Constant shadow prices indicate that gains in expected votes with respect to marginal shifts in transfers should be equal across jurisdictions. The ratio of the scalars (λ/μ) holds constant, while exhausting the budget, only if each party promises the same amount to any given jurisdiction (taj = tbj = Yj ∀ j). Voter consumption is thus identical under either party and implies tj = 0. By the tra...

Most respondents state that Flow Based market coupling (FB) optimizes the allocation of cross-border capacity, which entails higher social welfare and higher price convergence. Better cooperation between TSOs is also mentioned, since FB forces TSOs and Exchanges to work together. According to most respondents FB will also lead to better transparency regarding critical branches and shadow prices...

It is shown that the dual to the linear programming problem that arises in constraint-based models of metabolism can be given a thermodynamic interpretation in which the shadow prices are chemical potential analogues, and the objective is to minimize free energy consumption given a free energy drain corresponding to growth. The interpretation is distinct from conventional nonequilibrium thermod...

By analyzing the decisions of policy makers and in addition public referenda, shadow prices for global warming (ca. 5 to 22 € per ton of CO2) and exceedance of critical loads for eutrophication and acidification (ca. 100 € per hectare of exceeded area and year with a range of 60 – 350 €/ha year) have been developed. These data are complementary to the valuation steps in ExternE, and can be used...

We examine the investment decision problem of a group whose members have heterogeneous time preferences. In particular, they have different discount factors for utility, possibly not exponential. We characterize the properties of efficient allocations of resources and of shadow prices that would decentralize such allocations. We show in particular that the term structure of interest rates is de...

This study proposes the use of marginal abatement cost curves to calculate environmental damages of agricultural systems in China's Loess Plateau. Total system costs and revenues, management characteristics and pollution attributes are imputed into a directional output distance function, which is then used to determine shadow prices and abatement cost curves for soil and nitrogen loss. Marginal...

This paper extends the model proposed by Papahristodoulou [C. Papahristodoulou, Option strategies with linear programming, European Journal of Operational Research 157 (2004) 246–256] to a multi-asset setting to deal with a portfolio of options and underlying assets. General linear programming model is given and it is applied to Novartis, Sanofi and AstraZeneca’s call and put options. A portfol...

We study the problem of nding the minimal price needed to dominate European-type contingent claims under proportional transaction costs in a continuous-time diiu-sion model. The result we prove has already been known in special cases-the minimal super-replicating strategy is the least expensive buy-and-hold strategy. Our contribution consists in showing that this result remains valid for genera...

We examine the evolution and factors of systemic risk in Chinese banking sector over last decade from perspective domestic international investors. apply SRISK measure to a representative sample listed institutions that captures up 60% total assets utilize Granger-causality network-based approach demonstrate interlinkages among banks beyond largest financial institutions. show dramatic increase...

BACKGROUND To assess the effect of policies supporting local medicine production to improve access to medicines. METHODS We adapted the WHO/HAI instruments measuring medicines availability and prices to differentiate local from imported products, then pilot tested in Ethiopia and Tanzania. In each outlet, prices were recorded for all products in stock for medicines on a country-specific list....