Search Results (266)

Platform markets are concentrating, even as their content suppliers fragment, yet this asymmetric evolution is poorly understood. Using panel data from 11–12 Korean home shopping firms (2015–2023), we employ Hansen threshold regression, instrumental variables, and panel fixed-effects models to examine its competitive impact. Our analysis of 104 firm-year observations reveals four key findings. First, platform concentration alone explains 94.4% of transmission fee variation, with fees rising from 41.15% to 68.72% as platform HHI increased from 1390 to 2154 while content HHI declined from 1797 to 1118. Second, we identify critical fee thresholds at 62.2% (p = 0.012) and 73% (p = 0.002) that divide markets into three distinct operating regimes. Third, the fee–profitability relationship reversed from negative (r = −0.145) to positive (r = 0.554), indicating fees’ evolution from cost burdens to selection mechanisms. Fourth, instrumental variable estimates (0.473) exceed OLS estimates (0.184) by 2.6 times, revealing severe selection bias. Simulations indicate a 60% fee cap would affect 25 firms (24%) while increasing total surplus by 15.1% and improving SME profitability by 2.9 percentage points. We propose the Asymmetry Ratio (Platform HHI/Content HHI) as a regulatory tool, with ratios exceeding 1.0 triggering enhanced scrutiny. Our findings demonstrate that asymmetric market evolution creates new sources of platform power requiring novel regulatory approaches. Full article

Vitiligo, an autoimmune disorder causing depigmented skin patches, includes two types, segmental (SV) and non-segmental (NSV). Previously, NSV was off-label treated using Calcineurine inhibitors (Tacrolimus and Pimecrolimus). In 2022, the FDA approved Ruxolitinib cream, targeting the JAK/STAT pathway for NSV treatment based on promising results. This research conducts a retrospective descriptive safety assessment of Tacrolimus, Pimecrolimus, and Ruxolitinib safety in vitiligo treatment, utilizing the FDA Adverse Event Reporting System (FAERS) database spanning the period from 2013 to 2023 and including patients aged 2 years and above, encompassing both brand and generic names. A total of 844 adverse event reports involving 388 patients were extracted and categorized into dermatological and systemic groups for analysis. Tacrolimus resulted in 12 hospitalizations, two life-threatening events, and four disabilities. Pimecrolimus exhibited urticaria and pigmentation disorders, with tooth fracture as the primary systemic event. Pericarditis was the predominant systemic side effect of Ruxolitinib, followed by anemia, headache, and urosepsis. Local dermatological side effects reported were generally mild, not warranting treatment cessation. In conclusion, vitiligo significantly impacts patients’ psychological well-being, necessitating continuous post-marketing safety monitoring for topical medications. Full article

With the increasing popularity of electric vehicles (EVs) through purchase subsidy (PS) policies, the personal carbon tax (PCT) policy has been adopted by some countries due to its characteristics of restraining the diffusion of fuel vehicles (FVs) from the consumer side. This paper constructs a three-stage game model consisting of government, manufacturers, and consumers to investigate the impact of basic utility valuation heterogeneity differences on the optimal decisions and to compare the implementation effects of two policies. The results are as follows. First, conventional wisdom suggests that EV consumer surplus under PS policy will exceed that under PCT policy. Surprisingly, our results show that when the basic utility valuation difference is small, the EV consumer surplus under PCT policy exceeds that under PS policy. Second, for manufacturers, it is interesting to note that the sustained impact of PCT policy on promoting the diffusion of the EV market and the profit of the EV manufacturer is related to the basic utility valuation heterogeneity difference. However, compared with PS policy, the implementation of PCT policy has a better restraining effect on the diffusion of the FV market, effectively reducing the demand for FV and the profit of FV manufacturers. Finally, contrary to the common belief that increasing subsidies or raising carbon taxes can increase overall social welfare, this paper shows that subsidies and carbon taxes have a dual impact on overall social welfare, and only when their positive effects outweigh the negative ones can such policies become effective ways of promoting industrial transformation. Full article

