China has started shifting from relying on supply management to demand management strategy in addressing its water shortage problems.Water option,a financial derivative for water commodity,has been utilized to manage ...China has started shifting from relying on supply management to demand management strategy in addressing its water shortage problems.Water option,a financial derivative for water commodity,has been utilized to manage water demands in the United States and Europe since the 1990 s but is still novel to China.In this study we analyzed the pros and cons of China’s existing system for water rights transfers and proposed an alternative,flexible trading instrument-water options for China.Incorporating the uncertainty to water option pricing,this study first conducted an empirical analysis of the water option in the water-receiving area of the Hanjiang-Weihe River Transfer Project of China,and then evaluated the benefits of the water option applications.Results show that water option trading can bring water cost saving and increase the potential industrially added value for industrial enterprises in the receiving area,and trading of short-and-medium term water options is more favorable than the long-term water options trading.The novel water option trading proposed in this study,once verified through pilot studies,will be helpful in addressing water shortage problems in China.展开更多
There is uncertainty in the electricity price of spot electricity market,which makes load aggregators undertake price risks for their agent users.In order to allow load aggregators to reduce the spot market price risk...There is uncertainty in the electricity price of spot electricity market,which makes load aggregators undertake price risks for their agent users.In order to allow load aggregators to reduce the spot market price risk,scholars have proposed many solutions,such as improving the declaration decision-making model,signing power mutual insurance contracts,and adding energy storage and mobilizing demand-side resources to respond.In terms of demand side,calling flexible demand-side resources can be considered as a key solution.The user’s power consumption rights(PCRs)are core contents of the demand-side resources.However,there have been few studies on the pricing of PCR contracts and transaction decisions to solve the problem of price forecast deviation and to manage the uncertainty of spot market prices.In addition,in traditional PCR contracts,PCRs are mostly priced using a single price mechanism,that is,the power user is compensated for part of the electricity that was interrupted or reduced in power supply.However,some power users might engage in speculative behaviours under this mechanism.Further,for load aggregators,their price risk avoidance ability has not substantially improved.As a financial derivative,options can solve the above problems.In this article,firstly,the option method is used to build an option pricing optimization model for power consumption right contracts that can calculate the optimal option premium and strike price of option contracts of power consumption rights.Secondly,from the perspective of power users and load aggregators,a simulation model of power consumption right transaction decision-making is constructed.The results of calculation examples show that(1)Under the model in this article,the pricing of option contracts for power consumption rights with better risk aversion capabilities than traditional compensation contracts can be obtained.(2)The decision to sell or purchase the power consumption rights will converge at respective highvalue periods,and option contracts will expedite the process.(3)Option contracts can significantly reduce the loss caused by the uncertainty of spot electricity prices for load aggregators without reducing users’willingness to sell power consumption rights.展开更多
So many legal issues can be handled in public interest method. As some commentators have pointed out, the public interest is an ancient and new topic. It＇s a highly abstract prone to ambiguities and shortcomings of t...So many legal issues can be handled in public interest method. As some commentators have pointed out, the public interest is an ancient and new topic. It＇s a highly abstract prone to ambiguities and shortcomings of the concept. And it＇s also a basket that strange, confused and can not be discarded. Even critics simply deny the existence of public interest and regard the public interest as a myth. As it＇s difficult to define the public interest from political perspective, a democratic theory, legal perspective a theory of law, economic perspective a public choice theory, philosophical perspective a public philosophy, and other common perspective. The paper explores the law theory of public interest from the framework of the overflow theory and the perspective of the concept function, and provides an easy to use identification method of public interest for the judicial practice and administrative practices.展开更多
基金Under the auspices of the Ministry of Education of Humanities and Social Science Project(No.17XJA790005)Grant of Shaanxi Social Science Association&Shaanxi Statistics Bureau(No.2019TJ053)。
文摘China has started shifting from relying on supply management to demand management strategy in addressing its water shortage problems.Water option,a financial derivative for water commodity,has been utilized to manage water demands in the United States and Europe since the 1990 s but is still novel to China.In this study we analyzed the pros and cons of China’s existing system for water rights transfers and proposed an alternative,flexible trading instrument-water options for China.Incorporating the uncertainty to water option pricing,this study first conducted an empirical analysis of the water option in the water-receiving area of the Hanjiang-Weihe River Transfer Project of China,and then evaluated the benefits of the water option applications.Results show that water option trading can bring water cost saving and increase the potential industrially added value for industrial enterprises in the receiving area,and trading of short-and-medium term water options is more favorable than the long-term water options trading.The novel water option trading proposed in this study,once verified through pilot studies,will be helpful in addressing water shortage problems in China.
基金This research was funded by the National Natural Science Foundation of China,China(Grant No.72174062)the 2018 Key Projects of Philosophy and Social Sciences Research,Ministry of Education,China(Grant No.18JZD032).The completion of this articlewas accomplished with the help of many teachers and classmates.We sincerely thank them for their help and guidance.
文摘There is uncertainty in the electricity price of spot electricity market,which makes load aggregators undertake price risks for their agent users.In order to allow load aggregators to reduce the spot market price risk,scholars have proposed many solutions,such as improving the declaration decision-making model,signing power mutual insurance contracts,and adding energy storage and mobilizing demand-side resources to respond.In terms of demand side,calling flexible demand-side resources can be considered as a key solution.The user’s power consumption rights(PCRs)are core contents of the demand-side resources.However,there have been few studies on the pricing of PCR contracts and transaction decisions to solve the problem of price forecast deviation and to manage the uncertainty of spot market prices.In addition,in traditional PCR contracts,PCRs are mostly priced using a single price mechanism,that is,the power user is compensated for part of the electricity that was interrupted or reduced in power supply.However,some power users might engage in speculative behaviours under this mechanism.Further,for load aggregators,their price risk avoidance ability has not substantially improved.As a financial derivative,options can solve the above problems.In this article,firstly,the option method is used to build an option pricing optimization model for power consumption right contracts that can calculate the optimal option premium and strike price of option contracts of power consumption rights.Secondly,from the perspective of power users and load aggregators,a simulation model of power consumption right transaction decision-making is constructed.The results of calculation examples show that(1)Under the model in this article,the pricing of option contracts for power consumption rights with better risk aversion capabilities than traditional compensation contracts can be obtained.(2)The decision to sell or purchase the power consumption rights will converge at respective highvalue periods,and option contracts will expedite the process.(3)Option contracts can significantly reduce the loss caused by the uncertainty of spot electricity prices for load aggregators without reducing users’willingness to sell power consumption rights.
文摘So many legal issues can be handled in public interest method. As some commentators have pointed out, the public interest is an ancient and new topic. It＇s a highly abstract prone to ambiguities and shortcomings of the concept. And it＇s also a basket that strange, confused and can not be discarded. Even critics simply deny the existence of public interest and regard the public interest as a myth. As it＇s difficult to define the public interest from political perspective, a democratic theory, legal perspective a theory of law, economic perspective a public choice theory, philosophical perspective a public philosophy, and other common perspective. The paper explores the law theory of public interest from the framework of the overflow theory and the perspective of the concept function, and provides an easy to use identification method of public interest for the judicial practice and administrative practices.
