Research article

Does financial agglomeration enhance regional green economy development? Evidence from China

  • Received: 27 April 2020 Accepted: 20 May 2020 Published: 25 May 2020
  • JEL Codes: R11, 44, C33

  • In the existing literatures concerning on relationship between financial agglomeration and regional economic growth, the contradiction between economic growth and environmental protection is often neglected. This paper employs the non-radial direction distance function, under the framework of super-efficiency DEA, to take the undesired output like waste water and exhaust gas in the process of regional economic growth into the measurement indicators of regional economic development. This paper further focuses on the relationship between financial agglomeration and regional green economic growth. Three main conclusions are drawn. First, there are inverted U-shaped relationships between financial agglomeration and regional green economy development. Compared with the undesirable output, the impact interval of financial agglomeration on economic growth has changed. Second, the heterogeneous impact of financial agglomeration on the regional green economy development is not only reflected in the significance of the impact, but also in the direction of the impact. Third, the impact of financial agglomeration on regional green economy has a non-linear threshold characteristic.

    Citation: Yuhang Zheng, Shuanglian Chen, Nan Wang. Does financial agglomeration enhance regional green economy development? Evidence from China[J]. Green Finance, 2020, 2(2): 173-196. doi: 10.3934/GF.2020010

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  • In the existing literatures concerning on relationship between financial agglomeration and regional economic growth, the contradiction between economic growth and environmental protection is often neglected. This paper employs the non-radial direction distance function, under the framework of super-efficiency DEA, to take the undesired output like waste water and exhaust gas in the process of regional economic growth into the measurement indicators of regional economic development. This paper further focuses on the relationship between financial agglomeration and regional green economic growth. Three main conclusions are drawn. First, there are inverted U-shaped relationships between financial agglomeration and regional green economy development. Compared with the undesirable output, the impact interval of financial agglomeration on economic growth has changed. Second, the heterogeneous impact of financial agglomeration on the regional green economy development is not only reflected in the significance of the impact, but also in the direction of the impact. Third, the impact of financial agglomeration on regional green economy has a non-linear threshold characteristic.


    For a convex function σ:IRR on I with ν1,ν2I and ν1<ν2, the Hermite-Hadamard inequality is defined by [1]:

    σ(ν1+ν22)1ν2ν1ν2ν1σ(η)dησ(ν1)+σ(ν2)2. (1.1)

    The Hermite-Hadamard integral inequality (1.1) is one of the most famous and commonly used inequalities. The recently published papers [2,3,4] are focused on extending and generalizing the convexity and Hermite-Hadamard inequality.

    The situation of the fractional calculus (integrals and derivatives) has won vast popularity and significance throughout the previous five decades or so, due generally to its demonstrated applications in numerous seemingly numerous and great fields of science and engineering [5,6,7].

    Now, we recall the definitions of Riemann-Liouville fractional integrals.

    Definition 1.1 ([5,6,7]). Let σL1[ν1,ν2]. The Riemann-Liouville integrals Jϑν1+σ and Jϑν2σ of order ϑ>0 with ν10 are defined by

    Jϑν1+σ(x)=1Γ(ϑ)xν1(xη)ϑ1σ(η)dη,   ν1<x (1.2)

    and

    Jϑν2σ(x)=1Γ(ϑ)ν2x(ηx)ϑ1σ(η)dη,  x<ν2, (1.3)

    respectively. Here Γ(ϑ) is the well-known Gamma function and J0ν1+σ(x)=J0ν2σ(x)=σ(x).

    With a huge application of fractional integration and Hermite-Hadamard inequality, many researchers in the field of fractional calculus extended their research to the Hermite-Hadamard inequality, including fractional integration rather than ordinary integration; for example see [8,9,10,11,12,13,14,15,16,17,18,19,20,21].

    In this paper, we consider the integral inequality of Hermite-Hadamard-Mercer type that relies on the Hermite-Hadamard and Jensen-Mercer inequalities. For this purpose, we recall the Jensen-Mercer inequality: Let 0<x1x2xn and μ=(μ1,μ2,,μn) nonnegative weights such that ni=1μi=1. Then, the Jensen inequality [22,23] is as follows, for a convex function σ on the interval [ν1,ν2], we have

    σ(ni=1μixi)ni=1μiσ(xi), (1.4)

    where for all xi[ν1,ν2] and μi[0,1], (i=¯1,n).

