Development of correlations for combustion modelling with supercritical surrogate jet fuels

Directory of Open Access Journals (Sweden)

Raja Sekhar Dondapati

2017-12-01

Full Text Available Supercritical fluid technology finds its application in almost all engineering aspects in one or other way. Technology of clean jet fuel combustion is also seeing supercritical fluids as one of their contender in order to mitigate the challenges related to global warming and health issues occurred due to unwanted emissions which are found to be the by-products in conventional jet engine combustion. As jet fuel is a blend of hundred of hydrocarbons, thus estimation of chemical kinetics and emission characteristics while simulation become much complex. Advancement in supercritical jet fuel combustion technology demands reliable property statistics of jet fuel as a function temperature and pressure. Therefore, in the present work one jet fuel surrogate (n-dodecane which has been recognized as the constituent of real jet fuel is studied and thermophysical properties of each is evaluated in the supercritical regime. Correlation has been developed for two transport properties namely density and viscosity at the critical pressure and over a wide range of temperatures (TC + 100 K. Further, to endorse the reliability of the developed correlation, two arithmetical parameters have been evaluated which illustrates an outstanding agreement between the data obtained from online NIST Web-Book and the developed correlation.

Jet Fuel Thermal Stability Investigations Using Ellipsometry

Science.gov (United States)

Nash, Leigh; Vasu, Subith S.; Klettlinger, Jennifer Lindsey

2017-01-01

Jet fuels are typically used for endothermic cooling in practical engines where their thermal stability is very important. In this work the thermal stability of Sasol IPK (a synthetic jet fuel) with varying levels of naphthalene has been studied on stainless steel substrates using spectroscopic ellipsometry in the temperature range 385-400 K. Ellipsometry is an optical technique that measures the changes in a light beam’s polarization and intensity after it reflects off of a thin film to determine the film’s thickness and optical properties. All of the tubes used were rated as thermally unstable by the color standard portion of the Jet Fuel Thermal Oxidation Test, and this was confirmed by the deposit thicknesses observed using ellipsometry. A new amorphous model on a stainless steel substrate was used to model the data and obtain the results. It was observed that, as would be expected, increasing the temperature of the tube increased the overall deposit amount for a constant concentration of naphthalene. The repeatability of these measurements was assessed using multiple trials of the same fuel at 385 K. Lastly, the effect of increasing the naphthalene concentration in the fuel at a constant temperature was found to increase the deposit thickness.In conclusion, ellipsometry was used to investigate the thermal stability of jet fuels on stainless steel substrate. The effects of increasing temperature and addition of naphthalene on stainless steel tubes with Sasol IPK fuel were investigated. It was found, as expected, that increasing temperature lead to an increase in deposit thickness. It wasAmerican Institute of Aeronautics and Astronautics6also found that increasing amounts of naphthalene increased the maximum deposit thickness. The repeatability of these measurements was investigated using multiple tests at the same conditions. The present work provides as a better quantitative tool compared to the widely used JFTOT technique. Future work will expand on the

Development of oxygen scavenger additives for jet fuels

Energy Technology Data Exchange (ETDEWEB)

Beaver, B.D.; Demunshi, R.; Sharief, V.; Tian, D.; Teng, Y. [Duquesne Univ., Pittsburgh, PA (United States)

1995-05-01

Our current research program is in response to the US Air Force`s FY93 New Initiative entitled {open_quotes}Advanced Fuel Composition and Use.{close_quotes} The critical goal of this initiative is to develop aircraft fuels which can operate at supercritical conditions. This is a vital objective since future aircraft designs will transfer much higher heat loads into the fuel as compared with current heat loads. In this paper it is argued that the thermal stability of most jet fuels would be dramatically improved by the efficient in flight-removal of a fuel`s dissolved oxygen. It is proposed herein to stabilize the bulk fuel by the addition of an additive which will be judiciously designed and programmed to react with oxygen and produce an innocuous product. It is envisioned that a thermally activated reaction will occur, between the oxygen scavenging additive and dissolved oxygen, in a controlled and directed manner. Consequently formation of insoluble thermal degradation products will be limited. It is believed that successful completion of this project will result in the development of a new type of jet fuel additive which will enable current conventional jet fuels to obtain sufficient thermal stability to function in significantly higher temperature regimes. In addition, it is postulated that the successful development of thermally activated oxygen scavengers will also provide the sub-critical thermal stability necessary for future development of endothermic fuels.

Experimental study on spray characteristics of alternate jet fuels using Phase Doppler Anemometry

Science.gov (United States)

Kannaiyan, Kumaran; Sadr, Reza

2013-11-01

Gas-to-Liquid (GTL) fuels have gained global attention due to their cleaner combustion characteristics. The chemical and physical properties of GTL jet fuels are different from conventional jet fuels owing to the difference in their production methodology. It is important to study the spray characteristics of GTL jet fuels as the change of physical properties can affect atomization, mixing, evaporation and combustion process, ultimately affecting emission process. In this work, spray characteristics of two GTL synthetic jet fuels are studied using a pressure-swirl nozzle at different injection pressures and atmospheric ambient condition. Phase Doppler Anemometry (PDA) measurements of droplet size and velocity are compared with those of regular Jet A-1 fuel at several axial and radial locations downstream of the nozzle exit. Experimental results show that although the GTL fuels have different physical properties such as viscosity, density, and surface tension, among each other the resultant change in the spray characteristics is insignificant. Furthermore, the presented results show that GTL fuel spray characteristics exhibit close similarity to those of Jet A-1 fuel. Funded by Qatar Science and Technology Park.

Forecasting world and regional aviation jet fuel demands to the mid-term (2025)

International Nuclear Information System (INIS)

Cheze, Benoit; Gastineau, Pascal; Chevallier, Julien

2011-01-01

This article provides jet fuel demand projections at the worldwide level and for eight geographical zones until 2025. Air traffic forecasts are performed using dynamic panel-data econometrics. Then, the conversion of air traffic projections into quantities of jet fuel is accomplished by using a complementary approach to the 'Traffic Efficiency' method developed previously by the UK Department of Trade and Industry to support the Intergovernmental Panel on Climate Change (). According to our main scenario, air traffic should increase by about 100% between 2008 and 2025 at the world level, corresponding to a yearly average growth rate of 4.7%. World jet fuel demand is expected to increase by about 38% during the same period, corresponding to a yearly average growth rate of 1.9% per year. According to these results, energy efficiency improvements allow reducing the effect of air traffic rise on the increase in jet fuel demand, but do not annihilate it. Jet fuel demand is thus unlikely to diminish unless there is a radical technological shift, or air travel demand is restricted. - Highlights: → Jet fuel demand is forecasted at the worldwide and regional level until 2025. → Regional heterogeneity must be considered when forecasting jet fuel demand. → World air traffic should increase by about 100% between 2008 and 2025. → World jet fuel demand is expected to increase by about 38% during the same period. → Technological progress will not be enough to decrease the world jet fuel demand.

Life cycle assessment of bio-jet fuel from hydrothermal liquefaction of microalgae

International Nuclear Information System (INIS)

Fortier, Marie-Odile P.; Roberts, Griffin W.; Stagg-Williams, Susan M.; Sturm, Belinda S.M.

2014-01-01

Highlights: • A life cycle assessment of bio-jet fuel from wastewater algae was performed. • We used experimental data from algae cultivation through hydrothermal liquefaction. • We performed Monte Carlo and sensitivity analyses with ranges of parameter values. • Transport of moderately dewatered algae increased life cycle climate change impacts. • Collocation and heat integration reduce life cycle greenhouse gas emissions by 76%. - Abstract: Bio-jet fuel is increasingly being produced from feedstocks such as algae and tested in flight. As the industry adopts bio-jet fuels from various feedstocks and conversion processes, life cycle assessment (LCA) is necessary to determine whether these renewable fuels result in lower life cycle greenhouse gas (LC-GHG) emissions than conventional jet fuel. An LCA was performed for a functional unit of 1 GJ of bio-jet fuel produced through thermochemical conversion (hydrothermal liquefaction (HTL)) of microalgae cultivated in wastewater effluent. Two pathways were analyzed to compare the impacts of siting HTL at a wastewater treatment plant (WWTP) to those of siting HTL at a refinery. Base cases for each pathway were developed in part using primary data from algae production in wastewater effluent and HTL experiments of this algae at the University of Kansas. The LC-GHG emissions of these cases were compared to those of conventional jet fuel, and a sensitivity analysis and Monte Carlo analyses were performed. When algal conversion using HTL was modeled at a refinery versus at the WWTP site, the transportation steps of biomass and waste nutrients were major contributors to the LC-GHG emissions of algal bio-jet fuel. The LC-GHG emissions were lower for the algal bio-jet fuel pathway that performs HTL at a WWTP (35.2 kg CO 2eq /GJ for the base case) than for the pathway for HTL at a refinery (86.5 kg CO 2eq /GJ for the base case). The LCA results were particularly sensitive to the extent of heat integration, the source of

Commercial jet fuel quality control

Energy Technology Data Exchange (ETDEWEB)

Strauss, K.H.

1995-05-01

The paper discusses the purpose of jet fuel quality control between the refinery and the aircraft. It describes fixed equipment, including various types of filters, and the usefulness and limitations of this equipment. Test equipment is reviewed as are various surveillance procedures. These include the Air Transport Association specification ATA 103, the FAA Advisory Circular 150/5230-4, the International Air Transport Association Guidance Material for Fuel Quality Control and Fuelling Service and the Guidelines for Quality Control at Jointly Operated Fuel Systems. Some past and current quality control problems are briefly mentioned.

Near-term feasibility of alternative jet fuels

Science.gov (United States)

2009-01-01

This technical report documents the results of a joint study by the Massachusetts Institute of Technology (MIT) and the RAND Corporation on alternative fuels for commercial aviation. The study compared potential alternative jet fuels on the basis of ...

Forecasting Air Traffic and corresponding Jet-Fuel Demand until 2025

International Nuclear Information System (INIS)

Cheze, Benoit; Gastineau, Pascal; Chevallier, Julien

2010-01-01

This paper provides i) air traffic and ii) Jet-Fuel demand projections at the worldwide level and for eight geographical zones until 2025. The general methodology may be summarized in two steps. First, air traffic forecasts are estimated using econometric methods. The modeling is performed for eight geographical zones, by using dynamic panel-data econometrics. Once estimated from historical data, the model is then used to generate air traffic forecasts. Second, the conversion of air traffic projections into quantities of Jet-Fuel is accomplished using the 'Traffic Efficiency' method developed previously by UK DTI to support the IPCC (IPCC (1999)). One of our major contribution consists in proposing an alternative methodology to obtain Energy Efficiency coefficients and energy efficiency improvements estimates based on modeling at the macro-level. These estimates are obtained by directly comparing the evolution of both Jet-Fuel consumption and air traffic time series from 1983 to 2006. According to our 'Business As Usual' scenario, air traffic should increase by about 100% between 2008 and 2025 at the world level, corresponding to a yearly average growth rate of about 4.7%. World Jet-Fuel demand is expected to increase by about 38% during the same period, corresponding to a yearly average growth rate of about 1, 9% per year. Air traffic energy efficiency improvements yield effectively to reduce the effect of air traffic rise on the Jet-Fuel demand increase, but do not annihilate it. Thus, Jet- Fuel demand is unlikely to diminish unless there is a radical technological shift, or air travel demand is restricted. (authors)

Advanced thermally stable jet fuels: Technical progress report, October 1994--December 1994

Energy Technology Data Exchange (ETDEWEB)

Schobert, H.H.; Eser, S.; Song, C.; Hatcher, P.G.; Boehman, A.; Coleman, M.M.

1995-02-01

There are five tasks within this project on thermally stable coal-based jet fuels. Progress on each of the tasks is described. Task 1, Investigation of the quantitative degradation chemistry of fuels, has 5 subtasks which are described: Literature review on thermal stability of jet fuels; Pyrolytic and catalytic reactions of potential endothermic fuels: cis- and trans-decalin; Use of site specific {sup 13}C-labeling to examine the thermal stressing of 1-phenylhexane: A case study for the determination of reaction kinetics in complex fuel mixtures versus model compound studies; Estimation of critical temperatures of jet fuels; and Surface effects on deposit formation in a flow reactor system. Under Task 2, Investigation of incipient deposition, the subtask reported is Uncertainty analysis on growth and deposition of particles during heating of coal-derived aviation gas turbine fuels; under Task 3, Characterization of solid gums, sediments, and carbonaceous deposits, is subtask, Studies of surface chemistry of PX-21 activated carbon during thermal degradation of jet A-1 fuel and n-dodecane; under Task 4, Coal-based fuel stabilization studies, is subtask, Exploratory screening and development potential of jet fuel thermal stabilizers over 400 C; and under Task 5, Exploratory studies on the direct conversion of coal to high quality jet fuels, are 4 subtasks: Novel approaches to low-severity coal liquefaction and coal/resid co-processing using water and dispersed catalysts; Shape-selective naphthalene hydrogenation for production of thermally stable jet fuels; Design of a batch mode and a continuous mode three-phase reactor system for the liquefaction of coal and upgrading of coal liquids; and Exploratory studies on coal liquids upgrading using mesopores molecular sieve catalysts. 136 refs., 69 figs., 24 tabs.

Bilateral Vestibular Dysfunction Associated With Chronic Exposure to Military Jet Propellant Type-Eight Jet Fuel

Directory of Open Access Journals (Sweden)

Terry D. Fife

2018-05-01

Full Text Available We describe three patients diagnosed with bilateral vestibular dysfunction associated with the jet propellant type-eight (JP-8 fuel exposure. Chronic exposure to aromatic and aliphatic hydrocarbons, which are the main constituents of JP-8 military aircraft jet fuel, occurred over 3–5 years’ duration while working on or near the flight line. Exposure to toxic hydrocarbons was substantiated by the presence of JP-8 metabolite n-hexane in the blood of one of the cases. The presenting symptoms were dizziness, headache, fatigue, and imbalance. Rotational chair testing confirmed bilateral vestibular dysfunction in all the three patients. Vestibular function improved over time once the exposure was removed. Bilateral vestibular dysfunction has been associated with hydrocarbon exposure in humans, but only recently has emphasis been placed specifically on the detrimental effects of JP-8 jet fuel and its numerous hydrocarbon constituents. Data are limited on the mechanism of JP-8-induced vestibular dysfunction or ototoxicity. Early recognition of JP-8 toxicity risk, cessation of exposure, and customized vestibular therapy offer the best chance for improved balance. Bilateral vestibular impairment is under-recognized in those chronically exposed to all forms of jet fuel.

Quantum-chemical study of antioxidant additives for jet fuels

Energy Technology Data Exchange (ETDEWEB)

Poletaeva, O.Yu. [Ufa State Petroleum Technological Univ., Ufa (Russian Federation); Karimova, R.I. [Bashkir State Agrarian Univ., Ufa (Russian Federation); Movsumzade, E.M. [Institute of Education of Indigenous Small-Numbered Peoples of the North RAE, Moscow (Russian Federation)

2012-07-01

To obtain the necessary quality of jet fuels it can be used technological methods (hydrocracking, deep hydration, hydrogenation) that increases the cost of the finished product. The second way is to use less purified raw materials with the introduction of effective additives. Fuels obtained by direct distillation, in ambient air are oxidized with great difficulty and oxidation products accumulate in them is very slow. Fuels derived by hydrogenation processes, have high susceptibility to oxidation, as a result in 1-2 years of storage considerably reduced their quality. Antioxidant additives play an important role in improving the quality of jet fuel. (orig.)

Platelet activating factor receptor binding plays a critical role in jet fuel-induced immune suppression

International Nuclear Information System (INIS)

Ramos, Gerardo; Kazimi, Nasser; Nghiem, Dat X.; Walterscheid, Jeffrey P.; Ullrich, Stephen E.

2004-01-01

Applying military jet fuel (JP-8) or commercial jet fuel (Jet-A) to the skin of mice suppresses the immune response in a dose-dependant manner. The release of biological response modifiers, particularly prostaglandin E 2 (PGE 2 ), is a critical step in activating immune suppression. Previous studies have shown that injecting selective cyclooxygenase-2 inhibitors into jet fuel-treated mice blocks immune suppression. Because the inflammatory phospholipid mediator, platelet-activating factor (PAF), up-regulates cyclooxygenase-2 production and PGE 2 synthesis by keratinocytes, we tested the hypothesis that PAF-receptor binding plays a role in jet fuel-induced immune suppression. Treating keratinocyte cultures with PAF and/or jet fuel (JP-8 and Jet-A) stimulates PGE 2 secretion. Jet fuel-induced PGE 2 production was suppressed by treating the keratinocytes with specific PAF-receptor antagonists. Injecting mice with PAF, or treating the skin of the mice with JP-8, or Jet-A, induced immune suppression. Jet fuel-induced immune suppression was blocked when the jet fuel-treated mice were injected with PAF-receptor antagonists before treatment. Jet fuel treatment has been reported to activate oxidative stress and treating the mice with anti-oxidants (Vitamins C, or E or beta-hydroxy toluene), before jet fuel application, interfered with immune suppression. These findings confirm previous studies showing that PAF-receptor binding can modulate immune function. Furthermore, they suggest that PAF-receptor binding may be an early event in the induction of immune suppression by immunotoxic environmental agents that target the skin

Past, present and emerging toxicity issues for jet fuel.

Science.gov (United States)

Mattie, David R; Sterner, Teresa R

2011-07-15

The US Air Force wrote the specification for the first official hydrocarbon-based jet fuel, JP-4, in 1951. This paper will briefly review the toxicity of the current fuel, JP-8, as compared to JP-4. JP-8 has been found to have low acute toxicity with the adverse effects being slight dermal irritation and weak dermal sensitization in animals. JP-4 also has low acute toxicity with slight dermal irritation as the adverse effect. Respiratory tract sensory irritation was greater in JP-8 than in JP-4. Recent data suggest exposure to jet fuel may contribute to hearing loss. Subchronic studies for 90 days with JP-8 and JP-4 showed little toxicity with the primary effect being male rat specific hydrocarbon nephropathy. A 1-year study was conducted for JP-4. The only tumors seen were associated with the male rat specific hydrocarbon nephropathy. A number of immunosuppressive effects have been seen after exposure to JP-8. Limited neurobehavioral effects have been associated with JP-8. JP-8 is not a developmental toxicant and has little reproductive toxicity. JP-4 has not been tested for immune, neurobehavioral or reproductive endpoints. JP-8 and JP-4 were negative in mutagenicity tests but JP-4 showed an increase in unscheduled DNA synthesis. Currently, JP-8 is being used as the standard for comparison of future fuels, including alternative fuels. Emerging issues of concern with jet fuels include naphthalene content, immunotoxicity and inhalation exposure characterization and modeling of complex mixtures such as jet fuels. Copyright © 2011 Elsevier Inc. All rights reserved.

Past, present and emerging toxicity issues for jet fuel

International Nuclear Information System (INIS)

Mattie, David R.; Sterner, Teresa R.

2011-01-01

The US Air Force wrote the specification for the first official hydrocarbon-based jet fuel, JP-4, in 1951. This paper will briefly review the toxicity of the current fuel, JP-8, as compared to JP-4. JP-8 has been found to have low acute toxicity with the adverse effects being slight dermal irritation and weak dermal sensitization in animals. JP-4 also has low acute toxicity with slight dermal irritation as the adverse effect. Respiratory tract sensory irritation was greater in JP-8 than in JP-4. Recent data suggest exposure to jet fuel may contribute to hearing loss. Subchronic studies for 90 days with JP-8 and JP-4 showed little toxicity with the primary effect being male rat specific hydrocarbon nephropathy. A 1-year study was conducted for JP-4. The only tumors seen were associated with the male rat specific hydrocarbon nephropathy. A number of immunosuppressive effects have been seen after exposure to JP-8. Limited neurobehavioral effects have been associated with JP-8. JP-8 is not a developmental toxicant and has little reproductive toxicity. JP-4 has not been tested for immune, neurobehavioral or reproductive endpoints. JP-8 and JP-4 were negative in mutagenicity tests but JP-4 showed an increase in unscheduled DNA synthesis. Currently, JP-8 is being used as the standard for comparison of future fuels, including alternative fuels. Emerging issues of concern with jet fuels include naphthalene content, immunotoxicity and inhalation exposure characterization and modeling of complex mixtures such as jet fuels.

MICRONUCLEUS STUDIES IN THE PERIPHERAL BLOOD AND BONE MARROW OF MICE TREATED WITH JET FUELS, JP-8 AND JET-A

Science.gov (United States)

The potential adverse effects of dermal and inhalation exposure of jet fuels are important for health hazard evaluation in humans. In an animal model, the genotoxic potential of jet fuels, JP-8 and Jet-A, was investigated. Mice were treated dermally with either a single or multip...

A note on imperfect hedging: a method for testing stability of the hedge ratio

Directory of Open Access Journals (Sweden)

Michal Černý

2012-01-01

Full Text Available Companies producing, processing and consuming commodities in the production process often hedge their commodity expositions using derivative strategies based on different, highly correlated underlying commodities. Once the open position in a commodity is hedged using a derivative position with another underlying commodity, the appropriate hedge ratio must be determined in order the hedge relationship be as effective as possible. However, it is questionable whether the hedge ratio determined at the inception of the risk management strategy remains stable over the whole period for which the hedging strategy exists. Usually it is assumed that in the short run, the relationship (say, correlation between the two commodities remains stable, while in the long run it may vary. We propose a method, based on statistical theory of stability, for on-line detection whether market movements of prices of the commodities involved in the hedge relationship indicate that the hedge ratio may have been subject to a recent change. The change in the hedge ratio decreases the effectiveness of the original hedge relationship and creates a new open position. The method proposed should inform the risk manager that it could be reasonable to adjust the derivative strategy in a way reflecting the market conditions after the change in the hedge ratio.

Review of Jet Fuel Life Cycle Assessment Methods and Sustainability Metrics

Science.gov (United States)

2015-12-01

The primary aim of this study is to help aviation jet fuel purchasers (primarily commercial airlines and the U.S. military) to understand the sustainability implications of their jet fuel purchases and provide guidelines for procuring sustainable fue...

Immunotoxicology of JP-8 Jet Fuel

National Research Council Canada - National Science Library

Harris, David

2000-01-01

... of infectious disease and cancer. Chronic exposure to jet fuel has been shown to adversely affect human liver function, to cause emotional dysfunction, to cause abnormal electroencephalograms, to cause shortened attention spans...

A Study of Perfect Hedges

Directory of Open Access Journals (Sweden)

Stoyu I. Ivanov

2017-11-01

Full Text Available In this study, we attempt to identify the asset which has the best hedging characteristics against inflation. We study stock, bond, commodity, real estate and oil indexes. We also study these indexes tracking exchange traded funds (ETFs to determine the most beneficial tradable asset in addition to the more theoretical index for inflation hedging. We find that, in our sample, oil is the best hedge against inflation, even though three in total are a good hedge—oil, gold and corn—with corn and oil being complete hedges, while gold is a partial hedge. Two assets have conflicting results depending on whether we examine the index or the ETF: the real estate index is a hedge, whereas real estate ETF is the opposite of a hedge. Similarly, the bond index is not related to inflation, whereas bond ETF is the opposite of a hedge. We find that stocks, soy and beef are not hedges against inflation.

Spray-Wall Impingement of Diesel-CNG Dual Fuel Jet using Schlieren Imaging Technique

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Ismael Mhadi Abaker

2014-07-01

Full Text Available Natural gas is a low cost fuel with high availability in nature. However, it cannot be used by itself in conventional diesel engines due to its low flame speed and high ignition temperature. The addition of a secondary fuel to enhance the mixture formation and combustion process facilitate its wider use as an alternative fuel. An experimental study was performed to investigate the diesel-CNG dual fuel jet-wall impingement. A constant volume optical chamber was designed to facilitate maximum optical access for the study of the jet-wall impingement at different injection pressures, temperatures and injector-wall distances. The bottom plate of the test rig was made of aluminum (piston material and it was heated up to 500 K at ambient pressure. An injector driver was used to control the single-hole nozzle diesel injector combined with a natural gas injector. The injection timing of both injectors was synchronized with a camera trigger. The jet-wall impingement of diesel and diesel-CNG dual fuel jets was recorded with a high speed camera using Schlieren imaging technique and associated image processing software. The measurements of the jet radial penetration were higher in diesel-CNG dual fuel while the jet height travel along were higher in the case of diesel single fuel.

Fuel-coolant interactions in a jet contact mode

International Nuclear Information System (INIS)

Konishi, K.; Isozaki, M.; Imahori, S.; Kondo, S.; Furutani, A.; Brear, D.J.

1994-01-01

Molten fuel-coolant interactions in a jet contact mode was studied with respect to the safety of liquid-metal-cooled fast reactors (LMFRs). From a series of molten Wood's metal (melting point: 79 deg. C, density: -8400 kg/m 3 ) jet-water interaction experiments, several distinct modes of interaction behaviors were observed for various combinations of initial temperature conditions of the two fluids. A semi-empirical model for a minimum film boiling temperature criterion was developed and used to reasonably explain the different interaction modes. It was concluded that energetic jet-water interactions are only possible under relatively narrow initial thermal conditions. Preliminary extrapolation of the present results in an oxide fuel-sodium system suggests that mild interactions with short breakup length and coolable debris formation should be most likely in LMFRs. (author)

Microbial alkane production for jet fuel industry: motivation, state of the art and perspectives.

Science.gov (United States)

Jiménez-Díaz, Lorena; Caballero, Antonio; Pérez-Hernández, Natalia; Segura, Ana

2017-01-01

Bio-jet fuel has attracted a lot of interest in recent years and has become a focus for aircraft and engine manufacturers, oil companies, governments and researchers. Given the global concern about environmental issues and the instability of oil market, bio-jet fuel has been identified as a promising way to reduce the greenhouse gas emissions from the aviation industry, while also promoting energy security. Although a number of bio-jet fuel sources have been approved for manufacture, their commercialization and entry into the market is still a far way away. In this review, we provide an overview of the drivers for intensified research into bio-jet fuel technologies, the type of chemical compounds found in bio-jet fuel preparations and the current state of related pre-commercial technologies. The biosynthesis of hydrocarbons is one of the most promising approaches for bio-jet fuel production, and thus we provide a detailed analysis of recent advances in the microbial biosynthesis of hydrocarbons (with a focus on alkanes). Finally, we explore the latest developments and their implications for the future of research into bio-jet fuel technologies. © 2016 The Authors. Microbial Biotechnology published by John Wiley & Sons Ltd and Society for Applied Microbiology.

Role of Indian Commodity Derivatives Market in Hedging Price Risk: Estimation of Constant and Dynamic Hedge Ratio, and Hedging Effectiveness

Directory of Open Access Journals (Sweden)

Brajesh Kumar

2014-08-01

Full Text Available This  paper  examines  hedging  effectiveness  of  four  agricultural  (soybean,  corn,  castor seed and guar seed and seven non-agricultural (gold, silver, aluminium, copper, zinc, crude oil  and,  natural  gas  futures  contracts  traded  in  India,  using  VECM  and  CCC-MGARCH model to estimate constant hedge ratio and dynamic hedge ratios, respectively. We ind that agricultural  futures  contracts  provide  higher  hedging  effectiveness  (30-70%  as  compared to  non-agricultural  futures  (20%.  In  the  more  recent  period,  the  hedging  effectiveness  of Indian futures markets has increased. When hedging effectiveness of non-agricultural Indian futures  contracts  with  the  world  spot  markets  (NYMEX  and  LME  is  analyzed,  hedging effectiveness  increases  dramatically  which  indicates  the  fact  that  Indian  futures  contracts are more effective for hedging exposures to global prices. Other reasons of lower hedging effectiveness  of  Indian  futures  contracts  may  be  low  awareness  of  futures  markets  among participants,  high  transaction  costs  in  the  futures  markets,  policy  restrictions,  inadequate contract design, or high transaction costs in the spot market. These are, of course, expected birth pays for a nascent futures markets in an emerging economy. ";} // -->activate javascript

Alternative jet fuel scenario analysis report

Science.gov (United States)

2012-11-30

This analysis presents a bottom up projection of the potential production of alternative aviation (jet) fuels in North America (United States, Canada, and Mexico) and the European Union in the next decade. The analysis is based on available pla...

The Assessment of Hedge Effectiveness

Directory of Open Access Journals (Sweden)

Cristina BUNEA-BONTAS

2012-04-01

Full Text Available Earnings volatility can be a significant source of concern for a company, putting pressure on its capital base and share price. Prudent management of the company’s exposure to different risks typically involves hedging solutions. Hedging is important for corporate risk management, involving reducing the exposure of the company to specific risks. The aim of this paper is to examine the basic requirements for assessing the hedge effectiveness, this being a vital stage in applying hedge accounting, that gives the possibility to assess if the companies match the timing of the gains and losses of hedged items and their hedging derivatives. The article identifies some difficulties encountered by companies and choices that they must make in assessing hedge effectiveness.

[Progress and prospect of bio-jet fuels industry in domestic and overseas].

Science.gov (United States)

Qiao, Kai; Fu, Jie; Zhou, Feng; Ma, Huixia

2016-10-25

We reviewed the progress of the bio-jet fuels industry in recent years and systematically analyzed the technical routes that have been approved or in the pipeline for approval by ASTM D7566. In addition, we highlighted a novel pathway to produce drop-in fuel by near-critical hydrolysis of waste cooking oils or algal oils followed by catalytic decarboxylation. Also, we introduced the source of oils and fats feedstock and the domestic bio-jet fuel industry status during the 12th Five-Year-Plan period. Based on our own research, we discussed the prospect of the bio-jet fuel industry and future research needs.

Inhalation of Hydrocarbon Jet Fuel Suppress Central Auditory Nervous System Function.

Science.gov (United States)

Guthrie, O'neil W; Wong, Brian A; McInturf, Shawn M; Reboulet, James E; Ortiz, Pedro A; Mattie, David R

2015-01-01

More than 800 million L/d of hydrocarbon fuels is used to power cars, boats, and jet airplanes. The weekly consumption of these fuels necessarily puts the public at risk for repeated inhalation exposure. Recent studies showed that exposure to hydrocarbon jet fuel produces lethality in presynaptic sensory cells, leading to hearing loss, especially in the presence of noise. However, the effects of hydrocarbon jet fuel on the central auditory nervous system (CANS) have not received much attention. It is important to investigate the effects of hydrocarbons on the CANS in order to complete current knowledge regarding the ototoxic profile of such exposures. The objective of the current study was to determine whether inhalation exposure to hydrocarbon jet fuel might affect the functions of the CANS. Male Fischer 344 rats were randomly divided into four groups (control, noise, fuel, and fuel + noise). The structural and functional integrity of presynaptic sensory cells was determined in each group. Neurotransmission in both peripheral and central auditory pathways was simultaneously evaluated in order to identify and differentiate between peripheral and central dysfunctions. There were no detectable effects on pre- and postsynaptic peripheral functions. However, the responsiveness of the brain was significantly depressed and neural transmission time was markedly delayed. The development of CANS dysfunctions in the general public and the military due to cumulative exposure to hydrocarbon fuels may represent a significant but currently unrecognized public health issue.

Regulating hedge funds.

OpenAIRE

Daníelsson, J.; Zigrand, JP.

2007-01-01

Due to the ever-increasing amounts under management and their unregulated and opaque nature, hedge funds have emerged as a key concern for policymakers. While until now, hedge funds have been left essentially unregulated, we are seeing increasing calls for regulation for both microprudential and macroprudential reasons. In our view, most calls for the regulation of hedge funds are based on a misperception of the effectiveness of financial regulations, perhaps coupled with a lack of understand...

Hedging Effectiveness and Optimal Hedge Ratios: An Analysis of Malaysian Crude Palm Oil Futures Market

OpenAIRE

OH, STELLA JIA XIN

2015-01-01

This paper deals with the estimation of hedge ratios and hedging effectiveness of crude palm oil futures market in Malaysia for the period from January 2000 to August 2015. To measure hedging performances of optimal hedge ratio, different measures have been employed such as the static hedge ratio estimation models of conventional Ordinary Least Square (OLS) model and Vector Error Correction Model (VECM), while the time-varying model is presented by the Diagonal Vech Multivariate Generalized A...

Age-related differences in pulmonary inflammatory responses to JP-8 jet fuel aerosol inhalation.

Science.gov (United States)

Wang, S; Young, R S; Witten, M L

2001-02-01

Our previous studies have demonstrated that JP-8 jet fuel aerosol inhalation induced lung injury and dysfunction. To further examine JP-8 jet fuel-induced inflammatory mechanisms, a total of 40 male C57BL/6 mice (young, 3.5 months; adult, 12 months; half in each age group) were randomly assigned to the exposure or control groups. Mice were nose-only exposed to room air or atmospheres of 1000 mg/m3 JP-8 jet fuel for 1 h/day for 7 days. Lung injury was assessed by pulmonary mechanics, respiratory permeability, lavaged cell profile, and chemical mediators in bronchoalveolar lavage fluid (BALF). The young and adult mice exposed to JP-8 jet fuel had similar values with regards to increased lung dynamic compliance, lung permeability, BALF cell count, and decreased PGE2. However, there were several different responses between the young-versus-adult mice with respect to BALF cell differential, TNF-alpha, and 8-iso-PGF2,, levels after exposure to JP-8 jet fuel. These data suggest that JP-8 jet fuel may have different inflammatory mechanisms leading to lung injury and dysfunction in the younger-versus-adult mice.

Risk analytics for hedge funds

Science.gov (United States)

Pareek, Ankur

2005-05-01

The rapid growth of the hedge fund industry presents significant business opportunity for the institutional investors particularly in the form of portfolio diversification. To facilitate this, there is a need to develop a new set of risk analytics for investments consisting of hedge funds, with the ultimate aim to create transparency in risk measurement without compromising the proprietary investment strategies of hedge funds. As well documented in the literature, use of dynamic options like strategies by most of the hedge funds make their returns highly non-normal with fat tails and high kurtosis, thus rendering Value at Risk (VaR) and other mean-variance analysis methods unsuitable for hedge fund risk quantification. This paper looks at some unique concerns for hedge fund risk management and will particularly concentrate on two approaches from physical world to model the non-linearities and dynamic correlations in hedge fund portfolio returns: Self Organizing Criticality (SOC) and Random Matrix Theory (RMT).Random Matrix Theory analyzes correlation matrix between different hedge fund styles and filters random noise from genuine correlations arising from interactions within the system. As seen in the results of portfolio risk analysis, it leads to a better portfolio risk forecastability and thus to optimum allocation of resources to different hedge fund styles. The results also prove the efficacy of self-organized criticality and implied portfolio correlation as a tool for risk management and style selection for portfolios of hedge funds, being particularly effective during non-linear market crashes.

Fuel retention in JET ITER-Like Wall from post-mortem analysis

Energy Technology Data Exchange (ETDEWEB)

Heinola, K., E-mail: kalle.heinola@ccfe.ac.uk [Association EURATOM-TEKES, University of Helsinki, PO Box 64, 00560 Helsinki (Finland); EURATOM/CCFE Fusion Association, Culham Science Centre, Abingdon OX14 3DB (United Kingdom); Widdowson, A. [EURATOM/CCFE Fusion Association, Culham Science Centre, Abingdon OX14 3DB (United Kingdom); Likonen, J. [Association EURATOM-TEKES, VTT, PO Box 1000, 02044 VTT, Espoo (Finland); Alves, E. [Instituto Superior Tecnico, Instituto de Plasmas e Fusao Nuclear, Universidade de Lisboa, 1049-001 Lisboa (Portugal); Baron-Wiechec, A. [EURATOM/CCFE Fusion Association, Culham Science Centre, Abingdon OX14 3DB (United Kingdom); Barradas, N. [Instituto Superior Tecnico, Instituto de Plasmas e Fusao Nuclear, Universidade de Lisboa, 1049-001 Lisboa (Portugal); Brezinsek, S. [Forschungszentrum Julich GmbH, EURATOM Association, D-52425 Julich (Germany); Catarino, N. [Instituto Superior Tecnico, Instituto de Plasmas e Fusao Nuclear, Universidade de Lisboa, 1049-001 Lisboa (Portugal); Coad, P. [EURATOM/CCFE Fusion Association, Culham Science Centre, Abingdon OX14 3DB (United Kingdom); Koivuranta, S. [Association EURATOM-TEKES, VTT, PO Box 1000, 02044 VTT, Espoo (Finland); Matthews, G.F. [EURATOM/CCFE Fusion Association, Culham Science Centre, Abingdon OX14 3DB (United Kingdom); Mayer, M. [Max-Planck Institut fur Plasmaphysik, EURATOM Association, D-85748 Garching (Germany); Petersson, P. [Royal Institute of Technology, Association EURATOM-VR, SE-10044 Stockholm (Sweden)

2015-08-15

Selected Ion Beam Analysis techniques applicable for detecting deuterium and heavier impurities have been used in the post-mortem analyses of tiles removed after the first JET ITER-Like Wall (JET-ILW) campaign. Over half of the retained fuel was measured in the divertor region. The highest figures for fuel retention were obtained from regions with the thickest deposited layers, i.e. in the inner divertor on top of tile 1 and on the High Field Gap Closure tile, which resides deep in the plasma scrape-off layer. Least retention was found in the main chamber high erosion regions, i.e. in the mid-plane of Inner Wall Guard Limiter. The fuel retention values found typically varied with deposition layer thicknesses. The reported retention values support the observed decrease in fuel retention obtained with gas balance experiments of JET-ILW.

Skin toxicity of jet fuels: ultrastructural studies and the effects of substance P

International Nuclear Information System (INIS)

Monteiro-Riviere, Nancy A.; Inman, Alfred O.; Riviere, Jim E.

2004-01-01

Topical exposure to jet fuel is a significant occupational hazard. Recent studies have focused on dermal absorption of fuel and its components, or alternatively, on the biochemical or immunotoxicological sequelae to exposure. Surprisingly, morphological and ultrastructural analyses have not been systematically conducted. Similarly, few studies have compared responses in skin to that of the primary target organ, the lung. The focus of the present investigation was 2-fold: first, to characterize the ultrastructural changes seen after topical exposure to moderate doses (335 or 67 μl/cm 2 ) of jet fuels [Jet A, Jet Propellant (JP)-8, JP-8+100] for up to 4 days in pigs, and secondly, to determine if co-administration of substance P (SP) with JP-8 jet fuel in human epidermal keratinocyte cell cultures modulates toxicity as it does to pulmonary toxicity in laboratory animal studies. The primary change seen after exposure to all fuels was low-level inflammation accompanied by formation of lipid droplets in various skin layers, mitochondrial and nucleolar changes, cleft formation in the intercellular lipid lamellar bilayers, as well as disorganization in the stratum granulosum-stratum corneum interface. An increased number of Langerhans cells were also noted in jet fuel-treated skin. These changes suggest that the primary effect of jet fuel exposure is damage to the stratum corneum barrier. SP administration decreased the release of interleukin (IL)-8 normally seen in keratinocytes after JP-8 exposure, a response similar to that reported for SP's effect on JP-8 pulmonary toxicity. These studies provide a base upon which biochemical and immunological data collected in other model systems can be compared

The role of cointegration for optimal hedging with heteroscedastic error term

DEFF Research Database (Denmark)

Gatarek, Lukasz; Johansen, Søren

2017-01-01

a cointegrating vector for large h, thereby giving a bounded risk. Taking the expected return into account, the portfolio that maximizes the Sharpe ratio is found, and it is shown that it also approaches a cointegration portfolio. For constant conditional volatility, the conditional variance can be estimated...... forward contracts for electricity, which are hedged by forward contracts for fuel prices. The main conclusion of the paper is that for optimal hedging, one should exploit the cointegrating properties for long horizons, but for short horizons more weight should be put on the remaining dynamics....

