586 research outputs found
Risk spillovers and hedging: why do firms invest too much in systemic risk?
No full textIn this paper we show that free entry decisions may be socially inefficient, even in a perfectly competitive homogeneous goods market with non-lumpy investments. In our model, inefficient entry decisions are the result of risk-aversion of incumbent producers and consumers, combined with incomplete financial markets which limit risk-sharing between market actors. Investments in productive assets affect the distribution of equilibrium prices and quantities, and create risk spillovers. From a societal perspective, entrants underinvest in technologies that would reduce systemic sector risk, and may overinvest in risk-increasing technologies. The inefficiency is shown to disappear when a complete financial market of tradable risk-sharing instruments is available, although the introduction of any individual tradable instrument may actually decrease efficiency. We therefore believe that sectors without well-developed financial markets will benefit from sector-specific regulation of investment decisions.
Gillian Dooley interviews Joris Luyendijk, author of 'Fit to Print: Misrepresenting the Middle East'.
No full textInterview with Joris Luyendijk, author of 'Fit to Print: Misrepresenting the Middle East', a book about the problems of foreign journalism in the Middle East
Risk spillovers and hedging: why do firms invest too much in systemic risk?.
No full textAbstract In this paper we show that free entry decisions may be socially inefficient, even in a perfectly competitive homogeneous goods market with non-lumpy investments. In our model, inefficient entry decisions are the result of risk-aversion of incumbent producers and consumers, combined with incomplete financial markets which limit risk-sharing between market actors. Investments in productive assets affect the distribution of equilibrium prices and quantities, and create risk spillovers. From a societal perspective, entrants underinvest in technologies that would reduce systemic sector risk, and may overinvest in risk-increasing technologies. The inefficiency is shown to disappear when a complete financial market of tradable risk-sharing instruments is available, although the introduction of any individual tradable instrument may actually decrease efficiency. We therefore believe that sectors without well-developed financial markets will benefit from sector-specific regulation of investment decisions.
International transport of captured CO2: Who can gain and how much?
No full textIf Carbon Capture and Storage (CCS) is to become a viable option for lowcarbon
power generation, its deployment will require the construction of dedicated
CO2 transport infrastructure. In a scenario of large-scale deployment of CCS in
Europe by 2050, the optimal (cost-minimising) CO2 transport network would
consist of large international bulk pipelines from the main CO2 source regions to
the CO2 sinks in hydrocarbon elds and aquifers, which are mostly located in
the North Sea. In this paper, we use a Shapley value approach to analyse the
multilateral negotiation process that would be required to develop such jointly
optimised CO2 infrastructure. Using the InfraCCS CO2 pipeline network optimisation
tool, we perform numerical simulations on the cost burden allocation of a
28 billion euro CO2 pipeline network, which would be required to reach the EU's
2050 climate goals in the PRIMES-based Power Choices scenario. We analyse
two EU pipeline policy cases: one with national pipeline monopolies and one with
liberalised pipeline construction. We nd that countries with excess storage capacity
capture 38% to 45% of the benets of multilateral coordination, with the
higher number corresponding to the case with liberalised pipeline construction.
Countries with a strategic transit location capture 19% of the rent in the case of
national pipeline monopolies. Finally, liberalisation of CO2 pipeline construction
reduces by two-thirds the dierences between countries in terms of cost per tonne
of CO2 exported. As a side result of the analysis, we nd that the resource rent of
a depleted hydrocarbon eld (when used for CO2 storage) is roughly $1 per barrel
of original recoverable oil reserves, or 1 euro per MWh of original recoverable gas
reserves. This adds 25-600% to current estimates of CO2 storage cost.JRC.F.6 - Energy systems evaluatio
La symbolique maternelle dans quatre romans de Françoise Mallet-Joris /
No full textSo far, Francoise Mallet-Joris has been categorized either as a Catholic novelist or as a moderate feminist. Accused of conservatism by some, perceived by others as immoral, she has been considerably underrated by a critical audience anxious to maintain traditional literary categories. This thesis attempts to demonstrate that faith and feminism, far from conflicting with each other, are linked in Mallet-Joris' work with the process of writing, thus forming a triple entity where the common denominator is the theme of maternity. This theme will be analysed in four of Mallet-Joris' novels, Les Mensonges, Les Signes et les Prodiges, Allegra, and La Tristesse du Cerf-volant, using a symbolic approach whose usefulness lies in the twofold definition of a symbol as, on the one hand, a materialisation of the inexpressible and on the other, a split unity. For the temporal modality and the concept of identity inherent in the maternal experience place it outside the narrative system, thus putting any author who wishes to tackle this area in the position of either inventing a new narrative form or attempting a compromise between already existing forms and the specific content of the maternal experience. It is this latter alternative that Francoise Mallet-Joris adopts. Although as far as form is concerned, Mallet-Joris can hardly be termed innovative, she demonstrates on an ideological plane an originality which is largely the product of using the symbol of the Virgin Mary as an intermediary between the maternal experience and the symbolic order
Joris Janzen Van Horne and his Descendants
No full textDetailed listing of marriages and children descending from the 1666 marriage of Joris Jansen (of Hoorn) and Maria Rutgers (of Amersfoort). Introduction and early entries describe communities in Netherlands. Family settled in areas now part of Jersey City: Bergen, Communipaw, Paulus Hook, and became prominent citizens. Listing for early generations include anecdotes of community life, and references to slaves. Details of descendants through early 1900s. Full indexes of names and places. Also includes articles on disputed land claims of family, a description and history of the "house of four chimneys" (the Van Horne homestead), and a Washington Irving story describing colonial history of Communipaw as a holdout of Dutch language and culture resisting English rule (written under pen name Hermanus Vanderdonk). With many plates of portraits of family, and household scenes. Family name known variously as Van Horn, Van Hoorn, Van Horne
Analysis of energy saving potentials in energy generation: Final results
No full textThe introduction of best available technologies in the current fleet of fossil-fuel power generation could generate primary energy savings of 14-18% by 2030, compared to primary energy consumption in 2010.
