Predicting price-tag for customized goods

We discuss a dynamic pricing model which will aid automobile manufacturer in choosing the right price for customer segment. Though there is oligopoly market structure, the customers get "locked" into a particular technology/company which virtually makes the situation akin to a monopoly. There are associated network externalities and positive feedback. The key idea in monopoly pricing lies in extracting the customer surplus by exploiting the respective elasticities of demand. We present a Walrasian general equilibrium approach to determine the segment price. We compare the prices obtained from optimization model with that from Walrasian dynamics. The results are encouraging and can serve as a critical factor in Customer Relationship Management (CRM) and thereby effectively manage the lock-in.

Learning dynamic prices in multiseller electronic retail markets with price sensitive customers, stochastic demands, and inventory replenishments

In this paper, we use reinforcement learning (RL) as a tool to study price dynamics in an electronic retail market consisting of two competing sellers, and price sensitive and lead time sensitive customers. Sellers, offering identical products, compete on price to satisfy stochastically arriving demands (customers), and follow standard inventory control and replenishment policies to manage their inventories. In such a generalized setting, RL techniques have not previously been applied. We consider two representative cases: 1) no information case, were none of the sellers has any information about customer queue levels, inventory levels, or prices at the competitors; and 2) partial information case, where every seller has information about the customer queue levels and inventory levels of the competitors. Sellers employ automated pricing agents, or pricebots, which use RL-based pricing algorithms to reset the prices at random intervals based on factors such as number of back orders, inventory levels, and replenishment lead times, with the objective of maximizing discounted cumulative profit. In the no information case, we show that a seller who uses Q-learning outperforms a seller who uses derivative following (DF). In the partial information case, we model the problem as a Markovian game and use actor-critic based RL to learn dynamic prices. We believe our approach to solving these problems is a new and promising way of setting dynamic prices in multiseller environments with stochastic demands, price sensitive customers, and inventory replenishments.

Patent Price Dynamics in the Context of Patent Age and Patent Latent Variables

The decision to patent a technology is a difficult one to make for the top management of any organization. The expected value that the patent might deliver in the market is an important factor that impacts this judgement. Earlier researchers have suggested that patent prices are better indicators of value of a patent and that auction prices are the best way of determining value. However, the lack of public data on pricing has prevented research on understanding the dynamics of patent pricing. Our paper uses singleton patent auction price data of Ocean Tomo LLC to study the prices of patents. We describe price characteristics of these patents. The price of these patents was correlated with their age, and a significant correlation was found. A price - age matrix was developed and we describe the price characteristics of patents using four quadrants of the matrix, namely young and old patents with low and high prices. We also found that patents owned by small firms get transacted more often and inventor owned patents attracted a better price than assignee owned patents.

Influence of anvil supports and overhangs in dynamic analysis of three point bend testing

Optimum design of dynamic fracture test rigs demands a thorough appreciation of beam vibration under impact. Analyses invariably presume rigid anvils, and neglect overhang effects. The beam response predicted analytically and numerically in this paper highlights the significant role of anvil rigidity and beam overhangs on the impact dynamics of three point bend (3PB) specimens.

Dynamics between patent latent variables and patent price

This paper focuses on studying the relationship between patent latent variables and patent price. From the existing literature, seven patent latent variables, namely age, generality, originality, foreign filings, technology field, forward citations, and backward citations were identified as having an influence on patent value. We used Ocean Tomo's patent auction price data in this study. We transformed the price and the predictor variables (excluding the dummy variables) to its logarithmic value. The OLS estimates revealed that forward citations and foreign filings were positively correlated to price. Both the variables jointly explained 14.79% of the variance in patent pricing. We did not find sufficient evidence to come up with any definite conclusions on the relationship between price and the variables such as age, technology field, generality, backward citations and originality. The Heckman two-stage sample selection model was used to test for selection bias. (C) 2011 Elsevier Ltd. All rights reserved.

Soil and Groundwater Pollution from Agricultural Activities

This book introduces the major agricultural activities in India and their impact on soil and groundwater. It lists the basic aspects of agricultural activities and introduces soil properties, classification and processes, and groundwater characteristics, movement, and recharge aspects. It further discusses soil and groundwater pollution from various sources, impacts of irrigation, drainage, fertilizer, and pesticide. Finally, the book dwells upon conservation and management of groundwater and soil.

