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35 pages, 1605 KiB  
Article
The Development of Fractional Black–Scholes Model Solution Using the Daftardar-Gejji Laplace Method for Determining Rainfall Index-Based Agricultural Insurance Premiums
by Astrid Sulistya Azahra, Muhamad Deni Johansyah and Sukono
Mathematics 2025, 13(11), 1725; https://doi.org/10.3390/math13111725 - 23 May 2025
Viewed by 393
Abstract
The Black–Scholes model is a fundamental concept in modern financial theory. It is designed to estimate the theoretical value of derivatives, particularly option prices, by considering time and risk factors. In the context of agricultural insurance, this model can be applied to premium [...] Read more.
The Black–Scholes model is a fundamental concept in modern financial theory. It is designed to estimate the theoretical value of derivatives, particularly option prices, by considering time and risk factors. In the context of agricultural insurance, this model can be applied to premium determination due to the similar characteristics shared with the option pricing mechanism. The primary challenge in its implementation is determining a fair premium by considering the potential financial losses due to crop failure. Therefore, this study aimed to analyze the determination of rainfall index-based agricultural insurance premiums using the standard and fractional Black–Scholes models. The results showed that a solution to the fractional model could be obtained through the Daftardar-Gejji Laplace method. The premium was subsequently calculated using the Black–Scholes model applied throughout the growing season and paid at the beginning of the season. Meanwhile, the fractional Black–Scholes model incorporated the fractional order parameter to provide greater flexibility in the premium payment mechanism. The novelty of this study was in the application of the fractional Black–Scholes model for agricultural insurance premium determination, with due consideration for the long-term effects to ensure more dynamism and flexibility. The results could serve as a reference for governments, agricultural departments, and insurance companies in designing agricultural insurance programs to mitigate risks caused by rainfall fluctuations. Full article
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31 pages, 5880 KiB  
Article
Low-Carbon Optimal Operation Strategy of Multi-Energy Multi-Microgrid Electricity–Hydrogen Sharing Based on Asymmetric Nash Bargaining
by Hang Wang, Qunli Wu and Huiling Guo
Sustainability 2025, 17(10), 4703; https://doi.org/10.3390/su17104703 - 20 May 2025
Viewed by 492
Abstract
The cooperative interconnection of multi-microgrid systems offers significant advantages in enhancing energy utilization efficiency and economic performance, providing innovative pathways for promoting sustainable development. To establish a fair energy trading mechanism for electricity–hydrogen sharing within multi-energy multi-microgrid (MEMG) systems, this study first analyzes [...] Read more.
The cooperative interconnection of multi-microgrid systems offers significant advantages in enhancing energy utilization efficiency and economic performance, providing innovative pathways for promoting sustainable development. To establish a fair energy trading mechanism for electricity–hydrogen sharing within multi-energy multi-microgrid (MEMG) systems, this study first analyzes the operational architecture of MEMG energy sharing and establishes a multi-energy coordinated single-microgrid model integrating electricity, heat, natural gas, and hydrogen. To achieve low-carbon operation, carbon capture systems (CCSs) and power-to-gas (P2G) units are incorporated into conventional combined heat and power (CHP) systems. Subsequently, an asymmetric Nash bargaining-based optimization framework is proposed to coordinate the MEMG network, which decomposes the problem into two subproblems: (1) minimizing the total operational cost of MEMG networks, and (2) maximizing payment benefits through fair benefit allocation. Notably, Subproblem 2 employs the energy trading volume of individual microgrids as bargaining power to ensure equitable profit distribution. The improved alternating direction multiplier method (ADMM) is adopted for distributed problem-solving. Experimental results demonstrate that the cost of each MG decreased by 5894.14, 3672.44, and 2806.64 CNY, while the total cost of the MEMG network decreased by 12,431.22 CNY. Additionally, the carbon emission reduction ratios were 2.84%, 2.77%, and 5.51% for each MG and 11.12% for the MEMG network. Full article
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27 pages, 905 KiB  
Article
Optimal Benefit Distribution of a Tontine-like Annuity Fund with Age-Structured Models
by Fan Zhang, Ping Chen and Xueyuan Wu
Risks 2025, 13(1), 4; https://doi.org/10.3390/risks13010004 - 30 Dec 2024
Viewed by 1065
Abstract
This paper introduces a tontine-like annuity fund designed to provide lifelong income to its participants. Initially, each member contributes a lump-sum payment into a trust fund as a joining premium. Participants then receive benefits over time, based on their survival. As members pass [...] Read more.
