Chapter_02 FDI

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chapter_02

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12.3
复旦大学
资源的长期价格走势

现象

铜的消费在1880－1998年间增加了100倍。但是铜的真实价格一直处于相对稳定的水平。
姜建强 2005 版权
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市场均衡变化
Price
S1900
S1950
S1998
长期的价格消费路径
D1900
姜建强 2005 版权复旦大学
D1950
D1998

较高的收入可以购买较大的汽车，所以汽油的收入弹性会随着时间的推移而越来越大。

其他产品（耐用品）

收入弹性在长期要比短期小

最初，消费者会倾向于更多地保有现有的汽车。随着时间的推移，购买者最终要替代旧车。
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姜建强 2005 版权
短期与长期弹性
对汽车和汽油的需求

汽车和汽油是互补产品
姜建强 2005 版权
复旦大学
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市场均衡的变动

均衡价格由供给和需求的相对水平所决定

外生变量任何一个或者几个一起的变动都会导致均衡价格和产量的变动。
姜建强 2005 版权
复旦大学
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市场均衡的变动

原材料价格下降

P
D
S
S’
S 移动至 S’ 当 P1，过剩为 Q2 – Q1. 新均衡 P3, Q3
Qs Qs(P)
姜建强 2005 版权
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供给
Price ($ per unit)
S
P2 P1
Q1
姜建强 2005 版权
Q2
复旦大学

chapter_2

Changes in supply are shown by shifting the entire supply curve.

Chapter 2: The Basics of Supply and Demand
Slide 12
Supply and Demand

Supply - A Review

Demand - A Review

Demand is determined by non-price demand-determining variables, such as, income, price of related goods, and tastes.
Changes in demand are shown by shifting the entire demand curve.
Chapter 2
The Basics of Supply and Demand
Topics to Be Discussed

Supply and Demand

The Market Mechanism
Changes in Market Equilibrium Elasticities of Supply and Demand
Chapter 2: The Basics of Supply and Demand
Slide 5
Supply and Demand

The Supply Curve

The supply curve shows how much of a good producers are willing to sell at a given price, holding constant other factors that might affect quantity supplied

微观经济学清华大学出版chapter_2

Supply and Demand

The Market Mechanism
Changes in Market Equilibrium Elasticities of Supply and Demand Short-Run Versus Long-Run Elasticities
Slide 3
Chapter 2: The Basics of Supply and Demand
Topics to Be Discussed
Understanding
and Predicting the Effects of Changing Market Conditions
Effects
of Government Intervention--Price Controls
Supply and Demand
Non-price
Determining Variables
of Supply
Costs

of Production
Labor
Capital Raw Materials
Slide 13
Chapter 2: The Basics of Supply and Demand
Price ($ per unit)
S
The Supply Curve Graphically
P2 P1
The supply curve slopes upward demonstrating that at higher prices firms will increase output
Q1
Q2
Quantity Slide 11
Chapter 2: The Basics of Supply and Demand

Chapter_02

400 (1.07 )
374
Step 4: Go ahead if PV of payoff exceeds investment
NPV 350 374 24
McGraw Hill/Irwin
Copyright © 2003 by The McGraw-Hill Companies, Inc. All rights reserved
2- 9
Risk and Present Value
Higher risk projects require a higher rate of return Higher required rates of return cause lower PVs
PV of C1 $400at 7% 400 PV 374 1 .07
Present Value
Discount Factor = DF = PV of $1
DF
1 t (1 r )
Discount Factors can be used to compute the present value of any cash flow.
McGraw Hill/Irwin
Economy Payoff
Slump Normal Boom $80,000 110,000 140,000
80,000 110,000 140,000 Expected payoff C1 $110,000 3
McGraw Hill/Irwin
Copyright © 2003 by The McGraw-Hill Companies, Inc. All rights reserved
Step 2: Estimate opportunity cost of capital If equally risky investments in the capital market offer a return of 7%, then Cost of capital = r = 7%

Unit1_chapter_02

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2
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息尔个
式时时提 Z媒式式月息时
3
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息尔个
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26
Process Assessment
The process should be assessed to ensure that it meets a set of basic process criteria that have been shown to be essential for a successful software engineering. Many different assessment options are available:
20
Framework Activities
Communication Planning Modeling
Analysis of requirements Design
Construction
Code generation Testing
Deployment
21
The Process Model: Adaptability
16
Software Engineering
Software Engineering: (1) The application of a systematic, disciplined, quantifiable approach to the development, operation, and maintenance of software; that is, the application of engineering to software. (2) The study of approaches as in (1). - IEEE Standard 610.12-1990

ChaptertwoPPT课件

可编辑
需求曲线
• 当需求函数为线性时，需求函数为一条平滑的直线。但如果需求函数为非线性时，需求函数则是一条曲线。在微观经济的分析中，为了简化分析过程，在不影响结论的情况之下，大多使用线性需求函数。
• 线性需求函数的函数表达式为：
Qd f (P) .P
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Qd=f(P, M, …) • P-商品自身价格；M-消费者收入；Qd-商品
的需求量 Qd=f(P) • Qd-商品的需求量；P-商品自身价格
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可编辑
需求表和需求曲线
• 需求表是一张表示某种商品的各种价格水平和与各种价格水平相对应的该商品的数量之间关系的数字序列表。（如表2-1）
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可编辑
供给函数
• 商品自身价格是影响商品供给的主要因素，如果假定其他因素不发生变化，仅考虑商品价格和供给量之间的关系，那么供给函数就可以写成：
• Qs=f(P) • Qd-商品的供给量; P-商品自身价格
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可编辑
供给表和供给曲线
• 一旦供给关系或需求关系发生变化，原来的供求均衡就被破坏，均衡价格就会出现波动，均衡数量也会发生变化，从而趋向新的均衡。
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可编辑
需求量的变动和需求的变动
• 需求量的变动是指商品的需求量随其自身的价格的变动而变动。
• 表现为点在需求曲线上的移动。 • 需求的变动是指除商品自身价格之外的其
• 一般均衡是就一个经济社会中的所有市场的供求与价格之间的关系和均衡状态进行分析。

Chapter Two

Paradigms & Theories
Kuhn on Paradigms Paradigms > Theories The Paradox of Paradigms Revolution versus accumulation
Paradigm shift as “Revolution”
Normal Science “Revolution” Crisis Anomalies
What is Theory?
Naïve or “lay” theories… There is no single “correct” definition of theory Definitions depend on assumptions and needs/goals of theorist But all agree that theory if fundamentally an abstraction
Actual practice
Deductive
Inductive
Inductive
Deductive
How can I tell if a theory is good?
Metts Utility
scientific & practical
Miller (Ch. 3; p. 44)
Accuracy (entails
Dialectical nature Strategic and Consequential
Perceptual consequences Behavioral consequences Relational consequences
What happens on a first date that will lead people to go on a second date?

chapter_2

The Supply Curve Graphically
Horizontal axis measures quantity (Q) supplied in number of units per time period Quantity
Chapter 1 8
Supply and Demand
Price ($ per unit)
Q1
Q2
Quantity
Chapter 1 9
Supply and Demand
Non-price Determining Variables of Supply 供给曲线的非价格决定因素
Costs of Production 生产成本
Labor 劳动力 Capital 资本 Raw Materials 原材料
Vertical axis measures price (P) paid per unit in dollars
Horizontal axis measures quantity (Q) demanded in number of units per time period
Quantity
Chapter 1 15
Chapter 1
5
Supply and Demand
The Supply Curve 供给曲线
The supply curve shows how much of a good producers are willing to sell at a given price, holding constant other factors that might affect quantity supplied 供给曲线描述在其他影响供给数量的因素保持不变的情况下，给定某一产品价格，生产者愿意出售的数量

