Unraveling Predatory Pricing:Insights From Case Studies and Game Theory Modeling

This paper develops a game-theory model for predatory pricing via in-depth analyses of three case studies:Brooke Group Ltd.v.Brown&Williamson Tobacco Corp.,Matsushita Electric Industries Co.v.Zenith Radio Corporation,and AKZO Chemie BV v.Commission of the European Communities.This model is based on subsequent action game theory models and rational economics behavior,offering a chronological outline of the“predation”stages.It presents the predator’s decisions,the prey’s potential responses,possible loops,and the two distinctive outcomes.The analysis of the model in context of the three case studies demonstrates its practicality in assessing real-life predatory pricing scenarios and players’strategies.It’s flexibility also allows applications in related fields.Overall,this paper offers a comprehensive framework that bridges the gap between law,economics,and game theory in the study of predatory pricing,informing future research in this area.

Research on Data Theory of Value

This paper explores the data theory of value along the line of reasoning epochal characteristics of data-theoretical innovation-paradigmatic transformation and,through a comparison of hard and soft factors and observation of data peculiar features,it draws the conclusion that data have the epochal characteristics of non-competitiveness and non-exclusivity,decreasing marginal cost and increasing marginal return,non-physical and intangible form,and non-finiteness and non-scarcity.It is the epochal characteristics of data that undermine the traditional theory of value and innovate the“production-exchange”theory,including data value generation,data value realization,data value rights determination and data value pricing.From the perspective of data value generation,the levels of data quality,processing,use and connectivity,data application scenarios and data openness will influence data value.From the perspective of data value realization,data,as independent factors of production,show value creation effect,create a value multiplier effect by empowering other factors of production,and substitute other factors of production to create a zero-price effect.From the perspective of data value rights determination,based on the theory of property,the tragedy of the private outweighs the comedy of the private with respect to data,and based on the theory of sharing economy,the comedy of the commons outweighs the tragedy of the commons with respect to data.From the perspective of data pricing,standardized data products can be priced according to the physical product attributes,and non-standardized data products can be priced according to the virtual product attributes.Based on the epochal characteristics of data and theoretical innovation,the“production-exchange”paradigm has undergone a transformation from“using tangible factors to produce tangible products and exchanging tangible products for tangible products”to“using intangible factors to produce tangible products and exchanging intangible products for tangible products”and ultimately to“using intangible factors to produce intangible products and exchanging intangible products for intangible products”.

A Game Theory Analysis of the OPEC’s Influence on World Oil Price

Most studies concerning OPEC＇s behavior assumptions about oil market structure are either very were based on traditional market microstructure. However, the rigorous or rather fuzzy. This paper demonstrates the rationality and necessity of OPEC＇s price band policy by using the game theory. We conclude that OPEC has the incentive to limit its price within a specific range if the game period is sufficiently long. This incentive comes either from preference for long-term interest or from future expectations. In such a way, OPEC tries its best to maximize its profit with the quota-price dual policy and plays a price stabilizing role in the future world oil market.

Jump-Dealing and Resale Price Maintenance:An Offsetting Theory and Its Policy Implications

Resale price maintenance(RPM) exerts both positive and negative influences on the market competition.Such duality and the consequent difficulties in presenting evidence have often become highly controversial issues in anti-monopoly law enforcement.We found that in reality,effects of jump-dealing and RPM can offset each other.This paper systematically proposed the offsetting theory of jump-dealing and RPM,and analyzed their policy implications for anti price monopoly,thus providing some simple principles and methods to the law enforcement against vertical price monopoly.This will not only reduce the possible "superfluous actions " in current law enforcement,but also help avoid compounded mistakes due to difficulties of enforcement.

An Empirical Examination of the Arbitrage Pricing Theory:Evidences from the U.S.Stock Market

This study investigates the effects of changes in local macroeconomic risk factors on returns on the banking,chemicals,insurance,telecommunication,and utilities industries in the U.S.market.Using a multifactor pricing model and data from 1998:01 to 2017:12,empirical results show that the banking,chemical,and telecommunication industries show more differences in their stock reactions to local macroeconomic risk factors.The insurance and telecommunication industries do not react significantly to risk factors.However,all the industries show strong reactions to local market portfolio.

The Q theory of investment, the capital asset pricing model,and asset valuation： a synthesis

The paper combines Tobin's Q theory of real investment with the capital asset pricing model to produce a new and relatively simple procedure for the valuation of real assets using the income approach. Applications of the new method are provided.

The application of option pricing theory to the evaluation of mining investment

A rational evaluation on an investment project forms the basis of a right investment decision making. The discounted cash flow (DCF for short) method is usually used as a traditional evaluation method for a project investment. However, as the mining investment is influenced by many uncertainties, DCF method cannot take into account these uncertainties and often underestimates the value of an investment project. Based on the option pricing theory of the modern financial assets, the characteristics of a real project investment are discussed, and the management option of mine managers and its pricing method are described.

