Search Results (712)

This study considers consumers’ risk perceptions and safety preferences as external shock factors in food safety incidents. These factors are incorporated into a general equilibrium model defined by the food safety hierarchy, and the computational experiment method is employed to examine the direction of spillover effects. According to the findings, the spillover direction and intensity of food safety incidents are jointly influenced by the characteristics of consumers, food and the market. When an incident raises consumers’ safety concerns, a negative effect occurs throughout all food sectors. When an incident has a specific impact on consumers’ risk perception, the direction of the spillover is contingent upon the safety level of the product in question. In the event that the food involved in an incident is extremely secure, it may have a detrimental effect on unrelated food goods; conversely, it may have a beneficial effect on unrelated food goods. The incident’s impact has increased in proportion to the market share of the affected food. When the market share remains constant, the impact intensity increases as the degree of food safety improves. Higher market-wide risk levels are associated with more pronounced and quicker effects. This study improves understanding of spillover patterns in food safety situations, which aids in the formulation of focused policy responses and initiatives. Full article

As e-commerce competition intensifies, brand companies face challenges such as product homogenization, consumer trust erosion, and price wars. Blockchain technology (BCT) has emerged as a solution to enhance transparency and optimize competitive strategies. In this study, the adoption of BCT and pricing decisions between weak and strong brand companies is analyzed in an asymmetric competitive environment. A game-theoretic framework is developed to analyze whether each company should adopt BCT. The results show that when the difference in brand awareness is small, BCT adoption allows pricing advantages to be shifted between weak and strong brands. As the difference in brand awareness increases, both types of brands reduce their BCT investments. Moreover, when one brand adopts BCT, the other often follows suit to maintain competitiveness. Three equilibrium scenarios are identified based on consumer privacy concerns and differences in brand awareness. Interestingly, the strategy where only the weak brand adopts BCT does not constitute an equilibrium in any scenario. Finally, when the difference in brand awareness is significant and price competition is high, either both brands adopt BCT or neither does. This paper provides strategic insights into BCT adoption and its implications for competitive behavior in asymmetric markets. Full article

Internet service platforms dynamically charge service prices to satisfy the time-varying service demand by leveraging both full- and part-time service providers. This study developed a dynamic pricing model for a monopolistic service platform under two pricing strategies: unified pricing and differentiated pricing. The model incorporates key factors such as demand fluctuations, initial demand constraints, and service quality. It proved the optimal dynamic pricing scheme aimed at maximizing the platform’s expected revenue and analyzed the equilibrium gap between the two strategies based on the optimal control theory. The results reveal the following: (a) The service quality elasticity coefficient, potential market, and demand fluctuation factor all positively affect the optimal service price under the two types of pricing strategies, whereas service quality has the opposite effect. (b) Regardless of pricing strategy, the initial service demand restriction negatively affects the optimal price of the platform. The gap between the optimal service prices under the two types of pricing strategies narrows as the potential service demand rises when customers are less sensitive to service price. (c) With initial demand restriction, the optimal service price rises over time as long as the service market satisfies specific conditions, but the expected revenue under the two types of pricing strategies evolves in significantly different trajectories. (d) The differentiated pricing strategy can help the platform improve revenue by setting a lower revenue-sharing ratio. Full article

This paper examines stochastic cooperation in markets with two sellers who exhibit one-sided dependency. The independent seller’s pricing influences the dependent seller’s demand, but not vice versa. We study the one-dimensional hybrid game class whose parameter is the exogenously given probability of cooperation. In each game of this class, both sellers simultaneously choose prices that determine their endogenous threats, i.e., conflict profits. The sellers are aware of the cooperation probability but cannot condition prices on whether or not there is cooperation. We characterize the equilibrium prices and the sellers’ expected profits. Our main result shows that the independent seller earns higher expected profits when cooperation is more likely. In contrast, the dependent seller earns lower expected profits when the likelihood of cooperation is below a threshold that we characterize explicitly, and higher profits are earned thereafter. These findings suggest that, within our framework, antitrust concerns may be mitigated. Since dependent sellers can incur losses from cooperation, collusion attempts become less viable in markets with one-sided dependency. Full article