This paper introduces a tontine-like annuity fund designed to provide lifelong income to its participants. Initially, each member contributes a lump-sum payment into a trust fund as a joining premium. Participants then receive benefits over time, based on their survival. As members pass away, their share of payouts is redistributed among the survivors, resulting in increased payouts for those remaining. Differing from traditional tontines, which assume a uniform mortality risk, this fund accommodates participants of various ages and allows new members to join during its operation. To accommodate these features, the authors utilize age-structured models (ASMs) to determine fair premiums for new entrants and to analyze the dynamics of benefit distribution. The core objective of this paper is to develop a pension model using ASMs, recognizing its significant potential for adaptation and expansion. The primary mathematical approach employed is the Maximum Principle from optimal control theory, which helps in deriving explicit solutions for the optimal subsidy strategy. Through numerical examples and detailed illustrations, the paper demonstrates that participants who remain in the cohort longer receive greater subsidies. Additionally, the study finds that adverse shocks lead to a smaller population and thus fewer subsidies. Conversely, starting with a larger initial cohort population tends to increase the overall population, resulting in more subsidies. However, higher costs associated with subsidies lead to their reduction. Our analysis reveals the complex interplay of factors influencing the sustainability and effectiveness of the proposed annuity model. Full article
(This article belongs to the Special Issue Applied Financial and Actuarial Risk Analytics)
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20 pages, 4009 KiB  
Article
Intelligent Carbon Metering and Settlement Method of New Power System Based on Blockchain Technology
by Ruxin Wen, Wen Tian, Huiying Liu, Wenjuan Lin, Xizhong Zhou and Xuerong Li
Energies 2024, 17(22), 5601; https://doi.org/10.3390/en17225601 - 9 Nov 2024
Viewed by 1204
Abstract
Blockchain technology is an important technical basis for ensuring carbon trading and plays a fundamental role in maintaining fairness in the carbon trading market. This paper proposes a carbon emission metering and settlement method and a system based on blockchain technology which creates [...] Read more.
Blockchain technology is an important technical basis for ensuring carbon trading and plays a fundamental role in maintaining fairness in the carbon trading market. This paper proposes a carbon emission metering and settlement method and a system based on blockchain technology which creates the digital identity of electric meters and stores it in the blockchain. Verifiable credentials are generated based on the digital identity, energy data, and time stamp. The system records the energy data read by the verified meter to the blockchain cloud platform for carbon emission statistics. In the payment and settlement stage, through application of the blockchain and its combination with a digital payment wallet, the regional energy network consumption settlement value is generated according to the regional power supply and electricity consumption, and the settlement value is used as the benchmark to measure the carbon emissions in the region. Through the data analysis of practical application cases in an industrial park in China, this study concludes that the carbon emission statistical settlement method based on blockchain technology solves the problems of untrustworthiness, unreliability, and inconsistency in the statistical and settlement methods during the statistical settlement of electric energy statistics and energy consumption carbon emissions. Full article
(This article belongs to the Section F1: Electrical Power System)
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22 pages, 802 KiB  
Article
The Impact of Food Delivery Riders’ Perception of Fairness on Organizational Identification in the Digital Economy: Based on the Intermediary Perspective of Organizational Trust in the Context of Digital Technology
by Lei Tong and Chonlavit Sutunyarak
J. Risk Financial Manag. 2024, 17(8), 361; https://doi.org/10.3390/jrfm17080361 - 15 Aug 2024
Viewed by 4495
Abstract
With the rapid rise in the gig economy driven by advancements in digital technology and financial technology, this study focuses on the work experiences and psychological perceptions of food delivery riders in platform-based employment. This study used a sample of food delivery riders [...] Read more.
