Search results for "futures"
showing 10 items of 101 documents
Exploring the Future of Universities Through Experimental Foresight
2020
Throughout 2018/2019, The Futures Lab, Inc. (TFL) was commissioned to undertake a comprehensive foresight study on the potential futures for universities in Norway. For the most part, the project followed the full, TFL comprehensive six-stage foresight process and a number of customized approaches that leveraged the specificities of the Norwegian Education System. The foresight project covered two future time horizons, namely 2025 to 2030 and 2031 to 2040. Rather than focus here on the Future of the University project itself, this paper considers five experimental foresight methods that produced an extra edge to the creative inputs to this project and delivered some unexpected and critical …
Future 0,0,0. Urban/human futures
2014
“Futurus” in Latin is the future participle (!) of the verb to be, then, we literally translate it into “what will be” and, in the classical ontology of the pre-Socratic period, being does not derive from the Man who scratches time and bends the path of history producing effects reduced to the tickle done to a pachyderm. Will the future, then, inexorably be independent from the human will? Not necessarily. the futures If we try to distinguish the future as the time line that goes to infinity as a positive future like a projection of human action in time, two views will come out: a static view - far in the coordinates x, y, t - and a dynamic vision which tends to reach a point of coordinates…
Speculative and hedging activities in the European Carbon Market
2015
Abstract We explore the dynamics of the speculative and hedging activities in European futures carbon markets by using volume and open interest data. A comparison of the three phases in the European Union Emission Trading Scheme (EU ETS) reveals that (i) Phase II of the EU ETS seems to be the most speculative phase to date and (ii) the highest degree of speculative activity for every single phase occurs at the moment of listing the contracts for the first time. A seasonality analysis identifies a higher level of speculation in the first quarter of each year, related to the schedule of deadlines of the EU ETS. In addition, a time series analysis confirms that most of the speculative activity…
Transitions to sustainability in small islands: combining foresight scenarios with multi-criteria analysis to develop viable sustainability strategie…
2018
Islands face similar challenges for sustainability as continental areas, but their geographic situation conditions their options for development. However, thanks to their clear geographic boundarie...
Essays On European Natural Gas Market
2018
La presente tesis ha cubierto diferentes aspectos de los mercados europeos del gas natural y la electricidad, en particular algunas propiedades que afectan a la efectividad de la cobertura, como la estacionalidad en varianza y en precios. Asimismo, se ha realizado un estudio de la prima de riesgo del gas natural, su relación con las variables de riesgo y su descomposición en una prima de riesgo de reinversión o ‘rollover’ y una prima de ‘preferencia por liquidez’ relacionada con el plazo. La tesis se compone de tres capítulos: el Capítulo I estudia la estacionalidad en los precios y la volatilidad y cómo mejora la efectividad de la cobertura teniendo en cuenta dicha estacionalidad; el Capít…
GARCH models with changes in variance: An approximation to risk measurements
2003
This study aims to model volatility as an approximation to an optimum measurement of stock market risk because of the importance of this concept for, among other things, the proper management of portfolios. Following the proposal of Lamoureux and Lastrapes (1990), the authors consider that the high degree of persistence detected in GARCH models arises from a poor specification of the equation of the variance due to not considering the possible deterministic changes in the unconditional variance of the financial series. To determine the point in time as well as the duration of these changes, the proposal made by Inclan and Tiao (1994) is used. As an empirical application, whether or not the …
Is the EUA a new asset class?
2022
The listing of a new asset requires knowledge of its statistical properties prior to its use for hedging, speculative or risk management purposes. In this paper, the authors study the stylised facts of European Union Allowances (EUAs) returns. The majority of the phenomena observed, such as heavy tails, volatility clustering, asymmetric volatility and the presence of a high number of outliers are similar to those observed in both commodity futures and financial assets. However, properties such as negative asymmetry, positive correlation with stocks indexes and higher volatility levels during the trading session, typical of financial assets, and the existence of inflation hedge and positive …
Size Clustering in European Carbon Markets
2012
This paper documents empirical evidence of size clustering behavior in the European Carbon Futures Market and analyzes the circumstances under which it happens. Our findings show that carbon trades are concentrated in sizes of one to five contracts and in multiples of five. We have observed the existence of price clustering of prices ending in digits 0 or 5, and we have also proved that more clustered prices have more clustered sizes. Finally, the analysis of the key factors of the size clustering reveals that carbon traders use a reduced number of different trade sizes to simplify their trading process when uncertainty is high, market liquidity is poor, and the desire for opening new posit…
Creating futures images for sustainable cruise ships : insights on collaborative foresight for sustainability enhancement
2021
The aim of the study was to explore futures images of collaborative sustainability enhancement within a cruise ship building network. Addressing collaborative sustainability at the organizational level rather than at the macro (regional or planetary) level, the paper explores socially constructed and shared futures images, which are less widely studied than individual-level images of the future. We advance an analytical model for constructing and evaluating collectively held futures images based on the structure and content of those images. From our data, we identified four futures images: Money rules; The customer is always right; Local economy focus; and The most sustainable ships in the …
Foresight as a Tool for Increasing Creativity in the Age of Technology-Enhanced Learning
2018
The inclusion of established methodologies from the science of foresight within an ICT course structure can lead to increased levels of student creativity when these processes are learned through a multimedia enhanced learning environment.