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Hedonic Price Analysis of Non-Barren Broodmares

Abstract

The current real average selling price of a thoroughbred broodmare is nearly half its peak value in 2000. While annual price changes are influenced by economic performance, different prices at an auction are influenced by physical and genetic characteristics of broodmares. We use auction data from the 2013 November Keeneland Breeding Stock Sales to estimate a hedonic pricing model. We find prices are positively influenced by earnings of the covering sire, earnings of the broodmare, pedigree, and the racing performance of broodmare progeny. Conversely, the age of a broodmare and the day on which the horse sold have dampening effects on broodmare prices.

Open access
What Drives Price Dispersion in the European E-commerce Industry?

Abstract

An important aspect of economic integration of the European Union is price convergence on digital single market. In this study, we propose a novel way to measure price dispersion in the e-commerce industry, using a custom made web-scraping tool. We target all the major price comparisons sites in the 26 EU member states, which enables us to collect price signals from thousands of retail shops operating on-line. We analyse pricing data of 182 branded products sold on-line across the EU, representing the most popular categories: fashion, consumer electronics, gaming and software, and cosmetics. We find considerable dispersion of both pre and post-vat on-line prices ranging from 20% to 40%, depending on the product category. The observed on-line price dispersion is driven by both cost factors and the level of per capita income, which is consistent with the view that producers or large distributors might engage in strategic price discrimination induced by income heterogeneity.

At first look, our results point to the unexplored potential for cross-border trade, which could be released by policy interventions with regards to delivery, payment or law harmonization. However, under strategic price discrimination, reduced costs of arbitrage for consumers might induce discriminating firms to lower the magnitude of price dispersion between high and low income countries, bringing adverse welfare changes of a priori unknown net effect.

Open access
Airbnb and the Hotel Industry in Warsaw: An Example of the Sharing Economy?

Abstract

The aim of this analysis is to examine the characteristics of the Airbnb network, to verify the share of Airbnb offers that belong to the sharing economy and to identify the differences between the spatial distribution of the Airbnb network and the traditional hotel industry. The article is based on a unique dataset of web-scraped data on Airbnb listings in Warsaw (Poland), combined with district-level official statistics on the hotel industry. The analysis shows that only approximately 11% of offers belong to the sharing economy (“individuals granting each other temporary access to their under-utilised assets”), while at least one third of offers are provided by professional firms. The Airbnb network shows a strong centre-periphery pattern, with 75% of offers located within a range of 4.3 kilometres from the centre. The spatial concentration of Airbnb offers is strongly driven by their distance from metro lines, while it is weakly related to the amount of living space. On the district-level, the spatial distribution of Airbnb listings is correlated with that of the hotel industry, although Airbnb contributes to a more even spread of tourism in the city. The major contribution of this analysis is its presentation of the size and characteristics of the platform, which is essential for data-driven policy making.

Open access
Contract Brewing – Production-Oriented Cooperation in Craft Brewing Industry

Abstract

The objective of the paper is to analyze the cooperation in craft beer manufacturing in Poland and to identify the specificity of this phenomenon from the perspective of enterprise management. The sales of craft beers in Poland are growing rapidly. Craft beers have about a 0.5% share in the total beer sales value in Poland. The popular practice in the industry is contract brewing. It is an interesting phenomenon in the field of cooperation of enterprises which can be classified and analyzed as a form of: economic cooperation (generally), production cooperation, outsourcing, network and virtual organization and also coopetition. It is a specific business model. Contract brewing is a complex problem the specificity of which emerges on several levels. Firstly, there is a special way to emerge in the market of craft beers, even while not possessing significant funds by the entrepreneur. Secondly, it is a form of cooperation in the field of production which unites efforts on the side of both the customer and the contractor since it is not limited to normal outsourcing of production to an external entity but involves physical production capacity of the contractor and technological know-how of both cooperation parties. Thirdly, it is firmly embedded in human relationships. Fourthly, it can generate coopetitive relations since the brewery accepting the order may conduct its own activity related to production and sales of beer under its own brand.

Open access
Profitability of Czech Food Enterprises in Relation to Their Size

Abstract

The aim of the paper is to analyse profitability of enterprises in the food and beverages industry of the Czech Republic in time period of 2003-2013 and to evaluate the possible impact of the firm size on the firm profitability. First, the development of the average ROA of individual size groups of enterprises within ten food sub-sectors is analysed graphically. Second, the correlation between company size and the level of the ROA indicator is statistically validated by using parametric ANOVA. Based on the analysis it can be concluded that the level of profitability in the Czech food and beverages industry is relatively low, and moreover, there is a tendency to decrease during the observed period. The highest values of ROA are achieved by the largest companies (expressed by the number of employees) and on the contrary, the ROA values of the smallest companies are often negative and in the whole observed period there are significantly lower than ROA values of other size groups of enterprises, which is valid in almost all sub-sectors. The analysis has shown that the level of profitability is determined by the company size. Significant differences in the size of ROA in different size groups were also statistically verified with the use of ANOVA.