With the rapid rise in the gig economy driven by advancements in digital technology and financial technology, this study focuses on the work experiences and psychological perceptions of food delivery riders in platform-based employment. This study used a sample of food delivery riders from 19 cities in China (such as Shanghai, Beijing, Guangzhou, etc.) and multiple delivery platforms (such as Meituan, Ele.me) to collect data through a combination of online and offline questionnaires. The impact relationship between perceived fairness, organizational trust, and organizational identity of food delivery riders was examined through factor analysis, structural equation modeling, and mediation effect modeling. The results of the survey and statistical analysis indicate that fairness perception and its dimensions (distributive fairness, procedural fairness, and interactional fairness) significantly influence riders’ organizational identification, with organizational trust serving as a critical mediating factor. The integration of digital technology has substantially enhanced the operational efficiency of platform-based employment by enabling real-time tracking, transparent communication, and data-driven decision-making. Innovations in financial technology, such as digital payment systems and financial management tools, offer riders safer and more convenient compensation methods, thereby contributing to their financial stability and fostering trust in the platform. The establishment of trust alleviates the riders’ concerns regarding compensation stability and bolsters their optimistic attitudes toward accessing platform resources and meeting their needs. This study provides significant insights and recommendations for leveraging digital technology and financial technology to improve the relationship and operational efficiency between riders and platform enterprises. Full article
(This article belongs to the Special Issue Fintech and Green Finance)
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19 pages, 271 KiB  
Article
Inhibiting Factors to the Implementation of Preferential Procurement Policy in the South African Construction Industry
by Lebogang Joseph Tau, Babatunde Fatai Ogunbayo and Clinton Ohis Aigbavboa
Buildings 2024, 14(8), 2392; https://doi.org/10.3390/buildings14082392 - 2 Aug 2024
Cited by 1 | Viewed by 1769
Abstract
The South African preferential procurement policy emerged from the demand for transparency, fair competition, value-for-money, standardised and benchmark pricing, and regulation of public procurement arrangements in the construction industry. The policy aims to address historical inequalities, support economic growth, and foster sustainable development. [...] Read more.
The South African preferential procurement policy emerged from the demand for transparency, fair competition, value-for-money, standardised and benchmark pricing, and regulation of public procurement arrangements in the construction industry. The policy aims to address historical inequalities, support economic growth, and foster sustainable development. The effectiveness of the preferential procurement policy in South Africa is affected by the inhibiting factors of its implementation system. Given this, this study assesses the factors inhibiting preferential procurement policy implementation in the South African construction industry. This study reviewed the extant literature from online databases as a secondary data source to identify and understand the factors inhibiting procurement policy implementation. A quantitative research design using a closed-ended survey questionnaire surveyed 31 identified inhibiting factors affecting procurement policy implementation from the literature review. One hundred sixty-seven (167) questionnaires were retrieved from two hundred (200) distributed, representing an 83.5 per cent response rate, distributed through Google Forms to the respondents in Northwest Province, South Africa. The reliability of the data collection instrument was determined using Bartlett’s sphericity, Cronbach’s alpha, and Kaiser–Meyer–Olkin tests. The exploratory factor analysis findings established eight components from the 31 identified inhibiting factors affecting procurement policy implementation, which are the absence of due diligence in procurement screening, corruption and political interference in procurement systems, an ineffective regulatory framework supporting public procurement policy, discrepancies in award of contracts and the absence of dispute resolution, ambiguity in procurement selection criteria, poor enforcement mechanisms, cost discrepancies in advance payment, and excessive bureaucracy in procurement documentation. This study’s practical implications provide an understanding of establishing and prioritising procurement selection criteria, such as project requalification requirements, cost performance requirements, technology integration in the prequalification process, and contract change order requirements, which would improve procurement systems in the South African construction industry. Full article
(This article belongs to the Section Architectural Design, Urban Science, and Real Estate)
20 pages, 2038 KiB  
Article
Ride-Hailing Preferences for First- and Last-Mile Connectivity at Intercity Transit Hubs
by Nur Oktaviani Widiastuti and Muhammad Zudhy Irawan
Sustainability 2024, 16(7), 2927; https://doi.org/10.3390/su16072927 - 1 Apr 2024
Cited by 3 | Viewed by 2974
Abstract
This study aims to fill a research gap by focusing on ride-hailing services (RHSs) as first- and last-mile (FLM) modes linking intercity hubs, which have been explored less than metro hubs. Involving 418 RHS users in the Yogyakarta conurbation, Indonesia, this study applies [...] Read more.