Computation of PoA for Selfish Node Detection and Resource Allocation Using Game Theory

The introduction of new technologies has increased communication network coverage and the number of associating nodes in dynamic communication networks(DCN).As the network has the characteristics like decentralized and dynamic,few nodes in the network may not associate with other nodes.These uncooperative nodes also known as selfish nodes corrupt the performance of the cooperative nodes.Namely,the nodes cause congestion,high delay,security concerns,and resource depletion.This study presents an effective selfish node detection method to address these problems.The Price of Anarchy(PoA)and the Price of Stability(PoS)in Game Theory with the Presence of Nash Equilibrium(NE)are discussed for the Selfish Node Detection.This is a novel experiment to detect selfish nodes in a network using PoA.Moreover,the least response dynamic-based Capacitated Selfish Resource Allocation(CSRA)game is introduced to improve resource usage among the nodes.The suggested strategy is simulated using the Solar Winds simulator,and the simulation results show that,when compared to earlier methods,the new scheme offers promising performance in terms of delivery rate,delay,and throughput.

Pricing European Options Based on a Logarithmic Truncated t-Distribution

The t-distribution has a “fat tail” feature, which is more suitable than the normal probability density function to describe the distribution characteristics of return on assets. The difficulty of using t-distribution to price European options is that a fat tail can lead to a deviation in one integral required for option pricing. We use a distribution called logarithmic truncated t-distribution to price European options. A risk neutral valuation method was used to obtain a European option pricing model with logarithmic truncated t-distribution.

基于经济学视角的数据要素定价研究

随着数字化时代的到来,数据作为一种重要的生产要素正在引起越来越多经济学家的关注。数据要素定价作为一个关键议题,涉及数据的价值评估、交易和分配等方面的研究。首先,结合经济学的视角,阐释数据要素的非竞争性、非排他性、外部性、经济增值性、网络效应以及要素的价格决定理论。其次,对比定量评估、综合市场与非常因素评估,并讨论定价协商、拍卖、订阅与授权等市场机制。再次,基于供需分析、边际分析、效用分析、市场结构阐述经济学理论在数据要素定价中的应用。最后,讨论在经济学视角下数据要素定价面临的挑战,并提出优化数据市场的机制设计、考虑非经济因素的影响、重视数据隐私与知识产权保护、结合新兴技术的应用以及积极开展跨学科研究,以期为我国数据要素及其流通理论体系的建立、数据要素市场体系的建立和发展提供理论支撑。

基于全价值和全成本模型的农业水价方案及其可行性分析

针对现行农业水价标准过低的问题,选取粮食主产区——黑龙江省为研究区域,从农业用水全价值和全成本出发,利用能值理论分析确定农业用水价值,采用全成本水价法确定用水成本,结合现行水价制定不同情境下农业水资源定价方案;运用双对数模型建立农业用水需求价格函数,揭示水价提升带来的研究区域节水潜力,结合指数分析法确定农户可承受能力,从而判断所制定水价方案的可行性。结果表明:2020年,农业水资源全价值为0.594元/m^(3),地表水与地下水全成本分别为0.180元/m^(3)和0.355元/m^(3);针对设计的3种阶梯水价调整方案,利用2005、2010、2015、2020年进行实证分析,过渡期和长期水价方案平均年节水量分别可达2.72×10^(9)、4.45×10^(9)m^(3),平均年节水潜力分别为12.74%、19.48%,且一阶水价均在农户可承受能力范围,确定为可行方案。本文为研究区农业水价综合改革提供了支持,可结合实际情况逐步提高农业水价到合理水平。

医疗服务领域中的价格歧视——以特需门诊为例

特需门诊是医院为了提高利润而采取的一种价格歧视策略。本文通过构建博弈模型,分析了医院对普通门诊和特需门诊的资源配置行为和特需门诊对不同类型患者福利的影响,并进一步分析了数量管制政策的效果。该博弈模型的子博弈精炼纳什均衡结果表明,如果政府没有采取任何管制政策,那么医院将把全部医疗资源配置到特需门诊,全体患者的福利受损。当政府采取数量管制政策时,价格歧视对患者福利的损害程度减轻,但是特需门诊患者和普通门诊患者的福利水平依旧是下降的。从保护患者福利的视角出发,政府应该进一步完善管制政策体系,限制特需门诊的发展。

随机需求下考虑竞争因素的众包快递平台定价策略研究

伴随着“共享经济”模式的高速发展,众包快递模式应运而生。在此背景下,文章针对众包快递平台需求呈现随机且波动变化的特点,考虑众包快递平台之间的竞争,基于古诺竞争博弈理论,建立了考虑市场需求和市场竞争的动态定价模型,并运用变分法求解最优的价格问题。由于市场需求的变动,众包快递平台的最优服务价格会发生动态的改变,同时也受到平台间竞争的影响,最优服务价格将随着平台之间竞争强度的变化而变化。

