Sample records for buyback

  1. Buybacks in Treasury cash and debt management

    Garbade, Kenneth D.; Rutherford, Matthew


    This paper examines the use of buybacks in Treasury cash and debt management. We review the mechanics and results of the buyback operations conducted in 2000-01, during a time of budget surpluses, and assess the prospective use of buybacks in the absence of a surplus. Possible future applications include (i) managing the liquidity of the new-issue markets when deficits are declining (by allowing Treasury officials to postpone a decision to discontinue a series without also being compelled to ...

  2. A critical review of Iran's buyback contracts

    Iran's oil and gas industry requires investments of US$ 15 billion in the short term and over US$70 billion in the medium term. Iran tries to interest international oil companies (IOC) in investing in Iran's oil and gas business by offering buyback contracts. Under a buyback contract an IOC invests and when production starts, the field is handed over to the National Iranian Oil Company (NIOC) or one of its representatives. The IOC gets its costs and an agreed upon profit paid out of the oil and/or gas gross profits, assuming the field produces as agreed upon and the international energy prices are high enough. According to the Iranian government, the buyback contract contains sufficient incentives for an IOC to invest in Iran. The IOCs, however, disagree. They claim that they solely bare the risks in a buyback contract, whereas the Iranian counterpart receives all windfall profits. Furthermore, the IOCs claim that the utilisation of Iran's oil and gas reserves will be sub-optimal if they are not involved in optimising long-term recovery. In this paper, we investigate these claims and show that they are partly correct. Given Iran's need for investment capital, Iran might have to change its policy

  3. Buyback Contract Coordinating Supply Chain Incorporated Risk Aversion



    Full Text Available This research studies the buyback contract of a supply chain system composed of a risk-neutral supplier and a risk-averse retailer. The buyback contract is divided into two cases, the credit for all unsold goods and the credit for a partial return of goods, which are theoretically analyzed and simulated numerically respectively. The results show that when the retailer is risk averse, the supply chain system is able to achieve coordination. The buyback price is an increasing function of and the buyback ratio is also an increasing function of, while the wholesale price is a decreasing function of the risk aversion.

  4. Gun Buybacks and Firm Behavior: Do Buyback Programs Really Reduce the Number of Guns?

    Gregory E. Goering


    We suppose that guns or firearms are subject to an anticipated future buyback program undertaken by the government. A simple linear demand durable-goods monopoly model is then analyzed where the durable-good manufactured is a firearm that lasts for two-periods. The model is calibrated so that buyers are indifferent between selling (participating in the buyback program) or holding the gun in the future period. This allows us to focus solely on the firm¡¯s behavior. We find, among other things,...

  5. Risk Averse Members Coordination with Extended Buy-Back Contract

    Xiaofeng Xue; Zheng Qin


    This paper considers how to coordinate a supply chain (SC) consisted of one supplier and one retailer who possess different risk aversion preference with a contract. Based on the classical buy-back contract, this paper presents an extended buy-back contract. In addition to the member’s objective of maximizing his expected profit, downside risk constraint is used to represent the SC member’s risk aversion preference. Under different risk aversion preference combination, the SC perfect solution...

  6. Product Safety, Buybacks and the Post-Sale Duty to Warn

    Kathryn E. Spier


    A manufacturer learns a product's risks after it has been sold and distributed to consumers. When held strictly liable for product-related injuries, the manufacturer offers to repurchase the product when the risk exceeds a threshold. Consumers accept the offer when their private valuations of consumption are smaller than the buyback price. The manufacturer's private incentives to stage a buyback are insufficient, the buyback price offered is too low, and the continued product usage by consume...

  7. Do Gun Buybacks Have Effect on Crime Rate?

    Chmelík, Pavel


    This paper analyzes effect of gun buyback that took place in Great Britain in years 1996 and 1997 on crime rate and compares the results with theoretical arguments and previous empirical findings. It contains analysis of three independent time series: crime rate in England and Wales, Scotland and Northern Ireland. Models of the time series are built using Box-Jenkins methodology. The models are tested for presence of a structural break using visual analysis, Chow test and Quandt-Andrews test....

  8. Takeover Deterrent Effect of On-market Share Buyback in Australia

    Dong Hai Trieu Doan


    Full Text Available This study examines whether Australian firms use on-market share buybacks to deter unwanted takeover risk. We found a statistically significant and positive relationship between a firm’s ex-ante takeover probability and its on-market share buyback activities. Our result is robust to alternative modelling techniques, namelyTOBIT and Censored Quantile Regressions. This paper found evidence that in a dividend imputation credit taxation system the yield of share buyback is positively related to dividend payments. However, on-market share buyback activity is closely related to temporary cash flows rather than to permanent operating cash flows. This might indicate that, besides dividend payments, Australian firms take advantage of the financial flexibility that comes with share buybacks to redistribute nonpermanent cash flows to their shareholders.

  9. Restrukturyzacja kapitałowa przedsiębiorstw z wykorzystaniem operacji buy-back

    Pieloch, Aleksandra


    The main objective of this paper is to present the results of carrying out a capital restructuring in the company using share buy-backs done by companies listed on the Warsaw Stock Exchange. This article focuses on the essence of capital restructuring in relation to the buy-back operations, as well as it presents the conditioning factors of the capital restructuring conducted by repurchasing of its shares. The empirical part of the paper presents the results of analysis on t...

  10. Supply Chain Coordination with Buy-back and Wholesale-price Contracts under Random Demand

    Azamat Rajapov


    Full Text Available In order to increase supply chain total profit, we design a supply chain collaboration mechanism between one supplier and one retailer. Throughout the paper we present one supplier and one retailer set up with random demand in a decentralized supply chain. An incentive function on the buy-back cost and wholesale price cost is presented and scheme through the buy-back contract and wholesale-price contract has been developed to enrich the retailer take part in the collaboration ways. Furthermore, the paper shows that, how corporation between buy-back contract and wholesale contract could coordinate the supply chain in both a decentralized and centralized supply chain. Lastly, we set up numerical analyses and the result shows the implied collaboration mechanism is not permit the decentralized system to achieve the same performance as the centralized decision however it allows both members in the supply chain gains profit sharing by setting up the contract parameters.

  11. A New Buy-back Contract Coordinating Dual-channel Supply Chain under Stochastic Demand

    Guangxing Wei


    Full Text Available The conflict between the manufacturer and the retailer except the double marginalization is an important issue in order to coordinate the dual-channel supply chain. In the general case of the non-linear stochastic demand which also is affected by the sales effort of the retailer, this paper designs a new buy-back contract to coordinate the dual-channel supply chain. On the base of developing the Stackelberg game model between the manufacturer and the retailer, the value of every parameter for the new buy-back contract, which can coordinate the dual-channel supply chain, is achieved respectively. The numerical experiment shows that the effort of the retailer can promote the sales amount of the retailing channel and the direct selling, and increase the profits of the manufacturer and the retailer simultaneously, while the overmuch effort of the retailer isnt good anymore.


    Valentina Duvnjak; Nebojša Balaban


    Companies in mature industries,which generate high and stable cash flows but lackgood investment opportunities, do not know how touse surplus cash. Apart from one-time and specialdividend payments, management has a possibility ofshare buyback implementation. Theoretically, thisrepurchase of shares increases their market value.The goal of such share redemption may beconcentration of ownership. In order to preservecontrol and protect the firm from overtaking, acompany may use defensive techniqu...


    Valentina Duvnjak


    Full Text Available Companies in mature industries,which generate high and stable cash flows but lackgood investment opportunities, do not know how touse surplus cash. Apart from one-time and specialdividend payments, management has a possibility ofshare buyback implementation. Theoretically, thisrepurchase of shares increases their market value.The goal of such share redemption may beconcentration of ownership. In order to preservecontrol and protect the firm from overtaking, acompany may use defensive techniques of sharebuyback. Announcements of proactive sharebuybacks always result in significant positiveabnormal returns on shareholders’ equity. Shorttermmarket reaction to the announcement fails tocapture the impact of shares repurchasecompletely; therefore, even after the repurchase ofshares, abnormal returns are present over a longerperiod of time. Share buybacks may lead toredistribution of value from shareholders tomanagers by management strengthening, in casecorporate governance and market controls are notpowerful enough. The final impact of sharesrepurchases on the share price and shareholders’welfare depends on the concentration of ownership.The redistribution of value can be transmitted fromone interest group to another through tax savingsfrom tax on capital gains as well. In order to createvalue for shareholders by redemption of shares,essential factors are: signals that managementtransmits across the market, its involvement in the172 ô Валентина Дувњак и Небојша БалабанЗборник радова Економског факултета, 2011, 5, стр. 171-180ownership, and reduction of systemic risk and costof capital.

  14. Coordinating a multi-retailer decentralized distribution system with random demand based on buyback and compensation contracts

    Jinyu Ren


    Full Text Available Purpose: The purpose of this paper is to set up the coordinating mechanism for a decentralized distribution system consisting of a manufacturer and multiple independent retailers by means of contracts. It is in the two-stage supply chain system that all retailers sell an identical product made by the manufacturer and determine their order quantities which directly affect the expected profit of the supply chain with random demand. Design/methodology/approach: First comparison of the optimal order quantities in the centralized and decentralized system shows that the supply chain needs coordination. Then the coordination model is given based on buyback cost and compensation benefit. Finally the coordination mechanism is set up in which the manufacturer as the leader uses a buyback policy to incentive these retailers and the retailers pay profit returns to compensate the manufacturer. Findings: The results of a numerical example show that the perfect supply chain coordination and the flexible allocation of the profit can be achieved in the multi-retailer supply chain by the buyback and compensation contracts. Research limitations: The results based on assumptions might not completely hold in practice and the paper only focuses on studying a single product in two-stage supply chain. Practical implications: The coordination mechanism is applicable to a realistic supply chain under a private information setting and the research results is the foundation of further developing the coordination mechanism for a realistic multi-stage supply chain system with more products. Originality/value: This paper focused on studying the coordination mechanism for a decentralized multi-retailer supply chain by the joint application of the buyback and compensation contracts. Furthermore the perfect supply chain coordination and the flexible allocation of the profit are achieved.

  15. Optimal Decisions in a Single-Period Supply Chain with Price-Sensitive Random Demand under a Buy-Back Contract

    Feng Wang


    Full Text Available This paper studies a single-period supply chain with a buy-back contract under a Stackelberg game model, in which the supplier (leader decides on the wholesale price, and the retailer (follower responds to determine the retail price and the order quantity. We analytically investigate the decentralized retailer’s optimal decision. Our results demonstrate that the retailer has a unique optimal simultaneous decision on the retail price and the order quantity, under a mild restriction on the demand distribution. Moreover, as it can be shown that the decentralized supply chain facing price-sensitive random demand cannot be coordinated with buy-back contract, we propose a scheme for the system to achieve Pareto-improvement. Theoretical analysis suggests that there exists a unique Pareto-equilibrium for the supply chain. In particular, when the Pareto-equilibrium is reached, the supply chain is coordinated. Numerical experiments confirm our results.

  16. Stackelberg Game of Buyback Policy in Supply Chain with a Risk-Averse Retailer and a Risk-Averse Supplier Based on CVaR

    Zhou, Yanju; Chen, Qian; Chen, Xiaohong; Wang, Zongrun


    This paper considers a decentralized supply chain in which a single supplier sells a perishable product to a single retailer facing uncertain demand. We assume that the supplier and the retailer are both risk averse and utilize Conditional Value at Risk (CVaR), a risk measure method which is popularized in financial risk management, to estimate their risk attitude. We establish a buyback policy model based on Stackelberg game theory under considering supply chain members' risk preference and ...

