystem when implementing such regulations. [ABSTRACT FROM AUTHOR]

In service systems with delay-sensitive customers, customer decisions to join the queue or balk influence demand, impacting service provider profits. Studies show that customers can be risk-seeking for short waits and risk-averse when waits exceed expectations. Prior research on this mixed-risk attitude is limited, focussing on optimal pricing policies from a social welfare perspective. This study fills this gap by investigating the impact of this behaviour on customer joining strategies and the provider's pricing and capacity policies. We analyse a profit-maximising firm managing an unobservable queue where customers display mixed-risk behaviour towards delay parameterised by a risk-switching point and a degree of risk propensity. Customers join or balk based on expected utility, while the firm determines the service price and rate to maximise expected profit. We derive optimal strategies for both customers and the firm under scenarios with concave or convex capacity costs. Computational experiments show that optimal pricing, capacity, and profit peak at intermediate risk-switching points. For smaller points, optimal price and capacity rise with the customers' degree of risk propensity, while larger points have minimal impact. Numerical exploration emphasises the significance of capacity cost and the effectiveness of leveraging price over controlling capacity for maximising firm profitability. [ABSTRACT FROM AUTHOR]

In the overlapping global emergencies of the pandemic, climate change and geopolitical confrontations, supply shocks have become frequent and inflation has returned. This raises the question of how sector-specific shocks are related to overall price stability. This paper simulates price shocks in an input–output model to identify sectors which present systemic vulnerabilities for monetary stability in the United States. We call these prices systemically significant. We find that in our simulations the pre-pandemic average price volatilities and the price shocks in the COVID-19 and Ukraine war inflation yield an almost identical set of systemically significant prices. The sectors with systemically significant prices fall into four groups: energy, basic production inputs other than energy, basic necessities, and commercial infrastructure. Specifically, they are "Petroleum and coal products," "Oil and gas extraction," "Utilities," "Chemical products," "Farms," "Food and beverage and tobacco products," "Housing," and "Wholesale trade." We argue that in times of overlapping emergencies, economic stabilization needs to go beyond monetary policy and requires institutions and policies that can target these systemically significant sectors. [ABSTRACT FROM AUTHOR]

Fifty years ago, the Federal Trade Commission stopped enforcing its fictitious reference pricing guidelines, emphasizing the search qualities of price and the belief that competition would drive out deceptive behavior. Yet this practice of posting false, inflated comparison prices alongside sale prices has proliferated. Building on prior analytic work and the documented effects of reference pricing on search behavior and consumer choice, the authors develop a descriptive model explaining why fictitious reference pricing has spread instead of being extinguished by competition. After summarizing the model with a series of generalizations, the authors consider potential regulatory solutions to the problem. They propose that disclosure of the true normal price charged may be the only solution that could plausibly influence both consumer and firm behavior. Then, based on the existing literature, interviews with practitioners and regulators, an analysis of other nations' approaches, and the results of a laboratory study of 900 consumers to examine how they integrate "true normal price" information into deal evaluations, the authors develop a set of propositions about the likely effects of requiring firms to disclose recent selling prices for goods, identifying both potential benefits and challenges associated with such a requirement. [ABSTRACT FROM AUTHOR]

Demand response (DR) enhances building energy flexibility, but its application in hybrid heating systems with dynamic pricings remains underexplored. This study applied DR via heating setpoint adjustments based on dynamic electricity and district heating (DH) prices to a building heated by a hybrid ground source heat pump (GSHP) system coupled to a DH network. A cost-effective control was implemented to optimize the usage of GSHP and DH with power limitations. Additionally, four DR control algorithms, including two single-price algorithms based on electricity and DH prices and two dual-price algorithms using minimum heating price and price signal summation methods, were tested for space heating under different marginal values. The impact of DR on ventilation heating was also evaluated. The results showed that applying the proposed DR algorithms to space heating improved electricity and DH flexibilities without compromising indoor comfort. A higher marginal value reduced the energy flexibility but increased cost savings. The dual price DR control algorithm using the price signal summation method achieved the highest cost savings. When combined with a cost-effective control strategy and power limitations, it reduced annual energy costs by up to 10.8%. However, applying the same DR to both space and ventilation heating reduced cost savings and significantly increased discomfort time. [ABSTRACT FROM AUTHOR]

In recent years we have gained insight into the impact of minimum unit pricing (MUP)—a legal floor price below which a given volume of alcohol cannot be sold—on population‐level reductions in alcohol sales, consumption and harm. However, several questions remain unanswered including how individual‐level purchasing changes impact the local economy (e.g., balance between on‐licence and off‐licence outlets), lead to long‐term population‐level trends (e.g., youth drinking) and social harms (e.g., violence). Agent‐based modelling captures heterogeneity, emergence, feedback loops and adaptive and dynamic features, which provides an opportunity to understand the nuanced effects of MUP. Agent‐based models (ABM) simulate heterogeneous agents (e.g., individuals, organisations) often situated in space and time that interact with other agents and/or with their environment, allowing us to identify the mechanisms underlying social phenomena. ABMs are particularly useful for theory development, and testing and simulating the impacts of policies and interventions. We illustrate how ABMs could be applied to generate novel insights and provide best estimates of social network effects, and changes in purchasing behaviour and social harms, due to the implementation of MUP. ABMs like other modelling approaches can simulate alternative implementations of MUP (e.g., policy intensity [£0.50, £0.60] or spatial scales [local, national]) but can also provide an understanding of the potential impact of MUP on different population groups (e.g., alcohol exposure of young people who are not yet drinking). Using ABMs to understand the impact of MUP would provide new insights to complement those from traditional epidemiological and other modelling methods. [ABSTRACT FROM AUTHOR]

This article examines the role of policy entrepreneurs in countering regulatory capture, a phenomenon whereby regulatory bodies influenced by industry lobbying often prioritize private over public interests. The study employs an abductive process‐tracing approach to investigate the 2013 drug pricing reform in Morocco, illustrating how substantial policy shifts can occur even in authoritarian contexts susceptible to regulatory capture. The findings underscore the pivotal role of Houcine El Ouardi, the former Minister of Health, whose strategic leadership exemplified policy entrepreneurship. His capacity to navigate and surmount industry resistance was instrumental to the reform's success, culminating in a significant reduction in drug prices. This case challenges conventional wisdom regarding regulatory capture, demonstrating that individual agency can reshape regulatory outcomes despite opposition. By elucidating how policy entrepreneurs can drive transformative change in resistant regulatory environments under authoritarian regimes, the study contributes to the literature on policy entrepreneurship and regulation. [ABSTRACT FROM AUTHOR]