Allergic rhinitis (AR) is a global health problem on the rise. More and more people are affected, and climate change is exacerbating this health problem in the long term. The quality of life of those affected is often severely compromised, and the financial burden on healthcare systems cannot be disregarded. Therefore, effective and safe medicines are needed to counteract this trend. P. hybridus (butterbur) leaf extract (Ze 339) displays a promising alternative to antihistamines in the treatment of AR symptoms. More than two decades after the first market launch it is now possible to draw a meaningful conclusion on its safety and efficacy. This review summarizes the available preclinical and clinical data, real-world data (RWD) as well as data from post-marketing pharmacovigilance monitoring about the herbal medicinal drug Ze 339. It focusses on the current knowledge about the mode of action as well as the evaluation of its efficacy and safety in the treatment of AR. Given its favourable safety profile and lack of sedative side effects, Ze 339 offers a valuable alternative to antihistamines and should therefore continue to be considered by medical practitioners for the treatment of allergic rhinitis symptoms. Full article

Diversified application scenarios and business models are effective ways to improve the utilization and economic benefits of energy storage systems. In response to the current problems of single application scenarios, high idle rates, and imperfect price formation mechanisms faced by energy storage on the power generation side, a robust two-stage optimization operation strategy for shared energy storage is proposed, taking into account leasing demand and multiple uncertainties, from the perspective of the sharing concept. A multi-scenario application framework for shared energy storage is established to provide leasing services for wind farm clusters, as well as auxiliary services for participating in the electric energy markets and frequency regulation markets, and the participation sequence is streamlined. Based on the operating and opportunity costs of shared energy storage, a pricing mechanism for leasing services is designed to explore the driving forces of wind farm clusters participating in leasing services from the perspective of cost assessment. Considering the uncertainty of wind power output and market electric prices, as well as the market operational characteristics, an optimized operation model for shared energy storage in the day-ahead and real-time stages is constructed. In the day-ahead stage, a Stackelberg game model is introduced to depict the energy sharing between wind farm clusters and shared energy storage, forming leasing prices, leasing capacities, and energy storage pre-scheduling plans at different time periods. In the real-time stage, the real-time prediction results of wind power output and electric prices are integrated with scheduling decisions, and an improved robust optimization model is used to dynamically regulate the pre-scheduling plan for leasing capacity and shared energy storage. Based on actual data from the electricity market in Guangdong Province, effectiveness verification is conducted, and the results showed that diversified application scenarios improve the utilization rate of shared energy storage in the power generation side by 52.87%, increasing economic benefits by CNY 188,700. The proposed optimized operation strategy has high engineering application value. Full article

The Farm-to-Fork strategy, an essential component of the European Green Deal, aims to establish a sustainable and healthy food system. A crucial aspect of this strategy is reducing synthetic pesticide use by 50% by 2030. In this context, biocontrol is seen as a vital tool for achieving this goal. However, the upscaling of biocontrol faces several challenges, including technical and socio-economic issues and concerns regarding the legal status of biocontrol products. This article focuses on the Positive List, which includes indigenous and introduced species that have been established for use in EPPO countries and approved biological agents in some OECD countries. This article discusses microbial control agents and active substances derived from microbial metabolites, macro-agents, semi-chemicals, and plant-based compounds. It covers their origins, active substances, mechanisms of action against target pests, application methods, market availability, benefits, and potential environmental side effects. Additionally, it discusses the role of beneficial insects and mites as natural enemies in Integrated Pest Management (IPM) within the context of conservation methods. This article addresses the future of biological control, which largely relies on advancements in science to tackle two critical challenges: enhancing the reliability and effectiveness of biopreparations in field conditions and developing suitable formulations of biopesticides tailored to large-scale cultivation technologies for key crops. Full article