    Theorem 1.1 ([2,23]). If σ is convex function on [ν1,ν2], then

    σ(ν1+ν2ni=1μixi)σ(ν1)+σ(ν2)ni=1μiσ(xi), (1.5)

    for each xi[ν1,ν2] and μi[0,1], (i=¯1,n) with ni=1μi=1. For some results related with Jensen-Mercer inequality, see [24,25,26].

    In view of above indices, we establish new integral inequalities of Hermite-Hadamard-Mercer type for convex functions via the Riemann-Liouville fractional integrals in the current project. Particularly, we see that our results can cover the previous researches.

    Theorem 2.1. For a convex function σ:[ν1,ν2]RR with x,y[ν1,ν2], we have:

    σ(ν1+ν2x+y2)2ϑ1Γ(ϑ+1)(yx)ϑ[Jϑ(ν1+ν2y)+σ(ν1+ν2x+y2)+Jϑ(ν1+ν2x)σ(ν1+ν2x+y2)]σ(ν1)+σ(ν2)σ(x)+σ(y)2. (2.1)

    Proof. By using the convexity of σ, we have

    σ(ν1+ν2u+v2)12[σ(ν1+ν2u)+σ(ν1+ν2v)], (2.2)

    and above with u=1η2x+1+η2y, v=1+η2x+1η2y, where x,y[ν1,ν2] and η[0,1], leads to

    σ(ν1+ν2x+y2)12[σ(ν1+ν2(1η2x+1+η2y))+σ(ν1+ν2(1+η2x+1η2y))]. (2.3)

    Multiplying both sides of (2.3) by ηϑ1 and then integrating with respect to η over [0,1], we get

    1ϑσ(ν1+ν2x+y2)12[10ηϑ1σ(ν1+ν2(1η2x+1+η2y))dη+10ηϑ1σ(ν1+ν2(1+η2x+1η2y))dη]=12[2ϑ(yx)ϑν1+ν2x+y2ν1+ν2y((ν1+ν2x+y2)w)ϑ1σ(w)dw+2ϑ(yx)ϑν1+ν2xν1+ν2x+y2(w(ν1+ν2x+y2))ϑ1σ(w)dw]=2ϑ1Γ(ϑ)(yx)ϑ[Jϑ(ν1+ν2y)+σ(ν1+ν2x+y2)+Jϑ(ν1+ν2x)σ(ν1+ν2x+y2)],

    and thus the proof of first inequality in (2.1) is completed.

    On the other hand, we have by using the Jensen-Mercer inequality:

    σ(ν1+ν2(1η2x+1+η2y))σ(ν1)+σ(ν2)(1η2σ(x)+1+η2σ(y)) (2.4)
    σ(ν1+ν2(1+η2x+1η2y))σ(ν1)+σ(ν2)(1+η2σ(x)+1η2σ(y)). (2.5)

    Adding inequalities (2.4) and (2.5) to get

    σ(ν1+ν2(1η2x+1+η2y))+σ(ν1+ν2(1+η2x+1η2y))2[σ(ν1)+σ(ν2)][σ(x)+σ(y)]. (2.6)

    Multiplying both sides of (2.6) by ηϑ1 and then integrating with respect to η over [0,1] to obtain

    10ηϑ1σ(ν1+ν2(1η2x+1+η2y))dη+10ηϑ1σ(ν1+ν2(1+η2x+1η2y))dη2ϑ[σ(ν1)+σ(ν2)]1ϑ[σ(x)+σ(y)].

    By making use of change of variables and then multiplying by ϑ2, we get the second inequality in (2.1).

    Remark 2.1. If we choose ϑ=1, x=ν1 and y=ν2 in Theorem 2.1, then the inequality (2.1) reduces to (1.1).

    Corollary 2.1. Theorem 2.1 with

    ϑ=1 becomes [24, Theorem 2.1].

    x=ν1 and y=ν2 becomes:

    σ(ν1+ν22)2ϑ1Γ(ϑ+1)(ν2ν1)ϑ[Jϑν1+σ(ν1+ν22)+Jϑν2σ(ν1+ν22)]σ(ν1)+σ(ν2)2,

    which is obtained by Mohammed and Brevik in [10].

    The following Lemma linked with the left inequality of (2.1) is useful to obtain our next results.