Introduction In 2017, New York City (NYC) passed a minimum floor price law (MFPL) to raise the minimum price of a pack of cigarettes to $13.00. Evaluation of the MFPL in NYC is limited and has yet to examine its potential as a proequity policy. Aims and Methods Data (n  = 20 241; prepolicy n  = 15 037, postpolicy n  = 5204) were obtained from the New York State Adult Tobacco Survey, a quarterly repeated cross-sectional survey. Using the Difference-in-Differences approach, we compared changes in reported cigarette prices, cigarette consumption, and smoking status among NYC residents before and after policy implementation to changes in the same outcomes among residents in the rest of the state (ROS) over the same period. Results For some smokers, cigarette price increased in NYC for the postpolicy period; moreover, prices increased more in NYC than in ROS. NYC smokers who reported higher income, more education, or White or "Other" race, reported a bigger price increase than their ROS counterparts. Cigarette consumption decreased more in the postpolicy period for people in the ROS, in general and among certain groups. Everyday smoking status decreased similarly in both NYC and ROS, whereas someday smoking status decreased primarily in the ROS during the analysis period. Conclusions Cigarette prices in NYC increased after the 2017 MFPL; these increases were greater than those occurring elsewhere in the state, suggesting the policy might be a factor in the change. However, the increases were concentrated among relatively higher-priced purchases, and groups with lower smoking prevalence. Changes in smoking status and cigarette consumption did not correspond to study hypotheses. Implications This study provides an empirical analysis of a real-world policy in tobacco control. It examines the potential of the MFPL in NYC as a proequity policy. Findings extend the current MFPL literature and suggest that they may be able to raise cigarette prices for some purchases, but also may have a limited impact on smoking behaviors. [ABSTRACT FROM AUTHOR]

Developing country inflation is in the headlines again. Mainstream macroeconomics typically ignores the role of conflict while non‐mainstream work tends to ignore macroeconomic constraints. This paper revisits the issue employing a dependent economy framework with eclectic characteristics. Specifically, I explore the mechanisms that propagate both real and monetary sources of inflation in the presence of real wage resistance and distributional conflict. The analysis shows that the inability to pay for subsidies with taxes or bond issuance in a stylized developing economy could create a situation where a relatively small shock leads to sustained and accelerating inflation and a wage‐price spiral, thanks to conflicting claims on income. Subsidies to protect consumers from external price shocks could, similarly, leave a country vulnerable to accelerating wage‐price spirals as the stabilizing relative price effects of a declining foreign asset position are dampened. Distributional conflict thus plays the role of sustainer rather than the primum mobile. Price controls could, in theory, better enable inflation management if these do not result in redistribution toward spenders. Such controls, however, create other trade‐offs for countries facing balance‐of‐payments fragility. [ABSTRACT FROM AUTHOR]

Does higher medical spending improve quality of care? We estimate the effect of changes in regulated reimbursement prices for hospitals on multiple dimensions of hospital quality, including mortality outcomes, surgical complications, process quality and patient satisfaction. We exploit an exogenous variation in reimbursement prices between the years 2006 and 2010 based on a reform of hospital financing in Germany. We find that changes in reimbursement prices do not affect quality of care. This effect is precisely estimated, and we can rule out effect sizes that are large relative to the overall variation in quality indicators across hospitals. [ABSTRACT FROM AUTHOR]

The extensive black market for meat in Occupied France shows the breadth of popular opposition to Vichy's system for food allocation and its links to collaboration. The black market gained support from farmers, butchers, consumers, and traffickers improvising to evade state regulation. This article explains the importance of the black market for meat in Vichy France as fostered by two logics for illicit traffic. The first was the obvious opportunity to profit from the shortages and state controls; the second, its influence more widespread, served the needs of family, friends, and communities. [ABSTRACT FROM AUTHOR]

Consumers on the Canadian home front did not suffer extreme deprivation as a consequence of the Second World War. Price controls effectively combatted inflation and rationing was neither widespread nor unpopular where it did apply. Consequently, black markets were not a major feature of life in wartime Canada. However, at war's end limited black markets, especially in meat, emerged as consumer expectations outstripped supply. [ABSTRACT FROM AUTHOR]

This paper documents the role of village fairness norms in land markets. A strong and robust relationship is established between experimentally elicited village-level fairness norms and land-rental rates across 250 Malawian villages. Stronger fairness norms correlate with a tighter range in village rental rates. The study suggests that the fairness norms for tenants appear to be more important, constraining the land-rental price range by a price ceiling rather than a price floor. The results further indicate that rented-in fields are of lower agronomic quality than owner-cultivated fields, but do not find any statistically significant relationship between the fairness norms and land-rental activity in the village. [ABSTRACT FROM AUTHOR]

AbstractPurposeMaterials and methodsResultsConclusions\nIMPLICATIONS FOR REHABILITATIONDespite being a pioneering social initiative worldwide, Australia’s National Disability Insurance Scheme (NDIS) still presents unresolved issues for individuals with vision-related disability regarding its processes and outcomes. This study evaluates how well the NDIS markets are perceived to achieve efficiency, responsiveness, choice, quality, and equity within the vision rehabilitation sector, and identified factors facilitating or hindering desired outcomes.This qualitative study conducted 22 semi-structured interviews involving individuals with vision disability, service providers, peak-body and professional-body representatives, and an NDIS planner.Findings across stakeholder groups show minimal variation. The NDIS’s quasi-market approach has improved participants’ choices over ways to utilise and manage their funding and consequently provided them with a sense of control and empowerment. However, inefficiencies persist due to insufficient competition, workforce shortages, price caps, information asymmetry, high transaction costs, gaming behaviour, inadequate staff training, complex and lengthy processes, and eligibility concerns. Supportive factors include effective advocacy, pragmatic regulations to maintain quality, opportunities for innovation, and service providers’ motivation for cost-effectiveness.While NDIS markets have made significant strides in enhancing participants’ choice and control, our findings underscore the need for continued refinement to achieve broader social objectives and long-term sustainability for individuals with vision-related disability.The NDIS’s quasi-market approach empowers participants with vision disability to exercise choice and control over their rehabilitation services and funding management.While quality assurance measures exist within the NDIS, concerns persist regarding service quality, attitudes of NDIA staff and providers, and consumer rights.Ensuring accessible market information, effective advocacy, and robust quality standards is essential to address these concerns.The study highlights the importance of refining policies, regulations, and pricing structures within the NDIS markets to address inefficiencies, promote high-quality and responsive vision rehabilitation services, and ensure equitable access while maintaining the sustainability of the NDIS.The NDIS’s quasi-market approach empowers participants with vision disability to exercise choice and control over their rehabilitation services and funding management.While quality assurance measures exist within the NDIS, concerns persist regarding service quality, attitudes of NDIA staff and providers, and consumer rights.Ensuring accessible market information, effective advocacy, and robust quality standards is essential to address these concerns.The study highlights the importance of refining policies, regulations, and pricing structures within the NDIS markets to address inefficiencies, promote high-quality and responsive vision rehabilitation services, and ensure equitable access while maintaining the sustainability of the NDIS. [ABSTRACT FROM AUTHOR]

