Due to its randomness, intermittence, and volatility, the high-proportional integration of wind and solar power poses challenges to the safe and stable operation of power systems. Cascade hydropower stations have a high response speed, high adjustability, and stable output. This study proposed a...

How much of the learning crisis can be addressed through inclusion, the equalization of grade attainment and learning outcomes across groups (e.g., girls/boys, rural/urban, poor/rich), and how much of the learning crisis requires improvement in the country's system of basic education to improve...

Whether class-size reductions improve student learning outcomes is an important policy question for India. This paper investigates the issue using a credible identification strategy to address the endogeneity of class size. Pupil fixed effects combined with value-added estimation show no...

This study seeks to construct a basic reinforcement learning-based AI-macroeconomic simulator. We use a deep RL (DRL) approach (DDPG) in an RBC macroeconomic model. We set up two learning scenarios, one of which is deterministic without the technological shock and the other is stochastic. The...

This paper estimates a standard Dynamic Stochastic General Equilibrium (DSGE) model that includes a wage and price Phillip's curves with different expectation formation processes for Brazil and the USA. Other than the standard rational expectation process, we also use a limited rationality...

We test the out-of-sample trading performance of model-free reinforcement learning (RL) agents and compare them with the performance of equally-weighted portfolios and traditional mean-variance (MV) optimization benchmarks. By dividing European and U.S. indices constituents into factor datasets,...

This paper investigates how a sender, by providing free information to a perfectly rational receiver, can manipulate the receiver’s learning (change the receiver’s learning outcome). Formally, I employ a Bayesian persuasion model with the additional assumption that the receiver has costly...

We document that the duration of investors' information processing time improves the price discovery efficiency following public macroeconomic announcements. By exploiting the variations of the announcement timing across a large set of important macroeconomic announcements in China, our paper...