Market Policies Research Articles

Integrating Evolutionary Game-Theoretical Methods and Deep Reinforcement Learning for Adaptive Strategy Optimization in User-Side Electricity Markets: A Comprehensive Review

With the rapid development of smart grids, the strategic behavior evolution in user-side electricity market transactions has become increasingly complex. To explore the dynamic evolution mechanisms in this area, this paper systematically reviews the application of evolutionary game theory in user-side electricity markets, focusing on its unique advantages in modeling multi-agent interactions and dynamic strategy optimization. While evolutionary game theory excels in explaining the formation of long-term stable strategies, it faces limitations when dealing with real-time dynamic changes and high-dimensional state spaces. Thus, this paper further investigates the integration of deep reinforcement learning, particularly the deep Q-learning network (DQN), with evolutionary game theory, aiming to enhance its adaptability in electricity market applications. The introduction of the DQN enables market participants to perform adaptive strategy optimization in rapidly changing environments, thereby more effectively responding to supply–demand fluctuations in electricity markets. Through simulations based on a multi-agent model, this study reveals the dynamic characteristics of strategy evolution under different market conditions, highlighting the changing interaction patterns among participants in complex market environments. In summary, this comprehensive review not only demonstrates the broad applicability of evolutionary game theory in user-side electricity markets but also extends its potential in real-time decision making through the integration of modern algorithms, providing new theoretical foundations and practical insights for future market optimization and policy formulation.

You’ll never seek alone: The impact of active labour market policies on finding a job

Using the administrative records of the Spanish Public Employment Service for the period 2018–2019, we analysed the impact of participation in job search assistance and training programmes on the chances of unemployed jobseekers finding employment, as well as the quality of the job obtained. Propensity score matching techniques were used to evaluate the effectiveness of these programmes. We found that participation exerted a positive and significant differential effect on the probability of transition from unemployment to employment and on the probability of finding a job of intermediate quality compared to non-participation. This positive impact was largely due to the effect of training programmes, the magnitude of which persisted even as the period elapsed between participation and exit towards employment increased, whereas job search assistance was less effective over time. The positive influence of participation appeared to be more intense for specific socioeconomic groups.

Market Demand, Policy Environment, and Future Trends: Analysis of New Energy Vehicle Industry in China

Under the complex and ever-changing global economic situation, the sales of new energy vehicles in China are facing many development opportunities and practical challenges. Market demand and policy environment impact the development of China's new energy vehicle industry. This research takes the new energy vehicle industry in China as the research object, adopts a combination of literature review and case analysis methods by combing and analyzing relevant literature, combined with practical cases, deeply discusses the development status and problems of China's new energy vehicle industry, and proposes improvement suggestions from two dimensions: market demand and policy environment. Research shows that insufficient market demand, insufficient technological innovation, and an unstable policy environment are the main factors that restrict industrial development. To solve these problems, measures need to be taken, such as increasing government support, enhancing technological innovation capabilities, and promoting reforms and innovations in marketing and other aspects, aiming to inspire China's new energy vehicle industry to go global.

Unlocking Sustainable Growth in Urban Agglomerations: A Case Study of Carbon Emissions Trading in China

Amid global efforts to combat climate change, China’s targets for reaching carbon peak and achieving carbon neutrality are critical for enhancing environmental governance and promoting sustainable economic growth. This study investigates the impacts of experimental carbon emissions trading markets on industrial coordination within a typical inland urban cluster in China, employing innovative regression control methods (RCM) to analyze changes in regional industrial dynamics. The analysis reveals significant findings: firstly, the establishment of carbon emissions trading markets has tangibly influenced industrial coordination across the economic zone; and secondly, while industrial coordination within the manufacturing sectors has seen a substantial increase, coordination in the productive service sectors remains relatively unchanged. These outcomes highlight the differential effects of carbon market policies on various sectors and underscore the importance of targeted interventions in achieving broader environmental and economic objectives.