Geopolitical tensions have put the use of strategic trade policy instruments back on the agenda of policy makers. In this paper we investigate the interaction of the threat and use of three unilateral trade policy instruments: embargoes, import price caps and tariffs. In a game-theoretic framework with different scenarios and game variants, we show that the strategic use of the right combination of the respective trade policy instruments can be used to achieve more desirable outcomes for the players. In our setup, a credible threat of a tariff supports the successful implementation of an import price cap. While the results can be generalised, we show the concrete functioning of the interplay of these strategic trade policy instruments in a hypothetical game of resumption of natural gas sales from Russia to the EU. Following the application to this example, we derive policy suggestions to improve the EU's position in the specific game. [ABSTRACT FROM AUTHOR]

This paper deals with the stability and occurrence of Hopf bifurcation of a distributed delay differential cobweb model using the chain trick technique. This is a generalized form of the fixed delay cobweb model to which it is compared using the same parameter values. The results from the delay distribution showed that whenever less weight  (γ = 0.146)  is put on past prices, the current equilibrium price is adjusted upwards while the reverse is observed when a higher weight  (γ = 0.186)  is put on the previous price. It is also observed that if the initial price is set below/above the equilibrium price, the price adjustment either affects the consumers or benefits the suppliers. However, the fixed delay cobweb model does not display the consumers or suppliers benefits of the price dynamics in either direction. These are unique, underlying patterns in price dynamics discovered when using a distributed delay model compared to traditional fixed delay cobweb models. Furthermore, our model challenges the traditional cobweb model's requirement for divergence, as it is based on the weight assigned to past prices rather than the relationship between the elasticities of supply and demand, which is the determining factor in the classical model. Based on these insights, we recommend that future price adjustment models incorporate distributed delays, as they reveal more intricate price dynamics and provide a more comprehensive understanding of market behavior than fixed delay models. [ABSTRACT FROM AUTHOR]

Objective Study Design Data Source and Analytic Sample Principal Findings Conclusions What is known on this topic What this study adds To examine the effects of New York's surprise billing regulations on price changes by emergency ground ambulance service providers.We exploited a natural experiment using a difference‐in‐differences design with randomization inference (RI) to examine the effects of New York state regulations on the prices of emergency ground ambulances, analyzing 2012–2019 commercial claims data. In March 2015, New York implemented a law protecting patients from surprise out‐of‐network (OON) balance bills, including ground ambulance services. New York's policy tied OON ground ambulance reimbursements to usual, customary, and reasonable rates that typically reflect charges. The control group consisted of similar states that never enacted surprise billing laws. Although self‐funded plans are exempted from state laws, we also examined for spillover effects on self‐funded plans.Multi‐payer national commercial plan claims data were used. The study sample was selected by isolating claims involving an emergency ground ambulance activation code.The event study findings indicated that New York's law led to a continuous increase in prices, relative to controls. The law's implementation was associated with an overall emergency ground ambulance price increase of 13 percentage points (RI p‐value: 0.07). We observed a 21‐percentage‐point increase in in‐network prices (RI p‐value: 0.07) and a 19‐percentage‐point increase in OON prices (RI p‐value: 0.07), relative to controls, for fully insured health plans. Similar changes in overall prices and in in‐network prices were observed in self‐insured plans. Last, our study did not find statistically significant evidence of changes in out‐of‐pocket cost‐sharing amounts under New York's regulation.Balance billing laws based on charges can lead to price increases for emergency ground ambulance services. Legislation intended to inoculate patients from these surprise billings for ground ambulance transportation may have unintended consequences for costs of care. Emergency ground ambulances are a major source of surprise billing. The federal No Surprises Act of 2020 excluded emergency ground ambulance services. Some states have regulations that prohibit out‐of‐network balance bills for ground ambulance services. The study provides the first empirical evidence on the potential impacts of regulations on price changes among emergency ground ambulance providers. The study offers evidence of state policies' effects on fully insured plans and potential spillover effects on self‐funded plans. Experiences from New York's state ambulance out‐of‐network billing regulation indicate that tying reimbursement policies to charges may have the unintended consequences of increasing health care costs. [ABSTRACT FROM AUTHOR]

Related Articles After several failed attempts in previous years, Brazil's Plano Real finally ended hyperinflation in 1993–1994, and a significant driver of inequality and poverty was eliminated as a result. By combining data from Congress and newspaper archives, 17 interviews, and secondary sources, this article takes a qualitative approach to explore the notion that increased electoral competition and effective coalition management enabled price stabilization. Fernando Henrique Cardoso (PSDB), the economy minister leading the plan and the winner of the 1994 presidential election, campaigned as the anti‐inflation candidate, promising newly enfranchised low‐income voters that reining in prices would boost their earnings. Meanwhile, the minoritarian executive took advantage of coalitional tools to cultivate legislative alliances and approve the plan's measures. For analytical generalization, a potential model is proposed for further investigations on the relationship between competitive elections, cross‐party cooperation, and price stability in nine other country cases within and outside Latin America.Adegboye, Alex, Kofo Adegboye, Uwalomwa Uwuigbe, Stephen Ojeka, and Eyitemi Fasanu. 2023. “Taxation, Democracy, and Inequality in Sub‐Saharan Africa: Relevant Linkages for Sustainable Development Goals.” Politics & Policy 51(4): 696–722. https://doi.org/10.1111/polp.12547.Segatto, Catarina Ianni, and Daniel Béland. 2018. “The Limits of Partisanship: Federalism, the Role of Bureaucrats, and the Path to Universal Health Care Coverage in Brazil.” Politics & Policy 46(3): 416–41. https://doi.org/10.1111/polp.12252.Zimerman, Artur, and Flávio Pinheiro. 2020. “Appearances Can be Deceptive: Political Polarisation, Agrarian Policy, and Coalitional Presidentialism in Brazil.” Politics & Policy 48(2): 339–71. https://doi.org/10.1111/polp.12345. [ABSTRACT FROM AUTHOR]

