We consider the problem of characterizing the locational marginal value of energy storage capacity in electric power networks with stochastic renewable supply and demand. The perspective taken is that of a system operator, whose objective is to minimize the expected cost of firm supply required to balance a stochastic net-demand process over a finite horizon, subject to transmission and energy ...

Our concern is the extension of the theory of the Shapley value to problems involving externalities. Using the standard axiom systems behind the Shapley value for an arbitrary exogenous coalition structure leads to the identification of bounds on players’ payoffs around an “externality-free” value. In endogenizing the coalition structure, we analyze a two-stage process of coalition formation in...

IN A TYPICAL workweek, one in every four manufacturing production workers in the United States is employed at night. This fraction fluctuates sharply over the business cycle, accounting disproportionately for business cycle changes in employment. The variation in work at night amounts to over 40 percent of the cyclical changes in the employment of manufacturing production workers. While cyclica...

By taking sets of utility functions as a primitive description of agents, we define an ordering over assumptions on utility functions that gauges their implicit measurement requirements. Cardinal and ordinal assumptions constitute two types of measurement requirements, but several standard assumptions in economics lie between these extremes. We first apply the ordering to different theories for...

We analyze simple dynamical network models which describe the limited capacity of nodes to process the input information. For a proper range of their parameters, the information flow pattern in these models is characterized by exponential distribution of the incoming information and a fat-tailed distribution of the outgoing information, as a signature of the law of diminishing marginal returns....

We investigate the long held but empirically untested assumption that diverse networks drive performance by providing access to novel information. We build and validate an analytical model of information diversity, develop theory linking network structure to the distribution of novel information among actors and their performance, and test our theory using a unique ten month panel of email comm...

R obert Solow’s (1956) neoclassical model reigns as the standard theory of economic growth. The Solow model begins with the assumption that capital accumulation is subject to diminishing marginal returns. It attributes sustained growth in national income per capita to technological progress that proceeds at a constant, exogenously given rate. Thus, it is an exogenous growth model. Recently, eco...

Harvey leibenstein’s (1950) seminal QJE article, “Bandwagon, snob, and Veblen Effects in the Theory of the Consumers’ Demand,” defines the bandwagon effect as “the extent to which the demand for a commodity is increased due to the fact that others are also consuming the same commodity”(leibenstein 1950, 189). a key aspect of his formulation is that scarcity precludes runaway bandwagon effects. ...

Pearl millet is an alternative source of livelihood for poor farmers who use it to supplement food and income. has high medicinal value its consumption reduces the risk type 2 diabetes, constipation, anemia. millets are excellent protein fiber, a great starch, making high-energy food. It exceptional babies from six months age because nutrients easily digestible. most widely cultivated varieties...

Abstract. We prove a BV estimate for scalar conservation laws that generalizes the classical Total Variation Diminishing property. In fact, for any smooth function Φ, we have that Φ(u) is TVD with the correct definition of the initial seminorm. We call this property Total Oscillation Diminishing. The reason being that it is in contradiction with the oscillations observed recently on some numeri...