This research investigates the strategic decision related to original content provision and business model selection within the rapidly evolving online video industry. We develop a two-sided market model involving a video platform, users, and advertisers to analyze how the platform balances subscription and advertising revenue while offering original content. This study finds that the amount of original content provided directly influences market equilibrium, affecting the platform’s choice between a purely subscription-based model or a mixed model. The cost of original content production plays a critical role in this decision-making process. High production costs may lead the platform to favor a mixed model, offering less original content to generate both subscription and ad revenue. Lower costs, however, encourage a subscription model with more original content to boost subscribing revenue. Additionally, factors such as network externalities between users and advertisers also impact the business model choice. Importantly, the model shows that allowing free users limited access to original content can expand both subscriber and advertiser engagement, enabling platforms to enhance dual revenue streams without having to sacrifice one for the other. Full article

Media content is an important privately supplied public good. While it has been shown that contributions to a public good crowd out other contributions in many cases, the issue has not been thoroughly studied for media markets yet. We show that in a standard model of commercial media bias, qualities of media content are strategic complements, whereby investments into quality can crowd in further investments and engage competitors in a race to the top. Therefore, financially strong public service media can mitigate commercial media bias: the content of commercial media can be more in line with the preferences of the audience and less advertiser-friendly in a dual (mixed public and commercial) media system than in a purely commercial media market. Full article

Countries aim to reduce fossil fuel usage and related environmental issues through various demand- and supply-side policies. Numerous studies have assessed the policies’ overview. However, analysis of the impacts and effectiveness of these policies in addressing transport-related CO₂ emissions is limited globally and in countries like New Zealand, which have a lower CO₂ emissions energy intensity compared to Europe, Asia, and Oceania averages. Therefore, this study first analyses the trends in energy consumption and CO₂ emissions within the transport sector across the ten largest total CO₂-emitting countries, as well as the ten largest transport CO₂-emitting OECD countries. It then provides a systematic review of the relevant policies and, finally, estimates two econometric models to explore the effects of these policies on the energy market, aimed at reducing GHG emissions globally from the transport sector, with New Zealand as a case study. The study findings indicate that the transport sector remains a significant contributor to global fossil fuel consumption and CO₂ emissions, accounting for 40.4% and 23.3%, respectively, in 2024. The ten largest CO₂-emitting countries—China, the United States, India, Russia, Japan, Germany, South Korea, Iran, Canada, and Saudi Arabia—are responsible for 68% of global emissions. Additionally, the ten OECD countries, except the US, with the highest transport CO₂ emissions—Japan, Germany, South Korea, Canada, Mexico, the UK, Italy, France, Spain, and Australia—accounted for 15.7% of the world’s total transport CO₂ emissions. Although the share of renewable energy and electricity consumption in the transport sector has steadily risen to 3.54% and 1.4%, respectively, in 2022, further adoption of these sources can considerably lower greenhouse gas emissions in this sector. Results also indicate that both demand- and supply-side policies effectively reduce greenhouse gas emissions, with their impact amplified when implemented together. In New Zealand, demand-side policies have proven to be more effective in reducing emissions than supply-side strategies alone, though combining them is the most efficient approach. This study emphasizes the importance of strategic policy implementation to guide the world toward sustainable development. Full article

Information asymmetry between banks and enterprises in the credit market is essentially the microfoundation of financial risk generation. The frequent occurrence of corporate debt defaults, mainly due to the behavior of short-term debt for long-term use (hereinafter referred to as “SDLU”), further aggravates the contagion path from individual liquidity crisis to systemic repayment crisis. In order to test whether bank financial technology (hereinafter referred to as “BankFintech”) can mitigate SDLU and reduce the possibility of financial risks, this study matched the loan data of China’s A-share listed companies with the patent data of bank-invented Fintech from 2013 to 2022 to construct the BankFintech Development Index for empirical analysis. The empirical results show that the development of BankFintech can significantly inhibit SDLU. The mechanism test reveals that BankFintech reduces bank credit risk and liquidity risk by lowering firms’ risk-weighted assets, improving capital adequacy and liquidity ratios, tilts banks’ lending preferences toward duration-matched long-term financing, and “forces” enterprises to take the initiative to improve their financial health and information transparency, enhance their ability to obtain long-term loans, and realize the active management of mismatch risk. Heterogeneity analysis finds that the effect is more significant in non-state-owned enterprises and technology-intensive industries. Further analysis shows that the level of enterprise digitization, the intensity of financial regulation, and related financial policies significantly moderate the marginal effect between the two. This study verified the “Porter’s Risk Mitigation Hypothesis” of Fintech, providing empirical evidence for effectively cracking the financial vulnerability caused by debt maturity mismatch and deepening financial supply-side reform. Full article