Currently, the proportion of distributed renewable energy sources in distribution networks is continuously increasing, while electric vehicles (pure electric and hydrogen-powered) are experiencing substantial growth within the transportation network. Addressing how to coordinate the regulation of renewable power generation and guide electric vehicle charging, thereby ensuring secure distribution network operations and enhancing traffic network efficiency, has become an urgent issue. This paper proposes a novel strategy for coordinated regulating the coupled system through adjusting hydrogen flow via a joint electricity price–hydrogen price–charging price mechanism. Electricity prices serve to control the electrical energy flow; hydrogen prices control the hydrogen energy flow; and charging prices control the charging patterns of electric vehicles. Two pricing mechanisms are compared: one considering only electricity prices and charging prices (without hydrogen energy flow), and another incorporating electricity prices, hydrogen prices, and charging prices (with hydrogen energy flow). Based on these pricing mechanisms, two methods are contrasted: a rule-based price updating approach and a reinforcement learning-based DDPG (Deep Deterministic Policy Gradient) price decision method. Results show that in the proposed price mechanism (with hydrogen energy flow) DDPG strategy, the voltage deviation has decreased by 0.007 (p.u.) compared to the old price mechanism (without hydrogen energy flow) rule-based strategy. However, there is no significant improvement observed in terms of transportation network regulation capability, in the proposed price mechanism DDPG strategy, the waiting time and time loss have increased by 2.2% and 1.2% compared to the old price mechanism rule-based strategy. Results reveal that the proposed joint electricity price–hydrogen price–charging price mechanism exhibits superior performance, which can effectively control the electrical energy flow-hydrogen energy flow-traffic flow. However different coupling devices exhibit varying degrees of sensitivity to price changes. In addition, the DDPG method proves more effective. In future research, the main focus is on addressing the insufficient explainability of deep reinforcement learning. [Display omitted] • Adjusting hydrogen flow via electricity price–hydrogen price–charging price. • Mathematics formulation of the novel strategy considering hydrogen flow. • The novel strategy can control the electrical-hydrogen-traffic flow. • Different coupling devices exhibit varying degrees of sensitivity to price changes. • DDPG price decision method can reduce the voltage deviations. [ABSTRACT FROM AUTHOR]

Background: Germany was the first country worldwide to offer mobile digital health applications (mHealth apps, "DiGA") on prescription with full cost coverage by statutory health insurances. Especially statutory health insurances criticize the current pricing and payment regulations in Germany due to "free and non-transparent" pricing in the first year and lack of cost use evidence. The study consists of two parts: The first part evaluates interests of digital health application providers and statutory health insurances in Germany to identify overlaps and divergences of interests. The second part includes the development of a comprehensive pricing and payment taxonomy for reimbursable mHealth apps in general. Methods: Both parts of the study used the input from 16 expert interviews with representatives of digital health application providers and statutory health insurances in Germany. In part one the authors conducted a qualitative content analysis and in part two they followed the taxonomy development process according to Nickerson et al. (2013). Results: A value based care model is expected to bring the greatest benefit for patients while statutory health insurances welcome the idea of usage based pricing. The final pricing and payment taxonomy consists of four design and negotiation steps (price finding, payment prerequisites, payment modalities, composition of negotiation board). Conclusions: As healthcare resources are scarce and thus need to be optimally allocated, it is important to implement pricing and payment terms for reimbursable mHealth apps that result in the greatest benefit for patients. To the best of the authors' knowledge, there has been no structured study yet that examines alternative pricing strategies for reimbursable mHealth apps.The developed pricing and payment taxonomy for reimbursable mHealth apps serves as planning and decision basis for developers, health policy makers and payers internationally. [ABSTRACT FROM AUTHOR]

Coal is a critical export for Mongolia, playing a significant role in the nation's economy by contributing to GDP and export revenues. This paper provides an economic analysis of coal pricing in Mongolia, examining the primary factors that drive price fluctuations in both domestic and international markets. Key areas of focus include global demand, particularly from neighboring China, transportation costs, government policies, currency exchange rates, and environmental regulations. The paper employs a mixed-method approach, analyzing historical price data alongside policy reviews to identify the challenges and opportunities Mongolia faces in stabilizing coal prices. Global coal demand, especially from China, has a profound effect on Mongolian coal prices, while infrastructure limitations and transportation costs further exacerbate price volatility. Additionally, Mongolia's coal sector is influenced by international competition, particularly from established exporters like Australia and Indonesia, which benefit from more developed supply chains. This research aims to provide valuable insights for policymakers and stakeholders by offering recommendations on how Mongolia can enhance price stability and strengthen its position in the global coal market. By analyzing the economic forces shaping Mongolian coal prices, the study contributes to broader discussions on resource management and economic sustainability in coal-dependent economies. The findings will aid policymakers in developing strategies that address Mongolia's infrastructure challenges and ensure the long-term viability of its coal industry in the face of evolving global energy dynamics. [ABSTRACT FROM AUTHOR]

This study analyses data from natural gas combination boilers across a 6-year timeframe, exploring how demand for space heating and hot water have both changed over time, and highlights the impact of factors such as external temperature and the UK energy price cap. The results show that there has been a significant decrease in annual space heating and hot water demand since 2021. Space heating typically contributes 88% of the total annual gas demand of the boilers, with hot water contributing the other 12%. For the same mean temperature across the fourth quarter (8.5 °C), 2018 had a daily mean energy demand of 50.4 kWh, whereas the 2022 value was 41.4 kWh. This 9.0 kWh (18%) difference of the daily mean for Q4 suggests a shift in consumer demand influenced by other factors such as the energy price cap. This analysis provides additional understanding of how consumer energy demand for heating continues to evolve and invites further studies to be completed on future trends of energy demand for both space heating and hot water. Here, we also highlight the benefit of considering space heating and hot water as separate demands, as this provides additional insights and is something the paper helps to advocate for. [ABSTRACT FROM AUTHOR]

By September 2024, the Centers for Medicare and Medicaid Services (CMS) will publicly report the negotiated prices (Maximum Fair Prices) for the first 10 drugs selected for price negotiation. We estimate initial price offers based on net prices, statutorily defined ceilings, and comparative effectiveness data for the 10 drugs and their therapeutic alternatives. We utilized net prices and other price benchmarks for the 10 drugs and their therapeutic alternatives. We searched for data on comparative clinical effectiveness for the primary indications. We outlined a range of plausible initial price offers based on CMS guidance and our interpretation of regulatory intent. For ibrutinib and ustekinumab, statutorily defined ceiling prices will likely determine the initial price offers. The integration of net pricing and clinical evidence from comparator branded products will inform the initial price offers for apixaban, empagliflozin, etanercept, and insulin aspart. Rivaroxaban and sacubitril/valsartan have therapeutic alternatives that are generics; therefore, CMS may apply a discount to current net prices. To achieve savings in the negotiation of dapagliflozin and sitagliptin, CMS will have to leverage additional negotiation factors because statutory defined ceilings and net prices of therapeutic alternatives are similar or higher. This analysis sheds light on important price benchmarks and clinical evidence factors for the determination of the initial price offers. Although we were not able to simulate the offer and counter-offer process, our findings provide a transparent and systematic way to produce initial offers that are consistent with CMS guidance. • The Centers for Medicare and Medicaid Services will publicly report the negotiated prices (Maximum Fair Prices) for the first 10 drugs selected for price negotiation. • We report an estimate of the initial price offers to inform negotiation. • This analysis sheds light on important price benchmarks and the integration of comparative clinical evidence for the determination of the initial price offers. [ABSTRACT FROM AUTHOR]