    Lemma 2.1. Let σ:[ν1,ν2]RR be a differentiable function on (ν1,ν2) and σL[ν1,ν2] with ν1ν2 and x,y[ν1,ν2]. Then, we have:

    2ϑ1Γ(ϑ+1)(yx)ϑ[Jϑ(ν1+ν2y)+σ(ν1+ν2x+y2)+Jϑ(ν1+ν2x)σ(ν1+ν2x+y2)]σ(ν1+ν2x+y2)=(yx)410ηϑ[σ(ν1+ν2(1η2x+1+η2y))σ(ν1+ν2(1+η2x+1η2y))]dη. (2.7)

    Proof. From right hand side of (2.7), we set

    ϖ1ϖ2:=10ηϑ[σ(ν1+ν2(1η2x+1+η2y))σ(ν1+ν2(1+η2x+1η2y))]dη=10ηϑσ(ν1+ν2(1η2x+1+η2y))dη10ηϑσ(ν1+ν2(1+η2x+1η2y))dη. (2.8)

    By integrating by parts with w=ν1+ν2(1η2x+1+η2y), we can deduce:

    ϖ1=2(yx)σ(ν1+ν2y)+2ϑ(yx)10ηϑ1σ(ν1+ν2(1η2x+1+η2y))dη=2(yx)σ(ν1+ν2y)+2ϑ+1ϑ(yx)ϑ+1ν1+ν2x+y2ν1+ν2yσ((ν1+ν2x+y2)w)ϑ1σ(w)dw=2(yx)σ(ν1+ν2y)+2ϑ+1Γ(ϑ+1)(yx)ϑ+1Jϑ(ν1+ν2y)+σ(ν1+ν2x+y2).

    Similarly, we can deduce:

    ϖ2=2yxσ(ν1+ν2x)2ϑ+1Γ(ϑ+1)(yx)ϑ+1Jϑ(ν1+ν2x)σ(ν1+ν2x+y2).

    By substituting ϖ1 and ϖ2 in (2.8) and then multiplying by (yx)4, we obtain required identity (2.7).

    Corollary 2.2. Lemma 2.1 with

    ϑ=1 becomes:

    1yxν1+ν2xν1+ν2yσ(w)dwσ(ν1+ν2x+y2)=(yx)410η[σ(ν1+ν2(1η2x+1+η2y))σ(ν1+ν2(1+η2x+1η2y))]dη.

    ϑ=1, x=ν1 and y=ν2 becomes:

    1ν2ν1ν2ν1σ(w)dwσ(ν1+ν22)=(ν2ν1)410η[σ(ν1+ν2(1η2ν1+1+η2ν2))σ(ν1+ν2(1+η2ν1+1η2ν2))]dη.

    x=ν1 and y=ν2 becomes:

    2ϑ1Γ(ϑ+1)(ν2ν1)ϑ[Jϑν1+σ(ν1+ν22)+Jϑν2σ(ν1+ν22)]σ(ν1+ν22)=(ν2ν1)410ηϑ[σ(ν1+ν2(1η2ν1+1+η2ν2))σ(ν1+ν2(1+η2ν1+1η2ν2))]dη.

    Theorem 2.2. Let σ:[ν1,ν2]RR be a differentiable function on (ν1,ν2) and |σ| is convex on [ν1,ν2] with ν1ν2 and x,y[ν1,ν2]. Then, we have:

    |2ϑ1Γ(ϑ+1)(yx)ϑ[Jϑ(ν1+ν2y)+σ(ν1+ν2x+y2)+Jϑ(ν1+ν2x)σ(ν1+ν2x+y2)]σ(ν1+ν2x+y2)|(yx)2(1+ϑ)[|σ(ν1)|+|σ(ν2)||σ(x)|+|σ(y)|2]. (2.9)

    Proof. By taking modulus of identity (2.7), we get

    |2ϑ1Γ(ϑ+1)(yx)ϑ[Jϑ(ν1+ν2y)+σ(ν1+ν2x+y2)+Jϑ(ν1+ν2x)σ(ν1+ν2x+y2)]σ(ν1+ν2x+y2)|(yx)4[10ηϑ|σ(ν1+ν2(1η2x+1+η2y))|dη+10ηϑ|σ(ν1+ν2(1+η2x+1η2y))|dη].