A gradual replacement of power plants at the end of their lifetime, by the best available technology could lead to around 750 Mtoe of total primary energy savings over the period 2011-2030. Total CO2 emissions over the period would be reduced by 2.7 Gt. The largest potential is in Member States with large coal-fired power plant fleets.
These potentials are slightly higher than the PRIMES Reference scenario. In addition, around half of the potential in the PRIMES Reference scenario is due to a shift away from fossil fuels, rather than efficiency improvements. The potential is also much higher than the PRIMES Efficiency scenario. In the latter scenario, the shift away from fossil fuels is much less pronounced than in the PRIMES Reference scenario.
The results are strongly dependent on the assumptions made, hence care should be taken when interpreting them.JRC.F.6 - Energy systems evaluatio
Essays on Risk in Energy Economics
No full textEnergy markets are characterized by large uncertainties and risks. The annual volatility of the Brent oil price is 28%, meaning that there is a 1-in-3 chance that next year's oil price will be more than 28% higher or lower than this year's price. Similarly, the annual volatility of gas prices for domestic consumers in Belgium/Brussels is 14%. The uncertainty is much larger than in many other goods and services, such as cars, housing, or travel, to name but a few household spending categories. This phenomenon is all the more important since energy is an essential input to many production processes and consumption patterns.
The risk in energy markets has several underlying causes: technical, such as the recent application of new techniques that allow for the extraction of ‘shale gas’, which has depressed gas prices in the US; macroeconomic, such as the drop in oil demand following the 2008/2009 global economic crisis, which roughly halved oil prices; and political, such as the Russian-Ukrainian gas crisis in 2006 and 2009, or the first oil shock in the 1970s.
Part I of this thesis deals with political risk, and analyzes decisions of resource-rich countries that affect the allocation of energy-related rents. Chapter 2 studies the Russian-Ukrainian gas crisis and how it impacts European import strategies. Chapter 3 investigates the taxation of resource extraction in petroleum-producing countries. Chapter 4 also studies taxation, but focuses on a resource that is mostly exploited in Western countries, namely nuclear power. Chapter 5 also deals with Western countries and explores the possible outcome of potential international negotiations on the distribution of rents arising from a trans-European CO2 pipeline network for Carbon Capture and Storage (CCS).
Part II of this thesis investigates how firms can protect themselves against the risks in energy supply, by hedging their exposure. The main challenge in hedging is that energy markets are typically very incomplete, in that not enough different contracts (such as options) exist to enable firms to hedge their exposure completely. Chapter 6 analyzes the effect of market incompleteness on welfare and investment incentives in the specific case of an electricity market with demand uncertainty. Chapter 7 provides a generalization of the theory for a generic market structure with non-specified uncertainty.JRC.F.6 - Energy systems evaluatio
Framing metamemory judgments: judgments of retention intervals (JORIs)
No full text2010 Summer.Includes bibliographic references (pages 57-60).Covers not scanned.Print version deaccessioned 2022.Prior research has shown that participants’ predictions of memory performance are not sensitive to the time between study and test. However, this work has largely relied in one metacognitive measure, Judgments of Learning (JOLs), to assess such awareness. Thus, in three experiments I explored a new metacognitive measure. Judgments of Retention Interval (JORIs), in which participants determine how long (in minutes) information will be remembered. Results demonstrated that the metacognitive measure itself influences assessments of monitoring and control. For example participants chose to restudy more items when JORIs were made, compared with fewer restudy choices from participants who made JOLs (Experiment 2). However, participants demonstrated difficulty incorporating information about a retention interval into their judgments regardless of the type of judgment made (i.e., JOLs or JORIs). Results are considered within existing theoretical frameworks. I suggest that the metacognitive measure needs to be considered in order to accurately assess metacognitive awareness, and additional work is needed to assess metacognitive awareness of RI
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