The role of cointegration for optimal hedging with heteroscedastic error term

DEFF Research Database (Denmark)

Gatarek, Lutasz; Johansen, Søren

a cointegrating vector for large h, thereby giving a bounded risk. Taking the expected return into account, the portfolio that maximizes the Sharpe ratio is found, and it is shown that it also approaches a cointegration portfolio. For constant conditional volatility, the conditional variance can be estimated...... forward contracts for electricity, which are hedged by forward contracts for fuel prices. The main conclusion of the paper is that for optimal hedging, one should exploit the cointegrating properties for long horizons, but for short horizons more weight should be put on the remaining dynamics....

Investigation of charge dissipation in jet fuel in a dielectric fuel tank

Science.gov (United States)

Kitanin, E. L.; Kravtsov, P. A.; Trofimov, V. A.; Kitanina, E. E.; Bondarenko, D. A.

2017-09-01

The electrostatic charge dissipation process in jet fuel in a polypropylene tank was investigated experimentally. Groundable metallic terminals were installed in the tank walls to accelerate the dissipation process. Several sensors and an electrometer with a current measuring range from 10-11 to 10-3 A were specifically designed to study the dissipation rates. It was demonstrated that thanks to the sensors and the electrometer one can obtain reliable measurements of the dissipation rate and look at how it is influenced by the number and locations of the terminals. Conductivity of jet fuel and effective conductivity of the tank walls were investigated in addition. The experimental data agree well with the numerical simulation results obtained using COMSOL software package.

Is Hedging a Habit? Hedging Ratio Determination of Cotton Producers

NARCIS (Netherlands)

Dorfman, J.H.; Pennings, J.M.E.; Garcia, P.

2010-01-01

We examine the role that habit plays when producers determine their hedge ratio. Data were collected from U.S. cotton growers in which they indicated their hedging position in 2001 and 2002 as well as their perceived profitability, land ownership structure, and income. To account for heterogeneity,

Hedging electricity price volatility using nuclear power

International Nuclear Information System (INIS)

Mari, Carlo

2014-01-01

Highlights: • Nuclear power is an important asset to reduce the volatility of electricity prices. • Unpredictability of fossil fuels and carbon prices makes power prices very volatile. • The dynamics of fossil fuels and carbon prices is described by Brownian motions. • LCOE values, volatilities and correlations are obtained via Monte Carlo simulations. • Optimal portfolios of generating technologies are get using a mean–variance approach. - Abstract: The analysis presented in this paper aims to put in some evidence the role of nuclear power as hedging asset against the volatility of electricity prices. The unpredictability of natural gas and coal market prices as well as the uncertainty in environmental policies may affect power generating costs, thus enhancing volatility in electricity market prices. The nuclear option, allowing to generate electricity without carbon emissions, offers the possibility to reduce the volatility of electricity prices through optimal diversification of power generating technologies. This paper provides a methodological scheme to plan well diversified “portfolios” of generating capacity that minimize the electricity price risk induced by random movements of fossil fuels market prices and by unpredictable fluctuations of carbon credits prices. The analysis is developed within a stochastic environment in which the dynamics of fuel prices as well as the dynamics of carbon credits prices is assumed to evolve in time according to well defined Brownian processes. Starting from market data and using Monte Carlo techniques to simulate generating cost values, the hedging argument is developed by selecting optimal portfolio of power generating technologies using a mean–variance approach

Jet fuels of higher volatility: An airline view

Energy Technology Data Exchange (ETDEWEB)

Trimble, M.H.

1982-05-01

Use of jet fuels of higher volatility is reviewed by some airlines periodically on a routine basis. Most often, however, airlines become concerned when aviation kerosine supply problems are encountered or anticipated. The purpose of this paper is to discuss the known principles of fuel selection and how they influence airline consideration.

Selective hedging strategies for oil stockpiling

International Nuclear Information System (INIS)

Yun, Won-Cheol

2006-01-01

As a feasible option for improving the economics and operational efficiency of stockpiling by public agency, this study suggests simple selective hedging strategies using forward contracts. The main advantage of these selective hedging strategies over the previous ones is not to predict future spot prices, but to utilize the sign and magnitude of basis easily available to the public. Using the weekly spot and forward prices of West Texas Intermediate for the period of October 1997-August 2002, this study adopts an ex ante out-of-sample analysis to examine selective hedging performances compared to no-hedge and minimum-variance routine hedging strategies. To some extent, selective hedging strategies dominate the traditional routine hedging strategy, but do not improve upon the expected returns of no-hedge case, which is mainly due to the data characteristics of out-of-sample period used in this analysis

Investible benchmarks & hedge fund liquidity

OpenAIRE

Freed, Marc S; McMillan, Ben

2011-01-01

A lack of commonly accepted benchmarks for hedge fund performance has permitted hedge fund managers to attribute to skill returns that may actually accrue from market risk factors and illiquidity. Recent innovations in hedge fund replication permits us to estimate the extent of this misattribution. Using an option-based model, we find evidence that the value of liquidity options that investors implicitly grant managers when they invest may account for part or even all hedge fund returns. C...

Hedge Fund Contagion and Liquidity

OpenAIRE

Nicole M. Boyson; Christof W. Stahel; Rene M. Stulz

2008-01-01

Using hedge fund indices representing eight different styles, we find strong evidence of contagion within the hedge fund sector: controlling for a number of risk factors, the average probability that a hedge fund style index has extreme poor performance (lower 10% tail) increases from 2% to 21% as the number of other hedge fund style indices with extreme poor performance increases from zero to seven. We investigate how changes in funding and asset liquidity intensify this contagion, and find ...

Preliminary assessment of Malaysian micro-algae strains for the production of bio jet fuel

Science.gov (United States)

Chen, J. T.; Mustafa, E. M.; Vello, V.; Lim, P.; Nik Sulaiman, N. M.; Majid, N. Abdul; Phang, S.; Tahir, P. Md.; Liew, K.

2016-10-01

Malaysia is the main hub in South-East Asia and has one of the highest air traffic movements in the region. Being rich in biodiversity, Malaysia has long been touted as country rich in biodiversity and therefore, attracts great interests as a place to setup bio-refineries and produce bio-fuels such as biodiesel, bio-petrol, green diesel, and bio-jet fuel Kerosene Jet A-1. Micro-algae is poised to alleviate certain disadvantages seen in first generation and second generation feedstock. In this study, the objective is to seek out potential micro-algae species in Malaysia to determine which are suitable to be used as the feedstock to enable bio-jet fuel production in Malaysia. From 79 samples collected over 30 sites throughout Malaysia, six species were isolated and compared for their biomass productivity and lipid content. Their lipid contents were then used to derived the require amount of micro-algae biomass to yield 1 kg of certifiable jet fuel via the HEFA process, and to meet a scenario where Malaysia implements a 2% alternative (bio-) jet fuel requirement.

Exposures to jet fuel and benzene during aircraft fuel tank repair in the U.S. Air Force.

Science.gov (United States)

Carlton, G N; Smith, L B

2000-06-01

Jet fuel and benzene vapor exposures were measured during aircraft fuel tank entry and repair at twelve U.S. Air Force bases. Breathing zone samples were collected on the fuel workers who performed the repair. In addition, instantaneous samples were taken at various points during the procedures with SUMMA canisters and subsequent analysis by mass spectrometry. The highest eight-hour time-weighted average (TWA) fuel exposure found was 1304 mg/m3; the highest 15-minute short-term exposure was 10,295 mg/m3. The results indicate workers who repair fuel tanks containing explosion suppression foam have a significantly higher exposure to jet fuel as compared to workers who repair tanks without foam (p fuel, absorbed by the foam, to volatilize during the foam removal process. Fuel tanks that allow flow-through ventilation during repair resulted in lower exposures compared to those tanks that have only one access port and, as a result, cannot be ventilated efficiently. The instantaneous sampling results confirm that benzene exposures occur during fuel tank repair; levels up to 49.1 mg/m3 were found inside the tanks during the repairs. As with jet fuel, these elevated benzene concentrations were more likely to occur in foamed tanks. The high temperatures associated with fuel tank repair, along with the requirement to wear vapor-permeable cotton coveralls for fire reasons, could result in an increase in the benzene body burden of tank entrants.

Water Footprint and Land Requirement of Solar Thermochemical Jet-Fuel Production.

Science.gov (United States)

Falter, Christoph; Pitz-Paal, Robert

2017-11-07

The production of alternative fuels via the solar thermochemical pathway has the potential to provide supply security and to significantly reduce greenhouse gas emissions. H 2 O and CO 2 are converted to liquid hydrocarbon fuels using concentrated solar energy mediated by redox reactions of a metal oxide. Because attractive production locations are in arid regions, the water footprint and the land requirement of this fuel production pathway are analyzed. The water footprint consists of 7.4 liters per liter of jet fuel of direct demand on-site and 42.4 liters per liter of jet fuel of indirect demand, where the dominant contributions are the mining of the rare earth oxide ceria, the manufacturing of the solar concentration infrastructure, and the cleaning of the mirrors. The area-specific productivity is found to be 33 362 liters per hectare per year of jet fuel equivalents, where the land coverage is mainly due to the concentration of solar energy for heat and electricity. The water footprint and the land requirement of the solar thermochemical fuel pathway are larger than the best power-to-liquid pathways but an order of magnitude lower than the best biomass-to-liquid pathways. For the production of solar thermochemical fuels arid regions are best-suited, and for biofuels regions of a moderate and humid climate.

Experimental verification of the thermodynamic properties for a jet-A fuel

Science.gov (United States)

Graciasalcedo, Carmen M.; Brabbs, Theodore A.; Mcbride, Bonnie J.

1988-01-01

Thermodynamic properties for a Jet-A fuel were determined by Shell Development Company in 1970 under a contract for NASA Lewis Research Center. The polynomial fit necessary to include Jet-A fuel (liquid and gaseous phases) in the library of thermodynamic properties of the NASA Lewis Chemical Equilibrium Program is calculated. To verify the thermodynamic data, the temperatures of mixtures of liquid Jet-A injected into a hot nitrogen stream were experimentally measured and compared to those calculated by the program. Iso-octane, a fuel for which the thermodynamic properties are well known, was used as a standard to calibrate the apparatus. The measured temperatures for the iso-octane/nitrogen mixtures reproduced the calculated temperatures except for a small loss due to the non-adiabatic behavior of the apparatus. The measurements for Jet-A were corrected for this heat loss and showed excellent agreement with the calculated temperatures. These experiments show that this process can be adequately described by the thermodynamic properties fitted for the Chemical Equilibrium Program.

In Vitro Studies and Preliminary Mathematical Model for Jet Fuel and Noise Induced Auditory Impairment

Science.gov (United States)

2015-06-01

of JP-8 and a Fischer- Tropsch synthetic jet fuel following subacute inhalation exposure in rats. Toxicol Sci 116(1): 239-248. Gallinat, J...AFRL-RH-WP-TR-2015-0084 IN VITRO STUDIES AND PRELIMINARY MATHEMATICAL MODEL FOR JET FUEL AND NOISE INDUCED AUDITORY IMPAIRMENT...April 2014 – September 2014 4. TITLE AND SUBTITLE In Vitro Studies and Preliminary Mathematical Model for Jet Fuel and Noise Induced Auditory

Refinery Integration of By-Products from Coal-Derived Jet Fuels

Energy Technology Data Exchange (ETDEWEB)

Caroline Clifford; Andre Boehman; Chunshan Song; Bruce Miller; Gareth Mitchell

2008-03-31

The final report summarizes the accomplishments toward project goals during length of the project. The goal of this project was to integrate coal into a refinery in order to produce coal-based jet fuel, with the major goal to examine the products other than jet fuel. These products are in the gasoline, diesel and fuel oil range and result from coal-based jet fuel production from an Air Force funded program. The main goal of Task 1 was the production of coal-based jet fuel and other products that would need to be utilized in other fuels or for non-fuel sources, using known refining technology. The gasoline, diesel fuel, and fuel oil were tested in other aspects of the project. Light cycle oil (LCO) and refined chemical oil (RCO) were blended, hydrotreated to removed sulfur, and hydrogenated, then fractionated in the original production of jet fuel. Two main approaches, taken during the project period, varied where the fractionation took place, in order to preserve the life of catalysts used, which includes (1) fractionation of the hydrotreated blend to remove sulfur and nitrogen, followed by a hydrogenation step of the lighter fraction, and (2) fractionation of the LCO and RCO before any hydrotreatment. Task 2 involved assessment of the impact of refinery integration of JP-900 production on gasoline and diesel fuel. Fuel properties, ignition characteristics and engine combustion of model fuels and fuel samples from pilot-scale production runs were characterized. The model fuels used to represent the coal-based fuel streams were blended into full-boiling range fuels to simulate the mixing of fuel streams within the refinery to create potential 'finished' fuels. The representative compounds of the coal-based gasoline were cyclohexane and methyl cyclohexane, and for the coal-base diesel fuel they were fluorine and phenanthrene. Both the octane number (ON) of the coal-based gasoline and the cetane number (CN) of the coal-based diesel were low, relative to

RISK MANAGEMENT COMPANIES AND HEDGE ACCOUNTING

Directory of Open Access Journals (Sweden)

SABIN ARMĂŞELU

2014-12-01

Full Text Available The increasing use of derivatives for risk management of a company lately has led to the need to report on an actual basis as these instruments and regulate these operations accounting. This paper proposes a presentation of hedging transactions and their accounting evaluating the impact, in terms of accounting, risk management derivatives on a company. Hedges are often ineffective. Overcoming the ineffectiveness of hedging operations can be achieved by proper designation of the hedging relationship and create an appropriate method to demonstrate hedge effectiveness.

Pulsed, supersonic fuel jets-A review of their characteristics and potential for fuel injection

International Nuclear Information System (INIS)

Milton, B.E.; Pianthong, K.

2005-01-01

High pressure fuel injection has provided considerable benefits for diesel engines, substantially reducing smoke levels while increasing efficiency. Current maximum pressures provide jets that are at less than the sonic velocity of the compressed air in the cylinders at injection. It has been postulated that a further increase into the supersonic range may benefit the combustion process due to increased aerodynamic atomization and the presence of jet bow shock waves that provide higher temperatures around the fuel. Pulsed, supersonic injection may also be beneficial for scramjet engines. The current program is examining pulsed, supersonic jets from a fundamental viewpoint both experimentally and numerically. Shock wave structures have been viewed for jets ranging from 600 to 2400 m/s, velocity attenuation and penetration distance measured, different nozzle designs examined and autoignition experiments carried out. Inside the nozzle, numerical simulation using the Autodyne code has been used to support an analytic approach while in the spray, the FLUENT code has been used. While benefits have not yet been defined, it appears that some earlier claims regarding autoignition at atmospheric conditions were optimistic but that increased evaporation and mixing are probable. The higher jet velocities are likely to mean that wall interactions are increased and hence matching such injectors to engine size and airflow patterns will be important

Dynamic Global Currency Hedging

DEFF Research Database (Denmark)

Christensen, Bent Jesper; Varneskov, Rasmus T.

2016-01-01

This paper proposes a model for discrete-time hedging based on continuous-time movements in portfolio and foreign currency exchange rate returns. In particular, the vector of optimal currency exposures is shown to be given by the negative realized regression coefficients from a one......-period conditional expectation of the intra-period quadratic covariation matrix for portfolio and foreign exchange rate returns. These are labelled the realized currency betas. The model, hence, facilitates dynamic hedging strategies that depend exclusively on the dynamic evolution of the ex-post quadratic...... covariation matrix. These hedging strategies are suggested implemented using modern, yet simple, non-parametric techniques to accurately measure and dynamically model historical quadratic covariation matrices. The empirical results from an extensive hedging exercise for equity investments illustrate...

Cleanup of a jet fuel spill

Science.gov (United States)

Fesko, Steve

1996-11-01

Eaton operates a corporate aircraft hanger facility in Battle Creek, Michigan. Tests showed that two underground storage tanks leaked. Investigation confirmed this release discharged several hundred gallons of Jet A kerosene into the soil and groundwater. The oil moved downward approximately 30 feet and spread laterally onto the water table. Test results showed kerosene in the adsorbed, free and dissolved states. Eaton researched and investigated three clean-up options. They included pump and treat, dig and haul and bioremediation. Jet fuel is composed of readily biodegradable hydrocarbon chains. This fact coupled with the depth to groundwater and geologic setting made bioremediation the low cost and most effective alternative. A recovery well was installed at the leading edge of the dissolved contamination. A pump moved water from this well into a nutrient addition system. Nutrients added included nitrogen, phosphorous and potassium. Additionally, air was sparged into the water. The water was discharged into an infiltration gallery installed when the underground storage tanks were removed. Water circulated between the pump and the infiltration basin in a closed loop fashion. This oxygenated, nutrient rich water actively and aggressively treated the soils between the bottom of the gallery and the top of the groundwater and the groundwater. The system began operating in August of 1993 and reduced jet fuel to below detection levels. In August of 1995 The State of Michigan issued a clean closure declaration to the site.

MEETING IN VANCOUVER, B.C.: MICRONUCLEUS STUDIES IN THE PERIPHERAL BLOOD AND BONE MARROW OF MICE TREATED WITH JET FUELS, JP-8 AND JET-A

Science.gov (United States)

The potential adverse effects of dermal and inhalation exposure of jet fuels are important for health hazard evaluation in humans. In an animal model, the genotoxic potential of jet fuels, JP-8 and Jet-A, was investigated. Mice were treated dermally with either a single or multip...

Comparison of Global Sizing Velocimetry and Phase Doppler Anemometry measurements of alternative jet fuel sprays

Science.gov (United States)

Sadr, Reza; Kannaiyan, Kumaran

2013-11-01

Atomization plays a crucial precursor role in liquid fuel combustion that directly affects the evaporation, mixing, and emission levels. Laser diagnostic techniques are often used to study the spray characteristics of liquid fuels. The objective of this work is to compare the spray measurements of Gas-to Liquid (GTL) jet fuels obtained using Global Sizing Velocimetry (GSV) and Phase Doppler Anemometry (PDA) techniques at global and local levels, respectively. The chemical and physical properties of GTL fuels are different from conventional jet fuels, owing to the difference in their production methodology. In this work, the experimental facility, the measurement techniques, and spray characteristics of two different GTL fuels are discussed and compared with those of Jet A-1 fuel. Results clearly demonstrate that although the global measurement gives an overall picture of the spray, fine details are obtained only through local measurements and complement in gaining more inferences into the spray characteristics. The results also show a close similarity in spray characteristics between GTL and Jet A-1 fuels. Funded by Qatar Science and Technology Park.

Environmental Life Cycle Assessment of Coal-Biomass to Liquid Jet Fuel Compared to Petroleum-Derived JP-8 Jet Fuel

Science.gov (United States)

2010-03-01

is a Metal Deactivator Additive (MDA) to prevent fuel oxidation with trace metals such as copper or zinc that may be in the jet fuel (MIL- HDBK-510-1...react in the FT synthesis process). The gasifier is of the slagging type and a direct contact water quench spray system is used to cool the syngas...exiting the gasifier. The quench also removes particulate matter and contaminants not removed in the slag . However, because the ash from biomass is

Direct Coal -to-Liquids (CTL) for Jet Fuel Using Biomass-Derived Solvents

Energy Technology Data Exchange (ETDEWEB)

Chauhan, Satya P. [Battelle Memorial Inst., Columbus, OH (United States); Garbark, Daniel B. [Battelle Memorial Inst., Columbus, OH (United States); Taha, Rachid [Battelle Memorial Inst., Columbus, OH (United States); Peterson, Rick [Battelle Memorial Inst., Columbus, OH (United States)

2017-09-30

Battelle has demonstrated a novel and potentially breakthrough technology for a direct coal-to-liquids (CTL) process for producing jet fuel using biomass-derived coal solvents (bio-solvents). The Battelle process offers a significant reduction in capital and operating costs and a substantial reduction in greenhouse gas (GHG) emissions, without requiring carbon capture and storage (CCS). The results of the project are the advancement of three steps of the hybrid coal/biomass-to-jet fuel process to the technology readiness level (TRL) of 5. The project objectives were achieved over two phases. In Phase 1, all three major process steps were explored and refined at bench-scale, including: (1) biomass conversion to high hydrogen-donor bio-solvent; (2) coal dissolution in biomass-derived bio-solvent, without requiring molecular H₂, to produce a synthetic crude (syncrude); and (3) two-stage catalytic hydrotreating/hydrogenation of syncrude to jet fuel and other distillates. In Phase 2, all three subsystems of the CTL process were scaled up to a pre-pilot scale, and an economic analysis was carried out. A total of over 40 bio-solvents were identified and prepared. The most unique attribute of Battelle’s bio-solvents is their ability to provide much-needed hydrogen to liquefy coal and thus increase its hydrogen content so much that the resulting syncrude is liquid at room temperature. Based on the laboratory-scale testing with bituminous coals from Ohio and West Virginia, a total of 12 novel bio-solvent met the goal of greater than 80% coal solubility, with 8 bio-solvents being as good as or better than a well-known but expensive hydrogen-donor solvent, tetralin. The Battelle CTL process was then scaled up to 1 ton/day (1TPD) at a pre-pilot facility operated in Morgantown, WV. These tests were conducted, in part, to produce enough material for syncrude-upgrading testing. To convert the Battelle-CTL syncrude into a form suitable as a blending stock for jet

On hedge effectiveness assessment under IFRS 9

Directory of Open Access Journals (Sweden)

Jatinder Pal Singh

2018-02-01

Full Text Available IFRS 9 has introduced certain radical changes to the hedge effectiveness assessment criteria of IAS 39 for entities desirous of availing hedge accounting. It is necessary for business entities contemplating the use of financial derivatives for hedging purposes to appreciate the nuances associated with the upstaged provisions of hedge accounting of IFRS 9 in context of hedge effectiveness requirements envisaged therein. The present article addresses this issue and provides a threadbare analysis of the fundamental model on which the IFRS 9 hedge effectiveness assessment is premised.

Numerical Investigation on Sensitivity of Liquid Jet Breakup to Physical Fuel Properties with Experimental Comparison

Science.gov (United States)

Kim, Dokyun; Bravo, Luis; Matusik, Katarzyna; Duke, Daniel; Kastengren, Alan; Swantek, Andy; Powell, Christopher; Ham, Frank

2016-11-01

One of the major concerns in modern direct injection engines is the sensitivity of engine performance to fuel characteristics. Recent works have shown that even slight differences in fuel properties can cause significant changes in efficiency and emission of an engine. Since the combustion process is very sensitive to the fuel/air mixture formation resulting from disintegration of liquid jet, the precise assessment of fuel sensitivity on liquid jet atomization process is required first to study the impact of different fuels on the combustion. In the present study, the breaking process of a liquid jet from a diesel injector injecting into a quiescent gas chamber is investigated numerically and experimentally for different liquid fuels (n-dodecane, iso-octane, CAT A2 and C3). The unsplit geometric Volume-of-Fluid method is employed to capture the phase interface in Large-eddy simulations and results are compared against the radiography measurement from Argonne National Lab including jet penetration, liquid mass distribution and volume fraction. The breakup characteristics will be shown for different fuels as well as droplet PDF statistics to demonstrate the influences of the physical properties on the primary atomization of liquid jet. Supported by HPCMP FRONTIER award, US DOD, Office of the Army.

Production Flexibility and Hedging

Directory of Open Access Journals (Sweden)

Georges Dionne

2015-12-01

Full Text Available We extend the analysis on hedging with price and output uncertainty by endogenizing the output decision. Specifically, we consider the joint determination of output and hedging in the case of flexibility in production. We show that the risk-averse firm always maintains a short position in the futures market when the futures price is actuarially fair. Moreover, in the context of an example, we show that the presence of production flexibility reduces the incentive to hedge for all risk averse agents.

Dermal Exposure to Jet Fuel JP-8 Significantly Contributes to the Production of Urinary Naphthols in Fuel-Cell Maintenance Workers

OpenAIRE

Chao, Yi-Chun E.; Kupper, Lawrence L.; Serdar, Berrin; Egeghy, Peter P.; Rappaport, Stephen M.; Nylander-French, Leena A.

2005-01-01

Jet propulsion fuel 8 (JP-8) is the major jet fuel used worldwide and has been recognized as a major source of chemical exposure, both inhalation and dermal, for fuel-cell maintenance workers. We investigated the contributions of dermal and inhalation exposure to JP-8 to the total body dose of U.S. Air Force fuel-cell maintenance workers using naphthalene as a surrogate for JP-8 exposure. Dermal, breathing zone, and exhaled breath measurements of naphthalene were obtained using tape-strip sam...

Comparison of atomization characteristics of drop-in and conventional jet fuels

Science.gov (United States)

Kannaiyan, Kumaran; Sadr, Reza; Micro Scale Thermo-Fluids Lab Team

2016-11-01

Surge in energy demand and stringent emission norms have been driving the interest on alternative drop-in fuels in aviation industry. The gas-to-liquid (GTL), synthetic paraffinic kerosene fuel derived from natural gas, has drawn significant attention as drop-in fuel due to its cleaner combustion characteristics when compared to other alternative fuels derived from various feedstocks. The fuel specifications such as chemical and physical properties of drop-in fuels are different from those of the conventional jet fuels, which can affect their atomization characteristics and in turn the combustion performance. The near nozzle liquid sheet dynamics of the drop-in fuel, GTL, is studied at different nozzle operating conditions and compared with that of the conventional Jet A-1 fuel. The statistical analysis of the near nozzle sheet dynamics shows that the drop-in fuel atomization characteristics are comparable to those of the conventional fuel. Furthermore, the microscopic spray characteristics measured using phase Doppler anemometry at downstream locations are slightly different between the fuels. Authors acknowledge the support by National Priorities Research Program (NPRP) of Qatar National Research Fund through the Grant NPRP-7-1449-2-523.

In situ bioremediation of JP-5 jet fuel

International Nuclear Information System (INIS)

Eisman, M.P.; Dorwin, E.; Barnes, D.; Nelson, B.

1991-01-01

Fuel leaks and spills of the jet fuel JP-5 at various Naval installations are required by law to be remediated. Use of microorganisms for fuel spill remediation is the focus of this paper, which examines biodegradation of JP-5 by means of CO 2 evolution in batch cultures. In particular, the aerobic biodegradation of fresh and weathered JP-5, along with a representative fuel mix of three pure compounds, is examined. Since microorganisms exist in aqueous environments, the solubility in water of fuels and fuel components is also examined. Other chemical properties of the complex mixture of hydrocarbons in JP-5 may affect bioavailability. This paper will also attempt to relate biodegradation to these properties, particularly water solubility and type of hydrocarbon

Market conditions and hedge fund survival

OpenAIRE

Mark A. Carlson; Jason Steinman

2008-01-01

As the hedge fund industry has grown, there has been increased concern that, during sharp market moves, hedge fund failures could exacerbate the deterioration in financial conditions and deepen a crisis. However, there has not been much formal analysis regarding the impact of financial market conditions on hedge fund survival. To help fill this gap, this paper examines the relationship between financial market conditions and the likelihood of hedge fund failure after controlling for performan...

Jet Fuel Kerosene is not Immunosuppressive in Mice or Rats Following Inhalation for 28 Days

OpenAIRE

White, Kimber L.; DeLorme, Michael P.; Beatty, Patrick W.; Smith, Matthew J.; Peachee, Vanessa L.

2013-01-01

Previous reports indicated that inhalation of JP-8 aviation turbine fuel is immunosuppressive. However, in some of those studies, the exposure concentrations were underestimated, and percent of test article as vapor or aerosol was not determined. Furthermore, it is unknown whether the observed effects are attributable to the base hydrocarbon fuel (jet fuel kerosene) or to the various fuel additives in jet fuels. The present studies were conducted, in compliance with Good Laboratory Practice (...

HEDGING AS A BUSINESS RISK PROTECTION INSTRUMENT

Directory of Open Access Journals (Sweden)

Ivo Šperanda

2015-12-01

Full Text Available This paper deals with hedging which is one of the trading techniques in the futures markets and with the role of hedging as a protecting strategy. Indirectly, hedging affects the competitiveness of a company by reducing overall operating expenses and increasing the level of competitiveness at the same time. The theoretical fundamentals of the hedging strategy are explained, followed by a survey on relevant theoretical findings and research on hedging and its importance in contemporary economic life. Basic types of risk in firms are clearly described, as well as principal hedging models which are in accordance with the International Financial Reporting Standards. Finally, the paper deals with the financial aspects of hedging, stressing the role and the importance of the principle of the financial leverage.

Effect of hydroprocessing severity on characteristics of jet fuel from OSCO 2 and Paraho distillates

Science.gov (United States)

Prok, G. M.; Flores, F. J.; Seng, G. T.

1981-01-01

Jet A boiling range fuels and broad-property research fuels were produced by hydroprocessing shale oil distillates, and their properties were measured to characterize the fuels. The distillates were the fraction of whole shale oil boiling below 343 C from TOSCO 2 and Paraho syncrudes. The TOSCO 2 was hydroprocessed at medium severity, and the Paraho was hydroprocessed at high, medium, and low severities. Fuels meeting Jet A requirements except for the freezing point were produced from the medium severity TOSCO 2 and the high severity Paraho. Target properties of a broad property research fuel were met by the medium severity TOSCO 2 and the high severity Paraho except for the freezing point and a high hydrogen content. Medium and low severity Paraho jet fuels did not meet thermal stability and freezing point requirements.

Quadratic Hedging of Basis Risk

Directory of Open Access Journals (Sweden)

Hardy Hulley

2015-02-01

Full Text Available This paper examines a simple basis risk model based on correlated geometric Brownian motions. We apply quadratic criteria to minimize basis risk and hedge in an optimal manner. Initially, we derive the Föllmer–Schweizer decomposition for a European claim. This allows pricing and hedging under the minimal martingale measure, corresponding to the local risk-minimizing strategy. Furthermore, since the mean-variance tradeoff process is deterministic in our setup, the minimal martingale- and variance-optimal martingale measures coincide. Consequently, the mean-variance optimal strategy is easily constructed. Simple pricing and hedging formulae for put and call options are derived in terms of the Black–Scholes formula. Due to market incompleteness, these formulae depend on the drift parameters of the processes. By making a further equilibrium assumption, we derive an approximate hedging formula, which does not require knowledge of these parameters. The hedging strategies are tested using Monte Carlo experiments, and are compared with results achieved using a utility maximization approach.

Evaluation of Suppression of Hydroprocessed Renewable Jet (HRJ) Fuel Fires with Aqueous Film Forming Foam (AFFF)

Science.gov (United States)

2011-07-01

Collecting particles from an open pan fire would preclude the consideration of isokinetic sampling usually required in Method 5, but this would...hydroprocessed renewable jet fuel in2 square inches JP-8 jet propellant 8, i.e. jet fuel kW kilowatts m2 square meters Mil-Spec Military Specification min

Life cycle assessment of residual lignocellulosic biomass-based jet fuel with activated carbon and lignosulfonate as co-products.

Science.gov (United States)

Pierobon, Francesca; Eastin, Ivan L; Ganguly, Indroneil

2018-01-01

Bio-jet fuels are emerging as a valuable alternative to petroleum-based fuels for their potential for reducing greenhouse gas emissions and fossil fuel dependence. In this study, residual woody biomass from slash piles in the U.S. Pacific Northwest is used as a feedstock to produce iso-paraffinic kerosene, through the production of sugar and subsequent patented proprietary fermentation and upgrading. To enhance the economic viability and reduce the environmental impacts of iso-paraffinic kerosene, two co-products, activated carbon and lignosulfonate, are simultaneously produced within the same bio-refinery. A cradle-to-grave life cycle assessment (LCA) is performed for the residual woody biomass-based bio-jet fuel and compared against the cradle-to-grave LCA of petroleum-based jet fuel. This paper also discusses the differences in the environmental impacts of the residual biomass-based bio-jet fuel using two different approaches, mass allocation and system expansion, to partition the impacts between the bio-fuel and the co-products, which are produced in the bio-refinery. The environmental assessment of biomass-based bio-jet fuel reveals an improvement along most critical environmental criteria, as compared to its petroleum-based counterpart. However, the results present significant differences in the environmental impact of biomass-based bio-jet fuel, based on the partitioning method adopted. The mass allocation approach shows a greater improvement along most of the environmental criteria, as compared to the system expansion approach. However, independent of the partitioning approach, the results of this study reveal that more than the EISA mandated 60% reduction in the global warming potential could be achieved by substituting petroleum-based jet fuel with residual woody biomass-based jet fuel. Converting residual woody biomass from slash piles into bio-jet fuel presents the additional benefit of avoiding the impacts of slash pile burning in the forest, which

MITIGATING FINANCIAL RISK BY USING HEDGING STRATEGIES

Directory of Open Access Journals (Sweden)

Anca BUTNARIU

2018-05-01

Full Text Available Financial derivatives are now widely used by corporations to manage exposure to currency, interest rate, and commodity price risks. The motivation for non-financial firms to engage in corporate hedging is one of the most intensively discussed topics in corporate finance research. Recent financial theory suggests that there are several ways through which corporate hedging can increase firm value in the sense of the maximization of shareholder value. A rich body of literature consists of studies that have empirically investigated the theoretical explanations for corporate hedging, literature that presents rather mixed evidence for the drivers of corporate hedging. This paper investigates the effects of hedging activity on non-financial firm value and how operational hedging is related to and differentiated by financial hedging, by providing an extensive overview and synthesis of the existing literature.

The Great Hedge of India

International Nuclear Information System (INIS)

Moxham, Roy

2015-01-01

The 'Great Hedge of India', a 3 700 kilometre-long hedge installed by the British customs to safeguard the colonial salt tax system and avoid salt smuggling totally faded from both memory and records (e.g. maps) in less than a century. Roy Moxham found traces of the hedge in a book footnote and searched it for several years until he found its meagre remains. The speaker wrote a book about this quest. He said that this story reveals how things disappear when they are no longer useful and, especially, when they are linked to parts of history that are not deemed particularly positive (the hedge was a means of colonial power)

Delta hedging strategies comparison

DEFF Research Database (Denmark)

De Giovanni, Domenico; Ortobelli, S.; Rachev, S.T.

2008-01-01

In this paper we implement dynamic delta hedging strategies based on several option pricing models. We analyze different subordinated option pricing models and we examine delta hedging costs using ex-post daily prices of S&P 500. Furthermore, we compare the performance of each subordinated model...

Subacute effects of inhaled Jet Fuel-A (Jet A) on airway and immune function in female rats.

Science.gov (United States)

Sweeney, Lisa M; Prues, Susan L; Reboulet, James E

2013-04-01

Two studies were conducted to assess the potential airway and immune effects following subacute (14 d) exposure of female rats to 500, 1000 or 2000 mg/m³ of Jet-A for 4 h/d. The first study used Sprague-Dawley rats; the second study included both Fischer 344 (F344) and Sprague-Dawley rats. In the first study, exposure to 2000 mg/m³ jet fuel may have caused significant upper airway inflammation on day 7 post-exposure, as indicated by elevated protein and lactate dehydrogenase in nasal lavage fluid, but any inflammation resolved by day 14 post-exposure. No significant impact on immune cell populations in the spleens was observed. The histological examination showed no evidence of infectious or toxic effect. In the second study, body weights of the F344 rats in the 2000 mg/m³ group were depressed, as compared to the controls, at the end of the exposure. Some lung lavage fluid markers were increased at 24 h after the final exposure, however, no test article-induced histological changes were observed in the lungs, nasal cavities, or any other tissue of any of the jet fuel exposed animals. Overall, these studies demonstrated limited evidence of effects of 14 d of exposure to Jet A on the airways, immune system, or any other organ or system of female Sprague-Dawley and F344 rats, with no remarkable differences between strains. The lack of identified significant airway or immune effects was in contrast to previous examinations of jet fuel for pulmonary toxicity in mice and rats and for immunotoxicity in mice.

The Jet multipellet launcher and fueling of Jet plasmas by multipellet injection

International Nuclear Information System (INIS)

Kupschus, P.; Cheetham, A.; Denne, B.; Gadeberg, M.; Gowers, C.; Gondhalekar, A.; Tubbing, B.; Schmidt, G.L.; Colestock, P.; Hammett, G.; Zarnstorff, M.

1989-01-01

A multipellet long-pulse plasma fueling system, in operation on JET, is described. Plasma fueling experiments are performed with the 2.7 and 4.0 mm guns operating in the multipellet mode. The penetration of the pellets, which agrees with neutral and plasma shielding models, is shown. Details of particle deposition in ohmic plasmas and the plasma density evolution from far-infrared data, in response to pellet injection, are illustrated. A variety of plasma density profile shapes is produced with peak to average values ranging up to 2.5 and peak plasma density up to 1.2 X 10 20 /m 3

Impact of Alternative Jet Fuels on Engine Exhaust Composition During the 2015 ECLIF Ground-Based Measurements Campaign.

Science.gov (United States)

Schripp, Tobias; Anderson, Bruce; Crosbie, Ewan C; Moore, Richard H; Herrmann, Friederike; Oßwald, Patrick; Wahl, Claus; Kapernaum, Manfred; Köhler, Markus; Le Clercq, Patrick; Rauch, Bastian; Eichler, Philipp; Mikoviny, Tomas; Wisthaler, Armin

2018-04-17

The application of fuels from renewable sources ("alternative fuels") in aviation is important for the reduction of anthropogenic carbon dioxide emissions, but may also attribute to reduced release of particles from jet engines. The present experiment describes ground-based measurements in the framework of the ECLIF (Emission and Climate Impact of Alternative Fuels) campaign using an Airbus A320 (V2527-A5 engines) burning six fuels of chemically different composition. Two reference Jet A-1 with slightly different chemical parameters were applied and further used in combination with a Fischer-Tropsch synthetic paraffinic kerosene (FT-SPK) to prepare three semi synthetic jet fuels (SSJF) of different aromatic content. In addition, one commercially available fully synthetic jet fuel (FSJF) featured the lowest aromatic content of the fuel selection. Neither the release of nitrogen oxide or carbon monoxide was significantly affected by the different fuel composition. The measured particle emission indices showed a reduction up to 50% (number) and 70% (mass) for two alternative jet fuels (FSJF, SSJF2) at low power settings in comparison to the reference fuels. The reduction is less pronounced at higher operating conditions but the release of particle number and particle mass is still significantly lower for the alternative fuels than for both reference fuels. The observed correlation between emitted particle mass and fuel aromatics is not strict. Here, the H/C ratio is a better indicator for soot emission.

A dermatotoxicokinetic model of human exposures to jet fuel.

Science.gov (United States)

Kim, David; Andersen, Melvin E; Nylander-French, Leena A

2006-09-01

Workers, both in the military and the commercial airline industry, are exposed to jet fuel by inhalation and dermal contact. We present a dermatotoxicokinetic (DTK) model that quantifies the absorption, distribution, and elimination of aromatic and aliphatic components of jet fuel following dermal exposures in humans. Kinetic data were obtained from 10 healthy volunteers following a single dose of JP-8 to the forearm over a surface area of 20 cm2. Blood samples were taken before exposure (t = 0 h), after exposure (t = 0.5 h), and every 0.5 h for up to 3.5 h postexposure. The DTK model that best fit the data included five compartments: (1) surface, (2) stratum corneum (SC), (3) viable epidermis, (4) blood, and (5) storage. The DTK model was used to predict blood concentrations of the components of JP-8 based on dermal-exposure measurements made in occupational-exposure settings in order to better understand the toxicokinetic behavior of these compounds. Monte Carlo simulations of dermal exposure and cumulative internal dose demonstrated no overlap among the low-, medium-, and high-exposure groups. The DTK model provides a quantitative understanding of the relationship between the mass of JP-8 components in the SC and the concentrations of each component in the systemic circulation. The model may be used for the development of a toxicokinetic modeling strategy for multiroute exposure to jet fuel.