This study aims to fill a research gap by focusing on ride-hailing services (RHSs) as first- and last-mile (FLM) modes linking intercity hubs, which have been explored less than metro hubs. Involving 418 RHS users in the Yogyakarta conurbation, Indonesia, this study applies confirmatory factor analysis to identify the motivations for using RHSs as FLM modes and employs a seemingly unrelated regression model to analyse factors influencing RHS usage and the relationship between first-mile and last-mile use, which remains underexplored. The model’s results reveal that the utilization of RHSs for the first mile is mostly seen among younger, educated, and wealthy persons. However, these variables did not impact last-mile-mode use. The model’s results also show that in FLM contexts, vehicle ownership did not substantially impact RHS use. In addition, RHSs are less often used for trips to intercity bus terminals compared to airports and railway stations. This study also highlights the significance of user preferences, such as comfort and safety, seamless transaction and service, and cost and time efficiency, in influencing the use of RHSs for FLM modes. Increasing RHS accessibility at transit hubs, expanding e-payment options, simplifying payments, and prioritizing fairness are suggested strategies to improve urban sustainability through RHSs. Full article
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22 pages, 388 KiB  
Article
Valuation of a Mixture of GMIB and GMDB Variable Annuity
by Yichen Han, Dongchen Li, Kun Fan, Jiaxin Wan and Luyan Li
Mathematics 2024, 12(3), 441; https://doi.org/10.3390/math12030441 - 30 Jan 2024
Viewed by 1852
Abstract
The Guaranteed Minimum Income Benefit (GMIB) and Guaranteed Minimum Death Benefit (GMDB) are options that may be included at the inception of a variable annuity (VA) contract. In exchange for small fees charged by the insurer, they give the policyholder a right to [...] Read more.
The Guaranteed Minimum Income Benefit (GMIB) and Guaranteed Minimum Death Benefit (GMDB) are options that may be included at the inception of a variable annuity (VA) contract. In exchange for small fees charged by the insurer, they give the policyholder a right to receive a guaranteed minimum level of annuity payment (GMIB) and a guaranteed minimum level of payment when the policyholder dies (GMDB), respectively. A combination of these two options may be attractive since it protects the policyholder’s investment from potential poor market behavior as well as mortality risk during the accumulation phase. This study examined the pricing of a composite variable annuity incorporating both the GMIB and GMDB options (a Guaranteed Minimum Income–Death Benefit, notated GMIDB). We used a non-arbitrage valuation method, decomposed the GMIDB value into two parts, and derived an analytical pricing formula based on a constant fee structure. The formula can be used to determine the fair fee to be charged. We conducted comprehensive sensitivity analyses on critical parameters to determine what drives the value of a GMIDB option. Our approach offers a simple and deterministic way to price a VA embedded with the GMIDB option. Our numerical findings suggested that the annuity conversion rate, age of the policyholder, and volatility of risky investments are significant in the valuation of a GMIDB option. Full article
(This article belongs to the Special Issue Mathematical Aspects of Trading and Valuating Financial Assets)
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14 pages, 428 KiB  
Article
Threshold/Multi Adaptor Signature and Their Applications in Blockchains
by Yunfeng Ji, Yuting Xiao, Birou Gao and Rui Zhang
Electronics 2024, 13(1), 76; https://doi.org/10.3390/electronics13010076 - 23 Dec 2023
Cited by 4 | Viewed by 3025
Abstract
Adaptor signature is a variant of digital signatures and useful for fair excheng in financial applications such as cryptocurrencies, to name a few, off-chain transaction protocols, atomic swaps and other privacy-enhancing mechanisms. However, similar to normal digital signatures, an adaptor signature also suffers [...] Read more.
Adaptor signature is a variant of digital signatures and useful for fair excheng in financial applications such as cryptocurrencies, to name a few, off-chain transaction protocols, atomic swaps and other privacy-enhancing mechanisms. However, similar to normal digital signatures, an adaptor signature also suffers from the loss of the secret key and single-point failure, which is insufficient in practice. In this paper, we address this constraint by introducing two new concepts as enhancements: multi-adaptor signatures and threshold adaptor signatures. First, we propose the formal security models for multi-adaptor signature and threshold adaptor signature. Then, we present specific schemes for these two primitives based on the commonly used blockchain signature scheme Schnorr and the post-quantum signature scheme Dilithium, respectively. Furthermore, we provide security proofs for these four schemes. Finally, we demonstrate interesting applications for blockchains, such as oracle-based conditional payment and n to n atomic swap. Full article
(This article belongs to the Special Issue Novel Methods Applied to Security and Privacy Problems)
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19 pages, 2714 KiB  
Article
A Blockchain-Based Privacy-Preserving and Fair Data Transaction Model in IoT
by Wei Zhou, De Zhang, Guangjie Han, Wenyin Zhu and Xupeng Wang
Appl. Sci. 2023, 13(22), 12389; https://doi.org/10.3390/app132212389 - 16 Nov 2023
Cited by 6 | Viewed by 2731
Abstract
The rapid development of the Internet of Things (IoT) has resulted in vast amounts of widely distributed data. Sharing these data can spur innovative advancements and enhance service quality. However, conventional data-sharing methods often involve third-party intermediaries, posing risks of single-point failures and [...] Read more.