宏观经济学课件chapter02精选全文

可编辑修改精选全文完整版宏观经济学课件chapter02Macroeconomics, 6e (Blanchard/Johnson)Chapter 2: A Tour of the Book2.1 Multiple Choice Questions1) Fill in the blank for the following: GDP is the value of all ________ produced in a given period.A) final and intermediate goods and services produced by the private sector onlyB) final goods and servicesC) final and intermediate goods and services, plus raw materialsD) all of the aboveE) none of the aboveAnswer: BDiff: 12) When using the income approach to measure GDP, the largest share of GDP generally consists ofA) interest income.B) labor income.C) indirect taxes.D) profits.E) capital income.Answer: BDiff: 13) For this question, assume that 1980 is the base year. Given macroeconomic conditions in the United States over the past three decades, we know thatA) nominal GDP is always smaller than real GDP since 1980.B) real GDP and nominal GDP would be equal for the entire period.C) real GDP is larger than nominal GDP from 2002 to 2008.D) real GDP and nominal GDP were equal in 1980.E) none of the aboveAnswer: DDiff: 24) Suppose nominal GDP increased in a given year. Based on this information, we know with certainty thatA) real output has increased.B) the price level (GDP deflator) has increased.C) real output and the price level (GDP deflator) have both increased.D) either real output or the price level (GDP deflator) have increased.E) real output has increased and the price level has decreased.Answer: DDiff: 25) Use the following information to answer this question. If nominal GDP rises from $100 trillion to $120 trillion, while the GDP deflator rises from 2.0 to 2.2, the percentage change in real GDP is approximately equal toA) -10%.B) 10%.C) 20%.D) 9.1%.E) 0%.Answer: DDiff: 26) Hedonic pricing isA) the way that luxury goods are priced in a market economy.B) the tendency for the inflation rate to rise by greater and greater amounts.C) the tendency for nominal GDP to rise when the price level rises.D) the process of translating nominal GDP into real GDP.E) the process of pricing individual characteristics of a good or service.Answer: EDiff: 17) In a given year, suppose a company spends $100 million on intermediate goods and $200 million on wages, with no other expenses. Also assume that its total sales are $800 million. The value added by this company equalsA) $200 million.B) $300 million.C) $500 million.D) $700 million.E) $800 million.Answer: DDiff: 28) A firm's value added equalsA) its revenue minus all of its costs.B) its revenue minus its wages.C) its revenue minus its wages and profit.D) its revenue minus its cost of intermediate goods.E) none of the aboveAnswer: DDiff: 29) Suppose you are provided with the following data for yourcountry for a particular month: 200 million people are working, 20 million are not working but are looking for work, and 40 million are not working and have given up looking for work. The official unemployment rate for that month isA) 7.7%.B) 9.1%.C) 10%.D) 23%.E) 30%.Answer: BDiff: 110) In the United States, someone is classified as unemployed if he or sheA) does not have a job.B) does not have a job, or else has a job but is looking for a different one while continuing to work.C) does not have a job, has recently looked for work, and is collecting unemployment insurance.D) does not have a job, and is collecting unemployment insurance.E) none of the aboveAnswer: EDiff: 111) An individual is said to be a discouraged worker if he or sheA) is working, but prefers not to work.B) is working part time, but would prefer a full time job.C) is working in jobs she/he is not suited for.D) wants to work, and is actively searching for a job.E) wants to work, but has given up searching for a job.Answer: EDiff: 112) Which of the following tends to occur when the unemployment rate increases?A) a reduction in the labor force participation rateB) a reduction in the number of discouraged workersC) an increase in the number of employed workersD) all of the aboveE) none of the aboveAnswer: ADiff: 113) Labor income's share in an advanced country is likely to beA) 70%.B) 45%.C) 29%.D) 10%.E) none of the aboveAnswer: ADiff: 214) The labor force in the United States is defined asA) the total number of individuals who are employed.B) the sum of the total number of individuals who are employed and the officially unemployed.C) the sum of the total number of individuals who are employed, the officially unemployed, and discouraged workers.D) the total number of individuals who are 16 years old and older, but not retired.E) none of the aboveAnswer: BUse the information provided below to answer the following questions.Suppose a country using the United States' system of calculating official unemployment statistics has 100 million people, of whom 50 million are working age. Of these 50 million, 20 million have jobs. Of the remainder: 10 million are actively searching for jobs; 10 million would like jobs but are not searching; and 10 million do not want jobs at all.15) Refer to the information above. The labor force isA) 20 million.B) 40 million.C) 60 million.D) 80 million.E) 100 million.Answer: CDiff: 216) Refer to the information above. The labor force participation rate isA) .2.B) .3.C) .4.D) .6.E) .8.Answer: DDiff: 217) Refer to the information above. The official unemployment rate isA) .1.B) .2.D) .4.E) .66.Answer: CDiff: 218) The GDP deflator provides a measure of which of the following?A) the ratio of GDP to the size of the populationB) the ratio of GDP to the number of workers employedC) the ratio of nominal GDP to real GDPD) the price of a typical consumer's basket of goodsE) real GDP divided by the aggregate price levelAnswer: CDiff: 119) Which of the following calculations will yield the correct measure of real GDP?A) divide nominal GDP by the consumer price indexB) divide the GDP deflator by the consumer price indexC) multiply nominal GDP by the consumer price indexD) multiply nominal GDP by the GDP deflatorE) none of the aboveAnswer: EDiff: 220) The prices for which of the following goods are included in both the GDP deflator and the consumer price index?A) goods bought by householdsB) goods bought by firmsC) good bought by governmentsD) goods bought by foreign households (i.e., exports)E) all of the aboveAnswer: ADiff: 221) Suppose we switch the base year from 2000 to 2008. This change in the base year will causeA) nominal GDP in every year to increase.B) nominal GDP in every year to decrease.C) both nominal and real GDP in every year to decrease.D) real GDP in every year to decrease.E) none of the aboveAnswer: EDiff: 222) Pure inflation occurs whenA) nominal wages rise faster than all prices.B) all prices rise faster than nominal wages.C) all prices and nominal wages rise by the same percentage.D) the GDP deflator and Consumer Price Index rise by the same percentage.E) none of the aboveAnswer: CDiff: 223) One of the reasons macroeconomists have concerns about inflation is that inflation causesA) real GDP to rise.B) nominal GDP to fall.C) wages to rise as fast as prices.D) real GDP to exceed nominal GDP.E) none of the aboveAnswer: EDiff: 124) Changes in GDP in the short run are caused primarily byA) demand factors.B) supply factors.C) technology.D) capital accumulation.E) all of the aboveAnswer: ADiff: 225) Changes in GDP in the medium run are determined primarily byA) demand factors.B) supply factors.C) monetary policy.D) all of the aboveAnswer: BDiff: 226) Changes in GDP in the long run are determined primarily byA) monetary policy.B) fiscal policy.C) demand.D) all of the aboveE) none of the aboveAnswer: EDiff: 227) Which of the following prices will be used when calculating the rate of growth of real GDP between the year's 2005 and 2006 using the chain method?A) prices in the base year (2002)B) prices in 2005C) prices in 2006D) the average of prices in 2005 and 2006E) prices in 2005, 2006, and in 2002 (the base year)Answer: DDiff: 228) Which of the following factors is NOT believed to affect output in the long run?A) technologyB) monetary policyC) the size of the labor forceD) the capital stockAnswer: BDiff: 129) The Okun's law shows the relationship betweenA) inflation and unemployment rate.B) output growth and unemployment.C) inflation and output growth.D) output growth and money supply.Answer: BDiff: 230) The Phillips curve describes the relationship betweenA) output growth and unemployment.B) inflation and output growth.C) output growth and money supply.D) inflation and unemployment .Answer: DDiff: 231) Prices for which of the following are included in the GDP deflator, but not included in the Consumer Price Index?A) firms' purchases of new equipmentB) intermediate goods and servicesC) consumption of goodsD) consumption of servicesAnswer: ADiff: 132) Macroeconomists are concerned about changes in the unemployment rate because changes in the unemployment rate provide information aboutA) the state of the economy.B) the welfare of those who are unemployed.C) none of the aboveD) both A and BAnswer: DDiff: 133) Based on the notation presented in Chapter 2, which of the following expressions represents nominal GDP?A) Y tB) P t Y tC) Y t/P tD) $Y t/P tAnswer: BDiff: 134) Deflation generally occurs when which of the following occurs?A) the consumer price index is greater than the GDP deflatorB) the consumer price index decreasesC) the rate of inflation falls, for example, from 4% to 2%D) nominal GDP does not changeAnswer: BDiff: 135) During the mid-1980s, we observed a significantreduction in oil prices. In the United States, we would expect that this reduction in oil prices would causeA) a larger reduction in the CPI compared to the GDP deflator.B) an equal reduction in the CPI and GDP deflator.C) a larger reduction in the GDP deflator compared to the CPI.D) no change in the CPI and a reduction in the GDP deflator.Answer: ADiff: 236) Suppose nominal GDP in 2009 does not change (compared its previous level in 2008). Given this information, we know with certainty thatA) real GDP increased during 2009.B) the GDP deflator increased during 2009.C) both the GDP deflator and real GDP fell during 2009.D) more information is needed to answer this question.Answer: DDiff: 237) During the late 1990s, Japan experienced reductions in the GDP deflator. Given this information, we know with certainty thatA) real GDP fell during these periods.B) real GDP did not change during these periods.C) the overall price level in Japan decreased during these periods.D) both real GDP and the overall price level decreased during these periods. Answer: CDiff: 238) Hedonic pricing is used toA) convert nominal values to real values.B) calculate the difference between nominal GDP and real GDP.C) measure the rate of change in real GDP.D) obtain chain-weight indexes.E) none of the aboveAnswer: EDiff: 139) GDP in current dollars is equivalent to which of the following?A) real GDPB) GDP in terms of goodsC) GDP in 2000 dollarsD) GDP in constant dollarsE) none of the aboveAnswer: EDiff: 140) Which of the following does NOT represent real GDP?A) GDP in current dollarsB) GDP in terms of goodsC) GDP in base year dollarsD) GDP in constant dollarsAnswer: ADiff: 141) which of the following represents real GDP?A) GDP in constant dollarsB) GDP in terms of goodsC) GDP in base year dollarsD) all of aboveAnswer: ADiff: 142) According to convention, a recession is referred to if an economy goes throughA) at least two consecutive quarters of negative growthB) at least three consecutive quarters of negative growthC) at least four quarters of negative growthD) at least two consecutive months of negative growthAnswer: ADiff: 143) Based on the notation presented in Chapter 2, which of the following expressions represents real GDP?A) Y tB) P t Y tC) Y t/P tD) $Y t/P tAnswer: ADiff: 144) Measures of aggregate output have been published on a regular basis in the United States sinceA) 1947.B) 1933.C) 1917.D) 1946.Answer: ADiff: 145) Which of the following about capital income is NOT correct?A) it refers to a firm's revenue.B) it is also called profit income.C) it goes to the firms.D) it accounts for less than 35% of income in advancedcountries.Answer: ADiff: 146) Which of the following about the Phillips curve is NOT correct?A) It shows the relation between GDP growth and unemployment.B) It has been redefined as a relation between the change in the rate of inflation and the unemployment rate.C) It was first explored by A. W. Phillips.D) The curve is downward sloping.Answer: ADiff: 12.2 Essay Questions1) Explain the three ways GDP can be measured.Answer: GDP can be measured three ways. First, GDP represents the market value of the final goods and services produced in the economy during a given period. This would be obtained by adding C, I, G, and NX. Second, GDP is the sum of the value added by firms. The value added for a firm equals the value of the production (at that stage of the production process) minus the value of the intermediate goods (excluding labor services). The final value of aggregate output can be calculated by either summing the value of all final goods and services OR by summing the value added of all goods and services at each stage of production. And finally, GDP is also the sum of all incomes earned in a given period.2) First, define nominal GDP and real GDP. Second, is it possible for nominal GDP in a year to be less than real GDP in the same year? Explain.Answer: Nominal GDP represents the value of goods and services produced using current prices. Real GDP measures the value of the same goods and services using some base year prices. It is possible for nominal GDP to be less than real GDP in a given year. Given the definitions of the two variables, this will occur if prices in that year are simply less than prices in the base year. If, for example, the base year is 2002, it will generally be the case that nominal GDP will be less than real GDP for those years prior to 2002 given that prices have generally risen in all years. 3) Explain whether it is possible for nominal GDP to increase and real GDP to decrease in the same period.Answer: Nominal GDP can rise because either the price level is rising or the real quantity of goods and services produced has increased. Nominal GDP can increase while real GDP falls if the increase in the aggregate price level is larger (in a proportionate sense) than the drop in real economic activity.4) Explain the difference between the unemployment rate and the participation rate.Answer: The unemployment rate is the percentage of the labor force (those employed and unemployed) that is unemployed. The participation rate is the percentage of the working age population that is in the labor force.5) Explain how the existence of discouraged workers alters the extent to which the official unemployment provides an accurate measure of the use of labor resources.Answer: Discouraged workers are those individuals who have decided to stop searching for employment because they have become "discouraged" about employment opportunities. At some point, these individuals will no longer be considered as part of the labor force. The existence of discouraged workers willcause the official unemployment rate to provide an under-estimate of the underutilization of labor.6) Briefly explain why the reported official unemployment rate in Spain in 1994 may have provided an over-estimate of unemployment in Spain.Answer: The relatively high unemployment rate in Spain is partly the result of a relatively large underground economy. The underground economy is that part of the economy not measured in official statistics. After taking into account those individuals who are "employed" in the underground economy, the unemployment rate in Spain would have been lower (but still relatively high).7) What are the social and economic implications of unemployment? Explain.Answer: Economic implications: signal of economic activity and measure of the utilization of labor. Social implications: the emotional and psychological suffering that occurs as a result of being unemployed.8) Explain what factors cause changes in output in: (1) the short run; (2) medium run; and (3) long run.Answer: In the short run, demand factors primarily cause changes in output. In the medium run, factors such as the technology, amount of capital, and the skill and size of the labor force (supply factors) affect output. And in the long run, the education system, saving rate, and role of government affect economic activity.9) Will the CPI and GDP deflator always move together? Explain.Answer: No they will not. Some of the goods included in the GDP deflator (some investment goods) are not included in theCPI. Some of the goods included in the CPI (foreign goods) are not included in the GDP deflator.10) Explain how inflation can lead to distortions.Answer: First, not all prices and wages adjust automatically when inflation occurs. Second, variations in relative prices (which occur when there is not pure inflation) can lead to uncertainty. Inflation can also lead to distortions if the tax system is not adjusted when inflation occurs (e.g. nominal income tax brackets).11) Explain why economists care about inflation.Answer: Inflation will cause relative prices to change. It will also cause changes in the distribution of income. Inflation will lead to other distortions such as tax distortions and uncertainty.12) Explain Okun's Law.Answer: It shows the relationship between GDP growth and unemployment rate. If output growth is high, unemployment will decrease.13) Explain the Phillips curve.Answer: It shows the negative relationship between inflation rate and unemployment rate. After 1970s, it was redefined as the relationship between the change in the rate of inflation and the unemployment rate.14) Explain why the Phillips curve on average is downward sloping.Answer: When unemployment becomes very low, the economy is likely to overheat and this will lead to upward pressure on inflation.15) Explain why economists care about unemployment.Answer: First, they care about unemployment because of its direct effect on the welfare of the unemployed. Unemployment is often associated with financial and psychological suffering.Second, they care about unemployment because it provides a signal that the economy may not be using some of its resources efficiently.16) Can an economy maintain high output growth, low unemployment, and low inflation at the the same time? Explain.Answer: It would be very hard to achieve the three objectives at the same time. High output growth leads to low unemployment, which is likely to put pressure on inflation.。

