An FBSDE approach to market impact games with stochastic parameters

In this study,we have analyzed a market impact game between n risk-averse agents who compete for liquidity in a market impact model with a permanent price impact and additional slippage.Most market parameters,including volatility and drift,are allowed to vary stochastically.Our first main result characterizes the Nash equilibrium in terms of a fully coupled system of forward-backward stochastic differential equations(FBSDEs).Our second main result provides conditions under which this system of FBSDEs has a unique solution,resulting in a unique Nash equilibrium.

Marketization of Education in China:An Assessment of its Impact on Educational Institutions

本文主要从优点和缺点两方面分析现代化、市场化对中国教育体制造成影响的和新产生的问题,并提出解决问题的政策思路。

The impact analysis of policy events on China's carbon market

This paper interrogates the impact of policy events on the efficiency of carbon market in China.The analysis covers five piloting emission trading schemes(Beijing, Shanghai, Guangdong,Shenzhen and Hubei), particularly focusing on Guangdong pilot for its weak form efficiency and the richness of policy events. Twenty-five policy events between 2014 and 2016 are categorized into seven groups. The efficiency test indicates that only Guangdong ETS has reached weak form efficiency. After exploring the policy events occurred in Guangdong ETS, it finds that although a clear long-term climate policy has been set up over the country, China's carbon market still has a conservative risk appetite and its governing institutions still needs further development. The policy makers need to be aware of and avoid the negative impacts of policy events to the market evolvement, by introducing effective consultancy process with the stakeholders and nurturing market expectations in the long run. We also find that events like allowance auctions have considerably less impacts than previously expected and argue that auction approach should be considered a preferable option over a free allocation system in the future policy design.

Impact of Khat Production and Marketing on the Livelihood of Smallholder Households in Ethiopia

Khat, Ethiopia’s largest export cash crop, is the backbone of the Ethiopian economy. However, Ethiopia has not yet fully promoted its position as the utmost producer and exporter of khat in a global market because of its different policy discourses and illegal trade issues on khat production. The life of many smallholder households relies on khat production and its marketing in a country. Hence for thus, some information has been gathered on different aspects of khat with the objectives of reviewing khat’s impacts on the livelihood of smallholder farmers, its production status, and marketing constraints in Ethiopia. To review these objectives, data from CSA, and different published materials on khat were used. According to the review, khat production has a positive impact on securing household food insecurity and improving the livelihood status of smallholder farmers, and the largest foreign exchange-earning cash crops. However, it is exploited almost in all parts of a country’s government policy discourse on khat production and its trade legal issues, lack of infrastructure, zero access to extension services, zero tangible value addition, inadequate technology transfer, and research, and price volatility because of product perishability behavior are among major constraints threatened in khat production in Ethiopia. Its vulnerable and corrupted marketing system, zero market promotion and political dichotomy, long market chain, chronic market information, and unfair price were reported by different scholars as major problems of khat marketing in Ethiopia. From these probs: The government should analyze why and its impact on khat production discourse policy on the livelihood of smallholder households and overlook positive policy proclamation. Encouraging research and technology transfer to transform products into manufacturing industries, enhancing infrastructural and institutional facilities, and improving khat production product technologies through development, and khat production agribusiness industry transformation, institutionalizing its marketing arrangement and other related agronomic practices are among the major recommendations to forward so.

Impacts of Market Gardening Practices on Environmental Resources: The Case of Irrigable Lands in Bonkoukou (Imanan Rural Municipality, SW Niger Republic)

