We highlight the loss-averse property of general investors and propose a new ranking criterion, conditional stochastic dominance (CSD), at the first two orders. We discuss the definitions and propositions. We also introduce an example to show that CSD provides intuitive ranking but not the...

This paper employs real option analysis to evaluate the investment project to adopt energy saving and carbon emission reduction technology. Sensitivity analysis and simulation outcomes highlight the respective roles of carbon price level and government support in the investment decision. That...

This paper contributes to apply the time-varying symmetrized Joe-Clayton copula to study the dynamic linkage among possible safe haven assets in the international major markets over the past 34 years. We re-examine four major asset types (long-term government bond, equity index, oil, and gold)...