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Research article

Assessing investor preferences for environmental and sustainability bonds in Japan: A discrete choice experiment approach

  • Received: 27 August 2024 Revised: 04 November 2024 Accepted: 10 February 2025 Published: 24 March 2025
  • JEL Codes: C25, D64, G11, Q51

  • This study examined how the focus of environmental and sustainability bonds (ESBs) influences investor preferences, particularly in relation to return rates and risk perceptions. A labeled discrete choice experiment was conducted on Japanese retail investors to examine their preference among the ESBs: green, sustainability, and blue bonds. The present study found that with low return rates, investors were indifferent among the three ESBs. However, higher return rates led investors to favor sustainability bonds. Furthermore, ESBs were less preferable to government bonds when the benchmark return rate was high, underscoring the need to set a relatively low benchmark return rate to attract investors to ESBs. Risk-averse investors were hesitant to choose ESBs when the return rates were low, emphasizing the importance of accurate risk information. The study highlighted the critical role of credit ratings, third-party certification, and transparent reporting for ESBs, suggesting that providing clear risk information is vital for expanding the ESB market.

    Citation: Kentaka Aruga, Md. Monirul Islam. Assessing investor preferences for environmental and sustainability bonds in Japan: A discrete choice experiment approach[J]. Green Finance, 2025, 7(2): 200-222. doi: 10.3934/GF.2025008

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  • This study examined how the focus of environmental and sustainability bonds (ESBs) influences investor preferences, particularly in relation to return rates and risk perceptions. A labeled discrete choice experiment was conducted on Japanese retail investors to examine their preference among the ESBs: green, sustainability, and blue bonds. The present study found that with low return rates, investors were indifferent among the three ESBs. However, higher return rates led investors to favor sustainability bonds. Furthermore, ESBs were less preferable to government bonds when the benchmark return rate was high, underscoring the need to set a relatively low benchmark return rate to attract investors to ESBs. Risk-averse investors were hesitant to choose ESBs when the return rates were low, emphasizing the importance of accurate risk information. The study highlighted the critical role of credit ratings, third-party certification, and transparent reporting for ESBs, suggesting that providing clear risk information is vital for expanding the ESB market.



    In this paper, we are interested in establishing the existence and nonexistence results of nontrivial solutions for the coupled fractional Schrödinger systems of Choquard type

    {(Δ)su+λ1u=(Iα|u|p)|u|p2u+βvin RN,(Δ)sv+λ2v=(Iα|v|p)|v|p2v+βuin RN, (1.1)

    where s(0,1), N3, α(0,N), p>1, λi>0 are constants for i=1, 2, β>0 is a parameter, and Iα(x) is the Riesz Potential defined as

    Iα(x)=Γ(Nα2)Γ(α2)πN22α|x|Nα,xRN{0},

    where Γ is the Gamma function.

    Here, the nonlocal Laplacian operator (Δ)s with s(0,1) of a function u:RNR is expressed by the formula

    (Δ)su(x)=C(N,s)P.V.RNu(x)u(z)|xz|N+2sdz,

    where P.V. stand for the Cauchy principal value on the integral, and C(N,s) is some positive normalization constant (see [1] for details).

    It can also be defined as a pseudo-differential operator

    F((Δ)sf)(ξ)=|ξ|2sF(f)(ξ)=|ξ|2sˆf(ξ),

    where F is the Fourier transform.

    The problem (1.1) presents nonlocal characteristics in the nonlinearity as well as in the (fractional) diffusion because of the appearance of the terms (Iα|u|p)|u|p2u and (Iα|v|p)|v|p2v. This phenomenon raises some mathematical puzzles that make the study of such problems particularly interesting. We point out that when s=1, λ1=1, p=2, N=3, α=2 and β=0, (1.1) reduces to the Choquard-Pekar equation

    Δu+u=(I2|u|2)u,in R3, (1.2)

    which appeared in 1954 by Pekar [2] describing a polaron at rest in the quantum theory. In 1976, Choquard [3] used this equation to model an electron trapped in its own hole and considered it as an approximation to Hartree-Fock theory of one-component plasma. Subsequently, in 1996 Penrose [4] investigated it as a model for the self-gravitating collapse of a quantum mechanical wave function; see also [5]. The first investigations for existence and uniqueness of ground state solutions of (1.2) go back to the work of Lieb [6]. Lions [7] generalized the result in [6] and proved the existence and multiplicity of positive solutions of (1.2). In addition, the existence and qualitative results of solutions of power type nonlinearities |u|p2u and for more generic values of α(0,N) are discussed by variational method, where N3, see [8,9,10,11,12]. Under almost necessary conditions on the nonlinearity F in the spirit of H. Berestycki and P. L. Lions [13], Moroz and Schaftingen [14] considered the existence of a ground state solution uH1(RN) to the nonlinear Choquard equation

    Δu+u=(IαF(u))F(u),in RN.