Open access
Strategies and Structure of the Family Economic Group Casa Ley

Abstract

Objective: Analyze of the characteristics and competitive strategies, dimension and structure that allowed Casa Ley to become a family economic group

Methodology: The methods used: critical historical, analytical and descriptive. The following approaches were used: 1) regional, 2) historical and 3) corporate strategies and organizations. The regional approach considers that regional origin is an important factor in the economic and political practices of Mexican entrepreneurs. The second gives more weight to the historical origin and the conditions of emergence to establish the final configuration, the prevailing economic and political practices and the patterns of development of the groups. The third approach addresses the changing organizational structure of large modern corporations and their tendency to adopt more complex management structures and corporate morphologies

Findings: The main result is the marketing strategies implemented by Casa Ley, such as: introduction of services that add value to the company, creation and diversification of formats, brand creation, centralization of distribution systems and consumption incentives, consolidate the oligopoly structure of the trade sector. The comparative method is established to consider those situations in which the common characteristics of companies are combined in historical circumstances that precede the formation of large companies or groups in Mexico.

Value Added: It identifies the commercial strategies that have allowed the Mexican company of the retail sector in Mexico to become a consolidated family economic group.

Recommendations: The Casa Ley family economic group has been consolidated using successful commercial strategies, limiting its development by not using financial resources that are available in the stock market. Considering the above, it is advisable to use this source of financing available for the business sector.

Open access
Experimental Evidence on Transfer Pricing

Abstract

We use incentivized economics experiments to test both the point predictions and comparative static predictions of optimal transfer pricing models, comparing behavior under varying conditions, including wholly versus partially-owned subsidiaries and different tariff and tax rates. As predicted, we find that transfer prices are responsive to relative tax and tariff rates as well as ownership proportions. Additionally, we examine convergence and learning in this setting. While individuals do not choose optimal transfer prices, their choices converge to optimal levels with experience. This paper thus makes two important contributions. First, by comparing behavior with theoretical predictions it provides evidence of whether (and when) individuals set transfer prices optimally. Second, by comparing behavior under conditions of full and partial ownership it provides evidence on the impact of policy interventions (like regulating ownership proportions by MNEs) on tax revenues.

Open access
Market Structure and Price-Cost Margins in European Retail Gasoline Industry

Abstract

Purpose: The purpose of this study was to investigate the influence of market structure and market conduct characteristics (such as market concentration, presence of networks operated by global corporations, presence of vertically integrated companies, presence of hypermarket gasoline stations and consumption level) on price-cost margin levels, based on an example of the European Union retail gasoline market.

Methodology: The research applied regression analysis on a panel data set comprising of average monthly price-cost margins for 2012 to 2015, based on the data published in the European Commission Oil Bulletin, and on a set of variables characterizing market structure and market conduct of 24 European Union member state countries.

Findings: The results showed that in the case of retail gasoline markets, higher industrial concentration yields higher price-cost margins with a statistically significant influence of other market structure and conduct factors.

Open access
On Incidence Coloring of Complete Multipartite and Semicubic Bipartite Graphs

Abstract

In the paper, we show that the incidence chromatic number χi of a complete k-partite graph is at most Δ + 2 (i.e., proving the incidence coloring conjecture for these graphs) and it is equal to Δ + 1 if and only if the smallest part has only one vertex (i.e., Δ = n − 1). Formally, for a complete k-partite graph G = K r1,r2,...,rk with the size of the smallest part equal to r 1 ≥ 1 we have

χi(G)={Δ(G)+1ifr1=1,Δ(G)+2ifr1>1.
In the paper we prove that the incidence 4-coloring problem for semicubic bipartite graphs is 𝒩𝒫-complete, thus we prove also the 𝒩𝒫-completeness of L(1, 1)-labeling problem for semicubic bipartite graphs. Moreover, we observe that the incidence 4-coloring problem is 𝒩𝒫-complete for cubic graphs, which was proved in the paper [12] (in terms of generalized dominating sets).

Open access
Synthesis of 11C-methionine through gas phase iodination using Synthra MeIPlus synthesis module

). A simple Tracerlab module modification for automated on-column [ 11 C]methylation and [ 11 C] carboxylation. Appl. Radiat. Isot ., 65 , 691–695. 16. Pascali, C., Bogni, A., Cucchi, C., Laera, L., Crispu, O., Maiocchi, G., Crippa, F., & Bombardieri, E. (2011) Detection of additional impurities in the UV-chromatogram of L-[S-methyl- 11 C]methionine. J. Radioanal. Nucl. Chem ., 288 , 405–409. 17. Schmitz, F., Plenevaux, A., Del-Fiore, G., Lemaire, C., Comar, D., & Luxen, A. (1995). Fast routine production of L-[ 11 C-methyl]methionine with Al 2 O 3 KF

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