Stability of supply function equilibria implications for daily versus hourly bids in a poolco market

We consider a supply function model of a poolco electricity market where demand varies significantly over a time horizon such as a day and also has a small responsiveness to price. Although there are equilibria yielding prices at peak that are close to Cournot prices, it is known that the wider the range of demand uncertainty the narrower the range of such supply function equilibria. Here we show that such equilibria are also typically unstable and consequently would be difficult to sustain in practice. This strengthens the results of Green and Newbery by ruling out many equilibria that have high prices. We demonstrate this result both theoretically under somewhat restrictive assumptions and also numerically using both a three-firm example system and a five-firm example system having generation capacity constraints. Hence, this reinforces the conclusion that the market outcome is significantly influenced by a requirement that offers into the poolco be consistent over the time horizon. This result contrasts with markets where bids can be changed on an hourly basis, where Cournot prices are possible outcomes. The stability analysis has important policy implications for the design of day-ahead electricity markets. The stability perspective also provides a narrowing of the equilibrium selection that strengthens empirical analysis.      

Indonesia's new deposit guarantee law

The blanket guarantee introduced in 1998 in response to the emerging banking and economic crisis resulted in $50?billion of losses to the general public. The government has now introduced a law that allows the phasing out of this blanket guarantee, but also allows its reinstatement in the event of a threatened collapse of the banking system. Rather than eliminating the possibility of any repetition of the previous banking disaster, the new law effectively mandates an almost identical approach to handling system-wide banking collapses in the future, suggesting that the authorities and their advisers learned very little from the recent bitter experience. It is argued here that the crucial starting point for formulating policy in this field is to specify correctly the exact purpose that government intervention is intended to serve: namely, the avoidance of major macroeconomic disruption as a result of bank failures.     

功能水的若干研究进展

在阐述了功能水的定义的基础上,分析了功能水的机理以及功能水对人体的作用,简要评述了磁化水、频谱水、电解水等几种功能水的研究进展情况。     

China in the Global Response to Climate Change

China has a huge national interest in the success of the international effort to hold human-induced increases in temperature to 1.5 degrees – and therefore in global net emissions falling to net zero by 2050. China is essential to the success of the global effort – as a supplier of competitively priced equipment for the zero emissions world economy and as the world's largest current source of greenhouse gas emissions. Success is more likely for China and the world with international specialization in goods production for the zero emissions economy. This will require open international trade, with China supplying equipment and drawing zero emissions semi-processed goods from abroad. Success is more likely and will be achieved at a lower cost if there is close cooperation across national boundaries.     

浅析我国高等教育行政管理体制的改革——基于新公共管理的视角

新公共管理是一种公共部门管理的新范式,对于我国教育行政管理体制改革具有重要的借鉴意义。基于新公共管理理论的视角,学习借鉴新公共管理的基本思想,来探求适合我国教育发展实际的教育行政管理体制的改革策略。     

Is there a diversification discount in financial conglomerates?

This paper investigates whether the diversity of activities conducted by financial institutions influences their market valuations. We find that there is a diversification discount: The market values of financial conglomerates that engage in multiple activities, e.g., lending and non-lending financial services, are lower than if those financial conglomerates were broken into financial intermediaries that specialize in the individual activities. While difficult to identify a single causal factor, the results are consistent with theories that stress intensified agency problems in financial conglomerates engaged in multiple activities and indicate that economies of scope are not sufficiently large to produce a diversification premium.     

关于城市设计引入有效生态控制的探讨——以涿州生态示范基地项目为例

以涿州生态示范基地项目为例,树立生态规划思想,引入生态学理论,分析项目背景及存在问题的基础之上,尝试在城市设计中加入生态控制的规划步骤、方法策略和具体措施,探索一种便捷可行的生态控制方式。     

“互联网+”在创新社区养老方式中的探索研究

目的/意义社区是发展社会化养老服务体系的基础和依托,有的地方在实践中探索出“智慧社区养老”“虚拟养老院”等社区养老服务新范式。由于养老服务社会化的需要,“互联网+”在社区养老服务中得到越来越多的应用。研究“互联网+社区养老”能促进多元主体参与社区养老服务的发展,强化养老服务资源的效能整合,提升社区养老服务的质量。方法/过程通过普遍性分析发现“互联网+社区养老”尚面临诸多现实困境,如:智能设备制造和养老服务产品开发尚需资金和人才的投入,有关政策法规需要完善,服务监管及责任主体尚不明确,风险共担机制尚未形成等。结果/结论解决问题的对策建议:完善相关法规,实现“互联网+社区养老”的标准化发展;以人为本,促进“嵌入式”老人智能设备产品的开发;加强社区的信息化养老服务设施建设;实现政府职能转变,创新社区治理方式等。     

浅谈软土地基的处理技术

介绍了软土地基的成因及分类,分析了软土地基的特征,全面地阐述了加固软土地基的处理办法,提出应针对具体情况选用相应的加固措施。