Electronic Commerce. and. Competitive First-Degree Price Discrimination

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Electronic Commerce. and. Competitive First-Degree Price Discrimination"

Transcription

1 Elctronic Commrc and Comptitiv First-Dgr Pric Discrimination David Ulph* and Nir Vulkan ** Fbruary 000 * ESRC Cntr for Economic arning and Social Evolution (ESE), Dpartmnt of Economics, Univrsity Collg ondon, Gowr Strt, ondon WC1E 6BT. ** Dpartmnt of Economics, Univrsity of Bristol, 8 Woodland Road, Bristol BS8 1TN. Abstract As consumr -commrc maturs on-lin rtailrs ar adopting prsonalisation tchnologis which significantly incras thir ability to undrtak first-dgr pric discrimination by offring diffrnt prics to diffrnt consumrs. W prsnt a modl of duoplolistic comptition btwn firms capabl of using such tchnologis. Using firstdgr pric discrimination firms ar abl to xtract mor surplus from thir customrs, but also fac mor intns comptition, bcaus thy compt, in ffct, for ach and vry consumr in th markt. Whthr or not firms will choos to us this nw tchnology will dpnd on whthr or not th nhancd surplus xtraction ffct dominats th intnsifid comptition ffct. W prsnt a modl which maks ths idas prcis, and charactris th conditions undr which firms will choos to mploy firstdgr pric discrimination tchnologis. Acknowldgmnts W ar gratful to John Bath and Avnr Shakd for usful discussions. Both authors thank th financial support of th ESRC grant no. R

2 1. Introduction In rcnt yars an normous amount of consumr-spcific data has bn collctd by rtailrs and markting companis. For xampl, loyalty cards and air milag programms ar usd to collct data on th shopping pattrns of individual consumrs. By mploying data mining tchniqus companis ar abl to infr from ths massiv databass th prfrncs of individual consumrs. Companis which do not (or cannot) collct data thmslvs can still purchas rlvant consumr-spcific information from dirct mailing databass spcialists. This consumr-spcific information can in principl b usd by sllrs to undrtak firstdgr pric discrimination by offring consumrs th product thy want at a pric which thy ar likly to b willing to pay. Howvr, until now, such discrimination has bn too costly - for xampl, a physical catalogu which is individually tailord is hardly likly to b cost ffctiv. With th advnt of consumr -commrc, this nds no longr b th cas. In particular, prsonalisation tchnologis, such as agnts 1, significantly incrass th ability of firms to undrtak first-dgr pric discrimination. Using agnts, an on-lin catalogu can b individually customisd, for th agnt can idntify th shoppr and automatically rdsign th company s Wb sit to match th usr s likly rquirmnts. In particular th tchnology can b usd to offr diffrnt prics to diffrnt consumrs. Sinc on-lin mnu costs ar practically zro, on-lin rtailrs can chang thir prics to match what thy xpct th individual to b willing to pay for whatvr thy ar slling. Th qustion w wish to addrss in this papr is whthr, if such a tchnology is availabl, firms will ncssarily choos to us it. At first sight this may sm an odd qustion, sinc convntional thory tlls us that th ability of a firm to mploy first-dgr pric discrimination always raiss its profits, sinc it can xtract gratr surplus from consumrs. Call this th nhancd surplus xtraction ffct. Howvr, lik virtually all th analysis of pric discrimination, this conclusion is drawn in th contxt of pric discrimination by a monopolist. A ky fatur of th nvironmnt in which firms ar 1 An agnt is a program that is authorisd to act indpndntly on bhalf of its usr. This can rang from automatic sarch (for xampl, an agnt sarching for airlin tickts on th Wb can match prfrrd dats, pric-rang, class of travl, tctras, without consulting its usr) to automatic ngotiations (for xampl, agnts can plac binding bids in a Wb auction). Prsonalisation can b carrid out according to Wb sit dmographics (th usr profil for a givn sit); individual domains (attributs infrrd from th usr s browsr, for xampl by using cookis or agnts); larning (th agnt monitors and larns about th prfrncs of th usr), and corrlation (whr th agnt compars th usr s prfrncs with othr usrs with similar intrsts and suggsts possibl contnts basd on this corrlation. For xampl, Barns & Nobl and Firfly cratd a systm that rcommnds books basd on this mthod). An xampl of prsonalisation tchnology in us is MyYahoo! (my.yahoo.com), an agnt that allows th construction a individually tailord nws wb pag, whil at th sam tim customising th bannr advrtising on this pag according to th usr s profil. In a rcnt study, Intrnt rtailrs prics adjustmnts ovr tim wr found to b up to 100 tims smallr than convntional rtailrs pric adjustmnts (Brynjolfsson and Smith, 1999).

3 oprating using -commrc is that it is highly comptitiv. Intuitivly on suspcts that this will introduc a scond important consqunc of th dcision by firms to us firstdgr pric discrimination namly that it will intnsify comptition btwn firms, sinc thy will now b compting consumr-by-consumr. Call this th intnsifid comptition ffct. This will naturally lowr firms profits. Thus whthr or not firms will choos to us this nw tchnology will dpnd on whthr or not th nhancd surplus xtraction ffct dominats th intnsifid comptition ffct Th aim of this papr is to mak ths idas prcis, and to charactris conditions undr which firms might choos to mploy first-dgr pric discrimination in a comptitiv nvironmnt. Whil much of th litratur on pric discrimination has focusd on th cas of monopoly 3, a numbr of paprs hav analysd how pric comptition oprats in a comptitiv nvironmnt - Katz (1984), Bornstin (1985), Holms (1989), Corts (1998) and Armstrong and Vickrs (1999). Th lattr papr in particular provids an lgant framwork that incorporats much of th arlir work. Howvr this analysis concntrats on th cas of third-dgr pric discrimination in a comptitiv nvironmnt. As Armstrong and Vickrs (1989) show, th analysis of third-dgr pric discrimination can ssntially b split into two parts. Each firm first dtrmin how much profit it can mak for any givn lvl of gross utility that a typical consumr will obtain by buying from that firm. Dvics such as pric-discrimination and commodity bundling ar just ways of xtracting mor surplus from consumrs and so making mor profits for any givn lvl of gross utility. Firms thn compt in trms of th amount of gross utility thy offr thir customrs. Consumr spcific prfrnc charactristics will dtrmin th nt utility thy obtain from any gross utility providd by a particular firm. Th distribution of ths charactristics will dtrmin th dmand for ach firm as a function of th gross utilitis offrd by both firms. Firms cannot obsrv ths consumr spcific charactristics and so cannot influnc th nt utility a consumr obtains from any gross utility thy gt from buying from that firm. In contrast, in th modl of comptitiv first-dgr pric discrimination considrd hr, firms will fac a trivial problm of xtracting surplus from consumrs onc thy hav chosn to buy from thm. Howvr firms can obsrv individual consumr charactristics, and can us thir pricing policy to oprat dirctly on consumrs nt utility and hnc on th dcision to buy from on firm rathr than th othr. It is this that givs ris to th mor intns comptition btwn firms. W us th Hotlling framwork to modl pric comptition in diffrntiatd goods btwn two firms. Consumrs ar locatd along a lin rprsnting th dgr of product diffrntiation. Th two firms ar locatd at ithr nd of th lin. Th firms 3 Th survy by Varian (1989) has a small sction 3.6 covring th analysis for th cas of monoplistic comptition. 3