  17. Revenue Implications of Multi-Item Multi-Unit Auction Designs: Empirical Evidence from the U.S. Treasury Buyback Auctions

    Francis A. Longstaff; Han, Bing; Merrill, Craig


    We study an important recent series of multi-item multi-unit auctions conducted by the U.S. Treasury in retiring $67.5 billion of its debt. Consistent with auction theory, we find that bidders earn a small volatility-related expected profit as compensation for bearing the risk of the “winner’s curse.†We find that the Treasury is penalized for being “spread too thin†when including multiple bonds in a buyback auction. Thus, the multi-item design of the auction may not have been optima...

  18. The Supply Chain's Buy-back Contract Considering Capital Earning%考虑资金收益情况下的供应链回购契约

    张义刚; 唐小我


    在制造商的资金收益率大于零售商资金收益率的情况下,以报童模型为基础,研究了资金收益对回购契约的影响.系统预期利润变为与批发价相关,利用拉格朗日方程求解了满足零售商参与约束、同时使系统和制造商预期利润取得最大值的契约参数.与不考虑资金收益情况下的供应链协调不同的是:订货批量大于相应批发价下不考虑零售商参与约束的最优订货批量;若零售商的保留利润一定,则回购价增大;回购价可以大于批发价,批发价可以小于制造商的边际生产成本.%The earning and cost of capital are often considered when the firms make their operation decisions. However, these factors are often not considered when studying supply chain contracts based on the newsvendor model. The capital earning rates of firms are different in selling cycles even though these rates are stable over a long period of time. For example, a manufacturer's capital earning rate is high when it urgently needs capital. This paper studies the influence of capital earning on supply chain contracts by discussing buy-back contracts.This paper first investigates expected profit models for manufacturer, retailer, and supply chain system. The whole expected profit of the supply chain is not connected with the endogenetic wholesale price p and buy-back price b when the capital earning is not considered. Therefore, there is an optimal order quantity defined by the system exogenous variables. The supply chain is coordinated if the order quantity of the retailer is equal to that of the optimal order quantity of the supply chain system. However, the whole expected profit of the supply chain is connected with the wholesale price if the capital earning is considered and the manufacturer's capital earning rate is not equal to that of a retailer. The optimal order quantity of the system is also connected with the wholesale price.In the next part of this paper, the

  19. The role and linkages of buy-back centres in the recycling industry: Pretoria and Bloemfontein (South Africa

    J. M.M. Viljoen


    Full Text Available Purpose/objectives: The aim of this paper is to get a better understanding of the role and linkages of buy-back centres (BBCs in the recycling industry. The first objective is to analyse the institutional profile of the BBCs in two different geographical areas - namely, Pretoria and Bloemfontein. The second objective is to discuss the role and linkages of BBCs with the informal sector activities and specifically the activities of street waste pickers. The third objective is to explain the linkages that exist between BBCs and recycling companies. Problem investigated: Recycling, and specifically the collection and sorting of waste, is currently receiving much attention on the national as well as municipal level. To understand the recycling industry, and to make informed policy decisions concerning the recycling industry, policy makers need to have an understanding of the role and crucial link of all role players in the industry. Knowledge on the BBCs, who act as a link between the formal and informal sector activities in the recycling industry, is of the utmost importance. Design/Methodology/Approach: A mixed method approach consisting of a quantitative survey coupled with qualitative questions was used. The mixed method approach is used to collect as much data as possible from the BBCs, which is beyond the scope of what a structured questionnaire on its own can achieve. A lack of accurate location information on BBCs necessitated an intensive search for BBCs in the two areas. Findings/Implications: The BBCs in Pretoria and Bloemfontein act as an important link between informal sector activities and recycling companies and therefore promote informal and formal job opportunities. Formal job opportunities are created at the BBC sites as well as formal jobs at the upper end of the recycling chain, namely at formal recycling companies. Informal income generating opportunities are created for the informal waste collectors. Any changes in the formal or

  20. Stackelberg game of buyback policy in supply chain with a risk-averse retailer and a risk-averse supplier based on CVaR.

    Zhou, Yanju; Chen, Qian; Chen, Xiaohong; Wang, Zongrun


    This paper considers a decentralized supply chain in which a single supplier sells a perishable product to a single retailer facing uncertain demand. We assume that the supplier and the retailer are both risk averse and utilize Conditional Value at Risk (CVaR), a risk measure method which is popularized in financial risk management, to estimate their risk attitude. We establish a buyback policy model based on Stackelberg game theory under considering supply chain members' risk preference and get the expressions of the supplier's optimal repurchase price and the retailer's optimal order quantity which are compared with those under risk neutral case. Finally, a numerical example is applied to simulate that model and prove related conclusions. PMID:25247605

  1. Stackelberg game of buyback policy in supply chain with a risk-averse retailer and a risk-averse supplier based on CVaR.

    Yanju Zhou

    Full Text Available This paper considers a decentralized supply chain in which a single supplier sells a perishable product to a single retailer facing uncertain demand. We assume that the supplier and the retailer are both risk averse and utilize Conditional Value at Risk (CVaR, a risk measure method which is popularized in financial risk management, to estimate their risk attitude. We establish a buyback policy model based on Stackelberg game theory under considering supply chain members' risk preference and get the expressions of the supplier's optimal repurchase price and the retailer's optimal order quantity which are compared with those under risk neutral case. Finally, a numerical example is applied to simulate that model and prove related conclusions.

  2. Supply Chain Coordination Model with Trade Credit and Buyback Contracts%基于商业信用和回购契约的供应链最优化策略研究

    郭金森; 周永务; 钟远光; 李昌文


    The paper considers a supply chain that consists of a supplier and a retailer , who sells a single product to the customers over a short selling season .In this paper , we mainly research how the retailer uses the trade credit to entice customers to increase their ordering quantity and how the supplier designs the buyback contract so as to maximize his/her own expected profit with different perspective .Solving the models , we have got the opti-mal solutions that can make the total profit reach the maximum and obtain some effective theorems .Finally, we provide a detailed numerical example to illustrate the model and some meaningful management implications .%本文考虑由单一供应商和零售商组成的供应链系统,当供应商为零售商提供回购契约,同时零售商又为下游顾客提供商业信用契约时,供应商如何设计回购契约来有效协调整个供应链,以及零售商又如何借助回购和商业信用契约来做出自身最优订货策略问题,并建立了相应的决策模型。通过模型分析,给出了供应商和零售商在四种情形下的最优契约设计参数,以及零售商的最优订货决策。研究发现,当满足一定的参数范围时,供应链中两主体同时采用协调契约能够更加有效地增加整个供应链中的订货量和利润,为各主体创造更多新的价值。最后,本文结合数值例子,分析了模型参数变化对最优订货策略和各主体利润的影响。

  3. Latvijas Gaze buyback likely to flop


    Veerandi Läti gaasifirma Latvijas Gaze omanik Itera kavatseb lähiajal lõpule viia üheksa protsendi Läti firma aktsiate müügi ettevõttele Gazprom. Gazprom'i kontrolli all on praegu 25 protsenti, Ruhrgas'il 28,66 ning E.ON Energie AG-l 18,06 protsenti Latvijas Gaze aktsiatest

  4. Water Buy-Back in Australia: Political, Technical and Allocative Challenges

    Crase, Lin; O'Keefe, Sue; Dollery, Brian


    State and Federal governments are increasingly reliant on the re-purchase of water access rights as a vehicle for bringing ‘over-allocation’ in the Murray- Darling Basin into check. Not surprisingly, this has attracted criticism from several quarters, usually on the basis that such mechanisms produce unnecessary hardship for rural communities. Set against this are the views of many economists who have bemoaned the modest endeavours of governments to actively use water markets and the ongoing ...

  5. The viability of establishing solid waste buy-back centres / Malcolm Lebogang Mogotsi

    Mogotsi, Malcolm Lebogang


    The City of Johannesburg is facing the simultaneous challenges of an increased generation of solid waste in the City, unemployment and the running out of land to dispose the waste. Of the solid waste that is generated, 50% is recyclable while only 10% is recycled (SOER, 2003: 69). Solid waste recycling is mainly performed through private sector initiatives in the City of Johannesburg. Consequently, there is no proper coordination with government initiatives. In order for South Africa to incre...

  6. Gunnislake Fish Counter Annual Report 2002


    This is the Gunnislake Fish Counter Annual Report 2002 from the Environment Agency South West Region, which was held on March 2002. It presents the daily upstream counts of migratory salmonids recorded on the River Tamar at Gunnislake Weir fish counting station in 2002. The data within this report covers the period of the commercial migratory salmonid net buy-back scheme and the National Spring Salmon Bylaws. The report contains section on Net Buy-Back; Species Apportionment; Validation of co...

  7. Stock price reactions to share repurchase announcements in Germany: Evidence from a tax perspective

    Pick, Tobias; Schanz, Deborah; Niemann, Rainer


    In this study we analyse stock price reactions to share buyback announcements from a tax perspective in Germany. To determine the influence of taxes on stock prices on the announcement day of share buybacks two different tax regimes - the corporate imputation system and the classical corporate tax system - are analysed. Taking the shareholder structure into account, we find evidence that the share price reaction on share repurchase announcements was significantly larger under the full imputat...

  8. Retrocompras "Swaps" de Deuda por Capital, Intercambios de Activos y Valoració de Mercado

    Michael P. Dooley


    Full Text Available This paper develops a framework for evaluating a range of proposals to "buy-back" the external debt of developing countries. It is argued that the potential benefits of buy-backs and debt-equity swaps financed by a third party include a reduction in the contractual value of a country's debt, capital gains for creditors and a possible increase in domestic  investment in the debtor country. These benefits are compared to the cost of the buy-back to the third prty. Two important conclusions emerge from this analysis. First, the proposals that are able to increase the market price of debt also generate roughly the some increases in prices at which private investors will sell or exchange these debts. Second, the voluntary exchange of existing contracts for new contracts with different atributes, will reflect the post-exchange values of alternative contracts.




    We study the coordination of supply chains with a risk-neutral supplier and a risk-averse retailer. Different from the downside risk setting, in a conditional value-at-risk (CVaR) framework, we show that the supply chain can be coordinated with the revenue-sharing, buy-back, two-part tariff and quantity flexibility contracts. Furthermore the revenue-sharing contracts are still equivalent to the buy-back contracts when the retail price is fixed. At the same time, it is shown that the risk-aver...

  10. Consumer returns policies with endogenous deadline and supply chain coordination

    Xu, Lei; Li, Yongjian; Govindan, Kannan;


    on consumers' behavior and the pricing and inventory policies of the retailer are systematically investigated. Moreover, based on the analysis of consumer return behavior on a traditional buy-back contract, we present a new differentiated buy-back contract, contingent on return deadline, to coordinate a supply......This paper considers returns policies under which consumers' valuation depends on the refund amount they receive and the length of time theymustwait after the item is returned. Consumers face an uncertain valuation before purchase, and the realization of that purchase's value occurs only after...

  11. 78 FR 7371 - Fisheries Off West Coast States; Pacific Coast Groundfish Fishery; Trawl Rationalization Program...


    ... be used by the C/P Coop Program in determining their ex-vessel value. The MS pricing will be based on... fill out the weight (in lbs) and fees paid based on the cost recovery program fee percentage (which is... the cost recovery form should match that reported on the buyback form, because both forms report...

  12. Reforming Housing Finance

    Willemann, Søren; Svenstrup, Mikkel


    We investigate the effect of adding a distinct feature of the Danish mortgage market to the US market, namely a buyback option, which enables mortgagors to buy back their share of the mortgage-backed security at market price. Extending a standard referenced pricing-model, we find that the introdu...