Chapter_02

• Supply and Demand
• The Market Mechanism
• Changes in Market Equilibrium
• Elasticities of Supply and Demand • Short-Run Versus Long-Run Elasticities
Topics to Be Discussed
QS=商品的供给量 P = 商品的价格 PS= 替代品的价格 PC= 互补品的价格 T = 当前的技术水平 IP = 投入要素价格 W = 天气或气候 G = 政府管制 NF = 厂商数量 SP = 生产中的替代品 PE = 生产者预期（未来）价格的变化 T/S ＝税收或补贴
供给量的变动与供给的变动
需求量的变动与需求的变动
P Qd1
需求量减少
Qd2
Qd3
需求上升
需求下降
需求量增加
Qd
9
O
供给：生产者在特定的时间内和一系列给定的条件下愿意并能够生产一种商品或服务的数量。房地产的供给函数：说明供给量与影响因素之间和关系。
QS=f (P, PS, PC, T, IP, W, G, NF, SP, T/S, PE …)
Supply and Demand
• The Supply Curve
–
This price-quantity relationship can be shown by the equation:
Qs QS (P )
Supply and Demand
Price ($ per unit)
Vertical axis measures price (P) received per unit in dollars

商业银行管理彼得S.罗斯英文原书第8版英语试题库Chap002(最新整理)