4 hav th sam tchnology with marginal costs indpndnt of output. Firms can ithr st mill prics, or offr ach consumr an individually tailord pric. W obtain th following major rsults. 1. If nithr firm pric discriminats, both firms will st pric abov marginal cost.. If a firm chooss to us first-dgr pric discrimination, thn th prics it sts and th profits it obtains ar indpndnt of whthr or not th othr firm chooss to us first-dgr pric discrimination. 3. If at last on firm oprats first-dgr pric discrimination, th consumr locatd half-way btwn th two firms will b offrd a pric qual to marginal cost by both firms th convntional Brtrand conclusion. 4. Whthr or not profits ar highr undr first-dgr pric discrimination dpnds crucially on th natur of th transport cost function. To laborat on this lattr point, considr th class of functions tz ( ) = tz. β, β 1, whr z is distanc travlld and β taks intgr valus. If this function is linar or quadratic (i.. β = 1,) thn, th prics that a firm offrs consumrs will b almost vrywhr 4 lowr than if nithr firm discriminats. Whn β 3 thn a firm that pric discriminats will charg highr prics to thos consumrs locatd clos to it, than it would if nithr firm discriminats. Howvr, sinc prics ar lowr for consumrs in th middl (rsult 3), profits ar highr if nithr firm discriminats. Only whn β 5 do firms mak mor profits if thy can pric discriminat than if nithr discriminats. Th intuition is straightforward. Whn transport costs do not incras vry fast with distanc, thn comptition btwn products is intns, and so th intnsifid comptition ffct is th dominant considration. Howvr, whn transport costs ris vry fast with distanc thn consumrs locatd clos to firms ar ffctivly lockd in, giving firms considrabl powrs to xtract surplus from thm, just as in th traditional monopoly analysis. Th xtra profits xtractd from ths consumrs can offst th rducd profits mad on th consumrs locatd in th middl whr comptition is intns. 4 Th xcption is th consumr locatd at th sam nd of th lin as th firm. 4

5 . Th Modl Suppos thr ar two firms, A and B, locatd at ithr nd-point of a lin of lngth. Consumrs ar uniformly distributd along this lin, and ach consumr buys a fixd amount of th good. Choos units so that thr is 1 unit of dmand at ach point on th lin. Th firms hav idntical constant marginal costs of production c>0. Consumrs hav to incur transport costs to visit firms. t tz ( ) b th transport costs of travlling distanc x. Assum t(0) = 0; t ( z) > 0; t ( z) 0. For latr purposs lt T( z ) b th intgral of t(z). So z T( z) = t( ydy ). 0 Cas I: No-Discrimination Suppos firm A chargs a pric p whil firm B chargs a pric q. Th consumr that is just indiffrnt btwn buying from A and B lis a distanc x from A whr p+ tx ( ) = q+ t ( x) (1) Givn th assumption on how w masur units, x is also th dmand for firm A, which is dfind through (1) as an implicit function of p and q. W hav x 1 = < 0 p t ( x) + t ( x) () For any givn q firm A chooss p to MAX ( p c). x( pq, ) p Th first ordr condition is x x( pq, ) + ( p c). = 0. (3) p In a symmtric Brtrand quilibrium p = q which implis () and (3) and thn substitut () into (3) to gt x =. Substitut this into 5

6 p = c+ t.. But thn th quilibrium profits that ach firm maks undr no-discrimination is π n =. t. (4) Cas II: Pric Discrimination: Only On Firm Discriminats Suppos now that firm A can pric discriminat, but firm B cannot. A can now st a pric schdul p(x). Suppos that B sts a pric of q c. Considr consumrs locatd a distanc x from A. If c+ tx ( ) < q+ t ( x) thn A can st a pric px ( ) = q+ t ( x) tx ( ) ε, pick up all th consumrs at x and still mak a profit. Thus w can tak A s bst rspons to any pric q to b to st a pric schdul [ ] px ( ) = MAX q+ t ( x) tx ( ), c (5) It is now straightforward to show that th only Brtrand quilibrium pric for B is q = c. Suppos that this wr not th cas and that B s quilibrium pric wr q > c, and that th corrsponding pric schdul st by A wr px ( ) = MAX q+ t ( x) tx ( ), c. Notic that th cost to any consumr locatd at a distanc x from A, of buying from A, is thn [ ] px ( ) + tx ( ) = MAX q + t ( x), c+ tx ( ) Notic that in such an quilibrium A would srv all consumrs that li a distanc x or lss from itslf whr q+ t( x) = c+ t( x) which implis x >. 6

7 This is illustratd in Figur 1 blow for th cas of a linar transport cost function. Th havy dark lin indicats th cost px ( ) + tx ( ) of buying from firm A. Figur 1 q + t c+t c c q A x B Hnc if q rally wr th quilibrium, firm B would mak a profit ( q c) ( x) ( q c). <.. Notic that if B maks th normal Brtrand/Nash assumption that A will carry on stting th pric schdul px, ( ) thn if it now sts a pric q ε whr q > q ε > c thn x, 0 x : q ε + t ( x) < q+ t ( x) px ( ) + tx ( ) = MAX q+ t ( x), c+ tx ( ). Thus B would pick up th ntir markt and mak a profit ( q ε c).. This is illustratd in Figur 1 by th brokn lin that rprsnts th cost q ε + t ( x) to a consumr locatd at x of buying from firm B if it has chargd a pric q ε. For sufficintly small ε, ( q ε c). > ( q c). > ( q c).( x) 7

8 Hnc q is not th profit-maximising rspons by B to th pric schdul px ( ) chosn by A. p ( x) = MAX c+ t ( x) tx ( ), c ; q = c. Hnc th only quilibrium is [ ] Onc again ach firm srvs half th markt. Th profits mad by firm B ar clarly zro, whil thos mad by A ar π d = [ t ( x) tx ( )] dx= T( ) T 0. (6) Cas III: Pric Discrimination: Both Firms Discriminat Firms compt for consumrs at ach point on th lin. Clarly th only outcom is that th firm that is at a distanc disadvantag will hav to st a pric = c, whil th othr firm will st a pric that just picks up all th consumrs. On th othr hand, at th mid-point of th lin both firms ar idntical, so th convntional Brtrand conclusion holds and both firms prics ar drivn down to costs. This mans that on th intrval 0 x th solution is as abov, namly, [ ] p ( x) = MAX c+ t ( x) tx ( ), c ; q = c. On th othr hand if w lt y = x dnot th distanc btwn a consumr and firm B, thn, on th intrval 0 y th solution is [ ] q ( y) = MAX c+ t ( y) t( y), c ; p = c. But thn, if both firms pric discriminat thy both mak profits π d = T( ) T. (7) From quations (6) and (7) w gt our first rsult: 8

9 d mma 1. If a firm pric discriminats it maks profits π = T( ) T whthr or not th othr firm pric discriminats. And by comparing quations (4) and (7) w gt: Proposition 1. Pric discrimination is profitabl if and only if d π = T( ) T > n. π = t Th following sction illustrats our rsult for a larg class of transport costs. 3 Exampls Considr th class of simpl transport cost functions tx ( ) = tx. β ; t > 0, β 1. From (4) From (7) π t. β n 1+ =. β. β ( ) t β β π d = β (1 + β ).. d π If w lt ρβ ( ) dnot th ratio of profits undr discrimination to nondiscrimination, thn w hav n π β ( 1) ρβ ( ) =. β.(1 + β) It is straightforward to show that Th function dfind by th abov ratio is monotonic incrasing in β for β>1.5. It is qual to lss than 1 for intgr valus of β 4, but gratr than 1 for intgrs gratr or qual to 5. To s what is going on in mor dtail considr what happns to th pric schduls undr discrimination and non-discrimination... W know that with non-discrimination. t β p = c+ t = c+ β 1 β 9

10 With discrimination w hav p (0) = c+ t ( ) = c+ t. β, and th pric thn falls with distanc until p = c. Considr thn th following cass. Th following tabl rports th valus of ths various variabls for diffrnt valus of β. β Tabl 1 p (0) 1 c+ t. c+ t. 1/ c+ t. c+ t. 1/ c+ t. 7/1 c+ t c+ t. 3/4 c+ t c+ t. 31/30 c+ t 16 p ρ Figur illustrats th pric paths for th cas of linar transport costs - β = 1. Figur p p = p (0) c 0 / x Hr th brokn lin rprsnts th quilibrium pric whn thr is no discrimination, and th havy lin th quilibrium pric path undr discrimination. 10

