Search Results (4,264)

The increasing penetration of renewable energy has created an urgent need for economically competitive large-scale energy storage technologies. Conventional economic evaluations mainly focus on lifecycle costs while neglecting market participation, revenue diversification, and investment uncertainty. This study proposes an integrated lifecycle economic assessment framework combining discounted cash flow (DCF) theory, lifecycle cost analysis, multi-market revenue modeling, and uncertainty analysis. A revenue-adjusted indicator, termed Net Levelized Cost of Storage (Net LCOS), is introduced to quantify the actual economic competitiveness of energy storage technologies by incorporating revenues from energy arbitrage, ancillary services, and capacity remuneration. The proposed framework is applied to three representative large-scale energy storage technologies: pumped hydro storage (PHS), compressed air energy storage (CAES), and battery energy storage (BES). The results show that PHS exhibits the lowest levelized cost of energy (LCOE) (0.519 RMB/kWh) and the strongest economic robustness owing to its long service life and superior capital amortization capability. Incorporating multi-market revenues substantially improves the economic performance of all storage technologies. BES exhibits the largest reduction in Net LCOS, whereas PHS maintains the lowest Net LCOS and the strongest overall economic competitiveness. Sensitivity analysis identifies conversion efficiency, capital investment, capacity remuneration, and operational utilization as the dominant determinants of storage economics. The proposed framework extends a comprehensive approach for comparing large-scale energy storage technologies by integrating lifecycle costs, market revenues, and uncertainties, supporting investment decisions and electricity market design. Full article

This paper examines the relationship between revenue diversification, profitability, and risk in European banks, with particular emphasis on the structural break induced by the COVID-19 shock. Using quarterly supervisory data from the European Banking Authority (EBA) over the period 2016Q1–2024Q4, we distinguish between pre- and post-pandemic regimes and estimate dynamic fixed-effects models that account for unobserved heterogeneity and persistence in bank performance. The results reveal a pattern consistent with regime dependence. Descriptive (quintile-based) comparisons suggest that banks with greater reliance on non-interest income tended to report higher profitability prior to COVID-19, although data limitations prevent us from confirming this pattern in a full multivariate regression for the pre-COVID subsample. In the post-COVID period, once bank and time fixed effects, persistence, and balance-sheet characteristics are properly controlled for, revenue diversification does not exert a statistically significant effect on either profitability or earnings volatility; this result is robust across bank fixed effects only, two-way (bank and time) clustered, and one-way (bank) clustered specifications. We show that diversification is systematically associated with differences in bank size, capitalization, and lending intensity, indicating that income structure is closely linked to underlying business model characteristics. These findings suggest that the observed diversification–performance relationship largely reflects cross-sectional heterogeneity rather than a stable causal effect. Overall, the evidence indicates that revenue diversification does not provide a consistent improvement in risk-adjusted performance in European banking. Instead, performance and risk dynamics are primarily driven by balance-sheet composition and persistence. The results highlight the importance of accounting for structural heterogeneity and macroeconomic regimes when evaluating the role of non-interest income in bank performance. Full article

Background: Manufacturing productivity increasingly depends on reliable interorganizational flows, yet supply chain disruptions can interrupt materials, information, finance, and efficient use of productive inputs. Although supply chain resilience is widely treated as a continuity capability, its relationship with firm-level total factor productivity remains insufficiently established. Methods: This study uses 22,509 firm-year observations for Chinese A-share listed manufacturing firms from 2009 to 2024. An entropy-weighted resilience index is constructed from adaptability, resistance, recovery capacity, human capital, institutional support. Firm-level revenue productivity is estimated using the Olley Pakes method, and the analysis employs fixed effects regressions, robustness tests, a two-step selection correction test, mechanism regressions, heterogeneity analysis, and dimension-specific tests. Results: Supply chain resilience is positively associated with firm-level total factor productivity, and this association remains robust to alternative productivity and resilience measures, sample restrictions, industry-by-year fixed effects, and selection correction. Resilience is also associated with lower financing constraints and investment inefficiency. The association is stronger for firms with higher managerial incentives, high-technology industries, and competitive markets, while recovery capacity is negatively associated with contemporaneous productivity. Conclusions: Supply chain resilience supports efficient resource utilization, but its productivity value depends on capability composition, timing, and efficient resilience investment rather than maximizing resilience resources. Full article

