Probability criterion has its practical significance, and its investment decision-making is determined by the expected discounted wealth. In a complete, standard financial market with short-selling allowed, this paper...Probability criterion has its practical significance, and its investment decision-making is determined by the expected discounted wealth. In a complete, standard financial market with short-selling allowed, this paper probes into the investment decision-making with probability criterion. The upper limit of criterion function is obtained. The corresponding discounted wealth process and hedging portfolio process are provided. Finally, an illustrative example of one-dimensional constant-coefficient financial market is given.展开更多
With the accelerated reform of the state-owned industry,deregulation and competition continues,but integrated layout and regulation reconstruction are more and more expected.Through analyzing power,telecom,and tobacco...With the accelerated reform of the state-owned industry,deregulation and competition continues,but integrated layout and regulation reconstruction are more and more expected.Through analyzing power,telecom,and tobacco industry’s reform model,this paper advances a general model of deepening monopoly reform,which applies regulation reconstruction to industry restricting and monitoring regulation improvement,promoting the harmonious development of the central and local industries and promoting the vitality,influence,control force as well as anti-risk capability of the state-owned economy comprehensively.展开更多
In this paper we examine private debt developments in Greece from 1970 onwards. We find private debt nearly stationary for about 20 years （starting from extremely low values） and expanding thereafter in nearly explo...In this paper we examine private debt developments in Greece from 1970 onwards. We find private debt nearly stationary for about 20 years （starting from extremely low values） and expanding thereafter in nearly explosive terms. By disaggregating the time series of private debt, we pinpoint household debt （consumer, credit cards and mortgages） as the reason for this exponential increase. When considering demand and supply curves for household debt, shifts of the curves are to be interpreted： explanations from the demand side include, among others, expectations of future incomes. Regarding the supply side, the availability of loans （partly attributable to increased bank competition） and overall bank deregulation are proposed. Financial deregulation permitted banks to move promptly and offer to ambitious （but not necessarily solvent） customers a wide spectrum of choices： mortgages, credit cards, consumer loans and so on. Every single step in the process of financial deregulation was accompanied by a higher level of household indebtedness. Moving up from the household level to the macroeconomic level, increased debt had been also a solution to stalling effective demand, possibly due to the redistribution of income. Empirical analysis and causality tests are conducted along these lines and we find a two way causal relationship between GDP growth and private debt.展开更多
Public service deregulation is favoured for motivating providers to offer consumers better price-quality services. Consequently, consumers are enabled to make informed choices and choose for the best service provider....Public service deregulation is favoured for motivating providers to offer consumers better price-quality services. Consequently, consumers are enabled to make informed choices and choose for the best service provider. However, recent publications reveal that consumers are not capable of exercising optimal choice behaviour. Despite these concerns, evidence is lacking on the extent to which potentially vulnerable consumers make use of the core element of deregulation—switching health plans. This article is meant to study whether potentially vulnerable consumers do indeed switch less health plans in the deregulated Dutch health insurance market than regular consumers. In order to answer this question, we extract questionnaire data from the LISS panel, covering the years 2009-2012. A total of 16,779 health insurance consumers were included in the sample. The average response rate was 78%. Logistic regression results show that consumers being chronically ill, 60 and older, and without Internet access, do indeed switch less often. Intriguingly, non-working consumers and those living equal to or below the poverty line, turn out to switch more often than regular consumers. As a result, we conclude that the vulnerable consumer in the Dutch health insurance market is described by the following characteristics: chronically ill, 60 and older, and without Internet access. This specific group tends to get locked-in and suffers disproportion- ately from suboptimal choice behaviour.展开更多
In the United States, emission regulations are enacted at a state level;individual states are allowed to define what methods they will use to mitigate their carbon emissions. The consequence of this is especially inte...In the United States, emission regulations are enacted at a state level;individual states are allowed to define what methods they will use to mitigate their carbon emissions. The consequence of this is especially interesting in the state of Texas where new legislation has created a “deregulated” electricity market in which end-users are capable of choosing their electricity provider and subsequently the type of electricity they wish to consume (generated by fossil fuels or renewable sources). In this paper we analyze the effects of carbon tax on the development of renewable generation capacity at the utility level while taking into account expected adoption of rooftop PV systems by individual consumers using agent based modeling techniques. Monte Carlo simulations show carbon abatement trends and proffer updated renewable portfolio standards at various levels of likelihood.展开更多