    When s(0,1), Laskin [15] introduced the fractional power of the Laplace operator in (1.1) as an extension of the classical local Laplace operator in the study of nonlinear Schrödinger equations, replacing the path integral over Brownian motions with Lévy flights [16]. This operator has concrete applications in a wide range of fields, see [1,17] and the references therein. Equations involving the fractional Laplacian together with local nonlinearities and the system of weakly coupled equations has been investigated extensively in recent years, and some research results can be found in [18,19,20,21].

    When β=0, the system (1.1) can be reduced to two single Choquard equations

    (Δ)su+λ1u=(Iα|u|p)|u|p2uin RN (1.3)

    and

    (Δ)sv+λ2v=(Iα|v|p)|v|p2vin RN. (1.4)

    Equations (1.3) and (1.4) arise from the search for standing wave solutions of the following time-dependent fractional Choquard equation:

    iΨt=(Δ)sΨ+λΨ(Iα|Ψ|p)|Ψ|p2Ψ,(t,x)R+×RN,

    where i denotes the imaginary unit.

    In [22], by minimizing

    S(u)=(Δ)s2u22+λ1u22(RN(Iα|u|p)|u|p)1p

    on Hs(RN){0}, the authors obtained the existence of ground state solution of (1.3) with p(1+αN,N+αN2s) (see [22, Theorem 4.2]).

    Of course, scalar problems can be extended to systems. It is easy to see that the system (1.1) can be regarded as a counterpart of the following systems with standard Laplace operator

    {Δu+u=(Iα|u|p)|u|p2u+λvin RN,Δv+v=(Iα|v|p)|v|p2v+λuin RN.

    In [23], Chen and Liu studied the systems of Choquard type, when p(1+αN,N+αN2), they obtained the existence of ground state solutions of the systems. Yang et al. [24] considered the corresponding critical case.

    Motivated by the above mentioned works, in this paper, we aim to study the existence of positive ground state solutions of the systems (1.1). This class of systems has two new characteristics: One is the presence of the fractional Laplace and the Choquard type functions which are nonlocal, the other is its lack of compactness inherent to problems defined on unbounded domains. In order to overcome such difficulties, next we introduce a special space where we are able to recover some compactness.

    First we use p denote the norm of Lp(RN) for any 1p<. The Hilbert space Hs(RN) is defined by

    Hs(RN):={uL2(RN):RNRN|u(x)u(z)|2|xz|N+2sdxdz<+}

    with the scalar product and norm given by

    u,v:=RN(Δ)s2u(Δ)s2vdx+RNuvdx,u:=((Δ)s2u22+u22)12,

    where

    (Δ)s2u22:=C(N,s)2RNRN|u(x)u(z)|2|xz|N+2sdxdz.

    The radial space Hsr(RN) of Hs(RN) is defined as

    Hsr(RN):={uHs(RN)|u(x)=u(|x|)}

    with the Hs(RN) norm.

    Let

    u2λi:=(Δ)s2u22+λiu22,i=1,2

    for convenience. It is easy to obtain that λi and are equivalent norms in Hs(RN). Denote H:=Hs(RN)×Hs(RN) and Hr:=Hsr(RN)×Hsr(RN). The norm of H is given by

    (u,v)2H=u2λ1+v2λ2,for all (u,v)H.

    The energy functional Eβ associated to (1.1) is

    Eβ(u,v)=12RN[|(Δ)s2u|2+|(Δ)s2v|2+λ1|u|2+λ2|v|2]dx12pRN(Iα|u|p)|u|pdx12pRN(Iα|v|p)|v|pdxβRNuvdx,for all (u,v)H. (1.5)

    It is easy to obtain that EβC1(H,R) and

    Eβ(u,v),(φ,ψ)=RN[(Δ)s2u(Δ)s2φ+(Δ)s2v(Δ)s2ψ+λ1uφ+λ2vψ]dxRN(Iα|u|p)|u|p2uφdxRN(Iα|v|p)|v|p2vψdxβRN(vφ+uψ)dx (1.6)

    for all (φ,ψ)H.

