Optimized scheduling of integrated energy systems for low carbon economy considering carbon transaction costs

With the introduction of the“dual carbon”goal and the continuous promotion of low-carbon development,the integrated energy system(IES)has gradually become an effective way to save energy and reduce emissions.This study proposes a low-carbon economic optimization scheduling model for an IES that considers carbon trading costs.With the goal of minimizing the total operating cost of the IES and considering the transferable and curtailable characteristics of the electric and thermal flexible loads,an optimal scheduling model of the IES that considers the cost of carbon trading and flexible loads on the user side was established.The role of flexible loads in improving the economy of an energy system was investigated using examples,and the rationality and effectiveness of the study were verified through a comparative analysis of different scenarios.The results showed that the total cost of the system in different scenarios was reduced by 18.04%,9.1%,3.35%,and 7.03%,respectively,whereas the total carbon emissions of the system were reduced by 65.28%,20.63%,3.85%,and 18.03%,respectively,when the carbon trading cost and demand-side flexible electric and thermal load responses were considered simultaneously.Flexible electrical and thermal loads did not have the same impact on the system performance.In the analyzed case,the total cost and carbon emissions of the system when only the flexible electrical load response was considered were lower than those when only the flexible thermal load response was taken into account.Photovoltaics have an excess of carbon trading credits and can profit from selling them,whereas other devices have an excess of carbon trading and need to buy carbon credits.

TRADE DEPENDENCIES AND TRANSACTION COSTS: THE OC-CUPATION OF DECELEA HIGHLIGHTS BOTH THE BENEFITS AND THE DRAWBACKS OF A MARITIME ECONOMY

Thucydides asserts that the occupation of Decelea by the Spartans in 413 BC made the grain supply for Athens costly by forcing the transport from land onto the sea.This calls into question the well-established consensus that sea transport was far cheaper than land transport.This paper contends that the cost of protecting supply lines-specifically the expenses associated with the warships which escorted the supply ships-rendered the grain transported on the new route exceptionally costly.In this paper,the benefits and drawbacks of a maritime economy,including transaction costs,trade dependencies,and the capabilities of warships and supply ships are discussed.

Optimal proportional reinsurance and dividend payments with transaction costs and internal competition

We study the dividend optimization problem for an insurance company under the consideration of internal competition between different units inside company and transaction costs when dividends occur. The management of the company controls the reinsurance rate, the timing and the amount of dividends paid out to maximize the expected total dividends paid out to the shareholders until ruin time. By solving the corresponding quasi-variational inequality, we obtain the optimal return function and the optimal strategy.

FOREIGN CURRENCY OPTION PRICING WITH PROPORTIONAL TRANSACTION COSTS

The purpose of present work is to examine the financial problem of finding the universal reservation prices of a European call option written on exchange rate when there is proportional transaction costs of trading foreign currency in the market. An approach is suggested to compute the reservation bid-ask price of foreign currency call option based on maximizing the investor＇s expected utility. Option prices are determined from the investor＇s basic portfolio selection problem, without the need to solve a more complex optimization problem involving the insertion of the option payoffs into the terminal value function. Option prices are computed numerically in a Markov chain approximation for the case of exponential utility. Numerical results show that the option price bounds are almost independent of the alternative risk aversion parameter, but the bounds of NT region becomes narrower and the range of values of the initial holding for which the fair price lies within the bid-ask spread is shifted to a lower value when the risk aversion parameter increases.

Optimal investment with transaction costs based on exponential utility function:a parabolic double obstacle problem

This paper concerns optimal investment problem with proportional transaction costs and finite time horizon based on exponential utility function. Using a partial differential equation approach, we reveal that the problem is equivalent to a parabolic double obstacle problem involving two free boundaries that correspond to the optimal buying and selling policies. Numerical examples are obtained by the binomial method.

Matrix decomposition and Lagrangian dual method for discrete portfolio optimization under concave transaction costs

In this paper, the discrete mean-variance model is considered for portfolio selection under concave transaction costs. By using the Cholesky decomposition technique, the convariance matrix to obtain a separable mixed integer nonlinear optimization problem is decomposed. A brand-and-bound algorithm based on Lagrangian relaxation is then proposed. Computational results are reported for test problems with the data randomly generated and those from the US stock market.