This paper proposes a novel fractional-order asset flow model based on the Atangana–Baleanu–Caputo (ABC) derivative to analyze asset price dynamics in financial markets. Compared to classical models, the proposed model incorporates a nonlocal and non-singular fractional operator, allowing for a more accurate representation of investor behavior and market adjustment processes. The model captures both short-term trend-driven responses and long-term valuation-based decisions. We establish key theoretical properties of the system, including the existence and uniqueness of solutions, positivity, boundedness, and both local and global stability using Lyapunov functions. Numerical simulations under varying fractional orders demonstrate how the ABC derivative governs the convergence speed and equilibrium behavior of the system. Compared to classical integer-order models, the ABC-based approach provides smoother dynamics, greater flexibility in modeling behavioral heterogeneity, and better alignment with observed long-term financial phenomena. Full article

The growing importance of local governments, alongside the swift development of their bond markets, provides a novel framework for examining the coordination of monetary and local government fiscal policies in China. This investigation contributes a new viewpoint on local fiscal sustainability by emphasizing the role of policy coordination. Empirical evidence derived from regression models and proxy structural vector autoregression (Proxy SVAR) analyses conducted in this study substantiates the presence of coordination between monetary and local government fiscal policies in China; nevertheless, such coordination may pose risks to long-term local fiscal sustainability. Drawing on empirical data, this study utilizes a dynamic stochastic general equilibrium (DSGE) model that integrates key features characteristic of the Chinese economy to investigate the coordination of monetary and local government fiscal policies, as well as the effects of this coordination on local fiscal sustainability. The results derived from the baseline model indicate that although monetary and local fiscal policies in China are coordinated, such coordination facilitates the accumulation of local government debt, which ultimately compromises long-term local fiscal sustainability. Furthermore, the baseline model is extended and examined through multiple analytical approaches. When local government competition is introduced, monetary policy and local government fiscal policy become disconnected, which undermines local fiscal sustainability. Conversely, when local government cooperation is introduced, monetary policy and local government fiscal policy become more coordinated, which in turn improves local fiscal sustainability. Moreover, a higher steady-state debt level among local governments promotes greater coordination between monetary and fiscal policies, resulting in stronger fiscal sustainability. However, the imposition of debt constraints on local governments diminishes this coordination and adversely affects local fiscal sustainability. Additionally, in the absence of local financial friction, monetary and local fiscal policies exhibit increased coordination; however, this may potentially undermine long-term local fiscal sustainability. It is therefore imperative for the central government of China to prioritize the harmonization of monetary and local fiscal policies and to consider their implications for local fiscal sustainability, while simultaneously encouraging intergovernmental cooperation and the establishment of an integrated large-scale market. Full article

This paper analyzes the pricing dynamics of product warranties by developing a three-player hierarchical game model involving a manufacturer, an independent service agent, and a consumer. The model provides a scenario where the manufacturer and the agent form a coalition to coordinate pricing strategies, while interacting non-cooperatively with the consumer. In this framework, the manufacturer sets the product’s sale price, including the base warranty, while the agent determines the price of extended maintenance services. The key contribution is the application of the Shapley value to equitably distribute the coalition’s profits based on each member’s contribution—a novel approach in the warranty pricing literature. We detail the characteristic functions that define the coalition’s structure and present computer simulations to estimate the expected costs associated with maintenance services. A comprehensive sensitivity analysis is applied to report how changes in parameters influence equilibrium strategies and players’ payoffs. The results provide strategic insights into how manufacturers and agents can coordinate to optimize pricing, capture consumer surplus, and improve decision-making in warranty service markets. Full article

Market equilibrium models are essential tools within classical economic theory for analyzing the interaction between supply and demand. However, traditional formulations are often based on deterministic relationships and assume the existence of perfect information, an assumption that diverges from real-world conditions, which are characterized by ambiguity and uncertainty. This article addresses the modeling of multiproduct supply and demand equilibrium under uncertainty, using systems of linear equations with fuzzy coefficients and/or variables. By applying fuzzy set theory, the model incorporates the inherent vagueness of supply and demand functions, enabling a more flexible and realistic representation of market behavior. The proposed methodology involves reformulating the equilibrium conditions through fuzzy arithmetic and examining the existence and nature of fuzzy solutions. The theoretical proposals are illustrated through a simplified real-world case involving a Colombian multinational company, demonstrating their applicability and effectiveness. Full article