基于分解集成及不确定理论的碳价格预测

准确的碳市场价格预测是碳排放交易市场相关政策制定和碳金融发展的基础.为消除碳市场价格原始序列存在的非线性、非平稳性、高噪声性和不确定性,准确预测碳市场价格,论文将不确定理论、集合经验模态分解(ensemble empirical mode decomposition,简称EEMD)和径向基神经网络(radial basis function,简称RBF)相结合,构建了碳市场价格预测模型,并将其应用于广东省碳市场价格预测.首先通过EEMD算法和fine-to-coarse方法对原始的碳市场价格数据进行分解和重构,得到具有不同变化规律的高频项和低频项,并将其代入RBF神经网络进行训练,然后采用不确定理论,对低频项的输出权重进行不确定性分析,对残差趋势项采用线性回归进行拟合,最后将3个子项的预测结果进行集成求和得到最终的碳市场价格预测值.实证结果表明无论是在均方根误差(root mean square error,简称RMSE)、平均绝对误差(mean absolute error,简称MAE)还是在平均绝对百分比误差(mean absolute percentage error,简称MAPE)指标方面,论文模型在碳市场价格预测方面都比其他预测模型更具优势,预测结果更准确.

供应链核心企业财务公司的双边利率定价模型研究

供应链核心企业财务公司的目标是提升链内企业总体资金能力。本文以最优控制理论为指导,基于已有的定价策略模型,以资金成本、预期损失、信誉水平为影响因素构建供应链核心企业财务公司的双边利率定价模型,求解财务公司双边利率的最优值,通过算例分析和图像模拟验证了结果的可行性。结果表明:财务公司的最优贷款利率和最优存款利率之间存在相互影响的函数关系;最优贷款利率随单位成本和信誉水平增加而增加,随预期损失的增加而减小;最优存款利率随单位成本和预期损失的增加而减小,随信誉水平增加而增加,旨在有效指导供应链财务公司进行合理的利率定价。

多用途条件下水经济价值的最小用水效益决定论

基于劳动价值论以及边际效用价值论,提出了价值的边际劳动价值决定论以及多用途条件下水经济价值的评估理论和方法,认为水经济价值取决于供需平衡时各种用途用水效益的最小值或供水成本的最大值。基于该理论和方法,对北京市原水经济价值进行了评估,结果表明,北京市的水经济价值是由效益低的农业用水界定,北京市农业用水效益的估计值更接近水的价值。结合可视为北京市边际供水成本的南水北调水价,2020年北京市原水经济价值应在2.33~4.82元/m^(3)之间。

基于前景理论框架和Heston模型的行为期权定价

行为期权定价是当前国际金融领域的热门研究主题之一。虽然随机波动率模型已成为国际衍生品定价领域的标准模型,但该模型对短到期期权(尤其是虚值期权)的定价仍不准确,其原因之一是传统的期权定价方法忽略了现实市场中的非理性心理和行为因素。针对上述问题,本文运用前景理论期权定价框架,引入价值函数来刻画投资者面对收益与损失的前景价值判断,引入决策权重函数来修正Heston随机波动率模型刻画的资产价格路径的概率密度函数,将期权合约签订与交割的现金流视为分散的心理账户情形,在市场均衡条件下推导出Heston模型下欧氏行为期权的定价公式。上证50ETF期权的实证结果表明:考虑了前景理论的Heston随机波动率模型,能显著地提升短到期虚值期权的定价准确度;参数校正结果发现,定价性能的提升要归因于Heston模型中纳入的表征非理性心理与情绪的行为参数;相对而言,投资者对实值期权的风险态度偏中性,因此行为参数对其定价精度的提升有限。

大数据背景下制造商定价策略的演化博弈研究

大数据对制造商形成定价策略具有重要意义,在大数据背景下构建制造商定价策略的双群体演化博弈模型,解析制造商定价策略的演化稳定策略及影响因素。研究表明:给定对方定价策略,只要个人信息保护力度足够大,制造商更倾向于选择同一性定价策略,反之,更倾向于选择歧视性定价策略。当保护力度适中时,制造商定价策略演化与定制成本、信息搜集成本及制造商技术水平差距相关。个人信息保护力度及两家制造商可变成本质量成本系数之差通过影响演化稳定策略的吸引域对制造商定价策略系统演化产生影响,当混合均衡点存在时,系统演化受到单位信息搜寻成本、单位定制成本等影响,相关影响机理需做具体分析。

基于零售商公平偏好的供应链减排与定价决策

将零售商公平偏好引入供应链减排博弈中,在碳税规制约束下分析了零售商无公平偏好、制造商考虑零售商公平偏好、制造商不考虑零售商公平偏好三种情况下的供应链减排与定价问题。研究发现:产品减排量与零售商公平偏好负相关,即零售商公平偏好在一定程度上阻碍了产品减排。因此,需要政府宣传低碳产品的优势,使零售商将关注焦点由利润分配的公平性转移到产品的低碳情况上,从而降低其公平偏好,促进产品减排;如果零售商具有公平偏好,此时制造商在决策中考虑其公平偏好的影响,能同时提高制造商和零售商的利润,从而实现双赢。