Traditional technologies of fuels production for air-jet engines

Directory of Open Access Journals (Sweden)

Бойченко С. В.

2013-07-01

Full Text Available Available energy resources for various fuels, mainly for gas-turbine engines are presented in the given article. Traditional technologies for jet fuels production from nonrenewable raw materials, such as crude oil, coal, natural gas, oil-shales and others are analyzed in details. Cause and effect relationship between production and use of such fuels and their impact on natural environment is defined. The timeliness and necessity for development of alternative technologies of aviation biofuels production are determined in the given article.

Bet-hedging applications for conservation

Indian Academy of Sciences (India)

Unknown

Bet hedging; Bitterroot wilderness; environmental correlation; grizzly bear; least tern; Sterna antillarum; Ursus arctos horribilis ... market, a hedging investor can reduce the risk of devas- ..... populations were approximated by three methods:.

Jet fuel kerosene is not immunosuppressive in mice or rats following inhalation for 28 days.

Science.gov (United States)

White, Kimber L; DeLorme, Michael P; Beatty, Patrick W; Smith, Matthew J; Peachee, Vanessa L

2013-01-01

Previous reports indicated that inhalation of JP-8 aviation turbine fuel is immunosuppressive. However, in some of those studies, the exposure concentrations were underestimated, and percent of test article as vapor or aerosol was not determined. Furthermore, it is unknown whether the observed effects are attributable to the base hydrocarbon fuel (jet fuel kerosene) or to the various fuel additives in jet fuels. The present studies were conducted, in compliance with Good Laboratory Practice (GLP) regulations, to evaluate the effects of jet fuel kerosene on the immune system, in conjunction with an accurate, quantitative characterization of the aerosol and vapor exposure concentrations. Two female rodent species (B6C3F1 mice and Crl:CD rats) were exposed by nose-only inhalation to jet fuel kerosene at targeted concentrations of 0, 500, 1000, or 2000 mg/m(3) for 6 h daily for 28 d. Humoral, cell-mediated, and innate immune functions were subsequently evaluated. No marked effects were observed in either species on body weights, spleen or thymus weights, the T-dependent antibody-forming cell response (plaque assay), or the delayed-type hypersensitivity (DTH) response. With a few exceptions, spleen cell numbers and phenotypes were also unaffected. Natural killer (NK) cell activity in mice was unaffected, while the NK assessment in rats was not usable due to an unusually low response in all groups. These studies demonstrate that inhalation of jet fuel kerosene for 28 d at levels up to 2000 mg/m(3) did not adversely affect the functional immune responses of female mice and rats.

Immunotoxicity of jet fuel. Final report, 1 October 1994-31 October 1995

Energy Technology Data Exchange (ETDEWEB)

Harris, D.T.

1995-10-31

During our preliminary year of experimentation we have made an initial examination Off the immunotoxicological effects of JP-8 jet fuel exposure. Inbred C57BL6 mice were exposed to varying concentrations (either 500, 1000 or 2500 mg/m3) of aerosolized JP-8 jet fuel for a period of 7 days with an exposure period of 1 hour per day. Animal exposure was performed via nose-only presentation while the animals were held in individual subject loading tubes. The tubes were nose cone fitted to receiving adapters that originated from a common anodized aluminum exposure chamber. Nose only exposure was utilized to minimize ingestion of jet fuel during self grooming. Animals were rotated on a daily basis through the 12 adapter positions on the exposure chamber. This rotation was done to minimize proximity to the jet fuel source as a variable in exposure concentration or composition. Exposure concentration was determined by a seven stage --cascade impactor, and were measured after each exposure (1,2). 24 hours after the last exposure the animals were sacrificed and examined for changes in immune system composition and function. The major immune system organ systems (i.e., spleen, thymus, lymph nodes, blood and bone marrow) were recovered and examined for changes in organ weight total cell numbers, immune cell components (by differential histochemical staining).

Hedge Funds as Investors of Last Resort?

OpenAIRE

David J. Brophy; Paige P. Ouimet; Clemens Sialm

2009-01-01

Hedge funds have become important investors in public companies raising equity privately. Hedge funds tend to finance companies that have poor fundamentals and pronounced information asymmetries. To compensate for these shortcomings, hedge funds protect themselves by requiring substantial discounts, negotiating repricing rights, and entering into short positions of the underlying stocks. We find that companies that obtain financing from hedge funds significantly underperform companies that ob...

Highly efficient conversion of terpenoid biomass to jet-fuel range cycloalkanes in a biphasic tandem catalytic process

Energy Technology Data Exchange (ETDEWEB)

Yang, Xiaokun [Univ. of Nevada, Reno, NV (United States); Li, Teng [Washington State Univ., Pullman, WA (United States); Tang, Kan [Washington State Univ., Pullman, WA (United States); Zhou, Xinpei [Univ. of Nevada, Reno, NV (United States); Lu, Mi [Univ. of Nevada, Reno, NV (United States); Ounkham, Whalmany L. [Univ. of Nevada, Reno, NV (United States); Spain, Stephen M. [Univ. of Nevada, Reno, NV (United States); Frost, Brian J. [Univ. of Nevada, Reno, NV (United States); Lin, Hongfei [Washington State Univ., Pullman, WA (United States)

2017-06-12

The demand for bio-jet fuels to reduce carbon emissions is increasing substantially in the aviation sector, while the scarcity of high-density jet fuel components limits the use of bio-jet fuels in high-performance aircrafts compared with conventional jet fuels. In this paper, we report a novel biphasic tandem catalytic process (biTCP) for synthesizing cycloalkanes from renewable terpenoid biomass, such as 1,8-cineole. Multistep tandem reactions, including C–O ring opening by hydrolysis, dehydration, and hydrogenation, were carried out in the “one-pot” biTCP. 1,8-Cineole was efficiently converted to p-menthane at high yields (>99%) in the biTCP under mild reaction conditions. Finally, the catalytic reaction mechanism is discussed.

Crude oil hedging: benchmarking price protection strategies

International Nuclear Information System (INIS)

Krapels, Edward N.; Pratt, Michael

1998-01-01

This report presents a review of hedging (protection against a loss) strategies in the crude oil futures and options markets. The introductory section of the report gives details of hedging instruments, and the purposes of hedging crude oil. Hedging strategies including pure futures strategies, pure options strategies, options combination strategies, exotic (Asian) options strategies, and insurance instruments are described. The West Texas intermediate (WTI) market depth, liquidity and hedging effectiveness are examined, and winners and losers, and energy consumers are considered. The appendix gives tables and charts summarising the outcomes of futures and options strategies under different market conditions and expectations. (UK)

Fundamental Investigation of Jet Fuel Spray and Ignition Process in an Optically Accessible Piston Engine

Science.gov (United States)

2015-01-16

pressures up to 5 MPa using a single-hole common-rail diesel injector with high-speed imaging. The authors found that for the initial period during the...total nozzle flow area or decreasing the injection pressure increases the ramp-up period. This type of injector operates by using the fuel injection...design of Almy engines. Tests were perf01med using #2 diesel fuel, jet fuel (JP8), and a hydroprocessed renewable jet fuel (HRJ). Ambient the1modynamic

A Study of Perfect Hedges

OpenAIRE

Stoyu I. Ivanov

2017-01-01

In this study, we attempt to identify the asset which has the best hedging characteristics against inflation. We study stock, bond, commodity, real estate and oil indexes. We also study these indexes tracking exchange traded funds (ETFs) to determine the most beneficial tradable asset in addition to the more theoretical index for inflation hedging. We find that, in our sample, oil is the best hedge against inflation, even though three in total are a good hedge—oil, gold and corn—with corn and...

Transverse liquid fuel jet breakup, burning, and ignition

Energy Technology Data Exchange (ETDEWEB)

Li, H.

1990-01-01

An analytical/numerical study of the breakup, burning, and ignition of liquid fuels injected transversely into a hot air stream is conducted. The non-reacting liquid jet breakup location is determined by the local sonic point criterion first proposed by Schetz, et al. (1980). Two models, one employing analysis of an elliptical jet cross-section and the other employing a two-dimensional blunt body to represent the transverse jet, have been used for sonic point calculations. An auxiliary criterion based on surface tension stability is used as a separate means of determining the breakup location. For the reacting liquid jet problem, a diffusion flame supported by a one-step chemical reaction within the gaseous boundary layer is solved along the ellipse surface in subsonic crossflow. Typical flame structures and concentration profiles have been calculated for various locations along the jet cross-section as a function of upstream Mach numbers. The integrated reaction rate along the jet cross-section is used to predict ignition position, which is found to be situated near the stagnation point. While a multi-step reaction is needed to represent the ignition process more accurately, the present calculation does yield reasonable predictions concerning ignition along a curved surface.

Studies of jet fuel additives using the quartz crystal microbalance and pressure monitoring at 140 C

Energy Technology Data Exchange (ETDEWEB)

Zabarnick, S.; Grinstead, R.R. [Univ. of Dayton Research Institute, OH (United States)

1995-05-01

The quartz crystal microbalance (QCM) and pressure monitoring are used for the evaluation of jet fuel additives for the improvement of jet fuel thermal stability. The mechanisms of additive behavior are determined by measuring the time dependent deposition with the QCM and oxidation by pressure measurements. Studies at various additive concentrations permits the determination of optimum additive concentrations. Additive packages made of mixtures of antioxidants, detergent/dispersants, and metal deactivators are shown to yield good improvements in thermal stability over a wide range of jet fuel types.

Short Term Hedging Using Futures Contracts

Directory of Open Access Journals (Sweden)

Ioana – Diana PAUN

2012-12-01

Full Text Available The objective of this paper is to demonstrate the effectiveness of risk management portfolio using futures contracts to achieve hedging. The risk can be minimized once measured, and the traditional tool of market risk management is hedging. The objective is to identify the optimum position to minimize the variation in a contract concluded now. Clearly hedging portfolio will reduce not only risk but also profitability. In conclusion hedging aims risk management, no additional gain. Portfolio manager will have the opportunity to carefully consider the relationship between risk and return in order to act according to his profile and targeted results.

ERBS fuel addendum: Pollution reduction technology program small jet aircraft engines, phase 3

Science.gov (United States)

Bruce, T. W.; Davis, F. G.; Kuhn, T. E.; Mongia, H. C.

1982-01-01

A Model TFE731-2 engine with a low emission, variable geometry combustion system was tested to compare the effects of operating the engine on Commercial Jet-A aviation turbine fuel and experimental referee broad specification (ERBS) fuels. Low power emission levels were essentially identical while the high power NOx emission indexes were approximately 15% lower with the EBRS fuel. The exhaust smoke number was approximately 50% higher with ERBS at the takeoff thrust setting; however, both values were still below the EPA limit of 40 for the Model TFE731 engine. Primary zone liner wall temperature ran an average of 25 K higher with ERBS fuel than with Jet-A. The possible adoption of broadened proprties fuels for gas turbine applications is suggested.

Hedging under arbitrage

OpenAIRE

Ruf, Johannes

2010-01-01

It is shown that delta hedging provides the optimal trading strategy in terms of minimal required initial capital to replicate a given terminal payoff in a continuous-time Markovian context. This holds true in market models where no equivalent local martingale measure exists but only a square-integrable market price of risk. A new probability measure is constructed, which takes the place of an equivalent local martingale measure. In order to ensure the existence of the delta hedge, sufficient...

Production of jet fuel using heavy crude oil; Producao de combustiveis de aviacao a partir de petroleos pesados

Energy Technology Data Exchange (ETDEWEB)

Om, Neyda [Universidade Federal do Rio de Janeiro (UFRJ), RJ (Brazil). Escola de Quimica; Cavado, Alberto; Reyes, Yordanka [Centro de Pesquisas do Petroleo, Cidade de Havana (Cuba); Dominguez, Zulema [Universidade Federal do Rio de Janeiro (UFRJ), RJ (Brazil). Coordenacao dos Programas de Pos-graduacao de Engenharia (COPPE)

2004-07-01

The production of heavy crude oils increased in the last years in the world. Crude oils with high density, viscosity, acidity and sulfur, nitrogen, metals and asphaltenes contents, by the others hand, low stability and low product quality. The challenger of many refiners is find solutions to refine the heavy crude oils, and produce fuels with certify quality, such as Jet Fuel. The principal aviation technique on the world work with gas turbines engines feted for jet fuel (JET A1). The quality specifications of this fuel are establish by International Norms: ASTM-1655, DEF STAN 91-91-3 (DERD 2494) and joint Fuelling System Check List. The world technologies to obtain jet fuel from mixtures of heavy crude oil with middle crude oils are: Atmospheric distillation, with a posterior hydrogenation and finally the additivation. Studies carried out have demonstrates that the Cubans heavy crude oils is characterized for having API less than 10, raised viscosity, high sulfur content (>6%) and asphaltenes content (more than 15%). These properties provide to its derivatives of low quality. This paper define the characteristic of Cuban heavy crude oil, the technology and operational conditions to produce jet fuel (Jet A1) and the quality of fuel produced. (author)

The effect of CO{sub 2} dissolved in a diesel fuel on the jet flame characteristics

Energy Technology Data Exchange (ETDEWEB)

Xiao Jin; Huang Zhen; Qiao Xinqi; Hou Yuchun [Shanghai Jiao Tong University, Shanghai (China). Research Institute of Internal Combustion Engine

2008-03-15

This paper is concerned with an experimental study of the jet diffusion flame characteristics of fuel containing CO{sub 2}. Using diesel fuel containing dissolved CO{sub 2} gas, experiments were performed under atmospheric conditions with a diesel hole-type nozzle of 0.19 mm orifice diameter at constant injection pressure. In this study, four different CO{sub 2} mass fraction in diesel fuel such as 3.13%, 7.18%, 12.33% and 17.82% were used to study the effect of CO{sub 2} concentration on the jet flame characteristics. Jet flame characteristics were measured by direct photography, meanwhile the image colorimetry is used to assess the qualitative features of jet flame temperature. Experimental results show that the CO{sub 2} gas dilution effect and the atomization effect have a great influence on the flame structure and average temperature. When the injection pressure of diesel fuel increased from 4 MPa to 6 MPa, the low temperature flame length increased from 18.4 cm to 21.7 cm and the full temperature flame length decreased from 147.6 cm to 134.7 cm. With the increase of CO{sub 2} gas dissolved in the diesel fuel, the jet flame full length decreased for the jet atomization being improved greatly meanwhile the low temperature flame length increased for the CO{sub 2} gas dilution effect; with the increase of CO{sub 2} gas dissolved in the diesel fuel, the average temperature of flame increases firstly and then falls. Experimental results validate that higher injection pressure will improve jet atomization and then increased the flame average temperature. 27 refs., 13 figs.

Option Derivatives in Electricity Hedging

Directory of Open Access Journals (Sweden)

P. Pavlátka

2010-01-01

Full Text Available Despite the high volatility of electricity prices, there is still little demand for electricity power options, and the liquidity on the power exchanges of these power derivatives is quite low. One of the reasons is the uncertainty about how to evaluate these electricity options and about finding the right fair value of this product. Hedging of electricity is associated mainly with products such as futures and forwards. However, due to new trends in electricity trading and hedging, it is also useful to think more about options and the principles for working with them in hedging various portfolio positions and counterparties. We can quite often encounter a situation when we need to have a perfect hedge for our customer’s (end user consuming electricity portfolio, or we have to evaluate the volumetric risk (inability of a customer to predict consumption, which is very similar to selling options. Now comes the moment to compare the effects of using options or futures to hedge these open positions. From a practical viewpoint, the Black-Scholes prices appear to be the best available and the simplest method for evaluating option premiums, but there are some limitations that we have to consider.

Numerical Simulation and Industrial Experimental Research on the Coherent Jet with "CH4 + N2" Mixed Fuel Gas

Science.gov (United States)

Hu, Shaoyan; Zhu, Rong; Dong, Kai; Liu, Runzao

2018-06-01

Coherent jet technology is widely used in the electric arc furnace (EAF) steelmaking process to deliver more energy and momentum into the molten steel bath. Meanwhile, the characteristics of a coherent jet using pure CH4 as the fuel gas have been well investigated in previous studies. To reduce the consumption of CH4, coherent jet technology using "CH4 + N2" mixed fuel gas instead of pure CH4 was proposed and studied in detail by numerical simulation in the present work. The Eddy Dissipation Concept model, which has detailed chemical kinetic mechanisms, was adopted to model the fuel gas combustion reactions. Experimental measurements were carried out to validate the accuracy of the computational model. The present study shows that the jet characteristics of the main oxygen improve along with the increase of the CH4 ratio in fuel gas and with the increase of the flow rate of fuel gas. When the CH4 ratio in the fuel gas is 25 pct, the fuel gas flow rate only has a limited influence on the jet characteristics, unlike the rest of the fuel gas compositions, because a high N2 proportion deteriorates the combustion performance and leads to severe incomplete combustion. Moreover, a false potential core phenomenon was observed and explained in the present study. Based on the average values, the jet length of a coherent jet with 75 pct CH4 can achieve 89.8 pct of that with 100 pct CH4. Finally, an industrial experiment was carried out on a commercial 100t EAF using coherent jet with 75 pct CH4, showing that the average CH4 consumption was reduced from 3.84 to 3.05 Nm3 t-1 under the premise of no obvious changes in the other production indexes.

The Motivation for Hedging Revisited

NARCIS (Netherlands)

Pennings, J.M.E.; Leuthold, R.M.

2000-01-01

This article develops an alternative view on the motivation to hedge. A conceptual model shows how hedging facilitates contract relationships between firms and can solve conflicts between firms. In this model, the contract preferences, level of power, and conflicts in contractual relationships of

Optimal Hedging with the Vector Autoregressive Model

NARCIS (Netherlands)

L. Gatarek (Lukasz); S.G. Johansen (Soren)

2014-01-01

markdownabstract__Abstract__ We derive the optimal hedging ratios for a portfolio of assets driven by a Cointegrated Vector Autoregressive model with general cointegration rank. Our hedge is optimal in the sense of minimum variance portfolio. We consider a model that allows for the hedges to be

Catchments' hedging strategy on evapotranspiration for climatic variability

Science.gov (United States)

Ding, W.; Zhang, C.; Li, Y.; Tang, Y.; Wang, D.; Xu, B.

2017-12-01

Hydrologic responses to climate variability and change are important for human society. Here we test the hypothesis that natural catchments utilize hedging strategies for evapotranspiration and water storage carryover with uncertain future precipitation. The hedging strategy for evapotranspiration in catchments under different levels of water availability is analytically derived from the economic perspective. It is found that there exists hedging between evapotranspiration for current and future only with a portion of water availability. Observation data sets of 160 catchments in the United States covering the period from 1983 to 2003 demonstrate the existence of hedging in catchment hydrology and validate the proposed hedging strategies. We also find that more water is allocated to carryover storage for hedging against the future evapotranspiration risk in the catchments with larger aridity indexes or with larger uncertainty in future precipitation, i.e., long-term climate and precipitation variability control the degree of hedging.

Hedge Ratios for short and leveraged ETFs

Directory of Open Access Journals (Sweden)

Leo Schubert

2011-06-01

Full Text Available Exchange Traded Funds (ETFs exist for stock-, bond- and commodity markets. In most cases the underlying of an ETF is an index. Fund management today uses the active and passive way to construct a portfolio. ETFs can be used for passive portfolio management. Then ETFs with positive leverage factors are preferred. In the frame of active portfolio also the ETFs with negative leverage factors can be applied for the hedge or cross hedge of a portfolio. These hedging possibilities will be analyzed in this paper. Short ETFs exist with different leverage factors. In Europe, the leverage factors 1 (e.g. ShortDAX ETF and 2 (e.g. DJ STOXX 600 Double Short are offered while in the financial markets of the United States factors from 1 to 4 can be found. To investigate the effect of the different leverage factors and other parameters Monte Carlo Simulation was used. The results show e.g. that higher leverage factors achieve higher profits as well as losses. In the case, that a bearish market is supposed, minimizing the variance of the hedge seem not to be until to get better hedging results, due to a very skewed return distribution of the hedge. The risk measure target-shortfall-probability confirms the use of the standard hedge weightings which depend only on the leverage factor. This characteristic remains, when a portfolio has to be hedged instead of the underlying index of the short ETF. For portfolios which have a low correlation with the index return should not be used high leverage factors for hedging, due to the higher volatility and target-shortfall-probability.

Effect of Fuel Additives on Spray Performance of Alternative Jet Fuels

Science.gov (United States)

Kannaiyan, Kumaran; Sadr, Reza

2015-11-01

Role of alternative fuels on reducing the combustion pollutants is gaining momentum in both land and air transport. Recent studies have shown that addition of nanoscale metal particles as fuel additives to liquid fuels have a positive effect not only on their combustion performance but also in reducing the pollutant formation. However, most of those studies are still in the early stages of investigation with the addition of nanoparticles at low weight percentages. Such an addition can affect the hydrodynamic and thermo-physical properties of the fuel. In this study, the near nozzle spray performance of gas-to-liquid jet fuel with and without the addition of alumina nanoparticles are investigated at macro- and microscopic levels using optical diagnostic techniques. At macroscopic level, the addition of nanoparticles is seen to enhance the sheet breakup process when compared to that of the base fuel. Furthermore, the microscopic spray characteristics such as droplet size and velocity are also found to be affected. Although the addition of nanoscale metal particles at low weight percentages does not affect the bulk fluid properties, the atomization process is found to be affected in the near nozzle region. Funded by Qatar National Research Fund.

CFD analysis of rewetting of a single sector AHWR fuel cluster with changing jet directions

Energy Technology Data Exchange (ETDEWEB)

Debbarma, Ajoy, E-mail: ajoy@debbarma.me; Pandey, Krishna Murari, E-mail: kmpandey2001@yahoo.com

2016-11-15

Highlights: • CFD analysis of three modes of jet impingement in AHWR fuel cluster is analyzed. • Single sector (9 rod bundle) of AHWR has been analyzed with ANSYS 14.0-CFX. • It is observed that the wetting delay gets reduced significantly by proposed jet models. - Abstract: The transient numerical analysis of the rewetting of Advanced Heavy Water Reactor (AHWR) fuel assembly with jet impingement has been conducted. The present study is concerned with three different types of jet impingement directions, Model: M is the existing design of AHWR and other two Model: X and X2 was introduced in the study and compared with an existing model of AHWR. The present investigation aims to study thermo-rewetting behavior with respect to the coolant jet impingement directions. The computational results are validated with available experimental data. It is observed that the wetting delay has been reduced significantly with the proposed jet models and the jet direction has been an effective parameter in increasing the rewetting performance.

Time-varying risk aversion. An application to energy hedging

Energy Technology Data Exchange (ETDEWEB)

Cotter, John [Centre for Financial Markets, School of Business, University College Dublin, Blackrock, Co. Dublin (Ireland); Hanly, Jim [School of Accounting and Finance, Dublin Institute of Technology, Dublin 2 (Ireland)

2010-03-15

Risk aversion is a key element of utility maximizing hedge strategies; however, it has typically been assigned an arbitrary value in the literature. This paper instead applies a GARCH-in-Mean (GARCH-M) model to estimate a time-varying measure of risk aversion that is based on the observed risk preferences of energy hedging market participants. The resulting estimates are applied to derive explicit risk aversion based optimal hedge strategies for both short and long hedgers. Out-of-sample results are also presented based on a unique approach that allows us to forecast risk aversion, thereby estimating hedge strategies that address the potential future needs of energy hedgers. We find that the risk aversion based hedges differ significantly from simpler OLS hedges. When implemented in-sample, risk aversion hedges for short hedgers outperform the OLS hedge ratio in a utility based comparison. (author)

Time-varying risk aversion. An application to energy hedging

International Nuclear Information System (INIS)

Cotter, John; Hanly, Jim

2010-01-01

Risk aversion is a key element of utility maximizing hedge strategies; however, it has typically been assigned an arbitrary value in the literature. This paper instead applies a GARCH-in-Mean (GARCH-M) model to estimate a time-varying measure of risk aversion that is based on the observed risk preferences of energy hedging market participants. The resulting estimates are applied to derive explicit risk aversion based optimal hedge strategies for both short and long hedgers. Out-of-sample results are also presented based on a unique approach that allows us to forecast risk aversion, thereby estimating hedge strategies that address the potential future needs of energy hedgers. We find that the risk aversion based hedges differ significantly from simpler OLS hedges. When implemented in-sample, risk aversion hedges for short hedgers outperform the OLS hedge ratio in a utility based comparison. (author)

Belief elicitation in experiments: Is there a hedging problem?

DEFF Research Database (Denmark)

Blanco, Mariana; Engelmann, Dirk; Koch, Alexander

2010-01-01

Belief-elicitation experiments usually reward accuracy of stated beliefs in addition to payments for other decisions. But this allows risk-averse subjects to hedge with their stated beliefs against adverse outcomes of the other decisions. So can we trust the existing belief-elicitation results...... opportunities are very prominent. If hedging opportunities are transparent, and incentives to hedge are strong, many subjects do spot hedging opportunities and respond to them. The bias can go beyond players actually hedging themselves, because some expect others to hedge and best respond to this....

Report on "American Option Pricing and Hedging Strategies"

OpenAIRE

Zhang, Jinshan

2007-01-01

This paper mainly discusses the American option's hedging strategies via binomialmodel and the basic idea of pricing and hedging American option. Although the essential scheme of hedging is almost the same as European option, small differences may arise when simulating the process for American option holder has more rights, spelling that the option can be exercised at anytime before its maturity. Our method is dynamic-hedging method.

Renewable energy as a natural gas price hedge: the case of wind

International Nuclear Information System (INIS)

Berry, David

2005-01-01

Electric utilities use natural gas to fuel many of their power plants, especially those plants which provide electricity at peak and intermediate hours. Natural gas prices are highly volatile and have shown a general upward trend. Wind energy can provide a cost-effective hedge against natural gas price volatility or price increases. This conclusion is based on analysis of the costs of marginal conventional generation given the historical probability distribution of natural gas prices, the cost of wind energy, wind integration costs, transmission costs for wind energy, the capacity value of wind, and environmental benefits of wind energy for a hypothetical utility in the Southwestern United States. The efficacy of using wind energy as a hedge at a particular utility will depend on site specific conditions

Pro-static Agents in Jet Fuels

Science.gov (United States)

1976-08-16

recent survey of jet fuels at 10 airports and 3 military bases in the United States [6]. Consequently , the results of the present study can be directly...as quickly as it is generated. Consequently , compounds that increase conductivity above 50 pS/m are not pro-static agents in the sense implied here...Additive Con, 1000 pPm CORROSION INHIBITORS UNiCOrn J COPIOCO T- 60 LU$RIZOL 541 TOLAD 245 OCI 4A] PRO ig ., NALCO 5400 TOLAD 244 , MALCO 5402 GULF 170 "Y2

HEDGE FUND MANAGERIAL INCENTIVES AND PERFORMANCE

Directory of Open Access Journals (Sweden)

Nor Hadaliza ABD RAHMAN

2011-07-01

Full Text Available The growth of the hedge fund industry over the decades has brought an interesting form of performance contract between the portfolio managers and their investors. The contractual relation has given an impact to the performance of the hedge fund industry, which benefited both fund managers and investors. Furthermore, it has created more investors and fund managers to participate in this high risk and high return investment. Currently, many issues on fee structures and performancebased incentives have been discussed. Do these issues affect the performance of the hedge fund in the market? This paper will investigate the issues in Australian market. It will empirically analyze the hedge fund performance in relation to the market performance and whether managerial incentives and discretions associated with better fund performance.

Risk management in Swedish hedge funds

OpenAIRE

Fri, Samuel; Nilsson, Joakim

2011-01-01

Background: Risk management has always been a complex topic, especially when it comes to hedge funds. Since hedge funds are able to utilize many kinds of financial instruments it is difficult to find a risk management strategy that goes well with them. Not much research regarding the Swedish hedge fund industry and its risk management has been done; hence we find it an interesting topic to focus this thesis on. Purpose: The purpose of this thesis is to increase the knowledge of how Swedish he...

Providing hedging protection for the transaction

International Nuclear Information System (INIS)

Richardson, D.W.

1999-01-01

This presentation dealt with methods for assessing commodity price risk in an asset transaction; the setting of risk management objectives; building hedging into the financing; and internal reporting and accounting to mitigate trading risks. It also provided some recent examples of successful hedging in gas asset transactions. The objectives of risk management and the nature of hedging and speculation were explored. An approach to price risk management was proposed. The development of price risk management tools, and techniques for managing risks involving interest rates, foreign exchange, and commodities were examined. figs

Analytic tests and their relation to jet fuel thermal stability

Energy Technology Data Exchange (ETDEWEB)

Heneghan, S.P.; Kauffman, R.E. [Univ. of Dayton Research Institute, OH (United States)

1995-05-01

The evaluation of jet fuel thermal stability (TS) by simple analytic procedures has long been a goal of fuels chemists. The reason is obvious: if the analytic chemist can determine which types of material cause his test to respond, the refiners will know which materials to remove to improve stability. Complicating this quest is the lack of an acceptable quantitative TS test with which to compare any analytic procedures. To circumvent this problem, we recently compiled the results of TS tests for 12 fuels using six separate test procedures. The results covering a range of flow and temperature conditions show that TS is not as dependent on test conditions as previously thought. Also, comparing the results from these tests with several analytic procedures shows that either a measure of the number of phenols or the total sulfur present in jet fuels is strongly indicative of the TS. The phenols have been measured using a cyclic voltammetry technique and the polar material by gas chromatography (atomic emission detection) following a solid phase extraction on silica gel. The polar material has been identified as mainly phenols (by mass spectrometry identification). Measures of the total acid number or peroxide concentration have little correlation with TS.

Hedge accounting under IFRS 9: an analysis of reforms

Directory of Open Access Journals (Sweden)

Jatinder Pal Singh

2017-02-01

Full Text Available Pronouncements of regulatory bodies on ‘hedge accounting’ are aimed at ensuring that impact of price changes of hedging relationships are accounted for concurrently. However, it sometimes happens that certain provisions of these standards result in the reporting of enhanced earnings volatility being attributed to hedging relationships which is not economically justified. It is often perceived to be the case by stakeholders that the provisions of IAS 39 on ‘hedge accounting’ do not appropriately reflect and are not aligned with the risk management strategies of entities that attempt to mitigate risk using various hedging relationships. This occasionally results in a reporting entity adopting either a suboptimal hedging strategy that gives it eligibility to account for it using ‘hedge accounting’ or vice versa. Thus entities may be faced with the tradeoff between the benefits of risk mitigation strategies and the benefits derived from adopting ‘hedge accounting’. This motivated the IASB to initiate action for the complete reformulation of the standard on ‘hedge accounting’. The revised standard was pronounced in November 2013 as IFRS 9. In this article, we attempt to evaluate the upgradations introduced by IFRS 9 over its predecessor, IAS 39, with particular reference to the reporting of risk management strategies of affected entities.

Acute Dermal Irritation Study of Ten Jet Fuels in New Zealand White Rabbits: Comparison of Synthetic and Bio-Based Jet Fuels with Petroleum JP-8

Science.gov (United States)

2014-02-18

C.A. 2008. Comparative Evaluation of Semi-Synthetic Jet Fuels. Dayton OH: Universal Technology Corporation. http://crcao.org/publications/aviation...Acrobat, PDF) Master Schedule Maintains the master schedule for the company. Metasys DDC Electronic Environmental Control System Controls and

Optimal hedging with the cointegrated vector autoregressive model

DEFF Research Database (Denmark)

Gatarek, Lukasz; Johansen, Søren

We derive the optimal hedging ratios for a portfolio of assets driven by a Coin- tegrated Vector Autoregressive model (CVAR) with general cointegration rank. Our hedge is optimal in the sense of minimum variance portfolio. We consider a model that allows for the hedges to be cointegrated with the...

Deep desulfurization of jet fuel for applications in mobile fuel cell systems; Tiefentschwefelung von Flugturbinenkraftstoffen fuer die Anwendung in mobilen Brennstoffzellensystemen

Energy Technology Data Exchange (ETDEWEB)

Wang, Yong

2012-07-01

Fuel cell powered APUs are promising for the on-board electricity supply in heavy vehicles, aircraft and ships because of their high efficiency and low emission of pollutants. The catalytical reforming with subsequent gas processing units is applied to operate the fuel cell system with onboard available fuels. Within the reformer the liquid fuel is converted into a hydrogen-rich synthesis gas in the presence of metal catalysts. However, an on-board desulfurization of fuels is required to avoid the deactivation of catalysts in the fuel processing unit as well as in the fuel cell. The present work aims at developing a technically feasible deep desulfurization process for fuel cell powered APUs with theoretical and experimental study as well as procedural analysis. The focus of the work is on the desulfurization of jet fuels in liquid phase, since the reformer currently developed in IEK-3 is designed for aviation applications of fuel cell APUs and it can only be operated by liquid jet fuels. In addition, the desulfurization of marine gas oil was investigated to fulfill the sulfur requirement of the fuels for the application of fuel cell A PUs for inland navigation. In the petroleum industry, low-sulfur fuels are often obtained by hydrodesulfurization and the S-Zorb Process. However, these conventional methods are highly inconvenient for reducing sulfur compounds to the desired level in a mobile fuel cell system, since improvements of the desulfurization efficiency are limited by increasingly severe operating conditions and escalating costs. Moreover, the hydrodesulfurization and the S-Zorb Process are not suitable for mobile applications, since hydrogen recycling is required, which is not possible with H{sub 2} syngas. To this end, a large number of processes discussed in the literature were assessed with regard to their application in fuel cell APUs. Three potentially suitable processes were selected: pervaporation, adsorption, and hydrodesulfurization with pre

Technoeconomic analysis of jet fuel production from hydrolysis, decarboxylation, and reforming of camelina oil

KAUST Repository

Natelson, Robert H.; Wang, Weicheng; Roberts, William L.; Zering, Kelly D.

2015-01-01

The commercial production of jet fuel from camelina oil via hydrolysis, decarboxylation, and reforming was simulated. The refinery was modeled as being close to the farms for reduced camelina transport cost. A refinery with annual nameplate capacity of 76,000 cubic meters hydrocarbons was modeled. Assuming average camelina production conditions and oil extraction modeling from the literature, the cost of oil was 0.31$kg-1. To accommodate one harvest per year, a refinery with 1 year oil storage capacity was designed, with the total refinery costing 283 million dollars in 2014 USD. Assuming co-products are sold at predicted values, the jet fuel break-even selling price was 0.80$kg-1. The model presents baseline technoeconomic data that can be used for more comprehensive financial and risk modeling of camelina jet fuel production. Decarboxylation was compared to the commercially proven hydrotreating process. The model illustrated the importance of refinery location relative to farms and hydrogen production site.

Technoeconomic analysis of jet fuel production from hydrolysis, decarboxylation, and reforming of camelina oil

KAUST Repository

Natelson, Robert H.

2015-04-01

The commercial production of jet fuel from camelina oil via hydrolysis, decarboxylation, and reforming was simulated. The refinery was modeled as being close to the farms for reduced camelina transport cost. A refinery with annual nameplate capacity of 76,000 cubic meters hydrocarbons was modeled. Assuming average camelina production conditions and oil extraction modeling from the literature, the cost of oil was 0.31$kg-1. To accommodate one harvest per year, a refinery with 1 year oil storage capacity was designed, with the total refinery costing 283 million dollars in 2014 USD. Assuming co-products are sold at predicted values, the jet fuel break-even selling price was 0.80$kg-1. The model presents baseline technoeconomic data that can be used for more comprehensive financial and risk modeling of camelina jet fuel production. Decarboxylation was compared to the commercially proven hydrotreating process. The model illustrated the importance of refinery location relative to farms and hydrogen production site.

Effect of increased fuel temperature on emissions of oxides of nitrogen from a gas turbine combustor burning ASTM jet-A fuel

Science.gov (United States)

Marchionna, N. R.

1974-01-01

An annular gas turbine combustor was tested with heated ASTM Jet-A fuel to determine the effect of increased fuel temperature on the formation of oxides of nitrogen. Fuel temperature ranged from ambient to 700 K. The NOx emission index increased at a rate of 6 percent per 100 K increase in fuel temperature.

Arbitrage opportunities and their implications to derivative hedging

Science.gov (United States)

Panayides, Stephanos

2006-02-01

We explore the role that random arbitrage opportunities play in hedging financial derivatives. We extend the asymptotic pricing theory presented by Fedotov and Panayides [Stochastic arbitrage return and its implication for option pricing, Physica A 345 (2005) 207-217] for the case of hedging a derivative when arbitrage opportunities are present in the market. We restrict ourselves to finding hedging confidence intervals that can be adapted to the amount of arbitrage risk an investor will permit to be exposed to. The resulting hedging bands are independent of the detailed statistical characteristics of the arbitrage opportunities.

Do Hedge Funds Supply or Demand Liquidity?

OpenAIRE

Petri Jylhä; Kalle Rinne; Matti Suominen

2014-01-01

Regressing hedge funds’ returns on returns to a long–short contrarian trading strategy, a measure of the returns from providing liquidity, we find that hedge funds typically supply liquidity in the stock market. In the cross-section, strict redemption restrictions and large fund size increase funds’ propensity to supply liquidity. In time series, poor market liquidity and good funding conditions increase funds’ propensity to supply liquidity. Although the hedge funds typically supply liquidit...

Subtask 3.11 - Production of CBTL-Based Jet Fuels from Biomass-Based Feedstocks and Montana Coal

Energy Technology Data Exchange (ETDEWEB)

Sharma, Ramesh

2014-06-01

The Energy & Environmental Research Center (EERC), in partnership with the U.S. Department of Energy (DOE) and Accelergy Corporation, an advanced fuels developer with technologies exclusively licensed from Exxon Mobil, undertook Subtask 3.11 to use a recently installed bench-scale direct coal liquefaction (DCL) system capable of converting 45 pounds/hour of pulverized, dried coal to a liquid suitable for upgrading to fuels and/or chemicals. The process involves liquefaction of Rosebud mine coal (Montana coal) coupled with an upgrading scheme to produce a naphthenic fuel. The upgrading comprises catalytic hydrotreating and saturation to produce naphthenic fuel. A synthetic jet fuel was prepared by blending equal volumes of naphthenic fuel with similar aliphatic fuel derived from biomass and 11 volume % of aromatic hydrocarbons. The synthetic fuel was tested using standard ASTM International techniques to determine compliance with JP-8 fuel. The composite fuel thus produced not only meets but exceeds the military aviation fuel-screening criteria. A 500-milliliter synthetic jet fuel sample which met internal screening criteria was submitted to the Air Force Research Laboratory (AFRL) at Wright–Patterson Air Force Base, Dayton, Ohio, for evaluation. The sample was confirmed by AFRL to be in compliance with U.S. Air Force-prescribed alternative aviation fuel initial screening criteria. The results show that this fuel meets or exceeds the key specification parameters for JP-8, a petroleum-based jet fuel widely used by the U.S. military. JP-8 specifications include parameters such as freeze point, density, flash point, and others; all of which were met by the EERC fuel sample. The fuel also exceeds the thermal stability specification of JP-8 fuel as determined by the quartz crystalline microbalance (QCM) test also performed at an independent laboratory as well as AFRL. This means that the EERC fuel looks and acts identically to petroleum-derived jet fuel and can be used

The JET [Joint European Torus] multipellet launcher and fueling of JET plasmas by multipellet injection

International Nuclear Information System (INIS)

Milora, S.L.; Schmidt, G.L.; Jernigan, T.C.

1988-01-01

A new multipellet long-pulse plasma fueling system is in operation on JET. In the initial experimental phase, a variety of plasma density profile shapes have been produced with peak to average values ranging up to 2.5 and peak plasma density up to 1.2 /times/ 10 20 m/sup /minus/3/. 7 refs., 4 figs

Hedging Medical Spending Growth: An Adaptive Expectations Approach.