11 Figur 3 illustrats th situation whn β = 5. Figur 3 p p (0) p c 0 / x Onc again th brokn lin rprsnts th quilibrium pric whn nithr firm discriminats. Th curv rprsnts th pric path undr discrimination. So whn β is small - i.. β, thn p = p (0) and so prics ar almost vrywhr lowr undr discrimination. Whn β = 3 th ability to discriminat mans that prics ar highr undr discrimination for consumrs clos to firms. But, this is not nough to offst th fact that prics ar lowr for consumrs around th middl so profits ar lowr undr discrimination. As β gts largr so too dos th gain from bing abl to discriminat amongst consumrs clos to th firms, until, vntually, pric discrimination bcoms possibl. So, as w mntion arlir, thr ar two ffcts at work: Th intnsification of comptition btwn firms, and th ability to discriminat. Considr first th impact of ths two ffcts on prics. Th first ffct crtainly lowrs th prics of consumrs that ar last loyal to any firm thos in th middl. Whn transport costs do not ris vry fast with distanc, thn thr ar almost no loyal consumrs and so th first ffct mans that prics ar lowr for all consumrs. Howvr, whn transport costs ris mor sharply with distanc, thn consumrs clos to a firm ar lockd in much mor and so th firm can rally discriminat. This offsts th comptition ffct and mans that firms can now charg highr prics for thos closr to thm. Considr now th ffct on profits. Whn prics ar drivn down for all consumrs thn profits obviously fall with discrimination. Whn firms can ffctivly rais prics for thir most loyal consumrs, this may or may not b nough to offst th ffcts of low prics in th middl. Only whn th ability to discriminat is vry strong bcaus of sharply rising transport costs will discrimination actually b profitabl. 11

12 4. Discussion In rcnt yars th Intrnt has bcom a popular shopping channl. Th Intrnt offrs consumrs 4 hour shopping and th convninc of shopping from hom. It is also much asir to compar products and prics on-lin than it is in any othr mans of shopping. For homognous goods, lik CDs and books, consumrs can us shopping agnts (known as ShopBots), lik BargainFindr.com to compar prics and buy from th sllr which offr th chapst pric. Intrnt tchnologis offr gratr opportunitis for sllrs too. On-lin rtailrs fac much lowr ntry and st-up costs and mnu costs ar practically zro (onc th appropriat softwar is installd). Easy accss to information about thir usrs allows onlin rtailrs to bttr sgmnt th markt thy ar srving and to offr customrs products which thy ar likly to want to buy. It is not clar at this arly stag what ffcts ths tchnologis will hav on prics and markt structur. Evn in th simpl cas of homognous goods, it is not clar what th ovrall ffct on prics will b 5. Thr is clarly a nd for rigorous modls of lctronic markts whr intuitions can b put to th tst. This papr can thrfor b sn as a contribution to filling that gap. This papr focus on on particular fatur of lctronic markts - th ability of sllrs to first dgr pric discriminat. Prsonalisation tchnologis hav bn in th cntr of mdia attntion in rcnt yars. Many, including th US Justic Dpartmnt, hav voicd thir concrn about th possibl violation of individual privacy rights through th xchang of information btwn th usr s agnt and th host Wbsit, which taks plac automatically. In particular, th viw that th mor information th sllr hav about th usr, th mor surplus it is abl to xtract from hr, rmains highly popular. Whil this is always tru in a monopoly contxt, this papr qustions this intuition in th contxt of comptitiv markts. W hav shown that in that contxt thr ar two ffcts at work: (i) th nhancd surplus xtraction ffct - which is th ffct at work in th traditional monopoly analysis of first dgr pric discrimination; (ii) th intnsifid comptition ffct th fact that firms nd up compting consumr by consumr with th traditional Brtrand rsult that at last on of thm has its pric drivn down to marginal cost. W hav usd a simpl duopoly stting with product diffrntiation to undrstand th intraction btwn ths two ffcts, and to charactris th xact conditions undr which firms would prfr to mploy first-dgr pric discrimination. W showd that whn th avrag and marginal transport costs ris vry slowly with distanc mor 5 S Vulkan (1999) for a gnral discussion, and Ulph and Vaughan (1999) for an analysis that shows that incrasd pric transparncy can rais or lowr prics, dpnding on whthr producrs or consumrs can bttr xploit th tchnology. 1

13 prcisly whn transport costs ar linar or quadratic thn th intnsifid comptition ffct dominats th nhancd surplus xtraction ffct and almost all consumrs fac lowr prics undr pric discrimination. As transport costs ris mor stply with distanc thn this strngthns th surplus xtraction ffct. Now consumrs with th gratst brand loyalty will pay highr prics undr first-dgr pric discrimination, though thos with last loyalty will still fac lowr prics. Only whn transport costs ris sufficintly stply so that th incrasd profits xtractd from th most loyal consumrs xcds th loss in profits from th last loyal consumrs will first-dgr pric discrimination turn out to b profitabl for firms. Thus, in a wid class of cass, firms may choos not to us th pric-discrimination tchnology. Whil th analysis in this papr has bn motivatd by mrging -commrc tchnology, it can b applid in any contxt whr first-dgr pric discrimination is possibl, and can b usd to xplain why, whn thr is comptition, pric discrimination may not always b usd. Thr ar a numbr of dirctions in which th analysis can b xtndd. As pointd out abov, -commrc can b usd to tailor not just th pric, but also th product to individual consumr nds. This lattr phnomnon is oftn rfrrd to as mass customisation. In a companion papr 6 w xplor th implications of this for pric discrimination. 6 Ulph and Vulkan (000) 13

14 Rfrncs Armstrong, M. and J. Vickrs (1999), Comptitiv pric discrimination, Working Papr, Nuffild Collg, Oxford Univrsity. Bornstin, S. (1985), Pric Discrimination in Fr-Entry Markts, Rand Journal of Economics, 16, pp Brynjolfsson, E. and M. Smith (1999), Frictionlss Commrc? A comparison of Intrnt and Convntional Rtailrs, Working Papr MIT. Corts, K. (1998), Third-Dgr Pric Discrimination in Oligopoly: All-Out Comptition and Stratgic Commitmnt, Rand Journal of Economics, 9, pp Holms, T. (1989), Th Effcts of Third-Dgr Pric Discrimination in Oligopoly, Amrican Economic Rviw, 79, Hottling, H. (199), Stability in Comptition, Economic Journal, 39, pp Katz, M. (1984), Pric Discrimination and Monopolistic Comptition, Economtrica, 5, pp Varian, H. (1989), Pric Discrimination, in R. Schmalns and R. Willig, ds., Handbook of Industrial Organization, Volum 1, Amstrdam: North Holland. Ulph, D. and R. Vaughan (1999), Pric Transparncy and Markt Equilibria, mimo. Ulph, D. and N. Vulkan (000), E-Commrc, Mass Customisation and Pric Discrimination, in prparation. Vulkan, N. (1999), Economic implications of agnt tchnology and -commrc, Th Economic Journal, 453, pp

Adverse Selection and Moral Hazard in a Model With 2 States of the World

Adverse Selection and Moral Hazard in a Model With 2 States of the World Advrs Slction and Moral Hazard in a Modl With 2 Stats of th World A modl of a risky situation with two discrt stats of th world has th advantag that it can b natly rprsntd using indiffrnc curv diagrams,

More information

by John Donald, Lecturer, School of Accounting, Economics and Finance, Deakin University, Australia

by John Donald, Lecturer, School of Accounting, Economics and Finance, Deakin University, Australia Studnt Nots Cost Volum Profit Analysis by John Donald, Lcturr, School of Accounting, Economics and Financ, Dakin Univrsity, Australia As mntiond in th last st of Studnt Nots, th ability to catgoris costs

More information

Econ 371: Answer Key for Problem Set 1 (Chapter 12-13)

Econ 371: Answer Key for Problem Set 1 (Chapter 12-13) con 37: Answr Ky for Problm St (Chaptr 2-3) Instructor: Kanda Naknoi Sptmbr 4, 2005. (2 points) Is it possibl for a country to hav a currnt account dficit at th sam tim and has a surplus in its balanc

More information

The example is taken from Sect. 1.2 of Vol. 1 of the CPN book.