Due to increasingly extreme climatic conditions in the Sahel, irrigated crops are emerging as imperative innovations for agricultural transformation and resilience. This study is designed to assess the impact of market gardening on soil, water and plant cover in the western Niger Republic. Semi-structured survey data were collected from 78 site operators in the Imanan rural municipality (Filingué, Tillabéry). In addition to the survey, a photographic collection illustrated certain observable facts in the field. The survey shows that the wooden enclosures (70.65% of respondents) around the fields are renewed every year. The impacts are then substantial: deforestation of plateaus, clearing of valleys for new extensions, loss of wildlife habitat, changes in the water flow regime resulting from a geomorphological change in the commune. Itou, the preparation of the planks consumes a lot of water. Thus, the new sinking of water points and the load pressure increase the drawdowns of wells and boreholes in the sites (75.46% of respondents). The frequent spills of waste oil on the sites, as well as the numerous potato storage pits, are among the factors and vectors most likely to contaminate the soils and aquifers of the study area. Market gardening destabilizes the soils and induces regressive erosion as well as area runoff of rainwater on all sites and on the slopes. On the other hand, slash-and-burn practices, drying of branches intended for fences, as well as rain-fed cowpea crops, promote improved physical properties and soil fertilization. To reduce the risks of disintegration and especially of silting up of sites, the study suggests a policy of live hedges and wire fences so that common spaces can be imposed on operators.

Economic Impacts of Renewable Power Generation Technologies and the Role of Endogenous Technological Change

This paper brings together the debate on economic impacts of renewable energy (RE) deployment and the discussion on modelling endogenous technological change on the global markets for the different renewable power generation technologies. Economic impacts of RE deployment are still mostly discussed on national level, where different effects have been identified. Recent research for Germany shows positive effects on the macro level and different distributional impacts. High investment in solar photovoltaics (PV) from 2010 to 2012 and induced increases in the RE sur-charge are the main drivers. At the same time, cost reductions for wind and solar PV take place on global markets, with global learning curves explaining the cost reductions very well. This calls for better including the international dimension into the modelling. The complex feedback loops between global cost curves and national policies, which react to global learning with some time lags, are not yet integrated into complex economic models. These models have to capture different RE technologies, different industries, either delivering the RE technologies or strongly depending on electricity prices, which are influenced by national support policies and macroeconomic development. As a first step to better understand the role of international markets, assumptions on RE exports based on global scenarios can be used. Results show the importance of global markets at least for the German RE industries. If the international dimension is taken into account, mainly positive economic impacts of further RE deployment can be observed.

考虑市场影响的风电厂与储能运营商联合调度策略研究

本文基于拥有风力发电厂与电力储能设备的电力运营商视角,考虑运营商参与电力交易会对市场电价产生影响的基础上,通过动态规划,以利润最大化为目标,研究其最优联合调度策略。研究表明:在考虑充放电效率以及运营成本时,存在三个最优参考点将储能设备中的可用库存空间分为四个区域,进而对应四个不同的决策活动:将风电和从市场上购买的电力全部存入储能系统;将部分风电存入储能系统并将剩余部分销售到市场;售出全部风电不向储能设备中存入电量;将所有的风电和储能系统中的部分电量销售至电力市场。运营商可根据当前时刻风力发电量和储能设备中的电量与最优参考点之间的大小关系,得到相应的最优电力调度策略及其交易量。此外,本文研究发现随着市场影响强度的增大,运营商的利润随之减小,因此运营商应在其市场影响强度与最优电力交易量之间做好权衡。本研究对运营商的电力调度具有重要的指导意义和实际应用价值。

PPP政策内容分析及其市场影响

PPP政策是政府治理PPP模式的主要工具,也是社会资本方制定PPP投资策略的指导文件.从政策文本内容及其市场影响两个角度出发,分析了2014年∼2021年我国中央层面的PPP政策文本.首先,构建了LDA主题模型对PPP政策进行主题演化分析,从主题发现、主题强度和演化趋势三个方面分析PPP政策的文本内容;其次,基于LDA主题模型结果及财政部PPP项目库数据,构建了多元线性回归模型进一步研究了不同政策主题对PPP市场的影响机制.从政策内容来看,PPP政策在文本设计方面存在主题分布不均衡的问题,并且呈现出一定的波动性和矛盾性;从政策的市场影响来看,激励性政策并未达到政策预期,且PPP市场对规范性政策更加敏感,社会资本方在进行投资选择时更倾向于监管规范、信息公开的PPP市场.

