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Yang C.-H.,Xian Jiaotong University | Yang C.-H.,The Key Laboratory of The Ministry of Education for Process Control and Efficiency Engineering | Liu X.-M.,Xian Jiaotong University | Liu X.-M.,The Key Laboratory of The Ministry of Education for Process Control and Efficiency Engineering | Wei Z.-X.,Xian Jiaotong University
Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice | Year: 2012

Based on the analysis of the operation mechanism between "Company & Farmer" and futures market, this paper studied the optimal hedging and contract price style of the company by constructing an expected utility function. The results show that the optimal short position is smaller than the size of the contract, which held by the liquidity constrained company in inter-temporal unbiased futures market. The fixed price style of the contract can not satisfy the optimality of the expected utility, but the pricing style can do it and make company gain the risk premium. Finally, the validity of the results is discussed and illustrated by numerical analysis. Source


Li S.,Xian Jiaotong University | Li S.,The Key Laboratory of The Ministry of Education for Process Control and Efficiency Engineering | Sun J.,Xian Jiaotong University | Sun J.,The Key Laboratory of The Ministry of Education for Process Control and Efficiency Engineering | And 2 more authors.
Energy Education Science and Technology Part A: Energy Science and Research | Year: 2012

In order to optimize the transportation cost, three common methods utilized in agri-biomass collection-centralized, decentralized and hybrid, are analyzed in this research based on the characteristics of agri-biomass resources. Firstly, assumptions on agri-biomass resources, cost structure, collection area as well as its borders are given to describe the problem of optimizing the transportation cost. Secondly, the concept of envelope circle which is embedded in the collection area is derived and introduced to figure out the corresponding collection parts where centralized and decentralized methods are applied respectively, which helps specifically define the hybrid collection method in the whole collection area. Thirdly, the hybrid method is shown to be an effective method to reduce the transportation cost both in theoretical analysis and in practice based on a case study of a bio-power plant in China. © Sila Science. Source


Sun J.,Xian Jiaotong University | Sun J.,The Key Laboratory of The Ministry of Education for Process Control and Efficiency Engineering | Guo J.,Xian Jiaotong University | Guo J.,The Key Laboratory of The Ministry of Education for Process Control and Efficiency Engineering | And 2 more authors.
Energy Education Science and Technology Part A: Energy Science and Research | Year: 2012

This research aims to shed light on the difference among three collection strategies for agricultural biomass, i.e. commitment strategy, pure competition strategy and vertical integration strategy. Firstly, the assumptions of biomass distribution, cost structure and market structure are applied to describe the agricultural biomass market, which helps deriving a monotonous increasing inverse demand function that is different from the past research. Secondly, commitment strategy, pure competition strategy and vertical integration strategy are modeled respectively with game theory to explore equilibrium quantities and profits. Thirdly, equilibrium quantities and efficiencies among the three collection strategies are compared to show the co-existence conditions of market structure and their differences. As results show, pure competition strategy is the most efficient among the three; commitment strategy brings the most aggregate biomass supply but is the most inefficient; vertical integration results in the most biomass supply security for integrated industrial buyer, though at the sacrifice of the profit for non-integrated industrial buyer. © Sila Science. Source

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