Science.gov (United States)

Lieberthal, Robert D

2016-08-01

Long-term health insurance provides consumers with protection against persistent, negative health shocks. While the stochastic rise in medical spending growth may make some health risks harder to insure, financial assets could act as a hedge for medical spending growth risk. The purpose of this research was to determine whether such hedges exist. The results of this study were two-fold. First, the asset classes with the strongest statistical evidence as hedges were bonds, not stocks. Second, any strategy to hedge medical spending growth involved shorting assets i.e. betting against the bond or stock market. Health insurers writing long-term contracts should combine the use of hedges in the bond market with of portfolio diversification, and may benefit from health policies to moderate the uncertainty of medical spending growth.

Examination of Urinary Beta-Naphthol as a Biomarker Indicative of Jet Fuel Exposures

Science.gov (United States)

2015-04-01

government or personal vehicle and what type of fuel . Flight line time Exposure to spills ( fuel ) Exposure to skin ( fuel ) Inhalation exposure (type...AFRL-RH-WP-TR-2015-0085 EXAMINATION OF URINARY β-NAPHTHOL AS A BIOMARKER INDICATIVE OF JET FUEL EXPOSURES Jeanette S. Frey Henry M... Fuel Exposures 5a. CONTRACT NUMBER 5b. GRANT NUMBER NA 5c. PROGRA7757M ELEMENT NUMBER 6. AUTHOR(S) Jeanette Frey1; Trevor J. Bihl2;Asao

Thermometric Titration for Rapid Determination of Trace Water in Jet Fuel

Directory of Open Access Journals (Sweden)

Jian-Qiang Hu

2017-01-01

Full Text Available Water content in jet fuels is detected by thermometric titration (TMT, and the optimal detected system is 2,2-dimethoxypropane as titrant, cyclohexane and isopropanol as titration solvents, and methanesulfonic acid as catalyst in this method. The amounts of oil, concentration and delivery rate of titrant, volumes, and the reliability and accuracy of thermometric titration were emphasized. The results show that the accuracy, validity, and reliability of TMT are excellent by different indicated spiked water contents. The obtained results between TMT and Karl Fischer titration have been proven to be in accord. But, the duration of titration merely spends 3–5 min in the whole process, greatly shortening the detected time. Therefore, rapid and accurate determination of trace water in a jet fuel can be realized by TMT.

Loop system for creating jet fuel vapor standards used in the calibration of infrared spectrophotometers and gas chromatographs.

Science.gov (United States)

Reboulet, James; Cunningham, Robert; Gunasekar, Palur G; Chapman, Gail D; Stevens, Sean C

2009-02-01

A whole body inhalation study of mixed jet fuel vapor and its aerosol necessitated the development of a method for preparing vapor only standards from the neat fuel. Jet fuel is a complex mixture of components which partitions between aerosol and vapor when aspirated based on relative volatility of the individual compounds. A method was desired which could separate the vapor portion from the aerosol component to prepare standards for the calibration of infrared spectrophotometers and a head space gas chromatography system. A re-circulating loop system was developed which provided vapor only standards whose composition matched those seen in an exposure system. Comparisons of nominal concentrations in the exposure system to those determined by infrared spectrophotometry were in 92-95% agreement. Comparison of jet fuel vapor concentrations determined by infrared spectrophotometry compared to head space gas chromatography yielded a 93% overall agreement in trial runs. These levels of agreement show the loop system to be a viable method for creating jet fuel vapor standards for calibrating instruments.

Classification of jet fuel properties by near-infrared spectroscopy using fuzzy rule-building expert systems and support vector machines.

Science.gov (United States)

Xu, Zhanfeng; Bunker, Christopher E; Harrington, Peter de B

2010-11-01

Monitoring the changes of jet fuel physical properties is important because fuel used in high-performance aircraft must meet rigorous specifications. Near-infrared (NIR) spectroscopy is a fast method to characterize fuels. Because of the complexity of NIR spectral data, chemometric techniques are used to extract relevant information from spectral data to accurately classify physical properties of complex fuel samples. In this work, discrimination of fuel types and classification of flash point, freezing point, boiling point (10%, v/v), boiling point (50%, v/v), and boiling point (90%, v/v) of jet fuels (JP-5, JP-8, Jet A, and Jet A1) were investigated. Each physical property was divided into three classes, low, medium, and high ranges, using two evaluations with different class boundary definitions. The class boundaries function as the threshold to alarm when the fuel properties change. Optimal partial least squares discriminant analysis (oPLS-DA), fuzzy rule-building expert system (FuRES), and support vector machines (SVM) were used to build the calibration models between the NIR spectra and classes of physical property of jet fuels. OPLS-DA, FuRES, and SVM were compared with respect to prediction accuracy. The validation of the calibration model was conducted by applying bootstrap Latin partition (BLP), which gives a measure of precision. Prediction accuracy of 97 ± 2% of the flash point, 94 ± 2% of freezing point, 99 ± 1% of the boiling point (10%, v/v), 98 ± 2% of the boiling point (50%, v/v), and 96 ± 1% of the boiling point (90%, v/v) were obtained by FuRES in one boundaries definition. Both FuRES and SVM obtained statistically better prediction accuracy over those obtained by oPLS-DA. The results indicate that combined with chemometric classifiers NIR spectroscopy could be a fast method to monitor the changes of jet fuel physical properties.

Futures hedging effectiveness under the segmentation of bear/bull energy markets

International Nuclear Information System (INIS)

Chang, Chiao-Yi; Lai, Jing-Yi; Chuang, I-Yuan

2010-01-01

This article undertakes eight hedging models (Regression, MD-GARCH, BEKK-GARCH, CCC-GARCH, ECM-MD, ECM-BEKK, ECM-CCC, and state space models) to investigate hedging effectiveness of different price scenarios in energy futures markets. Different models have systematically evidenced that hedging effectiveness is higher in an increasing pattern (termed 'bull markets') than in a decreasing pattern (termed 'bear markets') for crude oil and gasoline futures. That is, findings show asymmetric hedging performance between upward and downward price trends consistently from the most popular hedging models in literature. Out-of-sample examination also suggests that the ranking of hedging effectiveness of different hedging models is not parallel in different price patterns across futures contracts, implying that investors should adjust their hedging strategies accordingly. (author)

Life cycle assessment of camelina oil derived biodiesel and jet fuel in the Canadian Prairies

International Nuclear Information System (INIS)

Li, Xue; Mupondwa, Edmund

2014-01-01

This study evaluated the environmental impact of biodiesel and hydroprocessed renewable jet fuel derived from camelina oil in terms of global warming potential, human health, ecosystem quality, and energy resource consumption. The life cycle inventory is based on production activities in the Canadian Prairies and encompasses activities ranging from agricultural production to oil extraction and fuel conversion. The system expansion method is used in this study to avoid allocation and to credit input energy to co-products associated with the products displaced in the market during camelina oil extraction and fuel processing. This is the preferred allocation method for LCA analysis in the context of most renewable and sustainable energy programs. The results show that greenhouse gas (GHG) emissions from 1 MJ of camelina derived biodiesel ranged from 7.61 to 24.72 g CO 2 equivalent and 3.06 to 31.01 kg CO 2 /MJ equivalent for camelina HRJ fuel. Non-renewable energy consumption for camelina biodiesel ranged from 0.40 to 0.67 MJ/MJ; HRJ fuel ranged from − 0.13 to 0.52 MJ/MJ. Camelina oil as a feedstock for fuel production accounted for the highest contribution to overall environmental performance, demonstrating the importance of reducing environmental burdens during the agricultural production process. Attaining higher seed yield would dramatically lower environmental impacts associated with camelina seed, oil, and fuel production. The lower GHG emissions and energy consumption associated with camelina in comparison with other oilseed derived fuel and petroleum fuel make camelina derived fuel from Canadian Prairies environmentally attractive. - Highlights: • LCA of camelina-derived biodiesel and jet fuel was based on the Canadian Prairies. • Overall, camelina-derived biodiesel had lower GHG emissions than is biojet fuel. • Camelina jet fuel had lower non-renewable energy (NRE) use than its biodiesel. • Camelina biofuels reduced GHG emissions and NRE use

Urinary biomarkers of occupational jet fuel exposure among Air Force personnel.

Science.gov (United States)

Smith, Kristen W; Proctor, Susan P; Ozonoff, A L; McClean, Michael D

2012-01-01

There is a potential for widespread occupational exposure to jet fuel among military and civilian personnel. Urinary metabolites of naphthalene have been suggested for use as short-term biomarkers of exposure to jet fuel (jet propulsion fuel 8 (JP8)). In this study, urinary biomarkers of JP8 were evaluated among US Air Force personnel. Personnel (n=24) were divided a priori into high, moderate, and low exposure groups. Pre- and post-shift urine samples were collected from each worker over three workdays and analyzed for metabolites of naphthalene (1- and 2-naphthol). Questionnaires and breathing-zone naphthalene samples were collected from each worker during the same workdays. Linear mixed-effects models were used to evaluate the exposure data. Post-shift levels of 1- and 2-naphthol varied significantly by a priori exposure group (levels in high group>moderate group>low group), and breathing-zone naphthalene was a significant predictor of post-shift levels of 1- and 2-naphthol, indicating that for every unit increase in breathing-zone naphthalene, there was an increase in naphthol levels. These results indicate that post-shift levels of urinary 1- and 2-naphthol reflect JP8 exposure during the work-shift and may be useful surrogates of JP8 exposure. Among the high exposed workers, significant job-related predictors of post-shift levels of 1- and 2-naphthol included entering the fuel tank, repairing leaks, direct skin contact with JP8, and not wearing gloves during the work-shift. The job-related predictors of 1- and 2-naphthol emphasize the importance of reducing inhalation and dermal exposure through the use of personal protective equipment while working in an environment with JP8.

The evolution and regulation of hedge funds.

OpenAIRE

Crockett, A.

2007-01-01

Hedge funds have attracted increased attention in recent years. In part, this is because investment in hedge funds is becoming “mainstream”. A wider range of investors has sought exposure to these investment vehicles, and this has been associated with rapid growth in both the number of funds and the volume of assets under management. In part, too, greater attention has been the result of worries that hedge funds could in some circumstances exert a destabilizing infl uence. With the growth in ...

Shock wave calibration of under-expanded natural gas fuel jets

Science.gov (United States)

White, T. R.; Milton, B. E.

2008-10-01

Natural gas, a fuel abundant in nature, cannot be used by itself in conventional diesel engines because of its low cetane number. However, it can be used as the primary fuel with ignition by a pilot diesel spray. This is called dual-fuelling. The gas may be introduced either into the inlet manifold or, preferably, directly into the cylinder where it is injected as a short duration, intermittent, sonic jet. For accurate delivery in the latter case, a constant flow-rate from the injector is required into the constantly varying pressure in the cylinder. Thus, a sonic (choked) jet is required which is generally highly under-expanded. Immediately at the nozzle exit, a shock structure develops which can provide essential information about the downstream flow. This shock structure, generally referred to as a “barrel” shock, provides a key to understanding the full injection process. It is examined both experimentally and numerically in this paper.

Convertibles and hedge funds as distributors of equity exposure

NARCIS (Netherlands)

Brown, S.; Grundy, B.; Lewis, C.; Verwijmeren, P.

2012-01-01

By buying convertibles and shorting the underlying stock, hedge funds distribute equity exposure to well-diversified shareholders. We find that firms with characteristics that make seasoned equity offerings expensive are more likely to issue convertibles to hedge funds. We conclude that hedge funds

English Language Teaching: Teaching of Hedges

Directory of Open Access Journals (Sweden)

Charles Ko

2014-05-01

Full Text Available A hedge is a mitigating word or sound used to lessen the impact of an utterance. It can be an adjective, for example, ‘Small potato me is not as strong as you’; or an adverb: ‘I maybe can swim faster than you’, while it can also consist of clauses, that it could be regarded as a form of euphemism which should be taught as a main topic in English class of schools around the world. For instance, in Hong Kong schools, based on my observation while teaching in a number of primary and secondary English courses as a tutor, students report that their school teachers usually emphasize the teaching of all cohesive devices in terms of skills of writing while they neglect to explain the importance of the use of hedges in order to show euphemism. In this study, I would adopt Corpus Linguistics, a division of applied linguistics, as methodology to discover a great deal of hedges employed by so-called native speakers of English, for promoting the idiomatic usage of hedges in writing, nevertheless in speaking, so as to help teachers gain resources and inspiration in teaching to students the appropriate English hedges as a consequence of the author’s hard effort while revealing from the selected corpora of this paper.

Futures hedging effectiveness under the segmentation of bear/bull energy markets

Energy Technology Data Exchange (ETDEWEB)

Chang, Chiao-Yi [Department of Money and Banking, National Kaohsiung First University of Science and Technology, No. 2, Jhuoyue Rd., Nanzih, Kaohsiung City, 811 (China); Lai, Jing-Yi; Chuang, I-Yuan [Department of Finance, National Chung-Cheng University, No. 168, University Rd., Ming-Hsiung, Chia-Yi 62102. (China)

2010-03-15

This article undertakes eight hedging models (Regression, MD-GARCH, BEKK-GARCH, CCC-GARCH, ECM-MD, ECM-BEKK, ECM-CCC, and state space models) to investigate hedging effectiveness of different price scenarios in energy futures markets. Different models have systematically evidenced that hedging effectiveness is higher in an increasing pattern (termed 'bull markets') than in a decreasing pattern (termed 'bear markets') for crude oil and gasoline futures. That is, findings show asymmetric hedging performance between upward and downward price trends consistently from the most popular hedging models in literature. Out-of-sample examination also suggests that the ranking of hedging effectiveness of different hedging models is not parallel in different price patterns across futures contracts, implying that investors should adjust their hedging strategies accordingly. (author)

Production of jet fuel range paraffins by low temperature polymerization of gaseous light olefins using ionic liquid

International Nuclear Information System (INIS)

Jiang, Peiwen; Wu, Xiaoping; Zhu, Lijuan; Jin, Feng; Liu, Junxu; Xia, Tongyan; Wang, Tiejun; Li, Quanxin

2016-01-01

Graphical abstract: A novel catalytic transformation of light olefins into jet fuel range iso-paraffins by the low-temperature olefin polymerizations under atmospheric conditions. - Highlights: • A novel transformation of light olefins to jet fuel range paraffins was demonstrated. • The synthetic fuels can be produced by atmospheric olefin polymerizations. • C 8 –C 15 iso-paraffins from light olefins was achieved with a selectivity of 80.6%. - Abstract: This work demonstrated a novel catalytic transformation of gaseous olefins into jet fuel range iso-paraffins by the low-temperature olefin polymerizations under atmospheric conditions. The production of the desired C 8 –C 15 iso-paraffins with the selectivity of 80.6 C mol% was achieved by the room-temperature polymerizations of gaseous light olefins using the [BMIM] Al 2 Cl 7 ionic liquid. The influences of the reaction conditions on the olefinic polymerizations were investigated in detail. The properties of hydrocarbons in the synthetic fuels were determined by the GC–MS analyses combined with 1 H NMR, and 13 C NMR analyses. The formation of C 8 –C 15 hydrocarbons from gaseous light olefins was illustrated by the identified products and the functional groups. This transformation potentially provides a useful avenue for the production of the most important components of iso-paraffins required in jet fuels.

Wabash Valley Integrated Gasification Combined Cycle, Coal to Fischer Tropsch Jet Fuel Conversion Study

Energy Technology Data Exchange (ETDEWEB)

Shah, Jayesh [Lummus Technology Inc., Bloomfield, NJ (United States); Hess, Fernando [Lummus Technology Inc., Bloomfield, NJ (United States); Horzen, Wessel van [Lummus Technology Inc., Bloomfield, NJ (United States); Williams, Daniel [Lummus Technology Inc., Bloomfield, NJ (United States); Peevor, Andy [JM Davy, London (United Kingdom); Dyer, Andy [JM Davy, London (United Kingdom); Frankel, Louis [Canonsburgh, PA (United States)

2016-06-01

This reports examines the feasibility of converting the existing Wabash Integrated Gasification Combined Cycle (IGCC) plant into a liquid fuel facility, with the goal of maximizing jet fuel production. The fuels produced are required to be in compliance with Section 526 of the Energy Independence and Security Act of 2007 (EISA 2007 §526) lifecycle greenhouse gas (GHG) emissions requirements, so lifecycle GHG emissions from the fuel must be equal to or better than conventional fuels. Retrofitting an existing gasification facility reduces the technical risk and capital costs associated with a coal to liquids project, leading to a higher probability of implementation and more competitive liquid fuel prices. The existing combustion turbine will continue to operate on low cost natural gas and low carbon fuel gas from the gasification facility. The gasification technology utilized at Wabash is the E-Gas™ Technology and has been in commercial operation since 1995. In order to minimize capital costs, the study maximizes reuse of existing equipment with minimal modifications. Plant data and process models were used to develop process data for downstream units. Process modeling was utilized for the syngas conditioning, acid gas removal, CO₂ compression and utility units. Syngas conversion to Fischer Tropsch (FT) liquids and upgrading of the liquids was modeled and designed by Johnson Matthey Davy Technologies (JM Davy). In order to maintain the GHG emission profile below that of conventional fuels, the CO₂ from the process must be captured and exported for sequestration or enhanced oil recovery. In addition the power utilized for the plant’s auxiliary loads had to be supplied by a low carbon fuel source. Since the process produces a fuel gas with sufficient energy content to power the plant’s loads, this fuel gas was converted to hydrogen and exported to the existing gas turbine for low carbon power production. Utilizing low carbon fuel gas and

FIELD-PRODUCED JP-8 STANDARD FOR CALIBRATION OF LOWER EXPLOSIVE LIMIT METERS USED BY JET FUEL TANK MAINTENANCE PERSONNEL

Science.gov (United States)

Thousands of military personnel and tens of thousands of civilian workers perform jet fuel tank entry procedures. Before entering the confined space of a jet fuel tank, OSHA regulations (29CFR1910.146) require the internal atmosphere be tested with a calibrated, direct-reading...

Hedging Capabilities of Bitcoin. Is it the virtual gold?

OpenAIRE

Dyhrberg, Anne Haubo

2015-01-01

This paper sets out to explore the hedging capabilities of bitcoin by applying the asymmetric GARCH methodology used in investigation of gold. The results show that bitcoin can clearly be used as a hedge against stocks in the Financial Times Stock Exchange Index. Additionally bitcoin can be used as a hedge against the American dollar in the short-term. Bitcoin thereby possess some of the same hedging abilities as gold and can be included in the variety of tools available to market analysts to...

Quadratic Hedging Methods for Defaultable Claims

International Nuclear Information System (INIS)

Biagini, Francesca; Cretarola, Alessandra

2007-01-01

We apply the local risk-minimization approach to defaultable claims and we compare it with intensity-based evaluation formulas and the mean-variance hedging. We solve analytically the problem of finding respectively the hedging strategy and the associated portfolio for the three methods in the case of a default put option with random recovery at maturity

A Portfolio Approach to Risk Reduction in Discretely Rebalanced Option Hedges

OpenAIRE

Antonio S. Mello; Henrik J. Neuhaus

1998-01-01

This paper analyses the accumulated hedging errors generated by discretely rebalanced option hedges. We show that simple generalizations of the prior research can underestimate the variance of the accumulated hedging errors and that even with daily rebalancing, these accumulated hedging errors can introduce substantial risk in arbitrage strategies suggested by the Black-Scholes option pricing model. We also show that the correlation between the accumulated hedging errors for different options...

Cross hedging and forward-contract pricing of electricity

International Nuclear Information System (INIS)

Woo, C.-K.; Hoang, K.; Horowitz, I.

2001-01-01

We consider the problem of an electric-power marketer offering a fixed-price forward contract to provide electricity that it purchases from a potentially volatile and unpredictable fledgling spot energy market. One option for the risk-averse marketer who wants to hedge against the spot-price volatility is to engage in cross hedging to reduce the contract's profit variance, and to determine the forward-contract price as a risk-adjusted price - the sum of a baseline price and a risk premium. We show how the marketer can estimate the spot-price relationship between two wholesale energy markets for the purpose of cross hedging, as well as the optimal hedge and the forward contract's baseline price and risk premium

Landscape-moderated bird nest predation in hedges and forest edges

Science.gov (United States)

Ludwig, Martin; Schlinkert, Hella; Holzschuh, Andrea; Fischer, Christina; Scherber, Christoph; Trnka, Alfréd; Tscharntke, Teja; Batáry, Péter

2012-11-01

Landscape-scale agricultural intensification has caused severe declines in biodiversity. Hedges and forest remnants may mitigate biodiversity loss by enhancing landscape heterogeneity and providing habitat to a wide range of species, including birds. However, nest predation, the major cause of reproductive failure of birds, has been shown to be higher in forest edges than in forest interiors. Little is known about how spatial arrangement (configuration) of hedges affects the avian nest predation. We performed an experiment with artificial ground and elevated nests (resembling yellowhammer and whitethroat nests) baited with quail and plasticine eggs. Nests were placed in three habitat types with different degrees of isolation from forests: forest edges, hedges connected to forests and hedges isolated from forests. Nest predation was highest in forest edges, lowest in hedges connected to forests and intermediate in isolated hedges. In the early breeding season, we found similar nest predation on ground and elevated nests, but in the late breeding season nest predation was higher on ground nests than on elevated nests. Small mammals were the main predators of ground nests and appeared to be responsible for the increase in predation from early to late breeding season, whereas the elevated nests were mainly depredated by small birds and small mammals. High predation pressure at forest edges was probably caused by both forest and open-landscape predators. The influence of forest predators may be lower at hedges, leading to lower predation pressure than in forest edges. Higher predation pressure in isolated than connected hedges might be an effect of concentration of predators in these isolated habitats. We conclude that landscape configuration of hedges is important in nest predation, with connected hedges allowing higher survival than isolated hedges and forest edges.

Feasibility of Producing and Using Biomass-Based Diesel and Jet Fuel in the United States

Energy Technology Data Exchange (ETDEWEB)

Milbrandt, A. [National Renewable Energy Lab. (NREL), Golden, CO (United States); Kinchin, C. [National Renewable Energy Lab. (NREL), Golden, CO (United States); McCormick, R. [National Renewable Energy Lab. (NREL), Golden, CO (United States)

2013-12-01

The study summarizes the best available public data on the production, capacity, cost, market demand, and feedstock availability for the production of biomass-based diesel and jet fuel. It includes an overview of the current conversion processes and current state-of-development for the production of biomass-based jet and diesel fuel, as well as the key companies pursuing this effort. Thediscussion analyzes all this information in the context of meeting the RFS mandate, highlights uncertainties for the future industry development, and key business opportunities.

Hedge Fund Performance Attribution Under Various Market Conditions

OpenAIRE

Stafylas, Dimitrios; Anderson, Keith Philip; Uddin, Muhammad Moshfique

2018-01-01

We investigate US hedge funds’ performance. Our proposed model contains exogenous and endogenous break points, based on business cycles and on a regime switching process conditional on different states of the market. During difficult market conditions most hedge fund strategies do not provide significant alphas. At such times hedge funds reduce both the number of their exposures to different asset classes and their portfolio allocations, while some strategies even reverse their exposures. Dir...

Price Uncertainty and Optimal Hedging in the Agricultural Market

Directory of Open Access Journals (Sweden)

Nicolae ISTUDOR

2014-06-01

Full Text Available The increased volatility of the agricultural prices has detrimental effects on the economic welfare and raises concerns regarding poverty and malnutrition at a global level. Financial risk management can be an efficient solution for limiting the effects of international agricultural price volatility. The paper analyzes the behavior of the U.S. wheat and corn prices, emphasizing their highly volatile and unpredictable nature. Given the existence of the basis risk, the estimation of the optimal hedge ratio is needed in order to provide an efficient hedging strategy against price risks. The role of public authorities in this context can consist in promoting education in the fields of hedging and understanding the agricultural price volatility risk. We estimate static and time varying optimal hedge ratios for wheat and corn through several methods. Based on the out of sample hedging effectiveness given by the variance reduction, the methods are compared and the results show that the time varying hedge ratios estimated through rolling window OLS and GARCH methods outperform the static counterparts.

Wavelet multiscale analysis for Hedge Funds: Scaling and strategies

Science.gov (United States)

Conlon, T.; Crane, M.; Ruskin, H. J.

2008-09-01

The wide acceptance of Hedge Funds by Institutional Investors and Pension Funds has led to an explosive growth in assets under management. These investors are drawn to Hedge Funds due to the seemingly low correlation with traditional investments and the attractive returns. The correlations and market risk (the Beta in the Capital Asset Pricing Model) of Hedge Funds are generally calculated using monthly returns data, which may produce misleading results as Hedge Funds often hold illiquid exchange-traded securities or difficult to price over-the-counter securities. In this paper, the Maximum Overlap Discrete Wavelet Transform (MODWT) is applied to measure the scaling properties of Hedge Fund correlation and market risk with respect to the S&P 500. It is found that the level of correlation and market risk varies greatly according to the strategy studied and the time scale examined. Finally, the effects of scaling properties on the risk profile of a portfolio made up of Hedge Funds is studied using correlation matrices calculated over different time horizons.

Life cycle assessment of camelina oil derived biodiesel and jet fuel in the Canadian Prairies

Energy Technology Data Exchange (ETDEWEB)

Li, Xue; Mupondwa, Edmund, E-mail: Edmund.Mupondwa@agr.gc.ca

2014-05-01

This study evaluated the environmental impact of biodiesel and hydroprocessed renewable jet fuel derived from camelina oil in terms of global warming potential, human health, ecosystem quality, and energy resource consumption. The life cycle inventory is based on production activities in the Canadian Prairies and encompasses activities ranging from agricultural production to oil extraction and fuel conversion. The system expansion method is used in this study to avoid allocation and to credit input energy to co-products associated with the products displaced in the market during camelina oil extraction and fuel processing. This is the preferred allocation method for LCA analysis in the context of most renewable and sustainable energy programs. The results show that greenhouse gas (GHG) emissions from 1 MJ of camelina derived biodiesel ranged from 7.61 to 24.72 g CO{sub 2} equivalent and 3.06 to 31.01 kg CO{sub 2}/MJ equivalent for camelina HRJ fuel. Non-renewable energy consumption for camelina biodiesel ranged from 0.40 to 0.67 MJ/MJ; HRJ fuel ranged from − 0.13 to 0.52 MJ/MJ. Camelina oil as a feedstock for fuel production accounted for the highest contribution to overall environmental performance, demonstrating the importance of reducing environmental burdens during the agricultural production process. Attaining higher seed yield would dramatically lower environmental impacts associated with camelina seed, oil, and fuel production. The lower GHG emissions and energy consumption associated with camelina in comparison with other oilseed derived fuel and petroleum fuel make camelina derived fuel from Canadian Prairies environmentally attractive. - Highlights: • LCA of camelina-derived biodiesel and jet fuel was based on the Canadian Prairies. • Overall, camelina-derived biodiesel had lower GHG emissions than is biojet fuel. • Camelina jet fuel had lower non-renewable energy (NRE) use than its biodiesel. • Camelina biofuels reduced GHG emissions and NRE

Measurement of the Diffusion Coefficient of Water in RP-3 and RP-5 Jet Fuels Using Digital Holography Interferometry

Science.gov (United States)

Li, Chaoyue; Feng, Shiyu; Shao, Lei; Pan, Jun; Liu, Weihua

2018-04-01

The diffusion coefficient of water in jet fuel was measured employing double-exposure digital holographic interferometry to clarify the diffusion process and make the aircraft fuel system safe. The experimental method and apparatus are introduced in detail, and the digital image processing program is coded in MATLAB according to the theory of the Fourier transform. At temperatures ranging from 278.15 K to 333.15 K in intervals of 5 K, the diffusion coefficient of water in RP-3 and RP-5 jet fuels ranges from 2.6967 × 10 -10 m2·s-1 to 8.7332 × 10 -10 m2·s-1 and from 2.3517 × 10 -10 m2·s-1 to 8.0099 × 10-10 m2·s-1, respectively. The relationship between the measured diffusion coefficient and temperature can be well fitted by the Arrhenius law. The diffusion coefficient of water in RP-3 jet fuel is higher than that of water in RP-5 jet fuel at the same temperature. Furthermore, the viscosities of the two jet fuels were measured and found to be expressible in the form of the Arrhenius equation. The relationship among the diffusion coefficient, viscosity and temperature is analyzed according to the classic prediction model, namely the Stokes-Einstein correlation, and this correlation is further revised via experimental data to obtain a more accurate predication result.

FAR-TECH's Nanoparticle Plasma Jet System and its Application to Disruptions, Deep Fueling, and Diagnostics

Science.gov (United States)

Thompson, J. R.; Bogatu, I. N.; Galkin, S. A.; Kim, J. S.

2012-10-01

Hyper-velocity plasma jets have potential applications in tokamaks for disruption mitigation, deep fueling and diagnostics. Pulsed power based solid-state sources and plasma accelerators offer advantages of rapid response and mass delivery at high velocities. Fast response is critical for some disruption mitigation scenario needs, while high velocity is especially important for penetration into tokamak plasma and its confining magnetic field, as in the case of deep fueling. FAR-TECH is developing the capability of producing large-mass hyper-velocity plasma jets. The prototype solid-state source has produced: 1) >8.4 mg of H2 gas only, and 2) >25 mg of H2 and >180 mg of C60 in a H2/C60 gas mixture. Using a coaxial plasma gun coupled to the source, we have successfully demonstrated the acceleration of composite H/C60 plasma jets, with momentum as high as 0.6 g.km/s, and containing an estimated C60 mass of ˜75 mg. We present the status of FAR-TECH's nanoparticle plasma jet system and discuss its application to disruptions, deep fueling, and diagnostics. A new TiH2/C60 solid-state source capable of generating significantly higher quantities of H2 and C60 in <0.5 ms will be discussed.

Cross hedging and forward-contract pricing of electricity

Energy Technology Data Exchange (ETDEWEB)

Woo, C.-K.; Hoang, K. [Energy and Environmental Economics, Inc., 353 Sacramento Street, Suite 1700, 94111 San Francisco, CA (United States); Horowitz, I. [Decision and Information Sciences, Warrington College of Business Administration, University of Florida, 32611 Gainesville, FL (United States)

2001-01-01

We consider the problem of an electric-power marketer offering a fixed-price forward contract to provide electricity that it purchases from a potentially volatile and unpredictable fledgling spot energy market. One option for the risk-averse marketer who wants to hedge against the spot-price volatility is to engage in cross hedging to reduce the contract's profit variance, and to determine the forward-contract price as a risk-adjusted price - the sum of a baseline price and a risk premium. We show how the marketer can estimate the spot-price relationship between two wholesale energy markets for the purpose of cross hedging, as well as the optimal hedge and the forward contract's baseline price and risk premium.

Hedge Funds and Risk-Decoupling

DEFF Research Database (Denmark)

Ringe, Georg

2013-01-01

The law must remain adaptive and responsive to the constantly changing challenges of our society and our business life. One of the most pressing challenges of the past years is the emergence of alternative investment funds, in particular hedge funds, which masterfully exploit the traditional cate...... to the traditional market expectations of shareholders. Based on the insight developed from these policy perspectives, this article develops regulatory reform proposals, particularly with regard to the EU context.......The law must remain adaptive and responsive to the constantly changing challenges of our society and our business life. One of the most pressing challenges of the past years is the emergence of alternative investment funds, in particular hedge funds, which masterfully exploit the traditional...... theoretical perspectives are used as an analytical framework to examine the vast challenges of risk-decoupling: (1) a classical agency costs approach; (2) an information costs perspective; and (3) a view from corporate finance. This Article argues that shareholders with hedged risk exposure do not correspond...

PROTOZOA IN SUBSURFACE SEDIMENTS FROM SITE CONTAMI- NATED WITH AVIATION GASOLINE OR JET FUEL

Science.gov (United States)

Numbers of protozoa in the subsurface of aviation gasoline and jet fuel spill areas at a Coast Guard base at Traverse City, Mich., were determined. Boreholes were drilled in an uncontaminated location, in contaminated but untreated parts of the fuel plumes, and in the aviation ga...

Arbitrage Opportunities and their Implications to Derivative Hedging

OpenAIRE

Panayides, Stephanos

2005-01-01

We explore the role that random arbitrage opportunities play in hedging financial derivatives. We extend the asymptotic pricing theory presented by Fedotov and Panayides [Stochastic arbitrage return and its implication for option pricing, Physica A 345 (2005), 207-217] for the case of hedging a derivative when arbitrage opportunities are present in the market. We restrict ourselves to finding hedging confidence intervals that can be adapted to the amount of arbitrage risk an investor will per...

Comparison of PM emissions from a commercial jet engine burning conventional, biomass, and Fischer-Tropsch fuels.

Science.gov (United States)

Lobo, Prem; Hagen, Donald E; Whitefield, Philip D

2011-12-15

Rising fuel costs, an increasing desire to enhance security of energy supply, and potential environmental benefits have driven research into alternative renewable fuels for commercial aviation applications. This paper reports the results of the first measurements of particulate matter (PM) emissions from a CFM56-7B commercial jet engine burning conventional and alternative biomass- and, Fischer-Tropsch (F-T)-based fuels. PM emissions reductions are observed with all fuels and blends when compared to the emissions from a reference conventional fuel, Jet A1, and are attributed to fuel properties associated with the fuels and blends studied. Although the alternative fuel candidates studied in this campaign offer the potential for large PM emissions reductions, with the exception of the 50% blend of F-T fuel, they do not meet current standards for aviation fuel and thus cannot be considered as certified replacement fuels. Over the ICAO Landing Takeoff Cycle, which is intended to simulate aircraft engine operations that affect local air quality, the overall PM number-based emissions for the 50% blend of F-T fuel were reduced by 34 ± 7%, and the mass-based emissions were reduced by 39 ± 7%.

26 CFR 1.1221-2 - Hedging transactions.

Science.gov (United States)

2010-04-01

... serves a hedging function, or that the transaction serves a similar function or purpose. (4) Coordination... business units. A separate set of books and records is maintained with respect to the activities, assets... under the marking member's method of accounting. (iii) Treatment of intercompany hedging transactions...

The costs of production of alternative jet fuel: A harmonized stochastic assessment.

Science.gov (United States)

Bann, Seamus J; Malina, Robert; Staples, Mark D; Suresh, Pooja; Pearlson, Matthew; Tyner, Wallace E; Hileman, James I; Barrett, Steven

2017-03-01

This study quantifies and compares the costs of production for six alternative jet fuel pathways using consistent financial and technical assumptions. Uncertainty was propagated through the analysis using Monte Carlo simulations. The six processes assessed were HEFA, advanced fermentation, Fischer-Tropsch, aqueous phase processing, hydrothermal liquefaction, and fast pyrolysis. The results indicate that none of the six processes would be profitable in the absence of government incentives, with HEFA using yellow grease, HEFA using tallow, and FT revealing the lowest mean jet fuel prices at $0.91/liter ($0.66/liter-$1.24/liter), $1.06/liter ($0.79/liter-$1.42/liter), and $1.15/liter ($0.95/liter-$1.39/liter), respectively. This study also quantifies plant performance in the United States with a Renewable Fuel Standard policy analysis. Results indicate that some pathways could achieve positive NPV with relatively high likelihood under existing policy supports, with HEFA and FPH revealing the highest probability of positive NPV at 94.9% and 99.7%, respectively, in the best-case scenario. Copyright © 2016 Elsevier Ltd. All rights reserved.

An improved method for determining the purity of jet fuels in a POZ-TU instrument

Energy Technology Data Exchange (ETDEWEB)

Zrelov, V N; Fedotkin, B I; Krasnaya, L V; Nikitin, L V; Postinkova, N G

1983-01-01

The possibility is studied of real time testing for the content of mechanical impurities (Cm.t.) in jet fuels (RT) in a POZ-TU instrument. Based on the obtained data, a four point scale of gray standards is developed for determining the mechanical impurity content, which is four rounded, gray stamps of different intensity, which corresponds to a mechanical impurity content of 0.5; 1.0; 2.0 and 3.0 milligrams per liter. A white indicator filtering element is built into the POZ-TU for determining the mechanical impurity content, and 50 cubic centimeters of the jet fuel are pumped through it over the course of several seconds. The mechanical impurities are placed on the indicator element, forming an imprint, the intensity of the color of which corresponds to the content of mechanical impurities in the jet fuel. The indicator element is extracted from the instrument and the prints are compared with the scale of gray standards, from which the content of the mechanical impurities is determined.

Hedging with stock index futures: downside risk versus the variance

NARCIS (Netherlands)

Brouwer, F.; Nat, van der M.

1995-01-01

In this paper we investigate hedging a stock portfolio with stock index futures.Instead of defining the hedge ratio as the minimum variance hedge ratio, we considerseveral measures of downside risk: the semivariance according to Markowitz [ 19591 andthe various lower partial moments according to

Aircraft dual-shaft jet engine with indirect action fuel flow controller

Science.gov (United States)

Tudosie, Alexandru-Nicolae

2017-06-01

The paper deals with an aircraft single-jet engine's control system, based on a fuel flow controller. Considering the engine as controlled object and its thrust the most important operation effect, from the multitude of engine's parameters only its rotational speed n is measurable and proportional to its thrust, so engine's speed has become the most important controlled parameter. Engine's control system is based on fuel injection Qi dosage, while the output is engine's speed n. Based on embedded system's main parts' mathematical models, the author has described the system by its block diagram with transfer functions; furthermore, some Simulink-Matlab simulations are performed, concerning embedded system quality (its output parameters time behavior) and, meanwhile, some conclusions concerning engine's parameters mutual influences are revealed. Quantitative determinations are based on author's previous research results and contributions, as well as on existing models (taken from technical literature). The method can be extended for any multi-spool engine, single- or twin-jet.

Ototoxic potential of JP-8 and a Fischer-Tropsch synthetic jet fuel following subacute inhalation exposure in rats.

Science.gov (United States)

Fechter, Laurence D; Gearhart, Caroline A; Fulton, Sherry

2010-07-01

This study was undertaken to identify the ototoxic potential of two jet fuels presented alone and in combination with noise. Rats were exposed via a subacute inhalation paradigm to JP-8 jet fuel, a kerosene-based fuel refined from petroleum, and a synthetic fuel produced by the Fischer-Tropsch (FT) process. Although JP-8 contains small ( approximately 5%) concentrations of aromatic hydrocarbons some of which known to be ototoxic, the synthetic fuel does not. The objectives of this study were to identify a lowest observed adverse effect level and a no observed adverse effect level for each jet fuel and to provide some preliminary, but admittedly, indirect evidence concerning the possible role of the aromatic hydrocarbon component of petroleum-based jet fuel on hearing. Rats (n = 5-19) received inhalation exposure to JP-8 or to FT fuel for 4 h/day on five consecutive days at doses of 500, 1000, and 2000 mg/m(3). Additional groups were exposed to various fuel concentrations followed by 1 h of an octave band of noise, noise alone, or no exposure to fuel or noise. Significant dose-related impairment in the distortion product otoacoustic emissions (DPOAE) was seen in subjects exposed to combined JP-8 plus noise exposure when JP-8 levels of at least 1000 mg/m(3) were presented. No noticeable impairment was observed at JP-8 levels of 500 mg/m(3) + noise. In contrast to the effects of JP-8 on noise-induced hearing loss, FT exposure had no effect by itself or in combination with noise exposure even at the highest exposure level tested. Despite an observed loss in DPOAE amplitude seen only when JP-8 and noise were combined, there was no loss in auditory threshold or increase in hair cell loss in any exposure group.

Bioenergy and biodiversity: Intensified biomass extraction from hedges impairs habitat conditions for birds.

