Assuming that oil price follows the stochastic processes of Geometric Brownian Motion （GBM） or the Mean-Reverting Process （MRP）, this paper takes the net present value （NPV） as an economic index and models the P...Assuming that oil price follows the stochastic processes of Geometric Brownian Motion （GBM） or the Mean-Reverting Process （MRP）, this paper takes the net present value （NPV） as an economic index and models the PSC in 11 different scenarios by changing the value of each contract element （i.e. royalty, cost oil, profit oil as well as income tax）. Then the NPVs are shown in probability density graphs to investigate the effect of different elements on contract economics. The results show that under oil price uncertainty the influence of profit oil and income tax on NPV are more significant than those of royalty and cost oil, while a tax holiday could improve the contractor＇s financial status remarkably. Results also show that MRP is more appropriate for cases with low future oil price volatility, and GBM is best for high future oil price volatility.展开更多
Production sharing contracts have been used in the development of China’s offshore petroleum resources since 1982, but the mechanism in which the fiscal terms impact project economics is complicated and not well unde...Production sharing contracts have been used in the development of China’s offshore petroleum resources since 1982, but the mechanism in which the fiscal terms impact project economics is complicated and not well understood. The purpose of this paper is to model China’s offshore production sharing contracts using a probabilistic approach. Cash flows and economic indicators are used for a typical offshore oilfield development, and meta-models are constructed to analyze the basic features of the fiscal system. Applications of the models in contract negotiation are discussed.展开更多
Celiac disease, gluten sensitivity and gluten intolerance are health conditions that require consumers to avoid their gluten intake. In Costa Rica, Law 8975 regulates the amount of gluten permitted in prepackaged prod...Celiac disease, gluten sensitivity and gluten intolerance are health conditions that require consumers to avoid their gluten intake. In Costa Rica, Law 8975 regulates the amount of gluten permitted in prepackaged products labeled as “gluten-free”, but the parameters to be followed are not mandated for food service operations. This study investigated whether restaurants with gluten-free (GF) options in a gastronomic area of the city of San José, Costa Rica, achieved the requirements of the legislation that the dishes offered should contain less than 20 ppm gluten. Using data collected from five restaurants offering GF dishes, two provided dishes with quantities of gluten greater than 20 ppm (restaurant A, four samples and restaurant B, three samples);particularly dishes from the category “meat with sauce”. Although those dishes are naturally gluten-free, when they are handled in areas of shared production, they are exposed to the risk of cross contact, furthermore the adding of misscellaneous such as: marinades, sauces and condiments, which could contain traces of gluten or hidden gluten, a risk associated with the use of ingredients without certification GF (supplier’s practices and label declaration). Therefore improvements in food service procedures should be enforced. The findings of the present study emphasize the need to include restaurant foods in the relevant legislation to ensure that the gluten-intolerant sector of the population remains safe when eating out.展开更多
The paper considers some issues related to the evaluation of power plants using renewable energy sources： energy efficiency, economic efficiency, the share of renewable energy in the world＇s electricity generation. ...The paper considers some issues related to the evaluation of power plants using renewable energy sources： energy efficiency, economic efficiency, the share of renewable energy in the world＇s electricity generation. At one time in the world there was a myth that more energy is expended on the construction of wind and photoelectric power stations, than they produce for the service life. Adherents of this myth are still found in Russia. In response to this myth, numerous studies have been carried out for the manufacturers of wind turbines and photovoltaic modules. It was proved that these power plants spent energy on them are produced within a period of less than a year and the energy consumed by them cannot be taken into account, since it is renewable. The author showed that power plants on organic fuel and existing nuclear plants using depleted fuel with a coefficient less than unity fundamentally cannot compensate for the energy used during their construction. In the world, the concept of the LEC （Levelized Energy Cost） produced by any power plant is widely used to estimate economic efficiency. However, the formula for determining it, in the author＇s opinion, contains an inaccuracy, which is proposed to be eliminated. At present, there are different opinions on the role of RES （Renewable Energy Sources） in the production of electricity. A summary indicator is the share of renewable energy in the world＇s electricity generation. The determination of the actual share of RES and the forecast of its growth is of significant importance for the development of the world economy. The author shows the differences in the estimates and suggests an approach for establishing agreed estimates.展开更多
This paper examines Sino-US trade relations, focusing on the ongoing process of global production sharing, involving splitting of the production process into discrete activities that are then allocated across countrie...This paper examines Sino-US trade relations, focusing on the ongoing process of global production sharing, involving splitting of the production process into discrete activities that are then allocated across countries, and the resulting trade complementarities between the two countries in world manufacturing trade. The results suggest that the Sino--US trade imbalance is basically a structural phenomenon resulting from the pivotal role played by China as the final assembly centre in East Asia-centered global production networks.展开更多
基金financial support from Key Projects of Philosophy and Social Sciences Research of Ministry of Education (09JZD0038)
文摘Assuming that oil price follows the stochastic processes of Geometric Brownian Motion （GBM） or the Mean-Reverting Process （MRP）, this paper takes the net present value （NPV） as an economic index and models the PSC in 11 different scenarios by changing the value of each contract element （i.e. royalty, cost oil, profit oil as well as income tax）. Then the NPVs are shown in probability density graphs to investigate the effect of different elements on contract economics. The results show that under oil price uncertainty the influence of profit oil and income tax on NPV are more significant than those of royalty and cost oil, while a tax holiday could improve the contractor＇s financial status remarkably. Results also show that MRP is more appropriate for cases with low future oil price volatility, and GBM is best for high future oil price volatility.
