48,674 research outputs found

    Marketing

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    Marketing is a human activity aimed at customer satisfaction through exchange. The main objective of the course is a formation of a system of knowledge about the nature and content marketing as a philosophy of business activity in the market economy and competition in preparation for the adoption of qualified decisions in marketing

    The Design of Free-Market Economies in a Post-Neoclassical World

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    The ‘Washington Consensus’ supporting competitive frames and market solutions in economics and law was shown inadequate to address social problems in non-U.S. settings. So would diversity and dynamics suggest theories in need of adjustment to other realities such as culture, increasing returns and market power. Reform must account for an economics of falling cost, ecological limits and complementarity in our relations. Such shall open new applications for economics and law. In this paper a theory of planning horizons is introduced and then employed to raise some meaningful questions about the neoclassical view with respect to its substitution, decreasing returns and independence assumptions. Suppositions of complementarity, increasing returns and interdependence suggest that competition is inefficient by upholding a myopic culture resistant to change. Growth – though long believed to rise from markets and competitive values – may not derive from these sources. Instead, as civilizations advance, shifting from material wants to higher-order intangible output, they evolve from market tradeoffs (substitution and scarcity) into realms of common need (complementarity and abundance). If so, then neoclassical arguments shall no longer apply to any advanced information economy also restrained by its ecology. Indeed, this paper opens standard theory into a more general framework constructing ‘horizon effects’ into a case for cooperation – as more efficient than competition for all long-term problems of growth. The case is made that competition is keeping us stupid and immature, rewarding a myopic culture at the expense of learning and trust, therefore retarding economic growth instead of encouraging it as believed. The policy implications of horizonal theory are explored, with respect to regulatory aims and economic concerns. Such an approach emphasizes strict constraints against entry barriers, ecological harm, market power abuse and ethical lapses. Social cohesion – not competition – is sought as a means to extend horizons and thereby increase efficiency, equity and ecological health. The overriding importance of horizon effects for regulatory assessment dominates other orthodox standards in economics and law. In sum, much of the reason for the failure of the Washington Consensus stems from myopic concerns central to any horizonal view. Reframing economics along horizonal lines suggests some meaningful insight to how regulations should be designed to keep pace with this approach in economics and law

    Taylor rules in a model that satisfies the natural rate hypothesis

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    The authors analyze the restrictions necessary to ensure that the interest-rate policy rule used by the central bank does not introduce real indeterminacy into the economy. They conduct this analysis in a flexible price economy and a sticky price model that satisfies the natural rate hypothesis. A necessary and sufficient condition for real determinacy in the sticky price model is that there must be nominal and real determinacy in the corresponding flexible price model. This arises if and only if the Taylor rule responds aggressively to lagged inflation rates.Monetary policy ; Interest rates

    Model Selection in an Information Economy : Choosing what to Learn

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    As online markets for the exchange of goods and services become more common, the study of markets composed at least in part of autonomous agents has taken on increasing importance. In contrast to traditional completeinformation economic scenarios, agents that are operating in an electronic marketplace often do so under considerable uncertainty. In order to reduce their uncertainty, these agents must learn about the world around them. When an agent producer is engaged in a learning task in which data collection is costly, such as learning the preferences of a consumer population, it is faced with a classic decision problem: when to explore and when to exploit. If the agent has a limited number of chances to experiment, it must explicitly consider the cost of learning (in terms of foregone profit) against the value of the information acquired. Information goods add an additional dimension to this problem; due to their flexibility, they can be bundled and priced according to a number of different price schedules. An optimizing producer should consider the profit each price schedule can extract, as well as the difficulty of learning of this schedule. In this paper, we demonstrate the tradeoff between complexity and profitability for a number of common price schedules. We begin with a one-shot decision as to which schedule to learn. Schedules with moderate complexity are preferred in the short and medium term, as they are learned quickly, yet extract a significant fraction of the available profit. We then turn to the repeated version of this one-shot decision and show that moderate complexity schedules, in particular two-part tariff, perform well when the producer must adapt to nonstationarity in the consumer population. When a producer can dynamically change schedules as it learns, it can use an explicit decision-theoretic formulation to greedily select the schedule which appears to yield the greatest profit in the next period. By explicitly considering the both the learnability and the profit extracted by different price schedules, a producer can extract more profit as it learns than if it naively chose models that are accurate once learned.Online learning; information economics; model selection; direct search

    Delivering Endogenous Inertia in Prices and Output

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    This paper presents a DGE model in which aggregate price level inertia is generated endogenously by the optimizing behaviour of price setting ?rms. All the usual sources of inertia are absent here ie., all fi?rms are simultaneously free to change their price once every period and face no adjustment costs in doing so. Despite this, the model generates persistent movements in aggregate output and in?ation in response to a nominal shock. Two modi?cations of a standard one-quarter pre-set price model deliver these results: learning-by-doing and habit formation in leisure.Endogenous price stickiness, Business Cycles, Inflation, Nominal rigidities, Learning-by-doing, Habit formation, Propagation mechanisms, Persistence.

