A simple, eclectic approach for solving discrete alternative multiple criteria decision problems is presented. It is based on the concept of the level of aspiration, and draws on ideas of various researchers. It assumes that the user has a set of alternatives with each alternative having a score...

The management of innovation is a complex task and the management of suppliers' innovative activities is especially so because it involves managing technological factors across the traditional boundaries of the firm. This paper explores the determinants of suppliers' innovative activities by...

Unlike mutual funds, hedge funds are reluctant to provide detailed information on their investment portfolios. Since hedge funds may use niche investment strategies in narrow market segments, fund managers portend that thorough disclosure of their portfolio holdings—which are important to...

The understanding of joint asset return distributions is an important ingredient for managing risks of portfolios. Although this is a well-discussed issue in fixed income and equity markets, it is a challenge for energy commodities. In this study we are concerned with describing the joint return...

In this paper we provide a framework that explains how the market risk premium, defined as the difference between forward prices and spot forecasts, depends on the risk preferences of market players and the interaction between buyers and sellers. In commodities markets this premium is an...

We propose a model where wholesale electricity prices are explained by two state variables: demand and capacity. We derive analytical expressions to price forward contracts and to calculate the forward premium. We apply our model to the PJM, England and Wales, and Nord Pool markets. Our...

We address the problem of managing a storable commodity portfolio, that includes physical assets and positions in spot and forward markets. The vast amount of capital involved in the acquisition of a power plant or storage facility implies that the financing period stretches over a period of...

The aim of the paper is to analyze the diversification effect brought by crude oil Futures contracts, the most liquid commodity Futures, into a portfolio of stocks. The studies that have documented the very low- and essentially negative-correlations between commodities and equities typically...

During more than three decades of protracted high unemployment, European countries have developed a variety of approaches in order to tackle the problem. These strategies differ in their philosophy, scopes and successes. A number of them can be understood in terms of shying away from...

This paper describes the application of exergy and extended exergy analyses to large complex systems. The system to be analysed is assumed to be at steady state, and the input and output fluxes of matter and energy are expressed in units of exergy. Human societies of any reasonable extent are...