Analysis of oxide and vanadate supports for catalytic hydrogen combustion: Kinetic and mechanistic investigations

Combustion synthesized oxide and vanadate compounds (CeO2, Fe2O3, CeVO4, and FeVO4) were tested for catalytic hydrogen combustion. The compounds were characterized by X-ray diffraction and X-ray photoelectron spectroscopy. All the four compounds showed good activity and stability for catalytic hydrogen combustion and more than 95% conversion was observed over all the compounds within 500 degrees C. The mechanisms for the reaction over the different classes of compounds (cerium-based and iron-based compounds) were proposed on the basis of spectroscopic observations. The main difference in the mechanisms was in the nature of adsorption of H2 over the sites. The elementary processes for the reaction were proposed, corresponding rate expressions were derived, and the rate parameters for the reaction were estimated using nonlinear regression. Langmuir-Hinshelwood and Eley-Rideal mechanisms were also tested for the reaction and the proposed mechanism was compared with these mechanisms. (c) 2011 American Institute of Chemical Engineers AIChE J, 2012

Modeling and optimization of a natural convection-based agricultural dryer

This study presents development of a computational fluid dynamic (CFD) model to predict unsteady, two-dimensional temperature, moisture and velocity distributions inside a novel, biomass-fired, natural convection-type agricultural dryer. Results show that in initial stages of drying, when material surface is wet and moisture is easily available, moisture removal rate from surface depends upon the condition of drying air. Subsequently, material surface becomes dry and moisture removal rate is driven by diffusion of moisture from inside to the material surface. An optimum 9-tray configuration is found to be more efficient than for the same mass of material and volume of dryer. A new configuration of dryer, mainly to explore its potential to increasing uniformity in drying across all trays, is also analyzed. This configuration involves diverting a portion of hot air before it enters over the first tray and is supplied directly at an intermediate location in the dryer. Uniformity in drying across trays has increased for the kind of material simulated.

The dynamics between forward citations and price of singleton patents

In recent years, business practitioners are seen valuing patents on the basis of the market price that the patent can attract. Researchers have also looked into various patent latent variables and firm variables that influence the price of a patent. Forward citations of a patent are shown to play a role in determining price. Using patent auction price data (of Ocean Tomo now ICAP patent brokerage), we delve deeper into of the role of forward citations. The successfully sold 167 singleton patents form the sample of our study. We found that, it is mainly the right tail of the citation distribution that explains the high prices of the patents falling on the right tail of the price distribution. There is consistency in the literature on the positive correlation between patent prices and forward citations. In this paper, we go deeper to understand this linear relationship through case studies. Case studies of patents with high and low citations are described in this paper to understand why some patents attracted high prices. We look into the role of additional patent latent variables like age, technology discipline, class and breadth of the patent in influencing citations that a patent receives.

Improved modeling of groundwater recharge in agricultural watersheds using a combination of crop model and remote sensing

For improved water management and efficiency of use in agriculture, studies dealing with coupled crop-surface water-groundwater models are needed. Such integrated models of crop and hydrology can provide accurate quantification of spatio-temporal variations of water balance parameters such as soil moisture store, evapotranspiration and recharge in a catchment. Performance of a coupled crop-hydrology model would depend on the availability of a calibrated crop model for various irrigated/rainfed crops and also on an accurate knowledge of soil hydraulic parameters in the catchment at relevant scale. Moreover, such a coupled model should be designed so as to enable the use/assimilation of recent satellite remote sensing products (optical and microwave) in order to model the processes at catchment scales. In this study we present a framework to couple a crop model with a groundwater model for applications to irrigated groundwater agricultural systems. We discuss the calibration of the STICS crop model and present a methodology to estimate the soil hydraulic parameters by inversion of crop model using both ground and satellite based data. Using this methodology we demonstrate the feasibility of estimation of potential recharge due to spatially varying soil/crop matrix.

Integrating biodiversity and conservation with modern agricultural landscapes

To achieve food security and meet the demands of the ever-growing human populations, farming systems have assumed unsustainable practices to produce more from a finite land area. This has been cause for concern mainly due to the often-irreversible damage done to the otherwise productive agricultural landscapes. Agro-ecology is proclaimed to be deteriorating due to eroding integrity of connected ecological mosaics and vulnerability to climate change. This has contributed to declining species diversity, loss of buffer vegetation, fragmentation of habitats, and loss of natural pollinators or predators, which eventually leads to decline in ecosystem services. Currently, a hierarchy of conservation initiatives is being considered to restore ecological integrity of agricultural landscapes. However, the challenge of identifying a suitable conservation strategy is a daunting task in view of socio-ecological factors that may constrain the choice of available strategies. One way to mitigate this situation and integrate biodiversity with agricultural landscapes is to implement offset mechanisms, which are compensatory and balancing approaches to restore the ecological health and function of an ecosystem. This needs to be tailored to the history of location specific agricultural practices, and the social, ecological and environmental conditions. The offset mechanisms can complement other initiatives through which farmers are insured against landscape-level risks such as droughts, fire and floods. For countries in the developing world with significant biodiversity and extensive agriculture, we should promote a comprehensive model of sustainable agricultural landscapes and ecosystem services, replicable at landscape to regional scales. Arguably, the model can be a potential option to sustain the integrity of biodiversity mosaic in agricultural landscapes.