    (u,v) is called a nontrivial solution of (1.1) if uβ0, vβ0 and (u,v)H solves (1.1). A positive ground state solution (u,v) of (1.1) is a nontrivial solution of (1.1) such that u>0, v>0 which has minimal energy among all nontrivial solutions. In order to find positive ground state solutions of (1.1), we need to investigate the existence of the minimum value of Eβ, defined in (1.5) under the Nehari manifold constraint

    Nβ={(u,v)H{(0,0)}:Eβ(u,v),(u,v)=0}. (1.7)

    Define

    mβ=inf{Eβ(u,v):(u,v)Nβ}.

    Furthermore, define E0,i:Hs(RN)R by

    E0,i(u)=12RN|(Δ)s2u|2dx+λi2RNu2dx12pRN(Iα|u|p)|u|pdx,  i=1,2. (1.8)

    We introduce the Nehari manifolds

    N0,i:={uHs(RN){0}:(Δ)s2u22+λiu22RN(Iα|u|p)|u|pdx=0},  i=1,2. (1.9)

    A ground state solution of (1.3) (or (1.4)) is a solution with minimal energy E0,1 (or E0,2) and can be characterized as

    minuN0,1E0,1(u) (orminuN0,2E0,2(u)).

    The main results of our paper are the following.

    Theorem 1.1. Suppose s(0,1), N3, α(0,N) and p(1+αN,α+NN2s), then the system (1.1) possesses a positive radial ground state solution (uβ,vβ)Nβ with Eβ(uβ,vβ)=mβ>0 for any 0<β<λ1λ2. Moreover, (uβ,vβ)(u0,v0) in H as β0+, where (u0,v0) is a positive radial ground state solution for the system (1.1) with β=0, namely, u0 and v0 are positive radial ground state solutions to problems (1.3) and (1.4), respectively.

    Remark 1.1. In comparison with [19], this paper has several new features. Firstly, the system (1.1) contains the Choquard type terms which are more difficult to deal with. Secondly, Lemma 3.11 in [19] shows that (uβ,vβ)(u0,v0) in H as β0+, where either v00 and u0 is a ground state solution to one single equation, or u00 and v0 is a ground state solution to the other single equation. While we prove that (u0,v0) is a positive radial ground state solution for the system (1.1) with β=0. Finally, the difference in asymptotic behavior is that it is obtained in this paper that u0>0 and v0>0 are positive radial ground state solutions to problems (1.3) and (1.4), respectively (see Theorem 1.3 in [19]).

    Finally, by using the Pohožaev identity (4.1) of the system (1.1), we have the following non-existence result.

    Theorem 1.2. Suppose pα+NN2s or p1+αN, then the system (1.1) does not admit non-trivial solutions.

    Remark 1.2. According to Theorem 1.2, we can know that the range of p(1+αN,α+NN2s) is optimal for the existence of nontrivial solutions to the system (1.1).

    The rest of this paper is as following. In Section 2, we introduce some preliminary results and notions. In Section 3, we obtain the existence of ground state solutions of the system (1.1) and we also investigate their asymptotic behaviour. In Section 4, we get the nonexistence result.

    Throughout this paper, we use "" and "" to denote the strong convergence and weak convergence in the correlation function space, respectively. on(1) denotes a sequence which converges to 0 as n. C will always denote a positive constants, which may vary from line to line.

    It is well known that the following properties which follow from the fractional Sobolev embedding

    Hs(RN)Lq(RN),q[2,2s], where 2s:=2NN2s.

    If 1+αN<p<α+NN2s, we have that 2<2NpN+α<2s, the space Hsr(RN) compactly embedded into L2NpN+α(RN).

    First of all, let us recall the Hardy-Littlewood-Sobolev inequality.

    Lemma 2.1. (Hardy-Littlewood-Sobolev inequality [23]) Let 0<α<N, r, q>1 and 1s<t< be such that

    1r+1q=1+αN,1s1t=αN.