Lockdown restrictions reduce the spread of COVID‐19 but disrupt livelihoods and lifestyles that can induce harmful behavior changes, including problematic lockdown drinking fueled by cheap alcohol. Exploiting differences amongst the four constituent countries of the United Kingdom, we use triple difference analysis on alcohol retail sales to examine the efficacy of minimum unit pricing as a price control device to help curb excessive consumption in a pandemic setting. We find the policy is remarkably effective and well‐targeted in reducing demand for cheap alcohol, with minimal spillover effects, and consumers overall buying and spending less. [ABSTRACT FROM AUTHOR]

The illegal trade in totoaba (Totoaba macdonaldi) is causing adverse social, ecological, and economic impacts. This illegal activity is accelerating the overexploitation of totoaba and pushing the critically endangered vaquita (Phocoena sinus) closer to extinction. Despite extensive efforts to recover vaquita populations, scant attention has been given to the totoaba trade as an independent issue. As a result, data on the totoaba trade are limited, which hampers robust analyses and development of effective interventions to reduce illegal harvesting. We used a previously developed framework specifically designed to examine dynamics of illegal markets and guide measures to mitigate illegal use of totoaba. This framework separates markets into 3 analytical levels: characterization of participating actors (e.g., fishers, intermediaries); examination of how actors interact within the market (e.g., organization of supply chains); and assessment of the overall market dynamics that result from these interactions (e.g., factors determining price and quantity). We reviewed existing literature (108 initial articles) and interviewed key market actors, academics, and nongovernmental organization experts (14) to obtain data for this framework. Our findings offer an overview of the totoaba illegal market operation, highlighting intervention points (e.g., customs agents) and areas where additional information is required to decrease information gaps (e.g., US local market). We describe the structure and complexity of this market, emphasizing the influential role of organized crime in shaping its dynamics (e.g., controlling prices paid to fishers and stockpiling). By providing a systematic and in‐depth understanding of the market operation, we aimed to establish a benchmark for effective interventions and future research aimed at reducing uncertainties. Our results provide a crucial step toward addressing this critical issue and can help facilitate development of effective strategies to combat the illegal totoaba trade and promote biodiversity conservation more broadly. [ABSTRACT FROM AUTHOR]

The article focuses on the often-overlooked contributions of John Witherspoon to the Scottish Enlightenment, the American Revolution, and the formation of the American republic. Topics include a brief overview of Witherspoon's life and career, the significance of a rare letter he wrote to George Washington in 1778 about the dangers of price controls, and his early career and role in the Jacobite uprising.

This article analyses how the European Council, and its support structures, have been dealing with the energy crisis. On a theoretical level, it sheds light on how the EUCO system deals with polycrisis, which requires high-level political engagement, combined with deep technical expertise and out-of-the-box thinking. I contend that in a polycrisis the process as such can become an important part of the solution, thereby challenging outcome-oriented approaches to EU crisis management. I use embedded process tracing to analyse, in real-time, how the EUCO system sought to shape and steer policy-making on energy prices. The analysis shows how, in spite of deep divisions between member states, the EUCO system 'process managed' its way out of this politics trap, and managed to square the circle on the issue of a price cap. Through positive politicisation, the EUCO system prevented an oscillating process from derailing, and eventually tunnelled a way out. [ABSTRACT FROM AUTHOR]

Background: The hypertension is one of the most common chronic diseases, therefore treatment for the same should be affordable. Antihypertensive drugs of the same strength are available in the market at different costs. This study was conducted to raise awareness among health care workers and patients about the cost difference between different brands of the same antihypertensive drug, so that, whenever possible, a cheaper effective brand can be prescribed to ensure better patient adherence. Methods: Maximum retail price (MRP) of various antihypertensive drugs of same strength, manufactured by different pharmaceutical companies was obtained from various offline and online sources. The minimum and maximum cost of 10 tablets/capsules noted. The cost ratio and percentage cost variation was calculated for single drug and fixed dose combinations. The ceiling price (as per DPCO) of essential antihypertensives (as per national list of essential medicines) was compared with their maximum cost. Results: The formulations of single antihypertensive drugs and fixed dose combinations of two drugs were included in the study. Among the single antihypertensives analyzed the highest cost variation was of metoprolol (50 mg) as high as 12144.89%. The cost ratio was seen to be highest for Metoprolol 50mg ER(80.321) followed by Metoprolol 25mg (78.431), Telmisartan 40mg(66.98)Among fixed dose combination of two drugs analyzed highest cost variation was found that of Amlodipine 5mg + Atenolol 50mg combination(9566.66%). Conclusions: There was a huge price variation among the antihypertensive drugs manufactured by various companies. Some measures must be taken by the government to bring the uniformity in the price that will help to reduce the economic burden on the patients. [ABSTRACT FROM AUTHOR]

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For many high‐tech and Internet‐related products, consumers' utility depends partly on the scale of user groups, which is called network externality. This phenomenon plays a crucial role in shaping firms' innovation strategies, especially in markets with price regulation. This paper aims to investigate a monopolist's dynamic product innovation problem in a price‐regulated market exhibiting network externality. We identify the sufficient conditions guaranteeing the existence of optimal steady‐state equilibrium. Our analysis mainly shows the following: (i) the product quality and network size move in opposite directions along the path to the steady‐state equilibrium; (ii) the equilibrium result of product innovation increases with the regulated price but decreases with the intensity of network externality; (iii) the social‐welfare maximizing path of product innovation can be replicated by a dynamic price regulation regime, involving a premium on quality and a premium or a penalty on network size. Numerical experiments are performed to characterize the dynamic patterns of product innovation. We find that firms with high brand power prefer adopting mild product innovation strategy while for firms with low brand power, almost constant high‐quality strategy is better. [ABSTRACT FROM AUTHOR]

The emergence of variable renewable energy (VRE) technologies has created a range of different energy contracting techniques. Within Australia's National Electricity Market (NEM), Run‐of‐Plant (RoP) Power Purchase Agreements (PPAs) became the most common form of contract with purchasers of wind and solar energy agreeing to pay a fixed price for energy irrespective of when it is produced and, therefore, its actual value to the market. In November 2023, the Commonwealth Government adopted a 32 GW RoP PPA Contract‐for‐Difference (CfD) underwriting policy that aims to effectively shield the generator from market price risk. This article discusses different contract structures and their impact on participant behaviour during periods of material oversupply and negative prices. We find that embedded solar PV exports into the distribution network, which are not required to dynamically participate in the wholesale market, have increased wholesale energy supply, enabling profit maximising vertically integrated renewable firms to drive prices lower in a manner that partially strands the output of RoP PPA CfD generators with a $0/MWh price floor. A key conclusion from our analysis is that requiring embedded solar PV to effectively participate in the wholesale market appears to be a pre‐condition for the efficacy of government‐initiated RoP PPA CfDs. [ABSTRACT FROM AUTHOR]

