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Opis: To evaluate changes to hop industry concentration and competitiveness the Herfindahl-Hirschman Index (HHI) was used. The ownership of hop proprietary varieties, their acreage and production were compared with public varieties. Market share for each proprietary hop variety acreage and production was calculated between 2000 and 2020. The quantity of land under centralized control in the U.S. hop industry due to increased proprietary variety acreage between 2000 and 2020 was quantified. Assuming tacit collusion between the participants in the oligopoly, the HHI enabled us to quantify the portion of land under oligopoly control. The HHI analysis of hop acreage and hop production demonstrated that market concentration rose rapidly between the years 2010 (0.0376 and 0.0729) and 2020 (0.4927 and 0.5394). This resulted in decreasing business competitiveness within the market during this period caused primarily by rapid consolidation of ownership during increased proprietary variety acreage and production increases. Calculations revealed that in 2016 a tipping point had been reached concerning market concentration, which resulted in higher sustained season average prices of hops—a key raw material in brewing.
Ključne besede: hop industry, varieties, market concentration, intellectual property, prices
Objavljeno v DKUM: 21.03.2024; Ogledov: 183; Prenosov: 16
Celotno besedilo (1,13 MB)
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Opis: The literature that examines the stock analysis is often faced with the same questions: Which stock analyses should be chosen and which indicators of individual stock analyses give the best information on whether a particular stock should be included in the portfolio? How many indicators and which combination of indicators should you choose to forecast future stock prices as accurately as possible? Can investors use stock analyses to create such a portfolio to meet the investment expectations? The main purpose of this article is to use theoretical methodology to determine whether the use of a combination of indicators from different stock analyses has a positive impact on the profitability of the portfolio.
Ključne besede: portfolio, stock analysis, portfolio manager, indicators, investment decisions, stock prices
Objavljeno v DKUM: 14.11.2017; Ogledov: 1406; Prenosov: 327
Celotno besedilo (1,50 MB)
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Opis: Economically viable process designs should be, in addition to other criteria, profitable over their entire process lifetimes not only at the present time. An improved process design can be achieved by establishing an appropriate trade-off between product income, raw material, operating costs, and investment. The full lifetime of the processes and future prices have to be considered rather than optimising them on a yearly basis using current prices. Single-period optimisation and synthesis models for processes reflects current prices only. The prices can fluctuate rather quickly and the optimal solution may be very different from one year to the another. Therefore, the traditional superstructural synthesis approach applying a mixed-integer nonlinear programming model was upgraded: i) over time, by considering an entire lifetime, which can be described by a multi-period model and ii) the whole field of variation regarding uncertain future prices. A stochastic approach considering the statistical distribution of price projections over an entire lifetime was used on different case studies instead of the traditional deterministic approach accounting for nominal future price projection. The objective was the maximisation of the expected net present value of a process or the expected incremental net present value of different process subsystem. The heat exchanger network has been one of the subsystem, which can significantly contribute to operating costs due to savings of external utility consumption. For this subsystem a deterministic and stochastic multi-period mixed-integer nonlinear programming (MINLP) synthesis models have been developed in order to account for future price projections. Considering higher energy prices gives rise to larger initial investments compared to solutions obtained with current prices. However, due to the uncertainties of utility prices' forecasts, retrofitting using an extension of HEN during future years of the lifespan might be a better strategy. The objective is to identify a design that is the most suitable for effective future extensions and preferably with the lowest sensitivity to energy price fluctuations, as there can be various designs featuring similar initial investment. The results supports that it is economically beneficial to consider future utility prices as the incremental investment is not only paid-off but additional savings are achieved. Process-to-process Heat Integration can also significantly affect the trade-off between investment and operating cost. The aim of Total Site (TS) HEN synthesis was to develop a model synthesis for the TS that, besides many other important features, would also consider future utility prices. Two strategies for TS synthesis have been developed: i) sequential, when HI is performed within a process during the first step and then after a process-to-process HI has been performed, and ii) simultaneous, where the HI is performed within and between processes simultaneously. The second strategy can reveal additional opportunities for heat recovery that might not be identified when applying the first strategy. Comparison of the results obtained at consideration of current utility prices and forecasted utility prices indicates that is worth to account for future utility prices. The separation processes also consume a significant amount of energy. The synthesis of a distillation column sequence integrated within its heat exchanger network was used as a case study for the separation of a multi-component stream into pure component products by considering future utility prices. This analysis has been performed in order to evaluate the magnitude of the influence of forecasted utility prices. It can be concluded that forecasted utility prices can be beneficial, however, the technical limits of the systems should be carefully observed. The price fluctuation can also be observed for other prices not only utility prices, e.g. raw material cost, product price, etc
Ključne besede: future prices, forecasted prices, stochastic optimisation, mathematical programming, Heat Exchanger Network, Total Site, distillation column sequence, methanol production
Objavljeno v DKUM: 04.05.2015; Ogledov: 2190; Prenosov: 176
Celotno besedilo (4,74 MB)