In this paper, the impact of the wind power generation system on the total cost and profit of the system is studied by using the proposed procedure of binary Sine Cosine (BSC) optimization algorithm with optimal prior...In this paper, the impact of the wind power generation system on the total cost and profit of the system is studied by using the proposed procedure of binary Sine Cosine (BSC) optimization algorithm with optimal priority list (OPL) algorithm. As well, investigate the advantages of system transformation from a regulated system to a deregulated system and the difference in the objective functions of the two systems. The suggested procedure is carried out in two parallel algorithms;The goal of the first algorithm is to reduce the space of searching by using OPL, while the second algorithm adjusts BSC to get the optimal economic dispatch with minimum operation cost of the unit commitment (UCP) problem in the regulated system. But, in the deregulated system, the second algorithm adopts the BSC technique to find the optimal solution to the profit-based unit commitment problem (PBUCP), through the fast of researching the BSC technique. The proposed procedure is applied to IEEE 10-unit test system integrated with the wind generator system. While the second is an actual system in the Egyptian site at Hurghada. The results of this algorithm are compared with previous literature to illustrate the efficiency and capability of this algorithm. Based on the results obtained in the regulated system, the suggested procedure gives better results than the algorithm in previous literature, saves computational efforts, and increases the efficiency of the output power of each unit in the system and lowers the price of kWh. Besides, in the deregulated system the profit is high and the system is more reliable.展开更多
With maturing deregulated environment for electricity market, cost of transmission congestion becomes a major issue for power system operation. Uniform Marginal Price and Locational Marginal Price (LMP) are the two pr...With maturing deregulated environment for electricity market, cost of transmission congestion becomes a major issue for power system operation. Uniform Marginal Price and Locational Marginal Price (LMP) are the two practical pricing schemes on energy pricing and congestion cost allocation, which are based on different mechanisms. In this paper, these two pricing schemes are introduced in detail respectively. Also, the modified IEEE-14-bus system is used as a test system to calculate the allocated congestion cost by using these two pricing schemes.展开更多
This paper is intended in investigating the Automatic Generation Control (AGC) problem of a deregulated power system using Adaptive Neuro Fuzzy controller. Here, three area control structure of Hydro-Thermal generatio...This paper is intended in investigating the Automatic Generation Control (AGC) problem of a deregulated power system using Adaptive Neuro Fuzzy controller. Here, three area control structure of Hydro-Thermal generation has been considered for different contracted scenarios under diverse operating conditions with non-linearities such as Generation Rate Constraint (GRC) and Backlash. In each control area, the effects of the feasible contracts are treated as a set of new input signals in a modified traditional dynamical model. The key benefit of this strategy is its high insensitivity to large load changes and disturbances in the presence of plant parameter discrepancy and system nonlinearities. This newly developed scheme leads to a flexible controller with a simple structure that is easy to realize and consequently it can be constructive for the real world power system. The results of the proposed controller are evaluated with the Hybrid Particle Swarm Optimisation (HCPSO), Real Coded Genetic Algorithm (RCGA) and Artificial Neural Network (ANN) controllers to illustrate its robustness.展开更多
Deregulation of power system industry is a very large complex exercise based on respective national energy strategies and policies. A lot of matters and knowledge need to be studied before the idea of deregulation can...Deregulation of power system industry is a very large complex exercise based on respective national energy strategies and policies. A lot of matters and knowledge need to be studied before the idea of deregulation can be implemented. Theoretically, it is said that deregulation can make a large impact to increase efficiency and encourage the competitiveness among related parties. However, to implement the concept of deregulation to electric power supply is very tough challenge. In deregulation environment, regardless of market structure, to know the transmission usage allocation is vital and very a complex problem. Thus, a lot of algorithms have been proposed to overcome it. This paper intends to solve the transmission usage allocation problem using optimization approach. The optimization tool that will be utilized is Genetic Algorithm （GA）. GA is probabilistic search technique that has its roots in the principle of genetics and strives for survival. In addition, GA is very robust. Since the nonlinear nature of power flow, it is expected that GA can give optimize results that equitable and acceptable. In this paper, 4-bus and Klos-Kerner 11-bus systems are used for analysis studies. Comparison with other method is also given in this paper.展开更多
基金This project was supported by the National Natural Science Foundation of China(70171004)Tianjin Natural Science Foundation(013602611).