    (i) For any uLr(RN) and vLq(RN), we have

    |RN(Iαu)v|C(N,α,q)urvq. (2.1)

    If p(1+αN,α+NN2s) and r=q=2NN+α, then

    |RN(Iα|u|p)|u|p|C(N,α,p)u2p2NpN+α, (2.2)

    where the sharp constant C(N,α,p) is

    C(N,α,p)=Cα(N)=πNα2Γ(α2)Γ(N+α2){Γ(N2)Γ(N)}αN.

    (ii) For any uLs(RN), we have

    IαutC(N,α,s)us. (2.3)

    Here, C(N,α,s) is a positive constant which depends only on N, α and s, and satisfies

    lim supα0αC(N,α,s)2s(s1)ωN1,

    where ωN1 denotes the surface area of the N1 dimensional unit sphere.

    Next, the following result is crucial in the proof of the Theorem 1.1.

    Lemma 2.2. Assumption NN, 0<α<N and p(1+αN,α+NN2s). Let {un}Hs(RN) be a sequence satisfying that unu weakly in Hs(RN) as n, then

    limnRN(Iα|un|p)|un|pRN(Iα|unu|p)|unu|p=RN(Iα|u|p)|u|p. (2.4)

    To show Lemma 2.2, we state the classical Brezis-Lieb lemma [25].

    Lemma 2.3. Let ΩRN be an open subset and 1r<. If

    (i) {un}nN is bounded in Lr(Ω).

    (ii) unu almost everywhere on Ω as n, then for every q[1,r],

    limnΩ||un|q|unu|q|u|q|rq=0. (2.5)

    Here we also need to mention sufficient conditions for weak convergence (see for example [25, Proposition 4.7.12]).

    Lemma 2.4. Assume Ω be an open subset of RN, 1<q< and the sequence {un}nN is bounded in Lq(Ω). If unu almost everywhere on Ω as n, we have that unu weakly in Lq(Ω).

    In view of Lemmas 2.3 and 2.4 we have the following proof.

    Proof of Lemma 2.2. For every nN. We have that

    RN(Iα|un|p)|un|pRN(Iα|unu|p)|unu|p=RN(Iα(|un|p|unu|p))(|un|p|unu|p)+2RN(Iα(|un|p|unu|p))|unu|p.

    Since 1+αN<p<α+NN2s, we have that 2<2NpN+α<2s, then the space Hs(RN) is embedded continuously in L2NpN+α(RN). Moreover, unu weakly in Hs(RN) as n. Thus, the sequence {un}nN is bounded in L2NpN+α(RN). By (2.5) with q=p and r=2NpN+α, we have that

    |un|p|unu|p|u|p

    strongly in L2NN+α(RN) as n. By (2.3), we have that Iα defines a linear continuous map from L2NN+α(RN) to L2NNα(RN), then

    Iα(|un|p|unu|p)Iα|u|p

    in L2NNα(RN) as n. By (2.2), we have

    RN(Iα(|un|p|unu|p))(|un|p|unu|p)=RN(Iα|u|p)|u|p+on(1).

    In view of Lemma 2.4, we get |unu|p0 weakly in L2NN+α(RN) as n. Thus,

    RN(Iα(|un|p|unu|p))|unu|p=on(1).

    The proof is thereby complete.

    Lemma 2.5. Let 0<α<N, p(1+αN,α+NN2s) and the sequence {un}nNHs(RN) be such that unuHs(RN) weakly in Hs(RN) as n. Let ϕHs(RN), we have

    limnRN(Iα|un|p)|un|p2unϕ=RN(Iα|u|p)|u|p2uϕ. (2.6)

    Proof. Since unu weakly in Hs(RN) as n, then unu a.e. in RN. By the fractional Sobolev embedding Hs(RN)Lq(RN) with q[2,2s], we see that {un}nN is bounded in L2(RN)L2s(RN). Since 2<2NpN+α<2s, then {|un|p} and {|un|q2un} are bounded in L2NN+α(RN) and Lqq1(RN) with q[2,2s], respectively, up to a subsequence, we get

    |un|q2un|u|q2u weakly in Lqq1(RN),
    |un|p|u|p weakly in L2NN+α(RN). (2.7)

