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International agricultural markets are an important part of the global food resource chain. Tapping into the potential of agricultural trade between China and countries along the "Belt and Road" (B&R) is conducive to safeguarding China's and the world's food security, but there is less literature on the potential of bilateral trade demand. This paper ranks the B&R countries according to the scale of imports and exports, and calculates the elasticity of demand for imports, the elasticity of substitution for exports, and, finally, the potential of elasticity of demand for trade between China and the major B&R countries. The results show that China's agricultural export potential to major B&R countries is ranked as follows: Indonesia, Thailand, Russia, Poland, Turkey, Vietnam, Malaysia, Ukraine, India, and Singapore. The major B&R countries are also ranked in terms of their export potential to China: Vietnam, India, Ukraine, Russia, Malaysia, Thailand, Indonesia, Poland, Singapore, and Turkey. The findings of this paper provide a decision-making basis for promoting agricultural trade between China and B&R countries. [ABSTRACT FROM AUTHOR]

This paper aims to explore the impact of China's value-added tax (VAT) credit refunds policy on the enterprises' labor demand through a paradigm combining ex-ante analysis and ex-post test. By introducing the VAT credit refunds into the production-decision model of the enterprise, calibrating the parameters and conducting the dynamic effects tests using the data of Chinese A-share listed enterprises, this paper finds that the labor employment of the pilot enterprises exhibits a V-shaped fluctuation trend. In the initial implementation of the policy, due to the existence of layoff costs, iso-cost line of the enterprise bends, which results in that the enterprise with a capital-labor substitution elasticity greater than 1 will not reduce labor hiring, as it has already deployed labor force before the implementation of the policy. When the enterprise enter the next production cycle where the labor force can be freely allocated, the labor employment of the enterprise with a capital-labor elasticity of substitution greater than 1 will decline compared to that without the policy. In the long run, as output increases, the labor demand will recover. The results of ex-post test are consistent with that of the ex-ante analysis. Additionally, heterogeneity test reveals that the greater the elasticity of capital-labor substitution of the sub-industry is, the more severe the degree of the V-shaped fluctuation is. Following the implementation of the policy, the continuous increase in enterprise output and capital stock verifies the relevant transmission mechanism. This study provides a more detailed perspective for comprehensively understanding the impact of VAT credit refunds policy on employment. [ABSTRACT FROM AUTHOR]

This paper examines the role of exchange rate changes on India's trade. The drivers of exports and imports (income, exchange rate including sectoral differences, and exchange rate variability) are estimated for the short and long run including a structural break. Using annual data from 1994 to 2022, the results of dynamic fixed effects estimation show that both exports and imports are income-elastic in the short and long run, but income elasticity is far stronger for exports. Moreover, exports are responsive to the real effective exchange rate in the short run but not in the long run, and the reverse is true for imports. Furthermore, exchange rates have asymmetric effects for high-volume and primary sectors for exports and imports. The combined impacts show the ineffectiveness of using currency depreciation to address trade imbalances. [ABSTRACT FROM AUTHOR]

There is growing concern among policymakers and researchers about the negative health and climate impacts of meat consumption. Consumers are encouraged to re-evaluate their dietary choices to preserve our ecosystem and reduce the burden of diet-related diseases. However, limited information is available about how price changes in animal protein sources affect plant-based protein demand and the consequences for nutrient intake and/or diet quality. The goal of the present paper is to fill this gap by explaining how consumers react to price changes in animal protein types and to present the implications for nutrition or diet quality. This paper applied the exact affine stone index implicit (EASI) Marshallian demand system to 2021 home scan panel data collated by the Kantar Worldpanel to estimate both price and expenditure elasticities. Twelve food groups of seven animal-based protein products and five plant-based protein products were considered. The results revealed that dairy and eggs are daily necessities for the people of Scotland. The demand for fish and non-dairy milk are the most sensitive to price. Estimates based on expenditure elasticities show that beef is considered a luxury and a highly substitutable product in the Scottish diet. Peas are relatively basic, essential foodstuffs. In general, increasing the price of animal protein sources will shift demand towards plant protein. On the positive side, there will be a significant reduction in cholesterol and fat purchases. However, there would also be a significant reduction in the total amount of protein, carbohydrates, and healthy fats, such as unsaturated fatty acids, purchased by the average household. This shows that increases in plant-based protein are not enough to compensate for the reductions in essential macro- and micronutrient purchases from animal protein. From the climate perspective, reductions in meat purchases could reduce emissions from production and consumption. [ABSTRACT FROM AUTHOR]

The integrated energy system considering comprehensive demand response can realize cascade utilization of energy and reduce carbon emissions. However, few studies explore the operation of Integrated energy system considering the coupling markets of electricity and carbon trading. Based on the characteristics and specific needs of the integrated energy system, this paper establishes the mathematical model of each energy supply equipment, and studies the optimal energy supply method of the system. First, demand response is categorized into price and substitution types based on load response characteristics. Second, the price demand response models are established utilizing the price elasticity matrix, and substitution demand response models are developed considering the mutual conversion of electric and heat energy on the user-side. Subsequently, a baseline method is employed to allocate carbon emission quotas to the system without charge with considering the actual carbon emissions from gas turbines and gas boilers. This results in the formulation of an improved carbon trading mechanism tailored for integrated energy system. Finally, a low-carbon optimization operational model for integrated energy system is constructed with the multi-objective functions. The results of numerical case studies are presented to validate the performance of the proposed control method. [ABSTRACT FROM AUTHOR]

Since the socio-economic reform in 1978, rural China has undergone drastic spatial restructuring, and the trend of multifunctional development and dynamic evolution of settlements in the countryside have become increasingly obvious. Functions and settlements are the important parts of rural areas. Rural multifunction is a new perspective to explore the diversified development paths of the countryside, and rural settlements provide basic support for rural multifunction. Clarifying the complex coupling coordination relationship between rural functional diversification (RFD) and rural settlement evolution (RSE), and identifying the spatial heterogeneity of their interactions is the key to promoting the rural revitalization strategy. This study analyzes the spatiotemporal changes in rural functions and rural settlements at the township level, alongside assessing various forms and the extent of coupled development. Therein, we consider the advantages of different coupling types of townships and propose four development paths for rural settlements to improve the adaptability of rural functions and settlements. The results show that: (1) The functions and settlements in the study area are characterized by significant spatial and temporal dynamics, indicating that the traditional mountainous countryside is in a process of rapid development and change. (2) The coupling coordination degree of RFD and RSE increases yearly, generally transitioning from the moderate imbalance to the basic coordination stage, and the coordinated townships have obvious spatial agglomeration. (3) Based on the elasticity coefficient model, this paper summarizes four coupling models of RFD and RSE to guide the optimization of rural settlement development paths. This research provides scientific guidance for developing countries in the spatial planning of rural territories and the optimization of rural settlements. [ABSTRACT FROM AUTHOR]