数字经济发展对区域创新效率的影响机制研究——基于对外贸易和市场竞争的实证分析

数字赋能千行百业高质量发展,数字经济已成为中国全面建设社会主义现代化国家的重要引擎。基于2011—2020年中国省级面板数据,构建固定效应、中介效应和调节效应模型,从区域层面研究数字经济发展提升创新效率的影响机制。研究发现:当创新效率为被解释变量时,数字经济发展水平的回归系数显著为正,但东部、中部和西部地区的数字经济发展对创新效率的作用效果存在差异;对外贸易具有良好的中介效应,数字经济发展可以有效推动中国对外贸易来提升创新效率;市场竞争具有良好的调节效应,说明市场竞争程度越低的区域,数字经济发展对其创新效率的作用程度越高。

适应我国高集中度电力现货市场的发电侧市场力辨识方法

我国电力现货市场发电侧拥有高市场集中度的特点,市场力的滥用辨识变得尤为重要。对美国事前市场力的辨识方法进行了详细综述,分析指出了行为-影响测试方法更适用于我国电力现货市场。在此基础上,进一步研究提出了高市场集中度下的事前-事后市场力辨识方法,包括用于辨识潜在市场力的剩余供给指标测试法和市场模拟仿真法、用于辨识事中市场力的行为-影响测试方法和从市场整体运行情况、用户侧、发电侧和电网侧4个维度进行全面评估的事后市场力辨识方法。最后,通过算例分析,论证了所提市场力辨识方法的合理性和可行性。

新能源发展对电力市场竞争力的影响分析

文章首先从全球能源转型的背景出发,概述了新能源在电力市场中的地位及其重要性。通过深入分析新能源技术的最新进展、经济效益和环境价值,揭示了其对电力市场竞争力的积极推动作用。同时考虑到新能源发展可能带来的技术和市场挑战,文章也详细探讨了电力市场的结构调整、新技术的并网与管理策略,以及与传统能源之间的竞争与融合。此外,本文还对相关政策支持进行了评估,提出了为确保电力市场健康、稳定与可持续发展的策略建议。

无人驾驶技术对劳动力市场的冲击与应对策略

随着无人驾驶技术的不断变革升级,对劳动力市场的冲击愈加显著,对就业结构也产生了深远影响。劳动力市场会出现结构性失业风险,特别是低技能驾驶岗位面临较高的替代可能性;同时,在新兴技术领域带来了就业机会的增长,对劳动者技能提出更高要求。通过文献分析和历史交通变革案例对比,基于实际经济周期理论,分析技术冲击对经济的短期波动与长期增长影响,揭示了无人驾驶技术对传统岗位的替代效应、新兴岗位的创造效应以及生产率的提升。研究发现,无人驾驶技术将显著减少传统驾驶员岗位,导致结构性失业和工资水平下降,但也推动高技能岗位的增长,并为高精度地图、智能交通系统等新兴领域带来了就业机会,提升了整体运输效率和经济增长潜力;然而,劳动者的技能水平难以快速跟上技术变革,导致就业市场在短期内面临较大压力。研究表明,无人驾驶技术带来的就业冲击需要通过政策干预和技能再培训加以缓解;应制定灵活的劳动力市场政策,提供就业匹配和技能培训,完善社会保障体系,同时推动相关法规建设;通过构建高效的就业生态系统,技术进步可为经济增长和社会发展带来长远益处。

数字化时代下的服装品牌营销策略

基于对数字化时代下服装品牌营销策略的研究,文章通过实地调查法、访谈法以及文献法等方式,分析当前某服装品牌在营销中应用数字化技术的作用,以及数字化时代下服装品牌的营销策略。研究认为,数字化促使服装品牌实现精准化、整合性营销。在数字化的大背景下,服装品牌可通过结合新媒体进行营销、推动电商营销与打造沉浸式营销模式等方式,创新营销途径,提升服装品牌的营销效率。

新闻传播对汽车市场消费者行为模式的影响研究

文章研究了新闻传播对汽车市场消费者行为模式的影响。基于议程设置、理性行为理论、计划行为理论和整合营销传播等理论,文章分析了新闻传播如何改变消费者信息获取、购车决策、理性购车意识、新能源汽车接受度及维权意识。研究表明,新闻传播显著影响汽车市场消费者行为,为行业参与者提供了市场趋势的洞察,对制定营销策略和应对市场变化具有重要指导意义。

