8,370 research outputs found
Green electricity investments: Environmental target and the optimal subsidy
No full textBigerna S, Wen X, Hagspiel V, Kort PM. Green electricity investments: Environmental target and the optimal subsidy. European Journal of Operational Research. 2019;279(2):635-644.We investigate the optimal investment decision in renewables under market demand uncertainty, in the context of the Italian strategy for renewable deployment under the EU policy. The firm has to decide about the time and size of the investment. We find that a higher subsidy level induces the firm to invest earlier with a smaller investment capacity. This implies that a given environmental target cannot be reached by a too high (too low) subsidy level since this will cause the investment level to be too low (too late). We show that there exists an optimal (intermediate) subsidy level. Due to uncertain demand, in some cases ensuring to reach the environmental target in time requires an additional (conditional) subsidy. We propose a heuristic for policy makers stating when and how much subsidy to provide. Furthermore, we find that in a more uncertain economic environment the subsidy adjustment to maintain the target level of investment results in the firm investing earlier, which is opposite to the standard real options result. (C) 2019 Elsevier B.V. All rights reserved
Optimal investment with vintage capital:Equilibrium distributions
Full text linkThe paper concerns the study of equilibrium points, or steady states, of economic systems arising in modeling optimal investment with vintage capital, namely, systems where all key variables (capitals, investments, prices) are indexed not only by time but also by age. Capital accumulation is hence described as a partial differential equation (briefly, PDE), and equilibrium points are in fact equilibrium distributions in the variable of ages. A general method is developed to compute and study equilibrium points of a wide range of infinite dimensional, infinite horizon, optimal control problems. We apply the method to optimal investment with vintage capital, for a variety of data, deriving existence and uniqueness of equilibrium distribution, as well as analytic formulas for optimal controls and trajectories in the long run. The examples suggest that the same method can be applied to other economic problems displaying heterogeneity. This shows how effective the theoretical machinery of optimal control in infinite dimension is in computing explicitly equilibrium distributions. To this extent, the results of this work constitute a first crucial step towards a thorough understanding of the behavior of optimal paths in the long run
Peter M. Mach
Full text linkabstract: Peter was 12 years old when he heard gunshots and bombing at his village.
“Lost Boys Found” is an ongoing, interdisciplinary project that is collecting, recording and archiving the oral histories of the Lost Boys/Girls of Sudan. The collection is a work-in-progress, seeking to record the oral history of as many Lost Boys/Girls as are willing, and will be used in a future book.Age: 28Region: Upper NileThis picture and bio was donated to the Lost Boys Found project from The Arizona Lost Boys Cente
Brown price and green firms:An ETS price floor for a clean transition?
Full text linkWe examine the optimal behavior of carbon-emitting companies operating under the European Union Emission Trading System (EU ETS), under which firms are obliged to purchase emission permits on the secondary market if their emissions exceed their allowance. Specifically, we consider the scenario where firms are endowed with the (real) option to undertake a “green” investment to cut their emissions and, thus, permit expenditures. The central challenge is the determination of the optimal time for investment within a stochastic framework characterized by uncertainty in EU ETS permit prices. We address the problem for a heterogeneous group of companies with diverse technological capabilities across industrial sectors. Furthermore, we incorporate a price floor for permit prices to mirror policy efforts aimed at promoting green transition by elevating emission costs. We solve this problem analytically and through numerical simulations calibrated to real market data. In addition to offering insights into individual firm behavior, our findings can support regulators in refining environmental policies, particularly regarding the role of permits price floor and its potential to expedite the green transition
A dynamic model of the firm with uncertain earnings and adjustment costs
Full text linkTheory of Firm;microeconomics
Joseph Bimeler letter to Peter Kaufmann, June 8, 1844
No full textLetter from J. M. Bimeler (by Christian Weibel) to Peter Kaufmann, acknowledging receipt of Bibles and spelling books and ordering more Bibles. He repeats his statement from his letter of April 31, 1844, of a preference for Bibles that embrace the Apocrypha. The letter also requests a catalog of books on hand at Kaufmann's establishment.
Led by Joseph Bimeler (sometimes spelled Bäumeler) in 1817, a group of Lutheran separatists left Germany and eventually established the small community of Zoar in Tuscarawas County, Ohio. The group formed the Society of Separatists of Zoar, in which each person donated his or her property to the community as a whole, and in exchange for their work, the society would provide for them. After decades of economic prosperity, the unity of the village declined, and by 1898 the Zoarites disbanded the society.
Peter Kaufmann was a German immigrant and intellectual. He arrived first in Philadelphia, Pennsylvania, in 1820; in 1826 he became professor of languages at the Harmony Society town of Economy, Pennsylvania. In 1827, Kaufmann led the establishment of Teutonia, a utopian community in Columbiana County, Ohio, and published its weekly titled "Teutonia: The Herald of a Better Time." Following this he moved to Canton, Ohio, where he became translator and editor of "Der Vaterlandsfreund und Geist der Zeit" under Solomon Sala. Additionally, Kaufmann wrote a number of books on education, as well as a German almanac. He was also an influential Democrat, counting President Van Buren among his friends, and knew Ralph Waldo Emerson
Mothballing in a Duopoly: Evidence from a (Shale) Oil Market
Full text linkThe mothballing option has been studied in the literature, but mainly in decision theoretic frameworks. This paper looks at it from a strategic point of view and applies it to an incumbent-entrant framework. In particular, based on the recent strategic interactions between OPEC and the shale oil industry, we conduct a case study where the incumbent OPEC is a exible producer that competes with a representative shale oil firm. Upon entry, the latter produces a fixed amount but it can apply the mothballing option in times of low demand. Our main results are threefold. First, we find that under low demand uncertainty, the mothballing option has a negative effect on the value of the entrant. Second, a large market share of the entrant will stimulate mothballing, caused by a so-called squeeze strategy of the incumbent. Third, our empirical analysis of the (shale) oil market learns that a higher demand elasticity induces mothballing
Peter Logan: Victorian Fetishism [Audio interview]
No full textPeter Logan is the author of Nerves and Narratives: A Cultural History of Hysteria in Nineteenth-Century British Prose (1997) and, more recently, Victorian Fetishism: Intellectuals and Primitives (2009). On May 15, 2012, Fred Rowland interviewed Peter Logan to discuss Victorian Fetishism, which details the development of ideas about the primitive and how these concepts set the boundaries of culture in Victorian Britain. Drawing from Lucretius, Vico, and Auguste Comte, Peter Logan explains how fetishism – the defining feature of culture’s absence – figured in the works of literary and cultural critic Matthew Arnold, realist novelist George Eliot, and anthropologist Edward Tylor.Temple University. College of Liberal ArtsTemple University. LibrariesEnglishLearning and Research ServicesAudacityAudacit
Der Wahrheitssucher : su Peter Weiss, Dante e l’utopia
No full textThe contribution outlines the utopian dimension of the work and aesthetics of the German-Jewish-Swedish author Peter Weiss (1916-1982), focusing mainly on his "DC-Projekt", the plan of a political rewriting of Dantes' Divine Comedy for the modern stage (1960s). The contribution contends that the medieval poet, called "the truthsearcher" in the posthumous drama "Inferno", is the key figure of the author's utopian concern in his lifelong alternation of autobiographical, poetical and political issues
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