文摘Probability criterion has its practical significance, and its investment decision-making is determined by the expected discounted wealth. In a complete, standard financial market with short-selling allowed, this paper probes into the investment decision-making with probability criterion. The upper limit of criterion function is obtained. The corresponding discounted wealth process and hedging portfolio process are provided. Finally, an illustrative example of one-dimensional constant-coefficient financial market is given.
基金the staged achievement of the key project of soft science of the Science and Technology Agency of Sichuan-On the Risk Identification and Risk Management System of the International Operation of China’s Petroleum Enterprises(2014ZR0075)
文摘With the accelerated reform of the state-owned industry,deregulation and competition continues,but integrated layout and regulation reconstruction are more and more expected.Through analyzing power,telecom,and tobacco industry’s reform model,this paper advances a general model of deepening monopoly reform,which applies regulation reconstruction to industry restricting and monitoring regulation improvement,promoting the harmonious development of the central and local industries and promoting the vitality,influence,control force as well as anti-risk capability of the state-owned economy comprehensively.
文摘In this paper we examine private debt developments in Greece from 1970 onwards. We find private debt nearly stationary for about 20 years （starting from extremely low values） and expanding thereafter in nearly explosive terms. By disaggregating the time series of private debt, we pinpoint household debt （consumer, credit cards and mortgages） as the reason for this exponential increase. When considering demand and supply curves for household debt, shifts of the curves are to be interpreted： explanations from the demand side include, among others, expectations of future incomes. Regarding the supply side, the availability of loans （partly attributable to increased bank competition） and overall bank deregulation are proposed. Financial deregulation permitted banks to move promptly and offer to ambitious （but not necessarily solvent） customers a wide spectrum of choices： mortgages, credit cards, consumer loans and so on. Every single step in the process of financial deregulation was accompanied by a higher level of household indebtedness. Moving up from the household level to the macroeconomic level, increased debt had been also a solution to stalling effective demand, possibly due to the redistribution of income. Empirical analysis and causality tests are conducted along these lines and we find a two way causal relationship between GDP growth and private debt.
文摘Public service deregulation is favoured for motivating providers to offer consumers better price-quality services. Consequently, consumers are enabled to make informed choices and choose for the best service provider. However, recent publications reveal that consumers are not capable of exercising optimal choice behaviour. Despite these concerns, evidence is lacking on the extent to which potentially vulnerable consumers make use of the core element of deregulation—switching health plans. This article is meant to study whether potentially vulnerable consumers do indeed switch less health plans in the deregulated Dutch health insurance market than regular consumers. In order to answer this question, we extract questionnaire data from the LISS panel, covering the years 2009-2012. A total of 16,779 health insurance consumers were included in the sample. The average response rate was 78%. Logistic regression results show that consumers being chronically ill, 60 and older, and without Internet access, do indeed switch less often. Intriguingly, non-working consumers and those living equal to or below the poverty line, turn out to switch more often than regular consumers. As a result, we conclude that the vulnerable consumer in the Dutch health insurance market is described by the following characteristics: chronically ill, 60 and older, and without Internet access. This specific group tends to get locked-in and suffers disproportion- ately from suboptimal choice behaviour.
