Parameter learning strongly amplifies the impact of macroeconomic shocks on marginal utility when the representative agent has a preference for early resolution of uncertainty. This occurs as rational belief updating generates subjective long-run consumpti ...
Energy policy needs to rely on the proper understanding of the interactions between policy instruments, consumer preferences, investment behavior, market structure, electricity supply, and the wider policy environment. This asks for appropriate modeling to ...
We report the first measurements of the effect of pressure on vibrational modes in emulsions, which serve as a model for soft frictionless spheres at zero temperature. As a function of the applied pressure, we find that the density of states D(omega) exhib ...
A linear programming framework is proposed to model distribution network characteristics, and market clearing processes for flexible load and distributed energy resources providing reserve and reactive power compensation. One shows that the Nash equilibriu ...
Both marginal and dependence features must be described when modelling the extremes of a stationary time series. There are standard approaches to marginal modelling, but long-and short-range dependence of extremes may both appear. In applications, an assum ...
In the current study, a random field-based size effect model has been proposed for the longitudinal tensile strength of clear timber. Since the failure mode is brittle, the problem is basically an extreme value problem of finding the distribution of minima ...
