25 results
Search Results
2. INCREASING RETURNS TO GNI PER CAPITA AND THE HUMAN DEVELOPMENT INDEX (HDI).
- Author
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SAHA, Jean Claude
- Subjects
HUMAN Development Index ,PER capita ,ECONOMIC development ,ECONOMIC activity ,GROSS domestic product - Abstract
Copyright of Les Cahiers du CREAD is the property of Centre de Rrecherche en Economie Appliquee pour Developpement and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2023
- Full Text
- View/download PDF
3. An Empirical Analysis of Health-Dependent Utility on SHARE and ELSA Data
- Author
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Bassoli, Elena
- Published
- 2023
- Full Text
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4. More is exponentially less: marginal utility in critical care research.
- Author
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Olivé Leite, Rafael
- Subjects
CRITICAL care medicine ,CLINICAL trials ,COGNITIVE bias ,MARGINAL utility ,EVIDENCE-based medicine - Abstract
Copyright of Journal of Evidence-based Healthcare is the property of Journal of Evidence-based Healthcare and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Published
- 2022
- Full Text
- View/download PDF
5. Distinguished fellow lecture: a journey with the catallactists.
- Author
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Creedy, John
- Abstract
This lecture examines the nature of the changing focus of economics during the 19th century, which is often referred to as the 'marginal revolution'. The change is characterised as a focus on the theory of exchange, and the beginnings of welfare economics. Attention is given to early contributions by J.S. Mill, Cournot, and Whewell, and the 'neoclassical economists, Jevons, Marshall, Walras and Edgeworth. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
- View/download PDF
6. Diversity and Inclusion Management in Human Resource Management - Based on Marginal Utility Perspective
- Author
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Liu Song
- Subjects
utility function ,marginal utility ,lagrange multiplier method ,human resource management ,68p30 ,Mathematics ,QA1-939 - Abstract
This paper optimizes human resource management from the perspective of marginal utility. The utility function proposes the subtraction function of consumption, which represents the law of diminishing marginal utility. The Lagrange multiplier method solves the maximum utility problem. In human resource management, utility and marginal utility are redefined, and the probability density function and distribution function of exponential distribution are used as the index’s marginal utility and utility functions, respectively. Human resource management optimization models I and II were constructed based on the marginal utility, and the models and model parameters were solved. This paper applies the human resource management model to Company R as an example. The calculation shows that the total investment of the current index resources of Company R is 2.55 million yuan, and the total utility calculation is 0.8306. Under the optimization of human resource management based on Model I, the expected value of company R reached 0.8631 while maintaining the unchanged index resource input, an increase of 3.91%. The optimization based on Model II resulted in the index resource input being 2.3285 million yuan, with an unchanged total utility that was reduced by 8.69%.
- Published
- 2024
- Full Text
- View/download PDF
7. Technical Note—Ranking Distributions When Only Means and Variances Are Known.
- Author
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Müller, Alfred, Scarsini, Marco, Tsetlin, Ilia, and Winkler, Robert L.
- Subjects
STOCHASTIC dominance ,SHARPE ratio ,RANDOM variables ,DECISION making - Abstract
In "Technical Note—Ranking Distributions When Only Means and Variances Are Known," Müller, Scarsini, Tsetlin, and Winkler address the question of ranking distributions when only the first two moments—that is, means and variances—are known. This is important in decision making under uncertainty, with potential applications in economics, finance, statistics, and other areas. Previous results require some assumptions about the shape of the distributions, while this paper's approach is to impose bounds on how much marginal utility can change, thus constraining risk preferences. Such a ranking is consistent with almost stochastic dominance and provides a new connection between the Sharpe and Omega ratios from finance. Consider a choice between two random variables, for which only means and variances are known. Is it possible to rank them by putting some constraints on risk preferences? We provide such a ranking by bounding how much marginal utility can change. Such bounds enable us to rank all distributions with given means and variances by first-order almost-stochastic dominance. We show how our results can be used to compare a risky project and a sure payoff and also provide a new connection between the Sharpe and Omega ratios from finance. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
