Does national market size matter for industrial structure? Round One (Krugman) answered in the affirmative: Home market effects matter. Round Two (Davis) refuted this, arguing that an assumption of convenience–transport costs only for the differentiated goods–conveniently obtained the result. In Round Three we relax another persistent assumption of convenience–two industry types differentiated ...

This paper presents a binary PSO based solution technique for power system unit commitment. The intelligent generation of initial population and the repairing mechanism ensure feasible solution that satisfies the spinning reserve and unit minimum up/down constraints. The algorithm adoptively adjusts the inertia weight and the acceleration coefficients in order to enhance the search process and ...

O ver the last two decades, central banks around the world have adopted a common approach to monetary policy that involves targeting the value of a short-term interest rate. In the United States, for example, the Federal Open Market Committee (FOMC) announces a rate that it wishes to prevail in the federal funds market, where commercial banks lend balances held at the Federal Reserve to each ot...

Wind power generation is variable and uncertain. In the power systems with high penetration of wind power, determination of equivalent operating reserve is the main concern of systems operator. In this paper, a model is proposed to determine operating reserves in simultaneous market clearing of energy and reserve by stochastic programming based on scenarios generated via Monte Carlo simulation ...

The literature on competing auctions offers a model where sellers compete for buyers by setting reserve prices. An outstanding conjecture (e.g., Peters and Severinov 1997) is that the sellers post prices close to their marginal costs when the market becomes large. This conjecture is confirmed in this paper: we show that if all sellers have zero costs, then the equilibrium reserve price converge...

The process through which Federal Reserve decisions about monetary policy are transmitted to the federal funds market has changed significantly in recent years. In 1994 the Federal Open Market Committee (FOMC) began to issue a public statement whenever it increased or decreased its target for the federal funds rate. This target is now the focus of activities at the Trading Desk at the Federal R...

As power systems integrate more intermittent renewable generation, and as extreme weather events become more frequent with climate change, power systems are likely to require increasing amounts of spinning reserves in order to maintain reliable operation. While traditionally spinning reserves have been supplied by generators, demand-side resources can also provide reserves by increasing or decr...