    In view of the Rellich theorem, unu in Ltloc(RN) for t[1,2s) and |un|p2un|u|p2u in L2Np(p1)(N+α)loc(RN) (see [26, Theorem A.2]), then we have that |un|p2unϕ|u|p2uϕ in L2NN+α(RN) for any ϕC0(RN), where C0(RN) denotes the space of the functions infinitely differentiable with compact support in RN. By (2.3), we get

    Iα(|un|p2unϕ)Iα(|u|p2uϕ) (2.8)

    in L2NNα(RN). Therefore, by (2.7) and (2.8) we get

    RN(Iα|un|p)|un|p2unϕRN(Iα|u|p)|u|p2uϕ=RN(Iα(|un|p2unϕ))|un|pRN(Iα(|u|p2uϕ))|u|p=RN[Iα(|un|p2unϕ)Iα(|u|p2uϕ)]|un|p+RN(Iα(|u|p2uϕ))(|un|p|u|p) 0

    as n. Since C0(RN) is dense in Hs(RN), we reach the conclusion.

    Lemma 2.6. (see [27, Theorem 3.7]) Let f, g and h be three non-negative Lebesgue measurable functions on RN. Let

    W(f,g,h):=RNRNf(x)g(y)h(xy)dxdy,

    we get

    W(f,g,h)W(f,g,h),

    where f, g and h denote the symmetric radial decreasing rearrangement of f, g and h.

    Lemma 2.7. (see [22, Theorem 1.1]) Under the assumptions of Theorem 1.1, there exists a ground state solution uHs(RN) (vHs(RN)) to problem (1.3) (1.4) which is positive, radially symmetric. Moreover, the minima of the energy functional E0,1 (E0,2) on the Nehari manifold N0,1 (N0,2) defined in (1.9) satisfies minuN0,1E0,1(u)>0 (minuN0,2E0,2(u)>0).

    For any (u,v)Nβ, we have

    Eβ(u,v)=(1212p)((u,v)2H2βRNuvdx)=(1212p)(RN(Iα|u|p)|u|pdx+RN(Iα|v|p)|v|pdx).

    This shows that Eβ is coercive on Nβ. Next we show, through a series of lemmas, that mβ is attained by some (u,v)Nβ which is a critical point of Eβ considered on the whole space H, and therefore a ground state solution to (1.1).

    We begin with some basic properties of Eβ and Nβ.

    Lemma 3.1. For every (u,v)H{(0,0)}, there exists some t>0 such that (tu,tv)Nβ.

    Proof. Indeed, (tu,tv)Nβ is equivalent to

    (tu,tv)2H=RN(Iα|tu|p)|tu|p+RN(Iα|tv|p)|tv|p+2βt2RNuv,

    which is solved by

    t=((u,v)2H2βRNuvRN(Iα|u|p)|u|p+RN(Iα|v|p)|v|p)12p2. (3.1)

    By inequality

    2βRNuv<2λ1λ2RNuvRNλ1u2+λ2v2u2λ1+v2λ1=(u,v)2H,

    we have that

    (u,v)2H2βRNuv>(u,v)2H(u,v)2H=0.

    Therefore we get t>0.

    Lemma 3.2. The following assertions hold:

    (i) There exists c>0 such that (u,v)Hc for any (u,v)Nβ.

    (ii) mβ=inf(u,v)NβEβ(u,v)>0 for all fixed 0<β<λ1λ2.

    (iii) Let u1, v1 are positive solutions of (1.3) and (1.4) respectively, and let t>0 be such that (tu1,tv1)Nβ, then 0<t<1.

    Proof. (i) In view of the definition of Nβ, by the Hardy-Littlewood-Sobolev inequality (2.2), for any (u,v)Nβ, we have

    u2λ1+v2λ2= RN(Iα|u|p)|u|p+RN(Iα|v|p)|v|p+2βRNuvC(N,α,p)(u2p2NpN+α+v2p2NpN+α)+βλ1λ2(2λ1λ2RNuv)C1C(N,α,p)(u2pλ1+v2pλ2)+βλ1λ2(RNλ1u2+λ2v2)C1C(N,α,p)(u2λ1+v2λ2)p+βλ1λ2(u2λ1+v2λ2),

    where C1>0 denotes the fractional Sobolev embedding constant and C1 does not depend on u and v. This means that

    (1βλ1λ2)(u,v)2HC1C(N,α,p)(u,v)2pH.