    Then, by applying the convexity of |σ| and the Jensen-Mercer inequality on above inequality, we get

    |2ϑ1Γ(ϑ+1)(yx)ϑ[Jϑ(ν1+ν2y)+σ(ν1+ν2x+y2)+Jϑ(ν1+ν2x)σ(ν1+ν2x+y2)]σ(ν1+ν2x+y2)|(yx)4[10ηϑ[|σ(ν1)|+|σ(ν2)|(1+η2|σ(x)|+1η2)|σ(y)|]dη+10ηϑ[|σ(ν1)|+|σ(ν2)|(1η2|σ(x)|+1+η2)|σ(y)|]dη]=(yx)2(1+ϑ)[|σ(ν1)|+|σ(ν2)||σ(x)|+|σ(y)|2],

    which completes the proof of Theorem 2.2.

    Corollary 2.3. Theorem 2.2 with

    ϑ=1 becomes:

    |1yxν1+ν2xν1+ν2yσ(w)dwσ(ν1+ν2x+y2)|(yx)4[|σ(ν1)|+|σ(ν2)||σ(x)|+|σ(y)|2].

    ϑ=1, x=ν1 and y=ν2 becomes [27, Theorem 2.2].

    x=ν1 and y=ν2 becomes:

    |1ν2ν1ν2ν1σ(w)dwσ(ν1+ν22)|(ν2ν1)4[|σ(ν1)|+|σ(ν2)|2].

    Theorem 2.3. Let σ:[ν1,ν2]RR be a differentiable function on (ν1,ν2) and |σ|q,q>1 is convex on [ν1,ν2] with ν1ν2 and x,y[ν1,ν2]. Then, we have:

    |2ϑ1Γ(ϑ+1)(yx)ϑ[Jϑ(ν1+ν2y)+σ(ν1+ν2x+y2)+Jϑ(ν1+ν2x)σ(ν1+ν2x+y2)]σ(ν1+ν2x+y2)|(yx)4pϑp+1[(|σ(ν1)|q+|σ(ν2)|q(|σ(x)|q+3|σ(y)|q4))1q+(|σ(ν1)|q+|σ(ν2)|q(3|σ(x)|q+|σ(y)|q4))1q], (2.10)

    where 1p+1q=1.

    Proof. By taking modulus of identity (2.7) and using Hölder's inequality, we get

    |2ϑ1Γ(ϑ+1)(yx)ϑ[Jϑ(ν1+ν2y)+σ(ν1+ν2x+y2)+Jϑ(ν1+ν2x)σ(ν1+ν2x+y2)]σ(ν1+ν2x+y2)|(yx)4(10ηϑp)1p{(10|σ(ν1+ν2(1η2x+1+η2y))|qdη)1q+(10|σ(ν1+ν2(1+η2x+1η2y))|qdη)1q}.

    Then, by applying the Jensen-Mercer inequality with the convexity of |σ|q, we can deduce

    |2ϑ1Γ(ϑ+1)(yx)ϑ[Jϑ(ν1+ν2y)+σ(ν1+ν2x+y2)+Jϑ(ν1+ν2x)σ(ν1+ν2x+y2)]σ(ν1+ν2x+y2)|(yx)4(10ηϑp)1p{(10|σ(ν1)|q+|σ(ν2)|q(1η2|σ(x)|q+1+η2|σ(y)|q))1q+(10|σ(ν1)|q+|σ(ν2)|q(1+η2|σ(x)|q+1η2|σ(y)|q))1q}=(yx)4pϑp+1[(|σ(ν1)|q+|σ(ν2)|q(|σ(x)|q+3|σ(y)|q4))1q+(|σ(ν1)|q+|σ(ν2)|q(3|σ(x)|q+|σ(y)|q4))1q],

    which completes the proof of Theorem 2.3.

    Corollary 2.4. Theorem 2.3 with

    ϑ=1 becomes:

    |1yxν1+ν2xν1+ν2yσ(w)dwσ(ν1+ν2x+y2)|(yx)4pp+1[(|σ(ν1)|q+|σ(ν2)|q(|σ(x)|q+3|σ(y)|q4))1q+(|σ(ν1)|q+|σ(ν2)|q(3|σ(x)|q+|σ(y)|q4))1q].

    ϑ=1, x=ν1 and y=ν2 becomes:

    |1ν2ν1ν2ν1σ(w)dwσ(ν1+ν22)|(ν2ν1)22p(1p+1)1p[|σ(ν1)|+|σ(ν2)|].

    x=ν1 and y=ν2 becomes:

    |2ϑ1Γ(ϑ+1)(ν2ν1)ϑ[Jϑν1+σ(ν1+ν22)+Jϑν2σ(ν1+ν22)]σ(ν1+ν22)|2ϑ12qν2ν1(1p+1)1p[|σ(ν1)|+|σ(ν2)|].