Science.gov (United States)

Sauerbrei, Ralf; Aue, Birgit; Krippes, Christian; Diehl, Eva; Wolters, Volkmar

2017-02-01

Biomass is increasingly used as an alternative source for energy in Europe. Woody material cut from hedges is considered to provide a suitable complement to maize and oilseed rape, which are currently the dominant biomass sources. Since shrubs and trees are also important habitats for birds, however, coppicing of hedges at the landscape scale may adversely affect the diversity of the avifauna. To evaluate this risk, we estimated the response of hedge birds to three management scenarios differing in cutting intensity and hedge selection. The analysis was done using hedge data of the Lautertal municipality (n = 339 hedges; Vogelsberg area, Hesse, Germany). It focused on 25 bird species, which are all listed in the hedge programme of the German Ornithological Stations. Information on the preferences of these birds for certain hedge features such as height or width was gathered by an extensive literature review. A cluster analysis on the consolidated literature data allowed us to identify three groups of birds according to their preference for certain hedge attributes. Two groups, which included Yellowhammer (Emberiza citrinella L.) (i) and Blackbird (Turdus merula L.) (ii), favoured trees located in hedges, but differed in their preference for hedge shape, with (i) being attracted by long and broad hedges and (ii) by high hedges. The third group, which included the Whitethroat (Sylvia communis L.), preferred small hedges with gaps and medium vegetation density. Spatially explicit suitability models based on these data allowed us to predict the status quo of hedge suitability for these species groups. Field surveys proved the accuracy of the predictions to be sufficient, since the hedge suitability predicted was significantly and positively correlated to the occurrence of 9 out of the 12 testable focal species. Our models predicted biomass extraction to almost always reduce hedge suitability for the three bird groups. Concerning the Yellowhammer and the Blackbird

Topical absorption and toxicity studies of jet fuel hydrocarbons in skin

Science.gov (United States)

Muhammad, Faqir

Kerosene-based fuels have been used for many decades. Over 2 million military and civilian personnel each year are occupationally exposed to various jet fuel mixtures. Dermatitis is one of the major health concerns associated with these exposures. In the past, separate absorption and toxicity studies have been conducted to find the etiology of such skin disorders. There was a need for integrated absorption and toxicity studies to define the causative constituents of jet fuel responsible for skin irritation. The focus of this thesis was to study the percutaneous absorption and to identify the hydrocarbons (HC) causing irritation in jet fuels so that preventive measures could be taken in the future. The initial study was conducted to understand the possible mechanism for additive interactions on hydrocarbon absorption/disposition in silastic, porcine skin and isolated perfused porcine skin flap (IPPSF) models. The influence of JP-8 (100) additives (MDA, BHT, 8Q405) on the dermal kinetics of 14C-naphthalene and 14C/3H-dodecane as markers of HC absorption was evaluated. This study indicated that individual and combination of additives influenced marker disposition in different membranes. MDA was a significant suppressor while BHT was a significant enhancer of naphthalene absorption in IPPSF. The 8Q405 significantly reduced naphthalene content in dosed silastic and skin indicating a direct interaction between additive and marker HC. Similarly, the individual MDA and BHT significantly retained naphthalene in the stratum corneum of porcine skin, but the combination of both of these additives statistically decreased the marker retention in the stratum corneum suggesting a potential biological interaction. This study concluded that all components of a chemical mixture should be assessed since the effects of single components administered alone or as pairs may be confounded when all are present in the complete mixture. However, this study indicated that the marker HC

Penggunaan Hedging oleh Perusahaan Telekomunikasi yang Tercatat Pada Bursa Efek Indonesia

Directory of Open Access Journals (Sweden)

Basyid Ahmad

2017-09-01

Full Text Available The aims of this research were to have a comprehensive understanding on hedging implementation in telecommunication companies and to comprehend the impact of hedge to firm value of the companies. In this research, hedging is the moderating variable between independent variable and dependent variable. The independent variables included profit, firm size, leverage, growth, dividend and liquidity while the dependent variable included firm value. The method used was the ordinary least Square. The samples were taken from 2 telecommunication companies, and the data observed included the quarterly financial data from 2006 to 2015. The findings showed that derivative transactions used as hedge by the companies included cross currency swap, forward and option. Furthermore, the use of hedging foreign exchange was not seen to affect the firm value for the telecommunication company. This is because the 5 moderating variables did not significantly affect the firm value and only 1 moderating variable had a significantly negative effect on the firm value. Keywords: derivative, foreign exchange, firm value, hedge, telecommunication’ companyAbstrak: Tujuan dari penelitian ini adalah untuk menggambarkan penerapan hedging pada perusahaan telekomunikasi publik serta mengetahui dampak hedging terhadap nilai perusahaan. Dalam penelitian ini, hedging merupakan variabel moderating terhadap berbagai variabel yang memengaruhi nilai perusahaan yaitu variabel profitabilitas, firm size, leverage, growth, dividen dan likuiditas. Teknik analisis yang dipakai, yaitu regresi (ordinary least Square. Sedangkan perusahaan yang diteliti sebanyak 2 perusahaan publik dengan data keuangan triwulan sejak tahun 2006 sampai dengan 2015. Hasil penelitian menunjukkan bahwa hedging dilakukan perusahaan telekomunikasi adalah melalui transaksi derivatif, yaitu cross currency swap, forward dan option. Secara umum hedging tidak memengaruhi nilai perusahaan mengingat 5 variabel yang telah

Corporate hedging under a resource rent tax regime

International Nuclear Information System (INIS)

Frestad, Dennis

2010-01-01

In addition to the ordinary corporate income tax, special purpose taxes are sometimes levied to extract abnormal profits arising from the use of natural resources. Such dual tax regimes exist in Norway for oil and hydropower, where the corresponding special purpose tax bases are unaffected by any derivatives payments. Dual tax firms with hedging programs therefore face the risk of potentially large discrepancies between the tax bases for corporate income tax and special purpose tax. I investigate how this tax base asymmetry influences the extent of hedging of value-maximizing firms facing hedgeable as well as unhedgeable risk. Dual tax firms facing deadweight costs in low-profit events generally demand less hedging than ordinary firms, but otherwise respond similarly to characteristics of the underlying risk exposures. The special purpose tax does not influence firms' hedge portfolios in the absence of deadweight cost. (author)

26 CFR 1.446-4 - Hedging transactions.

Science.gov (United States)

2010-04-01

... general. The method of accounting used for hedges of aggregate risk must comply with the matching...) INCOME TAXES Methods of Accounting § 1.446-4 Hedging transactions. (a) In general. Except as provided in... disbursements method of accounting is used or in which § 1.471-6 is used for inventory valuations if, for all...

Limits to Arbitrage and Hedging: Evidence from Commodity Markets

OpenAIRE

Acharya, Viral V; Lochstoer, Lars; Ramadorai, Tarun

2009-01-01

Motivated by the literature on limits-to-arbitrage, we build an equilibrium model of commodity markets in which speculators are capital constrained, and commodity producers have hedging demands for commodity futures. Increases (decreases) in producers' hedging demand (speculators' risk-capacity) increase hedging costs via price-pressure on futures, reduce producers' inventory holdings, and thus spot prices. Consistent with our model, producers' default risk forecasts futures returns, spot pri...

Study of fuel powder formation in reactive coaxial jets

International Nuclear Information System (INIS)

Ablitzer, C.

1999-01-01

One step of the conversion of gaseous UF 6 to solid UO 2 by dry route is the formation of particles of UO 2 F 2 in a triple coaxial jet UF 6 /N 2 /H 2 O. The characteristics of resulting powder have an influence on the properties of final particles of UO 2 , and then on the quality of pellets of nuclear fuel. So a good control of this step of the process is of interest. This study deals with an experimental investigation and modelling of the influence of various parameters on particles obtained by reaction in a turbulent coaxial jet. For example, the influence of absolute and relative velocities of gases on particle size distributions has been investigated. Two kinds of experimental studies have been undertaken. First, the development of mixing layers in the near field of the jet has been evaluated with temperature measurements. Then, particle size distributions have been measured with e turbidimetric sensor, for particles obtained by hydrolysis of gaseous metallic chlorides (SnCl 4 , TiCl 4 ) in double and triple coaxial jets. A model has been proposed for mixing of gases and growth of particles. It takes into account the development of mixing layers, meso-mixing, micro-mixing and growth of particles through agglomeration. The influence of operating parameters, especially velocities, on experimental results appear to be different for TiCl 4 /H 2 O jets and SnCl 4 /H 2 O jets. In fact, a comparison of theoretical and experimental results shows that particles obtained by hydrolysis of TiCl 4 seem to grow mainly through agglomeration whereas another growth phenomenon may be involved for particles obtained by hydrolysis of SnCl 4 . (authors)

Binder Jetting: A Novel Solid Oxide Fuel-Cell Fabrication Process and Evaluation

Science.gov (United States)

Manogharan, Guha; Kioko, Meshack; Linkous, Clovis

2015-03-01

With an ever-growing concern to find a more efficient and less polluting means of producing electricity, fuel cells have constantly been of great interest. Fuel cells electrochemically convert chemical energy directly into electricity and heat without resorting to combustion/mechanical cycling. This article studies the solid oxide fuel cell (SOFC), which is a high-temperature (100°C to 1000°C) ceramic cell made from all solid-state components and can operate under a wide range of fuel sources such as hydrogen, methanol, gasoline, diesel, and gasified coal. Traditionally, SOFCs are fabricated using processes such as tape casting, calendaring, extrusion, and warm pressing for substrate support, followed by screen printing, slurry coating, spray techniques, vapor deposition, and sputter techniques, which have limited control in substrate microstructure. In this article, the feasibility of engineering the porosity and configuration of an SOFC via an additive manufacturing (AM) method known as binder jet printing was explored. The anode, cathode and oxygen ion-conducting electrolyte layers were fabricated through AM sequentially as a complete fuel cell unit. The cell performance was measured in two modes: (I) as an electrolytic oxygen pump and (II) as a galvanic electricity generator using hydrogen gas as the fuel. An analysis on influence of porosity was performed through SEM studies and permeability testing. An additional study on fuel cell material composition was conducted to verify the effects of binder jetting through SEM-EDS. Electrical discharge of the AM fabricated SOFC and nonlinearity of permeability tests show that, with additional work, the porosity of the cell can be modified for optimal performance at operating flow and temperature conditions.

Combustor exhaust-emissions and blowout-limits with diesel number 2 and Jet A fuels utilizing air-atomizing and pressure-atomizing nozzles

Science.gov (United States)

Ingebo, R. D.; Norgren, C. T.

1975-01-01

The effect of fuel properties on exhaust emissions and blowout limits of a high-pressure combustor segment is evaluated using a splash-groove air-atomizing fuel injector and a pressure-atomizing simplex fuel nozzle to burn both diesel number 2 and Jet A fuels. Exhaust emissions and blowout data are obtained and compared on the basis of the aromatic content and volatility of the two fuels. Exhaust smoke number and emission indices for oxides of nitrogen, carbon monoxide, and unburned hydrocarbons are determined for comparison. As compared to the pressure-atomizing nozzle, the air-atomizing nozzle is found to reduce nitrogen oxides by 20%, smoke number by 30%, carbon monoxide by 70%, and unburned hydrocarbons by 50% when used with diesel number 2 fuel. The higher concentration of aromatics and lower volatility of diesel number 2 fuel as compared to Jet A fuel appears to have the most detrimental effect on exhaust emissions. Smoke number and unburned hydrocarbons are twice as high with diesel number 2 as with Jet A fuel.

Investable hedge fund indices: how expensive is liquidity ?

OpenAIRE

D. Maspero

2006-01-01

The paper reviews the performance of investable hedge fund indices compared to traditional noninvestable hedge fund indices. While investable indices are characterized by a higher level of liquidity they seem to lag the performance on a risk-adjusted basis of noninvestable indices

Probability Weighting and Loss Aversion in Futures Hedging

NARCIS (Netherlands)

Mattos, F.; Garcia, P.; Pennings, J.M.E.

2008-01-01

We analyze how the introduction of probability weighting and loss aversion in a futures hedging model affects decision making. Analytical findings indicate that probability weighting alone always affects optimal hedge ratios, while loss and risk aversion only have an impact when probability

Socio-cognitive aspects of hedging in two legal discourse genres

Directory of Open Access Journals (Sweden)

Holly Vass

2004-04-01

Full Text Available While there are many studies on hedging in a wide variety of disciplinary discourses, the field of Law, to date, has been largely overlooked. Moreover, most research on hedging approaches the phenomenon from either a textual or pragmatic perspective, and tends to compare the same genre across disciplines. By contrast, the objective of this study was to analyse hedging in two legal written discourse genres, namely U.S. Supreme Court opinions and American law review articles, from a comprehensive, socio-cognitive, intra-disciplinary perspective. Due to the essential roles of intuition and hedging competence in the identification of hedges, qualitative data gathering and interpretation techniques were used. Results indicate that differences between the two genres can be linked to certain prototypical features of the genres themselves, particularly context and communicative purposes. Therefore, it is possible to postulate that hedging is in fact genre-specific, at least insofar as legal genres are concerned. Further comparative research must be done to determine if the same is true in other fields as well.

Corporate hedging under a resource rent tax regime

Energy Technology Data Exchange (ETDEWEB)

Frestad, Dennis [Department of Economics and Business Administration, University of Agder, Serviceboks 422, 4604 Kristiansand (Norway)

2010-03-15

In addition to the ordinary corporate income tax, special purpose taxes are sometimes levied to extract abnormal profits arising from the use of natural resources. Such dual tax regimes exist in Norway for oil and hydropower, where the corresponding special purpose tax bases are unaffected by any derivatives payments. Dual tax firms with hedging programs therefore face the risk of potentially large discrepancies between the tax bases for corporate income tax and special purpose tax. I investigate how this tax base asymmetry influences the extent of hedging of value-maximizing firms facing hedgeable as well as unhedgeable risk. Dual tax firms facing deadweight costs in low-profit events generally demand less hedging than ordinary firms, but otherwise respond similarly to characteristics of the underlying risk exposures. The special purpose tax does not influence firms' hedge portfolios in the absence of deadweight cost. (author)

Inflation Hedging for Long-Term Investors

OpenAIRE

Shaun K. Roache; Alexander P. Attie

2009-01-01

Long-term investors face a common problem-how to maintain the purchasing power of their assets over time and achieve a level of real returns consistent with their investment objectives. While inflation-linked bonds and derivatives have been developed to hedge the effects of inflation, their limited supply and liquidity lead many investors to continue to rely on the indirect hedging properties of traditional asset classes. In this paper, we assess these properties over different time horizons,...

Enhanced fuel efficiency on tractor-trailers using synthetic jet-based active flow control

Science.gov (United States)

Amitay, Michael; Menicovich, David; Gallardo, Daniele

2016-04-01

The application of piezo-electrically-driven synthetic-jet-based active flow control to reduce drag on tractor-trailers was explored experimentally in wind tunnel testing as well as full-scale road tests. Aerodynamic drag accounts for more than 50% of the usable energy at highway speeds, a problem that applies primarily to trailer trucks. Therefore, a reduction in aerodynamic drag results in large saving of fuel and reduction in CO2 emissions. The active flow control technique that is being used relies on a modular system comprised of distributed, small, highly efficient actuators. These actuators, called synthetic jets, are jets that are synthesized at the edge of an orifice by a periodic motion of a piezoelectric diaphragm(s) mounted on one (or more) walls of a sealed cavity. The synthetic jet is zero net mass flux (ZNMF), but it allows momentum transfer to flow. It is typically driven near diaphragm and/or cavity resonance, and therefore, small electric input [O(10W)] is required. Another advantage of this actuator is that no plumbing is required. The system doesn't require changes to the body of the truck, can be easily reconfigured to various types of vehicles, and consumes small amounts of electrical power from the existing electrical system of the truck. Preliminary wind tunnel results showed up to 18% reduction in fuel consumption, whereas road tests also showed very promising results.

The evolving beta-liquidity relationship of hedge funds

NARCIS (Netherlands)

Siegmann, Arjen; Stefanova, Denitsa

2017-01-01

Hedge funds are known to have liquidity-timing capability, but this might be conditional on aggregate market conditions. To test this, we analyze changes in the relation between hedge funds' stock market exposure and aggregate stock market liquidity. Employing an optimal changepoint approach, we

Pilot study of Bio-jet A-1 fuel production for Stockholm-Arlanda Airport; Foerstudie foer biobaserat flygbraensle foer Stockholm-Arlanda Flygplats

Energy Technology Data Exchange (ETDEWEB)

Ekbom, Tomas; Hjerpe, Carl; Hagstroem, Martin; Hermann, Fredrik

2009-11-15

The air traffic industry faces big changes in the near future, one being how to reduce their share of the CO{sub 2}-emissions. Therefore LFV set the framework to investigate the pre-conditions for a biorefinery plant in conjunction with Arlanda Airport. The biorefinery is based on advanced gasification technology and Fischer-Tropsch synthesis to a bio-jet fuel product. Locations at Brista and Igelsta were studied for two different process plant configurations, with each 50 kton bio-jet fuel annual capacity, or 290 and 610 MW{sub th} biomass input, respectively. The biomass-to-fuels efficiency was 46 % and total net efficiency was 79 %. The capital investment was calculated as 5.1 and 7.4 billion SEK, and production costs of 8300 SEK (812 EUR/1183 USD) and 5000 SEK (490 EUR/714 USD) per cubic meter bio-jet, respectively, whereas the Jet A-1 fuel today costs some 6000 SEK, at crude oil price of USD 67 per barrel

Hedge Funds As a Alternative Investment Opportunities

Directory of Open Access Journals (Sweden)

Michał Falkowski

2009-09-01

Full Text Available Hedge fund which became a popular alternative investment is a collective term for different types of investment fund. A common feature of these funds is that they have absolute earnings targets, that is they set targets for earnings irrespective of developments on, for example, the stock exchange. The paper deals with the current problem of the financial crisis and the effect it made worldwide for many institutional and private investors. It discusses the role played by hedge funds in developments on the financial markets, and to what extent they are affected by the effects of the crisis, as a recurring feature of every financial crisis. It also shows a wind range of strategies used by hedge funds to achieve their goal.

Production of JET fuel containing molecules of high hydrogen content

Directory of Open Access Journals (Sweden)

Tomasek Sz.

2017-12-01

Full Text Available The harmful effects of aviation can only be reduced by using alternative fuels with excellent burning properties and a high hydrogen content in the constituent molecules. Due to increasing plastic consumption the amount of the plastic waste is also higher. Despite the fact that landfill plastic waste has been steadily reduced, the present scenario is not satisfactory. Therefore, the aim of this study is to produce JET fuel containing an alternative component made from straight-run kerosene and the waste polyethylene cracking fraction. We carried out our experiments on a commercial NiMo/Al2O3/P catalyst at the following process parameters: T=200-300°C, P=40 bar, LHSV=1.0-3.0 h-1, hydrogen/hydrocarbon ratio= 400 Nm3/m3. We investigated the effects of the feedstocks and the process parameters on the product yields, the hydrodesulfurization and hydrodearomatization efficiencies, and the main product properties. The liquid product yields varied between 99.7-99.8%. As a result of the hydrogenation the sulfur (1-1780 mg/kg and the aromatic contents (9.0-20.5% of the obtained products and the values of their smoke points (26.0-34.7 mm fulfilled the requirements of JET fuel standard. Additionally, the concentration of paraffins increased in the products and the burning properties were also improved. The freezing points of the products were higher than -47°C, therefore product blending is needed.

Delta-gamma-theta Hedging of Crude Oil Asian Options

Directory of Open Access Journals (Sweden)

Juraj Hruška

2015-01-01

Full Text Available Since Black-Scholes formula was derived, many methods have been suggested for vanilla as well as exotic options pricing. More of investing and hedging strategies have been developed based on these pricing models. Goal of this paper is to derive delta-gamma-theta hedging strategy for Asian options and compere its efficiency with gamma-delta-theta hedging combined with predictive model. Fixed strike Asian options are type of exotic options, whose special feature is that payoff is calculated from the difference of average market price and strike price for call options and vice versa for the put options. Methods of stochastic analysis are used to determine deltas, gammas and thetas of Asian options. Asian options are cheaper than vanilla options and therefore they are more suitable for precise portfolio creation. On the other hand their deltas are also smaller as well as profits. That means that they are also less risky and more suitable for hedging. Results, conducted on chosen commodity, confirm better feasibility of Asian options compering with vanilla options in sense of gamma hedging.

REFINERY INTEGRATION OF BY-PRODUCTS FROM COAL-DERIVED JET FUELS

Energy Technology Data Exchange (ETDEWEB)

Leslie R. Rudnick; Andre Boehman; Chunshan Song; Bruce Miller; Gareth Mitchell

2005-05-18

This report summarizes the accomplishments toward project goals during the first six months of the second year of the project to assess the properties and performance of coal based products. These products are in the gasoline, diesel and fuel oil range and result from coal based jet fuel production from an Air Force funded program. Specific areas of progress include generation of coal based material that has been fractionated into the desired refinery cuts, acquisition and installation of a research gasoline engine, and modification of diesel engines for use in evaluating diesel produced in the project. The desulfurization of sulfur containing components of coal and petroleum is being studied so that effective conversion of blended coal and petroleum streams can be efficiently converted to useful refinery products. Equipment is now in place to begin fuel oil evaluations to assess the quality of coal based fuel oil. Coal samples have procured and are being assessed for cleaning prior to use in coking studies.

Refinery Integration of By-Products from Coal-Derived Jet Fuels

Energy Technology Data Exchange (ETDEWEB)

Leslie R. Rudnick; Andre Boehman; Chunshan Song; Bruce Miller; John Andresen

2004-09-17

This report summarizes the accomplishments toward project goals during the first twelve months of the project to assess the properties and performance of coal based products. These products are in the gasoline, diesel and fuel oil range and result from coal based jet fuel production from an Air Force funded program. Specific areas of progress include generation of coal based material that has been fractionated into the desired refinery cuts, acquisition and installation of a research gasoline engine, and modification of diesel engines for use in evaluating diesel produced in the project. The desulfurization of sulfur containing components of coal and petroleum is being studied so that effective conversion of blended coal and petroleum streams can be efficiently converted to useful refinery products. Equipment is now in place to begin fuel oil evaluations to assess the quality of coal based fuel oil. Coal samples have procured and are being assessed for cleaning prior to use in coking studies.

Modeling of fuel vapor jet eruption induced by local droplet heating

KAUST Repository

Sim, Jaeheon

2014-01-10

The evaporation of a droplet by non-uniform heating is numerically investigated in order to understand the mechanism of the fuel-vapor jet eruption observed in the flame spread of a droplet array under microgravity condition. The phenomenon was believed to be mainly responsible for the enhanced flame spread rate through a droplet cloud at microgravity conditions. A modified Eulerian-Lagrangian method with a local phase change model is utilized to describe the interfacial dynamics between liquid droplet and surrounding air. It is found that the localized heating creates a temperature gradient along the droplet surface, induces the corresponding surface tension gradient, and thus develops an inner flow circulation commonly referred to as the Marangoni convection. Furthermore, the effect also produces a strong shear flow around the droplet surface, thereby pushing the fuel vapor toward the wake region of the droplet to form a vapor jet eruption. A parametric study clearly demonstrated that at realistic droplet combustion conditions the Marangoni effect is indeed responsible for the observed phenomena, in contrast to the results based on constant surface tension approximation

Further Evidence on Hedge Funds Performance

DEFF Research Database (Denmark)

Christiansen, Claus Bang; Madsen, Peter Brink; Christensen, Michael

2003-01-01

In this analysis we identify dynamic hedge fund strategies quantitatively pursuing a Principal Component Analysis following Fung and Hsieh (1997). We extract five dominant hedge fund strategies each representing similar investment styles and analyse the performance of each strategy by employing...... a multi-factor model comprising both market indices and passive option strategies among the lines of Agerwal and Naik (2000). We find that the majority of five homogenous strategies show superior performance. However, correcting for survivorship bias this superior performance disappears....

Differences between urban and rural hedges in England revealed by a citizen science project.

Science.gov (United States)

Gosling, Laura; Sparks, Tim H; Araya, Yoseph; Harvey, Martin; Ansine, Janice

2016-07-22

Hedges are both ecologically and culturally important and are a distinctive feature of the British landscape. However the overall length of hedges across Great Britain is decreasing. Current challenges in studying hedges relate to the dominance of research on rural, as opposed to urban, hedges, and their variability and geographical breadth. To help address these challenges and to educate the public on the importance of hedge habitats for wildlife, in 2010 the Open Air Laboratories (OPAL) programme coordinated a hedge-focused citizen science survey. Results from 2891 surveys were analysed. Woody plant species differed significantly between urban and rural areas. Beech, Holly, Ivy, Laurel, Privet and Yew were more commonly recorded in urban hedges whereas Blackthorn, Bramble, Dog Rose, Elder and Hawthorn were recorded more often in rural hedges. Urban and rural differences were shown for some groups of invertebrates. Ants, earwigs and shieldbugs were recorded more frequently in urban hedges whereas blowflies, caterpillars, harvestmen, other beetles, spiders and weevils were recorded more frequently in rural hedges. Spiders were the most frequently recorded invertebrate across all surveys. The presence of hard surfaces adjacent to the hedge was influential on hedge structure, number and diversity of plant species, amount of food available for wildlife and invertebrate number and diversity. In urban hedges with one adjacent hard surface, the food available for wildlife was significantly reduced and in rural hedges, one adjacent hard surface affected the diversity of invertebrates. This research highlights that urban hedges may be important habitats for wildlife and that hard surfaces may have an impact on both the number and diversity of plant species and the number and diversity of invertebrates. This study demonstrates that citizen science programmes that focus on hedge surveillance can work and have the added benefit of educating the public on the importance of

Strips of hourly power options. Approximate hedging using average-based forward contracts

International Nuclear Information System (INIS)

Lindell, Andreas; Raab, Mikael

2009-01-01

We study approximate hedging strategies for a contingent claim consisting of a strip of independent hourly power options. The payoff of the contingent claim is a sum of the contributing hourly payoffs. As there is no forward market for specific hours, the fundamental problem is to find a reasonable hedge using exchange-traded forward contracts, e.g. average-based monthly contracts. The main result is a simple dynamic hedging strategy that reduces a significant part of the variance. The idea is to decompose the contingent claim into mathematically tractable components and to use empirical estimations to derive hedging deltas. Two benefits of the method are that the technique easily extends to more complex power derivatives and that only a few parameters need to be estimated. The hedging strategy based on the decomposition technique is compared with dynamic delta hedging strategies based on local minimum variance hedging, using a correlated traded asset. (author)

Thermal stability and filterability of jet fuels containing PDR additives in small-scale tests and realistic rig simulations

Energy Technology Data Exchange (ETDEWEB)

Bauldreay, J.M.; Clark, R.H.; Heins, R.J. [Shell Research, Ltd., Chester (United Kingdom)

1995-05-01

Specification, small-scale and realistic fuel simulation tests have addressed concerns about the impact of pipeline drag reducer (PDR) flow modifying additives on jet fuel handling and performance. A typical PDR additive tended to block filters which were similar to those used in the specification Jet Fuel Thermal Oxidation Tester (JFTOT) and other thermal stability test apparatus. Blockages reduced flow rates and PDR concentrations downstream of the filters. Consequently two PDR additives (A&B) were tested in JFTOT apparatus without the usual in-line pre-filters as part of a Ministry of Defense (MoD) co-ordinated Round Robin exercise. Some fuel/PDR additive combinations caused decreases in JFTOT breakpoints. Effects were additive- (type, concentration and degree of shear) and fuel-dependent; most failures were caused by filter blockages and not by a failing lacquer rating. In further work at Thornton, the thermal stability characteristics of similar fuel/additive combinations have been examined in non-specification tests. In Flask Oxidation Tests, PDR additives caused no significant increase in the liquid phase oxidation rates of the fuels. Additives were tested in the Single Tube Heat Transfer Rig (STHTR) which duplicates many of the conditions of a heat exchanger element in an engine`s fuel supply system. B produced an average two-fold decrease in thermal stability in a Merox fuel; A had no significant effect. In hydrotreated fuel, B reduced the thermal stability up to five-fold. A had little effect below 205{degrees}C, while at higher temperatures there may have been a marginal improvement in thermal stability. Again, certain jet fuel/PDR combinations were seen to reduce thermal stability.

Advanced thermally stable jet fuels. Technical progress report, October 1993--December 1993

Energy Technology Data Exchange (ETDEWEB)

Schobert, H.H.; Eser, S.; Song, C.; Hatcher, P.G.; Walsh, P.M.; Coleman, M.M.

1994-01-01

The Penn State program in advancd thermally stable coal-based jet fuels has five broad objectives: (1) development of mechanisms of degradation and solids formation; (2) quantitative measurement of growth of sub-micrometer and micrometer-sized particles suspended in fuels during thermal stressing; (3) characterization of carbonaceous deposits by various instrumental and microscopic methods; (4) elucidation of the role of additives in retarding them formation of vcarbonaceous solids; and, (5) assessment of the potential of production of high yields of cycloalkanes by direct liquefaction of coal.

Hedging local volume risk using forward markets: Nordic case

DEFF Research Database (Denmark)

Ernstsen, Rune Ramsdal; Boomsma, Trine Krogh; Tegner, Martin

2017-01-01

With focus on the Nordic electricity market, this paper develops hedging strategies for an electricity distributor who manages price and volume risk from fixed price agreements on stochastic electricity load. Whereas the distributor trades in the spot market at area prices, the financial contracts......, and we suggest various strategies for hedging in the presence of local volume risk. We benchmark against a strategy that ignores correlation and hedges at expected load, as is common practice in the industry. Using data from 2013 and 2014 for two Danish bidding areas, we show that our best hedging...... strategy reduces gross loss by 5.8% and 13.6% and increases gross profit by 3.8% and 9.5%, respectively. Although this is partly due to the inclusion of correlation, we show that performance improvement is mainly driven by the choice of risk measure....

Spray combustion of Jet-A and diesel fuels in a constant volume combustion chamber

KAUST Repository

Jing, Wei

2015-01-01

This work investigates the spray combustion of Jet-A fuel in an optical constant-volume combustion chamber under different ambient initial conditions. Ambient temperature was varied at 800 K, 1000 K, and 1200 K and five different ambient O2 concentrations were used, spanning 10-21%. These ambient conditions can be used to mimic practical diesel engine working conditions under different fuel injection timings and exhaust gas recirculation (EGR) levels. Both transient and quasi-steady state analyses were conducted. The transient analysis focused on the flame development from the beginning to the end of the combustion process, illustrating how the flame structure evolves with time. The quasi-steady state analysis concentrated on the stable flame structure and compared the flame emissions in terms of spatially integrated intensity, flame effective area, and intensity per pixel. The transient analysis was based on measurements using high-speed imaging of both OH∗ chemiluminescence and broadband natural luminosity (NL). For the quasi-steady state analysis, three flame narrow-band emissions (OH∗ at 310 nm, Band A at 430 nm and Band B at 470 nm) were captured using an ICCD camera. Based on the current Jet-A data and diesel data obtained from previous experiments, a comparison between Jet-A and diesel was made in terms of flame development during the transient state and spatially integrated intensity, flame effective area, and intensity per pixel during the quasi-steady state. For the transient results, Jet-A shares a similar flame development trend to diesel, but featuring a narrower region of NL and a wider region of OH∗ with the increase of ambient temperature and O2 concentration. The soot cloud is oxidized more quickly for Jet-A than diesel at the end of combustion, evident by comparing the area of NL, especially under high O2 concentration. The quasi-steady state results suggest that soot is oxidized effectively under high O2 concentration conditions by the

Do Hedge Funds Manipulate Stock Prices?

OpenAIRE

Ben-David, Itzhak; Franzoni, Francesco; Landier, Augustin; Moussawi, Rabih

2011-01-01

We find evidence of significant price manipulation at the stock level by hedge funds on critical reporting dates. Stocks in the top quartile by hedge fund holdings exhibit abnormal returns of 30 basis points in the last day of the month and a reversal of 25 basis points in the following day. Using intraday data, we show that a significant part of the return is earned during the last minutes of the last day of the month, at an increasing rate towards the closing bell. This evidence is consiste...

A Two-Step Approach for Analytical Optimal Hedging with Two Triggers

Directory of Open Access Journals (Sweden)

Tiesong Hu

2016-02-01

Full Text Available Hedging is widely used to mitigate severe water shortages in the operation of reservoirs during droughts. Rationing is usually instituted with one hedging policy, which is based only on one trigger, i.e., initial storage level or current water availability. It may perform poorly in balancing the benefits of a release during the current period versus those of carryover storage during future droughts. This study proposes a novel hedging rule to improve the efficiency of a reservoir operated to supply water, in which, based on two triggers, hedging is initiated with three different hedging sub-rules through a two-step approach. In the first step, the sub-rule is triggered based on the relationship between the initial reservoir storage level and the level of the target rule curve or the firm rule curve at the end of the current period. This step is mainly concerned with increasing the water level or not in the current period. Hedging is then triggered under the sub-rule based on current water availability in the second step, in which the trigger implicitly considers both initial and ending reservoir storage levels in the current period. Moreover, the amount of hedging is analytically derived based on the Karush–Kuhn–Tucker (KKT conditions. In addition, the hedging parameters are optimized using the improved particle swarm optimization (IPSO algorithm coupled with a rule-based simulation. A single water-supply reservoir located in Hubei Province in central China is selected as a case study. The operation results show that the proposed rule is reasonable and significantly improves the reservoir operation performance for both long-term and critical periods relative to other operation policies, such as the standard operating policy (SOP and the most commonly used hedging rules.

Conservative Delta Hedging

Science.gov (United States)

1997-09-01

an exact method for converting such intervals into arbitrage based prices of financial derivatives or industrial or contractual options. We call this...procedure conservative delta hedging . As existing procedures are of an ad hoc nature, the proposed approach will permit an institution’s man agement a greater oversight of its exposure to risk.

Effect of high surface area activated carbon on thermal degradation of jet fuel

Energy Technology Data Exchange (ETDEWEB)

Gergova, K.; Eser, S.; Arumugam, R.; Schobert, H.H. [Pennsylvania State Univ., University Park, PA (United States)

1995-05-01

Different solid carbons added to jet fuel during thermal stressing cause substantial changes in pyrolytic degradation reactions. Activated carbons, especially high surface area activated carbons were found to be very effective in suppressing solid deposition on metal reactor walls during stressing at high temperatures (425 and 450{degrees}C). The high surface area activated carbon PX-21 prevented solid deposition on reactor walls even after 5h at 450{degrees}C. The differences seen in the liquid product composition when activated carbon is added indicated that the carbon surfaces affect the degradation reactions. Thermal stressing experiments were carried out on commercial petroleum-derived JPTS jet fuel. We also used n-octane and n-dodecane as model compounds in order to simplify the study of the chemical changes which take place upon activated carbon addition. In separate experiments, the presence of a hydrogen donor, decalin, together with PX-21 was also studied.

Development of a measuring system for vapor-jet forms of small-sized fuel injectors; Kogata injector funmu keijo sokutei system no kaihatsu

Energy Technology Data Exchange (ETDEWEB)

Hibino, H; Komatsubara, H; Kawashima, O; Fujita, A [Aisan Industry Co. Ltd., Aichi (Japan)

1997-10-01

In the small-sized fuel injectors adapted to the United States` exhaust-gas regulation or the like, the vapor jet is extremely atomized and the jet form as one of the performances of the product has become more important than before. Accordingly, we have developed a measuring system in which the vapor jet of the small-sized fuel injector is irradiated with a flat laser light, the sectional form of the jet that is shining due to diffusion is sampled, and the distribution and the form of the sampled sections are determined by the image processing. 2 refs., 15 figs., 4 tabs.

Comparative electrophysiological evaluation of hippocampal function following repeated inhalation exposures to JP-8, Jet A, JP-5, and the synthetic Fischer Tropsch fuel.

Science.gov (United States)

Rohan, Joyce G; McInturf, Shawn M; Miklasevich, Molly K; Gut, Chester P; Grimm, Michael D; Reboulet, James E; Howard, William R; Mumy, Karen L

2018-01-01

Exposure to fuels continues to be a concern in both military and general populations. The aim of this study was to examine effects of in vivo rat repeated exposures to different types of jet fuel utilizing microelectrode arrays for comparative electrophysiological (EP) measurements in hippocampal slices. Animals were exposed to increasing concentrations of four jet fuels, Jet Propellant (JP)-8, Jet A, JP-5, or synthetic Fischer Tropsch (FT) fuel via whole-body inhalation for 20 d (6 hr/d, 5 d/week for 28 d) and synaptic transmission as well as behavioral performance were assessed. Our behavioral studies indicated no significant changes in behavioral performance in animals exposed to JP-8, Jet A, or JP-5. A significant deviation in learning pattern during the Morris water maze task was observed in rats exposed to the highest concentration of FT (2000 mg/m 3 ). There were also significant differences in the EP profile of hippocampal neurons from animals exposed to JP-8, Jet A, JP-5, or FT compared to control air. However, these differences were not consistent across fuels or dose dependent. As expected, patterns of EP alterations in brain slices from JP-8 and Jet A exposures were more similar compared to those from JP-5 and FT. Further longitudinal investigations are needed to determine if these EP effects are transient or persistent. Such studies may dictate if and how one may use EP measurements to indicate potential susceptibility to neurological impairments, particularly those that result from inhalation exposure to chemicals or mixtures.

Downside Risk analysis applied to the Hedge Funds universe

Science.gov (United States)

Perelló, Josep

2007-09-01

Hedge Funds are considered as one of the portfolio management sectors which shows a fastest growing for the past decade. An optimal Hedge Fund management requires an appropriate risk metrics. The classic CAPM theory and its Ratio Sharpe fail to capture some crucial aspects due to the strong non-Gaussian character of Hedge Funds statistics. A possible way out to this problem while keeping the CAPM simplicity is the so-called Downside Risk analysis. One important benefit lies in distinguishing between good and bad returns, that is: returns greater or lower than investor's goal. We revisit most popular Downside Risk indicators and provide new analytical results on them. We compute these measures by taking the Credit Suisse/Tremont Investable Hedge Fund Index Data and with the Gaussian case as a benchmark. In this way, an unusual transversal lecture of the existing Downside Risk measures is provided.

Adaptive control system having hedge unit and related apparatus and methods

Science.gov (United States)

Johnson, Eric Norman (Inventor); Calise, Anthony J. (Inventor)

2007-01-01

The invention includes an adaptive control system used to control a plant. The adaptive control system includes a hedge unit that receives at least one control signal and a plant state signal. The hedge unit generates a hedge signal based on the control signal, the plant state signal, and a hedge model including a first model having one or more characteristics to which the adaptive control system is not to adapt, and a second model not having the characteristic(s) to which the adaptive control system is not to adapt. The hedge signal is used in the adaptive control system to remove the effect of the characteristic from a signal supplied to an adaptation law unit of the adaptive control system so that the adaptive control system does not adapt to the characteristic in controlling the plant.

A Behavioral Decision Making Modeling Approach Towards Hedging Services

NARCIS (Netherlands)

Pennings, J.M.E.; Candel, M.J.J.M.; Egelkraut, T.M.

