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Working Papers | 2012

Brand Effect and Price Discrimination in the Video Rental Industry

Viswanath Pingali

What is the effect of competition on prices in a market where the product is offered at different quality levels? Would the increase in competition reduce the price of high quality good more than the low quality good? These are the questions examined in this paper in the context of the video rental industry. Videos can be classified into DVD and VHS. Firms can also be categorized as branded stores that belong to a major chain and unbranded stores that do not belong to any major national chain. As competition increases prices of both DVD and VHS should decrease, but in theory it is not clear which one will decrease more. Moreover branded and unbranded stores may respond differently to the change in competition. My empirical results indicate that as competition increases, (a) for branded stores, the price of the high quality good (DVD) falls more than that of the low quality good (VHS), (b) for unbranded stores, we observe the opposite effect.

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Working Papers | 2012

Modeling Commodity Markets: The Challenge of Leptokurtic Returns Distributions

A. K. Laha and Pravida Raja

In this paper we consider modeling leptokurtic daily log-return distributions of three commodities: gold, silver and crude oil. Three modeling approaches are tried out namely (a) a two component mixture of normal distributions model, (b) Variance Gamma (VG) distribution model and (c) Generalized Secant Hyperbolic (GSH) distribution model. The two component mixture of normal distributions model is found to be a reasonable model for log-returns on gold and crude oil. The VG distribution model and the GSH distribution model are found not to be suitable for modeling log-returns for any of the three commodities considered in this paper.

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Working Papers | 2012

Structuring the Dedicated Freight Corridor Project
A Lost Opportunity

Sobhesh Kumar Agarwalla and G. Raghuram

A new large railway project offers opportunity for structuring in a manner that best value can be delivered towards transportation. This is more so in the context of an existing large integrated railway system (Indian Railways (IR)) directly under the Government. The structuring issues include ownership, role and market access, scope and design, financing, revenue and risk, and contracting strategies. The structures on the various dimensions evolve over time, driven by different stakeholders under an overall framework. This paper explores the evolution of two dedicated freight corridors in India (covering a distance of around 3300 kilometers), and critique them from the perspective of delivering the intended rail transportation. It identifies how the structures have moved in a direction where the autonomy of DFCCIL has been reduced to make the IR the sole owner and sole customer. The unbundling that has happened in other infrastructure sectors (aviation, maritime and road) to bring in greater autonomy and accountability has not yet happened in the railways. There is no unbundling of roles in terms of policy making and licensing, operations, and regulations. The critique brings out that the structuring of DFCCIL has been a lost opportunity in terms of opening up the railways sector.

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Working Papers | 2012

Evolution of Model Concession Agreement for National Highways in India

T.S. Ramakrishnan and G. Raghuram

Economic liberalisation in 1990s necessitated development of a world class road network to trigger the economic growth trajectory for India. The concept of involving private sector was mooted as the investment required for this task was well beyond the budgetary support. Thus private sector participation in the form of Public Private Partnership emerged in mid nineties and entrenched itself in 2000-10 as the most preferred mode of delivery in the construction of National Highways in India. This paper discusses the evolution of Model Concession Agreement for National Highways, the vital framework on which the success of Public Private Partnership lies. The key learnings of this study would help in further refining the framework for Public Private Partnership in road development and also facilitate in developing the framework for other physical and social infrastructure sectors. There were a series of discussions between Planning Commission and Ministry of Road Transport and Highways and National Highways Authority of India on issues like Grant vs Premium, Site Handover, Omnibus Bipartite State Support Agreement, Specifications and Standards, Supervision, Change of Scope, Security to Lenders, Change in Ownership, Breach of Maintenance Obligations, Variations in Traffic growth, Overloading, Termination etc. The balanced and proactive approach that evolved out of these discussions made the Model Concession Agreement comprehensive, less ambiguous and justifiable for both concessionaire and the Government.

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Working Papers | 2012

Key Account Management

Vyas Preeta H

This note tries to explain concept of key account management (KAM), factors leading to importance of this emerging concept, criteria to determine key accounts from customer base, benefits to both buyers and sellers agreeing to practice it, stages of KAM relationship, conditions under which power lies with buyer or seller, outlines risks faced by both the parties, key success factors, challenges faced in implementing this concept and relevance to infrastructure sector.

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Working Papers | 2012

Indian QSR Industry: Opportunities and Strategies to Harness Them

Piyush Kumar Sinha

In a country with more than a billion people, opportunities in India are abound. This has led to a rapid growth of the QSR industry. However, simultaneously, it has also created a canvass that has many failures and carcass. Several outlets have been closed, a large number are struggling, still a large number are just about surviving and a lot many of them have not been able to find their feet. There are a lot who are successful, but, more importantly, there is almost a complete absence of national chains, except of two cafes, three-four international chains and a few regional chains. This indicates to the fact that just having a lot of opportunities is not enough. These opportunities need to be harnessed and converted into profitable enterprises. This paper is an attempt to understand the industry, its key success factors and draw a framework for developing a road map for success.