Interactions between monetary and macroprudential policy are crucial in safeguarding price and financial stability. This study investigates the macroeconomic and financial impacts of monetary and macroprudential policy interactions in South Africa, a leading African economy in developing macroprudential frameworks. The existing literature largely focuses on the effectiveness of these policies independently, leaving a gap in understanding how their interaction affects their overall efficacy. Employing a Structural Vector Autoregression (SVAR) model and utilizing data from 1980 to 2023, this study uniquely incorporates the financial cycle to represent financial developments. The results reveal significant effects of both policies on key variables such as output, the financial cycle, and the price level. Specifically, policy contractions reduce output and the financial cycle but increase the price level, illustrating the 'price puzzle'. This study further identifies an endogenous response between the two policies: monetary policy reacts by rising to reduce price levels following a macroprudential shock, while macroprudential policy rises to stimulate financial activity after a monetary shock. These findings underscore the importance of using both policies in conjunction but in opposite directions to balance their effects and achieve price and financial stability. This study suggests that an optimal combination of monetary and macroprudential policies is critical for maintaining macroeconomic equilibrium. [ABSTRACT FROM AUTHOR]

Copyright of International Journal of Disciplines Economics & Administrative Scienves Studies is the property of International Journal of Disciplines in Economics & Administrative Sciences Studies 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 Gazi Journal of Economics & Business is the property of Gazi Journal of Economics & Business 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.)

The article deals with competition law disputes between doctors and presents three cases in which the Supreme Court has made clarifications. The first case concerns permissible competition among elective doctors, where no pricing regulation can be derived. The second case concerns improper advertising of dental treatments abroad. The third case deals with unfair competition in connection with a dental clinic and the tourism representative. It is emphasized that unfair competition law also provides effective legal protection in cross-border medical matters. [Extracted from the article]

This study examines the conduct of optimal fiscal and monetary policy in Nigeria under the assumption of a rent‐seeking government. To answer this question, a Dynamic Stochastic General Equilibrium (DSGE) model featuring a rent‐seeking fiscal authority is calibrated. The study also conducted a sensitivity analysis to compare the welfare effect of optimal simple policy rules under a corrupt versus benevolent regime. The results from the study showed that optimal monetary policy should target the double mandate of price and output stabilization when the government is a rent‐seeker. The study also found that it is optimal for the Central Bank to commit to an active monetary stance. The optimal fiscal policy rule in a rent‐seeking economy is passive and pro‐cyclical. Furthermore, welfare is negligibly better off in the benevolent economy. From a policy perspective, rent‐seeking activities are triggered by the proportion of rent‐seeking agents. This induces inefficiencies in government spending, which constrains growth in a developing economy. Furthermore, rent‐seeking can "coerce" the Central Bank of Nigeria to focus on a double mandate to stabilize both prices and output. Therefore, it is desirable for the monetary authority to possess due independence in controlling prices without interference from the fiscal authority. [ABSTRACT FROM AUTHOR]

The article deals with a court ruling on the formulation surcharge for eye drops that were manufactured by a pharmacy and dispensed to insured persons. It is determined that the formulation surcharge, according to the Pharmaceutical Price Regulation, can only be claimed once per contract doctor's prescription and not for each application unit. The health insurance company objected to the pharmacy's billing and made a claim for reimbursement. The social court dismissed the pharmacy's lawsuit. The pharmacy's appeal was also rejected. [Extracted from the article]

The article deals with discharge management and the organization of follow-up rehabilitation. It emphasizes the importance of increasing the minimum volumes for the care of premature and full-term infants weighing less than 1250 g. The search for a rehabilitation place lies primarily with the rehabilitation provider. The article describes a legal dispute between a hospital and a statutory health insurance provider. The court ruled that the hospital is entitled to reimbursement and that this claim is not extinguished by the offsetting of the provider. It also explains the pricing regulations for hospital reimbursement for publicly funded hospitals, including the compounding surcharge and reclassification by the health insurance company. [Extracted from the article]

Studies of the dynamics of linear and nonlinear differential equations with delays described by mathematical models play a crucial role in various scientific domains, including economics and biology. In this article, the Lambert function method, which is applied in the research of control systems with delays, is proposed to be newly applied to the study of price stability by describing it as a differential equation with a delay. Unlike the previous work of Jankauskienė and Miliūnas "Analysis of market price stability using the Lambert function method" in 2020 which focuses on the study of the characteristic equation in a complex space for stability, this study extends the application of this method by presenting a new solution for the study of price dynamics of linear and nonlinear differential equation with delay used in economic and biological research. When examining the dynamics of market prices, it is necessary to take into account the fact that goods or services are usually supplied with a delay. The authors propose to perform the analysis using the Lambert W function method because it is close to exact mathematical methods. In addition, the article presents examples illustrating the applied theory, including the results of the study of the dynamics of the nonlinear Kalecki's business cycle model, which was not addressed in the previous work, when the linearized Kalecki's business cycle model is studied as a nonhomogeneous differential equation with a delay. [ABSTRACT FROM AUTHOR]

Among major development organizations, the unchallenged consensus is that war and conflict are development issues ravaging local economies, often leading to forced migration, refugee populations, and acute food insecurity. Food insecurity when caused by a rise in food prices is a threat for violent conflict. This study was conducted in Nigeria using three types of quantitative data which are the general household panel data, monthly retailed commodity prices, and violent conflict data from 2010 to 2019. This study examines the linkages between conflict, food price shocks, and food security outcomes of households in Nigeria. Per capita daily calorie intake, household dietary diversity, and per capita monthly food consumption were the three food security outcomes used for this study. Fixed effects panel regression models were used to determine the effects of conflict-induced food price shocks on the food security outcomes of households. I was found that dietary diversity appeared to be higher in the first wave than in the other three waves. The measure of dietary diversity for the post-harvests were slightly higher than the post-plantings. The high dietary diversity associated with the post-harvest periods is partly related to the relatively higher net value of foods consumed during the same season. This is because the amount of food calories consumed during the post-harvest periods are relatively lower than the amount consumed during the post-planting periods. Regardless of the conflict level in Nigeria, an increase in conflict-induced price shock of wheat, and rice is associated with a decline in calorie intake, dietary diversity, and the actual food value consumed. The conflict-induced price shocks of other cereals negatively influence the actual food value consumed, and dietary diversity. It is concluded that violent conflict influences some aspects of food insecurity, through adjustment in diets in response to price increases. Conflict-induced price shocks is a necessary condition for food security. Therefore, policy issues aimed at improving the food security outcomes of households in the face of conflict-induced price shocks should focus on price scheme that will stabilise price placing a price floor on food commodities. [ABSTRACT FROM AUTHOR]

