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"Power resources Finance Mathematical models."
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Electricity markets and power system economics
\"With the theories and rules of electricity markets developing rapidly, it's difficult for beginners to start learning and difficult for those in the field to keep up. Bringing together information previously scattered among various journals and scholarly articles, this book provides a comprehensive overview of the current state of development in the electricity market. It introduces the fundamental principles of power system operation so that even those with a basic understanding can benefit from the book. It includes a series of consistent mathematical models of market operation of power systems, original cases, and MATLAB programming examples with solutions\"-- Provided by publisher.
Book
Stochastic modelling of electricity and related markets
The markets for electricity, gas and temperature have distinctive features, which provide the focus for countless studies. For instance, electricity and gas prices may soar several magnitudes above their normal levels within a short time due to imbalances in supply and demand, yielding what is known as spikes in the spot prices. The markets are also largely influenced by seasons, since power demand for heating and cooling varies over the year. The incompleteness of the markets, due to nonstorability of electricity and temperature as well as limited storage capacity of gas, makes spot-forward hedging impossible. Moreover, futures contracts are typically settled over a time period rather than at a fixed date. All these aspects of the markets create new challenges when analyzing price dynamics of spot, futures and other derivatives.
eBook
Modern Optimization Methods in Water Resources Planning, Engineering and Management
Mathematical (analytical, numerical and optimization) models are employed in many disciplines including the water resources planning, engineering and management. These models can vary from a simple black-box model to a sophisticated distributed physics-based model. Recently, development and employment of modern optimization methods (MOMs) have become popular in the area of mathematical modeling. This paper overviews the MOMs based on the evolutionary search which were developed over mostly the last 30 years. These methods have wide application in practice from finance to engineering and this paper focuses mostly on the applications in the area of water resources planning, engineering and management. Although there are numerous optimization algorithms, the paper outlines the ones that have been widely employed especially in the last three decades; such as the Genetic Algorithm (GA), Ant Colony (AC), Differential Evolution (DE), Particle Swarm (PS), Harmony Search (HS), Genetic Programming (GP), and Gene Expression Programming (GEP). The paper briefly introduces theoretical background of each algorithm and its applications and discusses the merits and, if any, shortcomings. The wide spectrum of applications include, but not limited to, flood control and mitigation, reservoir operation, irrigation, flood routing, river training, flow velocity, rainfall-runoff processes, sediment transport, groundwater management, water quality, hydropower, dispersion, and aquifers.
Journal Article
State Capacity, Conflict, and Development
The absence of state capacities to raise revenue and to support markets is a key factor in explaining the persistence of weak states. This paper reports on an ongoing project to investigate the incentive to invest in such capacities. The paper sets out a simple analytical structure in which state capacities are modeled as forward looking investments by government. The approach highlights some determinants of state building including the risk of external or internal conflict, the degree of political instability, and dependence on natural resources. Throughout, we link these state capacity investments to patterns of development and growth.
Journal Article
Bargaining power and information asymmetry in China’s water market: an empirical two-tier stochastic frontier analysis
China is committed to building a water-saving society, and one of the most important measures is to build a water market. However, after 10 years of development, China’s water market is still inactive. We analyze the bargaining mechanisms of water rights trading based on the theory of information asymmetry. We find that the information asymmetry between the two sides of the transaction will cause the actual transaction price to deviate from the fair price, and the one with more information has stronger bargaining power, which can plunder more surplus. In detail, the bargaining power of the buyer makes the price lower than the fair price by 32.68%, and the bargaining power of the seller makes the price higher than the fair price by 78.52%. The interaction of them finally makes the price higher than the fair price by 45.23%. The net surplus shows regional heterogeneity. The net surplus in the Central region is higher than that in the East and West, implying that sellers in the Central region have stronger bargaining power. Moreover, there are slight differences in the net surplus across the trade and market types. Empirical results demonstrate the importance of accommodating information asymmetry into the pricing of water rights.