The example is taken from Sect. 1.2 of Vol. 1 of the CPN book. Rsourc Allocation Abstract This is a small toy xampl which is wll-suitd as a first introduction to Cnts. Th CN modl is dscribd in grat dtail, xplaining th basic concpts of C-nts. Hnc, it can b rad by popl

More information

Question 3: How do you find the relative extrema of a function?

Question 3: How do you find the relative extrema of a function? ustion 3: How do you find th rlativ trma of a function? Th stratgy for tracking th sign of th drivativ is usful for mor than dtrmining whr a function is incrasing or dcrasing. It is also usful for locating

More information

QUANTITATIVE METHODS CLASSES WEEK SEVEN

QUANTITATIVE METHODS CLASSES WEEK SEVEN QUANTITATIVE METHODS CLASSES WEEK SEVEN Th rgrssion modls studid in prvious classs assum that th rspons variabl is quantitativ. Oftn, howvr, w wish to study social procsss that lad to two diffrnt outcoms.

More information

Foreign Exchange Markets and Exchange Rates

Foreign Exchange Markets and Exchange Rates Microconomics Topic 1: Explain why xchang rats indicat th pric of intrnational currncis and how xchang rats ar dtrmind by supply and dmand for currncis in intrnational markts. Rfrnc: Grgory Mankiw s Principls

More information

Intermediate Macroeconomic Theory / Macroeconomic Analysis (ECON 3560/5040) Final Exam (Answers)

Intermediate Macroeconomic Theory / Macroeconomic Analysis (ECON 3560/5040) Final Exam (Answers) Intrmdiat Macroconomic Thory / Macroconomic Analysis (ECON 3560/5040) Final Exam (Answrs) Part A (5 points) Stat whthr you think ach of th following qustions is tru (T), fals (F), or uncrtain (U) and brifly

More information

Rural and Remote Broadband Access: Issues and Solutions in Australia

Rural and Remote Broadband Access: Issues and Solutions in Australia Rural and Rmot Broadband Accss: Issus and Solutions in Australia Dr Tony Warrn Group Managr Rgulatory Stratgy Tlstra Corp Pag 1 Tlstra in confidnc Ovrviw Australia s gographical siz and population dnsity

More information

Non-Homogeneous Systems, Euler s Method, and Exponential Matrix

Non-Homogeneous Systems, Euler s Method, and Exponential Matrix Non-Homognous Systms, Eulr s Mthod, and Exponntial Matrix W carry on nonhomognous first-ordr linar systm of diffrntial quations. W will show how Eulr s mthod gnralizs to systms, giving us a numrical approach

More information

Lecture 3: Diffusion: Fick s first law

Lecture 3: Diffusion: Fick s first law Lctur 3: Diffusion: Fick s first law Today s topics What is diffusion? What drivs diffusion to occur? Undrstand why diffusion can surprisingly occur against th concntration gradint? Larn how to dduc th

More information

Expert-Mediated Search

Expert-Mediated Search Exprt-Mdiatd Sarch Mnal Chhabra Rnsslar Polytchnic Inst. Dpt. of Computr Scinc Troy, NY, USA chhabm@cs.rpi.du Sanmay Das Rnsslar Polytchnic Inst. Dpt. of Computr Scinc Troy, NY, USA sanmay@cs.rpi.du David

More information

Online Price Competition within and between Heterogeneous Retailer Groups

Online Price Competition within and between Heterogeneous Retailer Groups Onlin Pric Comptition within and btwn Htrognous Rtailr Groups Cnk Kocas Dpartmnt of Markting and Supply Chain Managmnt, Michigan Stat Univrsity kocas@msu.du Abstract This study prsnts a modl of pric comptition

More information

5 2 index. e e. Prime numbers. Prime factors and factor trees. Powers. worked example 10. base. power

5 2 index. e e. Prime numbers. Prime factors and factor trees. Powers. worked example 10. base. power Prim numbrs W giv spcial nams to numbrs dpnding on how many factors thy hav. A prim numbr has xactly two factors: itslf and 1. A composit numbr has mor than two factors. 1 is a spcial numbr nithr prim

More information

FACULTY SALARIES FALL 2004. NKU CUPA Data Compared To Published National Data

FACULTY SALARIES FALL 2004. NKU CUPA Data Compared To Published National Data FACULTY SALARIES FALL 2004 NKU CUPA Data Compard To Publishd National Data May 2005 Fall 2004 NKU Faculty Salaris Compard To Fall 2004 Publishd CUPA Data In th fall 2004 Northrn Kntucky Univrsity was among

More information

Fraud, Investments and Liability Regimes in Payment. Platforms

Fraud, Investments and Liability Regimes in Payment. Platforms Fraud, Invstmnts and Liability Rgims in Paymnt Platforms Anna Crti and Mariann Vrdir y ptmbr 25, 2011 Abstract In this papr, w discuss how fraud liability rgims impact th pric structur that is chosn by

More information

The Matrix Exponential

The Matrix Exponential Th Matrix Exponntial (with xrciss) 92.222 - Linar Algbra II - Spring 2006 by D. Klain prliminary vrsion Corrctions and commnts ar wlcom! Th Matrix Exponntial For ach n n complx matrix A, dfin th xponntial

More information

Performance Evaluation

Performance Evaluation Prformanc Evaluation ( ) Contnts lists availabl at ScincDirct Prformanc Evaluation journal hompag: www.lsvir.com/locat/pva Modling Bay-lik rputation systms: Analysis, charactrization and insuranc mchanism

More information

EFFECT OF GEOMETRICAL PARAMETERS ON HEAT TRANSFER PERFORMACE OF RECTANGULAR CIRCUMFERENTIAL FINS

EFFECT OF GEOMETRICAL PARAMETERS ON HEAT TRANSFER PERFORMACE OF RECTANGULAR CIRCUMFERENTIAL FINS 25 Vol. 3 () January-March, pp.37-5/tripathi EFFECT OF GEOMETRICAL PARAMETERS ON HEAT TRANSFER PERFORMACE OF RECTANGULAR CIRCUMFERENTIAL FINS *Shilpa Tripathi Dpartmnt of Chmical Enginring, Indor Institut

More information

Lecture notes: 160B revised 9/28/06 Lecture 1: Exchange Rates and the Foreign Exchange Market FT chapter 13

Lecture notes: 160B revised 9/28/06 Lecture 1: Exchange Rates and the Foreign Exchange Market FT chapter 13 Lctur nots: 160B rvisd 9/28/06 Lctur 1: xchang Rats and th Forign xchang Markt FT chaptr 13 Topics: xchang Rats Forign xchang markt Asst approach to xchang rats Intrst Rat Parity Conditions 1) Dfinitions

More information

Traffic Flow Analysis (2)

Traffic Flow Analysis (2) Traffic Flow Analysis () Statistical Proprtis. Flow rat distributions. Hadway distributions. Spd distributions by Dr. Gang-Ln Chang, Profssor Dirctor of Traffic safty and Oprations Lab. Univrsity of Maryland,

More information

IMES DISCUSSION PAPER SERIES

IMES DISCUSSION PAPER SERIES IMES DISCUSSIN PAPER SERIES Th Choic of Invoic Currncy in Intrnational Trad: Implications for th Intrnationalization of th Yn Hiroyuki I, Akira TANI, and Toyoichirou SHIRTA Discussion Papr No. 003-E-13

More information

AP Calculus AB 2008 Scoring Guidelines

AP Calculus AB 2008 Scoring Guidelines AP Calculus AB 8 Scoring Guidlins Th Collg Board: Conncting Studnts to Collg Succss Th Collg Board is a not-for-profit mmbrship association whos mission is to connct studnts to collg succss and opportunity.

