In recent years, a school of economics called MMT (Modern Monetary Theory) has been attracting attention, but it not analyzed theoretically or mathematically. This study aims to provide theoretical basis for the skeleton argument, while maintaining basics neoclassical microeconomic framework, such as utility maximization consumers by means functions and budget constraint, profit firms in monopo...

Power systems with large shares of variable renewable electricity generation, i.e., wind and solar power, require high flexibility in both power generation demand. Heat pumps combined heat units within district heating systems, thermal storages have previously been studied for their potential to increase the energy system. When using these technologies balancing, they must be operated a non-sta...

The aim of the paper is to examine the behavior of insurance surplus over time for a portfolio of homogeneous life policies. We distinguish between stochastic and accounting surpluses and derive their first two moments. A recursive formula is proposed for calculating the distribution function of the accounting surplus. We then examine the probability that the accounting surplus becomes negative...

Using a flexible semiparametric varying coefficient model specification, this paper examines the role of fiscal policy on the U.S. asset markets (stocks, corporate and treasury bonds). We consider two possible roles of fiscal deficits (or surpluses): as a separate direct information variable and as a (indirect) conditioning information variable indicating binding constraints on monetary policy ...

Here, we outline a conceptual framework for biodiversity dynamics following environmental change. The model incorporates lags in extinction and immigration, which lead to extinction debt and immigration credit, respectively. Collectively, these concepts enable a balanced consideration of changes in biodiversity following climate change, habitat fragmentation and other forcing events. They also ...

An important challenge facing many deregulated electricity markets is dealing with the increasing penetration of intermittent generation. Simulation studies have pointed to the advantages of trading closer to real-time with large amounts of intermittent generation. Using Danish data, I show that, as expected, shortfalls increase the probability of trade on the shortterm market. But in the perio...

Procedural Content Generation (PCG) used to be a method to circumvent technical limitations; at the present time PCG serves to automate and leverage potential surpluses of computing power. In this paper, I describe and recreate relevant antecedents to methods of PCG in game design, in order to better understand their use in the past and present. My research methods straddle both critical readin...

We are grateful to Carol Hedges, Director of the Colorado Fiscal Policy Institute, for a helpful discussion concerning TABOR in general and the treatment of the TABOR surpluses in the Census of Governments data in particular. Natalie Mullis of the Colorado Legislative Council provided both valuable insight into TABOR and numerous useful documents and data. We thank Chris Hansen and Moshe Buckin...