This research focused on the feasibility and stability of applying the forward and reverse combustion approach to the in situ gasification of lignite and bituminous coal with oxygen or oxygen–steam mixtures as gasification agents, especially reverse combustion gasification. A high-quality...

This article considers the prediction problem of the life-span of a system whose components connected in series and the lifetime of the components follows the exponential distribution with probability density f(x;θ)=θ−1exp⁡(−x/θ)I(x0). Employing the Bayes method, a prior distribution...

Economic valuation of ecosystem damages is an important building block in the development of full cost accounting which may lead to improvements in environmental policy making. Based on an analysis of the negative impacts of land reclamation on coastal ecosystem services and a review of...

We show, in a monetary exchange economy, that asset prices in a complete markets general equilibrium are a function of the supply of liquidity by the Central Bank, through its effect on default and interest rates. Two agents trade goods and nominal assets to smooth consumption across periods and...

Not only in the classic Arrow-Debreu model, but also in many mainstream macro models, an implicit assumption is that all agents honour their obligations, and thus there is no possibility of default. That leads to well-known problems in providing an essential role for either money or for...

This paper proposes a measure of financial fragility that is based on economic welfare in a general equilbrium model calibrated against UK data. The model comprises a household sector, three active heterogeneous banks, a central bank/regulator, incomplete markets, and endogenous default. We...

The aim of this paper is to examine the pros and cons of book and fair value accounting from the perspective of the theory of banking. We consider the implications of the two accounting methods in an overlapping generations environment. As observed by Allen and Gale(1997), in an overlapping...

I address the issue of the 'number' of International Monetary Equilibria that the international finance model of Geanakoplos and Tsomocos (2002) possesses. The mainstream competitive model has locally unique equilibria with respect to the real side of the economy; however, it manifests nominal...

We analyze a market game where traders are heterogeneous with respect to their rationality level and have asymmetric information. The market mechanism results into a statistical equilibrium, where traders randomise among their available actions due to their limited rationality. We provide a...