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Advice from econometrist- Be careful with the context
Explanation: Suggestion:"Initially, we start with a potentially high marginal increase with a max ceiling of 23% per time interval and this is done over 8 observation periods."
meaning... at the start of each of the 8 period or [there's another technical meaning, therefore be careful with context it does not give the same]at the start of the 1 period (and first period only)out of the series of 8 the calculations are made on a base value for the potential gain to be expected and this value is observed during 8 periods. The question is whether the base value is redefined at the start of each 8 period or only at the first.
Thats why, in your other question with a basket, you should really use the "reference basket" or "reference value" and not the "benchmark". A benchmark is something very different used in the same field but in another context-although seemingly similar, I understand it can be hard to see for non-economists-
A reference value is pointing to some baseline value of the investment being analysed/calculated and is used for comparison purposes(or price or whatever) had at some time or some place and this is the value that is monitored. It sets a reference for comparing something that has evolved from its value at some point in the past.
Example: "the metric system is the reference value for measuring distances in France, but the benchmark of the dynamics of the construction industry in France and elsewhere is the amount of surface unit whether squ. meters or squ.feet of new housing constructed per year".
Be careful, your text is tricky, the maths can be done one way or the other and the text is not clear about it.As a domain expert I must confess, few domain experts can convey domain specific mathematics with no ambiguity, as there are many aspects that become implicit to us and we are unable to spell it out clearly to non-econommists, leving room for ambiguity.
Phd in Economics/Econometrics and... ...,actually my expertise is in mathematics applied to the kind of problems described in your source text.