Considering the supply chain of new energy vehicles composed of a local manufacturer, an authorized distributor in the domestic market, and a competitive manufacturer in the export market, this paper studies three different cases of parallel export as well as their decisions about prices, sales scale, and the degree of production differentiation. Three game models are constructed and solved under the cases of no parallel exports (CN), authorized distributors’ parallel exports (CR), and third-party parallel exports (CT), respectively, and the equilibrium analysis is carried out, and finally, the influence of relevant parameters is explored through numerical simulation. It is found that (1) the manufacturer’s decisions on production and sales are influenced by the characteristics of consumer preferences in local and export markets, the cost of differentiated production, and the consumer recognition of parallel exports; (2) the manufacturers’ profits will always be damaged by parallel exports; (3) differentiated production can reduce the negative impact of parallel exports under certain conditions, and then improve the profits of manufacturers; (4) manufacturers can increase their profits by improving the purchase intention of consumers in the local market, improve the level of production differentiation in the export market, or reducing the cost of differentiation. Full article

The green renovation of existing residential buildings is a key way for the construction industry to achieve sustainable development and the dual carbon goals of China, which makes it urgent to make collaborative decisions among multiple stakeholders. However, because of divergent interests and risk perceptions among governments, energy service companies (ESCOs), and owners, the implementation of green renovation is hindered by numerous obstacles. In this study, we integrated prospect theory and evolutionary game theory by incorporating core prospect-theory parameters such as loss aversion and perceived value sensitivity, and developed a psychologically informed tripartite evolutionary game model. The objective was to provide a theoretical foundation and analytical framework for collaborative governance among stakeholders. Numerical simulations were conducted to validate the model’s effectiveness and explore how government regulation intensity, subsidy policies, market competition, and individual psychological factors influence the system’s evolutionary dynamics. The findings indicate that (1) government regulation and subsidy policies play central guiding roles in the early stages of green renovation, but the effectiveness has clear limitations; (2) ESCOs are most sensitive to policy incentives and market competition, and moderately increasing their risk costs can effectively deter opportunistic behavior associated with low-quality renovation; (3) owners’ willingness to participate is primarily influenced by expected returns and perceived renovation risks, while economic incentives alone have limited impact; and (4) the evolutionary outcomes are highly sensitive to parameters from prospect theory, The system’s evolutionary outcomes are highly sensitive to prospect theory parameters. High levels of loss aversion (λ) and loss sensitivity (β) tend to drive the system into a suboptimal equilibrium characterized by insufficient demand, while high gain sensitivity (α) serves as a key driving force for the system’s evolution toward the ideal equilibrium. This study offers theoretical support for optimizing green renovation policies for existing residential buildings in China and provides practical recommendations for improving market competition mechanisms, thereby promoting the healthy development of the green renovation market. Full article

Wool has distinctive biological, physical, and chemical properties that contribute to its value both for the sheep and in global fibre and textile markets. Its fibres are primarily composed of proteins, principally keratin and keratin-associated proteins (KAPs). To better comprehend the genes that underpin key wool traits, this study examined the keratin-associated protein 36-1 gene (KRTAP36-1) in Chinese Tan lambs. We identified three previously reported alleles of the gene (named A, B and C) that were present in the lambs studied, with genotype frequencies as follows: 2.0% (n = 5; AA), 6.9% (n = 17; AB), 13.8% (n = 34; AC), 8.9% (n = 22; BB), 33.4% (n = 82; BC) and 35.0% (n = 86; CC). The frequencies of the individual alleles in the Chinese Tan lambs were 12.4%, 29.1% and 58.5% for alleles A, B and C, respectively. The three alleles were in Hardy–Weinberg Equilibrium. In an association analysis, it was revealed that allele C was associated with variation in the mean fibre curvature of the fine wool of the Chinese Tan lambs, but this association was not observed in their heterotypic hair fibres. This finding suggests that KRTAP36-1 might be differentially expressed in the wool follicles that produce the two fibre types, and that along with other KRTAP genes, it may be involved in determining fibre curvature and the distinctive curly coat of the lambs. Full article

The integration of renewable energy into power grids is imperative for reducing carbon emissions and mitigating reliance on depleting fossil fuels. In this paper, we develop symmetric and asymmetric evolutionary game-theoretic models to analyze how user–grid cooperation in peak shaving can be enhanced by incorporating whole-process democracy (deliberative governance) into decision-making. Our framework captures excess returns, cooperation-driven profits, energy pricing, participation costs, and benefit-sharing coefficients to identify equilibrium conditions under varied subsidy, cost, and market scenarios. Furthermore, this study integrates the theory, path, and mechanism of deliberative procedures under the perspective of whole-process democracy, exploring how inclusive and participatory decision-making processes can enhance cooperation in renewable energy systems. We simulate seven scenarios that systematically adjust subsidy rates, cost–benefit structures, dynamic pricing, and renewable-versus-conventional competitiveness, revealing that robust cooperation emerges only under well-aligned incentives, equitable profit sharing, and targeted financial policies. These scenarios systematically vary these key parameters to assess the robustness of cooperative equilibria under diverse economic and policy conditions. Our findings indicate that policy efficacy hinges on deliberative stakeholder engagement, fair profit allocation, and adaptive subsidy mechanisms. These results furnish actionable guidelines for regulators and grid operators to foster sustainable, low-carbon energy systems and inform future research on demand response and multi-source integration. Full article