Mechanical treatment recovers combustible and recyclable fractions from mixed municipal solid waste (MSW), but full-scale performance is sensitive to front-end operation, line loading, and feedstock heterogeneity. This study examined material recovery trade-offs at a municipal mechanical treatment facility in Satun, Thailand. Four inverter-controlled regimes were assessed by adjusting the bag opener and trommel motor frequencies, giving measured line throughputs of 14.75, 13.45, 8.03, and 6.54 t·h⁻¹. Output was classified as refuse-derived fuel (RDF), residual waste, recyclables, and bulky/loss material, with composition-based indicators of stream cleanliness and leakage. Each regime was a single short trial on waste from a different collection vehicle, without replication or input homogenization; no statistical comparison is possible, and results are reported as preliminary observations rather than isolated effects of inverter frequency. RDF yield fell from 42.06% of input at the highest throughput to 18.12% at the lowest, whereas recyclable recovery peaked at 4.95% under an intermediate regime that also returned the highest gross revenue. Residual-disposal methane generation potential was 7.78% higher under the lowest-throughput regime than under business-as-usual. Three trade-offs emerged: throughput against selectivity, RDF quantity against cleanliness, and recovery against leakage. The findings help operators select front-end settings on multi-criteria indicators rather than throughput alone. Full article

In this paper, we formulate a new endogenous growth framework designed for the artificial intelligence era. We theorize AI as a hybrid production factor, possessing the non-rivalrous properties of public knowledge and the rivalrous constraints of computing power. By endogenizing the role of public finance, the model demonstrates that strategic government investment in digital infrastructure and AI-specialized human capital acts as a primary catalyst for the marginal productivity of private capital. We derive the Theorem of Digital Optimality, identifying the optimal allocation of tax revenue between physical hardware and intangible intelligence. Our findings suggest that in an AI-driven economy, public spending generates a significant crowding-in effect, shifting the private investment frontier upward. The model warns that failure to optimize these public inputs leads to digital secular stagnation, in which the lack of sovereign digital platforms bottlenecks private-sector innovation. Full article

The number, and types, of participants in an auction can meaningfully affect the outcome of the competition. In a complete-information, all-pay context, previous studies proved that in first-price auctions, if the auctioneer maximizes the total bid received, then under appropriate conditions on the bidders’ values, it may be optimal for them to exclude some participants, in particular the best ones. In this paper, we investigate whether the same principle can still hold with incomplete information. In the simplest context of independent and identically distributed values, by considering the symmetric Bayes–Nash Bidding Equilibrium, we show that this principle does not hold in all-pay auctions, whether in first- or second-price auctions, as the auctioneer would want to admit as many bidders as possible when maximizing the total bid. Exclusion of some bidders instead may be optimal if, in a first-price all-pay auction, the auctioneer maximizes the highest bid. Such findings exhibit an interesting duality with the complete-information case, since the opposite conclusions follow. Moreover, in a first-price, winner-only pays auction, including as many bidders as possible would be convenient for the auctioneer in terms of both maximizing the total bid and the first bid. Finally, a comparison of first-price all-pay auctions with winner-only pays auctions with incomplete information shows the following interesting relation: The total bid in all-pay auctions is equal to the highest bid in winner-only pays auctions and, by Revenue Equivalence, is also equal to the second-highest bid. Therefore, whether or not exclusion is profitable for the auctioneer depends upon the type of the auction, the goal of the auctioneer, and the information distribution among bidders and the auctioneer. Full article