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Working Papers | 2012

Values in Vogue: Institutional Pathways for Sustaining Grassroots Innovations for Creating Public Goods

Anil K. Gupta and et al

The institutional pathways through which grassroots struggles and initiatives can not only be articulated but also nurtured are crucial for inclusive development. It has been noted earlier that to institutionalize even a small change, multiple interventions are required at different levels and in different systems. The paper is divided in four parts. In part one, the nature of institutions is discussed in the context of economic situation and socio -ecological conditions The nested nature of institutions provides space for different interest groups to negotiate outcomes of collective preferences. These outcomes may not be optimal given the asymmetry in power and negotiating ability. While discussing the policy options for strengthening institutional environment, need for reshaping the structure of governance is stressed. Two particular recommendations pursued through 13th Finance Commission leading to establishment of District Innovation Fund and Centre for Innovations in Public Systems. The management of technological interface is discussed in the context of continuing inertia in society in dealing with longstanding social problems. An example of techpedia.in as well as IGNITE awards of National Innovation Foundation [NIF] as a way of forging new institutional platforms for promoting creativity of technological youth and young school children. Finally, the institutional context of reduction of transaction costs of various actors is described suggesting the need for mass sourcing of ideas to make society creative, collaborative and compassionate.

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Working Papers | 2012

Innovation, Investment, Enterprise: Generating Sustainable Livelihood at Grassroots through Honey Bee philosophy

Anil K. Gupta

In memory of Dr.C.V.Seshadri, a maverick scientist and a social change agent, it is suggested that a new model for sustainable livelihoods is followed. The ex-ante and ex-post transaction costs of innovators, investors and entrepreneurs will have to be reduced if the new paradigm has to work. The benchmarking of unsolved problems of the society have to be linked with R&D and management institutions so that the societal tendency of living with problems indefinitely is contained. The innovation challenges are recommended to involve masses in solving persistent problems. A reference is made to challenge thrown open by Gandhiji in 1929 offering an award of Rs.1 lakh [worth about Rs.10 crores now] to improve the spinning wheel. In the post-independence India, we have never offered an award of this kind to solve any problem. I describe a framework for building value chain and a horizontal supply chain to reinforce in-situ value addition and people to people exchange and marketing system. Recalling the spread of Buddhism in the eastern Asia, more than 2000 years ago, it is stressed that culture cannot be made culprit. These very countries were heralding new models of economic growth. India has to likewise promote grassroots to global model reversing the current trend of globalization. A plea is also made for a Global Innovation Foundation premised on the philosophy and practice of Honey Bee Network.

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Working Papers | 2012

Conserving, Augmenting and Sharing Water

Anil K. Gupta

There is a huge crisis for water all around the world, certainly in India with groundwater table going down and drinking water selling almost at the rate of toned milk. Who would have imagined two decades ago that a very large number of people in the country would be paying about Rs.15 a litre for drinking water. That also shows that country has abdicated its responsibility to provide quality water in public supplies. This has not happened in a day. Recalling the lecture of K M Munshi, 1953 about the Gospel of Dirty Hand, a plea is made to link hydrological cycle, nutrient cycle and the local community. The concept of land army developed then is still relevant. Institutional and technological innovations for managing water are described next followed by specific policy suggestions for improving water conservation in urban and rural areas. While the recommendations were made in the context of Gujarat, they are equally relevant for any other state or region.

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Working Papers | 2012

Science and Technology for Inclusive Social Development in 12th Five Year Plan

Anil K. Gupta

India has used science and technology for social development right from the beginning of planned development. The first time when television programmes were beamed through satellite, it was for education and not just entertainment. No other country perhaps began the satellite-based transmission in this manner. Likewise, green, white and blue revolution essentially happened through application of science and technology along with appropriate policy and institutional interventions. Having said that, it must be acknowledged that a very large part of Indian population feels excluded from the benefits of S&T applications. This feeling of exclusion has to be overcome if the goal of inclusive development in the Decade of Innovation has to be met. Several strategies recommended in the paper deal with [a] inclusive health [b] biodiversity based knowledge systems and grassroots innovations [c] mining the minds of masses for sourcing and sinking ideas [d] launching CHUNAUTI [Challenges for unfolding and augmenting technological innovations for social development] , [e] engagement with youth [f] handlooms and handicrafts innovation and diffusion, [g] indicators of sustainability science, [h] linking modern S&T with traditional arts and other artisanal goods, [i] sustainable land use and climate change, [j] learning from centenarians, [k] mobilizing employment programmes for mapping the mind and resources and [l] extending core support to S&T institutions for social inclusion and development.

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