Opening up the market, breaking the monopoly, and allowing the market to decide prices —these are the major items on the agenda for the marketization of China’s energy industry,and have a direct bearing on national ...Opening up the market, breaking the monopoly, and allowing the market to decide prices —these are the major items on the agenda for the marketization of China’s energy industry,and have a direct bearing on national energy security. Research into China’s energy securityhas so far focused on such fields as strategic energy reserves, stability of energy imports,and diversification of import channels. Little has been done in the study of national energysecurity from the perspective of marketization of the energy industry. However, opening upthe energy market and marketizing the energy industry are not only major commitments toChina’s accession to WTO, they serve the nation’s energy security needs as well. This papertakes a look at the actual results of opening up the energy market, the structure of thatmarket, and the nation’s energy pricing mechanisms, and on the basis of the findings, raisessuggestions on how to tackle the energy security issue.展开更多
This paper extends Farkas Minkowski’s Lemma and Stiemke’s Lemma from the Euclidean space to (l 1,l ∞). The extensions of Farkas Minkowski’s Lemma and Stiemke’s Lemma are the Basic Valuation Theore...This paper extends Farkas Minkowski’s Lemma and Stiemke’s Lemma from the Euclidean space to (l 1,l ∞). The extensions of Farkas Minkowski’s Lemma and Stiemke’s Lemma are the Basic Valuation Theorem in the case (l 1,l ∞). The security price is weakly arbitrage free if and only if there exists a positive state vector; the security price is strictly arbitrage free if and only if there exists a strictly positive state vector. The present value of the securities prices at date 0 is the value of their returns over all countably infinite possible states of nature at date 1.展开更多
文摘Opening up the market, breaking the monopoly, and allowing the market to decide prices —these are the major items on the agenda for the marketization of China’s energy industry,and have a direct bearing on national energy security. Research into China’s energy securityhas so far focused on such fields as strategic energy reserves, stability of energy imports,and diversification of import channels. Little has been done in the study of national energysecurity from the perspective of marketization of the energy industry. However, opening upthe energy market and marketizing the energy industry are not only major commitments toChina’s accession to WTO, they serve the nation’s energy security needs as well. This papertakes a look at the actual results of opening up the energy market, the structure of thatmarket, and the nation’s energy pricing mechanisms, and on the basis of the findings, raisessuggestions on how to tackle the energy security issue.
文摘This paper extends Farkas Minkowski’s Lemma and Stiemke’s Lemma from the Euclidean space to (l 1,l ∞). The extensions of Farkas Minkowski’s Lemma and Stiemke’s Lemma are the Basic Valuation Theorem in the case (l 1,l ∞). The security price is weakly arbitrage free if and only if there exists a positive state vector; the security price is strictly arbitrage free if and only if there exists a strictly positive state vector. The present value of the securities prices at date 0 is the value of their returns over all countably infinite possible states of nature at date 1.