Resident consumption is an important link to smooth the domestic circulation and promote the economy to achieve high-quality development. To stimulate the vitality of residents' consumption and achieve the expansion and quality of consumption, we should not only focus on the scale and willingness of residents to consume, but also consider the motivation of consumption. The paper analyzes the impact of intergenerational income mobility on residents' marginal propensity to consume and consumption altruism motive by expanding the Over Lapping Generation Models and combining the China Family Panel Studies (CFPS) data. The results of the study show: Intergenerational Income Elasticity has a significant positive effect on residents' marginal propensity to consume. When Intergenerational Income Elasticity increases, the "altruistic motive" of residents' consumption will also increase significantly. Compared with rural residents, Intergenerational Income Elasticity has a stronger positive effect on urban residents' marginal propensity to consume and marginal propensity to consume education. With the effect of intergenerational factors, urban residents' consumption shows stronger altruistic motives. [ABSTRACT FROM AUTHOR]

Benchmark models taught in undergraduate macro do not attribute any role for labor supply as an important determinant of macroeconomic outcomes. The first part of this paper documents three facts. First, differences in hours of work across OECD economies are large and imply large differences in GDP per capita. Second, there are large differences in the size of tax and transfer programs across countries, as proxied by differences in government revenues relative to the GDP. Third, these two outcomes are strongly negatively correlated. Taken together, these facts suggest an important role for labor supply in affecting macroeconomic outcomes. I conjecture that the reason why macro textbooks do not include a discussion of labor supply stems from a belief that labor supply elasticities are sufficiently small that even large differences in work incentives do not generate important macroeconomic effects. The second part of this paper argues that this belief is based on incorrect inference linking small elasticities for prime age male to small aggregate labor supply elasticities. The role of labor supply at the extensive margin plays a critical role in understanding this mistake in this inference. [ABSTRACT FROM AUTHOR]

As a leading industry in the national economy, circulation industry can not only guide production and consumption, but also play a vital role in absorbing employment. With the progress of science and technology, technical change has penetrated into the circulation industry of China, which has not only improved its development, but also affected its employment. This paper uses the standardized supply-side system approach to measure the biased technical progress of circulation industry in China and investigates the influence of the biased technical progress index on the employment scale of circulation industry in China with panel regression model. We find that the overall technical progress in China's circulation industry during 2004–2018 is biased toward capital, and the elasticity of substitution between capital and labor is less than 1. We also find capital-biased technical progress in China's circulation industry is negatively related to the overall employment scale of circulation industry. The heterogeneity analysis indicates that the employment of non-state-owned units in circulation industry is significantly negatively affected by capital-biased technical progress, while state-owned units doesn't. [ABSTRACT FROM AUTHOR]

In this paper, we provide empirical evidence that real wage rigidity is not a major cause of unemployment volatility. We argue that there is a disconnect between the theoretical and empirical literatures on this topic. While theoretical studies define real wage rigidity as the response of wages to changes in unemployment following productivity shocks, the empirical literature measures real wage rigidity as the estimated semi‐elasticity of wages with respect to unemployment, averaged over all shocks. We show that averaging over shocks gives a biased measure of real wage rigidity, as the impact of other shocks confounds the response to productivity shocks. Our results indicate that the estimated semi‐elasticity with respect to productivity shocks is twice as large as the estimated semi‐elasticity averaged over all shocks. This implies that one cannot attribute unemployment volatility to real wage rigidity. [ABSTRACT FROM AUTHOR]

Gansu Province in China has the characteristics of an underdeveloped economy, low forest carbon sink, and rich non-fossil energy, making it a typical area for research to achieve the "double carbon" target. In this paper, the primary energy consumption and carbon emissions and their development trends in Gansu Province during the "double carbon" target period were predicted by the fixed-base energy consumption elasticity coefficient method, and the possibility of achieving the "double carbon" target in Gansu Province was explored. In the three hypothetical scenarios, it was estimated that the total primary energy consumption of Gansu Province will be 91.9–94.81 million tons of standard coal by 2030 and 99.35–110.76 million tons of standard coal by 2060. According to the predicted share of different energy consumption in Gansu Province, the CO2 emissions of Gansu Province in the three scenarios were calculated and predicted to be between 148.60 and 153.31 million tons in 2030 and 42.10 and 46.93 million tons in 2060. The study suggests that Gansu Province can reach the carbon peak before 2030 in the hypothetical scenarios. However, to achieve the goal of carbon neutrality by 2060, it was proposed that, in addition to increasing carbon sinks by afforestation, it is also necessary to increase the share of non-fossil energy. As long as the share is increased by 0.3% on the basis of 2030, the goal of carbon neutrality by 2060 in Gansu Province can be achieved. The results show that the increase in the share of non-fossil energy consumption is the most important way to achieve the goal of carbon neutrality in Gansu Province, and it also needs to be combined with the optimization of industrial structure and improvement of technological progress. Based on the research results, some countermeasures and suggestions are put forward to achieve the goal of carbon neutrality in Gansu Province. [ABSTRACT FROM AUTHOR]

Car-sharing is a travel mode that can serve as an alternative to private cars, helping to reduce urban pollution. However, currently, there is a low willingness among travelers to use car-sharing, which is reflected in both low market penetration and user frequency. Therefore, it is essential for the government to encourage the use of car-sharing by providing subsidies. To better encourage the usage of car-sharing, this paper applies a two-fold evolutionary game model involving travelers and the government to explore the impact of subsidies on travelers' choices, and the factors that could affect the subsidies' efficiency. A simulation, using data from Beijing, was conducted to determine the implications of subsidy policies. The results show that a mileage-based subsidy and a fixed subsidy are applicable to travel of high and low mileages respectively, and under both subsidy modes, subsidies for trips with short duration or short pick-up and return time are more effective. Furthermore, we find that the efficiency of subsidies increases as the scale of car-sharing users, demand elasticity, or total number of travelers increases. Additionally, the subsidy levels should be lower than the environmental benefits of car-sharing but higher than the difference in travel costs between private cars and car-sharing. Future work will involve other game players such as car-sharing operators in order to draw deeper conclusions, and will involve the collection of data from more countries and cities to develop the robustness of the conclusions. [ABSTRACT FROM AUTHOR]