8. Service attribute prioritization based on the marginal utility of attribute performance.
- Author
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Pan, Mengqiang, Li, Nao, Law, Rob, Huang, Xiankai, Wong, IpKin Anthony, Zhang, Binru, and Li, Leyan
- Subjects
SATISFACTION ,QUALITY of service ,PERCEIVED quality ,RESTAURANT reviews ,CUSTOMER satisfaction - Abstract
Service attribute prioritization is a key basis for developing service quality improvement strategies. Previous studies prioritize attributes by assigning them into different strategy intervals, which make it difficult to determine the priority of attributes in the same interval. To solve this problem, some studies calculate the satisfaction of each attribute. However, this approach may cause systematic errors in calculating the satisfaction of each attribute. Accordingly, this paper proposes a new method for prioritizing service attributes by constructing an overall satisfaction (utility) function and calculating the marginal utility under current attribute performance. The validation of restaurant review data on TripAdvisor and comparison experiments with other methods show the effectiveness and advantages of this method. • This research prioritizes attributes on the basis of the marginal utility of attribute performance. • It provides an integrated attribute analysis model to measure consumers' perceived quality of service attributes. • It constructs an overall satisfaction function based on the asymmetric effect of attribute performance on satisfaction. • It compares different methods for prioritizing attributes. [ABSTRACT FROM AUTHOR]
- Published
- 2023
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9. Individual and Combined Effects of 3D Buildings and Green Spaces on the Urban Thermal Environment: A Case Study in Jinan, China.
- Author
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Wang, Jiayun, Meng, Fei, Lu, Huanhuan, Lv, Yongqiang, and Jing, Tingting
- Subjects
SPACE environment ,URBAN heat islands ,LAND surface temperature ,PUBLIC spaces ,ECONOMIC indicators ,REMOTE sensing - Abstract
This study aimed to accurately grasp the impact mechanism and change rule of buildings and green spaces on land surface temperature (LST), which is of great significance for alleviating urban heat islands (UHIs) and formulating adaptation measures. Taking Jinan, China, as the study area, combined multisource remote sensing data were used in this study to construct an index system of the influencing factors. We used a spatial regression model to explore the relative contribution of the influencing indicators on LST. We also drew a marginal utility curve to quantify the heating/cooling effect of the leading indicators. The results showed that, firstly, among the 3D building indicators, the leading indicators affecting LST were the degree of spatial convergence (SCD) and the building surface area (BSA). Among the green space indicators, the largest patch index (LPI), green coverage rate (GCR), and edge density (ED) were significantly negatively correlated with LST. Secondly, when we considered the 15 indicators comprehensively, SCD was the most influential indicator, with a contribution of 24.7%, and the contribution of the green space indicators to LST was significantly reduced. Thirdly, among the leading indicators, SCD was positively correlated with LST. When SCD was less than 60%, LST increased by about 0.38 °C for every 10% increase. When GCR > 44%, LST was significantly reduced, and when GCR > 62%, a cooling effect of 1.1 °C was observed. Beyond this threshold, the cooling effect will not improve significantly. This study shows that when 3D buildings are densely distributed and crowded, the cooling effect of green space will be limited to some extent by 3D buildings. The key to mitigating UHIs is to rationally configure and optimize the spatial structure of 3D buildings. [ABSTRACT FROM AUTHOR]
- Published
- 2023
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10. Marginal utility of battery energy storage capacity for power system economic dispatch
- Author
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Yu Zhang, Qingsheng Li, Yeyan Xu, Liangzhong Yao, Fan Cheng, and Yunxin Liu
- Subjects
Battery energy storage system ,Economic dispatch ,Marginal utility ,Renewabale energy source ,Electrical engineering. Electronics. Nuclear engineering ,TK1-9971 - Abstract
The battery energy storage (BES) is recognized as a key resource for the power fluctuations smoothing, peak load shaving and frequency regulation, and its performance depends heavily on the available capacity. It is meaningful to investigate the influence of the BES capacity on the power system operation cost. This paper focuses on the marginal utility of BES capacity in the day-ahead power system operation cost. Firstly, the day-ahead economic dispatch problem is formulated as a constrained quadratic programming problem, with the consideration of the BES degradation cost. Then, the relationship between the BES-related shadow prices and the marginal electricity price is derived from the KKT conditions of the dispatch problem. Based on it, the marginal utility of BES capacity is modeled to evaluate the effect of BES capacity on the system day-ahead operation cost. Finally, the numerical results demonstrate that the proposed marginal utility can manifest the influence of BSS capacity on the power system operation.