Journal Article
Simulating one-way electric carsharing systems with a multi-agent model
With improved technology and supported public policy, electric vehicles (EVs) are coming back in one-way carsharing from the 2010s. Although the addition of EVs offers a way to achieve carbon neutrality, the shorter vehicle range and longer charging time of EVs pose a greater challenge to the operation of one-way carsharing than fuel vehicles. Methods such as trial-and-error testing or mathematical models have difficulty in handling complex systems with mutual feedback between demand and supply. Therefore, this paper builds a one-way electric carsharing model and integrates it into an open-source multi-agent transport simulation platform (MATSim) to study its supply and demand relationship. A Shanghai baseline scenario was built to validate the model and test the impacts of vehicle range, charging rate, and power supply mode on carsharing demand. The results show that: (1) Vehicle range expansion and charging rate improvement have less impact on carsharing demand. The current vehicle range and charging rate can meet the daily use in Shanghai. (2) When the power supply mode changes from charging piles to battery swapping, the carsharing usage decreases slightly (-3%), while the carsharing trip characteristics remain almost the same. This means that operators could use battery swapping for power supply. This study provides suggestions for electric carsharing operators in Shanghai, as well as a simulation tool for more operators to test the supply and demand relationship of electric carsharing.
Journal Article
Chinese Renewable Energy Technology Exports: The Role of Policy, Innovation and Markets
Chinese companies have become major technology producers, with the largest shares of their output exported. This paper examines the development of solar PV and wind energy technology component (WETC) exports from China and the competitive position of the country‘s renewable energy industry. We also describe the government’s renewable energy policy and its success in renewable electricity generation as well as increasing renewable energy innovation and foreign knowledge accumulation, which may drive export performance. We aim at empirically identifying determinants of Chinese solar PV and WETC exports. We estimate a gravity trade model using maximum likelihood estimation. Besides controlling for standard variables, we consider additional explanatory factors by accounting for market, policy and innovation effects steaming from both importing countries and China. We use a panel dataset representing bilateral trade flows of 43 developed and developing countries that imported solar PV and WETCs from China between 1996 and 2008. Empirical results indicate that high income countries, with large renewable energy markets and demand side policy support schemes, in terms of incentive tariffs, are increasingly importing Chinese solar PV components. We show that trade costs have a negative impact on exports of solar PV components but not WETC. Additionally, we find a positive impact of research and development appropriation growth, especially from provincial governments in China, but no evidence that bilateral knowledge transfer and indigenous innovation affect exports.
Journal Article
Firm characteristics and the ability to exercise market power: empirical evidence from the iron ore market
This paper empirically analyzes the existence of market power in the global iron ore market during the period from 1993 to 2012. Using an innovative stochastic frontier analysis approach, we investigate the relationship between individual firm characteristics, macroeconomic conditions and the individual ability of firms to generate markups in the global iron ore market. Our findings indicate that the markups on average amount to 20%. Moreover, location of the main production site and experience measured in years of production are identified to be the most important determinants of the magnitude of firm-specific markups.
Journal Article
Power spectrum of stochastic wave and diffusion equations in the warm inflation models
We discuss dissipative stochastic wave and diffusion equations resulting from an interaction of the inflaton with an environment in an external expanding homogeneous metric. We show that a diffusion equation well approximates the wave equation in a strong friction limit. We calculate the long wave power spectrum of the wave equation under the assumption that the perturbations are slowly varying in time and the expansion is almost exponential. Under the assumption that the noise has a form invariant under the coordinate transformations we obtain the power spectrum close to the scale invariant one. In the diffusion approximation we go beyond the slow variation assumption. We calculate the power spectrum exactly in models with exponential inflation and polynomial potentials and with power-law inflation and exponential potentials.
Journal Article
On the growth process of US agricultural land
In this article, we show that the growth process of US county-level farmland is remarkably consistent with the Gibrat’s law of proportionate effect, an empirical regularity frequently observed across various disciplines. This implies farmland grows proportionately over time (farmlands, whether large or small, on average grow at similar rates) and that there is little empirical support for the presence of diseconomies of size for US farmland. Granted that a random multiplicative growth is the prevalent attribute of models explaining the genesis of power laws, confirmation of Gibrat’s law also offers a possible explanation for the emergence of a power law in the distribution of US county-level farmland size.
Journal Article