Search results for "UTILITY"
showing 10 items of 116 documents
Location theories and business location decision: A micro-spatial investigation of a nonmetropolitan area in Canada
2016
This paper draws on location theories to statistically identify the relationship between the location of individual business establishments and the characterization of their local economic environment. Taking a micro-spatial perspective, the paper develops indicators from distance-based measures (DBM) to serve as independent variables in a discrete choice model (DCM). Using a 2006 database of individual business establishments in the Lower-St-Lawrence region—a coherent, nonmetropolitan subsystem of cities in the province of Québec, Canada—we provide an empirical analysis of the determinants of individual establishments’ location decisions in relation to their main economic activity within a…
Multiplicity in financial equilibrium with portfolio constrains under the generalized logarithmic utility model
2012
Previous research on the effects of constraints to take unbounded positions in risky financial assets shows that, under the logarithmic utility function, multiplicity of equilibrium may emerge. This paper shows that this result is robust to either constant, decreasing or increasing relative risk aversion obtained under the generalized logarithmic utility function.
Optimal hedging under biased energy futures markets
2020
Abstract Optimal futures hedging positions for those agents trying to maximize their expected utility will depend on their view about the evolution of the market and on how risk adverse they are. The most risk adverse agents will probably decide to full-cover their positions. But when a futures bias exists, hedgers with moderate or low degree of risk aversion can alter their strategy depending on the expected gains in futures markets. In our application to the UK natural gas market, we find a statistically significant time-varying negative futures bias that can be forecasted with confidence. As a result of this bias, most effective and best performing hedging strategies for moderate risk-av…
Portfolio performance evaluation with generalized Sharpe ratios: Beyond the mean and variance
2009
The main purpose of this paper is to present a theoretically sound portfolio performance measure that takes into account higher moments of the distribution of returns. First, we perform a study of the investor's preferences to higher moments of distribution within expected utility theory and discuss the performance measurement. To illustrate the investor's preferences to higher moments and the computation of a performance measure, we provide an approximation analysis of the optimal capital allocation problem and derive a formula for the Sharpe ratio adjusted for skewness of distribution. This performance measure justifies the notion of the Generalized Sharpe Ratio (GSR) introduced by Hodges…
Household debt and labor market fluctuations
2011
Abstract The co-movements of labor productivity with output, total hours, vacancies and unemployment have changed since the mid 1980s. This paper offers an explanation for the sharp break in the fluctuations of labor market variables based on endogenous labor supply decisions following the mortgage market deregulation. We set up a search model with efficient bargaining and financial frictions, in which impatient borrowers can take an amount of credit that cannot exceed a proportion of the expected value of their real estate holdings. When borrowers' equity requirements are low, the impact of a positive technology shock on the marginal utility of consumption is strengthened, which in turn re…
Intrusion Detection and Ejection Framework Against Lethal Attacks in UAV-Aided Networks: A Bayesian Game-Theoretic Methodology
2017
International audience; Advances in wireless communications and microelectronics have spearheaded the development of unmanned aerial vehicles (UAVs), which can be used to augment a ground network composed of sensors and/or vehicles in order to increase coverage, enhance the end-to-end delay, and improve data processing. While UAV-aided networks can potentially find applications in many areas, a number of issues, particularly security, have not been readily addressed. The intrusion detection system is the most commonly used technique to detect attackers. In this paper, we focus on addressing two main issues within the context of intrusion detection and attacker ejection in UAV-aided networks…
Absorption equipment for energy savings: A case study in Sicily
2013
Abstract This paper considers a feasibility study on the recovery of the reject heat available from an electric utility with two units operating with 120-MW gas turbines; these units have a heat recovery system that feeds the district heating pipeline of an industrial consortium. Thus, feeding the expeller of the absorption equipment installed in a cooling plant for foodstuff stocking represents an opportunity for the feasibility study. This plant operates at both 0 °C and −18 °C. The feasibility study covers two aspects: (1) the technical feasibility of a suitable absorption cooling plant that uses two separate pieces of absorption equipment working with the pair ammonia–water and (2) the …
Hybrid passive and communications-based methods for islanding detection in medium and low voltage smart grids
2013
Islanding condition takes place when a distributed generator (DG) continues to power a part of the grid even if power from electric utility is no longer present. Adverse effects of islanding are power quality deterioration, grid-protection interference, equipment damage, and personnel safety hazards. For these reasons, DG systems must detect an islanding condition and immediately disconnect from the grid (anti-islanding protection). This paper proposes an hybrid solution, for both low voltage (LV) and medium voltage (MV) applications, which makes use of passive and communication-based methods for islanding detection. Among the existing communication technologies, the study is focused on pow…
Green entrepreneurship and SME performance: the moderating effect of firm age
2021
AbstractGreen entrepreneurship has been increasing with growing attention to environment protection by a variety of stakeholders. Green innovation, as the essence of green entrepreneurship, has attracted a broad range of scholarly attention with yet inconclusive findings regarding its effect on firm performance. According to our analyses of 1667 firms listed on SME board and GEM in China during the period from 2010 to 2019, we find interesting results regarding the type of green innovation involved and the moderating effect of firm age on the link between green innovation and SME performance. More precisely, we find green utility-model innovation positively influences firm performance for S…
The atractiveness and competitiveness of tourist destinations: A study on Southern Italian regions
2009
The present paper aims to assess the relative attractiveness of competing tourist destinations on the basis of individual visitors' perceptions regarding a holiday destination. Using the feeling of tourist well-being achieved by individual tourists we evaluate indirectly the competitive ability of the tourist area to offer a compound tourist site attractiveness. The methodology employed here uses individual survey questionnaires on the tourists' evaluation of the quality of tourist facilities and attributes in a given area (the 'regional tourist profile') as the basis for constructing an aggregate expression for the relative attractiveness of that area. Using various multidimensional statis…