This paper studies the causes of movements in inflation and output in Switzerland over 160 years between 1855 and 2015. Aggregate supply and demand shocks are identified in a structural VAR and their evolution and effect on prices and output is discussed. Shocks to the Swiss economy have...

The inventory management and production planning of parts with irregular demand patterns are challenging for manufacturing companies. These patterns often occur in the strategically critical spare parts sector, where the inventory and capital commitment costs are high. For this reason, an...

We examine the relative importance of accuracy concerns and belief confirmation motives in driving the demand for news. In experiments with US respondents, we first vary beliefs about whether an outlet reports the news in a right-wing biased, left-wing biased, or unbiased way. We then measure...

This paper examines the cyclical behavior of low-income versus high-income household price indices and documents two new facts: (1) during recessions prices rise more for products purchased relatively more by low-income households (necessities); (2) the aggregate share of spending devoted to...

The study estimates income and price elasticities of natural gas demand for industrial, commercial, and residential sectors of Pakistan. The study also examines the relationship between natural gas consumption and underlying energy demand trend (UEDT) which follows a stochastic process that is...

Demand response (DR) programs have gained much attention during the last three decades to optimize the decisions of the electricity market participants considering demand-side management (DSM). They can potentially enhance system reliability and manage price volatility by modifying the amount or...

Instrumental variables (IV) estimation of a demand equation using time series data is shown to produce a weighted average derivative of heterogeneous potential demand functions. This result adapts recent work on the causal interpretation of two-stage least squares estimates to the simultaneous...

We propose a theory of indebted demand, capturing the idea that large debt burdens by households and governments lower aggregate demand, and thus natural interest rates. At the core of the theory is the simple yet under-appreciated observation that borrowers and savers differ in their marginal...

Can measured risk attitudes and associated structural models predict insurance demand? In an experiment (n = 1,730), we elicit measures of utility curvature, probability weighting, loss aversion, and preference for certainty and use them to parameterize seventeen common structural models (e.g.,...

We construct a life-cycle model that delivers realistic behavior for housing demand over the life cycle and examine how the model can be calibrated to match basic housing facts in the Chinese economy. We use data from the China Household Finance Survey (CHFS) 2011, 2013 and 2015 to construct...

When quantifying the importance of supply and demand for oil price fluctuations, a wide range of estimates have been reported. Models identified via a sharp upper bound on the short-run price elasticity of supply, find supply shocks to be minor drivers. In turn, when replacing the upper bound...

We revisit the question of why shifts in aggregate demand drive business cycles. Our theory combines intertemporal substitution in production with rational confusion, or bounded rationality, in consumption and investment. The first element allows aggregate supply to respond to shifts in...

This article has two objectives: (i) to identify the price and income elasticities of demand for residential electricity in Latin America and the Caribbean (LAC) and (ii) to verify their main determinants. Meta-analysis and meta-regression methods were applied. After collecting and filtering...

This study considers the optimal demand for insurance in the presence of state-dependent background uncertainty. Its uncertainty depends on the states that are clarified by the loss occurrence, which are called the loss state and no-loss state. First, we consider a situation in which the...

This paper proposes a novel event-based simulation model for assessing the explicit demand response potential of electric vehicle (EV) charging networks. The model utilizes multivariate copulas in generation of realistic artificial charging events that retain the complex dependency structures...

This paper presents advanced analysis of state-of-the-art Machine Learning (ML) model with explainable AI (XAI) tools – namely SHAP (Shapley Additive exPlanations). The model analyzed is a deep neural network (DNN) predicting heat demand in Warsaw District Heating Network – the largest...

In this study, Bezier Search Differential Evolution Algorithm based estimation models in different forms have been developed to estimate transportation energy consumption in Turkey. To examine effect of demand distribution in modes of transportation on energy consumption, parameters in modes of...

We study a parent’s demand for gratitude from his child. We view this demand as an intervening variable between the parent’s earnings and the incidence of child labor. The demand for gratitude arises from the desire of a parent to receive care and support from his child late in life, while...