Short-term patterns in financial time series form the cornerstone of many algorithmic trading strategies, yet extracting these patterns reliably from noisy market data remains a formidable challenge. In this paper, we propose an entropy-assisted framework for identifying high-quality, non-overlapping patterns that exhibit consistent behavior over time. We ground our approach in the premise that historical patterns, when accurately clustered and pruned, can yield substantial predictive power for short-term price movements. To achieve this, we incorporate an entropy-based measure as a proxy for information gain: patterns that lead to high one-sided movements in historical data yet retain low local entropy are more “informative” in signaling future market direction. Compared to conventional clustering techniques such as K-means and Gaussian Mixture Models (GMMs), which often yield biased or unbalanced groupings, our approach emphasizes balance over a forced visual boundary, ensuring that quality patterns are not lost due to over-segmentation. By emphasizing both predictive purity (low local entropy) and historical profitability, our method achieves a balanced representation of Buy and Sell patterns, making it better suited for short-term algorithmic trading strategies. This paper offers an in-depth illustration of our entropy-assisted framework through two case studies on Gold vs. USD and GBPUSD. While these examples demonstrate the method’s potential for extracting high-quality patterns, they do not constitute an exhaustive survey of all possible asset classes. Full article

China’s power generation system has undergone reforms, leading to a competitive electricity market where independent producers participate through competitive bidding. With the rise of low-carbon policies, producers must optimize bidding strategies while reducing carbon emissions, creating complex interactions with local governments. Evolutionary game theory (EGT) is well-suited to analyze these dynamics. This study begins by summarizing the fundamental concepts of electricity trading markets, including transaction models, bidding mechanisms, and carbon reduction strategies. Existing research on the application of evolutionary game theory in power markets is reviewed, with a focus on theoretical constructs such as evolutionary stable strategies and replicator dynamics. Based on this foundation, the study conducts a detailed mathematical analysis of symmetric and asymmetric two-group evolutionary game models in general market scenarios. Building upon these models, a three-group evolutionary game framework is developed to analyze interactions within power producer groups and between producers and regulators under low-carbon mechanisms. A core innovation of this study is the incorporation of a case study based on China’s electricity market, which examines the evolutionary dynamics between local governments and power producers regarding carbon reduction strategies. This includes analyzing how regulatory incentives, market-clearing prices, and demand-side factors influence producers’ bidding and emission reduction behaviors. The study also provides a detailed analysis of the bidding strategies for small, medium, and large power producers, revealing the significant impact of carbon pricing and market-clearing prices on strategic decision-making. Specifically, the study finds that small producers tend to adopt more conservative bidding strategies, aligning closely with market-clearing prices, while large producers take advantage of economies of scale, adjusting their strategies at higher capacities. The study explores the conditions under which carbon emission reduction strategies achieve stable equilibrium, as well as the implications of these equilibria for both market efficiency and environmental sustainability. The study reveals that integrating carbon reduction strategies into power market dynamics significantly impacts bidding behaviors and long-term market stability, especially under the influence of governmental penalties and incentives. The findings provide actionable insights for both power producers and policymakers, contributing to the advancement of low-carbon market theories and supporting the global transition to sustainable energy systems. Full article

