Energy pricing policies in developing countries

Government energy pricing policies have multiple and often conflicting objectives: economic efficiency, government revenues (for both parastatal supply companies and the treasury), maintenance or improvement of income distribution, promotion of particular sectors (such as industrial exporters and local resource development) demand management and security of supply. It is important to examine the impacts on and the trade-offs between these objectives resulting from alternative policies in order to assist in policy selection. This article discusses the more important objectives and their conflicts and outlines an approach for the quantitative examination of alternative policies.     

基于模糊层次分析法的铁路运价自动定价方法研究

通过分析影响铁路运价定价的各种因素,选取了其中的运营成本、国家价格策略、货主市场承受能力、平行运行径路的竞争、附加成本、盈利水平、供求关系等7个影响因素,运用模糊层次分析方法,确定了各运价定价影响因素的指标权重,从而为铁路企业在新建铁路运价定价过程中提供决策依据和参考标准.     

下花园发电厂100MW机组DCS改造

介绍下花园发电厂1号机组热控系统改造的原因,方案的选择及实施的过程。该方案采用日立HAICS- 5000M DCS,改造后运行情况良好,实现了各项预期功能,提高了机组的安全性和经济性。     

Revelation of Multinational Acquisition Theory for Chinese Oil Companies’ Overseas Investment

1. History and theory of multinational acquisition Multinational acquisition mainly involves asset acquisition and stock acquisition and is an important means of realizing overseas expansion and maximizing benefits by capital operation. Driven by international trade, the growing significance of the multinational corporation is shown by historical analysis, indicating several waves of worldwide acquisition on a large scale since the dawn of the modern industrial age. The first acquisitions occu…     

Should Russia increase domestic prices for natural gas?

Previous analyses of Russia's dual pricing system and hidden subsidies for natural gas, have neglected to assess the dual pricing system as a domestic environmental policy. If dual pricing is considered as a policy to reduce conventional air pollutants, it is more than economically justified in Russia on the basis of avoided health risks. In the short term, the substitution of coal for natural gas may result in significant additional human health risk, which translates into economic damage. An alternative abatement possibility is expensive and unlikely enforceable, due to weak environmental regulation. The authors conclude that while the price differential can be expected to diminish over time, as Russia increasingly moves to a market economy, in the near-term, dual pricing of natural gas remains the most efficient environmental policy for Russia.     

高速接口芯片测试解决方案

近年来,伴随着一系列的高速数据传输标准在实际产品中的应用,对于这类芯片的评价测试难度也变得越来越大。爱德万测试根据这类要求,开发了5Gbps信号的高速测试选件。     

Cryptocurrency value formation: An empirical study leading to a cost of production model for valuing bitcoin

This paper aims to identify the likely determinants for cryptocurrency value formation, including for that of bitcoin. Due to Bitcoin’s growing popular appeal and merchant acceptance, it has become increasingly important to try to understand the factors that influence its value formation. Presently, the value of all bitcoins in existence represent approximately $7 billion, and more than $60 million of notional value changes hands each day. Having grown rapidly over the past few years, there is now a developing but vibrant marketplace for bitcoin, and a recognition of digital currencies as an emerging asset class. Not only is there a listed and over-the-counter market for bitcoin and other digital currencies, but also an emergent derivatives market. As such, the ability to value bitcoin and related cryptocurrencies is becoming critical to its establishment as a legitimate financial asset.Using cross-sectional empirical data examining 66 of the most widely used cryptocurrencies, a regression model was estimated that points to three main drivers of cryptocurrency value: the level of competition in the network of producers, the rate of unit production, and the difficulty of algorithm used to “mine” for the cryptocurrency. These amount to relative differences in the cost of production of one digital currency over another at the margin, pointing to differences in relative cost of production – electricity goes in, cryptocurrency comes out. Using that as a starting point, a no-arbitrage situation is established for Bitcoin-like cryptocurrencies followed by the formalization of a cost of production model to determine the fair value of a bitcoin.     

Online hot selling period and its impact on e-retailer’s pricing strategies

The express delivery industry is often overloaded in some hot online selling seasons, which causes consumers’ dissatisfaction. Under such a circumstance, the e-retailer can utilise two opposite strategies, i.e. to set-up either a low price with a pre-announced markdown pricing (PMDP) strategy, or a high price with a pre-announced markup pricing (PMUP) strategy for the hot selling period. As both the prices and the express service quality are different between the regular period and the hot selling period, consumers can strategically choose their purchase time, which will in turn influences the e-retailer’s pricing strategy. To investigate under what condition one pricing strategy will dominate the other, we propose a two period pricing model in which the selling season are divided into regular and hot selling period, and all consumers are assumed to be strategic. The e-retailer determines the prices over the two kinds of periods to maximise its profit. The comparison shows that a PMUP (resp. PMDP) strategy is preferred when the overloading degree in the hot selling period is slight (resp. heavy). Furthermore, we extend our model by incorporating the competition of traditional retailers.     

两部制水电上网电价的计算方法

水电如何进入市场参与竞价,是当前和今后一段时间电力市场改革必须面临的重要课题之一.该文根据水电站本身的直接财务效益和费用,对电力系统进行随机生产模拟,并以随机生产模拟为基础进行电能成本分析,制定水电上网电价定价计算方法,并构建两部制定价模型,最后通过实例,验证所建模型是可行的.     

通过最佳控制解法确定隐含波动率

确定原生资产的隐含波动率无论是在理论还是实际应用上都有重要意义，本文利用Green函数法将此问题化为一个“终端”控制问题，通过最佳控制解法讨论了控制泛函极小元的存在性定理，并给出了极小元所满足的必要条件。