Access to price information shifts the balance of power to the buyers: they can buy as little or as much as they need, treating the order form as if it were a spreadsheet, to see the effect of volume discounts or of adding or removing features.
One conclusion emerging from the research, says Irving Kirsch, a professor at Harvard Medical School who wrote the preface to the volume, is that the effect is strongest for those disorders that are predominantly mental and subjective, a conclusion backed by a meta-analysis of placebo studies that was carried out in 2010 by researchers at the Cochrane Collaboration, an organisation that reviews evidence for medical treatments.
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Researchers hope the sheer volume of participants will wash out the effect of bad data.
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Even a very conservative estimate of price elasticity (-0.1) would imply a 10% decline in volume in 2013 due to the base effect.
The effect is to end the production of an annual volume called the Statistical Abstract, which any librarian will tell you is one of the most dog-eared research publications.
If imports from China were to have an injurious effect on the domestic industry, one would expect the increasing volume of such imports to drive down prices in the United States.
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Meanwhile, the stricter U.S. sanctions, which won't fully take effect until summer, will go one step further, likely reducing the volume of Iranian exports by shutting buyers of Iranian oil out of the U.S. financial system.
The wealth effect explains the buoyancy of retail sales, homebuilding and the high plateau of auto volume.
For example, securities exchanges benefit from the network effect because as they attract more traders they become better able to handle additional trading volume.
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The market for humdrum corporate servers supporting run-of-the-mill business applications is shrinking, in effect, since the price of the things is falling faster than the growth in volume being shipped.
As was just indicated, those exceptions are indicative of the fact that countries are significantly reducing their volume of purchases of crude oil from Iran -- so, in effect, helping us achieve the very purpose of our policy.
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