A Simple Monotonic Dynamic Pricing Policy We consider a canonical revenue management setting in which a monopolist seeks to maximize expected total revenues by selling a fixed inventory of product to customers who arrive sequentially over time. It is known in the literature that a simple dynamic pricing policy can perform reasonably well in such setting. However, the literature typically assumes that price can move freely over time (i.e., it can either go up or down). In practice, firms often impose certain restrictions on price movement. In this paper, we consider the setting in which price can only move monotonically over time (either only decreasing or only increasing). We devise a simple provably near-optimal dynamic pricing policy. Aside from markdown applications, our policy can also be applied to the setting with strategic customers. We consider a canonical revenue management problem wherein a monopolist seller seeks to maximize expected total revenues from selling a fixed inventory of a product to customers who arrive sequentially over time, and the seller is restricted to implement a pricing policy that is monotonic (either nonincreasing or nondecreasing) over time. Gallego and Van Ryzin [Gallego G, Van Ryzin G (1994) Optimal dynamic pricing of inventories with stochastic demand over finite horizons. Management Sci. 40(8):999–1020] show that the simplest monotonic price policy, the fixed price policy, is asymptotically optimal in the high-volume regime in which both the seller's initial inventory and the length of the selling horizon are proportionally scaled. Specifically, the revenue loss of the fixed price policy is O (k 1 / 2) , where k is the system's scaling parameter. Following the publication of Gallego and Van Ryzin [Gallego G, Van Ryzin G (1994) Optimal dynamic pricing of inventories with stochastic demand over finite horizons. Management Sci. 40(8):999–1020], several papers have attempted to improve the performance of the fixed price policy. Among them, Jasin [Jasin S (2014) Reoptimization and self-adjusting price control for network revenue management. Oper. Res. 62(5):1168–1178] develops a simple modification of the fixed price policy (that allows prices to move either up or down) with a guaranteed revenue loss of order O (ln k). In this paper, we propose a novel family of monotonic readjustment policy, which restricts the prices to only move in one direction (i.e., either up or down). We show that, if the seller updates the price for only a single time, then the revenue loss of our policy is O (k 1 / 3 (ln k) 2 α) for some α > 1 / 2. If, however, the seller updates the prices with a frequency O (ln k / ln ln k) , then the revenue loss of our policy is O ((ln k) 7 α) for some α > 1 / 2. These results show the power of dynamic pricing even in the presence of monotonic price restriction. We discuss two applications of our policy: markdown pricing and pricing in the presence of strategic customers. Supplemental Material: The online appendix is available at https://doi.org/10.1287/opre.2020.0774. [ABSTRACT FROM AUTHOR]

In "Real-Time Spatial–Intertemporal Pricing and Relocation in a Ride-Hailing Network: Near-Optimal Policies and The Value of Dynamic Pricing," Chen, Lei, and Jasin consider a dynamic pricing problem faced by a ride-hailing service provider who manages a fixed number of servers and serves price-sensitive customers within a network. Servers serve arriving customers by relocating from the requested origins to destinations within a certain travel time. The authors first propose a static pricing policy based on the optimal solution to a deterministic relaxation of the original stochastic problem. They show that the proposed static policy matches the best possible asymptotic performance of any static policy. The authors further propose a dynamic pricing policy that adaptively changes the prices in a way that reduces the impact of past demand randomness on the balance of future distributions of servers and customers across the network. They show that the dynamic pricing policy achieves significantly better asymptotical performance. The proposed policies and their performance guarantees are further extended to a case where the firm jointly decides the relocation of vacant servers Motivated by the growth of ride-hailing services in urban areas, we study a (tactical) real-time spatial–intertemporal dynamic pricing problem where a firm uses a pool of homogeneous servers (e.g., a fleet of taxis) to serve price-sensitive customers (i.e., a rider requesting a trip from an origin to a destination) within a finite horizon (e.g., a day). We consider a revenue maximization problem in a model that captures the stochastic and nonstationary nature of demands, and the nonnegligible travel time from one location to another location. We first show that the relative revenue loss of any static pricing policy is at least in the order of n − 1 / 2 in a large system regime where the demand arrival rate and the number of servers scale linearly with n, which highlights the limitation of static pricing control. We also propose a static pricing control with a matching performance (up to a multiplicative logarithmic term). Next, we develop a novel state-dependent dynamic pricing control with a reduced relative revenue loss of order n − 2 / 3 . The key idea is to dynamically adjust the prices in a way that reduces the impact of past "errors" on the balance of future distributions of servers and customers across the network. Our extensive numerical studies using both a synthetic data set and a real data set from the New York City Taxi and Limousine Commission, confirm our theoretical findings and highlight the benefit of dynamic pricing over static pricing, especially when dealing with nonstationary demands. Interestingly, we also observe that the revenue improvement under our proposed policy primarily comes from an increase in the number of customers served instead of from an increase in the average prices compared with the static pricing policy. This suggests that dynamic pricing can be potentially used to simultaneously increase both revenue and the number of customers served (i.e., service level). Finally, as an extension, we discuss how to generalize the proposed policy to a setting where the firm can also actively relocate some of the available servers to different locations in the network in addition to implementing dynamic pricing. Funding: Y. (M.) Lei was partially supported by the Natural Sciences and Engineering Research Council of Canada [Fund 1378108, Grant RGPIN-2021-02973]. Supplemental Material: The e-companion is available at https://doi.org/10.1287/opre.2022.2425. [ABSTRACT FROM AUTHOR]

In the conditions of military actions, liquidity of the currency market is of critical importance for the financial stability and security of the state, which stipulates significant relevance of the issue of instruments of liquidity provision. The research aims to identify the influence of the instruments of the National Bank of Ukraine (NBU) on the liquidity of the currency market of Ukraine within the context of long-term military conflict. The methods of regression analysis, correlation analysis, and analysis of variance were used in the study to determine the leading factors that influence the liquidity of the currency market in Ukraine in the conditions of military conflict. The study of the liquidity of the currency market through the prism of linear regression reveals the relation between the core economic indicators and the level of liquidity of the currency market during the military conflict. The model with a coefficient of determination 0,774 was found to effectively describe 77,4% of liquidity variability, underlining the significant influence of such factors as central bank policies and macroeconomic conditions. Significant coefficients for central bank interventions (1,7867), regulatory measures (59,8199), volume of international aid (-1,5684) and inflation (-99,9780) indicate their influence on the liquidity of the currency market in the conditions of military conflict. The influence of regulatory measures with a correlation of 0,59 is especially important. The article emphasises the necessity for minimising dependence on external financing and inflation control through monetary measures to ensure price stability. Further study perspectives involve consideration of the influence of digital currency of central banks on the liquidity of the currency market. [ABSTRACT FROM AUTHOR]

