Re-imagining China's future : soft power, cultural presence and the East Asian media market

As various contributors to this volume suggest, the term soft power is multifaceted. In 2002 Joseph Nye, the political scientist who coined the term more than a decade previously, noted that the soft power of a country rests on three resources: a country’s culture, its political values, and its foreign policies (Nye 2002). However, several factors can be drawn together to explain China’s adoption of this concept. First, China’s economic influence has precipitated a groundswell of nationalism, which reached its apex at the Opening Ceremony of the 2008 Beijing Olympics. This global media event provided an international platform to demonstrate China’s new found self-confidence. Second, cultural diplomacy and foreign aid, particularly through Third World channels is seen by the Chinese Communist Party leadership as an appropriate way to extend Chinese influence globally (Kurlantzick 2007). Third, education in Chinese culture through globally dispersed Confucius Institutes is charged with improving international understanding of Chinese culture and values, and in the process renovating negative images of China. Fourth, the influence of Japanese and Korean popular culture on China’s youth cultures in recent years has caused acute discomfit to cultural nationalists. Many contend it is time to stem the tide. Fifth, the past few years have witnessed a series of lively debates about the importance of industries such as design, advertising, animation and fashion, resulting in the construction of hundreds of creative clusters, animation centres, film backlots, cultural precincts, design centres and artist lofts.

Analysing the effect of digital technology on channel strategy, power and disintermediation in the home video market : the demise of the video store?

The antecedents of channel power (e.g. El-Ansary and Stern, 1972) and the impact of channel structure ( e.g. Anderson and Narus,1984) on channel dynamics have long been important topics within the channel literature. In addition to the theoretical and methodological contributions, research in these areas has helped channel managers to understand how power is generated and used in coordinating distribution strategies in different contexts. The study presented in this paper builds upon these previous literatures, which are first briefly reviewed below.

Securities market regulators’ use of the ‘please explain’ queries sanction and its power of compliance

The aim of this study is to investigate the compliance impact of price queries issued by a securities market operator to its participating firms. Market operators in Australia and New Zealand, such as the Australian Securities Exchange and the New Zealand Securities Exchange, have the regulatory power in their rules to issue queries to its market participants to explain unusual fluctuations in trading price or volume in the market. The operator will issue a price query where it believes that the market has not been fully informed as to price relevant information. Responsive regulation has informed much of the regulatory debate in securities laws in our region. We posit that price queries are one strategy that a market operator can use in communicating its enforcement expectations to its stakeholder. However, whilst responsive regulation informs regulatory choices, an alternate view seeks to explain why participants respond to these regulatory strategies, and we use disclosure behaviour after price queries to test compliance behaviour

Addressing the technical and market challenges to high wind power integration in Ireland

Over the last decade there has been a rapid global increase in wind power stimulated by energy and climate policies. However, as wind power is inherently variable and stochastic over a range of time scales, additional system balancing is required to ensure system reliability and stability. This paper reviews the technical, policy and market challenges to achieving ambitious wind power penetration targets in Ireland’s All-Island Grid and examines a number of measures proposed to address these challenges. Current government policy in Ireland is to address these challenges with additional grid reinforcement, interconnection and open-cycle gas plant. More recently smart grid combined with demand side management and electric vehicles have also been presented as options to mitigate the variability of wind power. In addition, the transmission system operators have developed wind farm specific grid codes requiring improved turbine controls and wind power forecasting techniques.

Offshore wind power forecasting error and electricity market implications

Wind energy has been identified as key to the European Union’s 2050 low carbon economy. However, as wind is a variable resource and stochastic by nature, it is difficult to plan and schedule the power system under varying wind power generation. This paper investigates the impacts of offshore wind power forecast error on the operation and management of a pool-based electricity market in 2050. The impact of the magnitude and variance of the offshore wind power forecast error on system generation costs, emission costs, dispatch-down of wind, number of start-ups and system marginal price is analysed. The main findings of this research are that the magnitude of the offshore wind power forecast error has the largest impact on system generation costs and dispatch-down of wind, but the variance of the offshore wind power forecast error has the biggest impact on emissions costs and system marginal price. Overall offshore wind power forecast error variance results in a system marginal price increase of 9.6% in 2050.

Impact of offshore wind power forecast error in a carbon constraint electricity market

This paper investigates the impacts of offshore wind power forecast error on the operation and management of a pool-based electricity market in 2050. The impact from offshore wind power forecast errors of up to 2000 MW on system generation costs, emission costs, dispatch-down of wind, number of start-ups and system marginal price are analysed. The main findings of this research are an increase in system marginal prices of approximately 1% for every percentage point rise in the offshore wind power forecast error regardless of the average forecast error sign. If offshore wind power generates less than forecasted (−13%) generation costs and system marginal prices increases by 10%. However, if offshore wind power generates more than forecasted (4%) the generation costs decrease yet the system marginal prices increase by 3%. The dispatch down of large quantities of wind power highlights the need for flexible interconnector capacity. From a system operator's perspective it is more beneficial when scheduling wind ahead of the trading period to forecast less wind than will be generated.

Testing of a Market Fraction Model and Power-law Behaviour in the DAX 30

This paper tests a simple market fraction asset pricing model with heterogeneous
agents. By selecting a set of structural parameters of the model through a systematic procedure, we show that the autocorrelations (of returns, absolute returns and squared returns) of the market fraction model share the same pattern as those of the DAX 30. By conducting econometric analysis via Monte Carlo simulations, we characterize these power-law behaviours and find that estimates of the power-law decay indices, the (FI)GARCH parameters, and the tail index of the selected market fraction model closely match those of the DAX 30. The results strongly support the explanatory power of the heterogeneous agent models.

