Renewable portfolio standard(RPS) schedule requires a specified percentage of renewable electricity development by a specified date,and therefore directly determines the pace of renewable electricity in one area.The a...Renewable portfolio standard(RPS) schedule requires a specified percentage of renewable electricity development by a specified date,and therefore directly determines the pace of renewable electricity in one area.The article aims to explore the ways the natural resource endowment and population characteristic affect the adoption of a RPS schedule.We used logistic regression to analyze the data of RPS dynamic schedules of 29 states and Washington,D.C.in the United States.Results show that local renewable potential and the interaction performance between citizen ideology and the league of conversation voters scoreboard are main factors affecting the choice of an RPS schedule,and the effect of the interaction performance between citizen ideology and LCV scoreboard has a higher significance.The finding suggests that strategies for developing renewable energy should be based on resources rather than economical level,and public education for environmental protection should be emphasized.展开更多
By introducing a stochastic element to the double-jump diffusion framework to measure the Knight uncertainty of asset return process,the model of dynamic portfolio choice was built,which maximized the expected utility...By introducing a stochastic element to the double-jump diffusion framework to measure the Knight uncertainty of asset return process,the model of dynamic portfolio choice was built,which maximized the expected utility of terminal portfolio wealth.Through specifying the state function of uncertainty-aversion,it utilized the max-min method to derive the analytical solution of the model to study the effect of time-varying,jumps,and Knight uncertainty of asset return process on dynamic portfolio choice and their interactions.Results of comparative analysis show:the time-varying results in positive or negative intertemporal hedging demand of portfolio,which depends on the coefficient of investor's risk aversion and the correlation coefficient between return shift and volatility shift;the jumps in asset return overall reduce investor's demand for the risky asset,which can be enhanced or weakened by the jumps in volatility;due to the existing of Knight uncertainty,the investor avoids taking large position on risky asset,and improves portfolio's steady and immunity;the effects of the time-varying,jumps,and Knight uncertainty are interactive.展开更多
文摘Renewable portfolio standard(RPS) schedule requires a specified percentage of renewable electricity development by a specified date,and therefore directly determines the pace of renewable electricity in one area.The article aims to explore the ways the natural resource endowment and population characteristic affect the adoption of a RPS schedule.We used logistic regression to analyze the data of RPS dynamic schedules of 29 states and Washington,D.C.in the United States.Results show that local renewable potential and the interaction performance between citizen ideology and the league of conversation voters scoreboard are main factors affecting the choice of an RPS schedule,and the effect of the interaction performance between citizen ideology and LCV scoreboard has a higher significance.The finding suggests that strategies for developing renewable energy should be based on resources rather than economical level,and public education for environmental protection should be emphasized.
基金Key Program of Natural Science Research of High Education,Anhui Province of China(No.KJ2010A154)
文摘By introducing a stochastic element to the double-jump diffusion framework to measure the Knight uncertainty of asset return process,the model of dynamic portfolio choice was built,which maximized the expected utility of terminal portfolio wealth.Through specifying the state function of uncertainty-aversion,it utilized the max-min method to derive the analytical solution of the model to study the effect of time-varying,jumps,and Knight uncertainty of asset return process on dynamic portfolio choice and their interactions.Results of comparative analysis show:the time-varying results in positive or negative intertemporal hedging demand of portfolio,which depends on the coefficient of investor's risk aversion and the correlation coefficient between return shift and volatility shift;the jumps in asset return overall reduce investor's demand for the risky asset,which can be enhanced or weakened by the jumps in volatility;due to the existing of Knight uncertainty,the investor avoids taking large position on risky asset,and improves portfolio's steady and immunity;the effects of the time-varying,jumps,and Knight uncertainty are interactive.