2003-01-01

This paper takes a behavioral approach toward the market for hedging services. A behavioral decision-making model is developed that provides insight into how and why owner-managers decide the way they do regarding hedging services. Insight into those choice processes reveals information needed by

Influence of heavy crude oil refining about the mains characteristics of jet fuel; Influencia do refino de petroleos pesados sobre as principais caracteristicas do combustivel de aviacao

Energy Technology Data Exchange (ETDEWEB)

Om, Neyda [Universidade Federal do Rio de Janeiro (UFRJ), RJ (Brazil). Escola de Quimica; Cavado, Alberto; Reyes, Yordanka [Centro de Pesquisas do Petroleo, Cidade de Havana (Cuba); Salazar, Rodolfo [Centro de Eletromagnetismo Aplicado, Cidade de Havana (Cuba); Dominguez, Zulema [Universidade Federal do Rio de Janeiro (UFRJ), RJ (Brazil). Coordenacao dos Programas de Pos-graduacao de Engenharia (COPPE)

2004-07-01

The aviation technology in the world, is to use gas turbines engines feted for fuel type Jet A1. The main exigency of quality for this products is concentrated in extreme security and secure answer during the functioning. The conductivity and thermal stability to oxidation are the principals characteristics to assure these quality exigencies. The use of additives is the methods most used for establish the quality for international specification. The incorporation of heavy crude oils in mixtures to produce fuels has caused a diminution of the quality of the derivatives produced. High viscosity, density and high sulfur content in the heavy crude oils affect some of properties of the jet fuel, influencing in its composition, increasing the mercaptanes and total sulfur content, getting a jet fuel unstable, with low conductivity and highly corrosive. So, for obtain the quality required internationally is necessary use additives. This paper study how the heavy crude oils affect the conductivity and the thermal stability of the jets fuels type Jet A1. Also analyze of the use of dissipater electrostatic and antioxidants additives, to improve these properties in the jet fuel. (author)

Hedging with futures contracts in the Brazilian soybean complex: BM&F vs. CBOT

Directory of Open Access Journals (Sweden)

Andréia Regina O. da Silva

2003-06-01

Full Text Available This article analyzes the effectiveness of hedging Brazilian soy oil, soy meal, and soybeans in the Chicago Board of Trade (CBOT and in the Brazilian Commodities and Futures Exchange (BM&F to reduce the risk of financial loss due to commodity price fluctuations. The econometric results show that a cross-hedging strategy using the BM&F soybean futures contract is an instrument of low effectiveness for managing soy oil and soy meal price risk. Despite low effectiveness, the estimates demonstrate total advantage for soy meal hedging operations using CBOT soy meal futures contracts rather than cross-hedging using BM&F soybean futures contracts. With some exceptions, the results are also more favorable for hedging soy oil with soy oil futures contracts at the CBOT rather than cross hedging with soybeans at the BM&F. Conversely, Brazilian traders hedging soybeans receive more effective risk protection by trading soybean futures contracts at the BM&F than by trading soybean futures contracts at the CBOT.

Fundamentals and advanced techniques in derivatives hedging

CERN Document Server

Bouchard, Bruno

2016-01-01

This book covers the theory of derivatives pricing and hedging as well as techniques used in mathematical finance. The authors use a top-down approach, starting with fundamentals before moving to applications, and present theoretical developments alongside various exercises, providing many examples of practical interest. A large spectrum of concepts and mathematical tools that are usually found in separate monographs are presented here. In addition to the no-arbitrage theory in full generality, this book also explores models and practical hedging and pricing issues. Fundamentals and Advanced Techniques in Derivatives Hedging further introduces advanced methods in probability and analysis, including Malliavin calculus and the theory of viscosity solutions, as well as the recent theory of stochastic targets and its use in risk management, making it the first textbook covering this topic. Graduate students in applied mathematics with an understanding of probability theory and stochastic calculus will find this b...

Pellet fueling of JET plasmas during ohmic, ICRF and NBI heating

International Nuclear Information System (INIS)

Gondhalekar, A.; Cheetham, A.; Bures, M.

1986-01-01

Pellet fueling experiments have been performed on JET using a single-shot pneumatic injector giving 4.6mm (4.5 x 10 21 D atoms) and 3.6mm (2.2 x 10 21 D atoms) diameter cylindrical deuterium pellets with velocity 0.8 ≤ V(km.s -1 ) ≤ 1.2. Z/sub eff/ 20 m -3 and T/sub e/(0) ≅ 1keV. Separately, high value of n/sub D/(0)tau/sub E/T/sub i/(0) = 1.3 x 10 20 m -3 .s.keV at T/sub i/90) = 6.5keV has been obtained with pellet fueling followed by NBI heating

Estratégias de hedge com os contratos futuros de soja da Chicago Board of Trade Hedging strategies with Chicago Board of Trade soybeans futures contracts

Directory of Open Access Journals (Sweden)

Fábio Neves de Carvalho da Silva Maia

2010-01-01

Full Text Available Este trabalho avalia os retornos e os riscos de estratégias de hedge para as dez principais regiões produtoras de soja do Brasil em relação aos contratos futuros de soja da Chicago Board of Trade (CBOT. Verificou-se que as bases apresentaram padrão bem definido: fortalecimento entre maio e novembro, seguido por enfraquecimento nos seis meses subsequentes. Os hedgers de compra possuem oportunidades de obter retornos brutos maiores, mas os riscos envolvidos nas estratégias de hedge de compra também são maiores. Conclui-se que os contratos de soja em grão da CBOT apresentam diferentes possibilidades de retornos brutos em função do tipo de hedge, do período hedgeado e do contrato utilizado. Logo, as informações disponibilizadas neste trabalho se apresentam como importante subsídio ao processo de tomada de decisão por parte dos agentes da cadeia agroindustrial da soja.This paper analyzes the return and risks of hedging strategies of the major ten soybean producing regions in Brazil concerning Chicago Board of Trade (CBOT future contracts. It was verified that the bases presented a well defined pattern characterized by strengthening from May to November and weakening in the remaining months. Long hedging had larger returns and larger risks comparing with short hedging. The conclusion of this study is that the CBOT soybean contracts present different returns depending on the type of hedging, on the period of hedging, and on the contract used. Therefore, the information presented in this paper is very important to support the decision making process in the Brazilian soybean agricultural system.

Deoxygenation of palm kernel oil to jet fuel-like hydrocarbons using Ni-MoS_2/γ-Al_2O_3 catalysts

International Nuclear Information System (INIS)

Itthibenchapong, Vorranutch; Srifa, Atthapon; Kaewmeesri, Rungnapa; Kidkhunthod, Pinit; Faungnawakij, Kajornsak

2017-01-01

Highlights: • The Ni-MoS_2/γ-Al_2O_3 catalysts synthesized using thiourea solution processing. • The Ni-MoS_2 showed semi-amorphous crystallinity with crystallite size of 5–10 nm. • The Ni K-edge XANES and EXAFS indicated the Ni substitution in MoS_2 structure. • A high yield of jet fuel-like hydrocarbon (>90%) from the palm kernel oil feedstock. • The HDO pathway was highly selective, while the DCO_2 and DCO pathways were minor. - Abstract: In the current study, palm kernel oil was used as a renewable feedstock for production of jet fuel-like hydrocarbons via the deoxygenation over the Ni-MoS_2/γ-Al_2O_3 catalyst. The dominant C12 fatty acid content in palm kernel oil makes it promising for jet fuel application. Synthesized by a liquid processing method with thiourea organosulfur agent, the catalyst revealed MoS_2 structure with low stacking, while Ni substitution in the MoS_2 structure and interaction with the Al_2O_3 support were determined based on the Ni K-edge XANES and EXAFS results. A high hydrodeoxygenation (HDO) activity, which as the major pathway in the deoxygenation, was observed upon application of a H_2 pressure of 30–50 bar over Ni-MoS_2/γ-Al_2O_3. The optimum product yield of approximately 92% was obtained mainly from the HDO pathway (∼60%) with 58% selectivity to C10–C12 jet fuel hydrocarbons. The flow property of the jet fuel-like hydrocarbons was more desirable than those obtained from palm olein oil-derived fuel.

Dermal exposure to jet fuel JP-8 significantly contributes to the production of urinary naphthols in fuel-cell maintenance workers.

Science.gov (United States)

Chao, Yi-Chun E; Kupper, Lawrence L; Serdar, Berrin; Egeghy, Peter P; Rappaport, Stephen M; Nylander-French, Leena A

2006-02-01

Jet propulsion fuel 8 (JP-8) is the major jet fuel used worldwide and has been recognized as a major source of chemical exposure, both inhalation and dermal, for fuel-cell maintenance workers. We investigated the contributions of dermal and inhalation exposure to JP-8 to the total body dose of U.S. Air Force fuel-cell maintenance workers using naphthalene as a surrogate for JP-8 exposure. Dermal, breathing zone, and exhaled breath measurements of naphthalene were obtained using tape-strip sampling, passive monitoring, and glass bulbs, respectively. Levels of urinary 1- and 2-naphthols were determined in urine samples and used as biomarkers of JP-8 exposure. Multiple linear regression analyses were conducted to investigate the relative contributions of dermal and inhalation exposure to JP-8, and demographic and work-related covariates, to the levels of urinary naphthols. Our results show that both inhalation exposure and smoking significantly contributed to urinary 1-naphthol levels. The contribution of dermal exposure was significantly associated with levels of urinary 2-naphthol but not with urinary 1-naphthol among fuel-cell maintenance workers who wore supplied-air respirators. We conclude that dermal exposure to JP-8 significantly contributes to the systemic dose and affects the levels of urinary naphthalene metabolites. Future work on dermal xenobiotic metabolism and toxicokinetic studies are warranted in order to gain additional knowledge on naphthalene metabolism in the skin and the contribution to systemic exposure.

New developments in JET neutron, alpha particle and fuel mixture diagnostics with potential relevance to ITER

International Nuclear Information System (INIS)

Murari, A.; Bertalot, L.; Angelone, M.; Pillon, M.; Ericsson, G.; Conroy, S.; Kaellne, J.; Kiptily, V.; Popovichev, S.; Adams, J.M.; Stork, D.; Afanasyiev, V.; Mironov, M.; Bonheure, G.

2005-01-01

Some recent JET campaigns, with the introduction of trace amount (n T /n D 4 He, provided unique opportunities to test new diagnostic approaches and technologies for the detection of neutrons, alpha particles and fuel mixture. With regard to neutron detection, the recent activity covered all the most essential aspects: calibration and cross validation of the diagnostics, measurement of the spatial distribution of the neutrons, particle transport and finally neutron spectrometry. The first tests of some new neutron detection technologies were also undertaken successfully during the TTE campaign. To improve JET diagnostic capability in the field of alpha particles, a strong development program was devoted to the measurement of their slowing down and imaging with gamma ray spectroscopy. A new approach for the fusion community to measure the fast ion losses, based on the activation technique, was also successfully attempted for the first time on JET. A careful assessment of the NPA potential to determine the fuel mixture and the particle transport coefficients is under way. (author)

Efficient utilization of waste date pits for the synthesis of green diesel and jet fuel fractions

International Nuclear Information System (INIS)

Al-Muhtaseb, Ala’a H.; Jamil, Farrukh; Al-Haj, Lamya; Al-Hinai, Mohab A.; Baawain, Mahad; Myint, Myo Tay Zar; Rooney, David

2016-01-01

Highlights: • Active catalysts Pt/C and Pd/C were developed from waste date pits. • Catalysts showed good activity in hydrodeoxygenation of date pit oil to alkane fuels. • The liquid product fractions lay within the range of the jet fuel and green diesel. • Green diesel fraction obtained by Pd/C was 72.03% and jet fuel was 30.39%. • Date pits can be a promising platform for the production of catalysts and biofuels. - Abstract: Date pits are considered one of the major agricultural wastes in Oman. The present work involves the synthesis of active catalysts from waste date pits carbon produced by carbonization and impregnation with Pt and Pd metals. Synthesized catalysts Pt/C and Pd/C were characterized by XRD, SEM, TEM, EDX, BET and XPS. The activity of the catalysts’ performance was evaluated by the hydrodeoxygenation of date pits oil for the production of second-generation biofuels, which includes jet fuel and green diesel fractions. Results indicate that the synthesized catalysts were highly active for the hydrodeoxygenation of date pits oil. Based on the elemental analysis, the degree of deoxygenation (DOD) of product oil was 97.5% and 89.4% for the Pd/C and Pt/C catalysts respectively. The high DOD was also confirmed by product analyses that mainly consist of paraffinic hydrocarbons. Results also showed that between the two catalysts, Pd/C showed a higher activity towards hydrodeoxygenation, a conclusion that was based on the high DOD of the product oil due to hydrocarbons formation. Based on the type of components in the product oil, the maximum fraction of hydrocarbons formed lay within the range of 72.03% and 72.78% green diesel, and 30.39% and 28.25% jet fuel using Pd/C and Pt/C catalysts respectively. It can be concluded that waste date pits can be a promising platform for the production of catalysts and biofuels.

Refinery Integration of By-Products from Coal-Derived Jet Fuels

Energy Technology Data Exchange (ETDEWEB)

Leslie R. Rudnick; Andre Boehman; Chunshan Song; Bruce Miller; Gareth Mitchell

2005-11-17

This report summarizes the accomplishments toward project goals during the first six months of the second year of the project to assess the properties and performance of coal based products. These products are in the gasoline, diesel and fuel oil range and result from coal based jet fuel production from an Air Force funded program. Specific areas of progress include generation of coal based material that has been fractionated into the desired refinery cuts, acquisition and installation of a research gasoline engine, and modification of diesel engines for use in evaluating diesel produced in the project. The desulfurization of sulfur containing components of coal and petroleum is being studied so that effective conversion of blended coal and petroleum streams can be efficiently converted to useful refinery products. Evaluations to assess the quality of coal based fuel oil are reported. Coal samples have procured and are being assessed for cleaning prior to use in coking studies.

Investigations on autothermal reforming of kerosene Jet A-1 for supplying solid oxide fuel cells (SOFC); Untersuchungen zur autothermen Reformierung von Kerosin Jet A-1 zur Versorgung oxidkeramischer Festelektrolyt-Brennstoffzellen (SOFC)

Energy Technology Data Exchange (ETDEWEB)

Lenz, B.

2007-01-25

The auxiliary power unit of commercial aircraft is a gas turbine producing electric power with an efficiency of 18 %. This APU can be replaced by a fuel cell system, consisting of an autothermal kerosene reformer and a solid oxide fuel cell (SOFC). The fuel is kerosene Jet A-1. The autothermal reforming of Jet A-1 is practically investigated under variation of steam-to-carbon-ratio, air ratio, space velocity, time in operation and reactor pressure on commercial catalysts. Using stationary system simulation the thermodynamic processes of the device is investigated. Finally, the autothermal reformer and the SOFC consisting of 14 cells are coupled. During this test series, I-V-characteristics are measured, fuel utilisation is calculated and the self-sufficient system operation is shown. (orig.)

Spray combustion of Jet-A and diesel fuels in a constant volume combustion chamber

International Nuclear Information System (INIS)

Jing, Wei; Roberts, William L.; Fang, Tiegang

2015-01-01

This work investigates the spray combustion of Jet-A fuel in an optical constant-volume combustion chamber under different ambient initial conditions. Ambient temperature was varied at 800 K, 1000 K, and 1200 K and five different ambient O 2 concentrations were used, spanning 10–21%. These ambient conditions can be used to mimic practical diesel engine working conditions under different fuel injection timings and exhaust gas recirculation (EGR) levels. Both transient and quasi-steady state analyses were conducted. The transient analysis focused on the flame development from the beginning to the end of the combustion process, illustrating how the flame structure evolves with time. The quasi-steady state analysis concentrated on the stable flame structure and compared the flame emissions in terms of spatially integrated intensity, flame effective area, and intensity per pixel. The transient analysis was based on measurements using high-speed imaging of both OH ∗ chemiluminescence and broadband natural luminosity (NL). For the quasi-steady state analysis, three flame narrow-band emissions (OH ∗ at 310 nm, Band A at 430 nm and Band B at 470 nm) were captured using an ICCD camera. Based on the current Jet-A data and diesel data obtained from previous experiments, a comparison between Jet-A and diesel was made in terms of flame development during the transient state and spatially integrated intensity, flame effective area, and intensity per pixel during the quasi-steady state. For the transient results, Jet-A shares a similar flame development trend to diesel, but featuring a narrower region of NL and a wider region of OH ∗ with the increase of ambient temperature and O 2 concentration. The soot cloud is oxidized more quickly for Jet-A than diesel at the end of combustion, evident by comparing the area of NL, especially under high O 2 concentration. The quasi-steady state results suggest that soot is oxidized effectively under high O 2 concentration conditions by

Effect of additives on the formation of insolubles in a jet fuel

Energy Technology Data Exchange (ETDEWEB)

Anderson, S.D. [Wright Lab., Wright-Patterson AFB, OH (United States); Jones, E.G.; Goss, L.P.; Balster, W.J. [Systems Research Laboratories, Inc., Dayton, OH (United States)

1995-05-01

Dynamic near-isothermal techniques have proven to be valuable in assessing the tendency of aviation fuels to form surface and bulk insolubles under thermal stress. These methods are applied in this study to the investigation of the neat Jet-A fuel POSF-2827 and changes introduced by a series of four candidate additives. In each case fuel is stressed while flowing through a heat exchanger under near-isothermal conditions at 185{degrees}C. The average surface deposition rate as a function of stress duration and the quantity of both surface and bulk insolubles have been determined after complete consumption of the dissolved oxygen. The additives, introduced individually, include a common antioxidant, a metal deactivator, a dispersant, and a combination detergent/dispersant. Of the four additives, only the dispersant-types are found to improve fuel thermal stability.

Determining the multi-scale hedge ratios of stock index futures using the lower partial moments method

Science.gov (United States)

Dai, Jun; Zhou, Haigang; Zhao, Shaoquan

2017-01-01

This paper considers a multi-scale future hedge strategy that minimizes lower partial moments (LPM). To do this, wavelet analysis is adopted to decompose time series data into different components. Next, different parametric estimation methods with known distributions are applied to calculate the LPM of hedged portfolios, which is the key to determining multi-scale hedge ratios over different time scales. Then these parametric methods are compared with the prevailing nonparametric kernel metric method. Empirical results indicate that in the China Securities Index 300 (CSI 300) index futures and spot markets, hedge ratios and hedge efficiency estimated by the nonparametric kernel metric method are inferior to those estimated by parametric hedging model based on the features of sequence distributions. In addition, if minimum-LPM is selected as a hedge target, the hedging periods, degree of risk aversion, and target returns can affect the multi-scale hedge ratios and hedge efficiency, respectively.

Worldwide Life Cycle Analysis (LCA) of Greenhouse Gas (GHG) Emissions from Petroleum Jet Fuel

Science.gov (United States)

2017-11-09

The main objective of this project was to calculate greenhouse gas emissions estimates for petroleum jet fuels for the recent past and for future scenarios in the coming decades. Results were reported globally and broken out by world regions, and the...

Spray combustion of Jet-A and diesel fuels in a constant volume combustion chamber

KAUST Repository

Jing, Wei; Roberts, William L.; Fang, Tiegang

2015-01-01

This work investigates the spray combustion of Jet-A fuel in an optical constant-volume combustion chamber under different ambient initial conditions. Ambient temperature was varied at 800 K, 1000 K, and 1200 K and five different ambient O2

A risk reserve model for hedging in incomplete markets

NARCIS (Netherlands)

Minina, V.; Vellekoop, M.

2010-01-01

This paper presents a new approach to the pricing and hedging problem for contingent claims in incomplete markets. We assume that traders wish to maximize the expected final payoff of the hedging portfolio and the claims, and we avoid the use of utility functions. Instead, we model how traders are

Hedging in Popular Scientific Articles on Medicine

Directory of Open Access Journals (Sweden)

Csongor Alexandra

2013-04-01

Full Text Available Introduction: The aim of this study is to investigate the process of rewriting medical research papers for the lay public. The latest findings of medical research often appear in the popular media. It is interesting to see what happens to a scientific text when it is transmitted to a new audience. Hedging is usually interpreted as a characteristic feature of scientific discourse. This study focuses on hedging, which also tends to be applied in popularized articles in the field of medicine.

Jet-stirred reactor oxidation of alkane-rich FACE gasoline fuels

KAUST Repository

Chen, Bingjie

2016-06-23

Understanding species evolution upon gasoline fuel oxidation can aid in mitigating harmful emissions and improving combustion efficiency. Experimentally measured speciation profiles are also important targets for surrogate fuel kinetic models. This work presents the low- and high-temperature oxidation of two alkane-rich FACE gasolines (A and C, Fuels for Advanced Combustion Engines) in a jet-stirred reactor at 10. bar and equivalence ratios from 0.5 to 2 by probe sampling combined with gas chromatography and Fourier Transformed Infrared Spectrometry analysis. Detailed speciation profiles as a function of temperature are presented and compared to understand the combustion chemistry of these two real fuels. Simulations were conducted using three surrogates (i.e., FGA2, FGC2, and FRF 84), which have similar physical and chemical properties as the two gasolines. The experimental results reveal that the reactivity and major product distributions of these two alkane-rich FACE fuels are very similar, indicating that they have similar global reactivity despite their different compositions. The simulation results using all the surrogates capture the two-stage oxidation behavior of the two FACE gasolines, but the extent of low temperature reactivity is over-predicted. The simulations were analyzed, with a focus on the n-heptane and n-butane sub-mechanisms, to help direct the future model development and surrogate fuel formulation strategies.

Jet-stirred reactor oxidation of alkane-rich FACE gasoline fuels

KAUST Repository

Chen, Bingjie; Togbé , Casimir; Wang, Zhandong; Dagaut, Philippe; Sarathy, Mani

2016-01-01

Understanding species evolution upon gasoline fuel oxidation can aid in mitigating harmful emissions and improving combustion efficiency. Experimentally measured speciation profiles are also important targets for surrogate fuel kinetic models. This work presents the low- and high-temperature oxidation of two alkane-rich FACE gasolines (A and C, Fuels for Advanced Combustion Engines) in a jet-stirred reactor at 10. bar and equivalence ratios from 0.5 to 2 by probe sampling combined with gas chromatography and Fourier Transformed Infrared Spectrometry analysis. Detailed speciation profiles as a function of temperature are presented and compared to understand the combustion chemistry of these two real fuels. Simulations were conducted using three surrogates (i.e., FGA2, FGC2, and FRF 84), which have similar physical and chemical properties as the two gasolines. The experimental results reveal that the reactivity and major product distributions of these two alkane-rich FACE fuels are very similar, indicating that they have similar global reactivity despite their different compositions. The simulation results using all the surrogates capture the two-stage oxidation behavior of the two FACE gasolines, but the extent of low temperature reactivity is over-predicted. The simulations were analyzed, with a focus on the n-heptane and n-butane sub-mechanisms, to help direct the future model development and surrogate fuel formulation strategies.

Comparison of gaseous exhaust indices of the F109 turbofan using three different blends of petroleum-based Jet-A and camelina-based Jet-A

Science.gov (United States)

Kozak, Brian John

This research project focused on the collection and comparison of gaseous exhaust emissions of the F109 turbofan engine using petroleum-based Jet-A and two different blends of camelina-based Jet-A. Simulated landing and takeoff cycles were used to collect gaseous exhaust emissions. Unburned hydrocarbon (HC), nitrogen oxide (NOx), and carbon moNOxide (CO) exhaust indices (EIm) were calculated using ICAO Annex 16 Volume II formulae. Statistical analyses were performed on the Elm data. There was no significant difference in HC EIm and CO EI m among the three fuels at takeoff thrust. There were significant differences among the fuels for NOx EIm. 50% Jet-A 50% camelina produced the highest NOx EIm, then 75% Jet-A 25% camelina and finally Jet-A. At climb thrust, both blends of camelina fuel produced higher NOx EIm but no difference in CO EIm and HC EIm as Jet-A. At approach thrust, both blends of camelina fuel produced higher NOx EIm, lower CO EIm, and no difference in HC EIm as Jet-A. At idle thrust, there was no significant difference among the fuels for NOx EIm. There were significant differences among the fuels for HC EIm. Jet-A and 50% Jet-A 50% both produced higher HC EIm as 75% Jet-A 25% camelina. There were significant differences among the fuels for CO EI m. Jet-A produced the highest CO EIm, then 75% Jet-A 25% camelina and finally 50% Jet-A 50% camelina.

Evaluation of different hedging strategies for commodity price risks of industrial cogeneration plants

International Nuclear Information System (INIS)

Palzer, Andreas; Westner, Günther; Madlener, Reinhard

2013-01-01

In this paper, we design and evaluate eight different strategies for hedging commodity price risks of industrial cogeneration plants. Price developments are parameterized based on EEX data from 2008 to 2011. The probability distributions derived are used to determine the value-at-risk (VaR) of the individual strategies, which are in a final step combined in a mean-variance portfolio analysis for determining the most efficient hedging strategy. We find that the strategy adopted can have a marked influence on the remaining price risk. Quarter futures are found to be particularly well suited for reducing market price risk. In contrast, spot trading of CO 2 certificates is found to be preferable compared to forward market trading. Finally, portfolio optimization shows that a mix of various hedging strategies can further improve the profitability of a heat-based cogeneration plant. - Highlights: • Evaluation of commodity price risk hedging strategies for industrial cogeneration. • Value-at-risk analysis of eight different hedging strategies. • Mean-variance portfolio analysis for determining the optimal hedging strategy mix. • A mix of hedging strategies further improves profitability of heat-based CHP

Measuring Single-Domain Antibody Interactions with Epitopes in Jet Fuel Using Microscale Thermophoresis

Science.gov (United States)

2015-01-01

hearing loss in rats. J. Toxicol. Environ. Health A. 75(5): 299–317. Itah, A. Y., A. A. Brooks, B. O. Ogar, and A. B. Okure. 2009. Biodegradation of...international jet A-1 aviation fuel by microorganisms isolated from aircraft tank and joint hydrant storage systems. Bull. Environ. Contam. Toxicol. 83(3

Catalytic Tandem Reaction for the Production of Jet and Diesel Fuel Range Alkanes

DEFF Research Database (Denmark)

Li, Hu; Gui, Zhenyou; Yang, Song

2018-01-01

Jet and diesel fuels are typically composed of C9-C14 and C12-C20 hydrocarbons, respectively, but the carbon-chain length of sugar-derived aldehydes and furanic compounds is no longer than C6. Here, a cascade catalytic process involving alkylation and hydrodeoxygenation (HDO) of 2-methylfuran (2-MF...

Hedge Fund Stock Trading in the Financial Crisis of 2007--2009

OpenAIRE

Itzhak Ben-David; Francesco Franzoni; Rabih Moussawi

2012-01-01

Hedge funds significantly reduced their equity holdings during the recent financial crisis. In 2008:Q3----Q4, hedge funds sold about 29% of their aggregate portfolio. Redemptions and margin calls were the primary drivers of selloffs. Consistent with forced deleveraging, the selloffs took place in volatile and liquid stocks. In comparison, redemptions and stock sales for mutual funds were not as severe. We show that hedge fund investors withdraw capital three times as intensely as mutual fund ...

Hedging with futures: an application of GARCH to european electricity markets

OpenAIRE

G. Zanotti; G. Gabbi; M. Geranio

2009-01-01

European electricity markets have been subject to a broad deregulation process in the last few decades. We analyse hedging policies implemented through different hedge ratios estimation. More specifically we compare naïve, ordinary least squares, and GARCH conditional variance and correlations models to test if GARCH models lead to higher variance reduction in a context of high time varying volatility as the case of electricity markets. Our results show that the choice of the hedge ratio esti...

Are "Market Neutral" Hedge Funds Really Market Neutral?

OpenAIRE

Andrew J. Patton

2009-01-01

Using a variety of different definitions of "neutrality," this study presents significant evidence against the neutrality to market risk of hedge funds in a range of style categories. I generalize standard definitions of "market neutrality," and propose five different neutrality concepts. I suggest statistical tests for each neutrality concept, and apply these tests to a database of monthly returns on 1423 hedge funds from five style categories. For the "market neutral" style, approximately o...

Thermometric Titration for Rapid Determination of Trace Water in Jet Fuel

OpenAIRE

Hu, Jian-Qiang; Zhang, Jian-Jian; Yang, Shi-Zhao; Xin, Yong-Liang; Guo, Li; Yao, Ting

2017-01-01

Water content in jet fuels is detected by thermometric titration (TMT), and the optimal detected system is 2,2-dimethoxypropane as titrant, cyclohexane and isopropanol as titration solvents, and methanesulfonic acid as catalyst in this method. The amounts of oil, concentration and delivery rate of titrant, volumes, and the reliability and accuracy of thermometric titration were emphasized. The results show that the accuracy, validity, and reliability of TMT are excellent by different indicate...

Effect of reservoir zones and hedging factor dynamism on reservoir adaptive capacity for climate change impacts

Science.gov (United States)

Adeloye, Adebayo J.; Soundharajan, Bankaru-Swamy

2018-06-01

When based on the zones of available water in storage, hedging has traditionally used a single hedged zone and a constant rationing ratio for constraining supply during droughts. Given the usual seasonality of reservoir inflows, it is also possible that hedging could feature multiple hedged zones and temporally varying rationing ratios but very few studies addressing this have been reported especially in relation to adaptation to projected climate change. This study developed and tested Genetic Algorithms (GA) optimised zone-based operating policies of various configurations using data for the Pong reservoir, Himachal Pradesh, India. The results show that hedging does lessen vulnerability, which dropped from ≥ 60 % without hedging to below 25 % with the single stage hedging. More complex hedging policies, e.g. two stage and/or temporally varying rationing ratios only produced marginal improvements in performance. All this shows that water hedging policies do not have to be overly complex to effectively offset reservoir vulnerability caused by water shortage resulting from e.g. projected climate change.

Chemical Processing of Non-Crop Plants for Jet Fuel Blends Production

Science.gov (United States)

Kulis, M. J.; Hepp, A. F.; McDowell, M.; Ribita, D.

2009-01-01

The use of Biofuels has been gaining in popularity over the past few years due to their ability to reduce the dependence on fossil fuels. Biofuels as a renewable energy source can be a viable option for sustaining long-term energy needs if they are managed efficiently. We describe our initial efforts to exploit algae, halophytes and other non-crop plants to produce synthetics for fuel blends that can potentially be used as fuels for aviation and non-aerospace applications. Our efforts have been dedicated to crafting efficient extraction and refining processes in order to extract constituents from the plant materials with the ultimate goal of determining the feasibility of producing biomass-based jet fuel from the refined extract. Two extraction methods have been developed based on communition processes, and liquid-solid extraction techniques. Refining procedures such as chlorophyll removal and transesterification of triglycerides have been performed. Gas chromatography in tandem with mass spectroscopy is currently being utilized in order to qualitatively determine the individual components of the refined extract. We also briefly discuss and compare alternative methods to extract fuel-blending agents from alternative biofuels sources.

Characteristics of strongly-forced turbulent jets and non-premixed jet flames

Energy Technology Data Exchange (ETDEWEB)

Lakshminarasimhan, K.; Ezekoye, O.A. [University of Texas at Austin, Department of Mechanical Engineering, Austin, TX (United States); Clemens, N.T. [University of Texas at Austin, Department of Aerospace Engineering and Engineering Mechanics, Austin, TX (United States)

2006-10-15

Previous researchers have demonstrated that strong pulsations of the fuel flow rate can significantly reduce the flame length and luminosity of laminar/transitional non-premixed jet flames. The physical mechanisms responsible for these changes are investigated experimentally in acoustically-forced jet flows where the peak velocity fluctuations are up to eight times the mean flow velocity. Both reacting and non-reacting flows were studied and Reynolds numbers, based on the mean flow properties, ranged from 800 to 10,000 (corresponding to peak Reynolds numbers of 1,450-23,000), and forcing frequencies ranged from 290 to 1,140 Hz. Both the first and second organ-pipe resonance modes of the fuel delivery tube were excited to obtain these frequencies. An analysis of the acoustic forcing characteristics within the resonance tube is provided in order to understand the source of the high amplitude forcing. Flow visualization of jets with first resonant forcing confirms the presence of large-scale coherent vortices and strong reverse flow near the exit of the fuel tube. With second-resonant forcing, however, vortices are not emitted from the tube as they are drawn back into the fuel tube before they can fully form. Increased fine-scale turbulence is associated with both resonant cases, but particularly at second resonance. The power spectra of the velocity fluctuations for a resonantly pulsed jet show the presence of an inertial subrange indicating that the flow becomes fully turbulent even for mean-Reynolds-number jets that are nominally laminar. It is shown that these pulsed jet flows exhibit strong similarities to synthetic jets and that the Strouhal number, based on the maximum velocity at the fuel tube exit, is the dominant parameter for scaling these flows. The Strouhal number determines the downstream location where the coherent vortices breakdown, and is found to provide better collapse of flame length data (both current and previous) than other parameters that have

Development of a physiologically based pharmacokinetic model for inhalation of jet fuels in the rat.

Science.gov (United States)

Martin, Sheppard A; Campbell, Jerry L; Tremblay, Raphael T; Fisher, Jeffrey W

2012-01-01

The pharmacokinetic behavior of the majority of jet fuel constituents has not been previously described in the framework of a physiologically based pharmacokinetic (PBPK) model for inhalation exposure. Toxic effects have been reported in multiple organ systems, though exposure methods varied across studies, utilizing either vaporized or aerosolized fuels. The purpose of this work was to assess the pharmacokinetics of aerosolized and vaporized fuels, and develop a PBPK model capable of describing both types of exposures. To support model development, n-tetradecane and n-octane exposures were conducted at 89 mg/m(3) aerosol+vapor and 1000-5000 ppm vapor, respectively. Exposures to JP-8 and S-8 were conducted at ~900-1000 mg/m(3), and ~200 mg/m(3) to a 50:50 blend of both fuels. Sub-models were developed to assess the behavior of representative constituents and grouped unquantified constituents, termed "lumps", accounting for the remaining fuel mass. The sub-models were combined into the first PBPK model for petroleum and synthetic jet fuels. Inhalation of hydrocarbon vapors was described with simple gas-exchange assumptions for uptake and exhalation. For aerosol droplets systemic uptake occurred in the thoracic region. Visceral tissues were described using perfusion and diffusion-limited equations. The model described kinetics at multiple fuel concentrations, utilizing a chemical "lumping" strategy to estimate parameters for fractions of speciated and unspeciated hydrocarbons and gauge metabolic interactions. The model more accurately simulated aromatic and lower molecular weight (MW) n-alkanes than some higher MW chemicals. Metabolic interactions were more pronounced at high (~2700-1000 mg/m(3)) concentrations. This research represents the most detailed assessment of fuel pharmacokinetics to date.

Dynamically Hedging Oil and Currency Futures Using Receding Horizontal Control and Stochastic Programming

Science.gov (United States)

Cottrell, Paul Edward

There is a lack of research in the area of hedging future contracts, especially in illiquid or very volatile market conditions. It is important to understand the volatility of the oil and currency markets because reduced fluctuations in these markets could lead to better hedging performance. This study compared different hedging methods by using a hedging error metric, supplementing the Receding Horizontal Control and Stochastic Programming (RHCSP) method by utilizing the London Interbank Offered Rate with the Levy process. The RHCSP hedging method was investigated to determine if improved hedging error was accomplished compared to the Black-Scholes, Leland, and Whalley and Wilmott methods when applied on simulated, oil, and currency futures markets. A modified RHCSP method was also investigated to determine if this method could significantly reduce hedging error under extreme market illiquidity conditions when applied on simulated, oil, and currency futures markets. This quantitative study used chaos theory and emergence for its theoretical foundation. An experimental research method was utilized for this study with a sample size of 506 hedging errors pertaining to historical and simulation data. The historical data were from January 1, 2005 through December 31, 2012. The modified RHCSP method was found to significantly reduce hedging error for the oil and currency market futures by the use of a 2-way ANOVA with a t test and post hoc Tukey test. This study promotes positive social change by identifying better risk controls for investment portfolios and illustrating how to benefit from high volatility in markets. Economists, professional investment managers, and independent investors could benefit from the findings of this study.

Study on the quench behavior of molten fuel material jet into coolant

International Nuclear Information System (INIS)

Abe, Yutaka; Kizu, Tetsuya; Arai, Takahiro; Nariai, Hideki; Chitose, Keiko; Koyama, Kazuya

2004-01-01

In a core disruptive accident (CDA) of a Fast Breeder Reactor, the post accident heat removal (PAHR) is crucial for the accident mitigation. The molten core material should be solidified in the sodium coolant in the reactor vessel. In the present experiment, molten material jet is injected into water to experimentally obtain fragments and the visualized information of the fragmentation. The distributed particle behavior of the molten material jet is observed with high-speed video camera. The distributions of the fragmented droplet diameter from the molten material jet are evaluated by correcting the solidified particles. The experimental results of the mean fragmented droplet diameter are compared with the existing theories. Consequently, the fragmented droplet diameter is close to the value estimated based on the Kelvin-Helmholtz instability. Once the particle diameter of the fragmented molten material could be known from a hydrodynamic model, it becomes possible to estimate the mass ratio of the molten particle to the total injected mass by combining an appropriate heat transfer model. The heat transfer model used in the present study is composed of the fragmentation model based on the Kelvin-Helmholtz instability. The mass ratio of the molten fragment to total mass of the melted mixed oxide fuel in sodium coolant estimated in the present study is very small. The result means that most of the molten mixed oxide fuel material injected into the sodium coolant can be cooled down under the solidified temperature, that is so called quenched, if the amount of the coolant is sufficient. (author)

Life cycle greenhouse gas analysis of biojet fuels with a technical investigation into their impact on jet engine performance

International Nuclear Information System (INIS)

Lokesh, Kadambari; Sethi, Vishal; Nikolaidis, Theoklis; Goodger, Eric; Nalianda, Devaiah

2015-01-01

Biojet fuels have been claimed to be one of the most promising and strategic solutions to mitigate aviation emissions. This study examines the environmental competence of Bio-Synthetic Paraffinic Kerosene (Bio-SPKs) against conventional Jet-A, through development of a life cycle GHG model (ALCEmB – Assessment of Life Cycle Emissions of Biofuels) from “cradle-grave” perspective. This model precisely calculates the life cycle emissions of the advanced biofuels through a multi-disciplinary study entailing hydrocarbon chemistry, thermodynamic behaviour and fuel combustion from engine/aircraft performance, into the life cycle studies, unlike earlier studies. The aim of this study is predict the “cradle-grave” carbon intensity of Camelina SPK, Microalgae SPK and Jatropha SPK through careful estimation and inclusion of combustion based emissions, which contribute ≈70% of overall life cycle emissions (LCE). Numerical modelling and non-linear/dynamic simulation of a twin-shaft turbofan, with an appropriate airframe, was conducted to analyse the impact of alternative fuels on engine/aircraft performance. ALCEmB revealed that Camelina SPK, Microalgae SPK and Jatropha SPK delivered 70%, 58% and 64% LCE savings relative to the reference fuel, Jet-A1. The net energy ratio analysis indicates that current technology for the biofuel processing is energy efficient and technically feasible. An elaborate gas property analysis infers that the Bio-SPKs exhibit improved thermodynamic behaviour in an operational gas turbine engine. This thermodynamic effect has a positive impact on aircraft-level fuel consumption and emissions characteristics demonstrating fuel savings in the range of 3–3.8% and emission savings of 5.8–6.3% (CO 2 ) and 7.1–8.3% (LTO NOx), relative to that of Jet-A. - Highlights: • Bio-SPKs were determined to deliver “Cradle-Grave” GHG savings of 58–70%. • Bio-SPKs exhibited improved thermodynamic behaviour at integrated system level assessment

Refinery Integration of By-Products from Coal-Derived Jet Fuels

Energy Technology Data Exchange (ETDEWEB)

Caroline E. Burgess Clifford; Andre Boehman; Chunshan Song; Bruce Miller; Gareth Mitchell

2007-03-17

This report summarizes the accomplishments toward project goals during the no cost extension period of the third year of the project to assess the properties and performance of coal based products. These products are in the gasoline, diesel and fuel oil range and result from coal based jet fuel production from an Air Force funded program. Specific areas of progress include generation of coal based material that has been fractionated into the desired refinery cuts for a third round of testing, the use of a research gasoline engine to test coal-based gasoline, and modification of diesel engines for use in evaluating diesel produced in the project. At the pilot scale, the hydrotreating process was modified to separate the heavy components from the LCO and RCO fractions before hydrotreating in order to improve the performance of the catalysts in further processing. Hydrotreating and hydrogenation of the product has been completed, and due to removal of material before processing, yield of the jet fuel fraction has decreased relative to an increase in the gasoline fraction. Characterization of the gasoline fuel indicates a dominance of single ring alkylcycloalkanes that have a low octane rating; however, blends containing these compounds do not have a negative effect upon gasoline when blended in refinery gasoline streams. Characterization of the diesel fuel indicates a dominance of 3-ring aromatics that have a low cetane value; however, these compounds do not have a negative effect upon diesel when blended in refinery diesel streams. Both gasoline and diesel continue to be tested for combustion performance. The desulfurization of sulfur containing components of coal and petroleum is being studied so that effective conversion of blended coal and petroleum streams can be efficiently converted to useful refinery products. Activated carbons have proven useful to remove the heavy sulfur components, and unsupported Ni/Mo and Ni/Co catalysts have been very effective for

How fair-value accounting can influence firm hedging

OpenAIRE

Beisland, Leif Atle; Frestad, Dennis

2013-01-01

Published version of an article in the journal: Review of Derivatives Research. Also available from the publisher at: http://dx.doi.org/10.1007/s11147-012-9084-y The potential influence of accounting regulations on hedging strategies and the use of financial derivatives is a research topic that has attracted little attention in both the finance and the accounting literature. However, recent surveys suggest that company hedging can be substantially influenced by the accounting for financial...