Problem definition: The loyalty penalty refers to a pricing strategy where companies charge higher prices to loyal customers for exploitation while offering lower prices to nonloyal customers for attraction. To address this unfair business practice, various regulatory agencies, such as the Competition and Markets Authority and the Financial Conduct Authority in the United Kingdom, have proposed or implemented regulations aimed at promoting fairness in pricing. In this study, we analyze the impact of such regulations on both firms and consumers. Methodology/results: We develop a stylized model to investigate duopoly competition in two symmetric markets, where consumers exhibit loyalty to different firms in each market. The regulatory intervention mandates that the price difference between the two markets, set by each firm, must not exceed a certain threshold. Our analysis reveals an intriguing interaction between market competition and price fairness regulation. When competition is intense, fairness regulation can alleviate cutthroat competition between firms, resulting in Pareto improvements compared with a scenario with no regulation. On the other hand, when competition is weak, fairness regulation can further enhance firms' existing monopoly power, potentially leading to collusive high prices that are detrimental to consumers and society. We also consider several extensions to enrich our findings, including fairness regulation on relative price discounts, asymmetric markets, and a two-pronged policy regulating the price gap and price cap. Managerial implications: Our study reveals the economic consequences of price fairness regulations; firms can benefit by pricing fairly, but well-intended fairness requirements may have adverse effects on consumers. Funding: P. Gao is supported by the National Natural Science Foundation of China [Grants 72201234 and 72192805], the Hong Kong Research Grants Council (the Collaborative Research Fund) [Grant C6032-21G], and the Guangdong Provincial Key Laboratory of Mathematical Foundations for Artificial Intelligence [Grant 2023B1212010001]. Y.-J. Chen acknowledges financial support from the Hong Kong Research Grants Council [Grants CRF HKUST C6020-21GF, GRF 16500821, and GRF 16501722]. Supplemental Material: The online appendix is available at https://doi.org/10.1287/msom.2022.0552. [ABSTRACT FROM AUTHOR]

This study aims to investigate the factors influencing inflation in Turkey between 2006:1-2023:11, taking into account the structural changes that occurred during periods of significant economic, political and geopolitical turmoils. For this purpose, we employ the Hacker and Hatemi-J (2006) bootstrap causality test along with the Fourier Toda-Yamamoto bootstrap causality to capture structural changes. Our findings indicate that when structural changes are taken into account, the drivers of inflation are monetary factors such as the money supply and exchange rate. Furthermore, an exogenous factor such as the oil prices is not a determinant of inflation, suggesting that inflation is a domestic factor. Given these findings, the study emphasizes the importance of strong and stable monetary policies in Turkey to control inflation and achieve price stability. [ABSTRACT FROM AUTHOR]

Copyright of Boletín Económico de ICE is the property of S.G.E.E.I.P.C., Secretaria de Estado de Comercio, Ministerio de Industria, Comercio y Turismo 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.)

After a brief account of my proposed RPI-X incentive regulation for British Telecommunications (BT) in 1983 and for the water industry in 1986, this paper documents my simultaneous resetting in 1993–1995 of the RPI-X price caps for the 12 electricity distribution companies in England and Wales and two in Scotland. I proposed unprecedented price reductions, but the media thought that I should have intervened earlier to tighten the Government's initial 5-year caps and remove alleged excess profits, and then I should have set even more severe revised price caps than I proposed. In the event, I finally reopened the review and tightened the proposed caps. On reflection, I was trying to implement incentive regulation in the face of an overwhelming media demand for rate-of-return regulation. This account of why my own process achieved such significant price reductions yet was so problematic—and how our regulatory thinking evolved (or failed to) in the light of events and media pressure—may help to explain why incentive regulation has been widely adopted but subsequently much modified, in the UK and elsewhere. It may also provide some insights into how regulation could usefully be developed further to meet the challenges of tomorrow. The paper concludes with some suggested modifications to the regulatory process: particularly to incorporate more negotiation with interested parties in order to get initial agreement, and then to incorporate ongoing appraisal and more rapid adjustment to evolving company and market conditions. [ABSTRACT FROM AUTHOR]

Forty years have passed since an inflation-adjusted price cap, widely called RPI-X, was proposed as a way of controlling prices in the UK's newly privatised monopoly telecommunications company by a form of incentive regulation. The paper traces developments since then in several jurisdictions, within the context of a wider field of changing regulatory governance involving legislatures and governments as well as regulatory agencies. The focus is on, first, the experience of increasing complexity of the incentive schemes adopted, and second on the growing political salience of regulatory decisions which adds goals such as net zero, with more direct quantitative targets, to maximising consumer welfare. The implications of these changes for regulatory interventions are considered. [ABSTRACT FROM AUTHOR]

This article uses a subsample of low-income American Voices Project respondents who rent their homes to examine how households coped with housing insecurity at the onset of the COVID-19 pandemic. First, some renters reported more housing stability because of the expansion of existing programs. However, access to and distribution of these resources was uneven. Second, renters continued to rely on social ties to secure housing but the interpersonal and financial issues that often arise with such arrangements remained during the pandemic. Third, the pandemic provided some renters with reason to request and receive flexibility in payment plans on existing leases, though landlord largess was far from universal. Our findings reveal the limitations of temporary policy responses that are administered in uneven ways, require eligible individuals to seek out and enroll in novel benefit programs, and do not intervene directly in markets to increase supply or control prices. [ABSTRACT FROM AUTHOR]

Amidst the backdrop of rural revitalization and cultural renaissance, there is a surge in the construction demand for replica traditional vernacular dwellings. Traditional cost estimation methods struggle to meet the need for rapid and precise estimation due to the complexity inherent in their construction. To address this challenge, this study aims to enhance the accuracy and efficiency of cost estimation by innovatively developing an Adaptive Self-Explanatory Convolutional Neural Network (ASCNN) model, tailored to meet the specific cost estimation needs of replica traditional vernacular dwellings in the Huizhou region. The ASCNN model employs a Random Forest model to filter key features, inputs these into the CNN for cost estimation, and utilizes Particle Swarm Optimization (PSO) to optimize parameters, thereby improving predictive accuracy. The decision-making process of the model is thoroughly interpreted through SHAP value analysis, ensuring credibility and transparency. During the construction of the ASCNN model, this study collected and analyzed bidding control price data from 98 replica traditional vernacular dwellings. The empirical results demonstrate that the ASCNN model exhibits outstanding predictive performance on the test set, with a Root Mean Square Error (RMSE) of 9828.06 yuan, a Mean Absolute Percentage Error (MAPE) of 0.6%, and a Coefficient of Determination (R2) as high as 0.989, confirming the model's high predictive accuracy and strong generalization capability. Through SHAP value analysis, this study further identifies key factors such as floor plan layout, roof area, and column material coefficient that are central to cost prediction. The ASCNN model proposed in this study not only significantly improves the accuracy of cost estimation for Huizhou replica traditional vernacular dwellings, but also enhances its transparency and credibility through model interpretation methods, providing a reliable basis for related investment decisions. The findings of this study also offer valuable references and insights for rapid and precise cost estimation of replica buildings in other regions worldwide. [ABSTRACT FROM AUTHOR]