In this study,we have analyzed a market impact game between n risk-averse agents who compete for liquidity in a market impact model with a permanent price impact and additional slippage.Most market parameters,includin...In this study,we have analyzed a market impact game between n risk-averse agents who compete for liquidity in a market impact model with a permanent price impact and additional slippage.Most market parameters,including volatility and drift,are allowed to vary stochastically.Our first main result characterizes the Nash equilibrium in terms of a fully coupled system of forward-backward stochastic differential equations(FBSDEs).Our second main result provides conditions under which this system of FBSDEs has a unique solution,resulting in a unique Nash equilibrium.展开更多
This paper interrogates the impact of policy events on the efficiency of carbon market in China.The analysis covers five piloting emission trading schemes(Beijing, Shanghai, Guangdong,Shenzhen and Hubei), particularly...This paper interrogates the impact of policy events on the efficiency of carbon market in China.The analysis covers five piloting emission trading schemes(Beijing, Shanghai, Guangdong,Shenzhen and Hubei), particularly focusing on Guangdong pilot for its weak form efficiency and the richness of policy events. Twenty-five policy events between 2014 and 2016 are categorized into seven groups. The efficiency test indicates that only Guangdong ETS has reached weak form efficiency. After exploring the policy events occurred in Guangdong ETS, it finds that although a clear long-term climate policy has been set up over the country, China's carbon market still has a conservative risk appetite and its governing institutions still needs further development. The policy makers need to be aware of and avoid the negative impacts of policy events to the market evolvement, by introducing effective consultancy process with the stakeholders and nurturing market expectations in the long run. We also find that events like allowance auctions have considerably less impacts than previously expected and argue that auction approach should be considered a preferable option over a free allocation system in the future policy design.展开更多
Khat, Ethiopia’s largest export cash crop, is the backbone of the Ethiopian economy. However, Ethiopia has not yet fully promoted its position as the utmost producer and exporter of khat in a global market because of...Khat, Ethiopia’s largest export cash crop, is the backbone of the Ethiopian economy. However, Ethiopia has not yet fully promoted its position as the utmost producer and exporter of khat in a global market because of its different policy discourses and illegal trade issues on khat production. The life of many smallholder households relies on khat production and its marketing in a country. Hence for thus, some information has been gathered on different aspects of khat with the objectives of reviewing khat’s impacts on the livelihood of smallholder farmers, its production status, and marketing constraints in Ethiopia. To review these objectives, data from CSA, and different published materials on khat were used. According to the review, khat production has a positive impact on securing household food insecurity and improving the livelihood status of smallholder farmers, and the largest foreign exchange-earning cash crops. However, it is exploited almost in all parts of a country’s government policy discourse on khat production and its trade legal issues, lack of infrastructure, zero access to extension services, zero tangible value addition, inadequate technology transfer, and research, and price volatility because of product perishability behavior are among major constraints threatened in khat production in Ethiopia. Its vulnerable and corrupted marketing system, zero market promotion and political dichotomy, long market chain, chronic market information, and unfair price were reported by different scholars as major problems of khat marketing in Ethiopia. From these probs: The government should analyze why and its impact on khat production discourse policy on the livelihood of smallholder households and overlook positive policy proclamation. Encouraging research and technology transfer to transform products into manufacturing industries, enhancing infrastructural and institutional facilities, and improving khat production product technologies through development, and khat production agribusiness industry transformation, institutionalizing its marketing arrangement and other related agronomic practices are among the major recommendations to forward so.展开更多
Due to increasingly extreme climatic conditions in the Sahel, irrigated crops are emerging as imperative innovations for agricultural transformation and resilience. This study is designed to assess the impact of marke...Due to increasingly extreme climatic conditions in the Sahel, irrigated crops are emerging as imperative innovations for agricultural transformation and resilience. This study is designed to assess the impact of market gardening on soil, water and plant cover in the western Niger Republic. Semi-structured survey data were collected from 78 site operators in the Imanan rural municipality (Filingué, Tillabéry). In addition to the survey, a photographic collection illustrated certain observable facts in the field. The survey shows that the wooden enclosures (70.65% of respondents) around the fields are renewed every year. The impacts are then substantial: deforestation of plateaus, clearing of valleys for new extensions, loss of wildlife habitat, changes in the water flow regime resulting from a geomorphological change in the commune. Itou, the preparation of the planks consumes a lot of water. Thus, the new sinking of water points and the load pressure increase the drawdowns of wells and boreholes in the sites (75.46% of respondents). The frequent spills of waste oil on the sites, as well as the numerous potato storage pits, are among the factors and vectors most likely to contaminate the soils and aquifers of the study area. Market gardening destabilizes the soils and induces regressive erosion as well as area runoff of rainwater on all sites and on the slopes. On the other hand, slash-and-burn practices, drying of branches intended for fences, as well as rain-fed cowpea crops, promote improved physical properties and soil fertilization. To reduce the risks of disintegration and especially of silting up of sites, the study suggests a policy of live hedges and wire fences so that common spaces can be imposed on operators.展开更多
基金the National Natural Science Foundation of China(Grant No.11971310)“Assessment of Risk and Uncertainty in Finance”(Grant No.AF0710020)from Shanghai Jiao Tong University+2 种基金Peng Luo gratefully acknowledges the support from the National Natural Science Foundation of China(Grant No.12101400)Peng Luo and Alexander Schied gratefully acknowledge the support from the Natural Sciences and Engineering Research Council of Canada(Grant No.RGPIN-2017-04054)Dewen Xiong gratefully acknowledges the support from the National Natural Science Foundation of China(Grant No.11671257).