    Since 0<β<λ1λ2, we have (u,v)Hc, where

    c=(λ1λ2βC1C(N,α,p)λ1λ2)12p2>0. (3.2)

    (ii) For any (u,v)Nβ, we have

    Eβ(u,v)=(1212p)((u,v)2H2βRNuv)(1212p)((u,v)2Hβλ1λ2(u2λ1+v2λ2))(1212p)(1βλ1λ2)(u,v)2H. (3.3)

    Since p>1, we obtain mβ(1212p)(1βλ1λ2)c2>0.

    (iii) Since u1, v1 are positive solutions of (1.3) and (1.4) respectively, and (tu1,tv1)Nβ, we have

    u12λ1+v12λ2=RN(Iα|u1|p)|u1|p+RN(Iα|v1|p)|v1|p (3.4)

    and

    t2(u12λ1+v12λ22βRNu1v1)=t2p(RN(Iα|u1|p)|u1|p+RN(Iα|v1|p)|v1|p). (3.5)

    Combining (3.4) and (3.5), we have

    t2p2=u12λ1+v12λ22βRNu1v1u12λ1+v12λ2<1.

    The proof is complete.

    Proof of Theorem 1.1. Let (un,vn)Nβ be a minimizing sequence for Eβ, namely such that Eβ(un,vn)mβ. By (3.3), we know that {(un,vn)}nN is bounded in H. In view of Lemma 3.1, there exists tn>0 such that (tn|un|,tn|vn|)Nβ. Then

    t2p2n=(|un|,|vn|)2H2βRN|un||vn|RN(Iα|un|p)|un|p+RN(Iα|vn|p)|vn|p(un,vn)2H2βRNunvnRN(Iα|un|p)|un|p+RN(Iα|vn|p)|vn|p=1.

    Hence, we have that 0<tn1. Since

    Eβ(tn|un|,tn|vn|)=(1212p)t2pn(RN(Iα|un|p)|un|p+RN(Iα|vn|p)|vn|p)(1212p)(RN(Iα|un|p)|un|p+RN(Iα|vn|p)|vn|p)=Eβ(un,vn).

    For this reason we can assume that un0 and vn0. Let un and vn denote the symmetric decreasing rearrangement of un, respectively vn. By Lemma 2.6 with f(x)=|un(x)|p, g(y)=|un(y)|p, h(xy)=|xy|αN, we have

    RN(Iα|un|p)|un|pRN(Iα|un|p)|un|p. (3.6)

    In addition, it is well known that

    RN|(Δ)s2un|2RN|(Δ)s2un|2andRN|un|2=RN|un|2 (3.7)

    (see [28, Theorem 3]). By Hardy-Littlewood inequality and Riesz rearrangement inequality (see [28]),

    RNunvnRNunvn. (3.8)

    By (3.6)–(3.8) we have

    Eβ(un,vn)=12(un2λ1+vn2λ2)12pRN(Iα|un|p)|un|p12pRN(Iα|vn|p)|vn|pβRNunvn12(un2λ1+vn2λ2)12pRN(Iα|un|p)|un|p12pRN(Iα|vn|p)|vn|pβRNunvn=Eβ(un,vn).

    Therefore, we can further assume that (un,vn)Hr. By (3.3), we have that {(un,vn)} is bounded in H, there exists (uβ,vβ)H and uβ0, vβ0 such that up to subsequences, (un,vn)(uβ,vβ) weakly in H. Moreover, we also can assume that unuβ, vnvβ a.e. in RN and (uβ,vβ)Hr. Since {(un,vn)}nNNβ, we have

    RN(Iα|un|p)|un|p+RN(Iα|vn|p)|vn|p= un2λ1+vn2λ22βRNunvn(1βλ1λ2)(un,vn)2H(1βλ1λ2)c2.

    By (2.4), we obtain

    RN(Iα|uβ|p)|uβ|p+RN(Iα|vβ|p)|vβ|p(1βλ1λ2)c2>0,

    which means uβ0 or vβ0.

    By (2.4) and Fatou's lemma, we have

    uβ2λ1+vβ2λ22βRNuβvβRN(Iα|uβ|p)|uβ|p+RN(Iα|vβ|p)|vβ|p.

    Let t>0 such that (tuβ,tvβ)Nβ, we have

    t=((uβ,vβ)2H2βRNuβvβRN(Iα|uβ|p)|uβ|p+RN(Iα|vβ|p)|vβ|p)12p21.