文摘Production sharing contracts have been used in the development of China’s offshore petroleum resources since 1982, but the mechanism in which the fiscal terms impact project economics is complicated and not well understood. The purpose of this paper is to model China’s offshore production sharing contracts using a probabilistic approach. Cash flows and economic indicators are used for a typical offshore oilfield development, and meta-models are constructed to analyze the basic features of the fiscal system. Applications of the models in contract negotiation are discussed.
文摘Celiac disease, gluten sensitivity and gluten intolerance are health conditions that require consumers to avoid their gluten intake. In Costa Rica, Law 8975 regulates the amount of gluten permitted in prepackaged products labeled as “gluten-free”, but the parameters to be followed are not mandated for food service operations. This study investigated whether restaurants with gluten-free (GF) options in a gastronomic area of the city of San José, Costa Rica, achieved the requirements of the legislation that the dishes offered should contain less than 20 ppm gluten. Using data collected from five restaurants offering GF dishes, two provided dishes with quantities of gluten greater than 20 ppm (restaurant A, four samples and restaurant B, three samples);particularly dishes from the category “meat with sauce”. Although those dishes are naturally gluten-free, when they are handled in areas of shared production, they are exposed to the risk of cross contact, furthermore the adding of misscellaneous such as: marinades, sauces and condiments, which could contain traces of gluten or hidden gluten, a risk associated with the use of ingredients without certification GF (supplier’s practices and label declaration). Therefore improvements in food service procedures should be enforced. The findings of the present study emphasize the need to include restaurant foods in the relevant legislation to ensure that the gluten-intolerant sector of the population remains safe when eating out.
文摘The paper considers some issues related to the evaluation of power plants using renewable energy sources： energy efficiency, economic efficiency, the share of renewable energy in the world＇s electricity generation. At one time in the world there was a myth that more energy is expended on the construction of wind and photoelectric power stations, than they produce for the service life. Adherents of this myth are still found in Russia. In response to this myth, numerous studies have been carried out for the manufacturers of wind turbines and photovoltaic modules. It was proved that these power plants spent energy on them are produced within a period of less than a year and the energy consumed by them cannot be taken into account, since it is renewable. The author showed that power plants on organic fuel and existing nuclear plants using depleted fuel with a coefficient less than unity fundamentally cannot compensate for the energy used during their construction. In the world, the concept of the LEC （Levelized Energy Cost） produced by any power plant is widely used to estimate economic efficiency. However, the formula for determining it, in the author＇s opinion, contains an inaccuracy, which is proposed to be eliminated. At present, there are different opinions on the role of RES （Renewable Energy Sources） in the production of electricity. A summary indicator is the share of renewable energy in the world＇s electricity generation. The determination of the actual share of RES and the forecast of its growth is of significant importance for the development of the world economy. The author shows the differences in the estimates and suggests an approach for establishing agreed estimates.
文摘This paper examines Sino-US trade relations, focusing on the ongoing process of global production sharing, involving splitting of the production process into discrete activities that are then allocated across countries, and the resulting trade complementarities between the two countries in world manufacturing trade. The results suggest that the Sino--US trade imbalance is basically a structural phenomenon resulting from the pivotal role played by China as the final assembly centre in East Asia-centered global production networks.