The rapid development of the Internet of Things (IoT) has resulted in vast amounts of widely distributed data. Sharing these data can spur innovative advancements and enhance service quality. However, conventional data-sharing methods often involve third-party intermediaries, posing risks of single-point failures and privacy leaks. Moreover, these traditional sharing methods lack a secure transaction model to compensate for data sharing, which makes ensuring fair payment between data consumers and providers challenging. Blockchain, as a decentralized, secure, and trustworthy distributed ledger, offers a novel solution for data sharing. Nevertheless, since all nodes on the blockchain can access on-chain data, data privacy is inadequately protected, and traditional privacy-preserving methods like anonymization and generalization are ineffective against attackers with background knowledge. To address these issues, this paper proposes a decentralized, privacy-preserving, and fair data transaction model based on blockchain technology. We designed an adaptive local differential privacy algorithm, MDLDP, to protect the privacy of transaction data. Concurrently, verifiable encrypted signatures are employed to address the issue of fair payment during the data transaction process. This model proposes a committee structure to replace the individual arbitrator commonly seen in traditional verifiable encrypted signatures, thereby reducing potential collusion between dishonest traders and the arbitrator. The arbitration committee leverages threshold signature techniques to manage arbitration private keys. A full arbitration private key can only be collaboratively constructed by any arbitrary t members, ensuring the key’s security. Theoretical analyses and experimental results reveal that, in comparison to existing approaches, our model delivers enhanced transactional security. Moreover, while guaranteeing data availability, MDLDP affords elevated privacy protection. Full article
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21 pages, 8704 KiB  
Article
A Scientometric Analysis of Payments for Ecosystem Services Research: Mapping Global Trends and Directions
by Changsu Song, Yuqing Liu, Longqing Liu, Chaofan Xian and Xuan Wang
Sustainability 2023, 15(21), 15649; https://doi.org/10.3390/su152115649 - 6 Nov 2023
Cited by 2 | Viewed by 3469
Abstract
Payment for ecosystem services (PES) is an innovative economic intervention to mitigate the decline of ecosystem services and biodiversity; it plays a key role in harmonizing protection and development. Based on numerous PES practices worldwide, PES has emerged as a research hotspot in [...] Read more.
Payment for ecosystem services (PES) is an innovative economic intervention to mitigate the decline of ecosystem services and biodiversity; it plays a key role in harmonizing protection and development. Based on numerous PES practices worldwide, PES has emerged as a research hotspot in the field of sustainability. This paper presents a comprehensive scientometric analysis of PES academic publications between 1987 and 2022. The study aims to characterize the intellectual landscape of PES by identifying and visualizing the evolution of the collaboration network, the co-citation network, and emerging research trends. The findings reveal a rapid increase in publications of this field, indicating its growing importance as an interdisciplinary research subject. In particular, PES has gained significant attention from numerous researchers since 2007. Environmental sciences and ecology (50.77%) have been the core subjects, followed by business economics (11.04%) and biodiversity conservation (9.58%). Engineering (3.52%) and water resources (3.40%) have emerged as new fields in recent years. Notably, productive authors and institutions in this domain are primarily located in the United States, China, and the United Kingdom. However, fewer stable collaborations were found between China and European countries. Regarding the keywords, the most popular keywords of this topic were “ecosystem service” (1423), “conservation” (1324), and “biodiversity” (1029). By synthesizing the literature, this paper identifies pressing topics related to the effectiveness of PES, including the evaluation of effectiveness, efficiency assessment, and equity. Through an in-depth analysis, this paper elucidates global trends and directions in PES research. It is important to create a fair and efficient market that boosts the motivation and initiative of society to engage in PES initiatives, to increase investment in comprehensive PES projects, which helps improve the efficiency of fund utilization, especially concerning climate change mitigation. It is proposed to integrate natural sciences and social sciences to comprehensively assess the effectiveness of climate-friendly PES, which contributes to the sustainable development of PES research and application. Full article
(This article belongs to the Special Issue Urban Environment and Low-Carbon Cities)
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17 pages, 2241 KiB  
Article
Encryption Scheme of Verifiable Search Based on Blockchain in Cloud Environment
by Buzhen He and Tao Feng
Cryptography 2023, 7(2), 16; https://doi.org/10.3390/cryptography7020016 - 24 Mar 2023
Cited by 4 | Viewed by 3217
Abstract
While transferring data to cloud servers frees users from having to manage it, it eventually raises new problems, such as data privacy. The concept of searchable encryption has drawn more and more focus in research as a means of resolving the tension between [...] Read more.