The Establishment of Economic Dirigism In Maritime Trade of Turkey, 1923–1950

ABSTRACT In the aftermath of the establishment of the republican regime in Turkey in 1923, the policy of economic dirigisme began to dominate the markets step by step. This article aims to analyse the effects of economic dirigisme on maritime trade for a quarter of a century and furnishes an illustrative case delineating how the government’s favoured economic policy attenuated the developmental prospects of maritime commerce. Throughout this temporal span, endeavours advocating a laissez-faire market policy found themselves systematically marginalized, as the juggernaut of economic dirigisme unfolded. The corollary of this policy was a precipitous decline in the operational efficiency of maritime trade. The proclivity for deploying antiquated ships escalated the inherent risks of maritime accidents. Legislative initiatives, exemplified by the promulgation of cabotage laws and the imposition of onerous taxes, erected formidable impediments that curtailed the operability of foreign-flagged vessels in Turkish ports. Concurrently, the waning trade potential cast a pall over the developmental trajectory of Anatolian cities.

Loan-to-value ratio and uncertainty

ABSTRACT We examine how uncertainty affects the loan-to-value (LTV) ratio, with a focus on identifying which types of uncertainty – such as those related to macroeconomy, financial market, housing market, and economic policy – are most impactful, using a VAR model. Our finding reveals that the LTV ratio declines in response to increased uncertainty, suggesting that uncertainty plays a significant role in shaping the LTV ratio. Notably, uncertainties in the financial and housing markets substantially decrease the LTV ratio for newly originated mortgage loans, challenging the exogenous collateral constraint framework. Additionally, it shows delayed and hump-shaped responses. These results differ from theoretical predictions.

Ownership Society of the Proletariat

One big puzzle in China’s market reform is how the government maintained popular support during the rapid socioeconomic transformation. This article argues that while the market transition aggravated economic inequality, the housing privatization reform of the late 1990s, in which public housing was sold at deeply discounted prices, provided a much-needed welfare benefit to the urban residents before a functioning welfare system was established. Using survey data collected in Beijing during the period of housing privatization reform, this study finds that urban residents who purchased public housing reported higher evaluations of China’s market reform and were more satisfied with government performance. The effect was stronger among SOE blue-collar workers, lower-income earners, and those without social insurance. Further analysis shows that the purchase of public housing had a long-lasting effect on shaping pro-market policy preferences among these former proletariats. These findings suggest that housing privatization contributed to a widely dispersed coalition that supported the government’s market-oriented policies, serving as a source of political legitimacy during the period of dramatic changes.

A Study of Hong Kong's Insurance Industry Based on the New Development Pattern Model

Against the backdrop of global economic changes and China's economic restructuring, the potential of Hong Kong's insurance industry as an investment channel is gaining increasing attention. This thesis aims to explore the opportunities and challenges of Hong Kong's insurance industry under the new development pattern. Through a combination of quantitative and qualitative analyses, it examines the historical data and future trends of Hong Kong's insurance market and conducts a study based on first-hand information obtained through data surveys and expert interviews, exploring the specific impacts of the new development pattern on the insurance industry, and incorporating the development of the Greater Bay Area into the research framework. Hong Kong's insurance industry harbours a wealth of investment opportunities in terms of expanding market size, product diversification, and policy support, but it also faces challenges such as intensifying market competition and international uncertainty. The study recommends that investors should focus on long-term trends to optimise their investment strategies and address market risks.

Volatility spillover between carbon market and related markets in time-frequency domain based on BEKK-GARCH and complex network analysis

With rising public attention to climate issues and sustainable development, the connection between carbon market and its related markets has become closer. Based on BEKK-GARCH method and complex network theory, this study tries to explore the volatility spillover effects and network topology among China's carbon market, non-renewable energy market, renewable energy market, high-tech market and climate policy uncertainty index in time-frequency domain. It is found that, firstly, there are significant asymmetric volatility spillover effects among the markets. Secondly, the spillover effects between markets are time-varying, especially during crisis periods in which they are significantly higher than that during the stable period. Thirdly, with time increasing, the closer the connection between markets. In the long run, the closeness of the connection is directly proportional to the spillover effect. Finally, climate policy uncertainty is the main risk source. For full sample, from perspective of frequency domain, non-renewable energy and carbon markets are the main risk recipients. Based on the findings, it should step up efforts on market monitoring and intervention during crisis periods, strengthen cross-market risk management, pay attention to climate uncertainty and time-frequency varying characteristics of volatility spillovers, so as to provide useful information for policy makers and investors.

