Thermoelectric power production at risk, owing to current and projected water scarcity and rising stream temperatures, is assessed for the contiguous United States at decadal scales. Regional water scarcity is driven by climate variability and change, as well as by multi-sector water demand. While a planning horizon of zero to about thirty years is occasionally prescribed by stakeholders, the challenges to risk assessment at these scales include the difficulty in delineating decadal climate trends from intrinsic natural or multiple model variability. Current generation global climate or earth system models are not credible at the spatial resolutions of power plants, especially for surface water quantity and stream temperatures, which further exacerbates the assessment challenge. Population changes, which are difficult to project, cannot serve as adequate proxies for changes in the water demand across sectors. The hypothesis that robust assessments of power production at risk are possible, despite the uncertainties, has been examined as a proof of concept. An approach is presented for delineating water scarcity and temperature from climate models, observations and population storylines, as well as for assessing power production at risk by examining geospatial correlations of power plant locations within regions where the usable water supply for energy production happens to be scarcer and warmer. Our analyses showed that in the near term, more than 200 counties are likely to be exposed to water scarcity in the next three decades. Further, we noticed that stream gauges in more than five counties in the 2030s and ten counties in the 2040s showed a significant increase in water temperature, which exceeded the power plant effluent temperature threshold set by the EPA. Power plants in South Carolina, Louisiana, and Texas are likely to be vulnerable owing to climate-driven water stresses.
{"title":"Water Stress on U.S. Power Production at Decadal Time Horizons","authors":"Poulomi Ganguli, Devashish Kumar, A. Ganguly","doi":"10.2172/1339441","DOIUrl":"https://doi.org/10.2172/1339441","url":null,"abstract":"Thermoelectric power production at risk, owing to current and projected water scarcity and rising stream temperatures, is assessed for the contiguous United States at decadal scales. Regional water scarcity is driven by climate variability and change, as well as by multi-sector water demand. While a planning horizon of zero to about thirty years is occasionally prescribed by stakeholders, the challenges to risk assessment at these scales include the difficulty in delineating decadal climate trends from intrinsic natural or multiple model variability. Current generation global climate or earth system models are not credible at the spatial resolutions of power plants, especially for surface water quantity and stream temperatures, which further exacerbates the assessment challenge. Population changes, which are difficult to project, cannot serve as adequate proxies for changes in the water demand across sectors. The hypothesis that robust assessments of power production at risk are possible, despite the uncertainties, has been examined as a proof of concept. An approach is presented for delineating water scarcity and temperature from climate models, observations and population storylines, as well as for assessing power production at risk by examining geospatial correlations of power plant locations within regions where the usable water supply for energy production happens to be scarcer and warmer. Our analyses showed that in the near term, more than 200 counties are likely to be exposed to water scarcity in the next three decades. Further, we noticed that stream gauges in more than five counties in the 2030s and ten counties in the 2040s showed a significant increase in water temperature, which exceeded the power plant effluent temperature threshold set by the EPA. Power plants in South Carolina, Louisiana, and Texas are likely to be vulnerable owing to climate-driven water stresses.","PeriodicalId":401502,"journal":{"name":"arXiv: Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123770171","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2015-10-26DOI: 10.1142/s0219024916500345
A. Lipton
A modern version of Monetary Circuit Theory with a particular emphasis on stochastic underpinning mechanisms is developed. It is explained how money is created by the banking system as a whole and by individual banks. The role of central banks as system stabilizers and liquidity providers is elucidated. It is shown how in the process of money creation banks become naturally interconnected. A novel Extended Structural Default Model describing the stability of the Interconnected Banking Network is proposed. The purpose of banks' capital and liquidity is explained. Multi-period constrained optimization problem for banks's balance sheet is formulated and solved in a simple case. Both theoretical and practical aspects are covered.
{"title":"Modern Monetary Circuit Theory, Stability of Interconnected Banking Network, and Balance Sheet Optimization for Individual Banks","authors":"A. Lipton","doi":"10.1142/s0219024916500345","DOIUrl":"https://doi.org/10.1142/s0219024916500345","url":null,"abstract":"A modern version of Monetary Circuit Theory with a particular emphasis on stochastic underpinning mechanisms is developed. It is explained how money is created by the banking system as a whole and by individual banks. The role of central banks as system stabilizers and liquidity providers is elucidated. It is shown how in the process of money creation banks become naturally interconnected. A novel Extended Structural Default Model describing the stability of the Interconnected Banking Network is proposed. The purpose of banks' capital and liquidity is explained. Multi-period constrained optimization problem for banks's balance sheet is formulated and solved in a simple case. Both theoretical and practical aspects are covered.","PeriodicalId":401502,"journal":{"name":"arXiv: Economics","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123286247","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2015-06-08DOI: 10.1088/1742-5468/2015/00/000000
R. Cerqueti, M. Ausloos
This paper explores the relationship between the inner economical structure of communities and their population distribution through a rank-rank analysis of official data, along statistical physics ideas within two techniques. The data is taken on Italian cities. The analysis is performed both at a global (national) and at a more local (regional) level in order to distinguish "macro" and "micro" aspects. First, the rank-size rule is found not to be a standard power law, as in many other studies, but a doubly decreasing power law. Next, the Kendall and the Spearman rank correlation coefficients which measure pair concordance and the correlation between fluctuations in two rankings, respectively, - as a correlation function does in thermodynamics, are calculated for finding rank correlation (if any) between demography and wealth. Results show non only global disparities for the whole (country) set, but also (regional) disparities, when comparing the number of cities in regions, the number of inhabitants in cities and that in regions, as well as when comparing the aggregated tax income of the cities and that of regions. Different outliers are pointed out and justified. Interestingly, two classes of cities in the country and two classes of regions in the country are found. "Common sense" social, political, and economic considerations sustain the findings. More importantly, the methods show that they allow to distinguish communities, very clearly, when specific criteria are numerically sound. A specific modeling for the findings is presented, i.e. for the doubly decreasing power law and the two phase system, based on statistics theory, e.g., urn filling. The model ideas can be expected to hold when similar rank relationship features are observed in fields. It is emphasized that the analysis makes more sense than one through a Pearson value-value correlation analysis.