Background: Progress toward universal health coverage in Central Asia depends on the interaction between public healthcare financing, broader social protection, and the fiscal capacity of the state. The region is analytically important because five post-Soviet health systems share a common institutional legacy while differing markedly in income, informality, migration dependence, and public financing arrangements. Methods: The study examines a country–year panel for Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan over 2015–2024. Fixed-effects estimates are treated as the principal benchmark. Two-step System Generalized Method of Moments estimates are retained only as sensitivity evidence because the cross-sectional dimension is very small (N = 5). Out-of-pocket expenditure as a share of current health expenditure represents household financial burden, while changes in general government debt measure macro-fiscal pressure. Results: In the reported models, higher social protection expenditure and higher domestic general government health expenditure are negatively associated with the out-of-pocket share. The fixed-effects coefficients are −1.245 and −3.810, respectively; the corresponding System GMM sensitivity estimates are −1.830 and −4.102. Combined social and health expenditure is positively associated with the debt ratio in the fiscal model. These findings are associations rather than causal effects. An illustrative scenario analysis shows that the estimated financing gap to a 5% of GDP public health benchmark varies substantially across countries and assumptions. Conclusions: The results are consistent with a dual-channel framework in which public financing can shift health risk away from households while creating fiscal pressure when revenue mobilization and expenditure efficiency do not adjust. Policy implications therefore concern the composition, targeting, and financing of expenditure rather than spending expansion alone. The limited sample, incomplete interpolation audit trail, and incomplete archived GMM diagnostics require cautious interpretation and motivate replication with household and subnational data. Full article

Protective net systems are increasingly used in Mediterranean apple orchards to mitigate climate-related production risks, yet their long-term agronomic and economic performance remains insufficiently documented. This study evaluated five protective net systems (black, grey, white, red, and yellow) and an uncovered control over six consecutive growing seasons (2020–2025) in a Mediterranean ‘Fuji’ apple orchard. Vegetative growth, reproductive development, yield, fruit quality, sunburn incidence, and economic performance were assessed under contrasting seasonal conditions. Yield ranged from 27 to 69 t ha⁻¹ and was strongly correlated with fruit number per tree (r = 0.90, p < 0.001), whereas net type did not significantly affect fruit number, mean fruit weight, or yield. Black nets reduced predicted sunburn incidence by 64% relative to the uncovered control (from 25.7% to 9.3%), promoted the greatest cumulative annual shoot growth (39.4 m tree⁻¹), and achieved the highest average final revenue among the evaluated treatments (€28,038 ha⁻¹ yr⁻¹). Under two assumed hail-damage scenarios (moderate and severe), estimated payback periods for the black net were 3.1 and 1.8 years, respectively. Overall, black nets combined the lowest predicted sunburn incidence, the greatest cumulative shoot growth, and the highest mean final revenue among the evaluated treatments, while yields remained comparable to the uncovered control, suggesting that they may represent a promising climate-adaptation strategy for Mediterranean ‘Fuji’ apple orchards. Full article

This paper examines how oil price cycles shape the composition of public spending in Kuwait, focusing on education in a rentier state where roughly 90% of government revenue derives from hydrocarbons. Using a newly reconstructed series of audited final-account expenditure covering 22 fiscal years (FY2002/03–FY2023/24), we document a pattern consistent with pervasive budget rigidity. Within a fiscal year, neither education’s expenditure share nor the growth gap between total and education spending shows any detectable association with oil rents Over 3-year horizons, total expenditure growth is associated with oil rents at roughly twice the elasticity of education spending (1.19 vs. 0.55), and this differential is associated with a compression of education’s share of approximately 0.06 percentage points per percentage point of oil rents (bootstrap p ≈ 0.009). The real-spending results are robust across synthetic deflators spanning CPI −1 to CPI +3 percentage points per year. Benchmarking against other wage-heavy ministries indicates that the pattern is general rather than education-specific: health, defense, and interior shares display comparable compression, and the combined wage-heavy bloc loses roughly 0.23 percentage points per percentage point of rents. Education-financing volatility in Kuwait thus appears largely structural, rooted in wage-anchored budget rigidity, and countercyclical fiscal rules with expenditure smoothing offer a route to more predictable investment. Full article