The integration of large-scale wind power into power systems has exacerbated the challenges associated with peak load regulation. Concurrently, the ongoing advancement of electricity marketization reforms highlights the need to assess the impact of direct electricity procurement by large consumers on enhancing the flexibility of power systems. In this context, this paper introduces a Distributed Robust Optimal Scheduling (DROS) model, which addresses the uncertainties of wind power generation and direct electricity purchases by large consumers. Firstly, to mitigate the effects of wind power uncertainty on the power system, a first-order Markov chain model with interval characteristics is introduced. This approach effectively captures the temporal and variability aspects of wind power prediction errors. Secondly, building upon the day-ahead scenarios generated by the Markov chain, the model then formulates a data-driven optimization framework that spans from day-ahead to intra-day scheduling. In the day-ahead phase, the model leverages the price elasticity of the demand matrix to guide consumer behavior, with the primary objective of maximizing the total revenue of the wind farm. A robust scheduling strategy is developed, yielding an hourly scheduling plan for the day-ahead phase. This plan dynamically adjusts tariffs in the intra-day phase based on deviations in wind power output, thereby encouraging flexible user responses to the inherent uncertainty in wind power generation. Ultimately, the efficacy of the proposed DROS method is validated through extensive numerical simulations, demonstrating its potential to enhance the robustness and flexibility of power systems in the presence of significant wind power integration and market-driven direct electricity purchases. [ABSTRACT FROM AUTHOR]

To realize a carbon-efficient and economically optimized dispatch of the integrated energy system (IES), this paper introduces a highly efficient dispatch strategy that integrates demand response within a tiered carbon trading mechanism. Firstly, an efficient dispatch model making use of CHP and P2G technologies is developed to strengthen the flexibility of the IES. Secondly, an improved demand response model based on the price elasticity matrix and the capacity for the substitution of energy supply modes is constructed, taking into account three different kinds of loads: heat, gas, and electricity. Subsequently, the implementation of a reward and penalty-based tiered carbon trading mechanism regulates the system's carbon trading costs and emissions. Ultimately, the goal of the objective function is to minimize the overall costs, encompassing energy purchase, operation and maintenance, carbon trading, and compensation. The original problem is reformulated into a mixed-integer linear programming problem, which is solved using CPLEX. The simulation results from four example scenarios demonstrate that, compared with the conventional carbon trading approach, the aggregate system costs are reduced by 2.44% and carbon emissions are reduced by 3.93% when incorporating the tiered carbon trading mechanism. Subsequent to the adoption of demand response, there is a 2.47% decrease in the total system cost. The proposed scheduling strategy is validated as valuable to ensure the low-carbon and economically efficient functioning of the integrated energy system. [ABSTRACT FROM AUTHOR]

The residual soil on a slope can slowly move downward under the influence of gravity, forming a creep landslide. These types of landslides are known for their extensive coverage, significant magnitude, and prolonged duration of hazard. A systematic study of the creep properties of creep landslide geotechnical bodies is essential for the analysis of the deformation process and long-term safety evaluation of landslides. This paper focuses on studying a creep landslide involving residual soil in western Henan Province. The creep characteristics of residual soil with different stone content are investigated through direct shear creep experiments. The findings reveal that stone content has a profound impact on the creep behavior of residual soil. As the stone content of the soil increased, the structure of the test soil changed significantly, resulting in a gradual decrease in its shear creep. The Burgers model can effectively fit the deceleration creep and steady-state creep stages of the residual soil. With the increase in stone content, the four parameters of the Burgers model show a significant increase, with the instantaneous elasticity coefficient G1 and the viscosity coefficient η1 experiencing more noticeable changes. The average long-term strength of specimens with different stone content is only 54% of their instantaneous strength. Additionally, as the stone content increases, the ratio of long-term strength to instantaneous strength also increases. Notably, the long-term strength of specimens with 10–30% stone content is significantly lower than that of specimens with 50–70% stone content. [ABSTRACT FROM AUTHOR]

Located in the Yangtze River Delta region, Jiangsu Province has become the major grain production area of China and plays an important role in ensuring national food security. With rapid economic development and urbanization, the amount of cultivated land has decreased, which greatly affects food security. Based on the statistical data of grain production in Jiangsu Province since 2000 and the remote sensing data of 2000, 2010, and 2020, this paper used the stochastic frontier production function to calculate the output elasticity of various factors and the technical efficiency of grain production. The agglomeration effect of food production was investigated by using spatial correlation analysis. Finally, regression analysis was applied to examine the impact of land use change on grain yield and the technical efficiency of production. The results show that the grain-sown area is the decisive factor for the increase in grain output in Jiangsu Province. The technical efficiency of grain production in the province has been maintained at a relatively high level since 2000, showing a fluctuating upward trend, and the efficiency value in southern Jiangsu Province is greater than that in central and northern Jiangsu. The analysis of the spatial distribution characteristics of grain production technical efficiency shows that grain production has an agglomeration effect. The regression results showed that the complexity of land use and the density of the cultivated land patch were negatively correlated with grain yield and grain production technical efficiency, while the location of cultivated land was positively correlated with grain yield and grain production technical efficiency. The conclusion of this paper has important policy significance for promoting food production and ensuring food security. [ABSTRACT FROM AUTHOR]

