The Impact of Emissions Trading on the Price of Electricity in Nord Pool : Market Power and Price Determination in the Nordic Electricity Market

The objective of this thesis is to find out how dominant firms in a liberalised electricity market will react when they face an increase in the level of costs due to emissions trading, and how this will effect the price of electricity. The Nordic electricity market is chosen as the setting in which to examine the question, since recent studies on the subject suggest that interaction between electricity markets and emissions trading is very much dependent on conditions specific to each market area. There is reason to believe that imperfect competition prevails in the Nordic market, thus the issue is approached through the theory of oligopolistic competition. The generation capacity available at the market, marginal cost of electricity production and seasonal levels of demand form the data based on which the dominant firms are modelled using the Cournot model of competition. The calculations are made for two levels of demand, high and low, and with several values of demand elasticity. The producers are first modelled under no carbon costs and then by adding the cost of carbon dioxide at 20€/t to those technologies subject to carbon regulation. In all cases the situation under perfect competition is determined as a comparison point for the results of the Cournot game. The results imply that the potential for market power does exist on the Nordic market, but the possibility for exercising market power depends on the demand level. In season of high demand the dominant firms may raise the price significantly above competitive levels, and the situation is aggravated when the cost of carbon dioixide is accounted for. Under low demand leves there is no difference between perfect and imperfect competition. The results are highly dependent on the price elasticity of demand.

The Shawlies: A study of early neoliberal ‘gender-fication’. The Street Trading Act, 1926, modern gender-fication, and the implications for Cork’s women street traders

For centuries Cork’s Shawlies, working-class women, survived by trading on public streets. My study explores how the first Irish Free State government, and Cork’s local authority, limited the rights of poor women to earn by subsistence trading with The Street Trading Act, 1926. The government insisted this would regulate street trading. In practice it further marginalised the women economically and socially, containing them outside the privileged, commercial city centre. In Cork the legislation facilitated the gradual disappearance of the Shawlies amid entrenched social processes and relations, contingencies that allowed for the abuse of their rights in the service of amalgamated business interests. This study address the role of discourses in deepening this marginalisation. My theoretical framework is designed to demonstrate how a seemingly innocuous piece of legislation would, in practice, do this. I set out the concepts of ‘Thriving State’, ‘Prosperous State’, and state of ‘Best Intentions’ that uses gentrification to meet these goals. The existing knowledge on women in trade is then examined, highlighting the gaps in what is known about the Shawlies. Chapter 3 details the theory behind my genealogical method. The legislation, debate, and other data produced at the national level is then examined, before moving to the local data. Chapter 6 is devoted to the Shawlies, setting their stories in the larger context of the debates. An examination of studies of contemporary women street traders in poor nations follows, along with a brief history of the decline of street trading in New York city under gentrification. Points of convergence between that process and the one in Cork are identified, along with convergences between contemporary traders and the Shawlies. The conclusion sets out my methodological, theoretical and substantive discoveries, and comments on current nostalgic renderings of the Shawlies in Cork’s newly gentrified Corn Market Street.

First comprehensive peat depositional records for tin, lead and copper associated with the antiquity of Europe's largest cassiterite deposits

Tin, as a constituent of bronze, was central to the technological development of early societies, but cassiterite (SnO2) deposits were scarce and located distantly from the centres of Mediterranean civilizations. As Britain had the largest workable ore deposits in the ancient Western world, this has led to much historical speculation and myth regarding the long-distance trading of tin from the Bronze Age onwards. Here we establish the first detailed chronology for tin, along with lead and copper deposition, into undisturbed ombrotrophic (rain-fed) peat bogs located at Bodmin Moor and Dartmoor in the centre of the British tin ore fields. Sustained elevated tin deposition is demonstrated clearly, with peaks occurring at 100-400 and 700-1000 calendar years AD - contemporaneous with the Roman and Anglo-Saxon periods respectively. While pre-Roman Iron Age tin exploitation undoubtedly took place, it was on a scale that did not result in convincingly enhanced deposition of the metal. The deposition of lead in the peat record provides evidence of a pre-Roman metal-based economy in southwest Britain. Emerging in the 4th century BC, this was centred on copper and lead ore processing that expanded exponentially and then collapsed upon Roman colonization during the 1st century AD. (C) 2011 Elsevier Ltd. All rights reserved.

