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Given that an increasing number of online healthcare channels play an essential role as a supply method in the healthcare service supply chain (HSSC), this paper studies the price decision-making problem for a dual-channel HSSC considering the channel acceptance, price ceiling, and public welfare. In this HSSC, a healthcare institution establishes both a traditional offline channel and an online channel to provide healthcare services for some health conditions. Considering the public welfare of healthcare institutions, we employ a sum formula of economic revenue and patient surplus to describe the total revenue of both healthcare service channels. Based on the Stackelberg game, we develop a decentralized supply chain model to maximize supply chain members’ revenue. By employing the Karush–Kuhn–Tucker optimality condition, we derive an analytical expression for the optimal service price, which includes the functions of the public welfare coefficient and channel acceptance. Finally, we conduct extensive numerical analyses under various system parameters to verify the optimal price decision-making strategies. Our analytical results indicate that: (1) the healthcare service price is closely related to the patients’ channel acceptance, the public welfare coefficient, and the government price ceiling policy; (2) the public welfare coefficient strongly influences the service price and total revenue, and its increase can decrease the economic revenue of the HSSC; (3) the acceptance of online channels is an essential factor that should be carefully considered in the construction of a dual-channel HSSC. Improving patient acceptance of online channels is conducive to developing and improving a sustainable dual-channel HSSC.

Tradable emissions permits have been implemented to control pollution levels in various markets and represent a major component of legislative efforts to control greenhouse gas emissions. Because permits are supplied for a fixed level of pollution, allowing the market for permits to determine the price, price control mechanisms may be needed to protect firms from price spikes caused by fluctuations in the demand for permits. We test permit markets in an experimental laboratory setting to determine the effectiveness of several price control mechanisms, with special attention on the soft price ceiling. We focus on a static setting similar to some of the earliest experimental work focused on price ceilings. Results indicate that both permit supply adjustments and price ceilings (hard ceilings) effectively limit elevated prices in this setting. By contrast, reserve auctions to implement soft ceilings do not consistently control prices, especially when a minimum reserve permit price is applied. Furthermore, the grandfathering of permits allows permit sellers to realize significant welfare gains at the expense of buyers under a soft ceiling policy. Our results thus highlight several advantages of hard ceilings for controlling short term price increases.

Over the past two decades, the South Korean government has been regulating the supply and prices of multi-family housing (MFH) projects to stabilize the national population. Recently, active research has been conducted on the construction costs for basic type (CCBT) calculation to formulate appropriate policies. However, related previous studies have focused on improving the predictability of the construction cost in early stages based on existing house sale prices. In contrast, the CCBT calculation approach mainly requires policy implementation in practical fields, without considering the requirements of academics. Therefore, it is necessary to academically discuss a different approach for the estimation of sale prices of new MFH in the construction stage. This study aimed to calculate the CCBT to determine the appropriate sale price for new MFH. We selected four sample projects to calculate the CCBT, and a weighted average method was applied to correct regional deviations. Case application, which is a comparison between the CCBT-based sale price and actual case-based sale price, produced cost values in the range of 98–104%, and they included additional expenses. The results of this study demonstrate an extremely high level of cost estimation accuracy according to the Association for the Advancement of Cost Engineering study. Furthermore, this study can facilitate the stabilization of national housing by determining an appropriate sale price and can contribute to cost management research conducted during the construction phase.

We extend the analysis of price caps in oligopoly markets to allow for sunk entry costs and endogenous entry. In the case of deterministic demand and constant marginal cost, reducing a price cap yields increased total output, consumer welfare, and total welfare, results consistent with those for oligopoly markets with a fixed number of firms. With deterministic demand and increasing marginal cost, these comparative static results may be fully reversed, and a welfare-improving cap may not exist. Recent results in the literature show that for a fixed number of firms, if demand is stochastic and marginal cost is constant, then lowering a price cap may either increase or decrease output and welfare (locally); however, a welfare-improving price cap does exist. In contrast to these recent results, we show that a welfare-improving cap may not exist if entry is endogenous. However, within this stochastic demand environment we show that certain restrictions on the curvature of demand are sufficient to ensure the existence of a welfare-improving cap when entry is endogenous.

We explore the effect of the sharp and sustained decline after June 2014 in the global price of crude oil (and hence in the U.S. price of gasoline) on U.S. real GDP growth. Our analysis suggests that this decline produced a cumulative stimulus of about 0.9 percent of real GDP by raising private real consumption and non-oil-related business investment, and an additional stimulus of 0.04 percent, reflecting a shrinking petroleum trade deficit. This stimulative effect, however, has been largely offset by a large reduction in real investment by the oil sector. Hence, the net stimulus since June 2014 has been close to zero. We show that the U.S. economy’s response was not fundamentally different from that observed after the oil price decline of 1986. Then as now, the U.S. economy’s response is consistent with standard economic models of the transmission of oil price shocks. We find no evidence that frictions in reallocating capital and labor across sectors or increased uncertainty about the price of gasoline explain the sluggish response of U.S. real GDP growth. Nor do we find evidence of financial contagion, of spillovers from oil-related investment to non-oil-related investment, of an increase in household savings, or of households deleveraging.

