In this paper, we consider the case for an intraday market for reserves. We discuss the separate roles of intraday and overnight reserves and argue that an intraday market could be organized in the same way as the overnight market. We present arguments for and against a market for intraday reserves when the marginal cost of overnight reserves is positive. We also consider how reserves should be...

AS A GLOBAL conservation icon and China’s national treasure, the endangered giant panda has received exceptional attention worldwide. Between 2003 and 2013, giant pandas in the wild increased from 1596 to 1864, according to the results from the latest survey released by the State Forestry Administration (1). About twothirds of the wild giant pandas and 53.8% of panda habitat are within nature r...

I test and find supporting evidence for the precautionary motive hypothesis of liquidity hoarding U.S. commercial banks during global financial crisis. that held more liquid assets in anticipation future losses from securities write-downs. Exposure to their investment portfolios expected loan (measured by loss reserves) represent key measures banks’ on-balance sheet risks, addition off-balance ...

We thank Bridgewater and Babin (1) for their perspective. We are aware of, and appreciate, the consideration of ecosystem services in the management of Biosphere Reserves. However, we see a strong imperative for establishing a protected area (PA) category focused specifically on protecting ecosystem services, for several key reasons articulated in our paper (2) and below. First, although China ...

Forest disturbance monitoring can provide scientific data for the decision making and management of nature reserves. LandTrendr algorithm has been applied to identify forest disturbances on a long-time scale through appropriate segmentation linear fitting. In this study, 23 reserves were detected using during 1987–2020, vegetation loss was quantified by years pixel numbers. The results illustra...

The paper is devoted to optimization of reserves and reliability level. The four approaches presented will need deeper scientific research. 1. The sum of reserves’ costs and losses of consumers is minimized to the determination of optimal reserves. 2. Two-stage approach: 2.1. The sum of reserves’ costs and consumers’ losses is minimized to the determination of optimal requirements for reliabili...

Evaluating the significance of protected areas for biodiversity and ecosystem services is important for nature conservation. In a recent issue of PNAS, Xu et al. (1) present valuable information on provision of biodiversity and ecosystem services by China’s nature reserves. They conclude that reserves serve bird populations moderately well. However, the importance of coastal wetlands for migrat...

Studying vulnerability has become one of the hot issues ecological research under global change and sustainable development scenarios. However, there are few studies focusing on karst areas, especially comparison between non-karst areas. This study integrated climate factors, soil vegetation social factors within a evaluation framework that combined analytical hierarchy process (AHP) technique ...

Marine reserves have been proposed as a remedy for overfishing and declining marine biodiversity, but concern that reserves would inherently reduce yields has impeded their implementation. It was found that management of fisheries through reserves and management through effort control produce identical yields under a reasonable set of simplifying assumptions corresponding to a broad range of bi...