A Study on the Mechanism and Pricing of Drainage Rights Trading Based on the Bilateral Call Auction Model and Wealth Utility Function
Abstract
:1. Introduction
2. Study on the Transaction Mechanism of Bilateral Call Auction of Drainage Rights
2.1. Basic Assumptions
2.2. Model Construction
2.2.1. Rational Price Constraints
2.2.2. Macroscopic Control Total Quantity Constraints
2.3. Clearance Rules
2.4. Matching Rules
3. Transaction Pricing Study of Bilateral Call Auction for Drainage Rights
3.1. Wealth Utility Function Construction
3.2. Social Welfare Function Construction
3.3. Solving for the Transaction Price
4. Simulation of Calculations for Drainage Rights Trading in Jiangsu Section of Huaihe River Basin
4.1. Study Area
4.2. Simulation of Drainage Rights Trading Mechanism
4.2.1. Clearance Rule
4.2.2. Matching Transaction Sets
4.3. Simulation of the Pricing of Drainage Rights Transactions
4.3.1. Wealth Utility Function
4.3.2. Social Welfare Function
4.3.3. Optimal Transaction Price
5. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Acknowledgments
Conflicts of Interest
References
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Buyer Bi | Seller Sj | ||||
---|---|---|---|---|---|
Buyer | Expected Acquisition Price oi (yuan/m3) | Expected Acquisition Volume xi (m3) | Seller | Expected Sales Price fj (yuan/m3) | Expected Sales Volume yj (m3) |
B1 | 8.14 | 100 | S4 | 4.38 | 37.5 |
B3 | 7.21 | 100 | S3 | 6.47 | 50 |
B2 | 5.83 | 50 | S2 | 6.80 | 75 |
B4 | 5.20 | 62.5 | S1 | 9.45 | 100 |
Transaction Serial Number | Buyer Bi | Seller Sj | Expected Trading Volume (m3) | Expected Acquisition Price oi (yuan/m3) | Expected Sales Price fj (yuan/m3) |
---|---|---|---|---|---|
I | B1 | S4 | 37.5 | 8.14 | 4.38 |
II | B1 | S2 | 62.5 | 8.14 | 6.80 |
III | B3 | S3 | 50 | 7.21 | 6.47 |
IV | B3 | S2 | 12.5 | 7.21 | 6.80 |
Indicators (Arithmetic Average of the Previous Three Years) | B1 | S4 |
---|---|---|
GDP (100 million yuan) | 5911.45 | 2392.48 |
Land area (km2) | 3063 | 3012 |
Population (10,000 people) | 336.2 | 222.01 |
Flooding direct economic loss (100 million yuan) | 1.44 | 0.03 |
Indicators | Transaction I | Transaction II | Transaction III | Transaction IV | ||||
---|---|---|---|---|---|---|---|---|
B1 | S4 | B1 | S2 | B3 | S3 | B3 | S2 | |
GDP | 0.05 | 0.95 | 0.36 | 0.64 | 0.58 | 0.42 | 0.1 | 0.9 |
Land | 0.02 | 0.98 | 0.37 | 0.63 | 0.80 | 0.20 | 0.73 | 0.27 |
Population | 0.03 | 0.97 | 0.39 | 0.61 | 0.65 | 0.35 | 0.56 | 0.44 |
Average | 0.03 | 0.97 | 0.37 | 0.63 | 0.67 | 0.33 | 0.46 | 0.54 |
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Shen, J.; Zhu, T.; Sun, F. A Study on the Mechanism and Pricing of Drainage Rights Trading Based on the Bilateral Call Auction Model and Wealth Utility Function. Water 2022, 14, 2269. https://doi.org/10.3390/w14142269
Shen J, Zhu T, Sun F. A Study on the Mechanism and Pricing of Drainage Rights Trading Based on the Bilateral Call Auction Model and Wealth Utility Function. Water. 2022; 14(14):2269. https://doi.org/10.3390/w14142269
Chicago/Turabian StyleShen, Juqin, Tingting Zhu, and Fuhua Sun. 2022. "A Study on the Mechanism and Pricing of Drainage Rights Trading Based on the Bilateral Call Auction Model and Wealth Utility Function" Water 14, no. 14: 2269. https://doi.org/10.3390/w14142269
APA StyleShen, J., Zhu, T., & Sun, F. (2022). A Study on the Mechanism and Pricing of Drainage Rights Trading Based on the Bilateral Call Auction Model and Wealth Utility Function. Water, 14(14), 2269. https://doi.org/10.3390/w14142269