Chapter 2The Impact of Government Policy and Regulation on the Financial-Services IndustryFill in the Blank Questions1.The _____________________ was created as part of the Glass Steagall Act. In the beginning itinsured deposits up to $2,500.Answer: FDIC2.The________________________ is the law that states that a bank must get approved from theirregulatory body in order to combine with another bank.Answer: Bank Merger Act3.One tool that the Federal Reserve uses to control the money supply is _________________ .The Federal Reserve will buy and sell T-bills when they are using this tool of monetary policy.Answer: open market operations4.The__________________________ was created in 1913 in response to a series of economicdepressions and failures. Its principal role is to serve as the lender of last resort and to stabilize the financial markets.Answer: Federal Reserve5.The __________________________ prevented banks from crossing state lines and made nationalbanks subject to the branching laws of their state. This act was later repealed by the Riegle Neal Interstate Banking law.Answer: McFadden-Pepper Act6.Because the FDIC levies fixed insurance premiums regardless of risk, this leads to a problem calledthe ____________________ among banks. The fixed premiums encourage all banks to accept greater risk.Answer: moral hazard7.In 1980, __________________________ was passed and lifted government ceilings on depositinterest rates in favor of free market interest rates.Answer: DIDMCA8.One tool that the Federal Reserve uses to control the money supply is _________________. TheFederal Reserve will change the interest rate they charge for short term loans when they are using this tool of monetary policy.Answer: changing the discount rate9.The first major federal banking law in the U.S. was the __________________________. This lawwas passed during the Civil War and set up a system for chartering national banks and created the OCC.Answer: National Banking Act10.The_________________________ was passed during the Great Depression. It separatedinvestment and commercial banks and created the FDIC.Answer: Glass-Steagall Act11.The__________________________ brought bank holding companies under the jurisdiction of theFederal Reserve.Answer: Bank Holding Company Act12.The__________________________ allows bank holding companies to acquire banks anywhere inthe United States. However, no one bank can control more than 30 percent of the deposits in any one state or more than 10 percent of the deposits across the country.Answer: Riegle-Neal Interstate Banking Act13.The allows banks to affiliate with insurance companies andsecurities firms either through a holding company or as a subsidiary.Answer: Gramm-Leach-Bliley Act (Financial Services Modernization Act)14.Customers of financial-service companies may _____________________ of having their privateinformation shared with a third party such as a telemarketer. However, in order to do this they must tell the financial-services company in writing that they do not want their personal information shared with outside parties.Answer: opt out15.The federal bank regulatory agency which examines the most banks is the ______________.Answer: FDIC16.The _________________ requires financial service companies to report suspicious activity incustomer accounts to the Treasury Department.Answer: U.S. Patriot Act17.The central bank of the new European Union is known as the _______________________.Answer: European Central Bank or ECB18.The _____________________ Act prohibits banks and other publicly owned firms frompublishing false or misleading financial performance information.Answer: Sarbanes-Oxley19.One of the main roles of the Federal Reserve today is . They have three toolsthat they use today to carry out this role; open market operations, the discount rate and legal reserve requirements.Answer: monetary policy20.The is the center of authority and decision making within theFederal Reserve. It consists of seven members appointed by the president for terms not exceeding14 years.Answer: Board of Governors21.The main regulators of insurance companies are .Answer: state insurance commissions22.Federal Credit Unions are regulated and examined by .Answer: the National Credit Union Administration.23.The makes it easier for victims of identity theft to file fraud alertsand allows the public to apply for a free credit report once a year.Answer: Fair and Accurate Credit Transactions Act (FACT Act)24.The makes it faster and less costly for banks to clear checks. Itallows for banks to electronically send check images instead of shipping paper checks across the country.Answer: Check 21 Act25.The was created by the National Banking Act and is part of theTreasury Department. It is the primary regulator of National Banks.Answer: Office of the Comptroller of the Currency (OCC)26.The _________________________ proposes various regulations applying to the financial marketsto combat the recent credit crisis. This “bail-out” bill granted the US Treasury the means topurchase troubled loans, allowed the FDIC to temporarily increase deposit insurance, andpermitted the government to inject additional capital into the banking system.Answer: The Emergency Economic Stabilization Act of 2008True/False QuestionsT F27.Federal Reserve Act authorized the creation of the Federal Deposit Insurance Corporation.Answer: FalseT F28.In the United States, fixed fees charged for deposit insurance, regardless of how risky a bank is, led to a problem known as moral hazard.Answer: TrueT ernment-sponsored deposit insurance typically encourages individual depositors to monitor their banks' behavior in accepting risk.Answer: FalseT F29.The Federal Reserve changes reserve requirements frequently because the affect of these changes is so small.Answer: FalseT F30.The Bank Merger Act and its amendments requires that Bank Holding Companies be under the jurisdiction of the Federal Reserve.Answer: FalseT F31.National banks cannot merge without the prior approval of the Comptroller of the Currency.Answer: TrueT F32.The Truth in Lending (or Consumer Credit Protection) Act was passed by the U.S.Congress to outlaw discrimination in providing bank services to the public.Answer: FalseT F33.The federal law that states individuals and families cannot be denied a loan merely because of their age, sex, race, national origin or religious affiliation is known as the CompetitiveEquality in Banking Act.Answer: FalseT F34.Under the terms of the 1994 Riegle-Neal Interstate Banking law bank holding companies can acquire a bank anywhere inside the United States, subject to Federal Reserve Boardapproval.Answer: TrueT F35.The 1994 federal interstate banking bill does not limit the percentage of statewide ornationwide deposits that an interstate banking firm is allowed to control.Answer: FalseT F36.The term "regulatory dialectic" refers to the dual system of banking regulation in the United States and selected other countries where both the federal or central governmentand local governments regulate banks.Answer: FalseT F37.The moral hazard problem of banks is caused by the fixed insurance premiums paid by banks and causes banks to accept greater risk.Answer: TrueT F38.When the Federal Reserve buys T-bills through its open market operations, it causes the growth of bank deposits and loans to decrease.Answer: FalseT F39.When the Federal Reserve increases the discount rate it generally causes other interest rates to decrease.Answer: FalseT F40.The National Bank Act (1863) created the Federal Reserve which acts as the lender of last resort.Answer: FalseT F41.FIRREA (1989) allowed bank holding companies to acquire nonblank depository institutions and, if desired, convert them into branch offices.Answer: TrueT F42.The Sarbanes-Oxley Act allows banks, insurance companies, and securities firms to form Financial Holding Companies (FHCs).Answer: FalseT F43.The Gramm-Leach-Bliley Act of 1999 essentially repeals the Glass-Steagall Act passed in the 1930s.Answer: TrueT F44.Passed in 1977, the Equal Credit Opportunity Act prohibits banks from discriminating against customers merely on the basis of the neighborhood in which they live.Answer: FalseT F45.The tool used by the Federal Reserve System to influence the economy and behavior of banks is known as moral hazard.Answer: FalseT F46.One of the principal reasons for government regulation of financial firms is to protect the safety and soundness of the financial system.Answer: TrueMultiple Choice Questions47.Banks are regulated for which of the reasons listed below?A)Banks are leading repositories of the public's savings.B)Banks have the power to create money.C)Banks provide businesses and individuals with loans that support consumption and investmentspending.D)Banks assist governments in conducting economic policy, collecting taxes and dispensinggovernment payments.E)All of the above.Answer: E48.An institutional arrangement in which federal and state authorities both have significant bankregulatory powers is referred to as:A)Balance of PowerB)FederalismC)Dual Banking SystemD)Cooperative RegulationE)Coordinated ControlAnswer: C49.The law that set up the federal banking system and provided for the chartering of national bankswas the:A)National Bank ActB)McFadden-Pepper ActC)Glass-Steagall ActD)Bank Merger ActE)Federal Reserve ActAnswer: A50.The federal law that prohibited federally supervised commercial banks from offering investmentbanking services on privately issued securities is known as:A)The Glass-Steagall ActB)The Bank Merger ActC)The Depository Institutions Deregulation and Monetary Control ActD)The Federal Reserve ActE)None of the AboveAnswer: A51.The Gramm-Leach-Bliley Act (Financial Services Modernization Act) calls for linkinggovernment supervision of the financial-services firm to the types of activities that the firmundertakes. For example the insurance portion of the firm would be regulated by state insurance commissions and the banking portion of the firm would be regulated by banking regulators.This approach to government supervision of financial services is known as:A)Consolidated regulation and supervision.B)Functional regulation.C)Services oversight.D)Umbrella supervision and regulation.E)None of the above.Answer: B52.The Federal Reserve policy tool under which the Fed attempts to bring psychological