Efficiency assessment of electricity power generation on Ireland’s Single Electricity Market by Data Envelopment Analysis

The efficiency of generation plants is an important measure for evaluating the operating performance. The objective of this paper is to evaluate electricity power generation by conducting an All-Island-Generator-Efficiency-Study (AIGES) for the Republic of Ireland and Northern Ireland by utilising a Data Envelopment Analysis (DEA) approach. An operational performance efficiency index is defined and pursued for the year 2008. The economic activities of electricity generation units/plants examined in this paper are characterized by numerous input and output indicators. Constant returns to scale (CRS) and variable returns to scale (VRS) type DEA models are employed in the analysis. Also a slacks based analysis indicates the level of inefficiency for each variable examined. The findings from this study provide a general ranking and evaluation but also facilitate various interesting efficiency comparisons between generators by fuel type.

Revisiting the relationship between marketing capabilities and firm performance: The moderating role of market orientation, marketing strategy and organisational power

This paper extends original insights of resource-advantage theory (Hunt & Morgan, 1995) to a specific analysis of the moderators of the capabilities-performance relationship such as market orientation, marketing strategy and organizational power. Using established measures and a representative sample of UK firms drawn from Verhoef and Leeflang’s data (2009), our study tests new hypotheses to explain how different types of marketing capabilities contribute to firm performance. The application of resource-advantage theory advances theorising on both marketing and organisational antecedents of firm performance and the causal mechanisms by which competitive advantage is generated.

Virtual power producers market strategies

This paper presents MASCEM - a multi-agent based electricity market simulator. MASCEM uses game theory, machine learning techniques, scenario analysis and optimisation techniques to model market agents and to provide them with decision-support. This paper mainly focus on the MASCEM ability to provide the means to model and simulate Virtual Power Producers (VPP). VPPs are represented as a coalition of agents, with specific characteristics and goals. The paper detail some of the most important aspects considered in VPP formation and in the aggregation of new producers and includes a case study.

Multi-agent electricity market simulation with dynamic strategies & virtual power producers

Distributed energy resources will provide a significant amount of the electricity generation and will be a normal profitable business. In the new decentralized grid, customers will be among the many decentralized players and may even help to co-produce the required energy services such as demand-side management and load shedding. So, they will gain the opportunity to be more active market players. The aggregation of DG plants gives place to a new concept: the Virtual Power Producer (VPP). VPPs can reinforce the importance of these generation technologies making them valuable in electricity markets. In this paper we propose the improvement of MASCEM, a multi-agent simulation tool to study negotiations in electricity spot markets based on different market mechanisms and behavior strategies, in order to take account of decentralized players such as VPP.

MASCEM - an electricity market simulator providing coalition support for virtual power players

This paper presents MASCEM - a multi-agent based electricity market simulator. MASCEM uses game theory, machine learning techniques, scenario analysis and optimization techniques to model market agents and to provide them with decision-support. This paper mainly focus on the MASCEM ability to provide the means to model and simulate Virtual Power Players (VPP). VPPs are represented as a coalition of agents, with specific characteristics and goals. The paper details some of the most important aspects considered in VPP formation and in the aggregation of new producers and includes a case study based on real data.

Effect of market-driven minigrids on the frequency stabilization process of isolated middle-sized power grids

Neueste Entwicklungen in Technologien für dezentrale Energieversorgungsstrukturen, erneuerbare Energien, Großhandelsenergiemarkt, Mini- und Mikronetze, verteilte Intelligenz, sowie Informations- und Datenübertragungstechnologien werden die zukünftige Energiewelt maßgeblich bestimmen. Die derzeitigen Forschungsbemühungen zur Vernutzung aller dieser Technologien bilden die Voraussetzungen für ein zukünftiges, intelligentes Stromnetz. Dieses neue Konzept gründet sich auf die folgenden Säulen: Die Versorgung erfolgt durch dezentrale Erzeugungsanlagen und nicht mehr durch große zentrale Erzeuger; die Steuerung beeinflusst nicht mehr allein die Versorgung sondern ermöglich eine auch aktive Führung des Bedarf; die Eingabeparameter des Systems sind nicht mehr nur mechanische oder elektrische Kenngrößen sondern auch Preissignale; die erneuerbaren Energieträger sind nicht mehr nur angeschlossen, sondern voll ins Energienetz integriert. Die vorgelegte Arbeit fügt sich in dieses neue Konzept des intelligenten Stromnetz ein. Da das zukünftige Stromnetz dezentral konfiguriert sein wird, ist eine Übergangsphase notwendig. Dieser Übergang benötigt Technologien, die alle diese neue Konzepte in die derzeitigen Stromnetze integrieren können. Diese Arbeit beweist, dass ein Mininetz in einem Netzabschnitt mittlerer Größe als netzschützende Element wirken kann. Hierfür wurde ein neues Energiemanagementsystem für Mininetze – das CMS (englisch: Cluster Management System) – entwickelt. Diese CMS funktioniert als eine von ökonomischorientierte Betriebsoptimierung und wirkt wie eine intelligente Last auf das System ein, reagierend auf Preissignale. Sobald wird durch eine Frequenzsenkung eine Überlastung des Systems bemerkt, ändert das Mininetz sein Verhalten und regelt seine Belastung, um die Stabilisierung des Hauptnetzes zu unterstützen. Die Wirksamkeit und die Realisierbarkeit des einwickelten Konzept wurde mit Hilfe von Simulationen und erfolgreichen Laborversuchen bewiesen.