In addressing the critical interplay between market dynamics and food security within Romania's swine meat market, amidst evolving economic and social challenges, the research aimed to elucidate the roles of elasticity dynamics and trade balance performance in ensuring a high food security level. Utilizing data from 2011 to 2022, the analysis employed key elasticity metrics--price elasticity of demand (PED), income elasticity of demand (IED), factor elasticity of demand (FED), and income elasticity of the swine meat trade balance's deficit (IET)--to dissect the complex interactions configuring demand, supply, and international trade dependencies. The methodology was grounded on quantitative analyses, contrasting year-over-year and base-year elasticities to capture both immediate and longitudinal market responses to socio-economic stimuli. This detailed approach uncovered pertinent findings: despite general price inelasticity in swine meat demand, significant fluctuations in response to income changes and production factors were observed, with 2015 marking a year of heightened sensitivity due to external factors like the African swine fever outbreak. This study underscores the imperative of leveraging elasticity analyses to inform the development of agricultural policies aimed at enhancing domestic production, managing trade deficits, and ultimately reinforcing Romania's food security socio-economic infrastructure against the backdrop of global market volatilities and domestic supply constraints. [ABSTRACT FROM AUTHOR]

In the context of national efforts to promote country-wide distributed photovoltaics (DPVs), the installation of distributed energy storage systems (DESSs) can solve the current problems of DPV consumption, peak shaving, and valley filling, as well as operation optimization faced by medium-voltage distribution networks (DN). In this paper, firstly, a price elasticity matrix based on the peak and valley tariff mechanism is introduced to establish a master–slave game framework for DN-DESSs under the DPV multi-point access environment. Secondly, the main model optimizes the pricing strategy of peak and valley tariffs with the objective of the lowest annual operating cost of the DN, and the slave model establishes a two-layer optimization model of DESSs with the objective of the maximum investment return of the DESSs and the lowest daily operating costs and call the CPLEX solver and particle swarm optimization algorithm for solving. Finally, the IEEE33 node system is used as a prototype for simulation verification. The results show that the proposed model can not only effectively reduce the operating cost of the distribution network but also play a role in improving the energy storage revenue and DPV consumption capacity, which has a certain degree of rationality and practicality. [ABSTRACT FROM AUTHOR]

In this paper, DR programs are integrated with the unit commitment economic dispatch model for a single day to lower total operating costs for an insular microgrid. The proposed model takes into account the forecasting errors associated with wind, solar, and load demands. A new combined DR program is presented to enhance microgrid operation and financial effectiveness, benefiting microgrid consumers. The price elasticity and consumer profit are the foundation for DR modeling. The optimization problem is developed as mixed‐integer nonlinear programming (MINLP) and solved using GAMS software. For the case study, an insular microgrid consisting of two microturbines, a wind turbine, solar photovoltaic, and battery storage is considered. Optimization is carried out under both with and without the DR program. The outcomes show that by implementing TOU and DLC DR programs, the operating cost is reduced by 13.55% and 9.68%, respectively. While consumers experience a financial loss in TOU‐DR, they earn profit in DLC‐DR. Therefore, a combination of the two, i.e., TOU + DLC DR, is proposed, reducing operating costs by 10.73% while increasing profit for users. The suggested approach benefits the microgrid operator as well as its users, encouraging the construction and operation of insular microgrids in rural or isolated areas. [ABSTRACT FROM AUTHOR]

This paper examines the environmental, social, and governance (ESG) requirements for an industry in an n‐oligopolistic model and investigates the relationship between the degree of industry concentration and the degree of ESG requirements. It is shown that the factors influencing the degree of ESG requirements include the number of firms, the elasticity of market demand, and the market concentration ratio. In the case of linear market demand, the degree of requirements is negatively affected by firm number only, regardless of the elasticity of market demand or market concentration ratio. In addition, the degree of ESG requirements is positively (negatively) related to the industry profit/concentration, when market demand is convex (concave). This paper demonstrates that the degree of ESG requirements is sensitive to firm number, market demand, and market concentration ratio and serves as a pragmatic reference for the government. [ABSTRACT FROM AUTHOR]

Despite the importance of financial development-international trade nexus and its implication for growth, studies have yet to look at the impact of new financial development indicators developed by the International Monetary Fund on international trade performance in Nigeria. This is one of the few attempts made to examine the elasticity of trade to financial development, given the inconclusive findings that permeate the literature. Therefore, this paper investigates the effect of financial development on aggregate trade performance in Nigeria using annual data from 1980 to 2021. The empirical framework is based on the ARDL approach to cointegration and error correction model. The findings revealed that (i) The ARDL bound test revealed the existence of a long-run equilibrium association between the variables; (ii) We find that a unit improvement in financial development induces a 1.1%-1.2% increase in trade performance in the short-run short term and a 9.7% in the long-run; (iii) The results show that a 1% increase in the exchange rate (depreciation) leads to a 0.01% improvement in trade performance in the short-term. The findings have important policy implications. The paper concludes that financial development contributes to trade performance. [ABSTRACT FROM AUTHOR]

In this paper, we study unimodality conditions for distributions that describe markets with stochastic demand. Such conditions naturally emerge in the analysis of game-theoretic models of market competition (Cournot games) and supply chain coordination (Stackelberg games). We express the price elasticity of expected demand in terms of the mean residual life (MRL) function of the demand distribution and characterize optimal prices or equivalently, points of unitary elasticity, as fixed points of the MRL function. This leads to economic interpretable conditions on the demand distribution under which such fixed points exist and are unique. We find that markets with increasing price elasticity of expected demand that eventually become elastic correspond to distributions with decreasing generalized mean residual life (DGMRL) and finite second moment. DGMRL distributions strictly generalize the widely used increasing generalized failure rate (IGFR) distributions. We further elaborate on the relationship of the two classes, link their limiting behavior at infinity and examine moment and closure properties of DGMRL distributions that are important in economic applications. The DGMRL unimodality condition is useful in the analysis of optimal decisions under uncertainty in settings that are not covered by the widely-used IGFR condition; thus, it can be of broader interest to the game-theory and operations research literature. [ABSTRACT FROM AUTHOR]

This paper considers the agency selling channel in a supply chain under platform service investment. We construct Stackelberg game models to study the impact of the manufacturer's encroachment strategy on supply chain members. Research results indicate that the encroachment strategy always has a positive impact at the levels of the manufacturer and platform service, which should dynamically change in response to the manufacturer's action; the platform may actively implement a service strategy without encroachment, while the platform should be cautious in providing services to avoid backlash when encroachment occurs; the high commission rate may prompt the platform to increase the service effort and hinder manufacturer encroachment; when the channel substitution rate is high, both the manufacturer and platform may suffer from it and hence they should slow down their strategy implementation and consider cooperation; when the elasticity coefficient is large and the service cost is high, it may hinder the platform from providing services and the manufacturer may take the opportunity to encroach and thus seize the market. [ABSTRACT FROM AUTHOR]

This paper modeled the tension fluctuation during automated fiber placement (AFP), which depicted the tension variations under different operating conditions. The stability and validity of the model were demonstrated using Bode plots and experiments, respectively. According to the model, the tension fluctuations of AFP at different stages were obtained. Additionally, the passive dancer parameters with the better system performance were determined using the evaluation methodology presented in this paper. Moreover, it was discovered that the damping coefficient affects the tension variation more significantly than the elasticity coefficient. Finally, the placement experiments showed that the determined passive dancer parameters improved the laying quality significantly. [ABSTRACT FROM AUTHOR]

Copyright of Desarrollo y Sociedad is the property of Universidad de los Andes 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.)

