2 results
Search Results
Now showing 1 - 2 of 2
- ItemNatural streamflow simulation for two largest river basins in Poland: A baseline for identification of flow alterations(Göttingen : Copernicus, 2016) Piniewski, Mikołaj; Cudennec, ChristopheThe objective of this study was to apply a previously developed large-scale and high-resolution SWAT model of the Vistula and the Odra basins, calibrated with the focus of natural flow simulation, in order to assess the impact of three different dam reservoirs on streamflow using the Indicators of Hydrologic Alteration (IHA). A tailored spatial calibration approach was designed, in which calibration was focused on a large set of relatively small non-nested sub-catchments with semi-natural flow regime. These were classified into calibration clusters based on the flow statistics similarity. After performing calibration and validation that gave overall positive results, the calibrated parameter values were transferred to the remaining part of the basins using an approach based on hydrological similarity of donor and target catchments. The calibrated model was applied in three case studies with the purpose of assessing the effect of dam reservoirs (Włocławek, Siemianówka and Czorsztyn Reservoirs) on streamflow alteration. Both the assessment based on gauged streamflow (Before-After design) and the one based on simulated natural streamflow showed large alterations in selected flow statistics related to magnitude, duration, high and low flow pulses and rate of change. Some benefits of using a large-scale and high-resolution hydrological model for the assessment of streamflow alteration include: (1) providing an alternative or complementary approach to the classical Before-After designs, (2) isolating the climate variability effect from the dam (or any other source of alteration) effect, (3) providing a practical tool that can be applied at a range of spatial scales over large area such as a country, in a uniform way. Thus, presented approach can be applied for designing more natural flow regimes, which is crucial for river and floodplain ecosystem restoration in the context of the European Union's policy on environmental flows.
- ItemGreen transition, investment horizon, and dynamic portfolio decisions(Dordrecht [u.a.] : Springer Science + Business Media B.V, 2022) Semmler, Willi; Lessmann, Kai; Tahri, Ibrahim; Braga, Joao Paulo; Boros, EndreThis paper analyzes the implications of investors’ short-term oriented asset holding and portfolio decisions (or short-termism), and its consequences on green investments. We adopt a dynamic portfolio model, which contrary to conventional static mean-variance models, allows us to study optimal portfolios for different decision horizons. Our baseline model contains two assets, one asset with fluctuating returns and another asset with a constant risk-free return. The asset with fluctuating returns can arise from fossil-fuel based sectors or from clean energy related sectors. We consider different drivers of short-termism: the discount rate, the nature of discounting (exponential vs. hyperbolic), and the decision horizon of investors itself. We study first the implications of these determinants of short-termism on the portfolio wealth dynamics of the baseline model. We find that portfolio wealth declines faster with a higher discount rate, with hyperbolic discounting, and with shorter decision horizon. We extend our model to include a portfolio of two assets with fluctuating returns. For both model variants, we explore the cases where innovation efforts are spent on fossil fuel or clean energy sources. Detailing dynamic portfolio decisions in such a way may allow us for better pathways to empirical tests and may provide guidance to some online financial decision making.