{"title":"Cross Ranking of Cities and Regions: Population vs. Income","authors":"R. Cerqueti, M. Ausloos","doi":"10.1088/1742-5468/2015/00/000000","DOIUrl":"https://doi.org/10.1088/1742-5468/2015/00/000000","url":null,"abstract":"This paper explores the relationship between the inner economical structure of communities and their population distribution through a rank-rank analysis of official data, along statistical physics ideas within two techniques. The data is taken on Italian cities. The analysis is performed both at a global (national) and at a more local (regional) level in order to distinguish \"macro\" and \"micro\" aspects. First, the rank-size rule is found not to be a standard power law, as in many other studies, but a doubly decreasing power law. Next, the Kendall and the Spearman rank correlation coefficients which measure pair concordance and the correlation between fluctuations in two rankings, respectively, - as a correlation function does in thermodynamics, are calculated for finding rank correlation (if any) between demography and wealth. Results show non only global disparities for the whole (country) set, but also (regional) disparities, when comparing the number of cities in regions, the number of inhabitants in cities and that in regions, as well as when comparing the aggregated tax income of the cities and that of regions. Different outliers are pointed out and justified. Interestingly, two classes of cities in the country and two classes of regions in the country are found. \"Common sense\" social, political, and economic considerations sustain the findings. More importantly, the methods show that they allow to distinguish communities, very clearly, when specific criteria are numerically sound. A specific modeling for the findings is presented, i.e. for the doubly decreasing power law and the two phase system, based on statistics theory, e.g., urn filling. The model ideas can be expected to hold when similar rank relationship features are observed in fields. It is emphasized that the analysis makes more sense than one through a Pearson value-value correlation analysis.","PeriodicalId":401502,"journal":{"name":"arXiv: Economics","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129786687","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We study the identification and estimation of first-price auction models where bidders have ambiguity about the valuation distribution and their preferences are represented by maxmin expected utility. When entry is exogenous, the distribution and ambiguity structure are nonparametrically identified, separately from risk aversion (CRRA). We propose a flexible Bayesian method based on Bernstein polynomials. Monte Carlo experiments show that our method estimates parameters precisely, and chooses reserve prices with (nearly) optimal revenues, whether there is ambiguity or not. Furthermore, if the model is misspecified -- incorrectly assuming no ambiguity among bidders -- it may induce estimation bias with a substantial revenue loss.
{"title":"Empirical Relevance of Ambiguity in First Price Auction Models","authors":"Gaurab Aryal, Dong-Hyuk Kim","doi":"10.2139/ssrn.2257702","DOIUrl":"https://doi.org/10.2139/ssrn.2257702","url":null,"abstract":"We study the identification and estimation of first-price auction models where bidders have ambiguity about the valuation distribution and their preferences are represented by maxmin expected utility. When entry is exogenous, the distribution and ambiguity structure are nonparametrically identified, separately from risk aversion (CRRA). We propose a flexible Bayesian method based on Bernstein polynomials. Monte Carlo experiments show that our method estimates parameters precisely, and chooses reserve prices with (nearly) optimal revenues, whether there is ambiguity or not. Furthermore, if the model is misspecified -- incorrectly assuming no ambiguity among bidders -- it may induce estimation bias with a substantial revenue loss.","PeriodicalId":401502,"journal":{"name":"arXiv: Economics","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125389720","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The article defines the place of business games among all games in general based on the classification by F.G. Junger; it provides critical analysis of existing business games types; it also formulates requirements and lays theoretical foundations and elements of the methodology and organization of interdisciplinary business games (IBG) on sustainable development as a special type of business games. In addition, it examines the prospects of IBG implementation in higher education for sustainable development, using information technology and computer resources.
{"title":"Interdisciplinary Business Games on Sustainable Development: Theoretical Foundations and Prospects of Implementation","authors":"B. Bolshakov, E. Shamaeva, E. Popov","doi":"10.5281/zenodo.16849","DOIUrl":"https://doi.org/10.5281/zenodo.16849","url":null,"abstract":"The article defines the place of business games among all games in general based on the classification by F.G. Junger; it provides critical analysis of existing business games types; it also formulates requirements and lays theoretical foundations and elements of the methodology and organization of interdisciplinary business games (IBG) on sustainable development as a special type of business games. In addition, it examines the prospects of IBG implementation in higher education for sustainable development, using information technology and computer resources.","PeriodicalId":401502,"journal":{"name":"arXiv: Economics","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131830404","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-06-27DOI: 10.1142/S0129183116300013
D. Stauffer
Capital usually leads to income, and income is more accurately and easily measured. Thus we summarize income distributions in USA, Germany, etc.
资本通常会带来收入，而收入更准确、更容易衡量。因此，我们总结了美国、德国等国的收入分配情况。
{"title":"Income Inequality in the 21st Century -- A biased summary of Piketty's Capital in the Twenty-First Century","authors":"D. Stauffer","doi":"10.1142/S0129183116300013","DOIUrl":"https://doi.org/10.1142/S0129183116300013","url":null,"abstract":"Capital usually leads to income, and income is more accurately and easily measured. Thus we summarize income distributions in USA, Germany, etc.","PeriodicalId":401502,"journal":{"name":"arXiv: Economics","volume":"28 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114113570","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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