The results of previous research suggest that the elasticity of employment with respect to output is not constant within each phase of the business cycle and might depend on the maturity of that phase. Nevertheless, empirical evidence is almost non-existent. Using the unemployment gap as the proxy for the maturity of the business cycle phase, this paper seeks to determine heterogeneous elasticity across different business cycle phases. Furthermore, we aim to evaluate specific elasticities for separate demographic groups, considering gender, age, and educational attainment level, to identify the most vulnerable to jobless growth. Our specification is based on the employment version of Okun's law, and estimates are provided for the whole EU-27 panel covering the period from 2000 to 2022. Our results suggest that elasticity is higher when the unemployment gap is positive and increasing and lower when the gap decreases, regardless of the business cycle phase. Thus, it can be argued that the possibility of growth increasing employment is very limited when the economy operates at its potential level (full employment) for all demographic groups. [ABSTRACT FROM AUTHOR]

The establishment of a financial system should not only consider the current situation, but also need to refer to the past. Due to the memory of the fractional derivative, a fractional-order system can more effectively describe the historical significance of the financial system. Most scholars use the prediction–correction scheme to study fractional-order systems. This paper provides a higher-precision numerical method for the financial system, which more effectively simulate the system. Based on the definition of the Grünwald–Letnikov fractional derivative, the integer-order system with nonconstant demand elasticity is extended to the fractional-order setting, and its dynamic behavior is studied, with some novel chaotic attractors found. The research results are helpful for improving the understanding of the financial system and the financial market and for predicting financial risks. [ABSTRACT FROM AUTHOR]

Motivated by Nigeria's persistent pursuit of rice self-sufficiency, this paper projects the country's future rice self-sufficiency levels. These projections could guide policy decisions in areas of the rice market that show potential for growth, aiding in the achievement of Nigeria's goal through improved planning strategies. Using time series data covering the period from 1980 to 2018, this study adopted an econometric technique to model Nigeria's rice market which was estimated using a dynamic Autoregressive Distributed Lag (ARDL) approach. The results revealed that paddy producer price elasticity was 0.206 and had no influence on paddy area harvested. On the other hand, the national policy of rice credit guarantee scheme variable displayed a positive relationship with paddy area harvested. Lagged yield and lagged area harvested had positive influences on yield and area harvested, respectively. This could mean that paddy producers were motivated by previous year's yield levels and area harvested. The demand own-price elasticity of rice was -0.321 and its cross-price elasticity was 0.193, with wheat revealed to be a substitute. The obtained elasticities were then used to make a ten-year projection. Results suggested that by 2028, increasing rice production relative to dwindling imports will boost rice self-sufficiency level to 71%. However, the average yearly rice self-sufficiency level was 53%, requiring 3.85 million Mt of rice imports. The projections revealed that Nigeria will not achieve rice self-sufficiency by 2028 unless intensive yield enhancing policy-supporting efforts are pursued. [ABSTRACT FROM AUTHOR]

Copyright of Mexican Journal of Economics & Finance / Revista Mexicana de Economia y Finanzas is the property of Instituto Mexicano de Ejecutivos de Finanzas 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.)

This paper incorporates reference‐dependent preferences into a consumption‐based asset pricing model featuring Epstein–Zin utility. Three relevant results emerge from this extension. First, agents prefer the late resolution of uncertainty in recursive utility. Second, the late resolution of uncertainty helps replicate the downward‐sloping term structure of market excess return. Third, the intertemporal substitution elasticity is more sensitive to asset prices through increasing precautionary saving motivations. A closed‐form solution for the proposed model largely explains (i) high, volatile, and countercyclical equity premiums; (ii) low risk‐free rates; and (iii) the downward‐sloping term structure of equity premiums and variance ratios. [ABSTRACT FROM AUTHOR]

Using a quantitative, calibrated life-cycle model, I show that countercyclical earnings risk affects individual consumption growth, reduces the share of wealth in stocks, and affects savings behavior. Using the Panel Study of Income Dynamics survey, I construct an empirical measure of countercyclical earnings risk and find evidence consistent with the model's predictions. Specifically, larger downside earnings risk decreases consumption growth, increases left skewness in consumption growth, and reduces the share of wealth in stocks. Furthermore, the consumption effects are substantially more significant for stockholders than for nonstockholders, which arises through heterogeneity in the elasticity of intertemporal substitution. This paper was accepted by Tomasz Piskorski, finance. Supplemental Material: The data and online appendix are available at https://doi.org/10.1287/mnsc.2023.4837. [ABSTRACT FROM AUTHOR]

Foods high in fat, sugar or salt are important contributors to the rising burden of non-communicable diseases globally and in India. Health taxes (HTs) have been used by over 70 countries as an effective tool for reducing consumption of sugar sweetened beverages (SSBs). However, the potential impacts of HTs on consumption and on revenues have not been estimated in India. This paper aims to estimate the potential impact of health taxes on the demand for sugar, SSBs and foods high in fat, sugar or salt (HFSS) in India while exploring its impact on tax revenues. PE of sugar was estimated using Private Final Consumption Expenditure and Consumer Price Index data while price elasticities for SSBs and HFSS were obtained from literature. The reduction in demand was estimated for an additional 10–30% HT added to the current goods and services tax, for varying levels of price elasticities. The results show that for manufacturers of sweets and confectionaries who buy sugar in bulk and assuming a higher price elasticity of −0.70, 20% additional HT (total tax 48%) would result in 13–18% decrease in the demand for sugar used for confectionaries and sweets. For SSBs, HT of 10–30% would result in 7–30% decline in the demand of SSBs. For HFSS food products, 10–30% HT would result in 5–24% decline in the demand for HFSS products. These additional taxes would increase tax revenues for the government by 12–200% across different scenarios. Taxing unhealthy foods is likely to reduce demand, while increasing government revenues for reinvestment back into public health programmes and policies that may reduce obesity and the incidence of non-communicable diseases in India. [ABSTRACT FROM AUTHOR]