The deployment of grid-side independent energy storage stations (IESSs) is critical for managing the volatility introduced by high renewable energy penetration. However, investment in IESSs faces significant uncertainties, including fluctuating spot prices, policy changes, and equipment degradation, which traditional static valuation methods fail to address adequately. To bridge the gap between operational optimization and investment decision-making, this study proposes a novel framework integrating a mixed-integer linear programming (MILP) operational optimization model with the Black-Scholes-Merton Model (BSM). The MILP model explicitly incorporates capacity degradation, multi-market revenue structures and comprehensive cost expenditures. The BSM, with volatility estimated via Monte Carlo simulation, quantifies the value of delaying investment under different policy scenarios. Results indicate that capacity price subsidies provide superior early-stage cash flow relief compared to tax incentives, and their combination yields a synergistic effect, increasing the maximum tolerable electricity price decline rate from 4.08% to 8.88%. Furthermore, in pessimistic scenarios, the real options approach identifies positive returns (up to 8.02 million CNY) from delayed investment, whereas the net present value method would suggest immediate rejection. Sensitivity analysis reveals that construction cost and frequency control mileage are the most influential factors. This framework offers a robust quantitative tool for IESS investment timing and regional policy design. Full article

Forest cover conditions in Tanzania remain predominantly negative, with significant implications for biodiversity, rural livelihoods, and climate stability. Despite national forest management policies, traceability systems, afforestation programs, REDD+ initiatives, and the National Carbon Monitoring Centre, forest conditions continue to deteriorate. Naturally regenerating forests declined to 42.8 million hectares in 2025, while annual deforestation rose to approximately 469 thousand hectares in the post-2015 period. Fire disturbances remain evident, with around 4014 hectares burned in 2025, and forest growing stock declined to 3143 million m³. Existing studies largely attribute these trends to agricultural expansion, population pressure, and charcoal dependence, while the role of fiscal policy has received limited empirical attention. This study addresses this gap by examining the relationship between fiscal policy and forest cover conditions in Tanzania from 2001 to 2024 using a VAR framework. The results indicate that increases in government development expenditure are associated with short-run improvements in forest cover conditions, suggesting that public investment can contribute to positive environmental outcomes, while balanced budget condition is associated with more stable improvements. These findings point to strengthened domestic revenue systems, greater fiscal discipline, and closer alignment of public expenditure with environmental objectives as relevant areas for further policy attention. Full article

Over the last few years, TikTok has become one of the most notable social networking apps, allowing users to upload videos with the possibility of gaining popularity. This has given rise to the emergence of influencers native to the platform. While Global North–focused TikTok studies have empirically examined the media economics of this platform in various capacities, emerging markets have experienced a research dearth in this regard. To understand the strategies they employ to monetize, as well as the challenges they face in generating revenue, this study interviewed 23 Nigerian TikTok influencers between the ages of 19 and 26. We find that Nigerian TikTok influencers rely on a mixture of brand partnerships, sponsored promotions, referral systems, cross-platform visibility, collaborative growth strategies, and account-region bypass to generate income within a platform environment that offers limited direct monetization opportunities to creators. The findings further show that influencer labour in the Nigerian context is shaped by unstable payment systems, algorithmic dependence, brand distrust, and the constant pressure to remain visible and relevant. Beyond economic concerns, the study reveals that creators experience emotional strain arising from online harassment, body shaming, and the psychological demands of continuous self-presentation. Full article