More information

Free ACA SOLUTION (IRS 1094&1095 Reporting)

Free ACA SOLUTION (IRS 1094&1095 Reporting) Fr ACA SOLUTION (IRS 1094&1095 Rporting) Th Insuranc Exchang (301) 279-1062 ACA Srvics Transmit IRS Form 1094 -C for mployrs Print & mail IRS Form 1095-C to mploys HR Assist 360 will gnrat th 1095 s for

More information

Basis risk. When speaking about forward or futures contracts, basis risk is the market

Basis risk. When speaking about forward or futures contracts, basis risk is the market Basis risk Whn spaking about forward or futurs contracts, basis risk is th markt risk mismatch btwn a position in th spot asst and th corrsponding futurs contract. Mor broadly spaking, basis risk (also

More information

WORKERS' COMPENSATION ANALYST, 1774 SENIOR WORKERS' COMPENSATION ANALYST, 1769

WORKERS' COMPENSATION ANALYST, 1774 SENIOR WORKERS' COMPENSATION ANALYST, 1769 08-16-85 WORKERS' COMPENSATION ANALYST, 1774 SENIOR WORKERS' COMPENSATION ANALYST, 1769 Summary of Dutis : Dtrmins City accptanc of workrs' compnsation cass for injurd mploys; authorizs appropriat tratmnt

More information

7 Timetable test 1 The Combing Chart

7 Timetable test 1 The Combing Chart 7 Timtabl tst 1 Th Combing Chart 7.1 Introduction 7.2 Tachr tams two workd xampls 7.3 Th Principl of Compatibility 7.4 Choosing tachr tams workd xampl 7.5 Ruls for drawing a Combing Chart 7.6 Th Combing

More information

(Analytic Formula for the European Normal Black Scholes Formula)

(Analytic Formula for the European Normal Black Scholes Formula) (Analytic Formula for th Europan Normal Black Schols Formula) by Kazuhiro Iwasawa Dcmbr 2, 2001 In this short summary papr, a brif summary of Black Schols typ formula for Normal modl will b givn. Usually

More information

Sharp bounds for Sándor mean in terms of arithmetic, geometric and harmonic means

Sharp bounds for Sándor mean in terms of arithmetic, geometric and harmonic means Qian t al. Journal of Inqualitis and Applications (015) 015:1 DOI 10.1186/s1660-015-0741-1 R E S E A R C H Opn Accss Sharp bounds for Sándor man in trms of arithmtic, gomtric and harmonic mans Wi-Mao Qian

More information

STATEMENT OF INSOLVENCY PRACTICE 3.2

STATEMENT OF INSOLVENCY PRACTICE 3.2 STATEMENT OF INSOLVENCY PRACTICE 3.2 COMPANY VOLUNTARY ARRANGEMENTS INTRODUCTION 1 A Company Voluntary Arrangmnt (CVA) is a statutory contract twn a company and its crditors undr which an insolvncy practitionr

More information

Keywords Cloud Computing, Service level agreement, cloud provider, business level policies, performance objectives.

Keywords Cloud Computing, Service level agreement, cloud provider, business level policies, performance objectives. Volum 3, Issu 6, Jun 2013 ISSN: 2277 128X Intrnational Journal of Advancd Rsarch in Computr Scinc and Softwar Enginring Rsarch Papr Availabl onlin at: wwwijarcsscom Dynamic Ranking and Slction of Cloud

More information

Theoretical aspects of investment demand for gold

Theoretical aspects of investment demand for gold Victor Sazonov (Russia), Dmitry Nikolav (Russia) Thortical aspcts of invstmnt dmand for gold Abstract Th main objctiv of this articl is construction of a thortical modl of invstmnt in gold. Our modl is

More information

TELL YOUR STORY WITH MYNEWSDESK The world's leading all-in-one brand newsroom and multimedia PR platform

TELL YOUR STORY WITH MYNEWSDESK The world's leading all-in-one brand newsroom and multimedia PR platform TELL YOUR STORY WITH MYNEWSDESK Th world's lading all-in-on brand nwsroom and multimdia PR platform SO WHAT'S THE STORY WITH MYNEWSDESK? Th world s lading all-in-on nwsroom and digital PR platform. Usd

More information

Gold versus stock investment: An econometric analysis

Gold versus stock investment: An econometric analysis Intrnational Journal of Dvlopmnt and Sustainability Onlin ISSN: 268-8662 www.isdsnt.com/ijds Volum Numbr, Jun 202, Pag -7 ISDS Articl ID: IJDS20300 Gold vrsus stock invstmnt: An conomtric analysis Martin

More information

Long run: Law of one price Purchasing Power Parity. Short run: Market for foreign exchange Factors affecting the market for foreign exchange

Long run: Law of one price Purchasing Power Parity. Short run: Market for foreign exchange Factors affecting the market for foreign exchange Lctur 6: Th Forign xchang Markt xchang Rats in th long run CON 34 Mony and Banking Profssor Yamin Ahmad xchang Rats in th Short Run Intrst Parity Big Concpts Long run: Law of on pric Purchasing Powr Parity

More information

Parallel and Distributed Programming. Performance Metrics

Parallel and Distributed Programming. Performance Metrics Paralll and Distributd Programming Prformanc! wo main goals to b achivd with th dsign of aralll alications ar:! Prformanc: th caacity to rduc th tim to solv th roblm whn th comuting rsourcs incras;! Scalability:

More information

CPU. Rasterization. Per Vertex Operations & Primitive Assembly. Polynomial Evaluator. Frame Buffer. Per Fragment. Display List.

CPU. Rasterization. Per Vertex Operations & Primitive Assembly. Polynomial Evaluator. Frame Buffer. Per Fragment. Display List. Elmntary Rndring Elmntary rastr algorithms for fast rndring Gomtric Primitivs Lin procssing Polygon procssing Managing OpnGL Stat OpnGL uffrs OpnGL Gomtric Primitivs ll gomtric primitivs ar spcifid by

More information

Cookie Policy- May 5, 2014

Cookie Policy- May 5, 2014 Cooki Policy- May 5, 2014 Us of Cookis on Sizmk Wbsits This Cooki Disclosur applis only to us of cookis on corporat wbsits (www.sizmk.com and rlatd rgional wbsits) publishd by Sizmk Inc. and its affiliats

More information

A Theoretical Model of Public Response to the Homeland Security Advisory System

A Theoretical Model of Public Response to the Homeland Security Advisory System A Thortical Modl of Public Rspons to th Homland Scurity Advisory Systm Amy (Wnxuan) Ding Dpartmnt of Information and Dcision Scincs Univrsity of Illinois Chicago, IL 60607 wxding@uicdu Using a diffrntial

More information

Remember you can apply online. It s quick and easy. Go to www.gov.uk/advancedlearningloans. Title. Forename(s) Surname. Sex. Male Date of birth D

Remember you can apply online. It s quick and easy. Go to www.gov.uk/advancedlearningloans. Title. Forename(s) Surname. Sex. Male Date of birth D 24+ Advancd Larning Loan Application form Rmmbr you can apply onlin. It s quick and asy. Go to www.gov.uk/advancdlarningloans About this form Complt this form if: you r studying an ligibl cours at an approvd

More information

Statistical Machine Translation

Statistical Machine Translation Statistical Machin Translation Sophi Arnoult, Gidon Mailltt d Buy Wnnigr and Andra Schuch Dcmbr 7, 2010 1 Introduction All th IBM modls, and Statistical Machin Translation (SMT) in gnral, modl th problm

More information

SIMULATION OF THE PERFECT COMPETITION AND MONOPOLY MARKET STRUCTURE IN THE COMPANY THEORY

SIMULATION OF THE PERFECT COMPETITION AND MONOPOLY MARKET STRUCTURE IN THE COMPANY THEORY 1 SIMULATION OF THE PERFECT COMPETITION AND MONOPOLY MARKET STRUCTURE IN THE COMPANY THEORY ALEXA Vasil ABSTRACT Th prsnt papr has as targt to crat a programm in th Matlab ara, in ordr to solv, didactically