China has the most minimal proportion of intermediate service inputs among the input-output datasets encompassing 43 countries and regions within the WIOD database. This study employs a non-parametric estimation methodology to compute the appropriate input levels for two distinct categories of intermediate goods. Furthermore, it evaluates the decline in total factor productivity resulting from distortions in intermediate input. The research findings are as follows: 1) China's producer services exhibit an output elasticity approximately twice that of industrial intermediate goods. However, the input for producer services is only about half of that for the latter. This points to a notable deviation of China's input for producer services from the optimal level. 2) Upon achieving an optimal level of input allocation for intermediates, the entire industry could experience an 11.48% boost in total factor productivity. In particular, the manufacturing sector could witness an impressive surge of 33.91%. 3) A positive correlation is discerned between intermediate input distortions and the import of intermediate products. [ABSTRACT FROM AUTHOR]

This article is a response to a research paper titled "Health Poverty Alleviation Project in Rural China: Impact on Poverty Vulnerability, Health Status, Healthcare Utilization, Health Expenditures." The response highlights the advantages of the HPAP policy, which focuses on providing equitable health services to rural poor communities in China. The policy reduces out-of-pocket payments for inpatient services and has the potential to be implemented in other developing countries with high poverty levels and expensive healthcare costs. However, the response also points out areas that require further explanation, such as the need for consistency in the research approach and the inclusion of diverse vulnerable groups in the policy. The response suggests that further investigation, mixed research methods, and a psychosocial lens can provide more comprehensive results for future studies. [Extracted from the article]

The paper develops a conceptual framework for the analysis and management of catastrophic risk. The framework serves to assess rare extreme events in systematic, quantitative and consistent ways. It dispenses with probabilistic extreme value theory, concentrating on descriptive statistics and simple probability distributions. Risk assessment is based on a recently developed axiomatic approach to non-expected utility preferences defined on the set of risky alternative courses of action available to an agent. The utility values of catastrophic risks are given an explicit algebraic representation, which shows them to be highly unstable (“elastic”) in the sense that they respond disproportionately to small perturbations of the decision outcomes and their probabilities. Various elasticity coefficients are defined for the outcome variables and utility preferences attached to them. They indicate whether a variable possibly takes on large negative values. The coefficients can also be defined as sample statistics and, thus, computed from observed data. The approach admits various applications to practical problems of disaster risk management. The applications include estimations of the effectiveness and cost-efficiency of risk management, the specification of limits of acceptance of catastrophic risk for regulatory purposes, and safety and security systems design and dimensioning. [ABSTRACT FROM AUTHOR]

Most choice models, e.g. Multinomial Logit (MNL), rely on random utility theory, which assumes that a compensatory utility maximization decision rule explains an individual's choice behaviour. Research has shown, however, that behaviour is sometimes better explained by non-compensatory decision rules. While some research has used Latent Class Choice Models (LCCMs) to account for multiple decision rules, many of them – such as the disjunctive rule – have yet to be explored. This paper formulates, estimates, and evaluates a LCCM that combines the MNL with a Generalised Random Disjunctive Model (GRDM), a new choice model we develop. Addressing deficiencies of existing disjunctive choice models, the GRDM allows for relative importance between attributes and is insensitive to irrelevant attributes. Unlike most non-compensatory models, it is tractable and incorporates random error terms for capturing unobserved heterogeneity across choice situations. The GRDM can be expressed as a Universal Logit (UL) model, which helps derive welfare metrics such as Marginal Rates of Substitution and elasticities and makes it possible to estimate the model with traditional software packages. The LCCM combining the GRDM and the MNL is estimated in two large-scale case studies: cyclists' route choice and public transport route choice. Results are compared with other relevant LCCM specifications and the individual choice models, where it is found that the MNL + GRDM LCCM provides the best fit to the data. We also interpret the fitted parameters and calculate the Marginal Rates of Substitution, which align with behavioural expectations. • Formulation of the new Generalised Random Disjunctive Model (GRDM). • Derivation and interpretation of the GRDM Marginal Rates of Substitution and Logsum. • Motivation for accounting for decision rule heterogeneity in choice models. • Presentation of a model combining the GRDM and a MNL, using a Latent Class framework. • Benchmark and interpretation of the new models on two route choice case studies. [ABSTRACT FROM AUTHOR]

Non-intrusive load monitoring is a prominent part of demand-side energy management that provides visibility of flexible loads to support real-time electricity market pricing strategies and intelligent demand response programs. Compared with household-level load disaggregation, substation-level load disaggregation can significantly preserve residential privacy and reduce facility costs while providing sufficient information of flexible loads for intelligent demand-side energy management from the area scale. Especially, among various flexible loads, thermostatically controlled loads are highlighted due to their large proportion and high demand response elasticity. However, due to the variation and complexity of residential routines on a large scale, disaggregation of flexible loads from the substation level remains unsolved. To this end, focusing on thermostatically controlled loads, this paper proposes a contrastive sequence-to-point learning algorithm for substation-level flexible load disaggregation to fill the research gap. In the first stage, the theory of the effect of load aggregation and thermal inertia effect is introduced, and significant impact factors on flexible loads are summarized. Secondly, a substation-level flexible load disaggregation algorithm based on contrastive sequence-to-point learning is proposed, where pair-wise comparison and residual mechanism are combined in a semi-supervised structure to extract deep features and track fluctuations in flexible loads. Then, SHapley Additive exPlanations are utilized to ensure the optimization and interpretability of the algorithm. The proposed algorithm is tested and verified on public datasets under low frequency, reducing the disaggregation Mean Absolute Percentage Error of thermostatically controlled loads to as low as 8.78% and 11.26% for bi-directional and unidirectional structures separately. Additionally, it is generalizable to disaggregate other flexible loads, including photovoltaic and electric vehicles, demonstrating satisfactory performance. The algorithm has proved to be robust to data sparsity problems and practical for substation-level demand response potential estimation. • A novel contrastive-based sequence-to-point learning architecture is proposed for substation-level flexible load disaggregation. • Effects of load aggregation and thermal inertia of TCLs are analyzed as theory support to determine crucial impact factors. • Residual connections and pair-wise comparison mechanisms are employed to support the in-depth feature extraction and overcome the data sparsity challenge. • Shapley Additive exPlanations are utilized to ensure the optimization and interpretability of the proposed algorithm. • Verified on large-scale public datasets to prove the generalization for other flexible loads and the practicability for potential estimation of demand response [ABSTRACT FROM AUTHOR]