  13. Bonos Colateralizados como Alternativa de Solución al Endeudamiento Externo

    Eduardo Saavedra


    This paper analyzes the external debt crisis that affected most of Latinoamerican countries in the 80's. It is argued that traditional mechanisms, such as buybacks and debt-equity swaps do not solve the insolvency problem. This paper analyzes the possibil

  14. The Validity of the Sales Purchase Contract with Redemption Pact in Light of the Provisions New Civil Code

    Emilia Mateescu


    Full Text Available The sales contract with buyback agreement has existed in the Romanian legislation as it has been instituted by means of the original form of the Civil Code in force. The legislative evolution of the lastcentury has abrogated the provisions referring to this field and has eventually led to a legislative void in this matter. This situation has entailed the validation of all legal deeds in the form of sales contract with buyback agreement, form which used to be prohibited in the past, in certain situations. Noticing such situation andunderstanding the need to reinstate the legal framework for the regulation of social relationships with respect to the sales contract with buyback agreements, the Romanian lawgiver has dedicated it a subsection in the new Civil Code. The future civil regulation resumes a major part of the contents and meanings of the provisions of articles 1371-1387 of the Civil Code, currently abrogated. The different element lies in the institution of the express prohibition of sales with buyback option where the difference between the pricereceived and the price paid exceeds the level of interests set by the specific legislation. In addition, the sales where the seller has the obligation to buy back the good sold without setting the price of the good at the time of undertaking such obligation are also prohibited. Following the entry into force of the new Civil Code, the sale with buyback option shall fit the category of legal deeds affected by a resolutive condition, which shall also affect possible rights transmitted by concluding the contract. Such agreements shall be fully valid as long as the general validity conditions of the legal deeds are complied with and the legal norms passed in the interest matter are not infringed.

  15. 汽车市场中租赁渠道对传统零售渠道的影响%The Importance of Retail Channels in the Automobile Market

    梁喜; 熊中楷


    在零售与租赁混合渠道供应链中,占主导地位的单个汽车制造商向单个零售商和单个租赁商分别销售产品,然后零售商在零售市场销售产品,租赁商在租赁市场出租产品.在两周期设置下根据制造商是否向租赁商提供回购合同,将渠道结构划分为独立式、冲突式和回购式三类,并分析了租赁渠道对传统零售渠道的影响以及对制造商的启示.%Manufacturers are in the upstream automobile supply chain, whereas used car buyers or leasing customers are in the downstream supply chain. The leasing automobile industry is a closed-loop supply chain because a car needs to go through the product life cycle of selling, leasing, buying back, refurbishing, reselling, and recycling. The key for the success of the closed loop supply chain is to ensure that manufacturer and leaseholder sign a buy-back contract to optimize the recovery and utilization of old cars.Retail and leasing are two main marketing channels. A car manufacturer needs to deal with two major problems. First, a car manufacturer needs to specify reasonable buy-back contract items, such as repurchase price, units and time, in order to strengthen cooperation with leaseholders and coordination with the leasing supply chain. Second, in order to strengthen hybrid channel management that consists of retail channel and leasing channel, a car manufacturer needs to analyze the effect of the buy-back contract on retail and hybrid channels, and to determine a reasonable channel management strategy. Current literature on durable product leasing primarily offers the perspectives of industrial organizations and yields management, but rarely offers the perspective of supply chain management.Our paper investigates the impact of buy-back contract on retail and hybrid channels from the perspectives of closed-loop supply chain management in the automobile industry. We categorize the hybrid channel structure into three types

  16. Contract Coordination Strategy of Supply Chain with Substitution under Supply Disruption and Stochastic Demand

    Rongfang Yan


    Full Text Available Based on two substitute products, we study the inventory and contract coordination strategy of a three-echelon supply chain, which consists of two suppliers, a manufacturer and a retailer, under supply disruption and stochastic demand. We investigate the channel gross profit model of the centralized supply chain and obtain a unique optimal order quantity. Under a decentralized decision, we find that the commonly-used wholesale price contracts cannot coordinate the system. Then, we propose a buy-back contract and prove that this contract can more efficiently coordinate the system than the former. At last, we show that the integrated performance of the decentralized system can be maximized through choosing the buy-back parameter by the manufacturer and reveal that the effects of supply uncertainty and the substitution behavior of customers on the optimal decision by numerical examples.

  17. Contract analysis

    Govindan, Kannan; Diabat, Ali; Popiuc, Maria Nicoleta


    Coordination is regarded as key in managing dependencies between distinctive members of a supply chain through the benefits of coordination mechanisms. Such coordination mechanisms are contracts, implemented to increase total supply chain profit, reduce costs and share risk among supply chain...... members. However, by contract implementation the retailer is constrained in his purchase by bearing the entire risk of holding the inventory (wholesale price contract) or by limited risk allocated to the supplier (buyback, revenue sharing and quantity flexibility contracts). By implementing an advanced...... purchase system the risk of inventory is fairly divided between the supplier and the retailer. In order to observe inventory implications on the supply chain bottom line, this article is directed towards the evaluation of performance measures and supply chain profit behavior under buyback, revenue sharing...

  18. Utility-cogenerator game for pricing power sales and wheeling fees

    The authors studied an extensive game model of an electricity market where a cogenerator sells excess electricity to an electric utility or to an end user. They found that a buy-back system (the utility purchases cogenerated power) is as efficient as a cogenerator-customer wheeling system and that these two systems are more desirable than a monopoly system for the regulator. The buy-back rate should be equal to (LP bargaining solution) or less than (Nash bargaining solution) the marginal cost of the electric utility. They also conducted an analysis of a two-period electricity market in which they found that the cogenerator that can supply excess power during peak period obtains the market advantage

  19. Second-Hand Markets and Collusion byManufacturers of Semidurable Goods

    Pasquale Schiraldi


    The focus of the present work is to study the impact of the second-hand market the collusivebehavior. I analyze firms' preferences for having an active second-hand market and whetherpolicies (i.e. leasing policy, buy-back policy and warranty policy) that affect the functioningof the second-hand market strengthen collusion. I show how collective incentives to adoptstrategies that strengthen collusion often differ from monopoly incentives to achieve higherprofits.

  20. A Price Earnings Index for the Danish Stock Market

    Risager, Ole


    Price-earnings ratios are part of the toolkit that is used for assessing the valuation ofindividual firms on the stock market as well as the entire market itself. This paperpresents consistent P/E series for the liquid Danish shares adjusted for share buybacks.The results show that over the perio...... Danish valuations was more moderate than in the US. The correction thatsets in subsequently reversed essentially the gains in the Danish P/E in the 1990s....


    Sójka, Tomasz


    Repurchase of shares for the purpose of their redemption is one of the exemptions to the general rule that forbids companies to buy their own shares back. Thus, the Polish code of commercial partnerships and companies sets out a series of restrictions for the re-acquisition of shares for the purpose of their redemption. These limitations aim at protecting the creditors and minority shareholders of a given company. If the buy-back is financed with distributable profits of the co...

  2. Achieving the economic potential for industrial cogeneration in Ontario: A financial perspective on electric utility policy

    The impact of private vs public ownership regimes on the magnitude of achievable industrial cogeneration capacity in Ontario is assessed. Estimates of technical and economic potential are presented for several industrial subsectors and heat demand categories, showing that nearly all of the technically feasible 7,600 MW is also economically efficient given a value of power of at least 4 cents/kWh in 1991 dollars. Using financial data and investment criteria specific to the two forms of ownership, the project evaluation model points to a significantly larger quantum of financial (achievable) potential with public rather than private development of industrial cogeneration. At avoided costs and associated buyback rates of 4 and 5 cents/kWh, the achievable cogeneration capacities are ca 2,400 and 7,600 MW under public ownership and 132 and 3,000 MW under private ownership. Ratepayer savings are significant: the full economic potential can be achieved through public ownership at a buyback rate of 5 cents/kWh; under private ownership, a comparable capacity requires a 6 cents buyback rate, reflecting additional ratepayer costs of nearly $600 million annually. 1 fig., 4 tabs

  3. Decision Analysis on Prepayments Financing under Downside Risk Control Environment%风险下侧控制环境下预付账款融资决策分析

    郭健; 余开朝; 秦睿


    在供应链预付账款融资模式下,银行通过下侧风险控制和核心企业回购担保将下游融资成员企业的风险转移到核心企业,根据一级Stackelberg博弈模型建立核心企业与融资成员企业期望收益矩阵,分析了核心企业回购担保与融资企业守约的条件,认为核心企业担保回购价格和融资成员违约成本是影响融资决策过程的关键因素,当策略(担保、守约)发生时,核心企业、融资成员企业以及供应链整体绩效能够得到提高。%In the model of supply chain prepayments financing, commercial banks can transferred the risk of financing enterprise to the core enterprise by setting the downside risk control of the bank and the buy-back guarantee of the core enterprise. Through the establishment of Stackelberg game mode-l, the expected revenue of core enterprise and financing enterprise were analyzed and the condition of the optimal strategies were studied. Research results showed that the buy-back price of core enterprise and the default cost of financing enterprise were the key factors affecting financing operations. When the strategy (guarantee, observe) was selected, Core enterprise' buy-back guarantee can prompt the risk-averse bank to boost the loan limit to capital-constrained retailers, which can enhance the purcha-sing power of retailers and increase the performance of supply chain.

  4. Dividend Policy

    Arpita Maheshkumar Patel


    Full Text Available Dividend policy is concerned with financial policies regarding paying cash dividend in the present or paying an increased dividend at a later stage. Whether to issue dividends, and what amount, is determined mainly on the basis of the company's unappropriated profit (excess cash and influenced by the company's long-term earning power. When cash surplus exists and is not needed by the firm, then management is expected to pay out some or all of those surplus earnings in the form of cash dividends or to repurchase the company's stock through a share buyback program.If there are no NPV positive opportunities, i.e. projects where returns exceed the hurdle rate, and excess cash surplus is not needed, then – finance theory suggests – management should return some or all of the excess cash to shareholders as dividends. This is the general case, however there are exceptions. For example, shareholders of a "growth stock", expect that the company will, almost by definition, retain most of the excess earnings so as to fund future growth internally. By withholding current dividend payments to shareholders, managers of growth companies are hoping that dividend payments will be increased proportionality higher in the future, to offset the retainment of current earnings and the internal financing of present investment projects.Management must also choose the form of the dividend distribution, generally as cash dividends or via a share buyback. Various factors may be taken into consideration: where shareholders must pay tax on dividends, firms may elect to retain earnings or to perform a stock buyback, in both cases increasing the value of shares outstanding. Alternatively, some companies will pay "dividends" from stock rather than in cash; see Corporate action. Financial theory suggests that the dividend policy should be set based upon the type of company and what management determines is the best use of those dividend resources for the firm to its

  5. A study on electricity export capability of the μCHP system with spot price

    You, Shi; Træholt, Chresten; Poulsen, Bjarne


    When a number of muCHP systems are aggregated as a virtual power plant (VPP), they will be able to participate in the electricity wholesale market with no discrimination compared to conventional large power plants. Hence, this paper investigates the electricity export capability of the muCHP system when the electricity buyback price is given at a value equalizing the dynamic spot price. A muCHP system is modeled with optimized generation, and the marginal price of electricity export for such ...

  6. Accrual of ROCs LECs and REGOs



    This report summarises the findings of a project to identify the technical and administrative difficulties experienced by microgenerators in accessing the benefits of Renewables Obligation Certificates (ROCs), Levy Exemption Certificates (LECs) and Renewable Electricity Guarantees of Origin (REGO). These include cost, administrative complexity and financial risk. Changes allowing bulk processing, meter data provision, sell and buyback contracts, and alignment of ROCs, LECs and REGOs are discussed as well as making the schemes more customer friendly. The background to the project is traced, and an overview of the processes associated with gaining ROCs, LECs and REGOs is presented.

