This paper explores the role of product quality in explaining observed price, production cost and trade patterns. Schott (2004) shows that for narrowly defined product the average unit value of goods imported by the US is increasing in the revenue, skill abundance, and capital intensity of the exporting country. These patterns are difficult to reconcile with a theory in which productivity’s uni...

Due to the complexity and variability of capital construction sites, real-time monitoring remains an elusive goal. As unit price continues to fall, camera networks are becoming increasingly viable sensing modalities. The benefits of combining multiple, overlapping image sources include the ability to produce 3D scene reconstruction as well as localize and track objects. In the construction doma...

In recent years, aiming to reduce the Greenhouse Gas pollution and promote energy efficiency and conservation among consumers’ energy use, price policies and price changes derived from environmental regulations have played a more important role. In this paper, using the most recent annual state-level panel data for 48 states, I estimate a dynamic partial adjustment model for electricity demand ...

Using data from more than 400 legal serials, I estimate the impact of six publisher mergers on law serial prices during the period, 1990-2000. The results suggest that merger-related price increases were substantial during this period, even after accounting for secular price trends. Furthermore, these merger effects occurred across a broadly-defined portfolio of serial titles consisting of lega...

This paper embeds a principal-agent model of producer-processor equilibrium within a market equilibrium model of contract and cash markets to analyze the impact of contracting on the spot market for hogs. The principal-agent model incorporates both quality differentiation in the contract market and an endogenously determined cash market price to account for processorproducer relationships in eq...

Rauch (JIE, Vol.48, 1999) proposes the hypothesis that proximity and common language / colonial ties are more important for differentiated products than for homogeneous products in forming price information and matching international buyers and sellers. His gravity-model analysis, however, is not able to show strong evidence to support this hypothesis. In this paper, by using SITC and monopolis...

We show how Adjoint Algorithmic Differentiation can be combined with the so-called Pathwise Derivative and Likelihood Ratio Method to construct efficient Monte Carlo estimators of second order price sensitivities of derivative portfolios. We demonstrate with a numerical example how the proposed technique can be straightforwardly implemented to greatly reduce the computation time of second order...

Generic medicine pricing is an area of national responsibility of European Union countries. This article aims to present the current status and impact of generic medicine pricing policies in ambulatory care in Europe. The study conducts a literature review of policies relating to free-pricing systems, price-regulated systems, price differentiation, price competition and discounts, and tendering...

Using daily price data collected from a leading price comparison website, this paper empirically examines the role of vertical store differentiation on firms’ equilibrium pricing strategies in a clearinghouse model. By allowing for different quality levels across firms the theoretical model used for estimation generates asymmetric pricing strategies. Our estimates show that observable store eff...

This paper is a quantitatively-oriented theoretical study into the interaction between housing prices, aggregate production, and household behaviour over a lifetime. We develop an overlapping generations model of a production economy in which land and capital are combined into residential and commercial structures. We …nd that, in the economy where land is more important for structures, the hou...