More information

Principles of Humidity Dalton s law

Principles of Humidity Dalton s law Principls of Humidity Dalton s law Air is a mixtur of diffrnt gass. Th main gas componnts ar: Gas componnt volum [%] wight [%] Nitrogn N 2 78,03 75,47 Oxygn O 2 20,99 23,20 Argon Ar 0,93 1,28 Carbon dioxid

More information

Global Sourcing: lessons from lean companies to improve supply chain performances

Global Sourcing: lessons from lean companies to improve supply chain performances 3 rd Intrnational Confrnc on Industrial Enginring and Industrial Managmnt XIII Congrso d Ingniría d Organización Barclona-Trrassa, Sptmbr 2nd-4th 2009 Global Sourcing: lssons from lan companis to improv

More information

OPTIONS AND FUTURES: A TECHNICAL APPRAISAL

OPTIONS AND FUTURES: A TECHNICAL APPRAISAL Pag 15 OPTIONS AND FUTURES: A TECHNICAL APPRAISAL by David J.S. Rutldg Papr prsntd to Sminar on Trading in Options: Opportunitis in th Intrnational Markt sponsord by Th Sydny Stock Exchang and Th Scuritis

More information

June 2012. Enprise Rent. Enprise 1.1.6. Author: Document Version: Product: Product Version: SAP Version: 8.81.100 8.8

June 2012. Enprise Rent. Enprise 1.1.6. Author: Document Version: Product: Product Version: SAP Version: 8.81.100 8.8 Jun 22 Enpris Rnt Author: Documnt Vrsion: Product: Product Vrsion: SAP Vrsion: Enpris Enpris Rnt 88 88 Enpris Rnt 22 Enpris Solutions All rights rsrvd No parts of this work may b rproducd in any form or

More information

the so-called KOBOS system. 1 with the exception of a very small group of the most active stocks which also trade continuously through

the so-called KOBOS system. 1 with the exception of a very small group of the most active stocks which also trade continuously through Liquidity and Information-Basd Trading on th Ordr Drivn Capital Markt: Th Cas of th Pragu tock Exchang Libor 1ÀPH³HN Cntr for Economic Rsarch and Graduat Education, Charls Univrsity and Th Economic Institut

More information

High Interest Rates In Ghana,

High Interest Rates In Ghana, NO. 27 IEA MONOGRAPH High Intrst Rats In Ghana, A Critical Analysis IEA Ghana THE INSTITUTE OF ECONOMIC AFFAIRS A Public Policy Institut High Intrst Rats In Ghana, A Critical Analysis 1 by DR. J. K. KWAKYE

More information

Logo Design/Development 1-on-1

Logo Design/Development 1-on-1 Logo Dsign/Dvlopmnt 1-on-1 If your company is looking to mak an imprssion and grow in th marktplac, you ll nd a logo. Fortunatly, a good graphic dsignr can crat on for you. Whil th pric tags for thos famous

More information

Upper Bounding the Price of Anarchy in Atomic Splittable Selfish Routing

Upper Bounding the Price of Anarchy in Atomic Splittable Selfish Routing Uppr Bounding th Pric of Anarchy in Atomic Splittabl Slfish Routing Kamyar Khodamoradi 1, Mhrdad Mahdavi, and Mohammad Ghodsi 3 1 Sharif Univrsity of Tchnology, Thran, Iran, khodamoradi@c.sharif.du Sharif

More information

Category 7: Employee Commuting

Category 7: Employee Commuting 7 Catgory 7: Employ Commuting Catgory dscription This catgory includs missions from th transportation of mploys 4 btwn thir homs and thir worksits. Emissions from mploy commuting may aris from: Automobil

More information

union scholars program APPLICATION DEADLINE: FEBRUARY 28 YOU CAN CHANGE THE WORLD... AND EARN MONEY FOR COLLEGE AT THE SAME TIME!

union scholars program APPLICATION DEADLINE: FEBRUARY 28 YOU CAN CHANGE THE WORLD... AND EARN MONEY FOR COLLEGE AT THE SAME TIME! union scholars YOU CAN CHANGE THE WORLD... program AND EARN MONEY FOR COLLEGE AT THE SAME TIME! AFSCME Unitd Ngro Collg Fund Harvard Univrsity Labor and Worklif Program APPLICATION DEADLINE: FEBRUARY 28

More information

The Normal Distribution: A derivation from basic principles

The Normal Distribution: A derivation from basic principles Th Normal Distribution: A drivation from basic principls Introduction Dan Tagu Th North Carolina School of Scinc and Mathmatics Studnts in lmntary calculus, statistics, and finit mathmatics classs oftn

More information

Budget Optimization in Search-Based Advertising Auctions

Budget Optimization in Search-Based Advertising Auctions Budgt Optimization in Sarch-Basd Advrtising Auctions ABSTRACT Jon Fldman Googl, Inc. Nw York, NY jonfld@googl.com Martin Pál Googl, Inc. Nw York, NY mpal@googl.com Intrnt sarch companis sll advrtismnt

More information

SPECIAL VOWEL SOUNDS

SPECIAL VOWEL SOUNDS SPECIAL VOWEL SOUNDS Plas consult th appropriat supplmnt for th corrsponding computr softwar lsson. Rfr to th 42 Sounds Postr for ach of th Spcial Vowl Sounds. TEACHER INFORMATION: Spcial Vowl Sounds (SVS)

More information

User-Perceived Quality of Service in Hybrid Broadcast and Telecommunication Networks

User-Perceived Quality of Service in Hybrid Broadcast and Telecommunication Networks Usr-Prcivd Quality of Srvic in Hybrid Broadcast and Tlcommunication Ntworks Michal Galtzka Fraunhofr Institut for Intgratd Circuits Branch Lab Dsign Automation, Drsdn, Grmany Michal.Galtzka@as.iis.fhg.d

More information

Northern Ireland Petrol and Diesel prices data analysis

Northern Ireland Petrol and Diesel prices data analysis Rsarch and Information Srvic Papr 163/12 04 Octobr 2012 NIAR 720-12 Aidan Stnntt and Barbara Lov Northrn Irland Ptrol and Disl prics data analysis 1 Background On th 5 Sptmbr 2012, th Offic of Fair Trading

More information

B-285141. April 21, 2000. The Honorable Charles B. Rangel Ranking Minority Member Committee on Ways and Means House of Representatives

B-285141. April 21, 2000. The Honorable Charles B. Rangel Ranking Minority Member Committee on Ways and Means House of Representatives Unit Stats Gnral Accounting Offic Washington, DC 20548 Halth, Eucation, an Human Srvics Division B-285141 April 21, 2000 Th Honorabl Charls B. Rangl Ranking Minority Mmbr Committ on Ways an Mans Hous of

More information

Category 1: Purchased Goods and Services

Category 1: Purchased Goods and Services 1 Catgory 1: Purchasd Goods and Srvics Catgory dscription T his catgory includs all upstram (i.., cradl-to-gat) missions from th production of products purchasd or acquird by th rporting company in th

More information

Cost-Volume-Profit Analysis

Cost-Volume-Profit Analysis ch03.qxd 9/7/04 4:06 PM Pag 86 CHAPTER Cost-Volum-Profit Analysis In Brif Managrs nd to stimat futur rvnus, costs, and profits to hlp thm plan and monitor oprations. Thy us cost-volum-profit (CVP) analysis

More information

In the first years of the millennium, Americans flocked to Paris to enjoy French

In the first years of the millennium, Americans flocked to Paris to enjoy French 14 chaptr Exchang Rats and th Forign Exchang Markt: An Asst Approach 320 In th first yars of th millnnium, Amricans flockd to Paris to njoy Frnch cuisin whil shopping for dsignr clothing and othr spcialtis.