While transferring data to cloud servers frees users from having to manage it, it eventually raises new problems, such as data privacy. The concept of searchable encryption has drawn more and more focus in research as a means of resolving the tension between data accessibility and data privacy. Due to the lack of integrity and correctness authentication in most searchable encryption techniques, malicious cloud servers may deliver false search results to users. Based on public key encryption with searching (PEKS), the study suggests a privacy-preserving method for verifiable fuzzy keyword searches based on the Ethernet blockchain in a cloud context to overcome the aforementioned security concerns. The search user can check the accuracy and integrity of the query document using the unalterability characteristics of the Ethernet blockchain system in this scheme to prevent the cloud server from giving incorrect query results. Furthermore, a fair transaction between the cloud server and the data user is achieved and can be tracked back to the malicious user using hash functions and Ethereum smart contracts, even if the user or the cloud is malicious. Finally, the security analysis shows that, under the random oracle model, our technique fulfils the adaptive selection keyword’s semantic security. The performance assessment demonstrates that the proposed scheme outperforms other related schemes in terms of computational efficiency. Full article
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14 pages, 3797 KiB  
Article
Quantitative Assessment of Horizontal Ecological Compensation for Cultivated Land Based on an Improved Ecological Footprint Model: A Case Study of Jiangxi Province, China
by Xiaoyong Zhong, Dongyan Guo and Hongyi Li
Int. J. Environ. Res. Public Health 2023, 20(5), 4618; https://doi.org/10.3390/ijerph20054618 - 6 Mar 2023
Cited by 4 | Viewed by 2143
Abstract
Cultivated land horizontal ecological compensation is an essential means of reconciling agricultural ecosystem protection and regional economic development. It is important to design a horizontal ecological compensation standard for cultivated land. Unfortunately, there are some defects in the existing quantitative assessments of horizontal [...] Read more.
Cultivated land horizontal ecological compensation is an essential means of reconciling agricultural ecosystem protection and regional economic development. It is important to design a horizontal ecological compensation standard for cultivated land. Unfortunately, there are some defects in the existing quantitative assessments of horizontal cultivated land ecological compensation. In order to raise the accuracy of ecological compensation amounts, this study established an improved ecological footprint model based on the ecosystem service function, focused on estimating the value of ecosystem service function, ecological footprint, ecological carrying capacity, ecological balance index and ecological compensation values of cultivated land in all cities of Jiangxi province. It then analyzed the rationality of ecological compensation amounts in Jiangxi province, which is one of the 13 provinces of major grain-producing areas in China. The results show the following: (1) The total value of soil conservation service function, carbon sequestration and oxygen release service function and ecosystem service function in Jiangxi province showed a spatial distribution trend of “gradually increasing around Poyang Lake Basin”. (2) The cultivated land ecological deficit areas in Jiangxi province are Nanchang City, Jiujiang City and Pingxiang City; ecological surplus areas are Yichun City, Ji’an City and eight other cities; and there is an obvious “Spatial Agglomeration” phenomenon in ecological deficit and ecological surplus areas where ecological deficit areas are mainly concentrated in the northwest region of Jiangxi. (3) The amount needed to attain fair ecological compensation for cultivated land is 5.2 times the payment amount for cultivated land; this indicated there is larger arable land, a favorable condition for agricultural cultivation, and better supply capacity of ecosystem services in most of the cities of Jiangxi. (4) The compensation amount for cultivated land ecological surplus areas in Jiangxi province is generally higher than the cost of ecological protection, and its proportion in GDP, fiscal revenue and agriculture-related expenditure is significantly higher than that in ecological deficit areas; this indicated that the compensation value of cultivated land could play the driving role in the protective behavior for cultivated land. The results provide a theoretical and methodological reference for the construction of horizontal ecological compensation standards for cultivated land. Full article
(This article belongs to the Section Environmental Ecology)
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12 pages, 293 KiB  
Article
Pricing Equity-Indexed Annuities under a Stochastic Dividend Model
by Yuanchuang Shan, Huisheng Shu and Haoran Yi
Mathematics 2023, 11(3), 603; https://doi.org/10.3390/math11030603 - 25 Jan 2023
Viewed by 1721
Abstract
In this paper, we examine the valuations of equity-indexed annuities (EIAs) when their reference stocks distribute stochastic dividends. Due to the fact that stocks typically pay dividends at discrete times after the payment dates are announced, pricing EIAs with dividends is deemed to [...] Read more.