Oil Shocks and the Islamic Financial Market: Evidence from a Causality-in-Quantile Approach

This study examines the nonlinear relationship between Islamic finance and oil shocks. Nonlinearity is viewed from the prism of nonparametric causality-in-quantile, and oil price is decomposed into demand, supply, and risk. Using a dataset for ten sectoral Islamic finance stocks, we show that causality between the variables of interest is heterogeneous across (i) measures of shocks (i.e., demand, supply, or risk), (ii) types of the sector (i.e., the ten sectors), (iii) state of the market (bear, normal, bull) and (iv) model specifications (mean vs. variance equation) Policy implications of the results are discussed.

Overeducation under different macroeconomic conditions: How Spanish university graduates fit in the labor market?

This paper analyzes a relevant issue for education and labor policymakers, overeducation in the early careers of university graduates. Using Spanish data, we investigate the role played by the business cycle and field of study and their interaction in shaping both the incidence and persistence of overeducation. We also analyze the relevance of specific types of knowledge and skills as driving factors in reducing overeducation risk. Our data come from the Survey on the Labor Insertion of University Graduates (EILU) conducted by the Spanish National Statistics Institute in 2014 and 2019. The survey collects rich information on cohorts that graduated in 2019 and 2014, during the Great Recession and the subsequent economic recovery, respectively. Our results show, first, the relevance of the economic scenario when graduates enter the labor market. Graduation during a recession increases overeducation risk and persistence. Second, a clear heterogeneous pattern is observed across fields of study, with health sciences graduates displaying better performance in terms of both overeducation incidence and persistence and less impact of the business cycle. Third, we find evidence that some transversal skills can help to reduce overeducation risk in the absence of specific knowledge required for the job, thus indicating some kind of compensatory role. Our findings have important policy implications. Overeducation, and more importantly overeducation persistence, imply a non-neglectable misallocation of resources, with serious consequences not only for the affected individuals but for the society as a whole. Therefore, policymakers need to address this issue in the design of education and labor market policies, seeking to ensure that the competencies acquired at university provide graduates with a better fit in the labor market.

In Search of a Connection: Public Procurement and Active Labour Market Policies in the United Kingdom, United States and Australia

ABSTRACTGovernments in countries such as Australia, the United Kingdom and the United States have increasingly utilised public procurement—their power to purchase goods and services—to assist disadvantaged groups in accessing better‐quality jobs. This approach is part of a broader effort to create ‘good jobs’. However, it is necessary to examine whether this represents a new strategy for addressing persistent issues of inequality in labour markets. This review critically assesses whether public procurement and Active Labour Market Policies (ALMPs) form a coherent, sequential and complementary framework. The conclusion, however, is that this connection is not well‐established. Instead, there is a disjointed situation where the two approaches lack meaningful integration, despite some efforts at the local level.

Bridging the Gap between Policy and Net-Zero Realization in Indonesia: An Outlook of Available Approaches

Abstract Indonesia has been ambitious with its efforts to tackle climate change and achieve net zero carbon emission. This is reflected by the Nationally Determined Contribution (NDC) that has been defined by the Government and presented during the Copenhagen Accord, Paris Agreement, and Glasgow Climate Pact. In realization, Indonesia has also pledged to achieve net-zero carbon emission by 2060, especially in the energy sector. The Ministry of Energy and Mineral Resources (MEMR/KESDM) of Indonesia has published its plan to achieve said targets through diversification and intensification of new and renewable energy resources. New and renewable energy bill is also currently being discussed in Indonesia’s House of Representative (DPR-RI). However, the reality is that the country is facing several challenges in meeting its targets, and the plans and targets set by the government in the energy sector are not being achieved. In this paper, we analyze the factors that have hindered the implementation of Indonesia’s energy transition plan and suggest potential solutions for filling the gaps. To achieve the NDC, we suggest that Indonesia must identify new resources and intensify the use of existing resources. Additionally, the paper provides recommendations on energy market policy that can help to accelerate the transition to sustainable energy. This paper would provide a future outlook on Indonesia’s energy policy and energy market. by adopting new energy technologies, increasing investment in renewable energy, and developing policies that support the transition to a low-carbon economy. Our analysis highlights the importance of addressing the challenges faced by Indonesia’s energy sector and the need for a comprehensive strategy that takes into account the complex interplay of factors that affect the energy transition process.

