Financing energy efficiency retrofits in Chilean households: The role of financial instruments,savings and uncertainty in energy transition

High firewood consumption for heating produces high levels of pollution in cities in central and southern Chile, with serious consequences for health and quality of life. Energy efficiency measures (EEMs) have been identified as the best strategy to reduce air pollution and maximize social benefits. However, their adoption has been slow. The objective of this article is to investigate household preferences for financial incentives needed to promote private investments in EEMs in Central-Southern Chilean households and study the role of energy savings and the uncertainty about potential savings in the investment decision, with the aim of finding solutions to increase the adoption of these technologies. We use a choice experiment to explore the trade-off between the investment costs, financial instruments, energy savings, and the uncertainty about achieving the theoretical savings provided by engineering and architectural models. The results show that financial instruments play the most important role in this decision, followed by the savings achieved by the retrofit. Householders prefer to finance their investments with a mix of their personal resources and medium-term credits, trying to avoid long-term commitments. Although uncertainty was found to be a significant variable, it seems to play a small role in the investment decision.     

Volatility spillovers between WTI and Brent spot crude oil prices: an analysis of granger causality in variance patterns over time

There has been an increase in price volatility in oil prices during and since the global financial crisis (GFC). This study investigates the Granger causality patterns in volatility spillovers between West Texas International (WTI) and Brent crude oil spot prices using daily data. We use Hafner and Herwartz’s (2006) test and employ a rolling sample approach to investigate the changes in the dynamics of volatility spillovers between WTI and Brent oil prices over time. Volatility spillovers from Brent to WTI prices are found to be more pronounced at the beginning of the analysis period, around the GFC, and more recently in 2020. Between 2015 and 2019, the direction of volatility spillovers runs unidirectionally from WTI to Brent oil prices. In 2020, however, a Granger-causal feedback relation between the volatility of WTI and Brent crude oil prices is again detected. This is due to the uncertainty surrounding how the COVID-19 pandemic will evolve and how long the economies and financial markets will be affected. In this uncertain environment, commodities markets participants could be reacting to prices and volatility signals on both WTI and Brent, leading to the detection of a feedback relation.     

EMPIRICAL PERFORMANCE OF GARCH MODELS WITH HEAVY‐TAILED INNOVATIONS

We introduce a new type of heavy‐tailed distribution, the normal reciprocal inverse Gaussian distribution (NRIG), to the GARCH and Glosten‐Jagannathan‐Runkle (1993) GARCH models, and compare its empirical performance with two other popular types of heavy‐tailed distribution, the Student's t distribution and the normal inverse Gaussian distribution (NIG), using a variety of asset return series. Our results illustrate that there is no overwhelmingly dominant distribution in fitting the data under the GARCH framework, although the NRIG distribution performs slightly better than the other two types of distribution. For market indexes series, it is important to introduce both GJR‐terms and the NRIG distribution to improve the models’ performance, but it is ambiguous for individual stock prices series. Our results also show the GJR‐GARCH NRIG model has practical advantages in quantitative risk management. Finally, the convergence of numerical solutions in maximum‐likelihood estimation of GARCH and GJR‐GARCH models with the three types of heavy‐tailed distribution is investigated.     

A multivariate distance nonlinear causality test based on partial distance correlation: a machine learning application to energy futures

This paper proposes a multivariate distance nonlinear causality test (MDNC) using the partial distance correlation in a time series framework. Partial distance correlation as an extension of the Brownian distance correlation calculates the distance correlation between random vectors X and Y controlling for a random vector Z. Our test can detect nonlinear lagged relationships between time series, and when integrated with machine learning methods it can improve the forecasting power. We apply our method as a feature selection procedure and combine it with the support vector machine and random forests algorithms to study the forecast of the main energy financial time series (oil, coal, and natural gas futures). It shows substantial improvement in forecasting the fuel energy time series in comparison to the classical Granger causality method in time series.     

采油污水处理工艺探讨

针对采油污水的水质特点,以及其中有机污染物的组成,结合现有处理工艺,确定了以生化法降解有机污染物为核心的处理工艺,实现了达标排放,并对处理工艺适用性进行了分析。     

以IBAC为核心处理洗浴废水的试验研究

根据洗浴废水的水质特征,采用原水→混凝沉淀-过滤→固定化生物活性炭(Immobilized Biological Activated Carbon,IBAC)→微滤膜(MF)→UV消毒→出水的工艺流程.混凝沉淀-过滤物化预处理单元可以有效地减少洗浴废水中的各类污染物.IBAC生化处理单元,实现有机污染物、LAS、浴臭等有效去除,是保证出水合格的根本措施.微滤膜发挥物理截留作用、UV消毒杀死细菌和总大肠菌群.出水水质达到＜城市供水水质标准＞(CJ/T 206-2005).     

硫化物预处理方法研究及测定中的质量保证

针对水和废水中硫离子的特点,设计制作了测定硫化物的酸化—吹气—吸收预处理装置,并验证了该装置对硫化物的回收效果,简化了原来的预处理方法。总结分光测定过程中注意的若干事项,确定了最佳实验条件,使该方法具有更准确、简便、快速的特点。     

Design Methodology and Area Sensitivity Analysis of Horizontal Subsurface Flow Constructed Wetlands

An approach is presented to satisfy the demand for simple criteria, guidelines and models for the preliminary sizing of horizontal subsurface flow (SF) constructed wetland systems. This approach eliminates time-consuming calculations and iterations by providing graphical solutions for wetland system sizing. Therefore, it can be used for the preliminary assessment of new or performance evaluation of existing subsurface flow constructed wetland systems. The validity of this methodology is checked with data from existing systems and is found to be quite satisfactory. This methodology is combined with simple equations predicting the maximum wetland capacity in summer, so as to assist designers in sizing installations in tourist areas with increased summer populations. Furthermore, based on this methodology, a sensitivity analysis is performed of the area requirements for wastewaters of various strengths and various design conditions and performance criteria. The results provide a useful overview to engineers and further simplify the design methodology of new subsurface flow constructed wetland systems.     

故县大坝坝基泥化性F_5断层的化学灌浆防渗加固处理

泥化软化性F_5断层是故县大坝坝基范围内最大的一条断层,位于左岸,对左坝肩的稳定极为不利,采用水泥灌浆处理无效,故改用化学灌浆处理。选用EAA化学浆材,采用“优选组合配方综合施灌”的创新施工工艺,效果良好,为今后低渗透性复杂的泥化软化性断层的防渗加固处理,提供了新的依据和途径。     

和谐社会与价值--能量理论

本文延续了《经济学的本质》、《经济学的表象》两书提出的“价值-能量”理论,对构建和谐社会的要求、过程和目的进行了科学的分析,并为之奠定了科学的理论基础.