    Hence,

    mβEβ(tuβ,tvβ)= (1212p)t2p(RN(Iα|u|p)|uβ|p+RN(Iα|vβ|p)|vβ|p)(1212p)(RN(Iα|uβ|p)|uβ|p+RN(Iα|vβ|p)|vβ|p)=limnEβ(un,vn)=mβ.

    Thus, we can deduce that t=1 and mβ is achieved by (uβ,vβ)Nβ with uβ0, vβ0. Now we know that (uβ,vβ) be non-negative and radial ground state solution of (1.1). Since (1.1) has no semitrivial solution, namely (uβ,0) and (0,vβ) are no solutions of (1.1), we infer that uβ0 and vβ0. By the strong maximum principle, we get uβ>0 and vβ>0, then (uβ,vβ) be positive and radial ground state solution of (1.1).

    Next we consider the asymptotic behavior of the ground state solution.

    Suppose {βn} be a sequence which satisfies βn(0,min{12,λ1λ2}) and βn0 as n. Let (uβn,vβn) be the positive radial ground state solution of (1.1) obtained above, we claim {(uβn,vβn)} is bounded in H. Indeed, let ϕ, ψ are the positive solutions of (1.3) and (1.4) respectively. By (iii) of Lemma 3.2, we have that (tnϕ,tnψ)Nβn, where 0<tn<1. Hence, by (1.5) and (1.6), we have

    Eβn(uβn,vβn)Eβn(tnϕ,tnψ)=Eβn(tnϕ,tnψ)12pEβn(tnϕ,tnψ),(tnϕ,tnψ)=(1212p)((tnϕ,tnψ)2H2βnt2nRNϕψ)<(1212p)(ϕ,ψ)2H:=D.

    Therefore, let c0=min{12,λ1λ2}, for n large enough, we have

    D>Eβn(uβn,vβn)=Eβn(uβn,vβn)12pEβn(uβn,vβn),(uβn,vβn)(1212p)(1βn)(uβn,vβn)2H>c0(1212p)(uβn,vβn)2H,

    from which we deduce that {(uβn,vβn)} is bounded in H. Thus, there exists (u0,v0)H such that, up to a subsequences, (uβn,vβn)(u0,v0) in H as n and u00,v00. Moreover by (3.2) we have that

    cn=(λ1λ2βnC1C(N,α,p)λ1λ2)12p2

    is an increasing sequence and (uβn,vβn)2H>c1>0, hence we have that u00 or v00. It is easy to observe that E0(u0,v0)=0, thus u0, v0 are the solutions of (1.3) and (1.4), respectively. Since

    (uβn,vβn)(u0,v0)2H= Eβn(uβn,vβn)E0(u0,v0),(uβn,vβn)(u0,v0)+RN(Iα|uβn|p)|uβn|p+RN(Iα|vβn|p)|vβn|pRN(Iα|uβn|p)|uβn|p2uβnu0RN(Iα|vβn|p)|vβn|p2vβnv0+RN(Iα|u0|p)(|u0|p|u0|p2u0uβn)+RN(Iα|v0|p)(|v0|p|v0|p2v0vβn)+βnRN(2uβnvβnuβnv0vβnu0), (3.9)

    by Lemmas 2.1, 2.2, 2.5 and above equality (3.9), we can conclude that (uβn,vβn)(u0,v0) in H as n.

    In view of Lemma 2.7, we can assume that u1, v1 are positive ground state solutions to (1.3) and (1.4) respectively, and let tn>0 such that (tnu1,tnv1)Nβn. In view of (iii) of Lemma 3.2, we know that 0<tn<1. Furthermore, by (3.1) we have that

    tn=((u,v)2H2βnRNuvRN(Iα|u|p)|u|p+RN(Iα|v|p)|v|p)12p2

    is an increasing sequence and tn>t1>0, then we know that tn1. Consequently, we have

    E0(u1,v1)E0(u0,v0)=limnEβn(uβn,vβn)limnEβn(tnu1,tnv1)=E0(u1,v1). (3.10)

    Obviously E0(u0,v0) is the sum of the energy of u0 and v0 for the single equation (1.3) and (1.4) respectively, namely

    E0(u0,v0)=E0,1(u0)+E0,2(v0),

    where E0,2:Hs(RN)R is the energy functional of (1.4), which is defined similarly to E0,1, and E0(u1,v1) is the sum of the energy of u1 and v1 for the single equation (1.3) and (1.4), respectively, namely

    E0(u1,v1)=E0,1(u1)+E0,2(v1).

