A new multi-layer artificial neural network learning algorithm based on pattern search method is proposed. The learning model is designed to provide a very simple and effective means of searching the minima of objective function of a multi-layer neural network directly without any knowledge of...

This study aims to examine the impact of unbundling regulation (vertical separation) on incentives for pipeline investment. Recently, the Japanese government has decided to institute vertical separation of natural gas companies. Major existing natural gas companies, called incumbents, will be...

The EU is obviously playing a unique role in global governance systems. This paper will argue that the EU engages in fragmented global energy governance architecture based on two phenomena, Standardization and Externalization, from the beginning. Then, first section of this paper considers the...

The EU is a unique supranational actor in international relations. The development of the EU itself started with issues regarding energy. Through several historical steps, current energy policy is constructed. Gradually it put an importance on its external dimension. Since the Lisbon Treaty...

We introduce a notion of market times that are stochastic processes in order to represent information delay in structural credit risk models. The market times are extensions of the time change process introduced by Guo, Jarrow and Zeng in the sense that each component of the market time is not...