Labor market policies in high- and low-interest rate environments: Evidence from the euro area

Do labor market policies initiated in periods of loose monetary policy yield different outcomes from those introduced when monetary tightening prevails? Using data from 11 euro-area members up to 2010–and extending to 17 countries up to 2020–we analyze three labor market policies: replacement rates, spending on active labor market policies (ALMPs), and employment protection. We find that these policies deliver different macroeconomic outcomes in low- and high-interest rate environments. In particular, ALMPs reduce unemployment if implemented under a loose monetary policy but not otherwise, whereas higher employment protection delivers expansionary effects under a tight monetary policy. These findings highlight that the effectiveness of labor market policies is significantly influenced by the monetary policy environment, emphasizing the need for coordinated policy design. Methodologically, we contribute by proposing to average local projections using Mallow’s Cp criterion, allowing for inferences that are robust to mis-specification and accommodate non-linearities.

Minat Masyarakat Muslim terhadap Jasa Bank Syariah Perspektif Bank Syariah dan Perilaku Masyarakat

Indonesia is an ideal market for Islamic banking because the majority of the population is Muslim. Only 6.63% of the total national banking assets were owned by Islamic banks in Indonesia in 2022. This shows that people are not too interested in using Islamic bank services. This research is qualitative research that uses a case study approach. Data collected from interviews with a hundred randomly selected people. The purpose of this study is to determine the level of public demand for Islamic banks based on the perspective of Islamic banks (marketing mix) and community behavior. The results of the study show that factors related to Islamic banks include the lack of office networks and promotions that make Muslims not use their services. In addition, personal and social factors are also the most important factors in influencing people's behavior. The study recommends Islamic banks to create marketing policies that are appropriate to the Muslim community.

Management and dynamics of employment and remittance, and the impact of remittance on employment – case study Republic of Kosovo

In addition to other indicators, improvements in the performance of the labor market, improvements in the performance of remittances, and improvements in the performance of the management of labor market policies and remittances in Kosovo all play important roles in the economic development of Kosovo. The primary goal of this study is to evaluate and compare the dynamics of employment and remittances, as well as to determine the impact of remittances on employment growth in the Republic of Kosovo. In the present study, we examined the dynamics of employment and remittances during the last decade, empirically examined the influence of remittances on employment, and conducted an analysis of employment and remittance policy in Kosovo. According to the findings, the highest number of employees in Kosovo from 2012 - 2022 was in 2022, whereas the lowest number of employees was in 2015. According to the latest results in Kosovo, the unemployment rate is 10.8%, whereas the employment rate is 34.7%. Remittances have had a significant effect on Kosovo's economy and citizens’ level of living. The value of remittances increased from 2012 - 2022, with the largest value occurring in 2022. Remittances in June 2023 were 123.9 million euros, which represents an increase of 18% compared with the same period of 2022. The hypothesis in this work is examined econometrically, and the empirical results show that the β1 coefficient value is positive, indicating that remittances have a considerable impact on increasing employment in Kosovo. The challenge with remittances in Kosovo in terms of expanding employment is related to their effective management with regard to creating new jobs. The report advises that policymakers implement more sustainable remittance and labor market management to enhance Kosovo's employment performance, among other things.

Gender differentials in primary processing and market participation by mopane worm harvesters in Zimbabwe: insights from the COVID-19 pandemic phase

BackgroundGender disparities in access to inputs, markets, financial inclusion, and participation in strategic value chains are major developmental challenges in emerging economies. Participation in the edible insect value chain has become an essential source of income, food, and nutrition in some African countries. This paper uses a bivariate probit model to examine the gender differentials for primary mopane worm harvesters’ participation in primary processing and market participation during COVID-19 in Southeastern Zimbabwe. Using a structured questionnaire, the data were gathered from 393 primary harvesters in five purposively selected wards in the Gwanda District of Zimbabwe. This study examines the gender differentials for primary mopane worm harvesters’ participation in primary processing and market participation during COVID-19 in Southeastern Zimbabwe.ResultsResults show that women are likelier to participate in primary value addition to preparing for the lean season opportunities. There are gender differentials in the participation in markets during COVID-19. Results show a significant negative relationship between participants' ages and female engagement in mopane processing and a positive correlation with female involvement in lean COVID-19 season marketing. Male harvesters’ participation in the lean market during the COVID-19 pandemic was significantly correlated positively with age and education level, while the choice to participate in the lean market was negatively correlated with the dependency ratio.ConclusionsCollaborative, community-centric, and gender-accommodative development of the mopane worm value chain is important. Focal issues are on supporting primary value addition for lean season market participation and during market shocks such as COVID-19. This can be a leap towards gender equality and improving livelihoods of women and men in mopane harvesting areas. The study recommends marketing and district-specific policies explicitly addressing mopane worm harvesting and marketing affects market participation and primary value-addition decisions.