Digital and intelligent fresh-product supply chains increasingly rely on third-party logistics providers (TPLs) to record and disclose transport-process information. However, the TPL bears data-collection and digital-governance costs while capturing only part of the market value created by credible disclosure. This study develops a supplier-led Stackelberg game for a supplier–TPL–retailer supply chain. Contractual terms are negotiated before operation. Conditional on the negotiated contract, the supplier sets the wholesale price, the TPL selects the disclosure level, and the retailer determines the retail price. We derive decentralized equilibria under blockchain and non-blockchain regimes and compare cost-sharing and joint cost-sharing/revenue-sharing contracts. The results show that cost-sharing increases the TPL’s optimal disclosure level, but disclosure upgrades occur through discrete threshold jumps. Blockchain adoption depends jointly on fixed implementation costs and reliability improvements, and cost-sharing alone may not ensure both adoption and high-level disclosure. Introducing revenue-sharing allows the TPL to internalize part of the demand-side value generated by credible disclosure, leading to a Pareto-improving coordination interval for all supply-chain members. The findings provide a mathematical basis for designing incentive-compatible contracts for blockchain-enabled disclosure in digital fresh product supply chains. Full article

This study examines the effect of institutional quality on tax revenue mobilization in 10 selected Sub-Saharan African (SSA) countries spanning from 2002 to 2023. The period was chosen because it captures a significant era of fiscal and institutional reforms across Sub-Saharan Africa. The data explored in this study originate from the World Development Indicators (WDI) dataset. The data includes tax revenue mobilization, institutional quality components such as regulatory quality (REQ), voice and accountability (VOA), control of corruption (COC), rule of law (ROL) and government effectiveness (GOE) and political stability (POS). The study also explored some other control variables such as GDP Growth, macroeconomic stability (Inflation) and international economic integration (FDI Inflows and Trade Openness). The study explored total tax revenue as a percentage of GDP to proxy tax revenue mobilization. Utilizing a Pooled Mean Group (PMG) Autoregressive Distributed Lag (ARDL) estimation technique, the study analyzes the distinct short-run and long-run dynamics of fiscal capacity. The empirical results reveal a robust long-run cointegrating relationship, evidenced by a statistically significant and negative Error Correction Term (ECT) of −0.1858, which suggests that an 18.6% annual deviation from equilibrium is corrected within the following year. The long-run estimates indicate that institutional quality is a pivotal catalyst for tax. Additionally, inflation and trade openness exhibit significant and positive long-run effects, while Foreign Direct Investment (FDI) exerts a significant damping effect on tax revenue, likely due to aggressive tax incentives. Conversely, the short-run results revealed a significant effect of institutional quality, which suggests that stricter regulations and administrative overhauls may cause immediate transition costs and compliance shocks. Robustness checks using disaggregated institutional quality indicators, which include control of corruption, rule of law and government effectiveness, consistently validate the primary findings. The study concludes that while institutional reforms may disrupt revenue collection in the short term, they are indispensable for building a sustainable long-term social contract and expanding the formal base. Policymakers should prioritize institutional transparency and trade integration while rationalizing FDI-related tax holidays. Full article

With the rapid development of digital technologies, hardware products in two-sided platforms are continuously upgraded, creating challenges for the economic and operational sustainability of platform ecosystems. Platforms must address not only consumers’ strategic waiting behavior but also horizontal seller competition when making pricing decisions. To stimulate consumption and promote product upgrading, governments have introduced subsidy programs for end consumers. This paper develops a two-period dynamic game model involving the government, a monopolistic two-sided platform, buyers, and sellers to examine the effects of three subsidy schemes—no subsidy, consumption subsidy, and trade-in subsidy—on platform pricing, market equilibrium, and social welfare. The results show that: Consumption subsidies intensify buyers’ strategic waiting behavior, reduce current demand for original products, and exacerbate seller competition; as seller competition weakens, platforms reduce product prices and increase seller commissions under all subsidy schemes; and the trade-in subsidy effectively promotes product upgrading and avoids demand cannibalization while maximizing social welfare and generating the highest platform profit and seller surplus, thereby aligning the government’s welfare objective with stakeholder participation incentives and supporting the sustainable operation of the platform. This study enriches the literature on revenue management and two-sided markets. The findings provide theoretical support for platforms’ intertemporal pricing decisions and offer policy implications for designing economically sustainable government subsidy programs for hardware products in two-sided platforms. Full article