pressure tobear on individuals and institutions to conform to the Fed's policies, using letters, phone calls, and speeches, is known as:A)Margin requirementsB)Moral suasionC)Discount window supervisionD)Conference and compromiseE)None of the above.Answer: B53.The 1994 law that allowed bank holding companies to acquire banks anywhere in the U.S. is:A)The Glass-Steagall ActB)The Federal Deposit Insurance Corporation Improvement ActC)The National Bank ActD)The Riegle-Neal Interstate Banking and Branching Efficiency Act.E)None of the above.Answer: D54.The federal law that allowed the Federal Reserve to set margin requirements is:A)The National Banking Act.B)The McFadden-Pepper Act.C)The Glass Steagall Act.D)The Federal Reserve Act.E)None of the above.Answer: C55.Of the principal reasons for regulating banks, what was the primary purpose of the NationalBanking Act (1863)?A)Protection of the public's savingsB)Control of the money supplyC)Providing support for government activitiesD)Maintaining confidence in the banking systemE)Preventing banks from realizing monopoly powersAnswer: C56.Of the principal reasons for regulating banks, what was the primary purpose of the Federal ReserveAct of 1913?A)Protection of the public's savingsB)Control of the money supplyC)Preventing banks from realizing monopoly powersD)Ensuring an adequate and fair supply of loansE)None of the above.Answer: B57.The law that allows lifted government deposit interest ceilings and allowed them to pay acompetitive interest rate is:A)The National Banking Act.B)The Glass Steagall Act.C)The Bank Merger Act.D)DIDMCAE)None of the above.Answer: D58.The law that allows banks to affiliate with insurance companies and security brokerage firms toform financial services conglomerates isA)The National Banking ActB)The Glass Steagall ActC)The Garn St. Germain ActD)The Riegle Neal Interstate Banking ActE)The Gramm-Leach-Bliley Act (Financial Services Modernization Act)Answer: E59.Of the principal reasons for regulating banks, what was the primary purpose of the Truth inLending Law?A)Protection of the public's savingsB)Control of the money supplyC)Preventing banks from realizing monopoly powersD)Ensuring an adequate and fair supply of loansE)None of the above.Answer: D60.Which of the following is an unresolved issue in the new century?A) What should be done about the regulatory safety net set up to protect small depositors?B)If financial institutions are allowed to take on more risk, how can taxpayers be protected frompaying the bill when more institutions fail?C)Does functional regulation actually work?D)Should regulators allow the mixing of banking and commerce?E)All of the above are unresolved issuesAnswer: E61.The law that made bank and nonbank depository institutions more alike in the services they couldoffer and allowed banks and thrifts to more fully compete with other financial institutions is:A)The National Banking ActB)The Federal Reserve ActC)The Garn-St. Germain ActD)The Riegle-Neal Interstate Banking and Branching Efficiency ActE)The Gramm-Leach-Bliley Act (Financial Services Modernization Act)Answer: C62.The law that allowed bank holding companies to acquire nonbank depository institutions andconvert them to branches is:A)The National Banking ActB)The Garn-St. Germain ActC)FIRREAD)The Riegle-Neal Interstate Banking and Branching Efficiency ActE)None of the AboveAnswer: C63.The equivalent of the Federal Reserve System in Europe is known as the:A)European UnionB)Bank of LondonC)Basle GroupD)European Central BankE)Swiss Bank CorporationAnswer: D64.The new financial organization created by Gramm-Leach-Bliley is theA)Financial Holding CompanyB)Bank Holding CompanyC)European Central BankD)Financial Service CorporationE)Financial Modernization OrganizationAnswer: A65.The act which requires financial institutions to share information about customer identities withgovernment agencies is:A)The Sarbanes-Oxley ActB)The U.S. Treasury Department ActC)The 9/11 ActD)The USA Patriot ActE)The Gramm-Leach-Bliley ActAnswer: D66.The 1977 law that prevents banks from “redlining” certain neighborhoods, refusing to serve thoseareas is:A)The National Banking ActB)The Garn-St. Germain ActC)FIRREAD)The Riegle-Neal Interstate Banking and Branching Efficiency ActE)Community Reinvestment Act (CRA)Answer: Emon minimum capital requirements on banks in leading industrialized nations that are basedon the riskiness of their assets is imposed by:A)The National Banking ActB)FIRREAC)The International Banking ActD)The Basel AgreementE)None of the AboveAnswer: D68.The fastest growing crime in the U.S. is:A)Financial statement misrepresentationB)Bank robberiesC)Individual privacy violationsD)Credit card fraudE)Identity theftAnswer: E69.The oldest federal bank agency is the:A)OCCB)FDICC)FRSD)FHCE)BHCAnswer: A70.The federal agency that regulates the most banks is the:A) OCCB) FDICC) FRSD) FHCE) BHCAnswer: B71.Which federal banking act requires that financial service providers establish the identity of anycustomers opening new accounts?A) Sarbanes-Oxley ActB) USA Patriot ActC) Check 21 ActD) The FACT ActE) Bankruptcy Abuse Prevention and Consumer Protection ActAnswer: B72.Which federal banking act prohibits publishing false or misleading information about the financialperformance of a public company and requires top corporate officers to vouch for the accuracy of their company’s financial statements?A) Sarbanes-Oxley ActB) USA Patriot ActC) Check 21 ActD) The FACT ActE) Bankruptcy Abuse Prevention and Consumer Protection ActAnswer: A73.Which federal banking act reduces the need for banks to transport paper checks across the country?A) Sarbanes-Oxley ActB) USA Patriot ActC) Check 21 ActD) The FACT ActE) Bankruptcy Abuse Prevention and Consumer Protection ActAnswer: C74.Which federal banking act forces more individuals to repay at least part of what they owe and willpush higher-income borrowers into more costly forms of bankruptcy?A) Sarbanes-Oxley ActB) USA Patriot ActC) Check 21 ActD) The FACT ActE) Bankruptcy Abuse Prevention and Consumer Protection ActAnswer: E75.Which federal banking act requires the Federal Trade Commission to make it easier for victims ofidentity theft to make theft reports and requires credit bureaus to help victims resolve theproblem?A) Sarbanes-Oxley ActB) USA Patriot ActC) Check 21 ActD) The FACT ActE) Bankruptcy Abuse Prevention and Consumer Protection ActAnswer: D76.The _________ allows adequately capitalized bank holding companies to acquire banks in anystate.A)Riegle-Neal Interstate Banking and Branching Efficiency Act25B)Competitive Equality Banking ActC)Financial Institutions Reform, Recovery and Enforcement ActD)Federal Deposit Insurance Corporation Improvement ActE)Depository Institutions Deregulation and Monetary Control ActAnswer: A77.One of the earliest theories regarding the impact of regulation on banks was developed by GeorgeStigler. He contends that:A) Firms in regulated industries actually seek out regulations because they bring monopolisticrents.B) Regulations shelter firms from changes in demand and cost, lowering its risk.C) Regulations can increase consumer confidence which increases customer loyalty to regulatedfirms.D) Depository institutions should be regulated no differently than any other corporation with nosubsidies or special privileges.E) None of the aboveAnswer: A78.Samual Peltzman had an opposing view to George Stigler on the impact of regulation on banks. Hecontends that:A) Firms in regulated industries actually seek out regulations because they bring monopolisticrents.B) Regulations shelter firms from changes in demand and cost, lowering its risk.C) Regulations can increase consumer confidence which increases customer loyalty to regulatedfirms.D) Depository institutions should be regulated no differently than any other corporation with nosubsidies or special privileges.E) None of the aboveAnswer: B79.There is an important debate raging today regarding whether banks should be regulated at all.George Benston contends that:A) Firms in regulated industries actually seek out regulations because they bring monopolisticrents.B) Regulations shelter firms from changes in demand and cost, lowering its risk.C) Regulations can increase consumer confidence which increases customer loyalty to regulatedfirms.D) Depository institutions should be regulated no differently than any other corporation with nosubsidies or special privileges.E) None of the aboveAnswer: D80.The European Central Bank has the main goal of:A) Ensuring the economy grows at an adequate rate.B) Keeping unemployment low.C) Ensuring price stability.D) Ensuring an adequate and fair supply of loans.E) All of the aboveTest Bank, Chapter 2 26Answer: C81.Which of the following has become the principal tool of central bank monetary policy today?A) Open market operationsB) Changing the discount rateC) Changing reserve requirementsD) Using moral suasionE) None of the aboveAnswer: A82.The Federal Reserve buys Treasury Bills in the open market. This will tend to:A) Cause interest rates in the market to riseB) Cause interest rates in the market to fallC) Cause reserves held at the Federal Reserve to decreaseD) Cause a decrease in the growth of deposits and loansE) All of the aboveAnswer: B83.Which federal banking act extends deposit insurance coverage on qualified retirement accountsfrom $100,000 to $250,000 and authorizes the FDIC to periodically increase deposit insurance coverage to keep up with inflation?A) Sarbanes-Oxley ActB) The Gramm-Leach-Bliley ActC) Check 21 ActD) The FACT ActE) Federal Deposit Insurance Reform ActAnswer: E84.The Financial Services Regulatory Relief Act of 2006 does the following:A) Adds selected new service powers to depository institutionsB) Loosens regulations on depository institutionsC) Grants the Federal Reserve authority to pay interest on depository institutions’ legal reservesD) All of the aboveE) None of the aboveAnswer: D85.The Emergency Economic Stabilization Act passed in 2008 during the global credit crisis allowedthe following:A) An emergency sale of “bad assets”B) Temporary increase of FDIC deposit insurance to $250,000 for all depositsC) Injections of capital by the government into banks and other qualified lendersD) Closer surveillance of the mortgage market participants, such as brokers and lendersE) All of the aboveAnswer: E27。

