Price setting, price dispersion, and the value of money - or - The law of two prices

We study models that combine search, monetary exchange, price posting by sellers, and buyers with preferences that differ across random meetings - say, because sellers in different meetings produce different varieties of the same good. We show how these features interact to influence the price level (i.e., the value of money) and price dispersion. First, price-posting equilibria exist with valued fiat currency, which is not true in the standard model. Second, although both are possible, price dispersion is more common than a single price. Third, perhaps surprisingly, we prove generically there cannot be more than two prices in equilibrium.Money ; Price levels

Restaurant Industry Perspectives on Pro-social Rule Breaking: Intent versus Action

The resounding message extracted from the service literature is that employees serve pivotal functions in the overall guest experience. This is of course due to the simultaneous delivery of personalized service provision with resultant consumption of those services. This simultaneous delivery and consumption cycle is at times challenged by a perceived desire to accommodate guest request that may violate, to a greater or lesser degree, an organizational rule. This is important to note because increased interactions with customers enable frontline employees to have a better sense of what customers want from the company as well as from the company itself (Bitner, et al, 1994). With that platform established, then why are some employees willing to break organizational rules and risk disciplinary action to better service a customer? This study examines the employee personality, degree of autonomy, job meaning, and co-worker influence on an employee\u27s decision to break organizational rules. The results of this study indicate that co-worker influence exerted a minimal influence on employee decision to break rules while the presence of societal consciousness exerted a much stronger influence. Women reported that they were less likely to engage in rule divergence, and significant correlations were present when filtered by years in current position, and years in the industry

Organic Wheat Prices and Premium Uncertainty: Can Cross Hedging and Forecasting Play a Role?

We compare the volatility of organic wheat prices to that of conventional wheat prices using historical measures. To reduce uncertainty, we examine the possibility of cross hedging using conventional wheat futures and the ability of futures to forecast the organic premium. Results provide evidence that conventional futures can be used to cross hedge organic wheat price risk, but results depend on the method used to impute the missing values. We also find a long-run equilibrium relationship between organic wheat prices and conventional wheat futures prices. Finally, futures prices contain some information useful in predicting organic prices in the short run

Control of Escherichia coli O157:H7 in large-diameter, lebanon-style bologna

Lebanon bologna raw batter was mixed with a five-strain mixture of Escherichia coli O157:H7 to achieve average inoculum levels of 7.79, 7.77, and 7.92 log CFU/g as deter mined on MSA, 202, and PRSA media, respectively. Treatment 1 consisted of a fermentation cycle of 8 hrs at an internal temperature (I.T.) of 80EF then 24 hrs at 100EF I.T., followed by 24 hrs at 110EF I.T. Treatments 2, 3, and 4 included additional heating at 115EF I.T. for 1, 2, and 5 hrs, respectively. All heat treatments resulted in product that was negative (\u3c1.9 log CFU/g detection limit) on all culture media and negative after enrichment on mEC selective medium. This study validates that a five-log reduction of E. coli O157:H7 can be achieved using the described protocol, thus meeting USDA/FSIS requirements

An N-heterocyclic carbene-palladium-η3-allyl chloride complex for the Suzuki-Miyaura coupling of aryl halides

An unsymmetrical, well-defined N-heterocyclic carbene-palladium-η3-allyl chloride complex has been synthesized and used as an efficient catalyst for the Suzuki-Miyaura cross-coupling of aryl bromides and activated aryl chlorides. The catalyst provides moderate to high yields of cross-coupling products at 50 °C in 2 hours, using 1 mol % of the catalyst and isopropyl alcohol as solvent

Potential Influence of Advance Care Planning and Palliative Care Consultation on ICU Costs for Patients With Chronic and Serious Illness.

OBJECTIVES: To estimate the potential ICU-related cost savings if in-hospital advance care planning and ICU-based palliative care consultation became standard of care for patients with chronic and serious illness. DESIGN AND SETTING: Decision analysis using literature estimates and inpatient administrative data from Premier. PATIENTS: Patients with chronic, life-limiting illness admitted to a hospital within the Premier network. INTERVENTIONS: None. MEASUREMENTS AND MAIN RESULTS: Using Premier data (2008-2012), ICU resource utilization and costs were tracked over a 1-year time horizon for 2,097,563 patients with chronic life-limiting illness. Using a Markov microsimulation model, we explored the potential cost savings from the hospital system perspective under a variety of scenarios by varying the interventions\u27 efficacies and availabilities. Of 2,097,563 patients, 657,825 (31%) used the ICU during the 1-year time horizon; mean ICU spending per patient was 11.3k (SD, 17.6k). In the base-case analysis, if in-hospital advance care planning and ICU-based palliative care consultation were systematically provided, we estimated a mean reduction in ICU costs of 2.8k (SD, 14.5k) per patient and an ICU cost saving of 25%. Among the simulated patients who used the ICU, the receipt of both interventions could have resulted in ICU cost savings of 1.9 billion, representing a 6% reduction in total hospital costs for these patients. CONCLUSIONS: In-hospital advance care planning and palliative care consultation have the potential to result in significant cost savings. Studies are needed to confirm these findings, but our results provide guidance for hospitals and policymakers

On the Complementarity of Higgs and Radion Searches at LHC

Models with 3-branes in extra dimensions typically imply the existence of a radion, phi that can mix with the Higgs, h, thereby modifying the Higgs properties and the prospects for its detectability at the LHC. The presence of the phi will extend the scope of the LHC searches. Detection of both the phi and the h might be possible. In this paper, we study the complementarity of the observation of gg -> h, with h -> gamma gamma or h -> ZZ -> 4 leptons, and gg -> phi -> ZZ -> 4 leptons at the LHC in the context of the Randall-Sundrum model. The potential for determining the nature of the detected scalar(s) at the LHC and at an e+e- linear collider is discussed, both separately and in combination.Comment: 11 pages, 5 figure