Physical evidence, branding, and behavior intention: Differential policy in integrated resorts marketing

This study explores and evaluates the physical evidence construct in integrated resort marketing. It contributes to the stimulus-organism-response (SOR) theory by introducing the concept of physical evidence and developing a novel framework in the context of integrated resorts. This conceptual framework enhances academic understanding of the relationship between physical evidence, branding, and the behavioral intention of tourists. The results indicate that physical evidence positively impacts brand image, brand experience, and impulsive gambling; moreover, the study reveals that both brand image and brand experience partially mediate the relationship between physical evidence and gambling behavior. In terms of practical implications for service organizations, this study suggests integrated resorts should prioritize the development of physical evidence as a distinctive marketing policy. By incorporating physical evidence into the customer brand strategy, integrated resorts can create long-term impacts on brand image and brand experience, ultimately influencing gambling behavior among tourists and visitors.

The direct energy rebound effects for manufacturing and service sectors in China: Evidence from firm-level estimations

China has implemented a variety of energy efficiency policies to achieve energy saving and carbon abatement targets. While the national carbon market has been launched and China has opted to give market-oriented policies a greater role in achieving net zero, energy efficiency policies still constitute a significant portion of the policy mix. However, the substantial drawback of energy efficiency policies compared to carbon trading, the rebound effect, has made energy efficiency policies debatable. It is crucial to precisely understand the magnitude of the rebound effect to design and implement effective energy policies. Our study estimates and compares the direct energy rebound and output expansion effects in China's manufacturing and service sectors using firm-level data from 2013 to 2016 and employing panel regression analysis. We also analyze the impact of firm characteristics such as ownership status, geographical location, and industry type on enterprises' rebound effects. We found a 33.5% direct rebound effect and a 19.3% output expansion effect in the manufacturing sector. In the service sector, the direct energy rebound effect was 57.9%, a larger one than the manufacturing sector. We also estimate direct energy rebound effects for key manufacturing and service enterprises. Our findings reveal that key manufacturing enterprises exhibit a larger rebound effect compared to the overall manufacturing sector, while key service enterprises show a smaller rebound effect than the overall service sector. Public, foreign, and heavy service enterprises show a smaller energy rebound effect, while northeastern manufacturing and service enterprises exhibit a larger rebound effect. We suggest that China's carbon market should also cover key service enterprises. For those below the threshold, enhancing energy management is essential to mitigate the rebound effect. Aligning with carbon emission cap targets, rather than relying solely on energy efficiency policies, could more effectively achieve energy savings and carbon abatement.

Remote Prediction of Soybean Yield Using UAV-Based Hyperspectral Imaging and Machine Learning Models

Early soybean yield estimation has become a fundamental tool for market policy and food security. Considering a heterogeneous crop, this study investigates the spatial and spectral variability in soybean canopy reflectance to achieve grain yield estimation. Besides allowing crop mapping, remote sensing data also provide spectral evidence that can be used as a priori knowledge to guide sample collection for prediction models. In this context, this study proposes a sampling design method that distributes sample plots based on the spatial and spectral variability in vegetation spectral indices observed in the field. Random forest (RF) and multiple linear regression (MLR) approaches were applied to a set of spectral bands and six vegetation indices to assess their contributions to the soybean yield estimates. Experiments were conducted with a hyperspectral sensor of 25 contiguous spectral bands, ranging from 500 to 900 nm, carried by an unmanned aerial vehicle (UAV) to collect images during the R5 soybean growth stage. The tests showed that spectral indices specially designed from some bands could be adopted instead of using multiple bands with MLR. However, the best result was obtained with RF using spectral bands and the height attribute extracted from the photogrammetric height model. In this case, Pearson’s correlation coefficient was 0.91. The difference between the grain yield productivity estimated with the RF model and the weight collected at harvest was 1.5%, indicating high accuracy for yield prediction.