In this paper, we examine the valuations of equity-indexed annuities (EIAs) when their reference stocks distribute stochastic dividends. Due to the fact that stocks typically pay dividends at discrete times after the payment dates are announced, pricing EIAs with dividends is deemed to be practically significant. We directly model the discrete dividend payments using the jump diffusion process with regime switching, and then determine the dynamics of the stock price. The equivalent martingale measure of fair valuation in incomplete markets is determined by employing the Esscher transform. Finally, the pricing formulas of several of the most common EIAs in the market under the stochastic dividend model are obtained. Our model incorporates and extends the present literature on EIAs with accurate and effective valuation methods. Full article
18 pages, 3011 KiB  
Article
Performance Evaluation and Cyberattack Mitigation in a Blockchain-Enabled Peer-to-Peer Energy Trading Framework
by Nihar Ranjan Pradhan, Akhilendra Pratap Singh, S. V. Sudha, K Hemanth Kumar Reddy and Diptendu Sinha Roy
Sensors 2023, 23(2), 670; https://doi.org/10.3390/s23020670 - 6 Jan 2023
Cited by 9 | Viewed by 2695
Abstract
With the electric power grid experiencing a rapid shift to the smart grid paradigm over a deregulated energy market, Internet of Things (IoT)-based solutions are gaining prominence, and innovative peer-to-peer (P2P) energy trading at a micro level is being deployed. Such advancement, however, [...] Read more.
With the electric power grid experiencing a rapid shift to the smart grid paradigm over a deregulated energy market, Internet of Things (IoT)-based solutions are gaining prominence, and innovative peer-to-peer (P2P) energy trading at a micro level is being deployed. Such advancement, however, leaves traditional security models vulnerable and paves the path for blockchain, a distributed ledger technology (DLT), with its decentralized, open, and transparency characteristics as a viable alternative. However, due to deregulation in energy trading markets, most of the prototype resilience regarding cybersecurity attack, performance and scalability of transaction broadcasting, and its direct impact on overall performances and attacks are required to be supported, which becomes a performance bottleneck with existing blockchain solutions such as Hyperledger, Ethereum, and so on. In this paper, we design a novel permissioned Corda framework for P2P energy trading peers that not only mitigates a new class of cyberattacks, i.e., delay trading (or discard), but also disseminates the transactions in a optimized propagation time, resulting in a fair transaction distribution. Sharing transactions in a permissioned R3 Corda blockchain framework is handled by the Advanced Message Queuing Protocol (AMQP) and transport layer security (TLS). The unique contribution of this paper lies in the use of an optimized CPU and JVM heap memory scenario analysis with P2P metric in addition to a far more realistic multihosted testbed for the performance analysis. The average latencies measured are 22 ms and 51 ms for sending and receiving messages. We compare the throughput by varying different types of flow such as energy request, request + pay, transfer, multiple notary, sender, receiver, and single notary. In the proposed framework, request is an energy asset that is based on payment state and contract in the P2P energy trading module, so in request flow, only one node with no notary appears on the vault of the node.Energy request + pay flow interaction deals with two nodes, such as producer and consumer, to deal with request and transfer of asset ownership with the help of a notary. Request + repeated pay flow request, on node A and repeatedly transfers a fraction of energy asset state to another node, B, through a notary. Full article
(This article belongs to the Special Issue Security, Privacy and Attack in Next Generation Networks)
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