世界经济概论(英文版)chapter 02 International Investment

• A loss of employment in the home country • The earnings or gains made abroad cannot
be deployed elsewhere in the event of more profitable opportunities
Inward FDI: investments coming into the country Outward FDI: investments made by companies from that country into foreign companies in other countries
Defining International Investment
• FPI: investment in a company’s stocks, bonds, assets, or money market instruments that are based in a different country.
Foreign Dirs
• FDI is beneficial to the investors and their home country: Access to a larger market Ability to tap the potential of cheap and skilled labor, Availability of natural resources of the host country
Government Policies towards FDI
• In contrast, many countries have restricted or controlled inward FDI for decades by requiring extensive paperwork and bureaucratic approvals as well as local partners for any new foreign business.

企业FDI进入模式选择

案例一
该欧洲汽车品牌采用了跨国并购的进入模式，成功打入北美市场。
总结词
该欧洲汽车品牌在北美市场选择了跨国并购的进入模式，即通过收购或合并当地企业的方式，快速融入北美市场。这种进入模式选择适合于目标市场已经存在一定的竞争格局，且企业具备足够的实力和资源进行跨国并购。该欧洲汽车品牌在并购当地企业后，通过整合资源、提升技术和管理水平，成功地适应了北美市场的竞争环境，并取得了良好的业绩。
目标
fdi的动机与目标
fdi的四种进入模式
模式一：绿地投资
定义：绿地投资是指投资者在目标国家建立新的企业或项目，以获得该企业的股权或管理控制权。
特点：绿地投资可以由投资者独资经营，也可以与当地企业合作经营。这种模式有助于投资者更好地控制经营活动，但同时也需要投资者承担较大的风险。
fdi的四种进入模式
适用情况二
当企业面临较低的市场风险，但想要降低运输成本和关税壁垒时，可以选择直接出口或间接出口的方式。
适用情况三
CHAPTER
03
许可进入模式
许可进入模式是一种跨国企业以支付使用费的方式与目标市场国的企业进行合作，获取其专利、商标、专有技术等知识产权的使用权，并利用其品牌或销售网络等优势在目标市场开展业务的进入模式。
企业的财务实力
企业自身实力与战略目标
东道国市场规模是企业FDI进入模式选择的重要因素之一。如果东道国市场规模较大，企业就有可能选择更加灵活的进入模式，以充分利用市场规模优势。
东道国的政策环境对企业FDI进入模式的选择也有重要影响。如果东道国政策环境稳定、公平，且对外资持开放态度，企业就有可能选择更具灵活性的进入模式。
CHAPTER
04
合资进入模式
合资进入模式是指企业与目标国家的当地企业或政府共同出资建立企业的方式。

chapter_2

保险业的产生与发展-人寿保险
在中世纪，各种行会盛行，德国的“扶助金库”，美国的 “友爱社”，荷兰和法国的“年金制度”等以集资的形式开始了人寿保险业。英国在1688年建立的“寡妇年金制”和“孤寡保险会”等保险组织，使人寿保险企业化。
中国保险业三十年大事记
1949年10月20日，中国人民保险公司在北京成立，宣告了新中国第一家全国性大型综合国有保险公司的诞生。 1958年12月，全国财政会议正式决定全面停办国内保险业务。 1979年11月19日，中国人民银行在北京召开了全国保险工作会议，停办20多年的国内保险业务开始复业。中国保险学会成立。 1983年9月，经国务院批准，中国人民保险公司升格为国务院直属局级经济实体，1984年1月1日从中国人民银行分离出来，接受中国人民银行的领导管理、监督和稽核。 1985年3月3日，国务院颁布实施《保险企业管理暂行条例》是新中国成立之后第一部对保险企业管理的法律文件。
保险业的产生与发展-海上保险
17世纪，欧洲文艺复兴后，英国资本主义有了较大发展，经过大规模的殖民掠夺，英国日益发展成为占世界贸易和航运业垄断优势的大英帝国，为英国商人开展世界性的海上保险业务提供了条件。保险经纪人制度也随之产生。十七世纪中叶，爱德华·老埃德在泰晤士河畔开设了“劳合咖啡馆”，成为人们交换航运信息，购买保险及交谈商业新闻的场所。随后在咖啡馆开办保险业务。 1969年劳合咖啡馆迁至伦敦金融中心，成为现在的劳合社的前身。
中国人寿（集团）保险集团）公司中国平安保险集团
中国人寿保险股份有限公司 |
中国人寿资产管理有限公司 | 中国人寿财产保险股份有限公司
| 中国人寿养老保险股份有限公司 | 中国人寿保险(海外)股份有限公司 | 国寿投资控股有限公司 | 中国人寿富兰克林资产管理有限公司

管理知识-Chapter2MNCtheories跨国公司管理北外,董丽丽精品

FDI vs Portfolio Investment
6-3
Flow vs Stock of FDI
Flow: Amount of FDI over a period of time (one year).
Stock: Total accumulated value of foreign owned assets at a given point in time.
《International Operations of National
Firms: A Study of Direct Foreign Investment》 Background
2-2 Monopolistic Advantage
Technological Advantage managerial skills Input Advantage Market Advantage
2-4 Internalization Theory
Opportunism; information product Appraisal discussion
2-5 Eclectic theory
John Harry Dunning: Location Specific Advantage
OSA+IA+LSA--？ OSA+IA--？ OSA--？ Appraisal Discussion
2-3 Oligopolistic reaction
F.T.Knichkerbocker1970’s
2-4 Internalization Theory
1937 Coarse <The Nature of the Firms>
Governance Opportunism Transaction-specific Investment