  7. Stock markets are not what we think they are: the key roles of cross-ownership and corporate treasury stock

    Roehner, Bertrand M.


    We describe, document and statistically test three mechanisms by which corporations can influence or even control stock prices: (i) Parent and holding companies wield control over other publicly traded companies. (ii) Through clever management of treasury stock based on buyback programs and stock issuance, stock price fluctuations can be amplified or curbed. The shock of September 11, 2001 is used to test this effect. (iii) Finally, historical evidence shows that there is a close interdependence between the level of stock prices on the one hand and merger and acquisition activity on the other hand: on average, a 10% increase in the number of mergers brings about a 3% increase in the overall level of stock prices. If one adds up buybacks, initial public offerings and takeover transactions, all of which depend upon strategic decisions taken by corporate management, they represent on average 7.2% of the trade on the New York Stock Exchange over the period 1987-2003 (as much as 12% in specific years such as 1988). This perspective, in which the Boards of Directors of major companies “shepherd” the market, offers a natural interpretation of the so-called “herd behavior” observed in stock markets. The traditional view holds that, by driving profit expectations, corporations have an indirect role in shaping the market. In this paper, we suggest that over the last decades they became more and more the direct moving force of stock markets.

  8. Contract Coordination in Dual Sourcing Supply Chain under Supply Disruption Risk

    Tong Shu


    Full Text Available This paper explores a coordination model for a three-echelon supply chain including two different manufacturers, one distributer and one retailer via the combined option and back contracts. And one manufacturer provides the high wholesale price with low supply disruption risk and the other is completely the opposite. This differs from the previous supply chain coordination model. Firstly, supply disruption is added to the three-echelon supply chain. Secondly, considering the coordination of the supply chain, we deploy the combined option and back contracts which are seldom used in the previous study. Furthermore, it is interesting that supply disruption risk and buyback factor do not affect the distributor’s order quantity from the manufacturer who has low product price and unreliable operating ability, while the order quantity increases with the rise of option premium and option strike price. The distributor’s order quantity from the manufacturer, which has high product price and reliable operating ability, increases with the rise of supply disruption risk but decreases when the buyback factor, option premium, and option strike price decrease.

  9. Lessons for fisheries management from the EU cod recovery plan

    Kraak, S.B.M.; Bailey, N.; Cardinale, M.;


    mortality in targeted fisheries, although fishers experienced them as prohibiting the full uptake of other quotas. Recommendations for future plans include (i) management through catch rather than landings quotas, (ii) the internalisation of the costs of exceeding quotas, (iii) use of more selective gear......The performance of the EU long-term management plan for cod stocks, in force since 2009, is analysed focusing on the human and institutional factors. The plan operates through landings quotas (TACs) and effort restrictions following a Harvest Control Rule, and deploys a novel instrument allowing...... Member States to 'buy back' or increase fishing effort for fleet segments engaged in cod-avoidance measures. The stipulated fishing mortality reductions have not been achieved. On the positive side, the 'buy-back' instrument has led to increased uptake of selective gear and implementation of permanent...

  10. Supply Chain Inventory Financing Based on Supply Chain Coordination%基于供应链协调的供应链存货融资模式



    通过供应链协调决策问题与供应链存货融资的结合,提出了供应链存货融资作用.通过结合回购、VMI、价格补贴等供应链协调决策提出供应链存货融资的业务流程和业务模式.%The paper studies the function of supply chain inventory financing from the perspective of supply chain coordination and introduces its business process and operational mode taking into consideration the decisions of supply chan coordination such as buy-back, VMI and price subsidies, etc.

  11. The age of markets: low oil and gas prices and the new competition for investment capital

    This paper focuses on Iran's re-entry into the market for upstream capital to obtain the investment required to maintain current production capacity, the creation of a special contract to attract foreign investment, the impact of the US sanctions, and deals resulting from the opening-up of some offshore resources with buy-back contracts. The effects of the downturn in oil markets on Tehran's cash flow as well as foreign contractors' cash flow are reviewed, and the main concerns of the industry over the too short terms of the contract, the refusal of Iran to allow oil companies to book reserves, and the guaranteed rate of return are examined. The re-opening of Kuwait which does allow contractors to book reserves, the threat posed by Saudi Arabia if it reopens its hydrocarbon sector to foreign investment, and the potential difficulty for Iran to meet its expanded production targets are considered

  12. Pricing and ordering decisions of two competing supply chains with different composite policies

    Taleizadeh, Ata Allah; Noori-Daryan, Mahsa; Govindan, Kannan


    In todays global highly competitive markets, competition happens among supply chains instead of companies, as the members of supply chains. So, the partners of the chains seek to apply efficient coordinating strategies like discount, return, refund, buyback, or the other coordinating policies to...... raw materials from an outside supplier and transforms them into a finished product; then, the products are sold to the retailers to satisfy the demands of market. In the first chain, a composite (QFF) policy, which is the combination of quantity and freight discount, as well as free shipping quantity...... (QPR) policy, which is the combination of quantity discount and partial-refund customer return policies, to the retailers. The main objective of the paper is to determine the optimal selling prices and the order quantities of the manufacturer and the retailers in each chain in presence of different...

  13. History of, and recent progress in, wind-energy utilization

    This review presents the current status of wind turbine technology and recent advances in understanding the long history of wind energy. Reasons for the convergence of technologies solutions towards a horizontal axis concept with two or three blades are discussed, and the advances in materials science are identified as determinants of the change toward increasing optimum turbine size. The modest environmental impacts of wind turbines are illustrated by recent life-cycle analyses, and the economic incentive structure and power buy-back rates in different countries are invoked to explain the variation in wind technology penetration in countries with similar resource potentials. Finally, the possible future role of wind technology is discussed, based on resource estimates, competing land demands, government commitments and technological trends, including the recent offshore wind farm developments. 83 refs., 15 figs., 6 tabs

  14. Coordinating a Supply Chain with a Loss-Averse Retailer under Yield and Demand Uncertainties

    Weiwei Luo


    Full Text Available This paper investigates the channel coordination of a supply chain (SC consisting of a loss-averse retailer and a risk-neutral supplier under yield and demand uncertainties. Three existing contracts are analyzed. Our results demonstrate that the buyback (BB and quantity flexibility (QF contracts can not only coordinate the supply chain but also lead to Pareto improvement for each player, while the wholesale price (WP contract fails to coordinate the chain due to the effects of double marginalization and risk preference. For comparison, a chain with a risk-neutral retailer is also analyzed. Furthermore, numerical examples are provided to demonstrate the effectiveness of the coordination contracts, and the impacts of loss aversion and random yield on the decision-making behaviors and system performance are then discussed.

  15. Coordination in a Single-Retailer Two-Supplier Supply Chain under Random Demand and Random Supply with Disruption

    Fei Hu


    Full Text Available This paper studies the coordination issue of a supply chain consisting of one retailer and two suppliers, a main supplier and a backup supplier. The main supplier’s yield is subject to disruption and the retailer faces a random demand. We determine the retailer’s optimal ordering policy and the main supplier’s production quantity that maximize expected profit of the centralized supply chain. We also analyze the decentralized scenario, and a combination of overproduction risk sharing and buy-back contracts with a side payment from/to the backup supplier is provided to coordinate the supply chain. Numerical examples are given to gain some qualitative insights.

  16. A love affair with hydro in New England: Producing environmentally sound energy

    A small, abandoned hydropower plant on the Assabet River in Acton, Massachusetts, first sparked Bob King's interest in renewable energy when he was 11 years old. King and his family discovered the plant while taking their traditional after-dinner Thanksgiving Day walk. Thirteen years later after graduating from Cornell University with a degree in mechanical engineering, King set out to find an abandoned hydro plant suitable for reconstruction. Today, King owns and operates the Nashaway Plant, a 275-kW run-of-river hydro project on the French River in Thompson, Connecticut. King sells the electricity generated at the plant-about 1 gigawatt-hour a year-to Connecticut Light ampersand Power Co. The plant requires only minor maintenance, and operating costs are low. Based on current buyback rates, King estimates the plant grosses $35,000 annually

  17. Integrated design and evaluation of biomass energy system taking into consideration demand side characteristics

    Ren, Hongbo [Ritsumeikan Global Innovation Research Organization, Ritsumeikan University, 56-1 Toji-in Kitamachi, Kita-Ku, 603-8577 Kyoto (Japan); Zhou, Weisheng; Nakagami, Ken' ichi [College of Policy Sciences, Ritsumeikan University, 603-8577 Kyoto (Japan); Gao, Weijun [Faculty of Environmental Engineering, The University of Kitakyushu, 808-0135 Kitakyushu (Japan)


    In this paper, a linear programming model has been developed for the design and evaluation of biomass energy system, while taking into consideration demand side characteristics. The objective function to be minimized is the total annual cost of the energy system for a given customer equipped with a biomass combined cooling, heating and power (CCHP) plant, as well as a backup boiler fueled by city gas. The results obtained from the implementation of the model demonstrate the optimal system capacities that customers could employ given their electrical and thermal demands. As an illustrative example, an investigation addresses the optimal biomass CCHP system for a residential area located in Kitakyushu Science and Research Park, Japan. In addition, sensitivity analyses have been elaborated in order to show how the optimal solutions would vary due to changes of some key parameters including electricity and city gas tariffs, biogas price, electricity buy-back price, as well as carbon tax rate. (author)

  18. Financial incentives to promote renewable energy systems in European electricity markets: a survey

    Renewable energy systems may contribute to sustainable development. Therefore, one of the challenges for energy policy is to ensure that renewable energy options have a fair opportunity to compete with other supply resources. This paper presents a survey on promotion mechanisms to enhance the market penetration of renewable energies in European electricity markets. Strategies include rebates and tax incentives, regulated rates, system benefit charges, bidding-oriented mechanisms and various types of green pricing programs. The paper concludes that efficient promotion mechanisms should focus on incentives per kWh generated rather than on rebates on the investment in generating capacity (kW), and that there is no one single program type which has the best application to the promotion of all renewable technologies. For example, enhanced buy-back rates work as a dissemination strategy for wind energy but they do not work for photovoltaics. (author)

  19. A study on electricity export capability of the μCHP system with spot price

    You, Shi; Træholt, Chresten; Poulsen, Bjarne


    When a number of muCHP systems are aggregated as a virtual power plant (VPP), they will be able to participate in the electricity wholesale market with no discrimination compared to conventional large power plants. Hence, this paper investigates the electricity export capability of the muCHP system...... when the electricity buyback price is given at a value equalizing the dynamic spot price. A muCHP system is modeled with optimized generation, and the marginal price of electricity export for such system is explained. A sensitivity analysis of several key factors, e.g. fuel price, heat to power ratio...... of the muCHP unit, which influence the export capability of muCHP system, is firstly carried out in the intraday case study, followed by the annual case study which explores the annual system performance. The results show that the electricity export capability of a muCHP system is closely related to...

  20. Analysis of Iran's crude oil export future capacity

    The paper analyzes Iran's oil export capacity and the factors affecting it. First, the local energy demand is reviewed and crude oil, with 5.7% annual growth rate, is introduced as a major source to respond to the increasing domestic energy demand. Then, the national plans for controlling the local demand and replacing oil with other types of energy carriers are reviewed to create a view over the future of local demand for crude oil in Iran. In the next step, crude oil production and exploration situation in Iran are investigated and the required increase in production to maintain the present level of export is calculated. By estimating the average capital expenditures for adding each barrel of new capacity to Iran's daily oil production, the necessary annual investment to compensate the production drop and domestic consumption growth for maintaining the export is introduced. Then, the future of oil export in Iran is predicted in three optimistic, reference, and pessimistic scenarios on the basis of the country's ability in managing the financial resources in upstream oil industry. Finally, domestic and foreign investment and the history of buyback contracts and their undeniable role in development of Iranian oil and gas projects are discussed. - Highlights: → We analyze Iran's oil export capacity and the factors affecting it. → With a focus on crude oil, local energy demand is reviewed. → Technical-economical aspects of crude oil production and exploration are investigated. → We review the investment-related activities in Iranian oil and gas industry. → Buyback contract is the most applicable financial mechanism in short to mid-term.