- Published
- 2022
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11. Conservation Planning for Action: End-User Engagement in the Development and Dual-Centric Weighting of a Spatial Decision Support System.
- Author
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Gallo, John A., Lombard, Amanda T., and Cowling, Richard M.
- Subjects
DECISION support systems ,COMMUNITY-based participatory research ,GEOGRAPHIC information systems ,GROUP process - Abstract
The implementation of systematic conservation plans often involves collaboration among several organizations, so attaining consensus on the plan is an important driver of implementation success. We utilized participatory action research to explore an approach for developing consensus among organizations and facilitating implementation. A real-world challenge was addressed in the Little Karoo, South Africa by creating a spatial decision support system (SDSS) based primarily on weighted multi-criteria GIS overlays, but with an "incremental allocation algorithm" to allow efficient solution sets (i.e., systematic conservation planning). The end-users of the SDSS participated in the choice of criteria, in the selection of model parameter values, and in co-defining their group process. We co-designed a dual-centric weighting process in which the participants developed a set of weights and parameter values for attaining consensus among the organizations, and also a set for yielding the result that is best for biodiversity. The process yielded a consensus on the spatial priorities and, thus, a way forward. The estimated spatial priorities for each organization differed dramatically from each other and from the consensus priorities, indicating that a large discrepancy had been resolved. Our study indicates that the consensus-building and decision-support benefits of participatory multi-criteria overlay approaches merit closer attention in systematic conservation planning. The use of weighted overlays and an incremental allocation algorithm appear to be useful approaches for streamlining the participatory process while maintaining rigor and spatial complementarity. Finally, we uncovered theoretical psychological ramifications of the dual-centric weighting process that are promising and merit testing. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
12. More is exponentially less: marginal utility in critical care research
- Author
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Rafael Olivé Leite
- Subjects
Clinical trials ,Critical care ,Intensive care ,Marginal utility ,Cognitive bias ,Medicine ,Medicine (General) ,R5-920 - Abstract
BACKGROUND: Randomized clinical trials (RCT) in critical care mostly return negative results. The research community discusses strategies to improve RCTs design. METHODS: This paper presents a theoretical framework based on marginal utility to treat the problems of hypothesis generation and treatment effects valuation and presents recently published high-quality studies as instances where such a framework predicts irrelevant findings. RESULTS: Blindness to marginal utility, i.e., inobservance of the marginal utility of the proposed intervention, is common in critical care RCTs. CONCLUSION: Critical care RCTs are usually blind to marginal utility and are, therefore, prone to produce irrelevant findings.
- Published
- 2022
- Full Text
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13. Evaluating the Marginal Utility of Two-Stage Hydropower Scheduling.
- Author
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Ding, Wei, Yu, Bing, Peng, Yong, Han, Guang, and Zhang, Lin
- Subjects
DIRECT costing ,WATER levels ,ELECTRIC utilities ,SCHEDULING ,TOPOGRAPHY - Abstract
Understanding the trade-offs associated with the two operation stages of hydropower generation is critical for guiding efficient reservoir operations. Previous studies showed that the marginal return in Stage 2 is always higher than the marginal cost in Stage 1 if variations in tailwater levels are ignored. However, the tailwater level often raises faster than the reservoir water level, and thus reduces the net hydraulic head of the reservoirs with reaction turbines, especially in large-scale and low-head reservoirs. Therefore, this study considers the variations in tailwater levels and theoretically evaluates the marginal utility of the total power generation (TPG) in the two stages. It is found that the variation of TPG presents diminishing marginal utility and is closely related to the topography characteristics of the reservoir and downstream channels, as well as the relationship between releases in the two stages. The marginal return in Stage 2 might be lower than the marginal cost in Stage 1 when the release in Stage 2 exceeds that in Stage 1 for the reservoirs in which the tailwater level is sensitive to discharge and hydraulic head. This suggests that the carryover storage equalizing the marginal utility in the two stages is optimal, i.e., satisfying the marginal utility principle. Otherwise, the marginal return is always higher than the marginal cost, which suggests that as much carryover storage as possible should be saved. Following these findings, the reservoir states, represented by the storage difference and the total inflow in the two stages, that satisfy the marginal utility principle are identified. Further, the optimal carryover storage under different levels of inflow and storage difference is derived. The theoretical findings are verified with four hydropower plants in China. Results confirm the theoretical findings and show that two-stage hydropower generation coupled with operating rules can greatly improve the performance of hydropower generation. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
