Combined heat and power (CHP) technology increases the flexibility of energy choices for enterprises. This paper focuses fuel mixing way to reduce carbon emission. In the real decision-making procedure, an enterprise takes reduction cost as the utility function, the accumulative emission as the...

Extant theories on the disposition effect are largely silent on most of the related trading patterns, including the V-shape results for probabilities of buying and selling against unrealized profit. On the other hand, portfolio rebalancing and learning have been shown to be important, even for...

In the United States, many employees can save for retirement by participating in Defined Contribution Plans (DCPs). We propose a tractable framework for calculating the employee’s subjective value of the participation option. The framework allows us to separate multiple benefits of...

In the United States, many employees can save for retirement by participating in Defined Contribution Plans (DCPs). We propose a tractable framework for calculating the employee’s subjective value of the participation option. The framework allows us to separate multiple benefits of...

Mutual fund managers' compensation packages often contain relative performance-dependent components such as year-end bonus. We examine the incentive effect of such compensation structure using a dynamic trading model with uncertain expected return and costly information. We show that relative...