An economy's primary objective is to foster high economic growth, ultimately enhancing the well-being of its citizens. Recent economic strategies have increasingly emphasized trade-oriented policies to achieve this goal. This study delves into the nexus between Saudi seaborne trade (measured in tons) and gross domestic product (GDP), aiming to determine any causal relationship between these economic variables. Using datasets from the Saudi Central Bank and the General Authority of Statistics, this research employs rigorous unit root, cointegration, and causality tests to find the intricate interplay between trade and economic growth in Saudi Arabia. The empirical analysis highlights a robust long-term relationship between Saudi GDP and seaborne trade, suggesting cointegration. Specifically, the findings reveal a significant impact of economic growth on seaborne trade, as indicated by a trade elasticity of 1.08, which implies that changes in GDP yield a substantial shift in trade. For instance, a 1% increase in GDP corresponds to an approximate 1.08% increase in trade volume. The error correction mechanism also illustrates the dynamic adjustment process: deviations of Saudi seaborne trade and economic growth from equilibrium are corrected by 61% and 43%, in the subsequent year. Furthermore, Granger causality tests unveil bidirectional causality between GDP and trade, elucidating that economic growth changes precede trade volume alterations and vice versa. Thus, fostering international trade not only stimulates income but also bolsters the domestic economy of Saudi Arabia. [ABSTRACT FROM AUTHOR]

The energy conversion capacity of wave energy conversion devices highly depends on the hydrodynamic characteristics of the energy-harvesting structure. To investigate the effect of hydrodynamic performance on the power conversion characteristics, a twin-buoy wave energy converter (WEC) was investigated by using a three-dimensional numerical wave pool based on the Computational Fluid Dynamics (CFD) method. Several factors are examined, including the elasticity coefficient of the anchor chain, the bottom configuration of the floating body, and the power take-off (PTO) damping coefficient. The heave displacement, heave velocity, and heave force of the converter are calculated under specific wave parameters, and the flow field cloud diagram during the heave motion is analyzed. The results indicate that a wave energy converter with a hemispherical floating body exhibits the best kinematic performance. The influence of the mechanical damping coefficient on the energy conversion performance of the device is studied. By appropriately reducing the mechanical damping coefficient, the energy capturing capability of the device can be increased to a certain extent. These findings can serve as a theoretical basis for the application of deep-water wave energy conversion in engineering and the optimization of future WEC designs. [ABSTRACT FROM AUTHOR]

Water pricing is an economic instrument traditionally used to reduce water demand. However, its effective implementation requires knowledge of the extent to which users reduce water consumption with increasing water prices. The price elasticity of water demand has been estimated using econometric regression, which relies on cross-sectional and time-series water data. As an alternative, we propose the use of agent-based modelling, which does not require reliable historical data on water prices and consumption and enables the simulation of multiple scenarios with different consumer profiles, behaviour profiles and water price changes, thereby allowing comprehensive understanding of price elasticity estimates. To illustrate the potential use of agent-based modelling for the estimation of water demand price elasticity, we performed an empirical application to a residential area in Chile. Price elasticity estimates ranged from −0.0159 to −0.1036 (mean −0.0250), indicating that residential water consumption is inelastic to price changes. This result is consistent with previous findings. Agent-based modelling is an alternative for the ex-ante assessment of the potential effectiveness of water pricing policies intended to reduce residential water demand. [ABSTRACT FROM AUTHOR]

Chicken eggs are a staple food widely consumed directly or indirectly (as an ingredient in other food items) in Saudi Arabia. Due to the importance of eggs in Saudi consumers' diet, this study aimed to determine the sociodemographic factors affecting Saudi consumer demand for eggs and how changes in egg prices and consumer income may influence dietary intake derived from eggs. This study analyzes survey data from 466 respondents. We used a double-log demand model to obtain the price and income elasticities of egg demand. The results show that the price elasticity of egg demand is negative and inelastic, indicating that changes in egg price have a small influence on egg demand. Additionally, income elasticity is positive and <1, implying that eggs are a necessary food item. Cross-price elasticities show that cheese and milk complement egg consumption. Meanwhile, cornflakes (a breakfast cereal) were found to be a good substitute for eggs. Furthermore, the results show that consumer demand for eggs is expected to increase as household size increases. Women exhibited a higher demand for eggs, compared with men. Nutrient income elasticity shows that an increase in consumer income increases protein, fat, and calorie intake from eggs. Nutrient price elasticity shows that an increase in egg price has the greatest negative influence on protein intake, resulting from a decrease in egg consumption. This study recommends that decision makers actively monitor egg prices and take all necessary actions to prevent spikes in egg prices, as this will improve nutritional and food security and help consumers maintain a stable protein intake from egg consumption. [ABSTRACT FROM AUTHOR]

The renowned van der Waals (VDW) state equation quantifies the equilibrium relationship between the pressure P, volume V, and temperature k B T of a real gas. We assign new variable interpretations adapted to the economic context: P → Y , representing price; V → X , representing demand; and k B T → κ , representing income, to describe an economic state equilibrium. With this reinterpretation, the price elasticity of demand (PED) and the income elasticity of demand (YED) are non-constant factors and may exhibit a singularity of the cusp-catastrophe type. Within this economic framework, the counterpart of VDW liquid–gas phase transition illustrates a substitution mechanism where one product or service is replaced by an alternative substitute. The conceptual relevance of this reinterpretation is discussed qualitatively and quantitatively via several illustrations ranging from transport (carpooling), medical context (generic versus original medication), and empirical data drawn from the electricity market in Germany. [ABSTRACT FROM AUTHOR]