Top trading with fixed tie-breaking in markets with indivisible goods

We study markets with indivisible goods where monetary compensations are not possible. Each individual is endowed with an object and a preference relation over all objects. When preferences are strict, Gale's top trading cycle algorithm finds the unique core allocation. When preferences are not necessarily strict, we use an exogenous profile of tie-breakers to resolve any ties in individuals' preferences and apply Gale's top trading cycle algorithm for the resulting profile of strict preferences. We provide a foundation of these simple extensions of Gale's top trading cycle algorithm from strict preferences to weak preferences. We show that Gale's top trading cycle algorithm with fixed tie-breaking is characterized by individual rationality, strategy-proofness, weak efficiency, non-bossiness, and consistency. Our result supports the common practice in applications to break ties in weak preferences using some fixed exogenous criteria and then to use a 'good and simple' rule for the resulting strict preferences. This reinforces the market-based approach even in the presence of indifferences because always competitive allocations are chosen.

A Comparative Study Of The Organisation And Management Of Notihed Markets In Bangladesh With The Organisation And Management Of Regulated Markets In West Bengal India

For improving agricultural marketing, which has been discussed in the previous chapter, the Government has intervened in different ways. The direct regulatory role through the regulation of markets and market practices is one of the ways in which governmental intervention can improve agricultural marketing. This study is an enquiry of the direct regulatory role of the government through regulation of markets and market practices. By restructuring the operational methods and redesigning the existing physical markets, this system gives direct benefit to the cultivating class and protects them from the market manipulations of organised and powerful private traders. If traders do not continue their trade for the time being they will not be affected financially, because they are resourceful or financially solvent. On the other hand, Cultivators must sell their produce immediately after harvesting for the lack of additional facilities or to satisfy other needs for which finance is required. Another important reason is that Cultivators/farmers are not organised and because of lack of their organisation, they sell their produces individually. In this situation, a farmer is helpless when astute traders indulge in manipulations at the time of purchase of the produces. So it is the government's obligation to protect the interest of the farmers. Protection of the farmer/cultivator is necessary not only from the point of social justice but also from that of economic growth. If the farmers are assured of a remunerative or incentive price for their produce, they will get the inspiration to produce more and through more production, economy will be developed and the nation as a whole will be benefitted. This study will examine the management system of the markets through the direct regulatory role played by the governments to control markets and market practices in West Bengal and Bangladesh.

Changes in injury-related hospital emergency department presentations associated with the imposition of regulatory versus voluntary licensing conditions on licensed venues in two cities

Introduction and Aims
Regulatory and collaborative intervention strategies have been developed to reduce the harms associated with alcohol consumption on licensed venues around the world, but there remains little research evidence regarding their comparative effectiveness. This paper describes concurrent changes in the number of night-time injury-related hospital emergency department presentations in two cities that implemented either a collaborative voluntary approach to reducing harms associated with licensed premises (Geelong) or a regulatory approach (Newcastle).

Design and Methods
This paper reports findings from Dealing with Alcohol-Related problems in the Night-Time Economy project. Data were drawn from injury-specific International Classification of Disease, 10th Revision codes for injuries (S and T codes) presenting during high-alcohol risk times (midnight—5.59 am, Saturday and Sunday mornings) at the emergency departments in Geelong Hospital and Newcastle (John Hunter Hospital and the Calvary Mater Hospital), before and after the introduction of licensing conditions between the years of 2005 and 2011. Time-series, seasonal autoregressive integrated moving average analyses were conducted on the data obtained from patients' medical records.

Results
Significant reductions in injury-related presentations during high-alcohol risk times were found for Newcastle since the imposition of regulatory licensing conditions (344 attendances per year, P < 0.001). None of the interventions deployed in Geelong (e.g. identification scanners, police operations, radio networks or closed-circuit television) were associated with reductions in emergency department presentations.