14. Why Disdain Replicated Art? Metaphysics and Art in 'The Elephant in the Brain'.
- Author
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Licon, Jimmy Alfonso
- Subjects
CONTEMPT (Attitude) ,METAPHYSICS ,MARGINAL utility ,SIGNALING (Psychology) ,EXTRINSIC motivation - Abstract
Why disdain (perfectly) replicated art? If art is valuable because it evokes experiences of beauty, they should be comparable. In chapter 11 of the Elephant in the Brain, Simler and Hanson (S&H) argue we actually care about the extrinsic properties of art—e.g. who made it—to signal our intelligence and taste. Here I defend a different explanation for the evidence cited by S&H: the extrinsic properties of art are central to what constitutes art, play a bigger role fixing the value of art than S&H allow, and the potential for diminishing marginal utility on the value of the intrinsic properties of art—seeing the original Mona Lisa is rare; seeing a copy isn't—explains why we assign such value to the extrinsic properties of art. And thus we have a non-signaling explanation of art consumption, which may or may not complement signaling theory. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
15. The Impact of Cooperative Learning on EFL Achievers' and Underachievers' Motivation Based on Marginal Utility.
- Author
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Xueqing Wu and Mingxing Tao
- Subjects
GROUP work in education ,INTRINSIC motivation ,MOTIVATION (Psychology) ,ENGLISH as a foreign language ,EXTRINSIC motivation ,SUCCESSFUL people - Abstract
This study explores the change of EFL learners' motivation in learning English with the increase of CL time based on marginal utility. Thirty learners from an intact class in Grade 10 were selected through their performance on a piloted sample Preliminary English Test. Learners were assigned to achievers and underachievers groups. The questionnaire of motivation, based on the Attitude/Motivation Test Battery (AMTB), was given to both groups as a pretest. All participants underwent the same amount of teaching time and same material with the same teacher during seven-week CL, 35 sessions taking 45 minutes each. The same questionnaire was administered again at the end of one week, three-week, five-week and seven-week treatments respectively to both groups and their scores on the questionnaires were compared through an analysis of Paired Samples t-test and ANOVA. The findings showed that after one week CL, both the achievers' and underachievers' motivations were significantly improved compared with those in pretest; after three-week CL, the underachievers' intrinsic and extrinsic motivations and achievers' extrinsic motivation declined significantly compared with those of Week One, while the latter's intrinsic motivation has no significant change; after five-week CL, underachievers' motivation didn't change significantly compared with their motivation in the pretest, which means that the marginal utility took place in underachievers' motivation during three-week to five-week CL; after seven-week CL, the achievers' motivation increased significantly compared with their motivation in the pretest, indicating there was no marginal utility for achievers' motivation during seven-week CL. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
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16. Technical Note—Ranking Distributions When Only Means and Variances Are Known
- Author
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Robert L. Winkler, Alfred Müller, Marco Scarsini, and Ilia Tsetlin
- Subjects
marginal utility ,first-order almost-stochastic dominance ,Omega ratio ,Sharpe ratio ,Technical note ,Management Science and Operations Research ,Computer Science Applications ,Ranking ,Statistics ,mean and variance ,Marginal utility ,choice between lotteries, mean and variance, first-order almost-stochastic dominance, marginal utility, Sharpe ratio, Omega ratio ,choice between lotteries ,Mathematics - Abstract
In “Technical Note—Ranking Distributions When Only Means and Variances Are Known,” Müller, Scarsini, Tsetlin, and Winkler address the question of ranking distributions when only the first two moments—that is, means and variances—are known. This is important in decision making under uncertainty, with potential applications in economics, finance, statistics, and other areas. Previous results require some assumptions about the shape of the distributions, while this paper’s approach is to impose bounds on how much marginal utility can change, thus constraining risk preferences. Such a ranking is consistent with almost stochastic dominance and provides a new connection between the Sharpe and Omega ratios from finance.