    Theorem 2.4. Let σ:[ν1,ν2]RR be a differentiable function on (ν1,ν2) and |σ|q,q1 is convex on [ν1,ν2] with ν1ν2 and x,y[ν1,ν2]. Then, we have:

    |2ϑ1Γ(ϑ+1)(yx)ϑ[Jϑ(ν1+ν2y)+σ(ν1+ν2x+y2)+Jϑ(ν1+ν2x)σ(ν1+ν2x+y2)]σ(ν1+ν2x+y2)|(yx)4(ϑ+1)[(|σ(ν1)|q+|σ(ν2)|q(|σ(x)|q+(2ϑ+3)|σ(y)|q2(ϑ+2)))1q+(|σ(ν1)|q+|σ(ν2)|q((2ϑ+3)|σ(x)|q+|σ(y)|q2(ϑ+2)))1q]. (2.11)

    Proof. By taking modulus of identity (2.7) with the well-known power mean inequality, we can deduce

    |2ϑ1Γ(ϑ+1)(yx)ϑ[Jϑ(ν1+ν2y)+σ(ν1+ν2x+y2)+Jϑ(ν1+ν2x)σ(ν1+ν2x+y2)]σ(ν1+ν2x+y2)|(yx)4(10ηϑ)11q{(10ηϑ|σ(ν1+ν2(1η2x+1+η2y))|qdη)1q+(10ηϑ|σ(ν1+ν2(1+η2x+1η2y))|qdη)1q}.

    By applying the Jensen-Mercer inequality with the convexity of |σ|q, we can deduce

    |2ϑ1Γ(ϑ+1)(yx)ϑ[Jϑ(ν1+ν2y)+σ(ν1+ν2x+y2)+Jϑ(ν1+ν2x)σ(ν1+ν2x+y2)]σ(ν1+ν2x+y2)|(yx)4(10ηϑ)11q{(10ηϑ[|σ(ν1)|q+|σ(ν2)|q(1η2|σ(x)|q+1+η2|σ(y)|q)])1q+(10ηϑ[|σ(ν1)|q+|σ(ν2)|q(1+η2|σ(x)|q+1η2|σ(y)|q)])1q}=(yx)4(ϑ+1)[(|σ(ν1)|q+|σ(ν2)|q(|σ(x)|q+(2ϑ+3)|σ(y)|q2(ϑ+2)))1q+(|σ(ν1)|q+|σ(ν2)|q((2ϑ+3)|σ(x)|q+|σ(y)|q2(ϑ+2)))1q],

    which completes the proof of Theorem 2.4.

    Corollary 5. Theorem 2.4 with

    q=1 becomes Theorem 2.2.

    ϑ=1 becomes:

    |1yxν1+ν2xν1+ν2yσ(w)dwσ(ν1+ν2x+y2)|(yx)8[(|σ(ν1)|q+|σ(ν2)|q(|σ(x)|q+5|σ(y)|q6))1q+(|σ(ν1)|q+|σ(ν2)|q(5|σ(x)|q+|σ(y)|q6))1q].

    ϑ=1, x=ν1 and y=ν2 becomes:

    |1ν2ν1ν2ν1σ(w)dwσ(ν1+ν22)|(yx)8[(5|σ(ν1)|q+|σ(ν2)|q6)1q+(|σ(ν1)|q+5|σ(ν2)|q6)1q].

    x=ν1 and y=ν2 becomes:

    |2ϑ1Γ(ϑ+1)(ν2ν1)ϑ[Jϑν1+σ(ν1+ν22)+Jϑν2σ(ν1+ν22)]σ(ν1+ν22)|(ν2ν1)4(ϑ+1)[((2ϑ+3)|σ(ν1)|q+|σ(ν2)|q2(ϑ+2))1q+(|σ(ν1)|q+(2ϑ+3)|σ(ν2)|q2(ϑ+2))1q].

    Here, we consider the following special means:

    ● The arithmetic mean:

    A(ν1,ν2)=ν1+ν22,ν1,ν20.

    ● The harmonic mean:

    H(ν1,ν2)=2ν1ν2ν1+ν2,ν1,ν2>0.

    ● The logarithmic mean:

    L(ν1,ν2)={ν2ν1lnν2lnν1,ifν1ν2,ν1,ifν1=ν2,ν1,ν2>0.