    Consumer behavioural biases in competition: A survey

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    This is a survey of studies that examine competition in the presence of behaviourally biased or boundedly rational consumers. It will tackle questions such as: How does competition and pricing change when consumers are biased? Can inefficiencies that arise from consumer behavioural biases be mitigated by lowering barriers to entry? Do biased consumers make rational ones better or worse off? And will biased consumer behaviour be overcome through learning or education?Behavioural Economics, Industrial Organization, Biased Consumers

    Learning-by-doing and Endogenous Price-level Inertia

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    This paper presents a DGE model in which aggregate price level inertia is generated endogenously by the optimizing behaviour of price setting firms. All the usual sources of inertia are absent here ie., all firms are simultaneously free to change their price once every period and face no adjustment costs in doing so. Despite this, the model generates persistent movements in aggregate output and in\u2021ation in response to a nominal shock. This occurs because firms temper their desire to raise prices after a positive money growth shock in order to learn and lower future costs.Endogenous price stickiness, Business Cycles, Inf1ation, Nominal rigidities, Learning-by-doing, Propagation mechanisms.

    Business Plan: The Coffee Project

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    Executive Summary The Coffee Project will be a specialty coffee shop in downtown Bartlesville, OK offering direct-trade coffee, tea, simple meals, and TCP merchandise. The shop will offer the standard specialty coffee drinks like cappuccinos, lattes, macchiatos and cortados, as well as shots of flavors and a selection of milk alternatives. In achieving its mission to provide great specialty coffee with a cause to Bartlesville, a portion of the profits from every food or drink purchase at The Coffee Project will be donated to local and regional charity organizations of the customers’ choosing. All net profits from TCP merchandise will also be donated to charity. Our goal is to bring change to the area while spurring people to get involved in helping others. The Coffee Project will be located in the heartbeat of Bartlesville, its Retail and Restaurant District. The 20 shops downtown work together to draw in crowds from the surrounding areas and create a unique shopping and dining experience. Of the 20,000 coffee shops in the United States, 55% are specialty coffee shops, which are gearing towards the hip, modern interiors that the millennial population especially craves. With plenty of seating and a modern, industrial-style interior in its 966 square-foot retail space, The Coffee Project will appeal to the audience of caffeine-lovers who enjoy the social aspect of grabbing coffee in a unique atmosphere. The target market for The Coffee Project will be the 4,500 working professionals downtown and the 1,000 college students at the two local universities. Employment has increased in Bartlesville for the highly specialized energy sector some 3.5% in the last four years. The downtown area is home to several of the city’s largest employers, including Phillips 66, ConocoPhillips, and Schlumberger. Enrollment for Rogers State University downtown has experienced double-digit enrollment increases during several recent semesters. The millennial population ages 18-36 comprises a large portion of The Coffee Project’s target market. Millennials are more active on social media and are more likely than their elders to seek out a modern coffee shop to spend time in after school or during work breaks. The Coffee Project will hire a social media manager to promote the business via Instagram and Facebook, in order to reach a large segment of our target market. Promotions on social media will focus on the quality products offered in The Coffee Project, as well as on its mission to giving back to the community. An understanding of The Coffee Project’s mission will enhance the attractiveness of the business and allow it to appeal to a wider audience. The Coffee Project will source its coffee from roasters that use a direct-trade model and provide ethically-sourced coffees. This model ensures appropriate compensation to the farmers at origin. The Coffee Project’s pricing will be comparable to its main competitor, Jude’s Health and Java House, while maintaining a 75% gross margin. Our competitive advantage will be our ability to donate to charity organizations, as well as our high-quality roaster lineup. The Coffee Project will fund its startup business with a capital investment totaling 50,000.Thisinitialinvestmentwillcoverallstartupcostsandequipment,aswellascoveranycashflowdeficitsduringitsstartupphase.Revenueisexpectedtoreach50,000. This initial investment will cover all startup costs and equipment, as well as cover any cash flow deficits during its startup phase. Revenue is expected to reach 195,000 in year one, with an annual projected growth rate of 7.5%. Net profits are expected to reach 55,000inthefirstyearandgrow7.555,000 in the first year and grow 7.5% to 73,000 in the fifth year. Our goal is to work up to donating a maximum of 50% of net profits to charity, starting with 10% in the first year. Charity donations will grow from 5,500inyearonetonearly5,500 in year one to nearly 40,000 in year five
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