Conversion of microalgae to jet fuel: process design and simulation.

Science.gov (United States)

Wang, Hui-Yuan; Bluck, David; Van Wie, Bernard J

2014-09-01

Microalgae's aquatic, non-edible, highly genetically modifiable nature and fast growth rate are considered ideal for biomass conversion to liquid fuels providing promise for future shortages in fossil fuels and for reducing greenhouse gas and pollutant emissions from combustion. We demonstrate adaptability of PRO/II software by simulating a microalgae photo-bio-reactor and thermolysis with fixed conversion isothermal reactors adding a heat exchanger for thermolysis. We model a cooling tower and gas floatation with zero-duty flash drums adding solids removal for floatation. Properties data are from PRO/II's thermodynamic data manager. Hydrotreating is analyzed within PRO/II's case study option, made subject to Jet B fuel constraints, and we determine an optimal 6.8% bioleum bypass ratio, 230°C hydrotreater temperature, and 20:1 bottoms to overhead distillation ratio. Process economic feasibility occurs if cheap CO2, H2O and nutrient resources are available, along with solar energy and energy from byproduct combustion, and hydrotreater H2 from product reforming. Copyright © 2014 Elsevier Ltd. All rights reserved.

Pricing and Hedging of Derivatives in Contagious Markets

DEFF Research Database (Denmark)

Kokholm, Thomas

2016-01-01

It is well documented that stock markets are contagious. A negative shock to one market increases the probability of adverse shocks to other markets. We model this contagion effect by including mutually exciting jump processes in the dynamics of the indexes' log-returns. On top of this we add...... a stochastic volatility component to the dynamics. It is important to take the contagion effect into account if derivatives written on a basket of assets are to be priced or hedged. Due to the affine model specification the joint characteristic function of the log-returns is known analytically, and for two......-asset derivatives prices and show how for certain derivatives the impact is heavy. Moreover, we derive hedge ratios for European put and call options and perform a numerical experiment, which illustrates the impact of contagious jumps on option prices and hedge ratios. Mutually exciting processes have been analyzed...

Effectiveness of narrow grass hedges in reducing atrazine runoff under different slope gradient conditions.

Science.gov (United States)

Wang, Qinghai; Li, Cui; Chen, Chao; Chen, Jie; Zheng, Ruilun; Que, Xiaoe

2018-03-01

Atrazine is frequently detected in surface runoff and poses a potential threat to the environment. Grass hedges may minimize runoff loss of atrazine from crop fields. Therefore, the effectiveness of two grass hedges (Melilotus albus and Pennisetum alopecuroides) in controlling atrazine runoff was investigated using simulated rainfall on lands at different slope gradients (15 and 20%) in northern China. Results showed that a storm (40 mm in 1 h), occurring 4 h after atrazine application, caused a loss of 3% of the applied amount. Atrazine loss under 20% slope was significantly greater than that under 15% slope in control plots. Atrazine exports associated with the water fraction accounted for the majority of total loss. Pennisetum hedges were more efficient in controlling atrazine loss with runoff compared to Melilotus hedges. No significant difference in the capacity of grass hedges to reduce atrazine exports was observed between 15 and 20% slopes. These findings suggest grass hedges are effective in minimizing atrazine runoff in northern China, and Pennisetum hedges should be preferentially used on sloping croplands in similar climatic regions.

Hydrocarbon bio-jet fuel from bioconversion of poplar biomass: techno-economic assessment.

Science.gov (United States)

Crawford, Jordan T; Shan, Chin Wei; Budsberg, Erik; Morgan, Hannah; Bura, Renata; Gustafson, Rick

2016-01-01

Infrastructure compatible hydrocarbon biofuel proposed to qualify as renewable transportation fuel under the U.S. Energy Independence and Security Act of 2007 and Renewable Fuel Standard (RFS2) is evaluated. The process uses a hybrid poplar feedstock, which undergoes dilute acid pretreatment and enzymatic hydrolysis. Sugars are fermented to acetic acid, which undergoes conversion to ethyl acetate, ethanol, ethylene, and finally a saturated hydrocarbon end product. An unfermentable lignin stream may be burned for steam and electricity production, or gasified to produce hydrogen. During biofuel production, hydrogen gas is required and may be obtained by various methods including lignin gasification. Both technical and economic aspects of the biorefinery are analyzed, with different hydrogen sources considered including steam reforming of natural gas and gasification of lignin. Cash operating costs for jet fuel production are estimated to range from 0.67 to 0.86 USD L -1 depending on facility capacity. Minimum fuel selling prices with a 15 % discount rate are estimated to range from 1.14 to 1.79 USD L -1 . Capacities of 76, 190, and 380 million liters of jet fuel per year are investigated. Capital investments range from 356 to 1026 million USD. A unique biorefinery is explored to produce a hydrocarbon biofuel with a high yield from bone dry wood of 330 L t -1 . This yield is achieved chiefly due to the use of acetogenic bacteria that do not produce carbon dioxide as a co-product during fermentation. Capital investment is significant in the biorefinery in part because hydrogen is required to produce a fully de-oxygenated fuel. Minimum selling price to achieve reasonable returns on investment is sensitive to capital financing options because of high capital costs. Various strategies, such as producing alternative, intermediate products, are investigated with the intent to reduce risk in building the proposed facility. It appears that producing and selling these

EXHALED HUMAN BREATH MEASUREMENT OF JET FUEL CONSTITUENTS: DISTINGUISHING BETWEEN INHALATION AND DERMAL EXPOSURE ROUTES

Science.gov (United States)

In response to anecdotal reports, perceived health issues, and widespread complaints, the U.S. military launched an investigation into the occupational and environmental human exposure to jet fuel. The work described in the presentation assesses the correlation between two breat...

Fabrication of CNT Dispersion Fluid by Wet-Jet Milling Method for Coating on Bipolar Plate of Fuel Cell

Directory of Open Access Journals (Sweden)

Anas Almowarai

2015-01-01

Full Text Available Water based carbon nanotube (CNT dispersion was produced by wet-jet milling method. Commercial CNT was originally agglomerated at the particle size of less than 1 mm. The wet-jet milling process exfoliated CNTs from the agglomerates and dispersed them into water. Sedimentation of the CNTs in the dispersion fluid was not observed for more than a month. The produced CNT dispersion was characterized by the SEM and the viscometer. CNT/PTFE composite film was formed with the CNT dispersion in this study. The electrical conductivity of the composite film increased to 10 times when the CNT dispersion, which was produced by the wet-jet milling method, was used as a constituent of the film. Moreover, the composite film was applied to bipolar plate of fuel cell and increased the output power of the fuel cell to 1.3 times.

Highwaymen or heroes: should hedge funds be regulated?

OpenAIRE

Jon Danielsson; Ashley Taylor; Jean-Pierre Zigrand

2004-01-01

The exponential growth of hedge funds, their role in financial crises in the 1990s, and examples of fraudulent behaviour have precipitated a heated debate over their regulatory status. The existing approaches of greater disclosure and activity restrictions appear too blunt to be effective and may stifle the benefits hedge funds can bring to the financial system. But, even the remote possibility of a systemic crisis weighs against no regulation. If reform is delayed until after a crisis it is ...

Small-scale reforming of diesel and jet fuels to make hydrogen and syngas for fuel cells: A review

International Nuclear Information System (INIS)

Xu, Xinhai; Li, Peiwen; Shen, Yuesong

2013-01-01

Highlights: • Issues of reforming of heavy hydrocarbon fuels are reviewed. • The advantages of autothermal reforming over other types of reforming are discussed. • The causes and solutions of the major problems for reforming reactors are studied. • Designs and startup strategies for autothermal reforming reactors are proposed. - Abstract: This paper reviews the technological features and challenges of autothermal reforming (ATR) of heavy hydrocarbon fuels for producing hydrogen and syngas onboard to supply fuels to fuel cells for auxiliary power units. A brief introduction at the beginning enumerates the advantages of using heavy hydrocarbon fuels onboard to provide hydrogen or syngas for fuel cells such as solid oxide fuel cells (SOFCs). A detailed review of the reforming and processing technologies of diesel and jet fuels is then presented. The advantages of ATR over steam reforming (SR) and partial oxidation reforming (POX) are summarized, and the ATR reaction is analyzed from a thermodynamic point of view. The causes and possible solutions to the major problems existing in ATR reactors, including hot spots, formation of coke, and inhomogeneous mixing of fuel, steam, and air, are reviewed and studied. Designs of ATR reactors are discussed, and three different reactors, one with a fixed bed, one with monoliths, and one with microchannels are investigated. Novel ideas for design and startup strategies for ATR reactors are proposed at the end of the review

Hedging strategies for petroleum companies; Estrategias de hedging para empresas de petroleo

Energy Technology Data Exchange (ETDEWEB)

Cohen, Joaquim Dib [PETROBRAS, Rio de Janeiro, RJ (Brazil)

2004-07-01

The prices of crude oil and products in the international market are becoming more and more volatile putting in risk the investment plans of the Oil Companies, their commercial revenues and even their survival. From 1983, with the launch of the WTI crude contract at the New York Mercantile Exchange (NYMEX), the market for derivatives had been growing at very high rate, letting the Companies to use it in order to protect their positions (hedging) and minimizing their business exposure to price risk. The Over the Counter (OTC) market, leaded by Financial Institutions, together with the exchange, are bringing a sort of different strategies to allow producers to protect their portfolios against an adverse move of the market, traders and refiners can, also, fix their margins and guarantee their profitability and, finally, end users are entitle to freeze their feedstock and keep their market competitiveness. Thus, producers, refiners, traders and end users of petroleum and products, have more and more take advantage of the use of derivatives to make their business foreseeable and profitable choosing the risk level they want to take by using a combination of market derivative hedging strategies as shown in this paper. (author)

Minimal variance hedging of natural gas derivatives in exponential Lévy models: Theory and empirical performance

International Nuclear Information System (INIS)

Ewald, Christian-Oliver; Nawar, Roy; Siu, Tak Kuen

2013-01-01

We consider the problem of hedging European options written on natural gas futures, in a market where prices of traded assets exhibit jumps, by trading in the underlying asset. We provide a general expression for the hedging strategy which minimizes the variance of the terminal hedging error, in terms of stochastic integral representations of the payoffs of the options involved. This formula is then applied to compute hedge ratios for common options in various models with jumps, leading to easily computable expressions. As a benchmark we take the standard Black–Scholes and Merton delta hedges. We show that in natural gas option markets minimal variance hedging with underlying consistently outperform the benchmarks by quite a margin. - Highlights: ► We derive hedging strategies for European type options written on natural gas futures. ► These are tested empirically using Henry Hub natural gas futures and options data. ► We find that our hedges systematically outperform classical benchmarks

Inerting Aircraft Fuel Systems Using Exhaust Gases

Science.gov (United States)

Hehemann, David G.

2002-01-01

Our purpose in this proposal was to determine the feasibility of using carbon dioxide, possibly obtained from aircraft exhaust gases as a substance to inert the fuel contained in fuel tanks aboard aircraft. To do this, we decided to look at the effects carbon dioxide has upon commercial Jet-A aircraft fuel. In particular, we looked at the solubility of CO2 in Jet-A fuel, the pumpability of CO2-saturated Jet-A fuel, the flashpoint of Jet-A fuel under various mixtures of air and CO2, the static outgassing of CO2-Saturated Jet-A fuel and the dynamic outgassing of Jet-A fuel during pumping of Jet-A fuel.

Refinery Integration of By-Products from Coal-Derived Jet Fuels

Energy Technology Data Exchange (ETDEWEB)

Caroline E. Burgess Clifford; Andre Boehman; Chunshan Song; Bruce Miller; Gareth Mitchell

2006-05-17

This report summarizes the accomplishments toward project goals during the first six months of the third year of the project to assess the properties and performance of coal based products. These products are in the gasoline, diesel and fuel oil range and result from coal based jet fuel production from an Air Force funded program. Specific areas of progress include generation of coal based material that has been fractionated into the desired refinery cuts, acquisition and installation of a research gasoline engine, and modification of diesel engines for use in evaluating diesel produced in the project. Characterization of the gasoline fuel indicates a dominance of single ring alkylcycloalkanes that have a low octane rating; however, blends containing these compounds do not have a negative effect upon gasoline when blended in refinery gasoline streams. Characterization of the diesel fuel indicates a dominance of 3-ring aromatics that have a low cetane value; however, these compounds do not have a negative effect upon diesel when blended in refinery diesel streams. The desulfurization of sulfur containing components of coal and petroleum is being studied so that effective conversion of blended coal and petroleum streams can be efficiently converted to useful refinery products. Equipment is now in place to begin fuel oil evaluations to assess the quality of coal based fuel oil. Combustion and characterization of fuel oil indicates that the fuel is somewhere in between a No. 4 and a No. 6 fuel oil. Emission testing indicates the fuel burns similarly to these two fuels, but trace metals for the coal-based material are different than petroleum-based fuel oils. Co-coking studies using cleaned coal are highly reproducible in the pilot-scale delayed coker. Evaluation of the coke by Alcoa, Inc. indicated that while the coke produced is of very good quality, the metals content of the carbon is still high in iron and silica. Coke is being evaluated for other possible uses

Hedging effectiveness and volatility models for crude oil market: a dynamic approach; Modelos de volatilidade e a efetividade do hedge no mercado de petroleo: um abordagem dinamica

Energy Technology Data Exchange (ETDEWEB)

Salles, Andre Assis de [Universidade Federal do Rio de Janeiro (UFRJ), RJ (Brazil)

2012-07-01

The hedge strategies allow negotiators that have short and long positions in the market protection against price fluctuations. This paper examines the performance of bivariate volatility models for the crude oil spot and future returns of the Western Texas Intermediate - WTI type barrel prices. Besides the volatility of spot and future crude oil barrel returns time series, the hedge ratio strategy is examined through the hedge effectiveness. Thus this study shows hedge strategies built using methodologies applied in the variance modeling of returns of crude oil prices in the spot and future markets, and covariance between these two market returns, which correspond to the inputs of the hedge strategy shown in this work. From the studied models the bivariate GARCH in a Diagonal VECH and BEKK representations was chosen, using three different models for the mean: a bivariate autoregressive, a vector autoregressive and a vector error correction. The methodologies used here take into consideration the denial of assumptions of homoscedasticity and normality for the return distributions. The data used is logarithm returns of daily prices quoted in dollars per barrel from November 2008 to May 2010 for spot and future contracts, in particular the June contract. (author)

18 CFR 367.2450 - Account 245, Derivative instrument liabilities-Hedges

Science.gov (United States)

2010-04-01

..., Derivative instrument liabilities—Hedges (a) This account must include the change in the fair value of... service company must record the change in the fair value of a derivative instrument liability related to a... change in the fair value of a derivative instrument liability related to a fair value hedge in this...

Partial oxidation of jet fuels over Rh/Al_2O_3. Design and reaction kinetics of sulfur-containing surrogates

International Nuclear Information System (INIS)

Baer, Julian Nicolaas

2016-01-01

The conversion of logistic fuels via catalytic partial oxidation (CPOX) on Rh/Al_2O_3 at short contact times is an efficient method for generating hydrogen-rich synthesis gas. Depending on the inlet conditions, fuel, and catalyst, high syngas yields, low by-product formation, and rates of high fuel conversion can be achieved. CPOX is relevant for mobile hydrogen generation, e.g., on board of airplanes in order to increase the fuel efficiency via fuel cell-based auxiliary power units. Jet fuels contain hundreds of different hydrocarbons and a significant amount of sulfur. The hydrocarbon composition and sulfur content of a jet fuel vary depending on distributor, origin, and refinement of the crude oil. Little is known about the influence of the various compounds on the synthesis-gas yield and the impact of sulfur on the product yield. In this work, the influence of three main chemical compounds of a jet fuel (aromatics, alkanes, and sulfur compounds) on syngas selectivity, the catalyst deactivation process, and reaction sequence is unraveled. As representative components of alkanes and aromatics, n-dodecane and 1,2,4-trimethylbenzene were chosen for ex-situ and in-situ investigations on the CPOX over Rh/Al_2O_3, respectively. Additionally, for a fixed paraffin-to-aromatics ratio, benzothiophene or dibenzothiophene were added as a sulfur component in three different concentrations. The knowledge gained about the catalytic partial oxidation of jet fuels and their surrogates is used to identify requirements for jet fuels in mobile applications based on CPOX and to optimize the overall system efficiency. The results show an influence of the surrogate composition on syngas selectivity. The tendency for syngas formation increases with higher paraffin contents. A growing tendency for by-product formation can be observed with increasing aromatics contents in the fuel. The impact of sulfur on the reaction system shows an immediate change in the product distribution. An

Hedging Rules for Water Supply Reservoir Based on the Model of Simulation and Optimization

Directory of Open Access Journals (Sweden)

Yi Ji

2016-06-01

Full Text Available This study proposes a hedging rule model which is composed of a two-period reservior operation model considering the damage depth and hedging rule parameter optimization model. The former solves hedging rules based on a given poriod’s water supply weighting factor and carryover storage target, while the latter optimization model is used to optimize the weighting factor and carryover storage target based on the hedging rules. The coupling model gives the optimal poriod’s water supply weighting factor and carryover storage target to guide release. The conclusions achieved from this study as follows: (1 the water supply weighting factor and carryover storage target have a direct impact on the three elements of the hedging rule; (2 parameters can guide reservoirs to supply water reasonably after optimization of the simulation and optimization model; and (3 in order to verify the utility of the hedging rule, the Heiquan reservoir is used as a case study and particle swarm optimization algorithm with a simulation model is adopted for optimizing the parameter. The results show that the proposed hedging rule can improve the operation performances of the water supply reservoir.

Risk Management Framework for Hedge Funds: Role of Funding and Redemption Options on Leverage

OpenAIRE

Dai, John; Sundaresan, Suresh

2009-01-01

We develop a model of hedge fund returns, which reflect the contractual relationships between a hedge fund, its investors and its prime brokers. These relationships are modelled as short option positions held by the hedge fund, wherein the “funding option” reflects the short option position with prime brokers and the “redemption option” reflects the short option position with the investors. Given an alpha producing human capital, the hedge fund’s ability to deploy leverage to magnify its alph...

Review of Biojet Fuel Conversion Technologies

Energy Technology Data Exchange (ETDEWEB)

Wang, Wei-Cheng [National Renewable Energy Lab. (NREL), Golden, CO (United States); Tao, Ling [National Renewable Energy Lab. (NREL), Golden, CO (United States); Markham, Jennifer [National Renewable Energy Lab. (NREL), Golden, CO (United States); Zhang, Yanan [National Renewable Energy Lab. (NREL), Golden, CO (United States); Tan, Eric [National Renewable Energy Lab. (NREL), Golden, CO (United States); Batan, Liaw [National Renewable Energy Lab. (NREL), Golden, CO (United States); Warner, Ethan [National Renewable Energy Lab. (NREL), Golden, CO (United States); Biddy, Mary [National Renewable Energy Lab. (NREL), Golden, CO (United States)

2016-07-01

Biomass-derived jet (biojet) fuel has become a key element in the aviation industry’s strategy to reduce operating costs and environmental impacts. Researchers from the oil-refining industry, the aviation industry, government, biofuel companies, agricultural organizations, and academia are working toward developing commercially viable and sustainable processes that produce long-lasting renewable jet fuels with low production costs and low greenhouse gas emissions. Additionally, jet fuels must meet ASTM International specifications and potentially be a 100% drop-in replacement for the current petroleum jet fuel. The combustion characteristics and engine tests demonstrate the benefits of running the aviation gas turbine with biojet fuels. In this study, the current technologies for producing renewable jet fuels, categorized by alcohols-to-jet, oil-to-jet, syngas-to-jet, and sugar-to-jet pathways, are reviewed. The main challenges for each technology pathway, including feedstock availability, conceptual process design, process economics, life-cycle assessment of greenhouse gas emissions, and commercial readiness, are discussed. Although the feedstock price and availability and energy intensity of the process are significant barriers, biomass-derived jet fuel has the potential to replace a significant portion of conventional jet fuel required to meet commercial and military demand.

Characterization of a nose-only inhalation exposure system for hydrocarbon mixtures and jet fuels.

Science.gov (United States)

Martin, Sheppard A; Tremblay, Raphael T; Brunson, Kristyn F; Kendrick, Christine; Fisher, Jeffrey W

2010-04-01

A directed-flow nose-only inhalation exposure system was constructed to support development of physiologically based pharmacokinetic (PBPK) models for complex hydrocarbon mixtures, such as jet fuels. Due to the complex nature of the aerosol and vapor-phase hydrocarbon exposures, care was taken to investigate the chamber hydrocarbon stability, vapor and aerosol droplet compositions, and droplet size distribution. Two-generation systems for aerosolizing fuel and hydrocarbons were compared and characterized for use with either jet fuels or a simple mixture of eight hydrocarbons. Total hydrocarbon concentration was monitored via online gas chromatography (GC). Aerosol/vapor (A/V) ratios, and total and individual hydrocarbon concentrations, were determined using adsorbent tubes analyzed by thermal desorption-gas chromatography-mass spectrometry (TDS-GC-MS). Droplet size distribution was assessed via seven-stage cascade impactor. Droplet mass median aerodynamic diameter (MMAD) was between 1 and 3 mum, depending on the generator and mixture utilized. A/V hydrocarbon concentrations ranged from approximately 200 to 1300 mg/m(3), with between 20% and 80% aerosol content, depending on the mixture. The aerosolized hydrocarbon mixtures remained stable during the 4-h exposure periods, with coefficients of variation (CV) of less than 10% for the total hydrocarbon concentrations. There was greater variability in the measurement of individual hydrocarbons in the A-V phase. In conclusion, modern analytical chemistry instruments allow for improved descriptions of inhalation exposures of rodents to aerosolized fuel.

Hedge math: Theoretical limits on minimum stockpile size across nuclear hedging strategies

Energy Technology Data Exchange (ETDEWEB)

Lafleur, Jarret Marshall [Sandia National Lab. (SNL-CA), Livermore, CA (United States); Roesler, Alexander W. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

2016-09-01

In June 2013, the Department of Defense published a congressionally mandated, unclassified update on the U.S. Nuclear Employment Strategy. Among the many updates in this document are three key ground rules for guiding the sizing of the non-deployed U.S. nuclear stockpile. Furthermore, these ground rules form an important and objective set of criteria against which potential future stockpile hedging strategies can be evaluated.

Inhalation exposure to jet fuel (JP8) among U.S. Air Force personnel.

Science.gov (United States)

Smith, Kristen W; Proctor, Susan P; Ozonoff, Al; McClean, Michael D

2010-10-01

As jet fuel is a common occupational exposure among military and civilian populations, this study was conducted to characterize jet fuel (JP8) exposure among active duty U.S. Air Force personnel. Personnel (n = 24) were divided a priori into high, moderate, and low exposure groups. Questionnaires and personal air samples (breathing zone) were collected from each worker over 3 consecutive days (72 worker-days) and analyzed for total hydrocarbons (THC), benzene, toluene, ethylbenzene, xylenes, and naphthalene. Air samples were collected from inside the fuel tank and analyzed for the same analytes. Linear mixed-effects models were used to evaluate the exposure data. Our results show that the correlation of THC (a measure of overall JP8 inhalation exposure) with all other analytes was moderate to strong in the a priori high and moderate exposure groups combined. Inhalation exposure to all analytes varied significantly by self-reported JP8 exposure (THC levels higher among workers reporting JP8 exposure), a priori exposure group (THC levels in high group > moderate group > low group), and more specific job task groupings (THC levels among workers in fuel systems hangar group > refueling maintenance group > fuel systems office group > fuel handling group > clinic group), with task groupings explaining the most between-worker variability. Among highly exposed workers, statistically significant job task-related predictors of inhalation exposure to THC indicated that increased time in the hangar, working close to the fuel tank (inside > less than 25 ft > greater than 25 ft), primary job (entrant > attendant/runner/fireguard > outside hangar), and performing various tasks near the fuel tank, such as searching for a leak, resulted in higher JP8 exposure. This study shows that while a priori exposure groups were useful in distinguishing JP8 exposure levels, job task-based categories should be considered in epidemiologic study designs to improve exposure classification. Finally

Electricity market pricing, risk hedging and modeling

Science.gov (United States)

Cheng, Xu

In this dissertation, we investigate the pricing, price risk hedging/arbitrage, and simplified system modeling for a centralized LMP-based electricity market. In an LMP-based market model, the full AC power flow model and the DC power flow model are most widely used to represent the transmission system. We investigate the differences of dispatching results, congestion pattern, and LMPs for the two power flow models. An appropriate LMP decomposition scheme to quantify the marginal costs of the congestion and real power losses is critical for the implementation of financial risk hedging markets. However, the traditional LMP decomposition heavily depends on the slack bus selection. In this dissertation we propose a slack-independent scheme to break LMP down into energy, congestion, and marginal loss components by analyzing the actual marginal cost of each bus at the optimal solution point. The physical and economic meanings of the marginal effect at each bus provide accurate price information for both congestion and losses, and thus the slack-dependency of the traditional scheme is eliminated. With electricity priced at the margin instead of the average value, the market operator typically collects more revenue from power sellers than that paid to power buyers. According to the LMP decomposition results, the revenue surplus is then divided into two parts: congestion charge surplus and marginal loss revenue surplus. We apply the LMP decomposition results to the financial tools, such as financial transmission right (FTR) and loss hedging right (LHR), which have been introduced to hedge against price risks associated to congestion and losses, to construct a full price risk hedging portfolio. The two-settlement market structure and the introduction of financial tools inevitably create market manipulation opportunities. We investigate several possible market manipulation behaviors by virtual bidding and propose a market monitor approach to identify and quantify such

Biodegradation of Jet Fuel-4 (JP-4) in Sequencing Batch Reactors

Science.gov (United States)

1992-06-01

nalw~eo %CUMENTATION PAGE__ _ _ _ _ _ _ _ _O 74S Ab -A258 020 L AW POi~W6 DATI .~ TYP AIMqm ,-& 0 U. glbs A~ I ma"&LFUN Mu BIODEGRADATION OF JET FUEL...Specific Objectives of This Proposal Are: 1. To assess the ability of C. resinae , P. chrysosporium and selected bacterial consortia to degrade individual...chemical components of JP-4. 2. To develop a sequencing batch reactor that utilizes C. resinae to degrade chemical components of JP-4 in contaminated

A risk hedging strategy under the nonparallel-shift yield curve

Science.gov (United States)

Gong, Pu; He, Xubiao

2005-08-01

Under the assumption of the movement of rigid, a nonparallel-shift model in the term structure of interest rates is developed by introducing Fisher & Weil duration which is a well-known concept in the area of interest risk management. This paper has studied the hedge and replication for portfolio immunization to minimize the risk exposure. Throughout the experiment of numerical simulation, the risk exposures of the portfolio under the different risk hedging strategies are quantitatively evaluated by the method of value at risk (VaR) order statistics (OS) estimation. The results show that the risk hedging strategy proposed in this paper is very effective for the interest risk management of the default-free bond.

MEANING-MAKING OF HEDGES IN THE GOSSIP COLUMN OF THE JAKARTA POST

Directory of Open Access Journals (Sweden)

Uswatun Hasanah

2016-01-01

Full Text Available The present study investigates the use of hedges (vague language as the meaning-making practice in the gossip column of the Jakarta Post. The daily newspaper is chosen due to pragmatic purposes, accessibility, and its national coverage. Adapting the framework of Lakoff (1973, Holmes (1990 and Hyland (1996a-b, this study focuses on the hedges’ functions and meanings in a gossip column (informal context, apart from an academic discourse (formal context in which hedges are frequently discussed. This possibly leads to the diverse functions and meanings of the hedges’ occurrences within the discourse: through the employment of ‘epistemic modal’ (the expression of uncertainty and ‘affective’ (the expression of solidarity function. Further, the mostly-found hedges are the epistemic modal ‘about’ (five times and the affective modal ‘think’ (four times from six hedge categories. Eventually, it is also revealed that hedges used in the gossip column are to enhance the self-image and trend-setting identity of the celebrities, who indeed are involved in the discourse.

Spontaneous ignition in afterburner segment tests at an inlet temperature of 1240 K and a pressure of 1 atmosphere with ASTM jet-A fuel

Science.gov (United States)

Schultz, D. F.; Branstetter, J. R.

1973-01-01

A brief testing program was undertaken to determine if spontaneous ignition and stable combustion could be obtained in a jet engine afterburning operating with an inlet temperature of 1240 K and a pressure of 1 atmosphere with ASTM Jet-A fuel. Spontaneous ignition with 100-percent combustion efficiency and stable burning was obtained using water-cooled fuel spraybars as flameholders.

Delayed bet-hedging resilience strategies under environmental fluctuations

Science.gov (United States)

Ogura, Masaki; Wakaiki, Masashi; Rubin, Harvey; Preciado, Victor M.

2017-05-01

Many biological populations, such as bacterial colonies, have developed through evolution a protection mechanism, called bet hedging, to increase their probability of survival under stressful environmental fluctuation. In this context, the concept of preadaptation refers to a common type of bet-hedging protection strategy in which a relatively small number of individuals in a population stochastically switch their phenotypes to a dormant metabolic state in which they increase their probability of survival against potential environmental shocks. Hence, if an environmental shock took place at some point in time, preadapted organisms would be better adapted to survive and proliferate once the shock is over. In many biological populations, the mechanisms of preadaptation and proliferation present delays whose influence in the fitness of the population are not well understood. In this paper, we propose a rigorous mathematical framework to analyze the role of delays in both preadaptation and proliferation mechanisms in the survival of biological populations, with an emphasis on bacterial colonies. Our theoretical framework allows us to analytically quantify the average growth rate of a bet-hedging bacterial colony with stochastically delayed reactions with arbitrary precision. We verify the accuracy of the proposed method by numerical simulations and conclude that the growth rate of a bet-hedging population shows a nontrivial dependency on their preadaptation and proliferation delays. Contrary to the current belief, our results show that faster reactions do not, in general, increase the overall fitness of a biological population.

Survival, Look-Ahead Bias and the Persistence in Hedge Fund Performance

NARCIS (Netherlands)

G. Baquero; J.R. ter Horst (Jenke); M.J.C.M. Verbeek (Marno)

2005-01-01

textabstractWe analyze the performance persistence in hedge funds taking into account look-ahead bias (multi-period sampling bias). We model liquidation of hedge funds by analyzing how it depends upon historical performance. Next, we use a weighting procedure that eliminates look-ahead bias in

Hedge Funds and Risk-Decoupling

DEFF Research Database (Denmark)

Ringe, Wolf-Georg

Negative risk-decoupling, otherwise known as empty voting, is a popular strategy amongst hedge funds and other activist investors. In short, it is the attempt to decouple the economic risk from the share’s ownership position, retaining in particular the voting right without risk. This paper uses ...

Study of fuel powder formation in reactive coaxial jets; Etude de la formation de poudre dans des jets coaxiaux reactifs

Energy Technology Data Exchange (ETDEWEB)

Ablitzer, C

1999-11-09

One step of the conversion of gaseous UF{sub 6} to solid UO{sub 2} by dry route is the formation of particles of UO{sub 2}F{sub 2} in a triple coaxial jet UF{sub 6}/N{sub 2}/H{sub 2}O. The characteristics of resulting powder have an influence on the properties of final particles of UO{sub 2}, and then on the quality of pellets of nuclear fuel. So a good control of this step of the process is of interest. This study deals with an experimental investigation and modelling of the influence of various parameters on particles obtained by reaction in a turbulent coaxial jet. For example, the influence of absolute and relative velocities of gases on particle size distributions has been investigated. Two kinds of experimental studies have been undertaken. First, the development of mixing layers in the near field of the jet has been evaluated with temperature measurements. Then, particle size distributions have been measured with e turbidimetric sensor, for particles obtained by hydrolysis of gaseous metallic chlorides (SnCl{sub 4}, TiCl{sub 4}) in double and triple coaxial jets. A model has been proposed for mixing of gases and growth of particles. It takes into account the development of mixing layers, meso-mixing, micro-mixing and growth of particles through agglomeration. The influence of operating parameters, especially velocities, on experimental results appear to be different for TiCl{sub 4}/H{sub 2}O jets and SnCl{sub 4}/H{sub 2}O jets. In fact, a comparison of theoretical and experimental results shows that particles obtained by hydrolysis of TiCl{sub 4} seem to grow mainly through agglomeration whereas another growth phenomenon may be involved for particles obtained by hydrolysis of SnCl{sub 4}. (authors)

It Only Takes a Few Moments to Hedge

DEFF Research Database (Denmark)

Barletta, Andrea; Santucci de Magistris, Paolo; Pedersen, David Sloth

Traders hedge the risks carried by options and other securities using the so-called Greeks, with the delta and the vega being the most prominent. In this paper, we propose a novel non-structural method for hedging European options, relying on two model-independent results: First, under suitable...... in variance swap contracts or, indirectly, through an ATM call option. While both strategies ensure effective immunization in periods of market turmoil, taking direct exposure on volatility might not be optimal during extended periods of subdued market volatility. We argue that this result is related...

Crystallization: the hidden dimension of Hedge funds' fee structure

OpenAIRE

Elaut, Gert; Frömmel, Michael; Sjödin, John

2014-01-01

We investigate the implications of variations in the frequency with which hedge fund managers update their high-water mark on fees paid by investors. We first document the crystallization frequencies used by Commodity Trading Advisors (CTAs) and then perform simulations and a bootstrap analysis. We find a statistically and economically significant effect of the crystallization frequency on the total fee load. Hedge funds' total fee load increases significantly as the crystallization frequency...

Hedging Yield with Weather Derivatives: A Role for Options

OpenAIRE

Manfredo, Mark R.; Richards, Timothy J.

2005-01-01

While there are few risk management alternatives available to specialty crop growers, weather derivatives provide an important advancement. As with the use of any derivatives contract, the behavior of the basis will ultimately determine the net-hedged outcome. However, when using weather derivatives to hedge yield risks for specialty crops, growers face a unique form of basis risk because weather (temperature) and yield are nonlinearly related. Using the forecast encompassing principle, this ...

Robust facility location: Hedging against failures

International Nuclear Information System (INIS)

Hernandez, Ivan; Emmanuel Ramirez-Marquez, Jose; Rainwater, Chase; Pohl, Edward; Medal, Hugh

2014-01-01

While few companies would be willing to sacrifice day-to-day operations to hedge against disruptions, designing for robustness can yield solutions that perform well before and after failures have occurred. Through a multi-objective optimization approach this paper provides decision makers the option to trade-off total weighted distance before and after disruptions in the Facility Location Problem. Additionally, this approach allows decision makers to understand the impact on the opening of facilities on total distance and on system robustness (considering the system as the set of located facilities). This approach differs from previous studies in that hedging against failures is done without having to elicit facility failure probabilities concurrently without requiring the allocation of additional hardening/protections resources. The approach is applied to two datasets from the literature

Risk preference, option pricing and portfolio hedging with proportional transaction costs

International Nuclear Information System (INIS)

Wang, Xiao-Tian; Li, Zhe; Zhuang, Le

2017-01-01

Highlights: • Scaling is a key factor in option pricing. • The model is theoretically analyzed and the results are new. • Some numerical examples are performed. • The implied-volatility-frown is affected by the risk preference and scaling. - Abstract: This paper is concerned in the option pricing and portfolio hedging in a discrete time case with the proportional transaction costs. Through the Monte Carlo simulations it has been shown that the fractal scaling and risk preference of traders have an important influence on the hedging performances in both option pricing and portfolio hedging in a discrete time case. In addition, the relation between preference of traders and implied volatility frown is discussed. We conclude that the risk preferences of traders play an important role in determining the shape of the implied-volatility-frown and the different options having the different hedging frequencies is another reason for the implied volatility frown.

Gas Storage Valuation and Hedging: A Quantification of Model Risk

Directory of Open Access Journals (Sweden)

Patrick Hénaff

2018-03-01

Full Text Available This paper focuses on the valuation and hedging of gas storage facilities, using a spot-based valuation framework coupled with a financial hedging strategy implemented with futures contracts. The contributions of this paper are two-fold. Firstly, we propose a model that unifies the dynamics of the futures curve and spot price, and accounts for the main stylized facts of the US natural gas market such as seasonality and the presence of price spikes in the spot market. Secondly, we evaluate the associated model risk, and show not only that the valuation is strongly dependent upon the dynamics of the spot price, but more importantly that the hedging strategy commonly used in the industry leaves the storage operator with significant residual price risk.

First stage of bio-jet fuel production: non-food sunflower oil extraction using cold press method

Directory of Open Access Journals (Sweden)

Xianhui Zhao

2014-06-01

Full Text Available As a result of concerning petroleum price increasing and environmental impact, more attention is attracted to renewable resources for transportation fuels. Because not conflict with human and animal food resources, non-food vegetable oils are promising sources for developing bio-jet fuels. Extracting vegetable oil from oilseeds is the first critical step in the pathway of bio-jet fuel production. When sunflower seeds are de-hulled, there are always about 5%–15% broken seed kernels (fine meat particles left over as residual wastes with oil content up to 48%. However, the oil extracted from these sunflower seed residues is non-edible due to its quality not meeting food standards. Genetically modified sunflower grown on margin lands has been identified one of sustainable biofuel sources since it doesn't compete to arable land uses. Sunflower oils extraction from non-food sunflower seeds, sunflower meats, and fine sunflower meats (seed de-hulling residue was carried out using a cold press method in this study. Characterization of the sunflower oils produced was performed. The effect of cold press rotary frequency on oil recovery and quality was discussed. The results show that higher oil recovery was obtained at lower rotary frequencies. The highest oil recovery for sunflower seeds, sunflower meats, and fine sunflower meats in the tests were 75.67%, 89.74% and 83.19% respectively. The cold press operating conditions had minor influence on the sunflower oil quality. Sunflower meat oils produced at 15 Hz were preliminarily upgraded and distilled. The properties of the upgraded sunflower oils were improved. Though further study is needed for the improvement of processing cost and oil recovery, cold press has shown promising to extract oil from non-food sunflower seeds for future bio-jet fuel production.

Bet-hedging applications for conservation

Indian Academy of Sciences (India)

One of the early tenets of conservation biology is that population viability is enhanced by maintaining multiple populations of a species. The strength of this tenet is justified by principles of bet-hedging. Management strategies that reduce variance in population size will also reduce risk of extinction. Asynchrony in population ...

Refining and blending of aviation turbine fuels.

