In the new competitive environment of the electricity market, risk analysis is a powerful tool to guide investors under both contract uncertainties and energy prices of the spot market. Moreover, simulation of spot pr...In the new competitive environment of the electricity market, risk analysis is a powerful tool to guide investors under both contract uncertainties and energy prices of the spot market. Moreover, simulation of spot price scenarios and evaluation of energy contracts performance, are also necessary to the decision maker, and in particular to the trader to foresee opportunities and possible threats in the trading activity. In this context, computational systems that allow what-if analysis, involving simulation of spot price, contract portfolio optimization and risk evaluation are rather important. This paper proposes a decision support system not only for solving the problem of contracts portfolio optimization, by using linear programming, but also to execute risks analysis of the contracts portfolio performance, with VaR and CVaR metrics. Realistic tests have demonstrated the efficiency of this system.展开更多
It is widely recognized that each culture has a specific effect on the economic development. Based on Chinese culture which can be characterized as lack of afterlife, the pattern of Chinese economic development has di...It is widely recognized that each culture has a specific effect on the economic development. Based on Chinese culture which can be characterized as lack of afterlife, the pattern of Chinese economic development has distinctive features relative to the economy of the Western world, even to that of Japan and Korea. This paper argues that culture influences economic development through two paths： One is that some cultural factors, as certain institutions, have effects on cost, especially transaction costs. Another point is that culture forms people＇s preferences and influences people＇s choices. With the influences of Chinese culture, Chinese have a weak sense for legal obedience and strong inclination for ＂free riding＂, this would increase social transaction costs. The family centered tradition of Chinese society results in Chinese features such as being good at individual struggles but poor at cooperation, the alienation between civil society and government, a strong sense for competition and a weak sense for legal obedience, seeing material wealth as important and neglecting scientific innovation. Traditional Chinese culture also has effects on the developmental pattern of Chinese enterprises展开更多
文摘In the new competitive environment of the electricity market, risk analysis is a powerful tool to guide investors under both contract uncertainties and energy prices of the spot market. Moreover, simulation of spot price scenarios and evaluation of energy contracts performance, are also necessary to the decision maker, and in particular to the trader to foresee opportunities and possible threats in the trading activity. In this context, computational systems that allow what-if analysis, involving simulation of spot price, contract portfolio optimization and risk evaluation are rather important. This paper proposes a decision support system not only for solving the problem of contracts portfolio optimization, by using linear programming, but also to execute risks analysis of the contracts portfolio performance, with VaR and CVaR metrics. Realistic tests have demonstrated the efficiency of this system.
文摘It is widely recognized that each culture has a specific effect on the economic development. Based on Chinese culture which can be characterized as lack of afterlife, the pattern of Chinese economic development has distinctive features relative to the economy of the Western world, even to that of Japan and Korea. This paper argues that culture influences economic development through two paths： One is that some cultural factors, as certain institutions, have effects on cost, especially transaction costs. Another point is that culture forms people＇s preferences and influences people＇s choices. With the influences of Chinese culture, Chinese have a weak sense for legal obedience and strong inclination for ＂free riding＂, this would increase social transaction costs. The family centered tradition of Chinese society results in Chinese features such as being good at individual struggles but poor at cooperation, the alienation between civil society and government, a strong sense for competition and a weak sense for legal obedience, seeing material wealth as important and neglecting scientific innovation. Traditional Chinese culture also has effects on the developmental pattern of Chinese enterprises