We use a nested constant elasticity of substitution utility function to introduce a private environmental substitute in a theoretical model. We find that a buyer's income elasticity of willingness to pay (WTP) increases with the price of the substitute and decreases with income. A higher price and a lower income also discourage purchase of the substitute, reducing the proportion of buyers in population. We must therefore consider both dimensions when discussing societal mean WTP. An empirical check based on a contingent valuation survey confirms our theoretical findings. Projected income-WTP curves reveal inequality further reduces the mean WTP in the presence of private environmental substitutes. [ABSTRACT FROM AUTHOR]

This study examines the relationship between renewable and non-renewable energy consumption, economic growth, and ecological footprint for the top 14 Russian-energy-importing countries in 2000–2018. Through PVAR analysis, this study calculates the long-term correlation between variables using a VEC model. The VAR approach addresses the endogeneity issue by including endogenous interactions between the variables in the model. Additionally, the impulse response functions and the influence of various variables on certain lags are evaluated. Cointegration between variables was assessed using DOLS and FMOLS panel analysis to investigate the long-term link further. Our findings demonstrate that there is a cointegration relationship between all series. According to the impulse response analysis results, an energy shock from Russia will negatively affect the countries' economic growth and decrease the ecological footprint. Increasing renewable and non-renewable energy consumption domestically increases ecological footprint, but the effect of renewable energy consumption on ecological footprint seems to be less. According to DOLS findings, a 10 percent increase in Russian fuel exports increases the elasticity of economic growth by 0.61%. In contrast, FMOLS findings indicate that a 10% increase in Russian fuel export increases the elasticity of economic growth by 1%. However, the direction of the relationship is positive when the ecological footprint is considered the dependent variable: While the non-renewable energy consumption elasticity coefficient was 0.030 in the DOLS model, it was found to be 0.023 in the FMOLS model. The elasticity value of the economic growth variable was found to be 0.69 in the FMOLS model. [ABSTRACT FROM AUTHOR]

The relationship between energy consumption and economic development is one of the primary indicators for elaborating energy policies. Different countries are at different stages of economic development and have different levels of energy consumption. Since independence, Kazakhstan's economic development has gone through three stages: the unstable stage (1992–2000), the stage of rapid development (2001–2013), and the stage of stable development (2014–present). Kazakhstan's economy is shifting from an industry-led economy to a service-led economy, thus, the relationship between energy consumption and economic growth also changes. By analyzing the data on energy consumption and GDP during 1992–2023, it was found that a 1% growth of GDP caused a 0.3972% growth of energy consumption in Kazakhstan on average. Due to the long period of economic influence on energy consumption, Kazakhstan could realize the adjustment of the energy consumption structure without affecting economic development by eliminating fossil energy subsidies, reducing taxes on projects for the development of renewable energy, and increasing energy-saving facilities. [ABSTRACT FROM AUTHOR]

The structure of demand plays a fundamental role in shaping economic equilibrium. In computable general equilibrium analysis, comparative statics allow us to simulate how policies or external adjustments impact the equilibrium state. The results of these simulations are significantly influenced by the nature of the adopted demand structure. Typically, homothetic demand structures are frequently used for simplicity in these equilibrium models, but they do not accurately capture demand behavior. In this text, we study the properties of a demand system that eliminates demand constraints often found in general equilibrium models. Specifically, we first explore the characteristics of a demand system that generalizes the standard Stone–Geary linear demand structure. Second, we illustrate its possibilities with an empirical application using available Spanish data. [ABSTRACT FROM AUTHOR]

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Morphological measurements of Anatolian chestnut (Castanea sativa Mill.) leaves were done within the borders of Abana district of Kastamonu province. The study was conducted using mixed (oak, beech, hornbeam, black pine, and yellow pine) medium (41% to 70%) and fully closed (71% to 100%) stands. Some leaf parameters, such as leaf blade width, petiole length, leaf blade length, leaf length, distance between lateral veins, teeth width, teeth length, the angle between the leaf base and the petiole, and the angle between the midrib and lateral veins, were measured. Moreover, stomata of the leaves picked up from precise altitudes were observed under a scanning electron microscope. The differences between fibre elevation, fibre wall thickness, elasticity coefficient, rigidity coefficient, Muhlstep rate, and Runkel ratio were found in the wood samples taken from different altitude zones. It was found that altitude did not affect leaf blade width, fibre length, fibre width, felting ratio, and lumen width. However, it was determined that altitude affected other studied characteristics. [ABSTRACT FROM AUTHOR]

The creep behavior of crushed sugarcane end-leaf (SEL) was studied, with consideration of different loading force, moisture content, and feeding amount. Statistical analysis software was used to develop and fit the regression data to a strain change law as a function of time. The fourelement Burgers model was used. A further goal was to analyze the effect of different test conditions on the fitted creep characteristic parameters. The instantaneous elasticity coefficient E0 was found to increase when the loading force increased; the value of delayed elasticity coefficient E1 increased and the value of cohesion coefficient η0 decreased when the feeding amount increased; the value of delayed elasticity coefficient E1 and cohesion coefficient η0 decreased when the moisture content was increased. Therefore, the loading force, moisture content, and feeding amount of crushed SEL all affected the creep capacity of crushed SEL in compression. The results can provide substantial theoretical reference for the silage production of crushed SEL. [ABSTRACT FROM AUTHOR]

We report estimates of supply and demand elasticities for houses (i.e., non-strata properties) in three geographic locations of Sydney. In the Inner Ring of Local Government Areas (LGAs)—those closest to the Central Business District (CBD)—our estimates indicate that the supply curve for houses is perfectly inelastic. This finding allows us to condition on the stock of houses and estimate the corresponding Inner Ring demand curve using ordinary least squares. In the Middle and Outer Rings—where the supply curve for houses has positive elasticity—we use instrumental variables to estimate the demand curve for houses. For all three locations, we obtain theoretically reasonable point estimates of standard demand elasticities, although the degree of uncertainty surrounding the Outer Ring estimates is relatively large. Averaging across the three regions of Sydney, the price elasticity of demand for houses is −1.3, cross-price elasticity with units is 1.1, and income elasticity is 2.1. Based on our elasticity estimates, only in the Outer Ring are any of the direct burdens of stamp duty born by buyers (about 40 percent). [ABSTRACT FROM AUTHOR]