- Published
- 2022
17. Conrad's Margins and Details.
- Author
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Zulli, Tania
- Subjects
MENTAL status examination ,MARGINAL utility ,FICTION - Published
- 2023
- Full Text
- View/download PDF
18. Increasing returns to GNI per capita and the human development index (HDI): Utilité marginale croissante du PNB par tête et indicateur du développement humain (IDH)
- Author
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Jean Claude Saha
- Subjects
PNB par tête ,bien-être matériel croissant ,Indice du Développement Humain ,GNI per capita ,Increasing ,marginal utility ,Human Development Index - Abstract
Since 1990, UNDP has considered GNI per capita as a microeconomic variable that yields decreasing marginal material welfare in the calculation of HDI. Consequently, international inequality of development is significantly and unrealistically reduced. In this paper we support that GNI per capita is a macroeconomic variable with increasing marginal material welfare at the national level. We then propose an alternative method of transforming GDP per capita into material welfare. We use this formula on HDI data of the year 2016. We obtained a new HDI_2016 for all UN countries; this new HDI_2016 is associated with a new ranking of countries and with a significant and realistic increase in international inequality of development measure. Depuis 1990, le PNUD considère le PNB par tête, dans le calcul de l’IDH, comme une variable microéconomique dont l’utilité marginale est décroissante. Ceci a pour conséquence de réduire anormalement l’inégalité de niveaux de développement perçu entre nations. Dans cet article, nous soutenons que le PIB par tête est un agrégat macroéconomique dont l’utilité marginale pour les citoyens d’un pays est plutôt croissante. Nous proposons alors une formule alternative de calcul de la composante bien-être matériel de l’IDH. Une application sur les données de l’IDH de l’année 2016 nous donne un nouvel IDH_2016 pour tous les pays considérés par le PNUD. Ce nouveau IDH_2016 modifie significativement le classement des pays et ramène l’inégalité internationale de niveau de développement à un niveau plus réaliste.
- Published
- 2023
19. One-to-many matching and section-based formulation of autonomous ridesharing equilibrium
- Author
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Bo Zou and Mohamadhossein Noruzoliaee
- Subjects
Matching (statistics) ,Operations research ,Section (archaeology) ,Computer science ,One-to-many ,Transportation ,Management Science and Operations Research ,Routing (electronic design automation) ,Market share ,Marginal utility ,Relocation ,Flow network ,Civil and Structural Engineering - Abstract
This paper models autonomous ridesharing — multiple travelers simultaneously riding one shared autonomous vehicle (SAV) — in a network equilibrium setting with mixed SAV and human-driven vehicle (HV) traffic. We make two major methodological contributions. First, a novel one (SAV)-to-many (riders) matching is proposed to characterize the waiting times of an SAV and multiple travelers who share rides in the SAV during online matching, which is a nontrivial generalization of the one-to-one matching without ridesharing. Our matching characterization considers the possibilities of a traveler matched with an SAV starting from the same origin, whereto the SAV moved unoccupied as a result of either pickup or relocation, or with an in-service SAV that goes through the traveler's origin. Second, a section-based formulation for SAV ridesharing user equilibrium is introduced to characterize the SAV traveler flow, which accommodates the possibility that an SAV traveler's itinerary (OD pair) is different from that of the serving SAV and other travelers in the SAV. Unlike the existing link and route based ridesharing formulations, the notion of section both prevents undesired traveler en-route transfer(s) and allows travelers of multiple ODs to share rides, meanwhile respecting the SAV seat capacity constraint. In addition to the above two methodological contributions, the optimal SAV fleet size, fare, routing, and allocation (to in-service, pickup, and relocation states) decisions of a transportation network company (TNC) are formulated. The TNC decisions anticipate traveler reactions as characterized by a new multimodal autonomous ridesharing user equilibrium (MARUE), which is put forward with a proof of its existence and finds the endogenous market shares and road congestion effects of SAV/HV. Original insights are obtained from model implementation, including substantial systemwide benefit of ridesharing, marginal benefit of relocation in the presence of ridesharing, and diminishing economies of SAV size.