Cobalt demand for automotive electrification is a critical issue in China. This study aims to project the annual cobalt demand from 2021—2030 and examine the responses of annual cobalt demand to variations in electric vehicle sales, battery capacity factors, and cobalt substitution effects,...

Default options may provide a low-cost way of influencing behaviour without modifying incentives and constraining choices between alternatives. We study whether defaults can be used to increase insurance coverage against low-probability/high-impact risks, like floods, and whether past flood...

Background: Infertility affects one in eight couples worldwide. In vitro fertilization (IVF) is now considered a mainstream fertility treatment to increase the chance of conceiving a child in infertile individuals. The main cause of infertility is advanced female age due to the number and...

This paper takes up the matter of quality choice in undergraduate microeconomics and is divided into two sections. The first develops a conceptual framework underlying a linear demand structure for quality-differentiated goods. The second section incorporates a quality-differentiated demand...

We study a pure assemble-to-order system subject to multiple demand classes where customer orders arrive according to a compound Poisson process. The finished product is assembled from m different components that are produced on m distinct production facilities in a make-to-stock fashion. We...

We characterize the dispersion of firm-level productivity and demand shocks using Swedish microdata including prices and utilization and analyse the consequences for firms and the aggregate economy. Demand dispersion increases by more than TFPQ dispersion in recessions. Productivity shocks pass...

This study aims to determine tourism demand elasticities by income and prices of regions, as well as total international markets. It is deployed to a total of 10 major source markets and two separate regions, from Asia and intercontinental to Vietnam. The results of data analysis for the period...

We propose a new methodology to identify aggregate demand and supply shocks in the bank loan market. We present a model of sticky bank-firm relationships, estimate its structural parameters in euro area credit register data, and infer aggregate shocks based on those estimates. To achieve...

Using agile supply chains, fast fashion companies have been viewed as best-practice examples in industries. Prior research has focused on how agility can equip such companies with strong "sense and respond" capabilities to identify and fulfill unpredictable customer demands. There is another...

The conception of property that a transitional state adopts is critically important because it affects the state’s ability to transform society. The classic conception of property gives property rights a certain sanctity that allows owners to have near absolute control of their property. But,...

Online-to-offline (O2O) refers to a new type of e-commerce that combines online order acquisition and offline on-demand order fulfillment service. The daily demand for O2O store is affected by both online and offline factors. Given the highly dynamic online operation and offline environment, the...

This paper investigates market concentration in the US retail sector. We use store and household-level consumption micro-data from 2004-2019 to document four facts linked by a decomposition: 1) rising national concentration, 2) negligible change in regional concentration, 3) rising household...

This paper deals with the issue of how the market structure in banking affects the choice of means of payment.In particular, the demand for cash is analysed from this point of view.The analysis is based on a simple spatial transactions model in which the banks' optimization problem is solved.The...

Demand response program is being implemented in the National Electricity Market of Singapore, which boosts the flexibility of demand side to actively participate in the real-time electricity market. Meanwhile, it is also significant to implement such a program in the day-ahead market, since load...

Demand is frequently found to react differently to price increases than to price decreases. This finding is usually attributed to psychological phenomena such as loss aversion or to the different pace with which price changes become known to potential buyers leading to a kinked demand curve....

Demand is frequently found to react differently to price increases than to price decreases. This finding is usually attributed to psychological phenomena such as loss aversion or to the different pace with which price changes become known to potential buyers leading to a kinked demand curve....

We exploit three major transport fuel (gasoline and diesel) subsidy reforms in Iran, as quasi-experiments, to investigate the impact of permanent upward price changes on the responsiveness of fuel consumption. We employ monthly regional-level data of fuel consumption in Iran and also explicitly...

We address two important sources of bias that remain unaccounted for in most analyses of firm-level productivity and trade policy, i.e., omitted output price bias and demand shocks. Using firm-level data containing product-level price and physical output measures, we avoid the omitted output...

Demand forecasting is an important aspect in supply chain management that could contribute to enhancing the profit and increasing the efficiency by aligning the supply channels with anticipated demand. In the retail industry, customers and their needs are diverse making demand forecasting a...