    ● The generalized logarithmic mean:

    Ln(ν1,ν2)={[νn+12νn+11(n+1)(ν2ν1)]1n,ifν1ν2ν1,ifν1=ν2,ν1,ν2>0;nZ{1,0}.

    Proposition 3.1. Let 0<ν1<ν2 and nN, n2. Then, for all x,y[ν1,ν2], we have:

    |Lnn(ν1+ν2y,ν1+ν2x)(2A(ν1,ν2)A(x,y))n|n(yx)4[2A(νn11,νn12)A(xn1,yn1)]. (3.1)

    Proof. By applying Corollary 2.3 (first item) for the convex function σ(x)=xn,x>0, one can obtain the result directly.

    Proposition 3.2. Let 0<ν1<ν2. Then, for all x,y[ν1,ν2], we have:

    |L1(ν1+ν2y,ν1+ν2x)(2A(ν1,ν2)A(x,y))1|(yx)4[2H1(ν21,ν22)H1(x2,y2)]. (3.2)

    Proof. By applying Corollary 2.3 (first item) for the convex function σ(x)=1x,x>0, one can obtain the result directly.

    Proposition 3.3. Let 0<ν1<ν2 and nN, n2. Then, we have:

    |Lnn(ν1,ν2)An(ν1,ν2)|n(ν2ν1)4[A(νn11,νn12)], (3.3)

    and

    |L1(ν1,ν2)A1(ν1,ν2)|(ν2ν1)4H1(ν21,ν22). (3.4)

    Proof. By setting x=ν1 and y=ν2 in results of Proposition 3.1 and Proposition 3.2, one can obtain the Proposition 3.3.

    Proposition 3.4. Let 0<ν1<ν2 and nN, n2. Then, for q>1,1p+1q=1 and for all x,y[ν1,ν2], we have:

    |Lnn(ν1+ν2y,ν1+ν2x)(2A(ν1,ν2)A(x,y))n|n(yx)4pp+1{[2A(νq(n1)1,νq(n1)2)12A(xq(n1),3yq(n1))]1q+[2A(νq(n1)1,νq(n1)2)12A(3xq(n1),yq(n1))]1q}. (3.5)

    Proof. By applying Corollary 2.4 (first item) for convex function σ(x)=xn,x>0, one can obtain the result directly.

    Proposition 3.5. Let 0<ν1<ν2. Then, for q>1,1p+1q=1 and for all x,y[ν1,ν2], we have:

    |L1(ν1+ν2y,ν1+ν2x)(2A(ν1,ν2)A(x,y))1|q2(yx)4pp+1{[H1(ν2q1,ν2q2)34H1(x2q,3y2q)]1q+[H1(ν2q1,ν2q2)34H1(3x2q,y2q)]1q}. (3.6)

    Proof. By applying Corollary 2.4 (first item) for the convex function σ(x)=1x,x>0, one can obtain the result directly.

    Proposition 3.6. Let 0<ν1<ν2 and nN, n2. Then, for q>1 and 1p+1q=1, we have:

    |Lnn(ν1,ν2)An(ν1,ν2)|n(ν2ν1)4pp+1{[2A(νq(n1)1,νq(n1)2)12A(νq(n1)1,3νq(n1)2)]1q+[2A(νq(n1)1,νq(n1)2)12A(3νq(n1)1,νq(n1)2)]1q}, (3.7)

    and

    |L1(ν1,ν2)A1(ν1,ν2)|q2(ν2ν1)4pp+1{[H1(ν2q1,ν2q2)34H1(ν2q1,3ν2q2)]1q+[H1(ν2q1,ν2q2)34H1(3ν2q1,ν2q2)]1q}. (3.8)

    Proof. By setting x=ν1 and y=ν2 in results of Proposition 3.4 and Proposition 3.5, one can obtain the Proposition 3.6.

    As we emphasized in the introduction, integral inequality is the most important field of mathematical analysis and fractional calculus. By using the well-known Jensen-Mercer and power mean inequalities, we have proved new inequalities of Hermite-Hadamard-Mercer type involving Riemann-Liouville fractional operators. In the last section, we have considered some propositions in the context of special functions; these confirm the efficiency of our results.

    We would like to express our special thanks to the editor and referees. Also, the first author would like to thank Prince Sultan University for funding this work through research group Nonlinear Analysis Methods in Applied Mathematics (NAMAM) group number RG-DES-2017-01-17.

    The authors declare no conflict of interest.



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