Chapter_02

Robert Phillips, "Pricing and Revenue Optimization"Stanford University Press, Stanford, CaliforniaExpected publication date 2005Permission granted for use of this material inBUDT-758D, Pricing and Revenue Management, Spring 2005(Robert H. Smith School of Business, UMD)This material may not otherwise be reproduced or transmittedin any form or by any means, electronic or mechanical,including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission of the author.Chapter2Introduction to Pricing and Revenue OptimizationIn this chapter,we introduce the basic concepts being pricing and revenue optimization. Weﬁrst look at some of the common pricing challenges faced by organizations.These typically include a lack of consistent management,discipline,and analysis across pricing decisions.We describe three traditional approaches to pricing:cost-plus,market-based, and value-based and discuss some of their shortcomings.We then introduce pricing and revenue optimization.At the highest level,pricing and revenue optimization is a process for managing and updating pricing decisions in a consistent and eﬀective fashion.At the core of this process is typically an approach toﬁnding the set of prices that will maximize total expected contribution subject to a set of constraints.The constraints reﬂect either business goals set by the organization or physical limitations such as limited capacity or inventory. While the use of constrained optimization is common to all pricing and revenue optimization applications,the type of problem to be solved depend upon the speciﬁc characteristics of the market.Markets vary both in terms of timing or cadence of pricing decisions,the nature of the goods and services being sold,and the type of customer commitment that is being priced.2.1The Challenges of PricingFor many organizations,“pricing”includes a remarkably complex set of decisions.While most companies have a good idea of the list prices that they have established for their prod-ucts,they are often unclear on the prices that customers are actually paying.A multitude of diﬀerent discounts,adjustments,and rebates are often applied to each sale.For this reason it is critical to distinguish between the“list price”of a product and its“pocket price”–that is,what a particular customer ends up actually paying.The“list price”is generic while the “pocket price”may be diﬀerent for each customer.The price waterfall was introduced by21Figure2.1:Price waterfall for a CPG company.McKinsey and Company as a graphical way of illustrating the discounts that occur between the list price of a product and its pocket price.A consumer package good(CPG)example is shown in Figure2.1.In this case,there are twelve price reductions or discounts applied between the list price and the pocket price.These include an8%competitive discount,3% sales special,1%exception deal and so on down to a1%freight allowance.The net result is that the pocket price for this customer is29%less than the list price.The price waterfall illustrates quite neatly that the pocket price paid by an individual customer is often not the result of a single decision,but the cumulative result of a series of decisions.In fact,for the majority of companies,many discounts are the results of indepen-dent decisions made by diﬀerent parts of the organization without consistent measurement or tracking.The competitive discount might have been authorized by the regional sales manager while the product bonus was determined as part of a general marketing program and the freight allowance was given by the local sales person in response to a last-minute call by the purchaser.As a result,no one is in charge.No one in the organization is re-sponsible for the fact that the discount oﬀered to this customer was29%while that oﬀered to another was18%.In fact,not only is no one in charge,it is often remarkably diﬃcult to determine what the pocket price paid by a particular customer even is.As Michael Marn and Robert Rosiello,who introduced the waterfall concept put it:The complexity and volume of transactions tend to create a smoke screenthat makes it nearly impossible for even the rare senior managers who showan interest to understand what is actually happening at the transaction level.Management information systems most often do not report on transaction priceperformance,or report only average prices and thus shed no real light on pricingopportunities lost transaction by transaction.(Marn and Rosiello[1992],page86.)Without a consistent process of analysis and evaluation,the probability that a particular pocket price maximizes customer proﬁtability is like the probability that a blindfolded dart player will hit a bulls-eye–not zero,but not very high.In fact,the situation can be even worse.Sophisticated buyers often understand a seller’s pricing process better than the seller does himself.A sophisticated buying department,faced with a price waterfall such as that shown in Figure2.1,would quickly learn how to“divide and conquer”in order to obtain the lowest pocket price.The buyer’s procurement agent will call the local sales person to get additional concessions,the senior sales person to get relief from strict interpretation of volume purchase agreements,even invoicing to get payment term changes.Smart buyers will detect a disorganized or dispersed pricing organization and play it to their advantage.Management attention is often heavily concentrated on invoice prices or list prices. However,the price waterfall illustrates that the majority of important pricing adjustments often take place afterthe invoice price.The distribution of pocket-price discounts given by a CPG company to its various cus-tomers over a year is shown in Figure2.2.In this case,9%of the customers were receiving a discount of greater than40%while16%were receiving discounts between35%and40% and only3%were paying list price.This distribution represents a fairly typical spread of discounts for the CPG industry.This distribution in itself does not tell us anything about the quality of the pricing decisions being made by the company.However,it immediately demonstrates two facts:1.The item being sold is not a commodity.The distribution of pocket prices means thatcustomers are willing to pay a wide range of prices for the item.indexcommodity2.Only3%of customers bought at list price.For this item,setting list price is not thecritical PRO decision.Rather,list price is being set high and discounts are being used to target prices to individual customers.The key decisions are what discounts to oﬀer each customerIt should be stressed that the existence of a pocket-price distribution such as the one shownFigure2.2:Pocket-price discount distribution for a CPG company.in Figure2.2does not by itself say anything about the quality of the pricing decisions.A company practicing sophisticated PRO may also show a wide distribution of prices.After all,PRO is based on oﬀering diﬀerent prices to diﬀerent customer segments.The question is:Is the pocket-price distribution the result of a conscious corporate process based on sound analysis or is it the result of an arbitrary process?A key measure of the quality of PRO decision-making is the extent to which the pocket-price correlates with customer characteristics that are indicators of price-sensitivity.For example,many companies believe that they need to oﬀer higher discounts to their larger customers.To the extent that larger customers have higher sensitivity to price,this is a sensible policy.In this case,a seller might expect discount levels as a function of customer size to fall within a band something like that shown in Figure2.3A.However,the actual mapping of discount level against customer size for the CPG company is shown in Figure 2.3B.The correlation of discount to customer size was only about0.09for this company–statistically,indistinguishable from random.Tools such as the price waterfall in Figure2.1and the pocket-price distribution histogram in Figure2.2are useful to help companies assess the current state of their pricing.The price waterfall can identify how pricing responsibilities are dispersed across the organization and where sophisticated buyers may be utilizing“divide and conquer”techniques to drive higher discounts.The pocket-price histogram can give an idea of the breadth of discounts being given to customers.An analysis such as that shown in Figure2.3,can show theextent to which discounts correlate to customer characteristics such as size of customer,Figure2.3:Correlation of discount with customer size–CPG example.A shows management expectations of discount dependence on size.B shows the actual distribution.size of account,mix of customer business,etc.This type of presentation often forms part of a preliminary diagnostic analysis and can dramatically illustrate the need for better pricing decisions.2.2Traditional Approaches to PricingPricing and revenue optimization incorporates costs,customer demand(or willingness-to-pay),and the competitive environment to determine the prices that maximize expected net contribution.Other approaches to pricing tend to weight one of these three aspects more than the others as shown in Table2.1.Cost-plus pricing calculates prices based on cost plus a standard margin.Market-based pricing bases prices on what competitors are doing. Value-based pricing sets prices based on an estimate of how customers“value”the good or service being sold.The Finance Department tends to like cost-based pricing because it guarantees that each sale produces an adequate margin,which seemsﬁscally prudent. The Sales Department tends to like market-based pricing because it helps them sell against competition.The Marketing Department is often the natural supporter of pricing accordingto how customers value a product.Approach Based On Ignores Liked byWith these drawbacks,it should be surprising that experts are uniformly harsh on cost-plus pricing:•Nagle and Holden(1994,page3)decry the“cost-plus delusion”and state that the “...problem with cost-driven pricing is fundamental.”•Dolan and Simon(1996,pg.38):“cost-plus pricing is not an acceptable method.”•Lilien,Kotlar,and Murthy(1992,page207.):“Does the use of a rigid,customary markup over cost make logical sense in the pricing of products?Generally,the answer is no.”Despite near uniform condemnation,cost-based pricing is surprisingly resilient.A1984 survey of German industry found that about70%of the companies used cost-basing pricing in some form2.Other surveys have routinely found that up to50%of businesses use cost-based pricing in the United States.Even in the age of e-commerce,cost-based pricing is alive and well:a2002survey of members of the Professional Pricing Society showed that 22%used cost-based pricing to price on the Internet3Given that this was a survey of a sophisticated group of pricers,it is likely that the actual percentage is even higher.2.2.2Market-Based Pricing“Market-based pricing”means diﬀerent things in diﬀerent contexts.We use it to refer to the practice of pricing solely on the prices being oﬀered by the competition.It is commonly applied by smaller players in situations in which there is a clear market leader–for example, a small cola brand might set its price based on the price of Coca-Cola.It is,of course,also the practice in pure commodity markets such as bulk chemicals or stocks in which oﬀerings are completely identical and there is rapid,perfect communications of transaction prices in the market.In this case,there is no“pricing decision”per se–all companies take the price as given and adjust their production accordingly.For a commodity,there is no alternative to“market-based pricing”.Market-based pricing can also be an eﬀective strategy for a low-cost supplier seeking to enter a new market.For example,Alamo Car Rental started as a low-cost rental car company targeting the price-sensitive leisure market.Alamo’s initial strategy was to ensure that they were always priced at least$1.00lower than both Hertz and Avis on the reservation system displays used by travel agents.This strategy was eﬀective at meeting the strategic goal of rapid growth and penetration of the leisure market.While market-based pricing is appropriate in a commodity market,for small players in a market dominated by a large competitor,and as a way to drive market share;it is often used in cases where it is less appropriate.At its most extreme,it means letting the competition set our prices.Slavishly following competitive prices does not allow us to capitalize on the changing value perceptions of customers in the marketplace.Furthermore it does notallow us to capitalize on the diﬀerential perception that customers hold of us versus the competition.We should charge a higher price to customers who value our product or brand more highly.Monitoring competitive prices and making sure that we maintain a realistic pricing relationship with key competitors is always important–but we also need to adjust our position relative to our competitors to reﬂect current market conditions if we want to maximize proﬁtability.2.2.3Value-Based PricingLike“market-based pricing”,“value-based pricing”(or“value pricing”)means diﬀerent things in diﬀerent contexts.In its broadest sense it refers to the unexceptional proposition that price should relate to customer value.In its narrowest sense,it is sometimes used as a synonym for“personalized”or“one-on-one”pricing in which each customer is quoted a diﬀerent price based on her value for the product being sold.We use it to refer to the belief that customer value should be the key driver of price4.Historically,value-based pricing has usually been used to refer to the use of methodologies such as customer surveys,focus groups and conjoint analysis to estimate how customers value a product relative to the alternatives which is then used to determine price.This type of value-based