In measuring the trade process in a double anction(DA) market,there is not any observable criterion that is able to describe the matching pairs and their transaction order dynamically,In this paper,we propse a new obs...In measuring the trade process in a double anction(DA) market,there is not any observable criterion that is able to describe the matching pairs and their transaction order dynamically,In this paper,we propse a new observable criterion called Marshallian deviation.It can be used to measure the distance of a transaction path deviating from the Marshallian path mathematically,and to answer the question why buyers with high values will trade with sellers with low costs in advance in some types of DA but not in others.Furthermore,three factors influencing the Marshallian deviations both in the CDA and in the PDA are also studied.They are repectively the strategic algorithm,the transaction duration and the number of traders.A few intersting findings are presented.展开更多
The energy demand in Australia is increasing with the industrialization and rapid economic growth.This study analyzed the relationships among the economic growth,Foreign Direct Investment(FDI),trade openness,urbanizat...The energy demand in Australia is increasing with the industrialization and rapid economic growth.This study analyzed the relationships among the economic growth,Foreign Direct Investment(FDI),trade openness,urbanization,and energy usage in Australia based on the data from World Development Indicators(WDI)from 1972 to 2021.The results indicates that there is a cointegration among economic growth,FDI,trade openness,urbanization,and energy usage,which was traced through the autoregressivedistributed lag(ARDL).The Zivot-Andrews unit root test reveals that energy usage,economic growth,FDI,urbanization,and trade openness show significant structural breaks in 1993,1996,1982,2008,and 1994,respectively.The ARDL model shows that economic growth has a positive and significant effect on energy usage in the long-run(0.814)and short-run(0.809).Moreover,the results also show that FDI(0.028)and trade openness(0.043)have positive impacts on energy usage in the long-run.However,urbanization shows a negative and significant influence on energy usage in the long-run(–0.965).Then,the research demonstrates a unidirectional causation between energy usage and trade openness,with energy usage significantly causing trade openness.The current study endorses energy consumption policies and investment strategies for a paradigm shifting from a reliance on fossil fuels as the primary energy source to renewable energy sources.These findings have profound implications for sustainable energy usage.展开更多
基金This research is supported by the National Natural Science Foundation of China, CAS, MADIS and RGC of Hong Kong.
文摘In measuring the trade process in a double anction(DA) market,there is not any observable criterion that is able to describe the matching pairs and their transaction order dynamically,In this paper,we propse a new observable criterion called Marshallian deviation.It can be used to measure the distance of a transaction path deviating from the Marshallian path mathematically,and to answer the question why buyers with high values will trade with sellers with low costs in advance in some types of DA but not in others.Furthermore,three factors influencing the Marshallian deviations both in the CDA and in the PDA are also studied.They are repectively the strategic algorithm,the transaction duration and the number of traders.A few intersting findings are presented.
文摘The energy demand in Australia is increasing with the industrialization and rapid economic growth.This study analyzed the relationships among the economic growth,Foreign Direct Investment(FDI),trade openness,urbanization,and energy usage in Australia based on the data from World Development Indicators(WDI)from 1972 to 2021.The results indicates that there is a cointegration among economic growth,FDI,trade openness,urbanization,and energy usage,which was traced through the autoregressivedistributed lag(ARDL).The Zivot-Andrews unit root test reveals that energy usage,economic growth,FDI,urbanization,and trade openness show significant structural breaks in 1993,1996,1982,2008,and 1994,respectively.The ARDL model shows that economic growth has a positive and significant effect on energy usage in the long-run(0.814)and short-run(0.809).Moreover,the results also show that FDI(0.028)and trade openness(0.043)have positive impacts on energy usage in the long-run.However,urbanization shows a negative and significant influence on energy usage in the long-run(–0.965).Then,the research demonstrates a unidirectional causation between energy usage and trade openness,with energy usage significantly causing trade openness.The current study endorses energy consumption policies and investment strategies for a paradigm shifting from a reliance on fossil fuels as the primary energy source to renewable energy sources.These findings have profound implications for sustainable energy usage.