More information

C H A P T E R 1 Writing Reports with SAS

C H A P T E R 1 Writing Reports with SAS C H A P T E R 1 Writing Rports with SAS Prsnting information in a way that s undrstood by th audinc is fundamntally important to anyon s job. Onc you collct your data and undrstand its structur, you nd

More information

SOFTWARE ENGINEERING AND APPLIED CRYPTOGRAPHY IN CLOUD COMPUTING AND BIG DATA

SOFTWARE ENGINEERING AND APPLIED CRYPTOGRAPHY IN CLOUD COMPUTING AND BIG DATA Intrnational Journal on Tchnical and Physical Problms of Enginring (IJTPE) Publishd by Intrnational Organization of IOTPE ISSN 077-358 IJTPE Journal www.iotp.com ijtp@iotp.com Sptmbr 015 Issu 4 Volum 7

More information

Continuity Cloud Virtual Firewall Guide

Continuity Cloud Virtual Firewall Guide Cloud Virtual Firwall Guid uh6 Vrsion 1.0 Octobr 2015 Foldr BDR Guid for Vam Pag 1 of 36 Cloud Virtual Firwall Guid CONTENTS INTRODUCTION... 3 ACCESSING THE VIRTUAL FIREWALL... 4 HYPER-V/VIRTUALBOX CONTINUITY

More information

Have Debit Cards Changed Thai Consumer Shopping Behavior?

Have Debit Cards Changed Thai Consumer Shopping Behavior? Intrnational Journal of Markting Studis Novmbr, 2009 Hav Dbit Cards Changd Thai Consumr Shopping Bhavior? Chtsada Noknoi Economics and Businss Administration Faculty, Thaksin Univrsity 140 Moo 4, Kanajanavanit

More information

Deer: Predation or Starvation

Deer: Predation or Starvation : Prdation or Starvation National Scinc Contnt Standards: Lif Scinc: s and cosystms Rgulation and Bhavior Scinc in Prsonal and Social Prspctiv s, rsourcs and nvironmnts Unifying Concpts and Procsss Systms,

More information

Are Health Insurance Markets Competitive? By Leemore Dafny*

Are Health Insurance Markets Competitive? By Leemore Dafny* Ar Halth Insuranc Markts Comptitiv? By Lmor Dafny* To gaug th comptitivnss of th group halth insuranc industry, I invstigat whthr halth insurrs charg highr prmiums, ctris paribus, to mor profitabl firms.

More information

Economic Insecurity, Individual Behavior and Social Policy

Economic Insecurity, Individual Behavior and Social Policy Economic Inscurity, Individual Bhavior and Social Policy By Indrmit S. Gill igill@worldbank.org and Nadm Ilahi nilahi@worldbank.org Th World Bank Washington, DC 20433 First Draft: March 27, 2000 Papr writtn

More information

The international Internet site of the geoviticulture MCC system Le site Internet international du système CCM géoviticole

The international Internet site of the geoviticulture MCC system Le site Internet international du système CCM géoviticole Th intrnational Intrnt sit of th goviticultur MCC systm L sit Intrnt intrnational du systèm CCM géoviticol Flávio BELLO FIALHO 1 and Jorg TONIETTO 1 1 Rsarchr, Embrapa Uva Vinho, Caixa Postal 130, 95700-000

More information

Improving Managerial Accounting and Calculation of Labor Costs in the Context of Using Standard Cost

Improving Managerial Accounting and Calculation of Labor Costs in the Context of Using Standard Cost Economy Transdisciplinarity Cognition www.ugb.ro/tc Vol. 16, Issu 1/2013 50-54 Improving Managrial Accounting and Calculation of Labor Costs in th Contxt of Using Standard Cost Lucian OCNEANU, Constantin

More information

1 Walrasian Equilibria and Market E ciency

1 Walrasian Equilibria and Market E ciency 1 Walrasian Equilibria and Markt E cincy Rading in Txtbook: Chaptr 3 in Stiglitz. 1.1 Motivation Whn thinking about th rol of govrnmnt w hav to considr a numbr of rathr fundamntal qustions, such as: What

More information

Development of Financial Management Reporting in MPLS

Development of Financial Management Reporting in MPLS 1 Dvlopmnt of Financial Managmnt Rporting in MPLS 1. Aim Our currnt financial rports ar structurd to dlivr an ovrall financial pictur of th dpartmnt in it s ntirty, and thr is no attmpt to provid ithr

More information

Dehumidifiers: A Major Consumer of Residential Electricity

Dehumidifiers: A Major Consumer of Residential Electricity Dhumidifirs: A Major Consumr of Rsidntial Elctricity Laurn Mattison and Dav Korn, Th Cadmus Group, Inc. ABSTRACT An stimatd 19% of U.S. homs hav dhumidifirs, and thy can account for a substantial portion

More information

Entity-Relationship Model

Entity-Relationship Model Entity-Rlationship Modl Kuang-hua Chn Dpartmnt of Library and Information Scinc National Taiwan Univrsity A Company Databas Kps track of a company s mploys, dpartmnts and projcts Aftr th rquirmnts collction

More information

http://www.wwnorton.com/chemistry/tutorials/ch14.htm Repulsive Force

http://www.wwnorton.com/chemistry/tutorials/ch14.htm Repulsive Force ctivation nrgis http://www.wwnorton.com/chmistry/tutorials/ch14.htm (back to collision thory...) Potntial and Kintic nrgy during a collision + + ngativly chargd lctron cloud Rpulsiv Forc ngativly chargd

More information

Mathematics. Mathematics 3. hsn.uk.net. Higher HSN23000

Mathematics. Mathematics 3. hsn.uk.net. Higher HSN23000 hsn uknt Highr Mathmatics UNIT Mathmatics HSN000 This documnt was producd spcially for th HSNuknt wbsit, and w rquir that any copis or drivativ works attribut th work to Highr Still Nots For mor dtails

More information

Fleet vehicles opportunities for carbon management

Fleet vehicles opportunities for carbon management Flt vhicls opportunitis for carbon managmnt Authors: Kith Robrtson 1 Dr. Kristian Stl 2 Dr. Christoph Hamlmann 3 Alksandra Krukar 4 Tdla Mzmir 5 1 Snior Sustainability Consultant & Lad Analyst, Arup 2

More information

NAVAL POSTGRADUATE SCHOOL

NAVAL POSTGRADUATE SCHOOL NAVAL POSTGRADUATE SCHOOL MONTEREY, CALIFORNIA MBA PROFESSIONAL REPORT Th Survivor Bnfit Plan: A Cost-Bnfit Analysis By: Advisors: Scott E. Batty, and Tho Kang Dcmbr 2007 William R. Gats, Raymond E. Franck

More information

Cisco Data Virtualization

Cisco Data Virtualization Cisco Data Virtualization Big Data Eco-systm Discussion with Bloor Group Bob Ev, David Bsmr July 2014 Cisco Data Virtualization Backgroundr Cisco Data Virtualization is agil data intgration softwar that

More information

ONLINE CONSUMER BEHAVIOR: AN EXPLORATORY STUDY

ONLINE CONSUMER BEHAVIOR: AN EXPLORATORY STUDY G.J. C.M.P., Vol. 2(4):98-17 July-August, 213 ISSN: 2319 7285 ONLINE CONSUMER BEHAVIOR: AN EXPLORATORY STUDY Namita Bhandari* & Prti Kaushal** *Panjab Univrsity, Chandigarh, India **Chitkara Univrsity,

More information

SPREAD OPTION VALUATION AND THE FAST FOURIER TRANSFORM

SPREAD OPTION VALUATION AND THE FAST FOURIER TRANSFORM RESEARCH PAPERS IN MANAGEMENT STUDIES SPREAD OPTION VALUATION AND THE FAST FOURIER TRANSFORM M.A.H. Dmpstr & S.S.G. Hong WP 26/2000 Th Judg Institut of Managmnt Trumpington Strt Cambridg CB2 1AG Ths paprs

More information

Government Spending or Tax Cuts for Education in Taylor County, Texas

Government Spending or Tax Cuts for Education in Taylor County, Texas Govrnmnt Spnding or Tax Cuts for Education in Taylor County, Txas Ian Shphrd Abiln Christian Univrsity D Ann Shphrd Abiln Christian Univrsity On Fbruary 17, 2009, Prsidnt Barack Obama signd into law th