pricing is used most frequently for consumer goods–especially when a new product is being introduced.There is absolutely nothing wrong with the basic idea behind value pricing.If we are a monopoly and we can determine the value that each customer places on our product and charge them that value(assuming that it is higher than our incremental cost)and not worry about arbitrage or cannibalization(or about being regulated)then that is what we should do in order to maximize proﬁt5.This approach to pricing has a serious drawback: it is impossible.There is no way to discern individual customer value for a product at the point of sales.The possibility of arbitrage and cannibalization almost always limit the ability to charge diﬀerent prices for diﬀerent products.Finally,competitive pressure means that companies almost always have to price lower than they would like to any group of customers.The competitive restriction on value-based pricing is worth emphasizing.There is a great diﬀerence between the“value”that a potential buyer might place on our product in isolation and what we can actually get that customer to pay in the market.A customer may value our product or services highly but he also has alternatives.For example,management consultingﬁrms routinely discuss changing from cost-based pricing(hours worked times rate per hour)to value-based pricing under the belief that“a good consultant could boost earnings using a value-based model.”6Yet,less than5%of consultants use value-based pricing.Why should this be?Consider a brilliant management consulting organization who can provide services to a client that will lead to improved proﬁtability of$2million, yet only cost$500,000to provide.If the consulting company has a true monopoly,they should be able to close the deal at$1.95million,leaving the client$50,000ahead.But what if there is another,slightly less brilliant,consulting company with the same cost structure who can provide similar services that would lead to improved proﬁtability of only$1.5million?That company could counter-propose a project at$1.4million which would be a better deal for the client since it would leave them$100,000ahead.The upshot is that competition can severely restrict the ability of a company to“value price”even when the competition is oﬀering an inferior product.Even the existence of an inferior substitute will mean that a company cannot charge at its value.2.2.4SummaryCost-based pricing,market-based pricing and value-based pricing“purist”pricing approaches. In reality,most companies are not purists.While they may have a dominant philosophy they do not use any one approach100%of the time and will modify their approach to achieve diﬀerent goals.According to Eric Mitchell of the Professional Pricing Society,when Xerox wanted to increase market share they would put the pricing function under Sales. When they wanted to increase proﬁts they would move it into the Finance Department7. Other companies are less disciplined–their approach to pricing may change with the“ﬂa-vor of the month”:market-based when the emphasis is on market share,value-based when “focusing on the customer”comes into vogue.Vacillating among pricing approaches is actually better than strict devotion to one approach.Any company that sticks tenaciously to any one of the three pure approaches would likelyﬁnd itself in deep trouble very quickly.What is often seen in reality is a hybrid –companies espouse a particular philosophy–but use pieces of all three,supplemented by a considerable amount of improvisation.The upshot is pricing confusion–there is rarely a consistent justiﬁcation or approach that is used across all pricing decisions.2.3The Scope of Pricing and Revenue OptimizationPricing and revenue optimization provides a consistent approach to pricing decisions across the organization.This means that a company needs to have a clear view of all the prices that it is setting in the market place and the ways in which those prices are set.This deﬁnes the scope of pricing and revenue optimization.2.3.1The PRO CubeThe goal of pricing and revenue optimization is to provide the right price,•for every product•to every customer segment•through every channelFigure2.4:Dimensions of the pricing and revenue optimization cube.and to update those prices over time in response to changing market conditions.The three dimensions of pricing and revenue optimization can be illustrated in a cube as shown in Figure2.4.Each element within the cube represents a combination of product,channel, and customer segment.Each element(or“cell”)has an associated price.For example,one element might be:Medium size turbines sold to large customers in the Northeast via the direct sales channel,while another element might be:Replacement gears sold to small companies via on-line salesIn theory,each cell within the PRO cube could correspond to a diﬀerent price.In practice, some cells may not be meaningful.Some products may not be oﬀered through some chan-nels,for example.And it is also the case,of course,that the prices within the PRO cube will not always be independent of each other.Our ability(or desire)to charge diﬀerent prices through diﬀerent channels may be constrained either by practical considerations or by strategic goals.If we want to encourage small customers to purchase on-line rather than through our direct sales channel,we might institute a constraint that says that the on-lineprice for small customers for all products must be less than or equal to the direct saleschannel price.These considerations are among the business rules that must be considered in the pricing and revenue optimization process as described in Section2.4.Companies may oﬀer even more prices than the PRO cube would imply.Certain prod-ucts might be subject to tiered pricing or volume discounts.Or a company might oﬀer bundles of products at diﬀerent promotional rates or discounts that are not available for individual products.Each of these bundles or quantity combinations can be treated as an additional“virtual product”in the PRO Cube.The PRO Cube is a useful starting point for a company seeking to understand the magnitude of the pricing challenge that it faces.Enumerating the combinations of products, market segments,and channels gives a rough estimate of the total number of prices that a company needs to manage.Many companies are astonished at the sheer volume of prices that they already oﬀer.This astonishment is often theﬁrst step in realizing the need to establish a consistent pricing and revenue optimization process.2.3.2Customer CommitmentsA core concept in pricing and revenue optimization is the idea of a customer commitment. Speciﬁcally,a customer commitment occurs whenever a seller agrees to provide a customer with products or services,now or in the future,in return for a price.The elements of a customer commitment include:•The products and services being oﬀered,•The price of the commitment,•The time period over which the commitment will be delivered,•The time for which the oﬀered commitment is valid–i.e,how long does the customer have to make up his mind,•Other elements of the contract or transaction(e.g.,payment terms,return policy,etc.)•Firmness of the commitment and risk-sharing.Some examples of customer commitments include:•A list price is possibly the most familiar form of customer commitment.A list price is a commitment that a buyer can obtain the item simply by paying the posted price.List price is often(but not always)a“take it or leave it”or“non-negotiable”price.Common examples are the shelf prices at the grocery store and drug-store,price-per-gallon displayed on the gasoline pump,and many on-line retail prices.•Coupons and other types of promotion are also forms of customer commitment.They allow certain customers to obtain a good at a price lower than list for some period.•In a business-to-business setting,prices for large purchases are often individually negotiated.The seller may have published list prices but,in many industries items are rarely,if ever,purchased at the list price.Rather,each buyer negotiates an individual discount.The discount that a particular buyer receives can depend on the buyer’s purchasing history with the seller,the skills of the purchasing agent and the sales person,and the desire of the seller to make the sale.We describe an approach to optimizing such customized prices in Chapter11.•In other business-to-business settings,the buyer and seller negotiate a contract that establishes prices that will be in place for six months,a year,or longer.For example, in Less-Than-Truckload(LTL)freight,shippers agree on a schedule of tariﬀs that will govern all the shipments that they will make over the next year.These schedules are usually expressed in terms of a discount from a standard list tariﬀ.The contracts are individually negotiated between each shipper and each carrier.Contracts may be exclusive(as they often are in package express)or a shipper to establish contracts with two or more carriers as is common practice in trucking and container shipping.•Contracts between electronics distributors such as Ingram Micro and TechData and wholesalers such as Hewlett-Packard and Sun Microsystems are often on a“tiered pricing”basis.Where each tier includes a volume target and an incremental discount for hitting that target.An example is shown in Table2.2.In this case,the purchaser will receive at least a5%discount on each unit purchased during the current quarter.If he purchases at least50,001units,the discount increases to5.5%and if he purchases 80,001units the discount increases to6%.This type of tiered pricing provides an incentive for the distributor to“push”the seller’s products rather than its competitors. Tiered discounts can either be based on units sold or revenue sold.The increased discounts themselves can apply either to incremental sales above the tier or to all sales during the quarter.Total DiscountUnits Sold0-50,0006%80,001-110,0008%The forms and types of commitments that sellers make(and buyers expect)vary from indus-try to industry.As a simple example,airline tickets were historically refundable,meaning that the airline took all the risk of a customer“no-show”–a risk that the airlines sought to mitigate via overbooking.On the other hand,tickets to Broadway shows have histori-cally been non-refundable,meaning that the customer takes on the risk of no-show.As a result,Broadway theaters do not overbook.The details of the types of commitments made in diﬀerent industries are often the result of complex and contingent historical factors and may change over time–just as airlines are increasingly beginning to adopt non-refundable ticketing.In fact,it is not uncommon for individual sellers to be selling utilizing diﬀerent ap-proaches for diﬀerent products through diﬀerent channels.For example,an automobile manufacturer is likely to sell the majority of his vehicles through dealers,utilizing a com-bination of“shelf price”(in this case,the wholesale price)and promotions.However,Ford Motor Company receives about9%of its revenue in North America from group sales of cars to corporate,government,and industrialﬂeet.These sales are generally priced through individual negotiations or bids.Finally,a manufacturer may also be selling some cars di-rectly to the public through a deal with an on-line channel.In this case,the manufacturer needs to apply pricing and revenue optimization across the entire range of its channels and pricing mechanisms in order to maximize overall proﬁtability.2.4The Pricing and Revenue Optimization Process Successful pricing and revenue optimization involves two components:1.A consistent business process focused on pricing as a critical set of decisions.2.The software and analytical capabilities required to support the process.Much of the interest in pricing and revenue optimization has focused on its use of math-ematical analysis.Quantitative analysis is indeed critical in most pricing and revenue optimization settings but it cannot provide sustainable improvement unless it is embedded in the right process.An overview of such a process is shown in Figure2.5.In this picture, the overall pricing and revenue optimization process has been divided into eight activities. Four of these activities are part of“operational PRO”–that is,they are executed every time that the company needs to change the prices that it is oﬀering out in the marketplace. The remaining four“supporting PRO”activities occur at longer intervals.As theﬁgure shows,pricing and revenue optimization is a closed-loop process,that is,feedback from the market must be incorporated into both the operational process and the more periodic activity of updating market response curves.Figure2.5:The pricing and revenue optimization process.2.4.1Operational PRO ActivitiesThe operational PRO activities operate continuously to set and update prices in the mar-ketplace.The timing of the decisions will depend upon the application–airline revenue management systems can change fares from moment to moment.Revenue managers review the recommendations of the system on a daily basis.Other companies may update prices weekly or monthly.In any case,the core operational activities will be similar.Analyze AlternativesThis activity is the one that is most widely identiﬁed with pricing and revenue optimization or revenue management.Historically it has involved analysts using spreadsheets to compare pricing alternatives under diﬀerent scenarios.More recently it has involved the use of software systems that solve the underlying optimization problem to recommend new prices for every element of the PRO cube.Choose the Best AlternativeHowever prices are analyzed,a human being needs to be responsible for determining whichprices should be set.For this reason,almost all pricing and revenue optimization software。

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