This paper addresses the challenge of fostering cooperation among virtual power plant (VPP) operators in competitive electricity markets, focusing on the application of evolutionary game theory (EGT) and static reward–punishment mechanisms. This investigation resolves four critical questions: the minimum reward–punishment thresholds triggering stable cooperation, the influence of initial market composition on equilibrium selection, the sufficiency of static versus dynamic mechanisms, and the quantitative mapping between regulatory parameters and market outcomes. The study establishes the mathematical conditions under which static reward–punishment mechanisms transform competitive VPP markets into stable cooperative systems, quantifying efficiency improvements of 15–23% and renewable integration gains of 18–31%. Through rigorous evolutionary game-theoretic analysis, we identify critical parameter thresholds that guarantee cooperation emergence, resolving longstanding market coordination failures documented across multiple jurisdictions. Numerical simulations and sensitivity analysis demonstrate that static reward–punishment systems enhance cooperation, optimize resources, and increase renewable energy utilization. Key findings include: (1) Reward–punishment mechanisms effectively promote cooperation and system performance; (2) A critical region exists where cooperation dominates, enhancing market outcomes; and (3) Parameter adjustments significantly impact VPP performance and market behavior. The theoretical contributions of this research address documented market failures observed across operational VPP implementations. Our findings provide quantitative foundations for regulatory frameworks currently under development in seven national energy markets, including the European Union’s proposed Digital Single Market for Energy and Japan’s emerging VPP aggregation standards. The model’s predictions align with successful cooperation rates achieved by established VPP operators, suggesting practical applicability for scaled implementations. Overall, through evolutionary game-theoretic analysis of 156 VPP implementations, we establish precise conditions under which static mechanisms achieve 85%+ cooperation rates. Based on this, future work could explore dynamic adjustments, uncertainty modeling, and technologies like blockchain to further improve VPP resilience. Full article

This paper aims to investigate a Nash equilibrium (NE)-seeking approach for the aggregative game problem of second-order multi-agent systems (MAS) with uncontrollable malicious players, which may cause the decisions of global players to become uncontrollable, thereby hindering the ability of normal players to reach the NE. To mitigate the influence of malicious players on the system, a malicious player detection and disconnection (MPDD) algorithm is proposed, based on the fixed-time convergence method. Subsequently, a predefined-time distributed NE-seeking algorithm is presented, utilizing a time-varying, time-based generator (TBG) and state-feedback scheme, ensuring that all normal players complete the game problem within the predefined time. The convergence properties of the algorithms are analyzed using Lyapunov stability theory. Theoretically, the aggregative game problem with malicious players can be solved using the proposed algorithms within any user-defined time. Finally, a numerical simulation of electricity market bidding verifies the effectiveness of the proposed algorithm. Full article

China’s timber market is very complex and heterogeneous, and is experiencing the impact of the construction of national reserve forests and the downturn in the real estate sector. By setting up a partial equilibrium model which reflects the heterogeneity of China’s wood market, not only difference among domestic timber groups can be identified, but the dissimilarity of imported timber can also be differentiated from the aspects of species and sources. This model is capable of capturing the effects of macroeconomic conditions, forestry sector policies, and trade cost variations on China’s timber market structure. According to simulations of supply shocks, China’s large-diameter log capacity enhancement will have a noticeable crowding-out effect on imported timber, suggesting the diameter of logs is an important factor for market entities to make trade-offs between domestic and imported timber. Amidst both supply and demand shocks, the equilibrium quantity changes in China’s domestic small-diameter logs and imported timber are dominated by demand shocks, whereas the equilibrium quantity change in China’s domestic large-diameter logs is dominated by supply shocks; moreover, only domestic large-diameter logs realize quantity increase in double shocks; this improves China’s domestic timber supply structure, and is a good example of “opportunities in crisis” in the face of negative demand shocks. Full article