  1. Supply Chain Contracts of Two Production Modes with Information Updating%具有两阶段生产模式和需求信息更新的供应链契约研究

    简惠云; 王国顺; 许民利


    To short-life-cycle product with long lead time of production and short selling season, such as fashion and some electronic product, retailer is admitted to change its order after the demand information is updated in quick response strategy (QR). The manufacturer in the supply chain has two production modes. One is slow response mode with long lead time and low cost, and another is fast response mode with quick response and high cost. The research of QR combined with coordination contracts is one of the hot topics of supply chain management of short-life-cycle products. In the two-stage supply chain where manufacturer dominated, price discount contract is used to induce the retailers placing the order in advance. To the retailer, the discounted price can increase its profits in the two-stage ordering mode. But the results show that price discount contract can not coordinate the supply chain with two-stage ordering. A joint contract of price discount and buy-back is designed to coordinate the supply chain. The conditions of discounted price and buy-back price are studied. The numeric results show that the manufacturer's profits of joint contract may be worse than that of price discount contract when the cost increase fast in the quick response mode. By redesigning the price discount and buy-back price, the contract based on Nash negotiation model can not only get optimal benefit of the whole supply chain, but also improve the benefit of the retailer and the manufacturer greatly compared with price discount contract. The price discount contract and the joint contract of price discount and buy-back are applied to a three-stage supply chain. The necessary condition that two-stage ordering policy can be carried out in a three-stage supply chain is that both the distributor and the retailer set the same optimal order in advance. The numeric results show that the manufacturer offers very little discount or no discount to the distributor under price discount contract

  2. Study on Control of Price Risks in Inventory Receipt Pledge Businesses%存货质押融资业务价格风险控制研究

    黄莉; 王雅蕾


    In this paper, we discussed the determination of the pledge ratio under the risk of random price fluctuation in the scenario where the core enterprise practiced buy-back guaranteed finance. First, in accordance with the operational process of the inventory receipt pledge business under the risk of price stochastic fluctuation, we built the expected profit model of the banks, then analyzed the model from the perspective of lateral risk control, found that the buy-back rate was positively related to the expected profit level and the correlation between the sale rate and the expected profit was uncertain, and at the end, verified the findings through a relevant numerical example.%产品的价格风险往往影响银行的存货质押融资质押率设定。在核心企业回购担保融资的情形下,讨论价格随机波动风险下的质押率确定问题。首先,根据价格随机波动风险下的质押运作流程建立银行的预期利润模型;然后,从下侧风险控制的角度对模型进行分析,讨论出实际质押率,揭示出回购率与期望利润正相关,销售率与期望利润相关性不确定;最后,通过不同违约情形下的数值分析验证了相关分析结果,同时得出高违约企业低质押率的结论。因此银行在开展存货质押融资业务时需要做好风险控制分析工作。

  3. Effects of customer experiences on new product supply chain coordination%顾客体验之于新产品供应链协调的影响

    计国君; 杨光勇


    新产品引入市场时,其内在价值很难判断,顾客体验能够降低其接受产品的风险.研究了外生体验与内生体验对供应链协调的影响.考虑了销售补偿合同与回购合同,其中,销售补偿合同是供应商对销售商已销售的产品给予补偿,而回购合同是对未销售的产品进行补偿.结论表明,提升外生体验,即顾客收到的噪声信号质量较高,销售商能制定更高的销售价格,供应链协调利润、供应商利润与销售商利润均增加;相反,提升内生体验,即顾客得到的退货补偿越大,供应链协调利润与供应商利润均减少.销售补偿合同不能协调供应链;而回购合同能协调供应链,并且供应商与销售商通过协商批发价格能任意分割供应链利润.%Customers who purchase a new or innovative product face product fit risks, this risk can be reduced by customer experiences. We consider two forms of contracts that characterized opposite natures: sales rebate contract, in which supplier compensates sellers for the units that are sold, and buyback contract, in which supplier compensates sellers for the units that are unsold. We find that enhancing customer exogenous experi ences so that customers can obtain more accurate information indicating his type of maximum willingness to pay, the seller's price is higher, and supply chain coordination, the seller's as well as supplier's profits are higher; whereas enhancing customer endogenous experiences so that customers can obtain more refund for return, supply chain coordination as well as supplier's profits will decrease. We also show that supply chain coordination cannot be achieved by sales rebate contract, however, buyback contract achieves supply chain coordination , and this contract can allocate supply chain total profits arbitrarily between the supplier and the seller by negotiating wholesale price.

  4. Research on contract coordination of supply chain based on customer learning behaviors%基于顾客学习行为的供应链契约协调研究∗

    姜宏; 宋婷


    由于策略型顾客的存在,顾客社会学习行为对产品的动态价格、最优库存以及供应链的协调契约均具有重要影响。在集中供应链环境下探讨基于顾客学习行为的最优运营决策,研究二级分散供应链中顾客学习行为对收益分享契约、回购契约和销售折扣契约的影响。指出传统的收益分享契约和销售折扣契约虽能协调供应链,但前者必须满足顾客学习能力达到某固定值的条件,后者则不能以任意比例分割供应链利润,基于此提出基于销售期的差别回购契约,即无论顾客学习能力为何值其均能协调供应链,并且能以任意比例分割供应链利润,以期为顾客学习行为理论夯实基础。%As the existence of strategic customers, social learning behaviors of customers have an important influence on the dynamic price of product, optimal stock and coordination contract of supply chain. Under the environment of the centralized supply chain, the optimal operation decision is discussed based on customer learning behaviors; the influence of customer learning behaviors is studied on revenue sharing contract, buy back contract and sale rebate contract in the second level of the distributed supply chain. It is pointed out that the traditional revenue sharing contract and sales rebate contract can coordinate the supply chain, but the former must satisfy the customer learning ability reaching a fixed value condition, while the latter cannot divide the profit of supply chain in arbitrary proportion. Based on that conclusion, the differential buyback contracts are proposed in different sales period. No matter what the learning ability of the customer is, the differential buyback contracts can always coordinate the supply chain, and can divide the profit of supply chain in any proportion. That lays the foundation for the theory of customer learning behaviors.

  5. Negotiating a deal in Iraq

    The legal and diplomatic environment surrounding oil production negotiations in Iraq was discussed with reference to the essential terms generally negotiated for upstream contracts between oil companies and the Iraqi Ministry of Oil. Legal considerations were discussed for the following upstream contracts: production sharing contracts, a risk service contract, a modified buy-back contract, a technical service contract, and a joint venture company. It was noted that negotiations in Iraq require a great amount of diplomacy as projects are very high profile and attract significant international attention. Information sharing is critical in gaining valuable government support. The main problem for interested investors in Iraq is predicting when the UN sanctions will be lifted. Once lifted, the Ministry of Oil's Development Plan is to increase oil production through the co-operative assistance of foreign oil companies. While the sanctions remain in place, Iraq is allowed to sell oil on a renewable basis every 6 months under the oil-for-food programme, which permits Iraq to spend US$600 million every 6 months for spare parts to upgrade its oil industry. 9 figs

  6. The financial viability of an SOFC cogeneration system in single-family dwellings

    Alanne, Kari; Saari, Arto; Ugursal, V. Ismet; Good, Joel

    In the near future, fuel cell-based residential micro-CHP systems will compete with traditional methods of energy supply. A micro-CHP system may be considered viable if its incremental capital cost compared to its competitors equals to cumulated savings during a given period of time. A simplified model is developed in this study to estimate the operation of a residential solid oxide fuel cell (SOFC) system. A comparative assessment of the SOFC system vis-à-vis heating systems based on gas, oil and electricity is conducted using the simplified model for a single-family house located in Ottawa and Vancouver. The energy consumption of the house is estimated using the HOT2000 building simulation program. A financial analysis is carried out to evaluate the sensitivity of the maximum allowable capital cost with respect to system sizing, acceptable payback period, energy price and the electricity buyback strategy of an energy utility. Based on the financial analysis, small (1-2 kW e) SOFC systems seem to be feasible in the considered case. The present study shows also that an SOFC system is especially an alternative to heating systems based on oil and electrical furnaces.

  7. Thomas Dallery, Le divorce rentabilité/croissance dans le capitalisme financiarisé. Changements de régimes, équilibres, instabilités et conflits

    Thomas Dallery


    Full Text Available The divorce between profitability and growth that emerged since the 80s raises a paradox that has to be explained. The macroeconomic realisation of profits being determined by capitalists’ spendings, the slowdown of accumulation cannot come (theoretically with a profitability recovery, others things being equal.After having recalled, in a first chapter, that financialisation is only the last avatar of a long trend for capitalism to escape from real economy, we show, in a second chapter, that financialisation leads, for the individual firm, to a reorientation towards shareholders’ profitability claims at the expense of managers and capital accumulation, financial (indebtedness and real (capacity utilisation security, and also of workers (real wage.After having faced, in a third chapter, two methodological, embarrassing questions for kaleckian models of growth and distribution (not very plausible and unstable for the most plausible ones, we use, in a fourth chapter, a second macroeconomic approach (stock-flow consistent model where conflict impacts distribution (conflict inflation and accumulation (growth/profit trade-off. We show that dividends distribution and share buybacks allow, within the limits permitted by indebtedness, for a stimulation of rentiers’ consumption and for the realisation of profitability claims, in spite of the slowdown of accumulation.

  8. Doubs Electricity. Hydroelectric use of water from the sewage treatment plant and the street drains of the city of La Chaux-de-Fonds. Technical report; Courant Doubs. Turbinage des eaux epurees de la ville de La Chaux-de-Fonds. Rapport technique

    Rueetschi, M.


    The exploitation of municipal purified sewage and drain waters of the city of La Chaux-de-Fonds for energy production requires complex and varied developments, in the domains of both civil engineering, and hydraulic equipment; this explains why, beyond some generic investigations, this source of energy has not been exploited so far. In fact, the purified water must first be pumped uphill over a little summit, before its hydraulic energy can be exploited downhill to the Doubs River. A number of engineering works in sequence must be achieved, beyond installing the electro-mechanic turbine device. The key data in this project are the following: (i) nominal electric power: 1532 kW (excluding pumping power requirement of about 400 kW); (ii) net hydraulic head: 380 m (excluding preliminary pumping height of 65 m); (iii) annual production: 4,178,830 kWh/yr (net of energy requirement for pumping); (iv) cost price: 0.13 CHF/kWh. The planned exploitation mode gives priority to the exploitation at the times of peak electricity demand, by the construction of a retention basin. This cost price is significantly lower in comparison to the other renewable energy technologies available in Switzerland. Chances of achievement are excellent; one electric utility has already expressed its interest in project buyback, in view of a short-term execution.