EXISTENCE OF EXPECTATION EQUILIBRIUM OF REAL ASSET ECONOMIES WITH TRANSACTION COSTS

To some two\|period economies with countable infinite state spaces, the existence of expectation equilibrium of real asset economies with transaction costs is given. This work extends the researches of Zame in 1993.

Parallel Binomial American Option Pricing under Proportional Transaction Costs

We present a parallel algorithm that computes the ask and bid prices of an American option when proportional transaction costs apply to trading in the underlying asset. The algorithm computes the prices on recombining binomial trees, and is designed for modern multi-core processors. Although parallel option pricing has been well studied, none of the existing approaches takes transaction costs into consideration. The algorithm that we propose partitions a binomial tree into blocks. In any round of computation a block is further partitioned into regions which are assigned to distinct processors. To minimise load imbalance the assignment of nodes to processors is dynamically adjusted before each new round starts. Synchronisation is required both within a round and between two successive rounds. The parallel speedup of the algorithm is proportional to the number of processors used. The parallel algorithm was implemented in C/C++ via POSIX Threads, and was tested on a machine with 8 processors. In the pricing of an American put option, the parallel speedup against an efficient sequential implementation was 5.26 using 8 processors and 1500 time steps, achieving a parallel efficiency of 65.75%.

Transaction costs for collaboration in the watershed management of the Cuyahoga River Area of Concern

This study examines the transaction costs of collaborative watershed management in the Cuyahoga River Area of Concern(AOC)—one of the 43 geographic areas designated by the U.S.and Canada Great Lakes Water Quality Agreement(GLWQA),where significant impairment of beneficial uses has occurred as a result of human activities.The Cuyahoga River is located in Northeast Ohio,the U.S.and flows through the City of Cleveland before draining into Lake Erie—one of the five Great Lakes of North America.The watershed is degraded due to municipal and agricultural discharges,streambank erosion,and contamination from urban and industrial sources.This research explores how a diverse group of stakeholders convened under the Cuyahoga River AOC Advisory Committee to share information,coordinate activities,agree on activities that restore beneficial uses,and support strategic management actions.In this study,23 semi-structured interviews with members of the advisory committee were conducted between January 28,2020 and April 20,2020,with follow-up emails and phone calls as needed to corroborate information.A review of research articles and government documents supported the interviews,including United States Environmental Protection Agency(U.S.EPA)and Ohio Environment Production Agency(OEPA)reports on the GLWQA and Cuyahoga River Remedial Action Plans.A third source of data is from direct participant observation at quarterly meetings of the advisory committee during 2017–2020,binational AOC conferences in 2017 and 2019,and other professional events geared towards restoring the Cuyahoga River AOC in 2016–2020.Results of this study include a set of recommendations to help guide group structure and decision-making processes,including(1)employing best available technology to organize AOC events and disseminate information;(2)supporting new members with an orientation and/or mentor to clearly define formal and informal committee rules;(3)assuring equal access to detailed information on management action plans with a real time dashboard;(4)updating voting procedures and the prioritization of management actions;and(5)better incorporating underrepresented local communities and highlevel decision makers from municipalities,government agencies,and nongovernmental organizations located within the Cuyahoga River AOC.Results help to explain the collaborative process within the advisory committee and measure the institutional performance of the advisory committee in terms of efficiency,equitability,accountability,and adaptability.