Discussion and Conclusions
The data suggest that mandatory interventions based on trading hours restrictions were associated with reduced emergency department injury presentations in high-alcohol hours than voluntary interventions. [Miller P, Curtis A, Palmer D, Busija L, Tindall J, Droste N, Gillham K, Coomber K, Wiggers J. Changes in injury-related hospital emergency department presentations associated with the imposition of regulatory versus voluntary licensing conditions on licensed venues in two cities. Drug Alcohol Rev 2014]*

From colonialist to infidel : framing the enemy in Southern Thailand's 'cosmic war'

In the 1970s secessionists in Southern Thailand described the Thai state as "colonialist" constituted by "Siamese fascist officials"1 who had "illegally colonised Patani". The flavour of this discourse shows the importance of historical context in shaping the way resistance movements interpret their own struggles. In the case of the resistances groups in Southern Thailand, it reflects the influence of the wider international anti-colonial movement and its embrace of nationalism and socialism. Translating these concepts into a political agenda was complicated by the centrality of Islam in defining the grievances of the Patani Muslims. Islam was the reason they were considered marginal by wider Buddhist society and hence it was Islam that become a core identity marker and the fulcrum upon which the resistance movement grew. Merging the predominately secular themes of anti-colonialism with Islam was complex, and as a result for much of its existence the insurgency failed to define clearly an ideology beyond the general maxim of 'liberating the homeland' to create the Republic of Patani. By the onset of the twenty first century situation had changed and although the goal remained the same for many Thai Muslims it was based on firmer ontological ground. By defining itself in Islamist terms, the separatist movement managed to distance itself from the secular concepts that defined the Thai state ('nationalism') and which precluded support for its struggle from other states ('sovereignty'). The objective now is the creation of Al Fatoni Darussalam (Islamic Land of Patani) by "purging all Siamese infidels out of our territory to purify our religion and culture"2 (HRW, 2007: 45). In short, the shift in terminology indicates an ideological shift in the way the insurgents frame the conflict but also, more importantly, in their identification of the 'enemy'. 3 The 'liberation of the Republic' has now evolved into a 'struggle to liberate an Islamic Land'. From being a 'colonialist' and 'fascist' state, the Thai state has assumed the status of 'infidel'. The insurgents' embrace of Islamism as the organising principle of their resistance is progressively transforming the conflict into what Juergensmeyer has called a 'Cosmic War' (Juergensmeyer, 2003). This paper will further explore this ideological shift by analysing for the first time primary sources such as propaganda leaflets, interviews and insurgent interrogation reports that were collected during recent fieldwork in Southern Thailand between 2006 and 2008.

Citizens and the future of multilateralism in a polycentric world at 2030: the perspectives of emerging countries for the trading system: the impasse of WTO, the trends of mega agreements, the logic of value chains and the advent of consumers concerns on international trade

A new paradigm is modeling the World: evolutionary innovations in all fronts, new information technologies, huge mobility of capital, use of risky financial tools, globalization of production, new emerging powers and the impact of consumer concerns on governmental policies. These phenomena are shaping the World and forcing the advent of a new World Order in the Multilateral Monetary, Financial, and Trading System. The effects of this new paradigm are also transforming global governance. The political and economic orders established after the World War and centered on the multilateral model of UN, IMF, World Bank, and the GATT, leaded by the developed countries, are facing significant challenges. The rise of China and emerging countries shifted the old model to a polycentric World, where the governance of these organizations are threatened by emerging countries demanding a bigger participation in the role and decision boards of these international bodies. As a consequence, multilateralism is being confronted by polycentrism. Negotiations for a more representative voting process and the pressure for new rules to cope with the new demands are paralyzing important decisions. This scenario is affecting seriously not only the Monetary and Financial Systems but also the Multilateral Trading System. International trade is facing some significant challenges: a serious deadlock to conclude the last round of the multilateral negotiation at the WTO, the fragmentation of trade rules by the multiplication of preferential and mega agreements, the arrival of a new model of global production and trade leaded by global value chains that is threatening the old trade order, and the imposition of new sets of regulations by private bodies commanded by transnationals to support global value chains and non-governmental organizations to reflect the concerns of consumers in the North based on their precautionary attitude about sustainability of products made in the World. The lack of any multilateral order in this new regulation is creating a big cacophony of rules and developing a new regulatory war of the Global North against the Global South. The objective of this paper is to explore how these challenges are affecting the Tradinge System and how it can evolve to manage these new trends.