ESG投资在中国资本市场可持续发展中的战略价值与实施路径

随着全球气候变化加剧、社会不平等问题凸显以及公司治理风险频发,ESG投资已从单纯的道德投资发展成为推动全球可持续发展的重要金融工具。本研究系统考察了全球和中国ESG投资的发展现状、影响机制及未来趋势,深入分析了ESG投资对资本市场的影响,并提出了推动中国ESG投资发展的策略建议。研究发现,全球ESG投资规模持续扩大,投资策略日趋多元化。中国ESG投资虽起步较晚,但在“双碳”目标和高质量发展要求下呈现快速发展态势,形成了具有特色的发展路径。然而,中国ESG投资仍面临着信息披露标准不统一、评价体系不完善、专业人才短缺等多重挑战。深入研究发现,ESG投资通过多重渠道影响资本市场运行。ESG表现优异的企业往往获得更高的市场估值和更低的融资成本;ESG投资的发展推动了市场流动性提升,其长期导向特征有助于降低市场过度波动。特别是在风险管理方面,ESG投资展现出独特优势,能够帮助投资者更好地应对长期系统性风险。基于此,本文提出了完善ESG投资制度体系、构建中国特色评价体系、培育专业化投资机构、推动产品创新、加强国际合作等建议。

数码印花图案在动漫服装设计中的运用

随着科技的发展和消费者审美需求的变化,数码印花技术以其高效、灵活和个性化的特点,逐渐在动漫服装领域占据了一席之地。本文详细探讨了数码印花图案在动漫服装设计中的运用,包括其设计原则、应用方式、市场影响和未来趋势等方面。通过对数码印花技术的深入分析和实例展示,旨在为动漫服装设计师提供新的设计思路和方法,同时也为相关领域的研究者提供有价值的参考。

审美的多元化:油画技法在当代陶瓷艺术中的应用

本文对油画技法在当代陶瓷艺术中的应用进行研究,探讨了审美的多元化对当代艺术产生的影响。通过考察油画技法在传统陶瓷艺术中的历史渊源,分析其在当代陶瓷艺术中的创作意义和实践应用,并结合艺术、审美和市场的角度,深入剖析油画技法与当代陶瓷艺术相结合所带来的审美多元化,以及对当代艺术市场的影响和推动作用。

源网荷储一体化价格政策的研究

源网荷储一体化策略在电力系统的经济性、稳定性以及可持续性中发挥着重要作用。聚焦于源网荷储一体化价格政策,旨在通过定量分析和模型构建,探讨影响价格政策的关键因素,以及这些政策对电力市场和终端用户的潜在影响。结果表明,合理的价格政策能有效激励源网荷储一体化项目的发展,提升电力系统的效率和灵活性。

新能源发展对煤炭市场消费的影响研究

新能源产业的快速发展对传统煤炭市场消费产生了深远影响,文章通过分析新能源发展现状、煤炭市场消费变化趋势以及两者之间的相互关系,探讨新能源发展对煤炭市场消费的影响机制。研究表明,新能源的发展在一定程度上替代了煤炭消费,但同时也促进了煤炭消费结构的优化升级,未来新能源将与煤炭形成互补关系,共同支撑能源安全和经济社会发展。为实现新能源和煤炭的协调发展,需要加强新能源技术创新、优化煤炭消费结构,推进能源体制改革。

电力现货交易市场模式空间及影响分析

在市场化交易的电力市场体制背景下,传统电能交易模式难以满足电能灵活交易的现实需求,电力现货交易市场的建设势在必行。电力现货市场在发电侧和购电侧都可进行实时灵活调整,能帮助解决电力市场中长期电力电量平衡和价格机制问题,进一步发挥价格作用,完善交易类型,促进新能源消纳,进而形成市场体系化竞争。为此,文章对电力现货交易市场模式空间及影响进行了分析与探讨。