- Published
- 2022
20. Hydrogen based Multi Energy Systems: Assessment of the marginal utility of increasing hydrogen penetration on system performances
- Author
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Stefano Pasquale, Vincenzo Mulone, Lorenzo Bartolucci, and Stefano Cordiner
- Subjects
Renewable Energy, Sustainability and the Environment ,Computer science ,business.industry ,Fossil fuel ,Energy Engineering and Power Technology ,Hydrogen technologies ,Energy consumption ,Condensed Matter Physics ,Grid ,Settore ING-IND/08 ,Renewable energy ,Fuel Technology ,Distributed generation ,Carbon footprint ,business ,Marginal utility ,Process engineering - Abstract
The potential role of hydrogen as a tool for the decarbonization of the energy sector is widely recognized. In this paper, a comprehensive analysis of the marginal utility of increasing the hydrogen penetration on the energy and environmental performances of a multi-energy system is developed to assess its potential. A distributed energy system satisfying the energy requirements for an existing building is chosen as test case, assumed as representative of a wide set of applications. Starting from real energy consumption profiles, representative scenarios and optimized design configurations are defined using a methodology that takes into account uncertainties both in demand and renewable production profiles and in techno-economic parameters assumptions. For each multi energy system configuration, an optimal dispatch control strategy is achieved through a mixed-integer linear programming method to maximize the building self-independence from the grid. Results show how an increase of hydrogen technologies penetration allows a reduction of the specific carbon footprint of the system down to 100 grCO2/kWh while increasing the system resilience up to 85%. Detailed information about the marginal effect of H2 technologies on resilience, carbon footprint, and fossil energy savings are presented and can be used for extensions to similar applications.
- Published
- 2021
21. Subsidizing Fuel-Efficient Cars: Evidence from China’s Automobile Industry
- Author
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Chia-Wen Chen, Wei-Min Hu, and Christopher R. Knittel
- Subjects
Marginal cost ,business.industry ,Natural resource economics ,media_common.quotation_subject ,Automotive industry ,Subsidy ,Economics ,Substitution effect ,Marginal utility ,China ,business ,General Economics, Econometrics and Finance ,Welfare ,media_common - Abstract
This paper examines the response of vehicle purchase behavior to China’s largest national subsidy program for fuel-efficient vehicles during 2010 and 2011. Using variation from the program’s eligibility cutoffs and the rollout of the subsidy program, the program is found to boost sales for subsidized vehicle models, but also to create a substitution effect within highly fuel-efficient vehicles. Estimates imply that ignoring the substitution effect would lead one to conclude that the program is welfare enhancing, whereas in fact the marginal cost of the program exceeds the marginal benefit by as much as 300 percent. (JEL D12, H25, L25, L62, O14, P23, P36)
- Published
- 2021
22. Comparative risk aversion with two risks
- Author
-
Kit Pong Wong
- Subjects
Economics and Econometrics ,Applied Mathematics ,05 social sciences ,Risk aversion (psychology) ,Bivariate analysis ,Measure (mathematics) ,Apportionment ,0502 economics and business ,Econometrics ,050206 economic theory ,Marginal utility ,Random variable ,050205 econometrics ,Mathematics - Abstract
This paper characterizes aversion to one risk in the presence of another, which is invulnerable to the size of exposure to the former risk and consistent with the common bivariate risk preferences for combining good with bad. We show that all bivariate utility functions that satisfy bivariate risk apportionment exhibit risk aversion with two risks if, and only if, the dependence structure of the two risks is characterized by the notion of expectation dependence. We then propose an intensity measure of risk aversion with two risks that is based on the utility premium normalized by the marginal utility evaluated at an arbitrarily chosen pair. We show that the intensity measure being uniformly larger is equivalent to the concept of greater generalized Ross risk aversion. An application for optimal prevention in a two-period model is presented when the dependence structure of the underlying random variables is governed by the notion of expectation dependence.
