93,545 research outputs found
Peer-to-peer and community-based markets: A comprehensive review
The advent of more proactive consumers, the so-called "prosumers", with
production and storage capabilities, is empowering the consumers and bringing
new opportunities and challenges to the operation of power systems in a market
environment. Recently, a novel proposal for the design and operation of
electricity markets has emerged: these so-called peer-to-peer (P2P) electricity
markets conceptually allow the prosumers to directly share their electrical
energy and investment. Such P2P markets rely on a consumer-centric and
bottom-up perspective by giving the opportunity to consumers to freely choose
the way they are to source their electric energy. A community can also be
formed by prosumers who want to collaborate, or in terms of operational energy
management. This paper contributes with an overview of these new P2P markets
that starts with the motivation, challenges, market designs moving to the
potential future developments in this field, providing recommendations while
considering a test-case
Incentivizing Resilience in Financial Networks
When banks extend loans to each other, they generate a negative externality
in the form of systemic risk. They create a network of interbank exposures by
which they expose other banks to potential insolvency cascades. In this paper,
we show how a regulator can use information about the financial network to
devise a transaction-specific tax based on a network centrality measure that
captures systemic importance. Since different transactions have different
impact on creating systemic risk, they are taxed differently. We call this tax
a Systemic Risk Tax (SRT). We use an equilibrium concept inspired by the
matching markets literature to show analytically that this SRT induces a unique
equilibrium matching of lenders and borrowers that is systemic-risk efficient,
i.e. it minimizes systemic risk given a certain transaction volume. On the
other hand, we show that without this SRT multiple equilibrium matchings exist,
which are generally inefficient. This allows the regulator to effectively
stimulate a `rewiring' of the equilibrium interbank network so as to make it
more resilient to insolvency cascades, without sacrificing transaction volume.
Moreover, we show that a standard financial transaction tax (e.g. a Tobin-like
tax) has no impact on reshaping the equilibrium financial network because it
taxes all transactions indiscriminately. A Tobin-like tax is indeed shown to
have a limited effect on reducing systemic risk while it decreases transaction
volume.Comment: 38 pages, 9 figure
The Extent of Economic Integration in Europe: Border Effects, Technical Barriers to Trade & Home Bias in Consumption. CEPS Working Document No. 171, August 2001
This paper brings together two important facets of current debates concerning trade policy and trade modelling: the importance of estimated border effects and the impact of technical barriers to trade. Here we try and identify the effect of technical barriers on the imports of EU countries by estimating gravity equations applied to data in which sectors are grouped according to the approach adopted by the EU to the removal of technical barriers (New Approach, Old Approach, mutual recognition) as well as an aggregate of sectors for which technical barriers are deemed to be unimportant. Our results suggest substantial border effects for all groups of sectors except for those subject to mutual recognition. The border effect is mitigated but remains considerable against trade with EU partners. High and persistent border effects are found for sectors where technical barriers are not important suggesting that factors other than policy-induced barriers are important determinants of the intensity of internal relative to external trade flows. The paper discusses the interpretation of these border effects in the context of measuring the extent of economic integration and argues that more information on the nature of preferences and on factors promoting local networks of buyers and suppliers is required before we can proceed to examine the policy implications
Deep Q-Learning for Nash Equilibria: Nash-DQN
Model-free learning for multi-agent stochastic games is an active area of
research. Existing reinforcement learning algorithms, however, are often
restricted to zero-sum games, and are applicable only in small state-action
spaces or other simplified settings. Here, we develop a new data efficient
Deep-Q-learning methodology for model-free learning of Nash equilibria for
general-sum stochastic games. The algorithm uses a local linear-quadratic
expansion of the stochastic game, which leads to analytically solvable optimal
actions. The expansion is parametrized by deep neural networks to give it
sufficient flexibility to learn the environment without the need to experience
all state-action pairs. We study symmetry properties of the algorithm stemming
from label-invariant stochastic games and as a proof of concept, apply our
algorithm to learning optimal trading strategies in competitive electronic
markets.Comment: 16 pages, 4 figure
Environmental analysis for application layer networks
Die zunehmende Vernetzung von Rechnern ĂŒber das Internet lies die Vision von Application Layer Netzwerken aufkommen. Sie umfassen Overlay Netzwerke wie beispielsweise Peer-to-Peer Netzwerke und Grid Infrastrukturen unter Verwendung des TCP/IP Protokolls. Ihre gemeinsame Eigenschaft ist die redundante, verteilte Bereitstellung und der Zugang zu Daten-, Rechen- und Anwendungsdiensten, wĂ€hrend sie die HeterogenitĂ€t der Infrastruktur vor dem Nutzer verbergen. In dieser Arbeit werden die Anforderungen, die diese Netzwerke an ökonomische Allokationsmechanismen stellen, untersucht. Die Analyse erfolgt anhand eines Marktanalyseprozesses fĂŒr einen zentralen Auktionsmechanismus und einen katallaktischen Markt. --Grid Computing
Where do prices come from? Sociological approaches to price formation
The article provides an overview of the state of the art of sociological research on price formation. The dominant trait of the sociological approach to prices is to understand price formation not as the outcome of individual preferences but as the result of the social and political forces operating within the market field. The article proceeds from the concept of market fields and is organized around the three dominant approaches in economic sociology: the network approach, the institutional approach, and the cultural approach. -- Der Artikel gibt einen Ăberblick ĂŒber den Forschungsstand zum Thema Preisbildung in der Soziologie. Ausgangspunkt der Betrachtung von Preisen aus soziologischer Perspektive ist, diese nicht als das Resultat individueller PrĂ€ferenzen zu verstehen, sondern als Ausdruck der sozialen und politischen KrĂ€fte in MĂ€rkten. Der Artikel orientiert sich an dem Konzept der Marktfelder und ist anhand der drei Hauptrichtungen der Wirtschaftssoziologie strukturiert: des Netzwerkansatzes, des institutionellen Ansatzes und des kulturellen Ansatzes.
- âŠ