More information

A Note on Approximating. the Normal Distribution Function

A Note on Approximating. the Normal Distribution Function Applid Mathmatical Scincs, Vol, 00, no 9, 45-49 A Not on Approimating th Normal Distribution Function K M Aludaat and M T Alodat Dpartmnt of Statistics Yarmouk Univrsity, Jordan Aludaatkm@hotmailcom and

More information

Abstract. Introduction. Statistical Approach for Analyzing Cell Phone Handoff Behavior. Volume 3, Issue 1, 2009

Abstract. Introduction. Statistical Approach for Analyzing Cell Phone Handoff Behavior. Volume 3, Issue 1, 2009 Volum 3, Issu 1, 29 Statistical Approach for Analyzing Cll Phon Handoff Bhavior Shalini Saxna, Florida Atlantic Univrsity, Boca Raton, FL, shalinisaxna1@gmail.com Sad A. Rajput, Farquhar Collg of Arts

More information

Noble gas configuration. Atoms of other elements seek to attain a noble gas electron configuration. Electron configuration of ions

Noble gas configuration. Atoms of other elements seek to attain a noble gas electron configuration. Electron configuration of ions Valnc lctron configuration dtrmins th charactristics of lmnts in a group Nobl gas configuration Th nobl gass (last column in th priodic tabl) ar charactrizd by compltly filld s and p orbitals this is a

More information

Use a high-level conceptual data model (ER Model). Identify objects of interest (entities) and relationships between these objects

Use a high-level conceptual data model (ER Model). Identify objects of interest (entities) and relationships between these objects Chaptr 3: Entity Rlationship Modl Databas Dsign Procss Us a high-lvl concptual data modl (ER Modl). Idntify objcts of intrst (ntitis) and rlationships btwn ths objcts Idntify constraints (conditions) End

More information

CPS 220 Theory of Computation REGULAR LANGUAGES. Regular expressions

CPS 220 Theory of Computation REGULAR LANGUAGES. Regular expressions CPS 22 Thory of Computation REGULAR LANGUAGES Rgular xprssions Lik mathmatical xprssion (5+3) * 4. Rgular xprssion ar built using rgular oprations. (By th way, rgular xprssions show up in various languags:

More information

The Constrained Ski-Rental Problem and its Application to Online Cloud Cost Optimization

The Constrained Ski-Rental Problem and its Application to Online Cloud Cost Optimization 3 Procdings IEEE INFOCOM Th Constraind Ski-Rntal Problm and its Application to Onlin Cloud Cost Optimization Ali Khanafr, Murali Kodialam, and Krishna P. N. Puttaswam Coordinatd Scinc Laborator, Univrsit

More information

IMPROVE CUSTOMERS LOYALTY IN ONLINE GAMING: AN EMPIRICAL STUDY Fan Zhao

IMPROVE CUSTOMERS LOYALTY IN ONLINE GAMING: AN EMPIRICAL STUDY Fan Zhao Fan Zhao ABSTRACT In th past dcad, onlin gams hav bcom an important lctronic commrc application A good undrstanding of customr onlin gam bhaviors is critical for both rsarchrs and practitionrs, such as

More information

Production Costing (Chapter 8 of W&W)

Production Costing (Chapter 8 of W&W) Production Costing (Chaptr 8 of W&W).0 Introduction Production costs rfr to th oprational costs associatd with producing lctric nrgy. Th most significant componnt of production costs ar th ful costs ncssary

More information

Defining Retirement Success for Defined Contribution Plan Sponsors: Begin with the End in Mind

Defining Retirement Success for Defined Contribution Plan Sponsors: Begin with the End in Mind Dfining Rtirmnt Succss for Dfind Contribution Plan Sponsors: Bgin with th End in Mind David Blanchtt, CFA, CFP, AIFA Had of Rtirmnt Rsarch Morningstar Invstmnt Managmnt david.blanchtt@morningstar.com Nathan

More information

Architecture of the proposed standard

Architecture of the proposed standard Architctur of th proposd standard Introduction Th goal of th nw standardisation projct is th dvlopmnt of a standard dscribing building srvics (.g.hvac) product catalogus basd on th xprincs mad with th

More information

The price of liquidity in constant leverage strategies. Marcos Escobar, Andreas Kiechle, Luis Seco and Rudi Zagst

The price of liquidity in constant leverage strategies. Marcos Escobar, Andreas Kiechle, Luis Seco and Rudi Zagst RACSAM Rv. R. Acad. Cin. Sri A. Mat. VO. 103 2, 2009, pp. 373 385 Matmática Aplicada / Applid Mathmatics Th pric of liquidity in constant lvrag stratgis Marcos Escobar, Andras Kichl, uis Sco and Rudi Zagst

More information

Sci.Int.(Lahore),26(1),131-138,2014 ISSN 1013-5316; CODEN: SINTE 8 131

Sci.Int.(Lahore),26(1),131-138,2014 ISSN 1013-5316; CODEN: SINTE 8 131 Sci.Int.(Lahor),26(1),131-138,214 ISSN 113-5316; CODEN: SINTE 8 131 REQUIREMENT CHANGE MANAGEMENT IN AGILE OFFSHORE DEVELOPMENT (RCMAOD) 1 Suhail Kazi, 2 Muhammad Salman Bashir, 3 Muhammad Munwar Iqbal,

More information

REPORT' Meeting Date: April 19,201 2 Audit Committee

REPORT' Meeting Date: April 19,201 2 Audit Committee REPORT' Mting Dat: April 19,201 2 Audit Committ For Information DATE: March 21,2012 REPORT TITLE: FROM: Paul Wallis, CMA, CIA, CISA, Dirctor, Intrnal Audit OBJECTIVE To inform Audit Committ of th rsults

More information

HSBC Bank International Expat Explorer Survey 08

HSBC Bank International Expat Explorer Survey 08 HSBC Bank Intrnational Expat Explorr Survy 08 Rport On: Expat Existnc Th Survy Th Expat Explorr survy qustiond 2,155 xpatriats across four continnts about th opportunitis and challngs thy fac. Th survy

More information

Noise Power Ratio (NPR) A 65-Year Old Telephone System Specification Finds New Life in Modern Wireless Applications.

Noise Power Ratio (NPR) A 65-Year Old Telephone System Specification Finds New Life in Modern Wireless Applications. TUTORIL ois Powr Ratio (PR) 65-Yar Old Tlphon Systm Spcification Finds w Lif in Modrn Wirlss pplications ITRODUTIO by Walt Kstr Th concpt of ois Powr Ratio (PR) has bn around sinc th arly days of frquncy

More information

An Broad outline of Redundant Array of Inexpensive Disks Shaifali Shrivastava 1 Department of Computer Science and Engineering AITR, Indore

An Broad outline of Redundant Array of Inexpensive Disks Shaifali Shrivastava 1 Department of Computer Science and Engineering AITR, Indore Intrnational Journal of mrging Tchnology and dvancd nginring Wbsit: www.ijta.com (ISSN 2250-2459, Volum 2, Issu 4, pril 2012) n road outlin of Rdundant rray of Inxpnsiv isks Shaifali Shrivastava 1 partmnt

More information

Fundamentals: NATURE OF HEAT, TEMPERATURE, AND ENERGY

Fundamentals: NATURE OF HEAT, TEMPERATURE, AND ENERGY Fundamntals: NATURE OF HEAT, TEMPERATURE, AND ENERGY DEFINITIONS: Quantum Mchanics study of individual intractions within atoms and molculs of particl associatd with occupid quantum stat of a singl particl

More information

MEASUREMENT AND ASSESSMENT OF IMPACT SOUND IN THE SAME ROOM. Hans G. Jonasson

MEASUREMENT AND ASSESSMENT OF IMPACT SOUND IN THE SAME ROOM. Hans G. Jonasson MEASUREMENT AND ASSESSMENT OF IMPACT SOUND IN THE SAME ROOM Hans G. Jonasson SP Tchnical Rsarch Institut of Swdn Box 857, SE-501 15 Borås, Swdn hans.jonasson@sp.s ABSTRACT Drum sound, that is th walking

More information