10,411 research outputs found
Ayuda, Inc. v. Thornburgh: Did Congress Give the Executive Branch Free Rein to Define the Scope of Legislation
The Note argues that the Ayuda decision is inconsistent with the congressional intent behind IRCA and prior case law. The Note further argues that the purposes underlying IRCA will best be served by prompt judicial resolution of policy disputes about legalization
Optimal Power Flow in Stand-alone DC Microgrids
Direct-current microgrids (DC-MGs) can operate in either grid-connected or
stand-alone mode. In particular, stand-alone DC-MG has many distinct
applications. However, the optimal power flow problem of a stand-alone DC-MG is
inherently non-convex. In this paper, the optimal power flow (OPF) problem of
DC-MG is investigated considering convex relaxation based on second-order cone
programming (SOCP). Mild assumptions are proposed to guarantee the exactness of
relaxation, which only require uniform nodal voltage upper bounds and positive
network loss. Furthermore, it is revealed that the exactness of SOCP relaxation
of DC-MGs does not rely on either topology or operating mode of DC-MGs, and an
optimal solution must be unique if it exists. If line constraints are
considered, the exactness of SOCP relaxation may not hold. In this regard, two
heuristic methods are proposed to give approximate solutions. Simulations are
conducted to confirm the theoretic results
The Predictability of Returns on Equity REITs and Their Co-Movement with Other Assets
Recent evidence suggests that the variation in the expected excess returns is predictable and arises from changes in business conditions. Using a multifactor latent variable model with time-varying risk premiums, we decompose excess returns into expected and unexpected excess returns to examine what determines movements in expected excess returns for equity REITs are more predictable than all other assets examined, due in part to cap rates which contain useful information about the general risk condition in the economy. We also find that the conditional risk premiums (expected excess returns) on EREITs move very closely with those of small cap stocks and much less with those of bonds
The Predictability of Real Estate Returns and Market Timing
Recent evidence suggests that all asset returns are predictable to some extent with excess returns on real estate relatively easier to forecast. This raises the issue of whether we can successfully exploit this level of predictability using various market timing strategies to realize superior performance over a buy-and-hold strategy. We find that the level of predictability associated with real estate leads to moderate success in market timing, although this is not necessarily the case for the other asset classes examined in general. Besides this, real estate stocks typically have higher trading profits and higher mean risk-adjusted excess returns when compared to small stocks as well as large stocks and bonds even though most real estate stocks are small stocks
An Energy Sharing Game with Generalized Demand Bidding: Model and Properties
This paper proposes a novel energy sharing mechanism for prosumers who can
produce and consume. Different from most existing works, the role of individual
prosumer as a seller or buyer in our model is endogenously determined. Several
desirable properties of the proposed mechanism are proved based on a
generalized game-theoretic model. We show that the Nash equilibrium exists and
is the unique solution of an equivalent convex optimization problem. The
sharing price at the Nash equilibrium equals to the average marginal disutility
of all prosumers. We also prove that every prosumer has the incentive to
participate in the sharing market, and prosumers' total cost decreases with
increasing absolute value of price sensitivity. Furthermore, the Nash
equilibrium approaches the social optimal as the number of prosumers grows, and
competition can improve social welfare.Comment: 16 pages, 7 figure
- …