We analyze a supply chain environment in which a distributor facing price-sensitive demand has the opportunity to contractually commit to a delivery quantity at regular intervals over a finite horizon in exchange for a per-unit cost reduction for units acquired via committed delivery. Supplemental orders needed to meet demand are purchased at an additional unit cost. For normally distributed de...

This paper develops an adaptive model on asset pricing and wealth dynamic of a financial market with heterogeneous agents and examines the profitability of momentum and contrarian trading strategies. In order to characterize asset price, wealth dynamics and rational adaptiveness arising from the interaction of heterogeneous agents with CRRA utility, an adaptive discrete time equilibrium model i...

We study empirically the changes in economic fundamentals for firms with recent stock price momentum. We find that: (i) winners have temporarily higher dividend, investment, and sales growth rates, and losers have temporarily lower dividend, investment, and sales growth rates; (ii) the duration of the growth rate dispersion matches approximately that of the momentum profits; (iii) past returns ...

In this paper we study the accruement and decay of asset price bubbles under the assumption that young agents behave boundedly rationally when rst entering the market and then gain more and more experience when growing older, nally reaching a state of perfect rational behavior. We set up an overlapping generations model where agents form their beliefs about the payo of a risky asset by combinin...

First examples of quasi-exactly solvable models describing spin-orbital interaction are constructed. In contrast with other examples of matrix quasi-exactly solvable models discussed in the literature up to now, our models admit infinite (but still incomplete) sets of exact (algebraic) solutions. The hamiltonians of these models are hermitian operators of the form H = −∆ +V1(r)+ (s · l)V2(r)+ (...

This study investigates the asset pricing implications of the V-shaped disposition effect, a newly-documented behavior pattern characterized by investors being more likely to sell a security when the magnitude of their gains or losses on it increases. I find that, on an aggregate level, stocks with both large unrealized gains and large unrealized losses outperform others in the following month....

CONTEXT In India, 14% of the population use smoked tobacco products. Increasing prices of these products is one of the measures to curb their consumption. AIMS This study analyzes "unit price" and "daily consumption" of cigarettes and bidis and investigates their relation with each other. SETTINGS AND DESIGN A cross-sectional survey was conducted in four states of India (Bihar, West Bengal,...

Given a commodity available at different prices, a unit-price account of choice predicts preference for the cheaper alternative. This experiment determined if rhesus monkeys preferred remifentanil (an ultra-short-acting micro-opioid agonist) delivered at a lower unit price over a higher-priced remifentanil alternative (Phases 1 and 3). Choice between equal-priced alternatives also was assessed ...

OBJECTIVES The rapid increase in drug expenditure has become a major source of public criticism in China. In 2009, the National Essential Medicine System (NEMS) was launched in China to control drug prices and improve access to medicines. This study investigated whether and to what extent the prices of essential medicines were reduced after the introduction of NEMS. METHODS Data were obtained...

This study were estimated the contribution of carcass traits to unit price, to analyze the marbling score as a categorical variable rather than a numerical variable, and to develop an optimal model that also includes the holiday effect and the raising period. The data for this study were acquired from the Quality Evaluation of the Korea Institute for Animal Products, and consisted of the tradin...