    Since u1, v1 are positive ground state solutions to (1.3) and (1.4) respectively, we have

    E0,1(u0)E0,1(u1)andE0,2(v0)E0,2(v1).

    By (3.10), we get E0,1(u0)=E0,1(u1) and E0,2(v0)=E0,2(v1). By Lemma 2.7, we know that u0, v0 are positive ground state solutions of (1.3) and (1.4) respectively.

    Let u0 and v0 denote the symmetric decreasing rearrangement of u0 and v0 respectively. By Lemma 2.6 with f(x)=|u0(x)|p, g(y)=|u0(y)|p, h(xy)=|xy|αN, we have

    RN(Iα|u0|p)|u0|pRN(Iα|u0|p)|u0|p. (3.11)

    In addition, we know that

    RN|(Δ)s2u0|2RN|(Δ)s2u0|2andRN|u0|2=RN|u0|2 (3.12)

    (see [28, Theorem 3]). By (3.11) and (3.12) we have

    E0(u0,v0)=12(u02λ1+v02λ2)12pRN(Iα|u0|p)|u0|p12pRN(Iα|v0|p)|v0|p12(u02λ1+v02λ2)12pRN(Iα|u0|p)|u0|p12pRN(Iα|v0|p)|v0|p=E0(u0,v0).

    Therefore, we can further assume that (u0,v0)Hr. This completes the proof of Theorem 1.1.

    In this section, in order to prove the nonexistence of nontrivial solutions, we need to use the following Pohožaev identity type:

    Lemma 4.1. Let N3 and (u,v)H be any solution of (1.1). Then, (u,v) satisfies the Pohožaev identity

    N2s2[|(Δ)s2u|2+ |(Δ)s2v|2]dx+N2(λ1|u|2+λ2|v|2)dx=N+α2p((Iα|u|p)|u|pdx+(Iα|v|p)|v|pdx)+Nβuvdx. (4.1)

    Proof. The proof is similar to the argument of Theorem 1.13 in [22].

    Proof of Theorem 1.2. Let Eβ(u,v),(u,v)=0, by (1.6), we have

    [|(Δ)s2u|2+|(Δ)s2v|2+λ1|u|2+λ2|v|2]dx=(Iα|u|p)|u|pdx+(Iα|v|p)|v|pdx+2βuvdx (4.2)

    for all (u,v)H.

    Combining the Pohožaev identity (4.1) and (4.2), we can see that

    0= (N2sN+αp)[|(Δ)s2u|2+|(Δ)s2v|2]dx+(NN+αp)(λ1|u|2+λ2|v|2)dx+(N+αpN)2βuvdx.= (N2sN+αp)[|(Δ)s2u|2+|(Δ)s2v|2]dx+(NN+αp)(λ1|u|2+λ2|v|22βuv)dx. (4.3)

    Since λ1>0, λ2>0 and 0<β<λ1λ2, we have

    λ1|u|2+λ2|v|22λ1λ2uv>2βuv.

    Thus, if both the coefficients are non-positive, that is

    N2sN+αp0andNN+αp0,

    then we get p1+αN, which jointly with (4.3) leads us to a contradiction. Therefore, the solution of (1.1) is the trivial one. Similarly, if they are nonnegative, that is pN+αN2s, we get that nontrivial solutions of (1.1) cannot exist. Therefore, the range of 1+αN<p<N+αN2s is optimal for the existence of nontrival solutions of the problem (1.1). This completes the proof.

    In this present paper, we combine the critical point theory and variational method to investigate a class of coupled fractional systems of Choquard type. By using constrained minimization method and Hardy-Littlewood-Sobolev inequality, we establish the existence and asymptotic behaviour of positive ground state solutions of the systems. Furthermore, nonexistence of nontrivial solutions is also obtained. In the next work, we will focus on the research of normalized solutions to fractional couple Choquard systems.

    This research was funded by the National Natural Science Foundation of China (61803236) and Natural Science Foundation of Shandong Province (ZR2018MA022).

    The authors declare that they have no conflicts of interest.



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