Transaction-cost应译为“交易费用”

新制度经济学中的核心概念Transaction-cost应该译为"交易成本"还是"交易费用"没有达到广泛的一致,国内学者对这两个概念大多不加区分,造成很大的混乱。在推敲汉语含义和总结前人研究的基础上,从交易的特性出发,通过分析机会主义行为、资产专用性和沉没成本之间的联系,认为"Transaction-cost"应当译为"交易费用"。

Effects of China's Administrative Approval Reforms on Transaction Cost and Economic Growth

Chinas economic growth miracle despite complicated administrative approval formalities prompted us to raise the following question: Is it true that reforming administrative approval will promote economic growth? Based on our analysis on market entry, we discovered that reforming administrative approval will spur economic growth by reducing transaction cost for firms. Administrative approval may suppress social cost and propel Chinas economic growth; Chinas gradualist approval reforms may indeed propel economic growth by reducing transaction cost for firms. With the data of prefecture-level cities during 2000-2013 and data of companies listed on the SME board during 2010-2014, we tested the effects of approval reforms on economic growth and on transaction cost, and employed instrumental variable and PSMfor the treatment of the endogeneity problem-all these tests led to robust and consistent results. Moreover, we discovered that difference in government policy implementation in the approval process is the root cause of corruption and rent seeking.

Arbitrage-free interval of American contingent claims under proportional transaction cost

In a general continuous-time market model with proportional transaction costs, we derive the range of arbitrage-free prices of American contingent claims. Using a martingale approach, we obtain the upper and the lower hedging price of American contingent claims.

Does driving-day-based tradable credit scheme outperform license plate rationing? Examination considering transaction cost

This article models a novel driving-day-based tradable credit scheme (DD-TCS) to alleviate urban traffic congestion. In this model, car-using allowances (in terms of the number of days in a month, termed as "credit") are freely and uniformly allocated to all travellers, who are also allowed to trade them in a market according to his/her travel needs (e.g. driving more or fewer days than the free endowment). As opposed to most studies on TCS, this paper explicitly considers the transaction cost (e.g. infor-mation cost of finding potential traders) in the trading market. To assess the feasibility of DD-TCS, we compare it against the license plate rationing (LPR) scheme, which has been practically implemented in many cities such as Beijing and Chengdu in China. Taking the performance of LPR as a benchmark, we quantify the threshold values of the transaction cost in DD-TCS when the two schemes yield equivalent performance (in terms of the total gener-alized cost). In numerical studies, we also compare the DD-TCS and LPR with the no-action case and the congestion pricing case (representing the theoretical optimum). Results show that both DD-TCS and LPR outperform the no-action case under certain conditions. With small trans-action cost, DD-TCS may achieve a lower system cost that can be very close to the ideal optimum. In addition, parameter analysis shows that DD-TCS performs better than LPR in a wide range of transaction cost, where the threshold values appear to account for a considerable portion of the auto travel time. This implies that DD-TCS will be more appealing than LPR in practice because a transaction cost lower than the extremely large threshold values can be easily achieved for the trading market, e.g. via a mobile platform and modern communication techniques.

Research on the Portfolio with Transaction Cost and Inflation

This paper analyzes the portfolio with inflation and transaction cost by broadening mean-variance model assumption. Based on the comparison between efficient frontier with and without transaction cost and inflation, the conclusion is drawn that the new efficient frontier is revolving and the new investment strategy changes. Furthermore, we provide a numerical example based on real world data.

Research on Efficient Frontier of Portfolios with Transaction Cost

This paper is concerned with a study on the efficient frontier characters of portfolio with transaction cost. The conclusion is drawn that all portfolios are of positive correlation on the efficient frontier with transaction cost; the sufficient condition for the derivable efficient frontier has also been achieved. Meanwhile, in comparison with the position of the efficient frontier without transaction cost in the plane (σ 2,R), the conclusion has been made that the efficient frontiers with transaction cost drift and its opening shrinks correspondingly. With this study, the content of the efficient frontier is further enriched. It’s very constructive and important for the practical portfolio investment strategy.

Ownership Forms and Costs of Operations of Microfinance Institutions in Cameroon

This paper investigates on the relative costs of operations of microfinance institutions(MFIs)in Cameroon with regard to their ownership forms.We extracted data from MIX Market which included 31 MFIs over the period 2001-2017.On processing data though a multinomial logistic regression,we found out that affiliated Credit Unions were the most cost-efficient organisational form,but the portfolio efficiency was nearly the same all across ownership patterns.Affiliated Credit Unions underwent the lowest operating expenses whereas Microbanks significantly reported the highest financial expenses.Also,we did not find any significant differences between personnel productivity across ownership forms.