New power systems, predominantly based on renewable energy, necessitate active load-side management to effectively alleviate the pressures associated with balancing supply-side fluctuations and demand-side energy requirements. Concurrently, as power markets continue to evolve, both the energy market and ancillary services market offer valuable guidance for the optimal economic dispatch of industrial loads. Although substantial energy-saving potential exists within industrial production processes, their inherent complexity, dynamic nature, and mixed continuous–discrete modal characteristics present significant challenges in achieving accurate and efficient demand-side response. Conversely, the ongoing advancement of industrial internet techniques lays a robust technical foundation for the reliable, stable, and economically efficient operation of new power systems with large-scale industrial load response. This paper starts from the industrial load, discusses the resources and advantages and disadvantages of the industry itself, and carefully distinguishes the advantages and disadvantages of participating in the power market to make decisions. This paper provides a comprehensive review of intelligent optimization and regulation of industrial load flexibility in response to new power systems. Firstly, it synthesizes the three prevalent demand response strategies (load shedding, load shifting, and load substitution), along with their associated regulatory techniques, considering the operational characteristics of various industrial sectors. It then examines the trading strategies and modeling challenges of flexible industrial loads within two power market environments: the energy market and the ancillary services market. Subsequently, using the non-ferrous industry electrolytic process as a case study, it explores the optimization of production process parameters under energy usage planning. Finally, from the perspectives of market, technical innovation, and stakeholder engagement, it highlights the unresolved issues and provides insights into future research directions concerning the intelligent, digital, and market-driven integration of flexible industrial load flexibility. Full article

In recent years, an increasing demand for natural products for personal care, cosmetics, supplementation, and the treatment of different conditions has been reported worldwide. At the same time, the global essential oil (EO) market was valued at more than 23 billion per year in the last two years and is expected to grow significantly in the next five years. The purpose of this study was to explore the use of EOs in daily life, including frequency, preferences, and health-related outcomes among Bulgarian adults. The respondents and their responses remained anonymous as the survey was conducted online in January 2025. The study was associated with some important findings: usage of essential oils among Bulgarian adults is widespread (68.7% of the respondents use essential oils); secondly, we found that EO usage had a statistically greater association with younger age, higher education, and female sex. Most of the consumers of EOs did not report any side effects after use. However, 4.0% reported contact dermatitis and allergic reactions after the application of EOs. Most respondents (86.3% of the EO users) believe that repellents based on EOs provide good protection. It was established that Bulgarian adults use EOs for various applications: skin care, general wellness, aromatherapy, and as repellents. Most of the consumers of EOs would recommend EOs to other people. Full article

Peptides are an important class of biomolecules that perform many physiological functions and which occupy a significant and increasing share of the pharmaceutical market. Methods to determine the solid-state structures of peptides in different environments are important to help understand their biological functions and to aid the development of drug formulations. Here, a new magic-angle spinning (MAS) solid-state nuclear magnetic resonance (SSNMR) approach is described for the structural analysis of uniformly ¹³C-labeled solid peptides. Double-quantum (DQ) coherence between selective pairs of ¹³C nuclei in peptide backbone and side-chain CH₃ groups is excited to provide restraints on (i) ¹³C–¹³C internuclear distances and (ii) the relative orientations of C–H bonds. DQ coherence is selected by adjusting the MAS frequency to the difference in the resonance frequencies of selected nuclear pairs (the rotational resonance condition), which reintroduces the dipolar coupling between the nuclei. Interatomic distances are then measured using a constant time SSNMR experiment to eliminate uncertainties arising from relaxation effects. Further, the relative orientations of C–H bond vectors are determined using a DQ heteronuclear local field SSNMR experiment, employing ¹³C–¹H coupling amplification to increase sensitivity. These methods are applied to determine the molecular conformation of a uniformly ¹³C-labeled peptide, N-formyl-l-methionyl-l-leucyl-l-phenylalanine (fMLF). From just six distance and six angular restraints, two possible molecular conformations are determined, one of which is in excellent agreement with the crystal structure of a closely related peptide. The method is envisaged to a useful addition to the SSNMR repertoire for the solid-state structure determination of peptides in a variety of forms, including amyloid fibrils and pharmaceutical formulations. Full article