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Open access is a major power sector reform in energy deficit India, and encourages short term trading for meeting variations in demand. An open access large consumer in India, can participate in short term trading through bilateral contracts, power exchanges (PXs) or unscheduled interchange (UI) transactions. In addition, it needs to satisfy obligations of renewable purchase. Prices of PX's day ahead...
This paper provides a well thought view of the virtual power plant (VPP) concept from the cross-regional cooperation of neighboring VPPs to its potential trading benefits. For a smart power system, it is recognized that multiple VPPs can exist in a system, hence from an individual VPP' viewpoint, the cooperation with all physically-connected neighboring VPPs would be a golden opportunity for managing...
Considering two payment schemes, this paper examines the impact of demand risk, supply risk and exchange rate risk on the optimal ordering policies of a loss-averse retailer that is served by two suppliers in the global supply chain environment. Using prospect theory, we formulate a decision model concerned with utility maximization. We prove the existence of equilibrium and derive the optimal ordering...
Today, the majority of solution development is completed under a fixed-price contract. Due to the inherent uncertainty of executing a project with many unpredictable factors, the solution developer bears significant risk in terms of cost, delivery time and quality. Compared to a variable-price (time-and-materials) contract, a fixed-price contract shifts most of the development risk from clients to...
Network use-of-system (UoS) tariffs play an essential role in the deregulated power markets to recover network investment and maintenance costs from network users, and send economic signals to influence the users' behaviors in using systems. The tariffs are essential to the business operation of both network operators and users. They, however, could have great volatility due to the uncertainties from...
This paper presents a methodology to define the trading policy of an energy generation agent. The proposed approach uses stochastic programming to represent the uncertainty related to the short-term price fluctuation. The aim of the model (based on possible prices) is to identify the composition of an optimum portfolio in accordance with the decision-maker risk perception. The most important contribution...
The globalization and outsourcing trend makes supply chain vulnerable in the industry. As one important activity of supply chain, procurement planning should be formulated by considering operational risk and disruptive risk in the dynamic business environment. Therefore, procurement decision making under uncertainty has attracted considerable attention by both academia and industry. One of the challenges...
On the basis of full access to risk cost related literature, find that the concept of risk management gains doesn't get closely enough with engineering practice in reality. Stat from the hierarchical structure of project contract system on, put forward the management idea of risk management and goal management integration. Constructed the equilibrium analysis methods of risk management gains by engineering...
The benefits of contract management can be usually observed in terms of ambiguity minimization, disputes avoidance and smooth completion of processes arising from contractual agreements. Neverthless, uncertainty still plays its role: contractors might not have detailed information on the objective to achieve, the realization context could be not fully identified, the assumptions made at contract signing...
Risk is a concern for any project whereas infrastructure energy projects are considered more sensitive. The complication of such projects is deepened by great deal of required capital, lots of interfaces and diversified stakeholders. While capital is of the essence, its provision could be done through 'project finance' or 'traditional finance'. The two streams of lending are elaborated while the prominence...
During the construction project practicing, contractors will face all kinds of risky factors. This paper analysis the risk factors on base of the characteristics of contractors, establishes risk index system, using the fuzzy comprehensive judgment to calculate the risk degrees, Each risk actor is estimated in the aspects of probability and the influence. The weight of the risk actor is calculated...
BOT projects are affected by several risks and uncertainties. One of the most important issues in this type of contract is to determine the length of concession period considering these uncertainties. The previous studies have developed several models to determine the concession period. However, the uncertainties are not taking into account in most of the previous works. Moreover, none of the previous...
Focusing on alliances in high-tech industry, we apply theory of transaction cost and relational contract to explore the effect of uncertainty and experience on firms' choice of alliances governance. By using a sample of 99 strategic alliances in high-tech industry, we empirically examine the theoretical hypotheses proposed in this paper, and find some evidence supporting these hypotheses. Consistent...
This paper examines that the investors do not ignore but overestimate the earnings persistence, which rejects the earnings persistence hypothesis for the post earnings-announcement drift. Investors have more concerns about the past accounting information than the current accounting information probably because of the conservatism in the information uncertainty. Investors are not able to distinguish...
Concession period is one of the most important issues in a build-operate-transfer (BOT) scheme and has become the focus in fields of both academy and practice. Current decision methods of concession period commonly face to the difficulties in estimating the wider-risk profiles and long-term uncertainties for traffic projects. This paper proposes a simulation-based methodology which aims to determine...
Due to the environmental pollution and the emission of CO2 of conventional fossil-fueled power plants, renewable energy sources are becoming an important part of the generation mix in many electricity markets. For example, in the Spanish market, during the day March 27th 2008, wind power covered the 24% of the daily demand. This is a consequence of the active role that wind producers have taken in...
Since early 2000, long-term forward contracts or power purchase agreements (PPA) auctions have been the main mechanisms to ensure long-run supply adequacy in many growing economies, specially in Latin American, such as, Brazil, Chile, etc. With this framework, two issues are of special concern to Government agencies and market agents: (i) testing the design of the auction and its impacts on the power...
With the need for improved performance in the construction industry and increasing contractual obligations, the requirement of an effective risk management approach has never been more necessary. In this paper, a new approach to construction project risk assessment based on rough set and information entropy is proposed. Firstly, the construction project risk evaluation index system is established,...
A series of economic game experiments have been proving that most people are not only self-interest but also inequity averse, and hereby will suffer disutility in the face of any unfair allocation. However, the standard contract theory, which accepts the traditional economic assumption of self-interest, has ignored inequity aversion. In this paper, by incorporating the inequity aversion into the standard...
Credit risk evaluation decisions are important for the e-business due to the high level of risk associated with wrong decisions. The process of making credit risk evaluation decision is complex and unstructured. Markov chain is known to perform reasonably well compared to alternate methods for this problem. In this work, we describe this method and the case of a successful application of it to e-business...
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