  9. Study on the carry capacity of edible jellyfish fishery in Liaodong Bay

    You, Kui; Bian, Yongning; Ma, Caihua; Chi, Xupeng; Liu, Zhiqiang; Zhang, Yuyu


    Jellyfish fishing is a special type of fishery that mainly exists in some countries of East and Southeast Asia. China has the largest jellyfish fishery yield in the world with an annual harvest of around 300 thousand tons. Liaodong Bay is the most important jellyfish fishery ground in China. However, due to the high benefits of jellyfish fishery, which leads to illegal and out-of-season jellyfish fishing occurring each year in Liaodong Bay. Illegal jellyfish fishery in Liaodong Bay is a typical example of the tragedy of the commons. The key problem is that fishermen seek to an illegally initiate jellyfish fishing as early as possible. In this paper, basing on the data of edible jellyfish's biology and ecology, we mainly analyzed the history of jellyfish fishery in China, especially in Liaodong bay, and then we calculated the carry capacity of edible jellyfish in Liaodong Bay which is about 300 thousand tons one year. This number is equal to the recent annual yield of edible jellyfish in China. Furthermore, basing on the carry capacity and reasonable quotas price analysis, we set up a Jellyfish fishing quotas and deficit quotas buyback system which could be a suitable and effective solution for jellyfish fishery management and development in Liaodong Bay at the underlying roots. Although China is the first country with edible jellyfish aquaculture, the annual yield of jellyfish aquaculture is only one fifth of jellyfish fishing. So, there is a very bright developing prospect about edible jellyfish aquaculture in China.

  10. Coordinating a Supply Chain with a Loss-Averse Retailer and Effort Dependent Demand

    Li, Liying


    This study investigates the channel coordination issue of a supply chain with a risk-neutral manufacturer and a loss-averse retailer facing stochastic demand that is sensitive to sales effort. Under the loss-averse newsvendor setting, a distribution-free gain/loss-sharing-and-buyback (GLB) contract has been shown to be able to coordinate the supply chain. However, we find that a GLB contract remains ineffective in managing the supply chain when retailer sales efforts influence the demand. To effectively coordinate the channel, we propose to combine a GLB contract with sales rebate and penalty (SRP) contract. In addition, we discover a special class of gain/loss contracts that can coordinate the supply chain and arbitrarily allocate the expected supply chain profit between the manufacturer and the retailer. We then analyze the effect of loss aversion on the retailer's decision-making behavior and supply chain performance. Finally, we perform a numerical study to illustrate the findings and gain additional insights. PMID:25197696

  11. Utilizing a programmatic focus on energy efficiency and customer feedback to improve the effectiveness of demand side management

    A project to encourage effective demand side management (DSM) programs through price-responsive load management was presented. The project was conducted through literature searches, surveys of utility programs and interviews with experts. National security, environmental awareness and economic factors were identified as the primary drivers for DSM. A overview of DSM strategies included details of: price responsive programs; power buyback; direct load control; and conservation-based rebates. Target sectors for DSM programs were divided into 4 sectors: (1) residential; (2) agricultural; (3) commercial/industrial; and (4) institutional. A customer decision cycle for DSM was presented, and various programs were evaluated. A comparison between DR and energy efficiency programs in the United States suggested that an increased focus on energy efficiency will benefit DR programs. However, perception of risk due to pricing exposure and the potential for loss of comfort are significant barriers to effective DSM. Studies have shown that DSM is most effective when participants receive direct feedback on consumption. Simple mechanisms for alerting participants of peak periods were recommended, as well as disaggregation tools to highlight areas of high energy usage and spotlight corrective measures. National and regional coordination of DSM activities was also recommended. It was concluded that DSM programs are successful when both customers and suppliers have an equal stake in their success. refs., tabs., figs

  12. Progress report on the promotion and use of renewable energy sources. 1. report. Implementation of article 22 of European Union Directive 2009/28/EEC

    , non-food cellulose material and lignocellulose material; 9. 9.Estimated incidence of biofuel production from bio-liquids on biodiversity, water resources, water quality and soil quality over the past 2 years; 10. Estimated net reductions of greenhouse gas emissions achieved thanks to the use of renewable energy sources; 11. Values and estimates for the surplus or deficit production of renewable energy, compared with the indicative trajectory. indicative; 11.1. Detailed statistical transfers, joint projects and decision-making arrangements for joint support schemes; 12. Information on how to assess the share of biodegradable waste in all waste used for energy production, including measures adopted towards improving and verifying these estimates production energy, including measures adopted towards improving and verifying these estimates; 13. Specific points for the first progress report [article 22, paragraph 3, points a) to c)]; Annex 1 - Summary table of buyback rates for electricity produced from renewable sources, and buyback rates for biomethane injected into natural gas networks; Annex 2 - Review of measures implemented

  13. Prospects and Challenges for Harnessing Opportunities in Medicinal Plants Sector in India

    Harbir Singh


    Full Text Available The importance of the medicinal plants sector can be gauged from the fact that herbal medicines serve the healthcare needs of about 80 per cent of the world's population. India, with approximately eight percent of world's biodiversity including plant genetic diversity with medicinal properties, has the potential of becoming a major global player in market for medicinal plants-based herbal formulations and products. However, prior to establishment of Medicinal Plants Board, there was no nodal agency to look into medicinal plants as an economic 'sector' and different organisations dealt with different aspects of medicinal plants without any clear cut focus and coordination. This lack of co-ordination led to critical research gaps relating to socio-economic and policy aspects of medicinal plants. At the same time, absence of formal marketing linkages and effective buy-back arrangements hindered the development of medicinal plants sector. Developing appropriate varieties for cultivation which could ensure uniform quality and continuous supply of raw material for processing industry would not only meet the industry demand but also halt the degradation of natural resource base. To capitalize on expanding opportunities in the international market, we need to focus on scientific methods of cultivation, harvesting, processing, grading, transport, storage, labeling and marketing practices involved in the entire supply chain for medicinal plants. Policy and institutional issues particularly related to co-ordination among various stake holders are one of the major constraints faced by this sector. Species- specific and socio-economic environment specific research would be helpful for identification of an optimal institutional framework to take care of needs of various stakeholders and also cater to social needs without adverse implications for equity and environment.

  14. Assessment of on-farm anaerobic digester grid interconnections

    While several anaerobic digestion (AD) pilot plants have recently been built in Canada, early reports suggest that interconnection barriers are delaying their widescale implementation. This paper examined grid interconnection experiences from the perspectives of farmers, local distributing companies (LDCs) and other stakeholders. The aim of the paper was to identify challenges to the implementation of AD systems. Case studies included an Ontario Dairy Herd AD system generating 50 kW; a Saskatchewan hog farm AD system generating 120 kW and an Alberta outdoor beef feedlot AD system generating 1000 kW. Two survey forms were created for project operators, and LDCs. The following 3 category barriers were identified: (1) technical concerns over islanding conditions, power quality requirements, power flow studies and other engineering analyses; (2) business practices barriers such as a lack of response after initial utility contact; and (3) regulatory barriers including the unavailability of fair buy-back rates, the lack of net metering programs, restrictive net metering programs, and pricing issues. It was suggested that collaborative efforts among all stakeholders are needed to resolve barriers quickly. Recommendations included the adoption of uniform technical standards for connecting generators to the grid, as well as adopting standard commercial practices for any required LDC interconnection review. It was also suggested that standard business terms for interconnection agreements should be established. Regulatory principles should be compatible with distributed power choices in regulated and unregulated markets. It was concluded that resolving interconnection barriers is a critical step towards realizing market opportunities available for AD technologies. refs., tabs., figs

  15. 10 ways to create shareholder value.

    Rappaport, Alfred


    Executives have developed tunnel vision in their pursuit of shareholder value, focusing on short-term performance at the expense of investing in long-term growth. It's time to broaden that perspective and begin shaping business strategies in light of the competitive landscape, not the shareholder list. In this article, Alfred Rappaport offers ten basic principles to help executives create lasting shareholder value. For starters, companies should not manage earnings or provide earnings guidance; those that fail to embrace this first principle of shareholder value will almost certainly be unable to follow the rest. Additionally, leaders should make strategic decisions and acquisitions and carry assets that maximize expected value, even if near-term earnings are negatively affected as a result. During times when there are no credible value-creating opportunities to invest in the business, companies should avoid using excess cash to make investments that look good on the surface but might end up destroying value, such as ill-advised, overpriced acquisitions. It would be better to return the cash to shareholders in the form of dividends and buybacks. Rappaport also offers guidelines for establishing effective pay incentives at every level of management; emphasizes that senior executives need to lay their wealth on the line just as shareholders do; and urges companies to embrace full disclosure, an antidote to short-term earnings obsession that serves to lessen investor uncertainty, which could reduce the cost of capital and increase the share price. The author notes that a few types of companies--high-tech start-ups, for example, and severely capital-constrained organizations--cannot afford to ignore market pressures for short-term performance. Most companies with a sound, well-executed business model, however, could better realize their potential for creating shareholder value by adopting the ten principles. PMID:16967621

  16. Adoption and supply of a distributed energy technology

    Strachan, Neil Douglas


    Technical and economic developments in distributed generation (DG) represent an opportunity for a radically different energy market paradigm, and potentially significant cuts in global carbon emissions. This thesis investigates DG along two interrelated themes: (1) Early adoption and supply of the DG technology of internal combustion (IC) engine cogeneration. (2) Private and social cost implications of DG for private investors and within an energy system. IC engine cogeneration of both power and heat has been a remarkable success in the Netherlands with over 5,000 installations and 1,500MWe of installed capacity by 1997. However, the technology has struggled in the UK with an installed capacity of 110Mwe, fulfilling only 10% of its large estimated potential. An investment simulation model of DG investments in the UK and Netherlands was used, together with analysis of site level data on all DG adoptions from 1985 through 1997. In the UK over 60% of the early installations were sized too small (Institutional players were key in improved sizing of DG. Aided by energy market and CO2 reduction regulatory policy, Dutch distributions utilities played a proactive role in DG. This involved joint ventures with engine cogen suppliers and users, offering improved electricity buy-back tariffs and lower connection costs. This has allowed flexible operation of distributed generation, especially in electricity sales to the grid. Larger units can be sized for on-site heat requirements with electricity export providing revenue and aiding in management of energy networks. A comparison of internal and external costs of three distributed and three centralized generation technologies over a range of heat to power ratios (HPR) was made. Micro-turbines were found to be the lowest cost technology, especially at higher heat loads. Engines are also very competitive providing their NOx and CO emissions are controlled. A cost optimization program was used to develop an optimal green

  17. Sustainability-guided promotion of renewable electricity generation

    In recent years, the threat of global climate change, high fuel import dependence, and rapidly rising electricity demand levels have intensified the quest for more sustainable energy systems. This in turn has increased the need for policy makers to promote electricity generation from renewable energy sources. Guaranteed prices coupled with a buy-back obligation for electricity fed into the grid is a popular renewables promotion instrument, especially in Europe. More recently, driven mainly by electricity market liberalisation efforts, quota targets for the share of renewables in combination with tradable 'green' certificates (TGC) have received considerable attention. TGC offer a greater theoretical potential for economic efficiency gains, due to price competition and the greater flexibility assigned to the obliged parties. While guaranteed prices and TGC schemes support the operation of renewable energy technology systems, bidding schemes for renewable energy generation capacity are used to raise economic efficiency on the plant construction side. All of these policy instruments suffer from the shortcoming that they do not explicitly account for the often widely varying environmental, social and economic impacts of the technologies concerned. In this paper, we propose a methodology for the design of renewable energy policy instruments that is based on integrated assessment. In particular, we argue that using participatory multicriteria evaluation as part of the design of renewable energy promotion policies would make it possible: (1) to differentiate the level of promotion in a systematic and transparent manner according to their socio-ecological economic impact, and (2) to explicitly account for the preferences of stakeholders. A further problem of existing TGC and bidding schemes is that diversity of supply could be severely diminished, if few low-cost technologies were allowed to dominate the renewable energy market. To ensure a certain diversity of

  18. 基于 NASH 协商的促销努力成本分担机制%A Research on the Mechanism of Sharing Sales Effort Cost Based on Nash Negotiation

