Stochastic Models for Prices Dynamics in Energy and Commodity Markets: An Infinite-Dimensional Perspective

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This monograph presents a theory for random field models in time and space, viewed as stochastic processes with values in a Hilbert space, to model the stochastic dynamics of forward and futures prices in energy, power, and commodity markets. In this book, the well-known Heath–Jarrow–Morton approach from interest rate theory is adopted and extended into an infinite-dimensional framework, allowing for flexible modeling of price stochasticity across time and along the term structure curve. Various models are introduced based on stochastic partial differential equations with infinite-dimensional Lévy processes as noise drivers, emphasizing random fields described by low-dimensional parametric covariance functions instead of classical high-dimensional factor models. The Filipović space, a separable Hilbert space of Sobolev type, is found to be a convenient state space for the dynamics of forward and futures term structures. The monograph provides a classification of important operators in this space, covering covariance operators and the stochastic modeling of volatility term structures, including the Samuelson effect. Fourier methods are employed to price many derivatives of interest in energy, power, and commodity markets, and sensitivity 'delta' expressions can be derived. Additionally, the monograph covers forward curve smoothing, the connection between forwards with fixed delivery and delivery period, as well as the classical theory of forward and futures pricing. This monograph will appeal to researchers and graduate students interested in mathematical finance and stochastic analysis applied in the challenging markets of energy, power, and commodities. Practitioners seeking sophisticated yet flexible and analytically tractable risk models will also find it valuable.

Heterogeneous Nanocatalysis for Energy and Environmental Sustainability, Volume 1: Energy Applications (1版)

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【簡介】 An essential companion for catalysis researchers and professionals studying economically viable and eco-friendly catalytic strategies for energy conversionIn the two-volume Heterogeneous Nanocatalysis for Energy and Environmental Sustainability, a team of distinguished researchers deliver a comprehensive discussion of fundamental concepts in, and practical applications of, heterogeneous nanocatalysis for alternative energy production, biomass conversion, solar energy, green fuels, H2 production, fuel cells, electrochemical energy conversion processes, CO2 conversion, clean water, and environmental protection.The volumes cover the design and catalytic performance of various nanocatalysts, including nanosized metals and metal oxides, supported metal nanoparticles, inverse oxide-metal nanocatalysts, core-shell nanocatalysts, nanoporous zeolites, nanocarbon composites, and metal oxides in confined spaces. Each chapter contains a critical discussion of the opportunities and challenges posed by the use of nanosized catalysts for practical applications.Volume 1 - Energy Applications focuses on the conversion of renewable energy (biomass/solar) into green fuels and chemicals, ammonia synthesis, clean hydrogen production, and electrochemical energy conversion processes using a variety of nanosized catalysts.It also offers: A thorough introduction to heterogeneous catalysis and nanocatalysis, as well as a discussion of catalytic active sites at nano-scale rangeComprehensive explorations of the methods for control and activation of nanosized catalystsPractical discussions of C3N4-based nanohybrid catalysts for solar hydrogen production via water splittingNanosized catalysts in visible light photocatalysis for sustainable organic synthesisApplications of MXenes in electrocatalysisPerfect for researchers, postgraduate students, chemists, and engineers interested in heterogeneous catalysis and nanocatalysis, Heterogeneous Nanocatalysis for Energy and Environmental Sustainability will also earn a place in the libraries of professionals working in alternative energy production, biomass conversion, solar energy, green fuels, H2 production, fuel cells, electrochemical energy conversion processes, CO2 conversion, clean water, and environmental protection.

Principles of Chemical Engineering Processes：Material and Energy Balances (3版)

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【簡介】 This book serves as an essential text, guiding students on the basic principles and calculation techniques used in chemical engineering and providing a solid understanding of the fundamentals. This Th