- Published
- 2021
23. An agent-based modeling approach combined with deep learning method in simulating household energy consumption
- Author
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Xinting Ge, Yuanjie Zheng, Yi Lu, and Shanjun Tian
- Subjects
Computer science ,business.industry ,Deep learning ,Aggregate (data warehouse) ,Control (management) ,Building and Construction ,Energy consumption ,Environmental economics ,Mechanics of Materials ,Greenhouse gas ,Architecture ,Scenario analysis ,Artificial intelligence ,Safety, Risk, Reliability and Quality ,Marginal utility ,business ,Energy (signal processing) ,Civil and Structural Engineering - Abstract
Household has been one of main energy consumption sectors in China, which brings about more challenges for the control of air pollutants and greenhouse gases. Due to the heterogeneities among household individuals, it is much more difficult to regulate the household energy consumption. So, it becomes necessary to understand and guide household energy consumption behaviors. In this paper, a multi-level agent-based model was constructed to aggregate the macro-level energy consumption (such as regions) from the micro-level entities (such as devices), and deep learning models were conducted and embedded in to predict the household energy consumption behaviors with factors as inputs and behavior parameters as outputs, meanwhile an energy substitution mechanism was designed. A series of scenarios were simulated based on actual survey samples, and the results indicated the great potential of our proposed method in the household energy simulation. The simulation fit the actual statistics well in the validation step. Under scenario analysis, the whole coal-to-electricity conversion was deeply determined by low-income individuals, and the effect pattern of certain factor was distinct and could be enhanced by others, while the marginal utility changed non-linearly with peak point effected by income growth rate. It is inspired that the local economic and socio-demographic situations should be comprehensively considered to achieve a trade-off between costs and expected results of regional energy strategies. Our research proposes a novelty study framework to simulate the household energy consumption from the micro individual perspective, and it is a valuable attempt to understand and quantify complex household energy consumption behaviors.
- Published
- 2021
24. Models of Optimal Operating Modes of the Water-Economic Complex on the Basis of Hydro Resource Price Evaluation.
- Author
-
Sekretarev, Yury, Myateg, Tatyana, Gulakhmadov, Aminjon, Safaraliev, Murodbek, Mitrofanov, Sergey, Zubova, Natalya, Atamanova, Olga, and Chen, Xi
- Subjects
WATER supply ,ELECTRICITY pricing ,ELECTRICITY markets ,WATER use ,POWER plants - Abstract
The purpose of this article is to solve the problem of determining the cost of a water resource for the participants of the water-economic complex (WEC) on the basis of the optimal control of hydro power plants' (HPP) functioning, taking into account their regime characteristics and requirements. In this work, a universal method, which combines an optimization method and a method for assessing marginal utility, was proposed to assess the cost of the hydro resource and control the operating modes of the WEC. The method developed by the authors involves the use of water balance, the adequate representation of the incremental rate characteristic and the determination of the cost of the hydro resource for the control of the operating modes of the WEC and HPP. Using the example of the Novosibirsk WEC, as well as HPPs and TPPs, an assessment of the energy efficiency, proposing the concept of a developed methodology for determining the price of water for HPPs and all participants in the WEC, will be obtained. Based on the results of the implementation of the developed approach at Novosibirsk HPPs, the electricity sales price competitive electricity market can be matched with the electricity sales price generated at TPP, which will be approximately 0.16 ¢/kW ∗ h. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
25. The Emergence of a Tradition: Essays in Honor of Jesús Huerta De Soto, Volume I : Money and the Market Process
- Author
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David Howden, Philipp Bagus, David Howden, and Philipp Bagus
- Subjects
- Austrian school of economics, Marginal utility
- Abstract
This book, the first of two volumes, explores the impact of Jesús Huerta de Soto and his role in the modern revival of the Austrian School of Economics. The chapters focusing on monetary economics, business cycle theory, and entrepreneurship, combine established ideas with novel topics to explore the new directions forged by Huerta de Soto's ideas. This approach presents Huerta de Soto's influence on modern economics. It also outlines his current research paradigm.This book aims to highlight and build upon the intellectual legacy of Jesús Huerta de Soto through its contribution to the Austrian School of Economics. It will be relevant to students and researchers interested in monetary policy and Austrian economics.
- Published
- 2022
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