文摘In this study,we have analyzed a market impact game between n risk-averse agents who compete for liquidity in a market impact model with a permanent price impact and additional slippage.Most market parameters,including volatility and drift,are allowed to vary stochastically.Our first main result characterizes the Nash equilibrium in terms of a fully coupled system of forward-backward stochastic differential equations(FBSDEs).Our second main result provides conditions under which this system of FBSDEs has a unique solution,resulting in a unique Nash equilibrium.
文摘This paper interrogates the impact of policy events on the efficiency of carbon market in China.The analysis covers five piloting emission trading schemes(Beijing, Shanghai, Guangdong,Shenzhen and Hubei), particularly focusing on Guangdong pilot for its weak form efficiency and the richness of policy events. Twenty-five policy events between 2014 and 2016 are categorized into seven groups. The efficiency test indicates that only Guangdong ETS has reached weak form efficiency. After exploring the policy events occurred in Guangdong ETS, it finds that although a clear long-term climate policy has been set up over the country, China's carbon market still has a conservative risk appetite and its governing institutions still needs further development. The policy makers need to be aware of and avoid the negative impacts of policy events to the market evolvement, by introducing effective consultancy process with the stakeholders and nurturing market expectations in the long run. We also find that events like allowance auctions have considerably less impacts than previously expected and argue that auction approach should be considered a preferable option over a free allocation system in the future policy design.
文摘Khat, Ethiopia’s largest export cash crop, is the backbone of the Ethiopian economy. However, Ethiopia has not yet fully promoted its position as the utmost producer and exporter of khat in a global market because of its different policy discourses and illegal trade issues on khat production. The life of many smallholder households relies on khat production and its marketing in a country. Hence for thus, some information has been gathered on different aspects of khat with the objectives of reviewing khat’s impacts on the livelihood of smallholder farmers, its production status, and marketing constraints in Ethiopia. To review these objectives, data from CSA, and different published materials on khat were used. According to the review, khat production has a positive impact on securing household food insecurity and improving the livelihood status of smallholder farmers, and the largest foreign exchange-earning cash crops. However, it is exploited almost in all parts of a country’s government policy discourse on khat production and its trade legal issues, lack of infrastructure, zero access to extension services, zero tangible value addition, inadequate technology transfer, and research, and price volatility because of product perishability behavior are among major constraints threatened in khat production in Ethiopia. Its vulnerable and corrupted marketing system, zero market promotion and political dichotomy, long market chain, chronic market information, and unfair price were reported by different scholars as major problems of khat marketing in Ethiopia. From these probs: The government should analyze why and its impact on khat production discourse policy on the livelihood of smallholder households and overlook positive policy proclamation. Encouraging research and technology transfer to transform products into manufacturing industries, enhancing infrastructural and institutional facilities, and improving khat production product technologies through development, and khat production agribusiness industry transformation, institutionalizing its marketing arrangement and other related agronomic practices are among the major recommendations to forward so.
文摘Due to increasingly extreme climatic conditions in the Sahel, irrigated crops are emerging as imperative innovations for agricultural transformation and resilience. This study is designed to assess the impact of market gardening on soil, water and plant cover in the western Niger Republic. Semi-structured survey data were collected from 78 site operators in the Imanan rural municipality (Filingué, Tillabéry). In addition to the survey, a photographic collection illustrated certain observable facts in the field. The survey shows that the wooden enclosures (70.65% of respondents) around the fields are renewed every year. The impacts are then substantial: deforestation of plateaus, clearing of valleys for new extensions, loss of wildlife habitat, changes in the water flow regime resulting from a geomorphological change in the commune. Itou, the preparation of the planks consumes a lot of water. Thus, the new sinking of water points and the load pressure increase the drawdowns of wells and boreholes in the sites (75.46% of respondents). The frequent spills of waste oil on the sites, as well as the numerous potato storage pits, are among the factors and vectors most likely to contaminate the soils and aquifers of the study area. Market gardening destabilizes the soils and induces regressive erosion as well as area runoff of rainwater on all sites and on the slopes. On the other hand, slash-and-burn practices, drying of branches intended for fences, as well as rain-fed cowpea crops, promote improved physical properties and soil fertilization. To reduce the risks of disintegration and especially of silting up of sites, the study suggests a policy of live hedges and wire fences so that common spaces can be imposed on operators.