Trading with Mexico

Mode of access: Internet.

Directory of companies filing annual reports with the Securities and Exchange Commission under the Securities Exchange Act of 1934.

Mode of access: Internet.

Noise and the trading mechanism:the case of SETS

On 20 October 1997 the London Stock Exchange introduced a new trading system called SETS. This system was to replace the dealer system SEAQ, which had been in operation since 1986. Using the iterative sum of squares test introduced by Inclan and Tiao (1994), we investigate whether there was a change in the unconditional variance of opening and closing returns, at the time SETS was introduced. We show that for the FTSE-100 stocks traded on SETS, on the days following its introduction, there was a widespread increase in the volatility of both opening and closing returns. However, no synchronous volatility changes were found to be associated with the FTSE-100 index or FTSE-250 stocks. We conclude therefore that the introduction of the SETS trading mechanism caused an increase in noise at the time the system was introduced.

Efficiency and the trading system:The case of SETSmm

This paper studies the impact that a change from a dealer system to a market-maker supported auction system has on market quality. We study the impact that the introduction of SETSmm at the London Stock Exchange had on firm value, price efficiency and liquidity. We discover a small SETSmm return premium associated with the announcement that securities are to migrate to the new trading system. Moreover, securities that migrate to SETSmm are characterized by improvements to liquidity and pricing efficiency. We find that these changes are related to the return premium.

The effects of non-trading on the illiquidity ratio

Using a simulation analysis we show that non-trading can cause an overstatement of the observed illiquidity ratio. Our paper shows how this overstatement can be eliminated with a very simple adjustment to the Amihud illiquidity ratio. We find that the adjustment improves the relationship between the illiquidity ratio and measures of illiquidity calculated from transaction data. Asset pricing tests show that without the adjustment, illiquidity premia estimates can be understated by more than 17% for NYSE securities and by more than 24% for NASDAQ securities.

KNOWING THE ENEMY: NAZI FOREIGN INTELLIGENCE IN WAR, HOLOCAUST, AND POSTWAR

“Knowing the Enemy: Nazi Foreign Intelligence in War, Holocaust and Postwar,” reveals the importance of ideologically-driven foreign intelligence reporting in the wartime radicalization of the Nazi dictatorship, and the continued prominence of Nazi discourses in postwar reports from German intelligence officers working with the U.S. Army and West German Federal Intelligence Service after 1945. For this project, I conducted extensive archival research in Germany and the United States, particularly in overlooked and files pertaining to the wartime activities of the Reichssicherheitshauptamt, Abwehr, Fremde Heere Ost, Auswärtiges Amt, and German General Staff, and the recently declassified intelligence files pertaining to the postwar activities of the Gehlen Organization, Bundesnachrichtendienst, and Foreign Military Studies Program. Applying the technique of close textual analysis to the underutilized intelligence reports themselves, I discovered that wartime German intelligence officials in military, civil service, and Party institutions all lent the appearance of professional objectivity to the racist and conspiratorial foreign policy beliefs held in the highest echelons of the Nazi dictatorship. The German foreign intelligence services’ often erroneous reporting on Great Britain, the Soviet Union, the United States, and international Jewry simultaneously figured in the radicalization of the regime’s military and anti-Jewish policies and served to confirm the ideological preconceptions of Hitler and his most loyal followers. After 1945, many of these same figures found employment with the Cold War West, using their “expertise” in Soviet affairs to advise the West German Government, U.S. Military, and CIA on Russian military and political matters. I chart considerable continuities in personnel and ideas from the wartime intelligence organizations into postwar West German and American intelligence institutions, as later reporting on the Soviet Union continued to reproduce the flawed wartime tropes of innate Russian military and racial inferiority.

Sandwich complexes of naphthalocyanine with the rare earth metals

Over the past two decades and in particular the past five years, numerous sandwich-type rare earth complexes containing naphthalocyanine ligands have been synthesized. The more extended delocalized π-electron system of naphthalocyanine in comparison with phthalocyanine generates unique physical, spectroscopic, electrochemical and photoelectrochemical properties which have aroused significant research interest in these compounds. This review summarizes recent progress in research on this important class of molecular materials and overviews the current status of the field.