    马小勇; 陈良华


    The traditional buy-back contract , quantity discount contract and profit sharing contract can solve the problem of mismatch between vendors ordering quantity and the actual demand , but they produce new incentive failure .Introduction of the cooperation promotion , combined with other coordination mecha-nism , can effectively improve the level of optimization of supply chain coordination .With the cost sharing as the object , adopting the asymmetric Nash negotiation model with retailer promotional effort , a supply chain coordination contract is designed , thus making up the residual income data which are difficult to ob-tain and ignore the negotiation ability factors causing defects in optimal reward contract design .%传统的回购契约、数量折扣契约和利润共享契约等可以解决销售商订购量与实际需求不匹配问题,但会产生新的激励约束而失效。合作促销契约的引入,并与其他协调机制的结合可以有效改善供应链协调的最优化水平。以成本分担为对象,采用不对称Nash协商模型,来设计伴随销售商促销努力的供应链协调契约,弥补了剩余收益数据难以获得与忽略谈判能力因素造成最优报酬契约设计的缺陷。

  19. Promotion of energy conservation in developing countries through the combination of ESCO and CDM: A case study of introducing distributed energy resources into Chinese urban areas

    The implementation of an energy service company (ESCO) project in developing countries may result not only in reduced energy cost but also in considerable environmental benefits, including the reduction of CO2 emissions, which can be assessed in an economic manner under the Clean Development Mechanism (CDM) scheme. In this way, the economic and environmental benefits of energy conservation activities can be enjoyed by both the investor and the end-user, which can reduce the investment risk and realize a rational profit allocation. This study presents a numerical analysis of the introduction of distributed energy resources (DER) into a Chinese urban area. An optimization model is developed to determine the energy system combination under the constraints on the electrical and thermal balances and equipment availability. According to the simulation results, the introduction of DER systems possesses considerable potential to reduce CO2 emissions, especially when considering that the economic profit of the CO2 credit will increase the incentive to adopt DER systems to an even greater extent. Furthermore, by sharing the energy cost savings with the investors under an ESCO framework, the investment risk can be further reduced, and the conditions required for the project to qualify for CDM can be relaxed. Highlights: ► An investor focused analytical model is developed to aid the investment of a DER system. ► The combination of ESCO and CDM enhances the incentive to introduce energy conservation measures. ► Electricity buy-back is effective in boosting the DER system adoption under the proposed framework. ► The increased energy cost savings allocated to the investor promotes the DER system adoption. ► The rational allocation of CER credits is of vital importance to the success of the project.

  20. B Shares:Reform or Self-Redemption%B股:改革或自我救赎

    刘志坚; 张辉


    With capital market developing in China, the problem for B shares is increasingly prominent. Although the administrators have been hesitating for a long term, B shares have taken many approaches to rescue themselves since 2012, including turning B shares into H shares, turning B shares into A shares, B share buyback, and B share drawing back. However, the self-redemption could not make way for B shares. Whether it is to close the B share market or to make the market grow strong, the fundamental approach is to innovate with proper policy guidance. B shares will see no future without making any effort; the growth should be with clear targets, reform measures and self-redemption methods for a better result.%伴随着我国资本市场不断走向成熟,B股问题越发凸显。相对于管理层长久观望的迟疑态度,B股自2012年起至今,掀起了包括B股转H股、B股转A股、B股回购和B股缩股等多方式自救,但仅仅依靠B股自我救赎,不可能完全解决B股出路问题。无论是决定彻底关闭B股市场或者将B股市场做大做强,必须伴随政策推动的改革创新,双管齐下才是根本性途径,B股的未来不在于放任自流,而是要敢于打破现状,确立清晰的发展方向,改革措施和自我救赎方式才能有的放矢,相得益彰。

  1. Opportunity for peri-urban Perth groundwater trade

    Gao, Lei; Connor, Jeff; Doble, Rebecca; Ali, Riasat; McFarlane, Don


    Groundwater trade is widely advocated for reallocating scarce groundwater resources between competing users, and managing over-allocated and declining aquifers. However, groundwater markets are still in their infancy, and the potential benefits and opportunities need investigation, particularly where there is a need to reduce the extraction from declining aquifers. This article evaluates economic impacts of reducing groundwater extraction for irrigation use in peri-urban Perth, Australia, where irrigation, a lake-based ecosystem, and public water supply are highly dependent on a declining groundwater resource. We present an assessment of market-based water trading approaches to reduce groundwater extraction with an economic model representing diversity in returns to groundwater use across a population of irrigators. The results indicate that potential economic costs of a proportional reduction in available groundwater for irrigation are 18-21% less if groundwater trade is possible. We also evaluate a water buyback from irrigation to provide public water supply as an alternative to new infrastructure. We find that buying back up to around 50% of current irrigation allocations could create new public water supply only at the cost of 0.32-0.39 million per GL, which is less than one fifth of the costs of new desalinisation or recycled water supply options (2-3 million per GL). We conclude that, with rapid development of computer and internet based trading platforms that allows fast, efficient and low cost multiple party trading, it is increasingly feasible to realise the economic potentials of market-based trade approaches for managing overexploited aquifers.

  2. Successful Characterization and Remedial Contour of Highly Contaminated Mercury Soil at the Y-12 National Security Complex - 13593

    An area known as the 81-10 pad within the footprint of the Y-12 National Security Complex, suspected to be heavily contaminated with mercury, was slated for characterization in support of a Federal Facilities Agreement (FFA) milestone to be accomplished by September 30, 2012. A full remedial design report (RDR) required the soil in Exposure Unit -9 (EU-9) to be fully characterized for a number of contaminates of concern including mercury. The goal of this characterization effort was to determine what soil, if any, would need to be removed for the protection of industrial workers and impacts to the surface and ground water. Funding for this project was made available using buy-back scope under the American Recovery and Reinvestment Act (ARRA). The EU-9 soil unit involved 3 different classifications which were determined as follows: Class 1: Known to have been impacted, contamination is likely; Class 2: Suspected to have been impacted, contamination is unknown; Class 3: Area not known to have been impacted, contamination unlikely. Due to various sampling and analysis events since the 1980's, significant mercury contamination was expected under the concrete pad of an area known as 81-10. Mercury contamination outside of the boundary of this pad within the EU-9 footprint was not known and therefore an original planned estimate of 1,461 cubic meters of material were expected to be heavily contaminated with mercury requiring removal, treatment and disposal. Through the use of a highly effective nature and extent sampling and analysis design that involved a hybrid of statistically-based and judgmental sampling, the actual remedial contour requiring removal was approximately 717 cubic meters, roughly 12% of the original estimate. This characterization approach was executed in full compliance with the Record of Decision (ROD) [1] documents that were agreed upon by the U.S. Department of Energy, Environmental Protection Agency and Tennessee Department of Environment and

  3. Introduction of Renewable Energy Certificate in the Indian scenario

    Generation deficit in India is in the range of 9% and the scenario is expected to get grimmer in the context of high growth rate of the country. With peak power shortage as high as 15.2% (Source: Annual report FY08, MoP) the nation needs to harness all forms of generation including renewables, which currently has a meager share of 8% of the total generation in the country at present. Shooting price of crude oil reaching up to $135 (May 2008) per barrel along with increasing awareness and concerns about environment, the stage seems to be set for an increased mix of Renewable Energy (RE) into the overall energy requirement in the country. Keeping the concern for environment and energy security for the country in mind, government of India has been putting emphasis on promotion of renewable energy sources. Central and state government policies have always been instrumental in the propagation of capacity additions in renewable energy power. One of the main aims of these policies has been on increasing the private sector participation in this sector. In the pre-reform period, the state governments took policy decisions regarding financial incentives, buy-back tariff and other measures targeting investment in renewable energy. However, the State Electricity Regulatory Commissions (SERCs) are now responsible for many of these tasks. SERCs have come up with a host of initiatives, inline with their functions laid down in the Electricity Act 2003, to increase the share of renewable energy inside their respective States. Despite the efforts of SERCs, large potential of renewable energy generation remains untapped. There is lack of clarity on how to promote renewable energy generation inside states which are not having significant renewable energy generation potential. This paper explores the way in which SERCs can introduce measures to further promote renewable energy generation inside the country. We discuss in detail the framework to promote renewable energy through a

  4. Plumbemia em trabalhadores da indústria de reciclagem de baterias automotivas da Grande Porto Alegre, RS Blood lead levels in the battery recycling industry of the metropolitan region of Porto Alegre, RS

    Renato Minozzo


    Full Text Available A reciclagem de baterias pode contaminar o ar, o solo e a água, não só no lugar de processamento, mas também nas regiões circunvizinhas, sendo que os resíduos permanecem no local mesmo após o término da atividade. No presente artigo descrevemos os resultados da avaliação da plumbemia em 53 operários que trabalhavam com reciclagem de baterias automotivas e em 53 indivíduos sem história de exposição. Os dados obtidos foram comparados e discutidos em relação às normas do Ministério do Trabalho (MT e da Occupational Safety and Health Administration (OSHA. A plumbemia no sangue do grupo controle foi de 2,44±1,15 µg/dl e, no grupo exposto, de 59,43±28,34 µg/dl, sendo que 79,2% dos indivíduos mostraram níveis acima do valor de referência (até 40 µg/dl. Estudos recentes recomendam estratégias para prevenir a intoxicação com chumbo: identificação, eliminação ou controle da fonte, monitoração da exposição e respectivos danos e um programa de recompra de baterias usadas das por parte da indústria de origem.Battery recycling may contaminate soil, air and water not only at the processing site but also in the neighboring areas, inasmuch as the residues remain at the site even after the end of the activity. In the present article, we describe the results of plumbism evaluation in 53 individuals that work with car battery recycling and 53 individuals without history of lead exposure. The obtained data were compared and discussed according to the regulations of Brazilian Ministry of Labor and OSHA (Occupational Safety and Health Administration. Blood lead levels in the control group were 2.44 ± 1.15 µg/dl and 59.43 ± 28.34 µg/dl in the exposed group. 79.2 % of the individuals presented levels above the reference value (40 µg/dl. Recent studies recommend strategies to prevent lead intoxication: source identification, control or elimination, monitoring of environmental exposure and hazards and a buy-back program of used

  5. 基于供应链金融的存货质押融资决策分析%An Inventory Pledge Financing Decision Analysis Based on SCF



    Taking the product market as the typical newsboy model, dealers apply to the bank with their initial inventory for inventory impawn financing under the core enterprise’s guarantee of buyback contract. According to the numerical analysis of the dealer’s cost-benefit structure, the article introduces a decision model for the downside risk control of bank loans to value ratio to build the bank’s expected profit models, analyzes the situation where the days sales outstanding cannot pay off the loan principal and interest because of insufficient demand, and discusses the effect of repurchase rate on dealers’ loan limit and its coordination of the supply chain. The results show that dealers’ initial inventory help them get loans even when the demand is zero, and the threshold is proportional to the initial inventory (positive correlation). The essence of the repurchase rate growth is to increase the disposal price of unsalable products by the bank, and when the price increases the bank can raise its maximum loan amount.%考虑产品市场为典型的报童模型,经销商以其初始库存作质押,在核心企业回购契约的担保下向银行申请库存质押融资,在对报童模型下经销商的成本收益结构进行数值分析的基础上,引入银行下侧风险控制的贷款价值比决策模型构建银行的期望利润模型,分析了需求不足导致的销售回款无法还清贷款本息和的情况,继而分析核心企业回购率对经销商贷款限额的影响及对供应链的协调作用。研究表明,初始库存保证经销商在需求为零时仍能获得贷款,该贷款额与初始库存成正相关关系;回购率的增长实质上是提高了银行对滞销产品处置的价格,进而提高了银行对经销商的最大贷款额。