文摘In the United States, emission regulations are enacted at a state level;individual states are allowed to define what methods they will use to mitigate their carbon emissions. The consequence of this is especially interesting in the state of Texas where new legislation has created a “deregulated” electricity market in which end-users are capable of choosing their electricity provider and subsequently the type of electricity they wish to consume (generated by fossil fuels or renewable sources). In this paper we analyze the effects of carbon tax on the development of renewable generation capacity at the utility level while taking into account expected adoption of rooftop PV systems by individual consumers using agent based modeling techniques. Monte Carlo simulations show carbon abatement trends and proffer updated renewable portfolio standards at various levels of likelihood.
文摘In this paper, the impact of the wind power generation system on the total cost and profit of the system is studied by using the proposed procedure of binary Sine Cosine (BSC) optimization algorithm with optimal priority list (OPL) algorithm. As well, investigate the advantages of system transformation from a regulated system to a deregulated system and the difference in the objective functions of the two systems. The suggested procedure is carried out in two parallel algorithms;The goal of the first algorithm is to reduce the space of searching by using OPL, while the second algorithm adjusts BSC to get the optimal economic dispatch with minimum operation cost of the unit commitment (UCP) problem in the regulated system. But, in the deregulated system, the second algorithm adopts the BSC technique to find the optimal solution to the profit-based unit commitment problem (PBUCP), through the fast of researching the BSC technique. The proposed procedure is applied to IEEE 10-unit test system integrated with the wind generator system. While the second is an actual system in the Egyptian site at Hurghada. The results of this algorithm are compared with previous literature to illustrate the efficiency and capability of this algorithm. Based on the results obtained in the regulated system, the suggested procedure gives better results than the algorithm in previous literature, saves computational efforts, and increases the efficiency of the output power of each unit in the system and lowers the price of kWh. Besides, in the deregulated system the profit is high and the system is more reliable.
文摘With maturing deregulated environment for electricity market, cost of transmission congestion becomes a major issue for power system operation. Uniform Marginal Price and Locational Marginal Price (LMP) are the two practical pricing schemes on energy pricing and congestion cost allocation, which are based on different mechanisms. In this paper, these two pricing schemes are introduced in detail respectively. Also, the modified IEEE-14-bus system is used as a test system to calculate the allocated congestion cost by using these two pricing schemes.
文摘This paper is intended in investigating the Automatic Generation Control (AGC) problem of a deregulated power system using Adaptive Neuro Fuzzy controller. Here, three area control structure of Hydro-Thermal generation has been considered for different contracted scenarios under diverse operating conditions with non-linearities such as Generation Rate Constraint (GRC) and Backlash. In each control area, the effects of the feasible contracts are treated as a set of new input signals in a modified traditional dynamical model. The key benefit of this strategy is its high insensitivity to large load changes and disturbances in the presence of plant parameter discrepancy and system nonlinearities. This newly developed scheme leads to a flexible controller with a simple structure that is easy to realize and consequently it can be constructive for the real world power system. The results of the proposed controller are evaluated with the Hybrid Particle Swarm Optimisation (HCPSO), Real Coded Genetic Algorithm (RCGA) and Artificial Neural Network (ANN) controllers to illustrate its robustness.
文摘Deregulation of power system industry is a very large complex exercise based on respective national energy strategies and policies. A lot of matters and knowledge need to be studied before the idea of deregulation can be implemented. Theoretically, it is said that deregulation can make a large impact to increase efficiency and encourage the competitiveness among related parties. However, to implement the concept of deregulation to electric power supply is very tough challenge. In deregulation environment, regardless of market structure, to know the transmission usage allocation is vital and very a complex problem. Thus, a lot of algorithms have been proposed to overcome it. This paper intends to solve the transmission usage allocation problem using optimization approach. The optimization tool that will be utilized is Genetic Algorithm （GA）. GA is probabilistic search technique that has its roots in the principle of genetics and strives for survival. In addition, GA is very robust. Since the nonlinear nature of power flow, it is expected that GA can give optimize results that equitable and acceptable. In this paper, 4-bus and Klos-Kerner 11-bus systems are used for analysis studies. Comparison with other method is also given in this paper.