Around 200 million adults in China have hypertension, but few are treated or achieve adequate control of their blood pressure. Available and affordable medications are important for successfully controlling hypertension, but little is known about current patterns of access to, and use of, antihypertensive medications in Chinese primary health care. We used data from a nationwide cross-sectional survey (the China Patient-Centered Evaluative Assessment of Cardiac Events Million Persons Project primary health care survey), which was undertaken between November, 2016 and May, 2017, to assess the availability, cost, and prescription patterns of 62 antihypertensive medications at primary health-care sites across 31 Chinese provinces. We surveyed 203 community health centres, 401 community health stations, 284 township health centres, and 2474 village clinics to assess variation in availability, cost, and prescription by economic region and type of site. We also assessed the use of high-value medications, defined as guideline-recommended and low-cost. We also examined the association of medication cost with availability and prescription patterns. Our study sample included 3362 primary health-care sites and around 1 million people (613 638 people at 2758 rural sites and 478 393 people at 604 urban sites). Of the 3362 sites, 8·1% (95% CI 7·2–9·1) stocked no antihypertensive medications and 33·8% (32·2–35·4) stocked all four classes that were routinely used. Village clinics and sites in the western region of China had the lowest availability. Only 32·7% (32·2–33·3) of all sites stocked high-value medications, and few high-value medications were prescribed (11·2% [10·9–11·6] of all prescription records). High-cost medications were more likely to be prescribed than low-cost alternatives. China has marked deficiencies in the availability, cost, and prescription of antihypertensive medications. High-value medications are not preferentially used. Future efforts to reduce the burden of hypertension, particularly through the work of primary health-care providers, will need to improve access to, and use of, antihypertensive medications, paying particular attention to those with high value. CAMS Innovation Fund for Medical Science, the Entrusted Project from the China National Development and Reform Commission, and the Major Public Health Service Project from the Ministry of Finance of China and National Health and Family Planning Commission of China.

Pay cuts, worsening conditions, and an inability to provide high quality care all threaten the retention of doctors, writes Malinga Ratwatte

Product liability bears significant risks for a manufacturer: litigation, damages and negative market reactions. After identifying the components of such risks as well as discussing microeconomic adjustment strategies, an approach for the appraisal of investments into product safety under the (in reality given) imperfect market conditions is developed. Since such investments affect production, the payments required for a financial valuation have to be derived from production planning. Employing duality theory of linear programming shows that the highest price an individual manufacturer can afford (the investment's price ceiling) can be interpreted as a sum of (sometimes corrected) net present values NPVs. These corrected NPVs are a generalization of the well-known NPVs from perfect markets and consider the scarcity of capacities/resources. Surprisingly, all the partial processes of a chosen process have the same nonnegative corrected NPV as the whole process. Hence, they are not value additive. By applying sensitivity analyses, one can prove that higher risks for product liability sometimes discourage investments into product safety. This unexpected result is of utmost importance for policy makers and courts: awarding high compensations for faulty products may lead to less consumer protection - and that at even higher cost for the society. In the same way, policies allowing for high punitive elements in the awarded compensation may not be helpful for ensuring product safety. Furthermore, awarding such high punitive elements to the aggrieved party, may encourage litigation even when there is only little chance for success, leading to often incalculable risks for the manufacturer. Instead, in the interest of both sides, it might make more sense to consider stricter product license procedures.

Lignin is a natural biopolymer. A vibrant and rapid process in the synthesis of silica nanoparticles by consuming the lignin as a soft template was carefully studied. The extracted biopolymer from coir pith was employed as capping and stabilizing agents to fabricate the silica nanoparticles (nSi). The synthesized silica nanoparticles (nSi) were characterized by ultraviolet–visible (UV–Vis) spectrophotometry, X-ray diffraction analysis (XRD), Scanning Electron Microscope (SEM), Energy-Dispersive X-ray Analysis (EDAX), Dynamic Light Scattering (DLS) and Fourier-Transform Infrared Spectroscopy (FTIR). All the results obtained jointly and independently verified the formation of silica nanoparticles. In addition, EDAX analysis confirmed the high purity of the nSi composed only of Si and O, with no other impurities. XRD spectroscopy showed the characteristic diffraction peaks for nSi and confirmed the formation of an amorphous nature. The average size of nSi obtained is 18 nm. The surface charge and stability of nSi were analyzed by using the dynamic light scattering (DLS) and thus revealed that the nSi samples have a negative charge (−20.3 mV). In addition, the seed germination and the shoot and root formation on Vigna unguiculata were investigated by using the nSi. The results revealed that the application of nSi enhanced the germination in V. unguiculata. However, further research studies must be performed in order to determine the toxic effect of biogenic nSi before mass production and use of agricultural applications.

[Display omitted] •We quantify the effect of Buy It Now prices and reserve prices on auction prices.•We disentangle competing explanations for the effect of BINs and RPs.•We identify the reference point effect of BINs and RPs.•We find that the open RP has a greater impact than a comparable BIN magnitude.•We find that BINs and RPs operate as substitutes. In recent years, a trend in retail pricing has been to give consumers greater autonomy in setting their own prices, be it through auctions or other forms of participative pricing. Such consumer pricing autonomy often requires the seller to set limits in the form of price floors and price ceilings. Price floors and ceilings in our auction settings are referred to as reserve prices (RP) and Buy It Now (BIN) prices, respectively. We examine the effect of RP and BIN presence and magnitude on the number of bidders and ending price. Using auctions, we uncover consumers’ willingness to pay (WTP) through bids. WTP is malleable through reference cues. Our focus is on two such cues: BINs and RPs. Results of two field studies, augmented with a laboratory study, show that both BINs and RPs result in lower bidder entry, but have an overall positive effect on ending price. Furthermore, results show that RP is more effective than a comparable BIN magnitude and that these two pricing cues are substitutes. The study design allows the authors to rule out alternative explanations. Open RP and BIN's effect on ending price is due to a reference point effect rather than a price truncation effect. Thus, retailers can increase WTP through changing these reference cues and exploit a richer choice set over which to shape a malleable WTP. The quantification of the interaction between RP and BIN gives managers the ability to jointly take advantage of both RP and BIN.