  6. Competing and Coordination Strategies for the Dual Channel under Stochastic Demand and Cooperative Promotion%随机需求和联合促销下双渠道供应链的竞争与协调

    禹爱民; 刘丽文


    An increasing number of manufacturers are adopting the dual sales channel structure: selling their products to customers via both online and physical channels. Although many companies, including HP, IBM, are using the dual channel to distribute products successfully, some of these manufacturers are facing problems. One major problem is about how a manufacturer can motivate its retailers to expand the market and coordinate these two channels. To motivate their retailers, an increased number of manufactures cooperate with retailers to make promotion. For instance, a manufacture shares promotion fees with its retailers or the manufacturer sends its employees to help retailer conduct promotional activities.The paper studies the pricing competing and channel coordination strategies in the dual channel supply chain where manufacturer and retailer face the stochastic demand and they need to cooperate to make promotion. The research result shows that the Nash equilibrium of price exists and the optimal price of the online channel will decrease the effort of a retailer. The promotional effort of a retailer will increase in the ratio of cost shared by its manufacturer. When the ratio is low, a retailer's effort will increase slowly in the ratio. When the ratio is high, a retailer's effort will increases rapidly in the ratio. Furthermore, this paper proves that the buy-back contract will benefit each other. However, the contract cannot coordinate the whole supply chain.%针对制造商同时拥有零售渠道和网上直销渠道的双渠道供应链系统,在随机需求和联合促销情况下,对制造商和零售商之间的价格竞争和协调问题进行研究.研究表明价格的纳什均衡解存在,网上渠道的最优价格随零售商促销努力程度的增大而降低.当制造商分担促销成本的比例上升时,零售商促销的努力程度会增加.当比例值较低时,零售商的努力程度变化不大;当比例值超过一定数值时,零售商

  7. 不同建筑负荷下分布式能源系统优化与政策激励研究%Study on Optimization and Policy Incentives of Distributed Energy System Under Different Building Loads

    王惠; 赵军; 安青松; 康利改


    探索优化运行策略和激励机制对分布式供能系统的影响是加快其应用推广,保障其充分发挥效能的重要内容之一。该文首先针对北方某地区办公型建筑和宾馆型建筑夏季负荷需求,构建了一套冷热电三联供(combining cooling,heating and power,CCHP)分布式能源系统三维和二维模型,考虑系统碳排放并引进碳税和电力回购(电力反向卖回电网),构建了以运行费用为目标的分布式能源系统和常规系统分析模型,分析了三维模型和二维模型的差异;并讨论了蓄能系统对分布式能源系统经济性的影响,得出该系统为宾馆型建筑和办公型建筑供能的最优策略;最后对影响分布式能源系统经济性的相关政策和激励进行分析,得出了分别针对办公型建筑和宾馆型建筑的分布式能源系统经济性的气价和碳税激励控制域。%Exploring the influence of the incentive mechanism on the distributed system is one of the important contents. This paper established a distributed energy system combining cooling, heating and power (CCHP) based on the summer load demand of an office building and a hotel building in northern area. It is modelled with the three-dimensional and two-dimensional of distributed system. The operating cost was selected as objective function, the model considered the carbon emissions, carbon tax and the electricity buy-back from on-site (the surplus electricity out of the CCHP system can be sold back to the grid when the generated power exceeds local demands), and analyzed the difference of three-dimensional and two-dimensional model. Then, the influences of the energy storage on operating cost was discussed, the optimal energy supply strategy of distributed system for the office building and hotel building was reached respectively. Finally compared with the conventional power system, the economic influence of policy incentives for the distributed system was

  8. Building a 40% Energy Saving House in the Mixed-Humid Climate

    Christian, Jeffrey E [ORNL; Bonar, Jacob [ORNL


    This report describes a home that uses 40% less energy than the energy-efficient Building America standard - a giant step in the pursuit of affordable near-zero-energy housing through the evolution of five near-zero-energy research houses. This four-bedroom, two-bath, 1232-ft2 house has a Home Energy Rating System (HERS) index of 35 (a HERS rating of 0 is a zero-energy house, a conventional new house would have a HERS rating of 100), which qualifies it for federal energy efficiency and solar incentives. The house is leading to the planned construction of a similar home in Greensburg, Kansas, and 21 staff houses in the Walden Reserve, a 7000-unit "deep green" community in Cookville, Tennessee. Discussions are underway for construction of similar houses in Charleston, South Carolina, Seattle, Washington, Knoxville and Oak Ridge, Tennessee, and upstate New York. This house should lead to a 40% and 50% Gate-3, Mixed-Humid-Climate Joule for the DOE Building America Program. The house is constructed with structurally-insulated-panel walls and roof, raised metal-seam roof with infrared reflective coating, airtight envelope (1.65 air changes per hour at 50 Pascal), supply mechanical ventilation, ducts inside the conditioned space, extensive moisture control package, foundation geothermal space heating and cooling system, ZEHcor wall, solar water heater, and a 2.2 kWp grid-connected photovoltaic (PV) system. The detailed specifications for the envelope and the equipment used in ZEH5 compared to all the houses in this series are shown in Tables 1 and 2. Based on a validated computer simulation of ZEH5 with typical occupancy patterns and energy services for four occupants, energy for this all-electric house is predicted to cost only $0.66/day ($0.86/day counting the hookup charges). By contrast, the benchmark house would require $3.56/day, including hookup charges (these costs are based on a 2006 residential rates of $0.07/kWh and solar buyback at $0.15/kWh). The solar

  9. Research on the decision models of supply chain network with n-2 structure and inventory-dependent demand%需求依赖库存量的n-2型供应链网络决策模型研究

    徐兵; 熊勇


    Considering a supply chain network consisting of n manufacturers and 2 retailers,under the assumption that the products produced by different manufacturers are homogeneous and the demand of each kind of product is dependent on its inventory and influenced by the inventories of other products at the same retailer and another retailer,three decision models of supply chain network were studied respectively such as the equilibrium problem with equilibrium constrains when each agent tries to make decentralized decisions to maximize his own profit.Nash equilibrium model when each manufacturer is dominant and tries to make centralized decisions to maximize the profit of his brand,Nash equilibrium model when each retailer is dominant and tries to make centralized decisions to maximize the profit of his channel.The equilibrium states of three cases were put forward.It shows that the order quantities under decentralized model is lowest,so that the profits of each brand under decentralized model is lower than those under brand-profit-maximization model,and the profits of each channel under decentralized model is lower than those under channel-profit-maximization model.Two buy-back contracts are put forward respectively to coordinate the retailers in decentralized supply chain to choose the same order quantities under brand-profit-maximization model and under channel-profit-maximization model.Final numerical example proves the reasonability of models and validity of coordinative contracts.%针对n个制造商和2个零售商组成的供应链网络,假定不同制造商生产的品牌产品无差异、产品需求依赖于产品初始库存水平,并受到竞争产品库存和竞争零售商产品库存的影响,分别研究了各成员以自身利润最大化为目标进行分散式决策的带均衡约束的均衡模型、制造商主导的以品牌利润最大化为目标进行集中式决策的纳什均衡模型、以及零售商主导的以渠道

  10. 分布式能源系统最佳策略下碳税与气价敏感性分析%Sensitivity Analysis on Carbon Tax and Gas Price of Distributed Energy System Under Optimal Strategy

    赵军; 王惠; 康利改; 安青松


    针对目前冷热电(CCHP)三联供分布式系统应用的不完善性,提出了一套包含CCHP、电热泵、蓄能系统的分布式能源系统,以及能够模拟分布式系统负荷和系统效率与负荷率、冷却水温的三维关联模型.考虑系统碳排放并引进碳税和电力回购(电力反向卖回电网),提出综合考虑环境性和经济性的碳税附加到电价的折算系数,构建了以日运行费用为目标的分布式系统分析模型.基于对几种不同运行模式的经济性分析,得出碳税完全附加到电价时分布式系统经济性优势更明显的结论;以热定电模式为经济性最优的运行模式.最后将分布式系统与传统燃煤电厂做对比,并对碳税和气价做敏感性分析,可知碳税、气价对分布式系统和燃煤电厂系统的经济性是相互影响的,当气价为3.15元/m3、碳税大于0.75元/kg 时,或碳税为0.30元/kg、气价小于2.00元/m3时,分布式系统经济性更优.%Considering the limitation of combined cooling,heating and power(CCHP)system application at present,a three-dimensional model simulating the correlation of system load with efficiency,load ratio and cooling water temperature was established,which consisted of CCHP,electric heat pump and energy storage.The conver-sion coefficient of adding carbon tax to electricity price was put forward,and the system model of distributedsystem taking the day operating cost as the target was built based on carbon emissions,carbon tax and the electricity buy-back from on-site(the surplus electricity out of the distributed system can be sold back to the grid when the generated power exceeds local demands).Then the conversion coefficient of adding carbon tax to the electricity price that con-siderated the environment and economy was proposed,the model of regard operating cost as the target was built, based on the analysis on several different operation strategies of the system,it is shown

  11. 基于Bayes需求预测更新的供应链合作策略研究%A Policy for Supply Chain Coordination with Bayes Demand Forecasting

    宋华明; 杨慧; 罗建强


    under centralized decision scenario.Based on the findings, we further developed an efficient iteration algorithm to locate the optimal solution.Section 3 developed a three-parameter contract to help coordinate supply chain operations by combining buy-back and risk-share contracts. The three-parameter contract can arbitrarily allocate profits of supply chain channels between manufacturers and retailers by tuning a range of w values. Section 4 presented a numerical analysis of the proposed models and algorithms. Our analysis results showed that the algorithm is efficient and the three-parameter contract is effective and flexible to coordinate supply chain operations. In summary, decisions made on the order quantity and lead time have important effect on supply chain parties. Effective collaboration between supply chain partners can obtain the win-win situation.

  12. Study on the Incentive Contract between Banks and B2 B Platforms Based on the Online Supply Chain Finance%在线供应链金融中银行与B2B平台的激励契约研究

    史金召; 郭菊娥; 晏文隽


    incentive strategies to the B2B platforms given the different context.When the kickback from the hiding behavior is less than its cost, recommending high-credit enterprises is the dominant strategy for B2B platforms.Otherwise, the banks should stimulate the B2B platforms to recommend high-credit enterprises by means of strictly controlling the upper limit of income distribution ratio.In order to ensure their profits not to be affected by the hiding behavior of B2B platforms, the banks can also take measures to strengthen the guarantee towards the borrowing enterprises, such as signing buy-back contract with core supply chain enterprises and controlling the upper limit of the pledge rate.Finally, the relevant con-clusions of the paper are verified on the basis of a numerical simulation analysis.%在线供应链金融业务发展迅猛,银电合作已成主流模式。以电子订单融资为例,基于道德风险识别和防范的视角,采用委托代理理论和博弈论对银行与B2 B平台的激励契约进行研究。在联合授信和委托授信两种合作模式下,分别构建道德危害模型,推导并给出银行与B2 B平台二者的最优收益分配契约,以防范B2 B平台隐藏行动(授信审查过程中努力程度低)的道德风险。在委托授信下,构建银行与B2 B平台的博弈得益矩阵,分别给出不同情形下银行对B2 B平台的激励策略,以防范B2 B平台隐藏信息(向银行推荐低信用融资企业)的道德风险。研究结果表明,委托授信下银行的最优收益分配比例不超过联合授信下的最优收益分配比例,且与联合授信下B2 B平台的工作效率和工作有效性趋近于无穷大时的分配比例相等,是银行收益分配的最低水平,揭示了未来大数据时代和数据质押融资背景下,在线供应链金融业务中银行和B2 B平台二者主导权的演变规律以及当下中国商业银行纷纷自建B2 B平台的内在缘由。委托授信下,