Science.gov (United States)

White, R D

1999-02-01

Aviation turbine fuels (jet fuels) are similar to other petroleum products that have a boiling range of approximately 300F to 550F. Kerosene and No.1 grades of fuel oil, diesel fuel, and gas turbine oil share many similar physical and chemical properties with jet fuel. The similarity among these products should allow toxicology data on one material to be extrapolated to the others. Refineries in the USA manufacture jet fuel to meet industry standard specifications. Civilian aircraft primarily use Jet A or Jet A-1 fuel as defined by ASTM D 1655. Military aircraft use JP-5 or JP-8 fuel as defined by MIL-T-5624R or MIL-T-83133D respectively. The freezing point and flash point are the principle differences between the finished fuels. Common refinery processes that produce jet fuel include distillation, caustic treatment, hydrotreating, and hydrocracking. Each of these refining processes may be the final step to produce jet fuel. Sometimes blending of two or more of these refinery process streams are needed to produce jet fuel that meets the desired specifications. Chemical additives allowed for use in jet fuel are also defined in the product specifications. In many cases, the customer rather than the refinery will put additives into the fuel to meet their specific storage or flight condition requirements.

Hedging against terrorism: Are US businesses prepared?

Science.gov (United States)

Kahan, Jerome H

2015-01-01

Private US companies face risks in connection with financial matters, but are not necessarily prepared to cope with risks that can seriously disrupt or even halt their operations, notably terrorist attacks and natural disasters. Enhancing the resilience of businesses when dealing with terrorism is especially challenging, as these groups or individuals can adapt tactics to exploit the vulnerabilities of companies they wish to target. Business managers need to formulate flexible preparedness plans that reduce risks from large-scale natural disasters as well as terrorist attacks. In doing so, they can take advantage of post-9/11 US government guidance for these endeavours as well as programmes that eliminate risks to private insurance entities so they can issue policies that cover terrorist strikes of high consequences. Just as business executives use hedging strategies in the world of finance, they also need operational hedging strategies as a means of exploiting as well as lowering the risks surrounding future uncertainties. Resources devoted to planning and hedging are investments that can increase the odds of businesses surviving and thriving, even if they experience high-impact terrorist attacks, threats or large-scale natural disasters, making suppliers, customers and stakeholders happy. The purpose of this paper is to give executives the incentive to take steps to do just that.

Speculative and hedging activities in the European carbon market

International Nuclear Information System (INIS)

Lucia, Julio J.; Mansanet-Bataller, Maria; Pardo, Ángel

2015-01-01

We explore the dynamics of the speculative and hedging activities in European futures carbon markets by using volume and open interest data. A comparison of the three phases in the European Union Emission Trading Scheme (EU ETS) reveals that (i) Phase II of the EU ETS seems to be the most speculative phase to date and (ii) the highest degree of speculative activity for every single phase occurs at the moment of listing the contracts for the first time. A seasonality analysis identifies a higher level of speculation in the first quarter of each year, related to the schedule of deadlines of the EU ETS. In addition, a time series analysis confirms that most of the speculative activity each year occurs in the front contract, whereas the hedging demand concentrates in the second-to-deliver futures contract. -- Highlights: •This study explores the evolution of speculative and hedging activities in futures carbon markets by using volume and open interest data. •Phase II of the EU ETS seems to be the most speculative phase to date. •A seasonality analysis identifies a higher level of speculation in the first quarter of each year. •Most of the speculative activity occurs in the front contract. •The hedging demand concentrates in the second-to-deliver futures contract

Effects of JP-8 Jet Fuel on Homeostasis of Clone 9 Rat Liver Cells

Science.gov (United States)

Wilson, C. L.; Barhoumi, R.; Burghardt, R.; Miladi, A.; Jung, A.

2000-01-01

Chronic exposure to JP-8 and other kerosene-based petroleum distillates has been associated with hepatic, renal, neurologic, pulmonary, and immune toxicity. However, the effects of kerosene-type jet fuels on cellular homeostasis hitherto have not been reported. Fluorescence imaging using a Meridian Ultima laser scanning fluorescence microscope was used to evaluate the effect of JP-8 jet fuel on a communication competent rat liver cell line. Several endpoints of cellular function were measured including gap junctional intercellular communication (GJIC), mitochondrial and plasma membrane potential (MMP and PMP, respectively), intracellular glutathione (GSH) concentration, glutathione-S-transferase (GST) activity, and reactive oxygen species (ROS) generation. Cells were treated with JP-8 (0.01 to 2% in ethanol (EtOH)) for the following time points: 1 h, 24 h, 48 h, and analysis immediately after addition of jet fuel. GJIC analyzed directly after addition of 1% JP-8 was reduced 4.9-fold relative to EtOH-dosed control groups and further reduction (12.6-fold) was observed in cells treated for 1 h. Moreover, GJIC was not recoverable in cells treated with 1% JP-8 for 1 h and subsequently washed and incubated in fresh medium for 1 h. Significant changes in GSH content and GST activity were observed in cells analyzed directly after addition of 1% JP-8. GSH content increased in cells treated for 1 h with less than 2% JP-8 whereas treatment with 2% JP-8 for 1 h resulted in a 50% reduction in intracellular GSH relative to EtOH-dosed controls. Cells treated with 1% JP-8 for 48 h exhibited changes in GSH levels. However, higher JP-8 concentrations exhibited more pronounced changes in GSH and GST, which led to suppression of GSH synthesis. ROS increased in a dose-responsive fashion at JP-8 concentrations up to 1%, but decreased to 80% of control values at 2% and 3% JP-8. A 25% reduction in PMP was observed in cells treated for 1 h with 1% JP-8. In contrast, cells treated for 48 h

Classification of jet fuels by fuzzy rule-building expert systems applied to three-way data by fast gas chromatography--fast scanning quadrupole ion trap mass spectrometry.

Science.gov (United States)

Sun, Xiaobo; Zimmermann, Carolyn M; Jackson, Glen P; Bunker, Christopher E; Harrington, Peter B

2011-01-30

A fast method that can be used to classify unknown jet fuel types or detect possible property changes in jet fuel physical properties is of paramount interest to national defense and the airline industries. While fast gas chromatography (GC) has been used with conventional mass spectrometry (MS) to study jet fuels, fast GC was combined with fast scanning MS and used to classify jet fuels into lot numbers or origin for the first time by using fuzzy rule-building expert system (FuRES) classifiers. In the process of building classifiers, the data were pretreated with and without wavelet transformation and evaluated with respect to performance. Principal component transformation was used to compress the two-way data images prior to classification. Jet fuel samples were successfully classified with 99.8 ± 0.5% accuracy for both with and without wavelet compression. Ten bootstrapped Latin partitions were used to validate the generalized prediction accuracy. Optimized partial least squares (o-PLS) regression results were used as positively biased references for comparing the FuRES prediction results. The prediction results for the jet fuel samples obtained with these two methods were compared statistically. The projected difference resolution (PDR) method was also used to evaluate the fast GC and fast MS data. Two batches of aliquots of ten new samples were prepared and run independently 4 days apart to evaluate the robustness of the method. The only change in classification parameters was the use of polynomial retention time alignment to correct for drift that occurred during the 4-day span of the two collections. FuRES achieved perfect classifications for four models of uncompressed three-way data. This fast GC/fast MS method furnishes characteristics of high speed, accuracy, and robustness. This mode of measurement may be useful as a monitoring tool to track changes in the chemical composition of fuels that may also lead to property changes. Copyright © 2010

Hedge Effectiveness in the Brazilian US Dollar Futures Market

Directory of Open Access Journals (Sweden)

Leonardo Lima Gomes

2011-09-01

Full Text Available In recent years, one could observe a very definite surge in dollar prices in Brazil. Many Brazilian Companies, especially those with large amounts of dollar denominated debt incurred substantial losses due to the strong and fast growth of the dollar. The subsequent dollar price collapse from 2002 to 2008 caused great losses to exporters. In the context of hedge being a form of protection against currency oscillations, this paper aimed to study its effectiveness using the dollar future market in the BM&FBovespa. Specifically, four alternatives for calculating the optimum hedge ratio were compared: a the so called naïve approach, where opposite positions are taken in the spot and future markets; b OLS – Ordinary Least Squares c symmetric bi-variate GARCH (Generalized Autoregressive Conditional Heteroscedasticity; d asymmetric bi-variate GARCH. The results showed that both GARCH supported hedge ratios presented higher effectiveness when compared to OLS, with in turn surpassed the naïve one.

Techno-Economic Analysis of Camelina-Derived Hydroprocessed Renewable Jet Fuel and its Implications on the Aviation Industry

Science.gov (United States)

Shila, Jacob Joshua Howard

Although the aviation industry contributes toward global economic growth via transportation of passengers and cargo, the increasing demand for air transportation causes concern due to the corresponding increase in aircraft engine exhaust emissions. Use of alternative fuels is one pathway that has been explored for reducing emissions in the aviation industry. Hydroprocessed renewable jet (HRJ) (also known as Hydroprocessed Esters and Fatty Acids - HEFA) fuels have been approved for blending with traditional jet fuel up to 50% by volume to be used as drop-in fuels. However, limited information exists on the economic viability of these fuels. While techno-economic studies have been conducted on the HRJ production process using soybean oil, different vegetable oils possess different hydrocarbon structures that affect the yield of HRJ fuels. This study involves the techno-economic analysis of producing Camelina-derived HRJ fuel using the option of hydro-deoxygenation (HDO). The hydrodeoxygenation option requires extra hydrogen and hence affects the overall cost of HRJ fuel production. Similar studies have been conducted on the production of Camelina-derived HRJ fuels using the same path of hydrodeoxygenation with minor contributions from both decarbonylation and decarboxylation reactions. This study, however, employs the UOP Honeywell procedure using the hydrodeoxygenation chemical reaction to estimate the breakeven price of Camelina-derived HRJ fuel. In addition, the study treats the cultivation of Camelina oilseeds, extraction of oilseeds, and the conversion of HRJ fuel as separate entities. The production of Camelina oilseed, Camelina oil, and finally Camelina-derived HRJ fuel is modeled in order to estimate the breakeven price of the fuel. In addition, the information obtained from the techno-economic analysis is used to assess the breakeven carbon price. All costs are analyzed based on 2016 US dollars. The breakeven price of Camelina oilseeds is found to be 228

Breakup of jet and drops during premixing phase of fuel coolant interactions

Energy Technology Data Exchange (ETDEWEB)

Haraldsson, Haraldur Oskar

2000-05-01

During the course of a hypothetical severe accident in a light water reactor, molten liquid may be introduced into a volatile coolant, which, under certain conditions, results in explosive interactions. Such fuel-coolant interactions (FCI) are characterised by an initial pre-mixing phase during which the molten liquid, metallic or oxidic in nature, undergoes a breakup (fragmentation) process which significantly increase the area available for melt-coolant contact, and thus energy transfer. Although substantial progress in the understanding of phenomenology of the FCI events has been achieved in recent years, there remain uncertainties in describing the primary and secondary breakup processes. The focus of this work is on the melt jet and drop breakup during the premixing phase of FCI. The objectives are to gain insight into the premixing phase of the FCI phenomena, to determine what fraction of the melt fragments and determine the size distribution. The approach is to perform experiments with various simulant materials, at different scales, different conditions and with variation of controlling parameters affecting jet and drop breakup processes. The analysis approach is to investigate processes at different level of detail and complexity to understand the physics, to rationalise experimental results and to develop and validate models. In the first chapter a brief introduction and review of the status of the FCI phenomena is performed. A review of previous and current experimental projects is performed. The status of the experimental projects and major findings are outlined. The first part of the second chapter deals with experimental investigation of jet breakup. Two series of experiments were performed with low and high temperature jets. The low temperature experiments employed cerrobend-70 as jet liquid. A systematic investigation of thermal hydraulic conditions and melt physical properties on the jet fragmentation and particle debris characteristics was

Mathematical model of an indirect action fuel flow controller for aircraft jet engines

Science.gov (United States)

Tudosie, Alexandru-Nicolae

2017-06-01

The paper deals with a fuel mass flow rate controller with indirect action for aircraft jet engines. The author has identified fuel controller's main parts and its operation mode, then, based on these observations, one has determined motion equations of each main part, which have built system's non-linear mathematical model. In order to realize a better study this model was linearised (using the finite differences method) and then adimensionalized. Based on this new form of the mathematical model, after applying Laplace transformation, the embedded system (controller+engine) was described by the block diagram with transfer functions. Some Simulink-Matlab simulations were performed, concerning system's time behavior for step input, which lead to some useful conclusions and extension possibilities.

On Mean-Variance Hedging of Bond Options with Stochastic Risk Premium Factor

NARCIS (Netherlands)

Aihara, ShinIchi; Bagchi, Arunabha; Kumar, Suresh K.

2014-01-01

We consider the mean-variance hedging problem for pricing bond options using the yield curve as the observation. The model considered contains infinite-dimensional noise sources with the stochastically- varying risk premium. Hence our model is incomplete. We consider mean-variance hedging under the

Currency hedging with help of derivatives

Directory of Open Access Journals (Sweden)

Sylvie Riederová

2011-01-01

Full Text Available The high volatility combined with unpredictable fluctuations of CZK had shown one more time to the Czech exporting companies the necessity of currency hedging. This article is focused on finding of suitable currency hedging instrument for exporting company, working with the currency pair of CZK/EUR. In the first part, the time series analysis is made for volatility, interest rates and exchange rate. Based on the real market data – gained from Thomson REUTERS and CNB for the time period starting in 2002 – the detailed analysis is made in graphical form. The main goal is to find out the future trends with help of liner regression analysis, based on the historical data. Several graphs are provided with the trend line end estimated interval (min and max for the each variable. The calculated values are clearly marked, to be separated from the real market data. Exchange rate curve shows the market behaviour in the last years and is to be used as most important indicator for the future trends. Interest rates curves are very important for the calculation of the BIPS (basis points, determining the price of the forwards. The difference between landing and deposit rates for the same period of time and different currencies are showing the market estimation of the future development of each currency. Forward price is to be seen as a benchmark for the all other financial instruments. And finally the volatility (quoted as middle is very important part in the pricing of currency options.The second part is closely connected with the first one. Based on the results of provided analyses, it recommends a suitable hedging product for the next period of time. All of the analyses are taken as an input in different ways. The volatility is important for the decision of selling or purchasing the specific part of currency option. The exchange rate outlook together with the interest rates is the indicator of the future development of the currency pair and is playing

E-Commerce and Exchange Rate Exposure Management: A Tilt towards Real Hedging

DEFF Research Database (Denmark)

Aabo, Tom

2001-01-01

The aim of this paper is to address the impact of E-commerce on the balance between real hedging and financial hedging in the context of exchange rate exposure management in non-financial companies. A cross-case study of industrial companies highlights the inadequacy in taking a partial and static...... financial approach when managing exchange rate exposures. The paper argues that the emergence of E-commerce - by reducing the cost of obtaining, analyzing and allocating information - affects the dynamics of the markets and the dynamics of the company in such a way that a general tilt towards real hedging...

Modeling of liquid ceramic precursor droplets in a high velocity oxy-fuel flame jet

International Nuclear Information System (INIS)

Basu, Saptarshi; Cetegen, Baki M.

2008-01-01

Production of coatings by high velocity oxy-fuel (HVOF) flame jet processing of liquid precursor droplets can be an attractive alternative method to plasma processing. This article concerns modeling of the thermophysical processes in liquid ceramic precursor droplets injected into an HVOF flame jet. The model consists of several sub-models that include aerodynamic droplet break-up, heat and mass transfer within individual droplets exposed to the HVOF environment and precipitation of ceramic precursors. A parametric study is presented for the initial droplet size, concentration of the dissolved salts and the external temperature and velocity field of the HVOF jet to explore processing conditions and injection parameters that lead to different precipitate morphologies. It is found that the high velocity of the jet induces shear break-up into several μm diameter droplets. This leads to better entrainment and rapid heat-up in the HVOF jet. Upon processing, small droplets (<5 μm) are predicted to undergo volumetric precipitation and form solid particles prior to impact at the deposit location. Droplets larger than 5 μm are predicted to form hollow or precursor containing shells similar to those processed in a DC arc plasma. However, it is found that the lower temperature of the HVOF jet compared to plasma results in slower vaporization and solute mass diffusion time inside the droplet, leading to comparatively thicker shells. These shell-type morphologies may further experience internal pressurization, resulting in possibly shattering and secondary atomization of the trapped liquid. The consequences of these different particle states on the coating microstructure are also discussed in this article

Assessing Performance of Multipurpose Reservoir System Using Two-Point Linear Hedging Rule

Science.gov (United States)

Sasireka, K.; Neelakantan, T. R.

2017-07-01

Reservoir operation is the one of the important filed of water resource management. Innovative techniques in water resource management are focussed at optimizing the available water and in decreasing the environmental impact of water utilization on the natural environment. In the operation of multi reservoir system, efficient regulation of the release to satisfy the demand for various purpose like domestic, irrigation and hydropower can lead to increase the benefit from the reservoir as well as significantly reduces the damage due to floods. Hedging rule is one of the emerging techniques in reservoir operation, which reduce the severity of drought by accepting number of smaller shortages. The key objective of this paper is to maximize the minimum power production and improve the reliability of water supply for municipal and irrigation purpose by using hedging rule. In this paper, Type II two-point linear hedging rule is attempted to improve the operation of Bargi reservoir in the Narmada basin in India. The results obtained from simulation of hedging rule is compared with results from Standard Operating Policy, the result shows that the application of hedging rule significantly improved the reliability of water supply and reliability of irrigation release and firm power production.

Currency Hedging for International Stock Portfolios

NARCIS (Netherlands)

F.A. de Roon (Frans); T.E. Nijman (Theo); B.J.M. Werker

2000-01-01

textabstractThis paper tests whether hedging currency risk improves the performance of international stock portfolios. We use a generalized performance measure which allows for investor-dependencies such as different utility functions and the presence of nontraded risks. In addition we show that an

Investigation of strut-ramp injector in a Scramjet combustor: Effect of strut geometry, fuel and jet diameter on mixing characteristics

Energy Technology Data Exchange (ETDEWEB)

Soni, Rahul Kumar; De, Ashoke De [Indian Institute of Technology Kanpur, Kanpur (India)

2017-03-15

The strut-based injector has been found to be one of the most promising injector designs for a supersonic combustor, offering enhanced mixing of fuel and air. The mixing and flow field characteristics of the straight (SS) and Tapered strut (TS), with fixed ramp angle and height at free stream Mach number 2 in conjunction with fuel injection at Mach 2.3 have been investigated numerically and reported. In the present investigation, hydrogen (H{sub 2}) and ethylene (C{sub 2}H{sub 4}) are injected in oncoming supersonic flow from the back of the strut, where jet to free stream momentum ratio is maintained at 0.79 and 0.69 for H2 and C{sub 2}H{sub 4}, respectively. The predicted wall static pressure and species mole fractions at various downstream locations are compared with the experimental data for TS case with 0.6 mm jet diameter and found to be in good agreement. Further, the effect of jet diameter and strut geometry on the near field mixing in strut ramp configuration is discussed for both the fuels. The numerical results are assessed based on various parameters for the performance evaluation of different strut ramp configurations. The SS configuration for both the injectant has been found to be an optimum candidate; also it is observed that for higher jet diameter larger combustor length is required to achieve satisfactory near field mixing.

Quantifying the value that energy efficiency and renewable energy provide as a hedge against volatile natural gas prices

Energy Technology Data Exchange (ETDEWEB)

Bolinger, Mark; Wiser, Ryan; Bachrach, Devra; Golove, William

2002-05-15

Advocates of energy efficiency and renewable energy have long argued that such technologies can mitigate fuel price risk within a resource portfolio. Such arguments--made with renewed vigor in the wake of unprecedented natural gas price volatility during the winter of 2000/2001--have mostly been qualitative in nature, however, with few attempts to actually quantify the price stability benefit that these sources provide. In evaluating this benefit, it is important to recognize that alternative price hedging instruments are available--in particular, gas-based financial derivatives (futures and swaps) and physical, fixed-price gas contracts. Whether energy efficiency and renewable energy can provide price stability at lower cost than these alternative means is therefore a key question for resource acquisition planners. In this paper we evaluate the cost of hedging gas price risk through financial hedging instruments. To do this, we compare the price of a 10-year natural gas swap (i.e., what it costs to lock in prices over the next 10 years) to a 10-year natural gas price forecast (i.e., what the market is expecting spot natural gas prices to be over the next 10 years). We find that over the past two years natural gas users have had to pay a premium as high as $0.76/mmBtu (0.53/242/kWh at an aggressive 7,000 Btu/kWh heat rate) over expected spot prices to lock in natural gas prices for the next 10 years. This incremental cost to hedge gas price risk exposure is potentially large enough - particularly if incorporated by policymakers and regulators into decision-making practices - to tip the scales away from new investments in variable-price, natural gas-fired generation and in favor of fixed-price investments in energy efficiency and renewable energy.

Quantifying the value that energy efficiency and renewable energy provide as a hedge against volatile natural gas prices

International Nuclear Information System (INIS)

Bolinger, Mark; Wiser, Ryan; Bachrach, Devra; Golove, William

2002-01-01

Advocates of energy efficiency and renewable energy have long argued that such technologies can mitigate fuel price risk within a resource portfolio. Such arguments-made with renewed vigor in the wake of unprecedented natural gas price volatility during the winter of 2000/2001-have mostly been qualitative in nature, however, with few attempts to actually quantify the price stability benefit that these sources provide. In evaluating this benefit, it is important to recognize that alternative price hedging instruments are available-in particular, gas-based financial derivatives (futures and swaps) and physical, fixed-price gas contracts. Whether energy efficiency and renewable energy can provide price stability at lower cost than these alternative means is therefore a key question for resource acquisition planners. In this paper we evaluate the cost of hedging gas price risk through financial hedging instruments. To do this, we compare the price of a 10-year natural gas swap (i.e., what it costs to lock in prices over the next 10 years) to a 10-year natural gas price forecast (i.e., what the market is expecting spot natural gas prices to be over the next 10 years). We find that over the past two years natural gas users have had to pay a premium as high as$0.76/mmBtu (0.53/242/kWh at an aggressive 7,000 Btu/kWh heat rate) over expected spot prices to lock in natural gas prices for the next 10 years. This incremental cost to hedge gas price risk exposure is potentially large enough - particularly if incorporated by policymakers and regulators into decision-making practices - to tip the scales away from new investments in variable-price, natural gas-fired generation and in favor of fixed-price investments in energy efficiency and renewable energy

Cellulosic Biomass Sugars to Advantaged Jet Fuel – Catalytic Conversion of Corn Stover to Energy Dense, Low Freeze Point Paraffins and Naphthenes

Energy Technology Data Exchange (ETDEWEB)

Cortright, Randy [Virent, Inc., Madison, WI (United States)

2015-07-31

The purpose of this project was to demonstrate the technical and commercial feasibility of producing liquid fuels, particularly jet fuel, from lignocellulosic materials, such as corn stover. This project was led by Virent, Inc. (Virent) which has developed a novel chemical catalytic process (the BioForming^® platform) capable of producing “direct replacement” liquid fuels from biomass-derived feedstocks. Virent has shown it is possible to produce an advantaged jet fuel from biomass that meets or exceeds specifications for commercial and military jet fuel through Fuel Readiness Level (FRL) 5, Process Validation. This project leveraged The National Renewable Energy Lab’s (NREL) expertise in converting corn stover to sugars via dilute acid pretreatment and enzymatic hydrolysis. NREL had previously developed this deconstruction technology for the conversion of corn stover to ethanol. In this project, Virent and NREL worked together to condition the NREL generated hydrolysate for use in Virent’s catalytic process through solids removal, contaminant reduction, and concentration steps. The Idaho National Laboratory (INL) was contracted in this project for the procurement, formatting, storage and analysis of corn stover and Northwestern University developed fundamental knowledge of lignin deconstruction that can help improve overall carbon recovery of the combined technologies. Virent conducted fundamental catalytic studies to improve the performance of the catalytic process and NREL provided catalyst characterization support. A technoeconomic analysis (TEA) was conducted at each stage of the project, with results from these analyses used to inform the direction of the project.

Partial oxidation of jet fuels over Rh/Al{sub 2}O{sub 3}. Design and reaction kinetics of sulfur-containing surrogates

Energy Technology Data Exchange (ETDEWEB)

Baer, Julian Nicolaas

2016-07-01

The conversion of logistic fuels via catalytic partial oxidation (CPOX) on Rh/Al{sub 2}O{sub 3} at short contact times is an efficient method for generating hydrogen-rich synthesis gas. Depending on the inlet conditions, fuel, and catalyst, high syngas yields, low by-product formation, and rates of high fuel conversion can be achieved. CPOX is relevant for mobile hydrogen generation, e.g., on board of airplanes in order to increase the fuel efficiency via fuel cell-based auxiliary power units. Jet fuels contain hundreds of different hydrocarbons and a significant amount of sulfur. The hydrocarbon composition and sulfur content of a jet fuel vary depending on distributor, origin, and refinement of the crude oil. Little is known about the influence of the various compounds on the synthesis-gas yield and the impact of sulfur on the product yield. In this work, the influence of three main chemical compounds of a jet fuel (aromatics, alkanes, and sulfur compounds) on syngas selectivity, the catalyst deactivation process, and reaction sequence is unraveled. As representative components of alkanes and aromatics, n-dodecane and 1,2,4-trimethylbenzene were chosen for ex-situ and in-situ investigations on the CPOX over Rh/Al{sub 2}O{sub 3}, respectively. Additionally, for a fixed paraffin-to-aromatics ratio, benzothiophene or dibenzothiophene were added as a sulfur component in three different concentrations. The knowledge gained about the catalytic partial oxidation of jet fuels and their surrogates is used to identify requirements for jet fuels in mobile applications based on CPOX and to optimize the overall system efficiency. The results show an influence of the surrogate composition on syngas selectivity. The tendency for syngas formation increases with higher paraffin contents. A growing tendency for by-product formation can be observed with increasing aromatics contents in the fuel. The impact of sulfur on the reaction system shows an immediate change in the product

Double hedge aids commercial terms of upstream asset purchase

International Nuclear Information System (INIS)

Wood, D.

1993-01-01

In recent years many major oil companies have elected to rationalize their producing assets. Mature production--particularly onshore in developed countries, associated with high costs and small profit margins--has been the major target. The current weakness in oil prices has resulted in many such properties being on the market. However, much production marginal to a major can be highly profitable to a cost-effective independent, particularly if the production fits strategically with the independent's asset portfolio. Although many independents recognize that some of the producing assets on the market could be of potential value to them, in a period of volatile prices two important valuations have to be technically justified and negotiated to enable or persuade them to conclude a purchase agreement for a specific asset. These are: A purchase value for an asset that is acceptable to both seller and buyer; and A loan value for the asset to establish the level of debt that the asset can support for the buyer. In defining these two important values (both of which are usually established as ranges rather than single values) the independent has to protect itself against a downturn in commodity prices and exposing itself to an unserviceable level of debt. The paper discusses reducing risks, purchase price hedge, an example of a hedged purchase price, price elements, loan value analysis, agreement structure, loan value hedge, and an example of a hedged loan value

Fluorescence excitation-emission matrix (EEM) spectroscopy and cavity ring-down (CRD) absorption spectroscopy of oil-contaminated jet fuel using fiber-optic probes.

Science.gov (United States)

Omrani, Hengameh; Barnes, Jack A; Dudelzak, Alexander E; Loock, Hans-Peter; Waechter, Helen

2012-06-21

Excitation emission matrix (EEM) and cavity ring-down (CRD) spectral signatures have been used to detect and quantitatively assess contamination of jet fuels with aero-turbine lubricating oil. The EEM spectrometer has been fiber-coupled to permit in situ measurements of jet turbine oil contamination of jet fuel. Parallel Factor (PARAFAC) analysis as well as Principal Component Analysis and Regression (PCA/PCR) were used to quantify oil contamination in a range from the limit of detection (10 ppm) to 1000 ppm. Fiber-loop cavity ring-down spectroscopy using a pulsed 355 nm laser was used to quantify the oil contamination in the range of 400 ppm to 100,000 ppm. Both methods in combination therefore permit the detection of oil contamination with a linear dynamic range of about 10,000.

Female Reproductive Effects of Exposure to Jet Fuel at U.S. Air Force Bases

Science.gov (United States)

2001-05-01

System of Tank Entry Workers" (See Appendix VI). James Kesner ( National Institute of Occupational Safety and Health) has received NIOSH support to evaluate...time employment at the Centers for Disease Control’s National Institutes for Occupational Safety and Health. Another doctoral quantitative... Neurasthenic symptoms in workers occupationally exposed to jet fuel. Acta Psychiat Scand 60:39-49 (1979). (29) Langman JM. Xylene: its toxicity

A model for hedging load and price risk in the Texas electricity market

International Nuclear Information System (INIS)

Coulon, Michael; Powell, Warren B.; Sircar, Ronnie

2013-01-01

Energy companies with commitments to meet customers' daily electricity demands face the problem of hedging load and price risk. We propose a joint model for load and price dynamics, which is motivated by the goal of facilitating optimal hedging decisions, while also intuitively capturing the key features of the electricity market. Driven by three stochastic factors including the load process, our power price model allows for the calculation of closed-form pricing formulas for forwards and some options, products often used for hedging purposes. Making use of these results, we illustrate in a simple example the hedging benefit of these instruments, while also evaluating the performance of the model when fitted to the Texas electricity market. - Highlights: • We present a structural model for electricity spot prices in the ERCOT market. • Relationships between power price and factors such as load and gas price are studied. • Seasonal patterns and load-dependent spikes are shown to be well captured. • Closed-form results for prices of forwards, options and spread options are derived. • We demonstrate the effectiveness of hedging power demand with forwards and options

Caixa é dívida negativa sob a perspectiva de hedging no Brasil?

Directory of Open Access Journals (Sweden)

Marcio Telles Portal

2013-01-01

Full Text Available O presente estudo investigou se as companhias brasileiras de capital aberto, entre 1995 e 2008, coordenam as políticas de caixa e dívida para efeitos de hedging contra subinvestimento em condições de restrição financeira. Os resultados indicam a inexistência de um componente de hedging usando, simultaneamente, as políticas de caixa e dívida em companhias restritas. Foi observada para as companhias restritas financeiramente uma sensibilidade positiva do caixa ao fluxo de caixa e sensibilidade negativa da dívida ao fluxo de caixa, independentemente da necessidade de hedging. As companhias irrestritas não apresentaram uma sensibilidade do caixa ao fluxo de caixa significante estatisticamente, mas apresentaram sensibilidade negativa da dívida ao fluxo de caixa, resultados também independentes da necessidade de hedging. As evidências contrariam os resultados encontrados por Acharya, Almeida e Campello (2007 no mercado norte-americano, onde caixa e dívida negativa apresentaram de acordo com a necessidade de hedging diferentes papéis na otimização intertemporal dos investimentos em companhias restritas.

Fuels characterization studies. [jet fuels

Science.gov (United States)

Seng, G. T.; Antoine, A. C.; Flores, F. J.

1980-01-01

Current analytical techniques used in the characterization of broadened properties fuels are briefly described. Included are liquid chromatography, gas chromatography, and nuclear magnetic resonance spectroscopy. High performance liquid chromatographic ground-type methods development is being approached from several directions, including aromatic fraction standards development and the elimination of standards through removal or partial removal of the alkene and aromatic fractions or through the use of whole fuel refractive index values. More sensitive methods for alkene determinations using an ultraviolet-visible detector are also being pursued. Some of the more successful gas chromatographic physical property determinations for petroleum derived fuels are the distillation curve (simulated distillation), heat of combustion, hydrogen content, API gravity, viscosity, flash point, and (to a lesser extent) freezing point.

JP-8 jet fuel can promote auditory impairment resulting from subsequent noise exposure in rats.

Science.gov (United States)

Fechter, Laurence D; Gearhart, Caroline; Fulton, Sherry; Campbell, Jerry; Fisher, Jeffrey; Na, Kwangsam; Cocker, David; Nelson-Miller, Alisa; Moon, Patrick; Pouyatos, Benoit

2007-08-01

We report on the transient and persistent effects of JP-8 jet fuel exposure on auditory function in rats. JP-8 has become the standard jet fuel utilized in the United States and North Atlantic Treaty Organization countries for military use and it is closely related to Jet A fuel, which is used in U.S. domestic aviation. Rats received JP-8 fuel (1000 mg/m(3)) by nose-only inhalation for 4 h and half of them were immediately subjected to an octave band of noise ranging between 97 and 105 dB in different experiments. The noise by itself produces a small, but permanent auditory impairment. The current permissible exposure level for JP-8 is 350 mg/m(3). Additionally, a positive control group received only noise exposure, and a fourth group consisted of untreated control subjects. Exposures occurred either on 1 day or repeatedly on 5 successive days. Impairments in auditory function were assessed using distortion product otoacoustic emissions and compound action potential testing. In other rats, tissues were harvested following JP-8 exposure for assessment of hydrocarbon levels or glutathione (GSH) levels. A single JP-8 exposure by itself at 1000 mg/m(3) did not disrupt auditory function. However, exposure to JP-8 and noise produced an additive disruption in outer hair cell function. Repeated 5-day JP-8 exposure at 1000 mg/m(3) for 4 h produced impairment of outer hair cell function that was most evident at the first postexposure assessment time. Partial though not complete recovery was observed over a 4-week postexposure period. The adverse effects of repeated JP-8 exposures on auditory function were inconsistent, but combined treatment with JP-8 + noise yielded greater impairment of auditory function, and hair cell loss than did noise by itself. Qualitative comparison of outer hair cell loss suggests an increase in outer hair cell death among rats treated with JP-8 + noise for 5 days as compared to noise alone. In most instances, hydrocarbon constituents of the fuel

A study to estimate and compare the total particulate matter emission indices (EIN) between traditional jet fuel and two blends of Jet A/Camelina biofuel used in a high by-pass turbofan engine: A case study of Honeywell TFE-109 engine

Science.gov (United States)

Shila, Jacob Joshua Howard

The aviation industry is expected to grow at an annual rate of 5% until the year 2031 according to Boeing Outlook Report of 2012. Although the aerospace manufacturers have introduced new aircraft and engines technologies to reduce the emissions generated by aircraft engines, about 15% of all aircraft in 2032 will be using the older technologies. Therefore, agencies such as the National Aeronautics and Astronautics Administration (NASA), Federal Aviation Administration (FAA), the Environmental Protection Agency (EPA) among others together with some academic institutions have been working to characterize both physical and chemical characteristics of the aircraft particulate matter emissions to further understand their effects to the environment. The International Civil Aviation Organization (ICAO) is also working to establish an inventory with Particulate Matter emissions for all the aircraft turbine engines for certification purposes. This steps comes as a result of smoke measurements not being sufficient to provide detailed information on the effects of Particulate Matter (PM) emissions as far as the health and environmental concerns. The use of alternative fuels is essential to reduce the impacts of emissions released by Jet engines since alternative aviation fuels have been studied to lower particulate matter emissions in some types of engines families. The purpose of this study was to determine whether the emission indices of the biofuel blended fuels were lower than the emission indices of the traditional jet fuel at selected engine thrust settings. The biofuel blends observed were 75% Jet A-25% Camelina blend biofuel, and 50% Jet A-50% Jet A blend biofuel. The traditional jet fuel in this study was the Jet A fuel. The results of this study may be useful in establishing a baseline for aircraft engines' PM inventory. Currently the International Civil Aviation Organization (ICAO) engines emissions database contains only gaseous emissions data for only the TFE 731

Dearomatization of jet fuel on irradiated platinum-supported catalyst

International Nuclear Information System (INIS)

Mucka, V.; Ostrihonova, A.; Kopernicky, I.; Mikula, O.

1983-01-01

The effect of ionizing radiation ( 60 Co #betta#-rays) on Pt-supported catalyst used for the dearomatization of jet fuel with distillation in the range 395 to 534 K has been studied. Pre-irradiation of the catalyst with doses in the range 10 2 to 5 x 10 4 Gy leads to the partial catalyst activation. Irradiation of the catalyst enhances its resistance to catalyst poisons, particularly to sulphur-compounds, and this is probably the reason for its catalytic activity being approx. 60 to 100% greater than that of un-irradiated catalyst. Optimum conditions for dearomatization on the irradiated catalyst were found and, by means of a rotary three-factorial experiment, it was shown that these lie at lower temperatures and lower pressures than those for un-irradiated catalyst. (author)

Immunization and Hedging of Post Retirement Income Annuity Products

Directory of Open Access Journals (Sweden)

Changyu Liu

2017-03-01

Full Text Available Designing post retirement benefits requires access to appropriate investment instruments to manage the interest rate and longevity risks. Post retirement benefits are increasingly taken as a form of income benefit, either as a pension or an annuity. Pension funds and life insurers offer annuities generating long term liabilities linked to longevity. Risk management of life annuity portfolios for interest rate risks is well developed but the incorporation of longevity risk has received limited attention. We develop an immunization approach and a delta-gamma based hedging approach to manage the risks of adverse portfolio surplus using stochastic models for mortality and interest rates. We compare and assess the immunization and hedge effectiveness of fixed-income coupon bonds, annuity bonds, as well as longevity bonds, using simulations of the portfolio surplus for an annuity portfolio and a range of risk measures including value-at-risk. We show how fixed-income annuity bonds can more effectively match cash flows and provide additional hedge effectiveness over coupon bonds. Longevity bonds, including deferred longevity bonds, reduce risk significantly compared to coupon and annuity bonds, reflecting the long duration of the typical life annuity and the exposure to longevity risk. Longevity bonds are shown to be effective in immunizing surplus over short and long horizons. Delta gamma hedging is generally only effective over short horizons. The results of the paper have implications for how providers of post retirement income benefit streams can manage risks in demanding conditions where innovation in investment markets can support new products and increase the product range.

Breakup of jet and drops during premixing phase of fuel coolant interactions

International Nuclear Information System (INIS)

Haraldsson, Haraldur Oskar

2000-05-01

During the course of a hypothetical severe accident in a light water reactor, molten liquid may be introduced into a volatile coolant, which, under certain conditions, results in explosive interactions. Such fuel-coolant interactions (FCI) are characterised by an initial pre-mixing phase during which the molten liquid, metallic or oxidic in nature, undergoes a breakup (fragmentation) process which significantly increase the area available for melt-coolant contact, and thus energy transfer. Although substantial progress in the understanding of phenomenology of the FCI events has been achieved in recent years, there remain uncertainties in describing the primary and secondary breakup processes. The focus of this work is on the melt jet and drop breakup during the premixing phase of FCI. The objectives are to gain insight into the premixing phase of the FCI phenomena, to determine what fraction of the melt fragments and determine the size distribution. The approach is to perform experiments with various simulant materials, at different scales, different conditions and with variation of controlling parameters affecting jet and drop breakup processes. The analysis approach is to investigate processes at different level of detail and complexity to understand the physics, to rationalise experimental results and to develop and validate models. In the first chapter a brief introduction and review of the status of the FCI phenomena is performed. A review of previous and current experimental projects is performed. The status of the experimental projects and major findings are outlined. The first part of the second chapter deals with experimental investigation of jet breakup. Two series of experiments were performed with low and high temperature jets. The low temperature experiments employed cerrobend-70 as jet liquid. A systematic investigation of thermal hydraulic conditions and melt physical properties on the jet fragmentation and particle debris characteristics was

International hedging under concurrent risks of input/output prices and exchange rate : The case of Korean oil refinery

Energy Technology Data Exchange (ETDEWEB)

Yun, W C; Kim, S D [Korea Energy Economics Institute, Euiwang (Korea, Republic of)

1997-11-01

This study develops an international hedging model which accounts for the multiple risks of input and output prices and exchange rates. Considering a fixed production technology, we formulize simultaneous minimum variance hedge ratios, which reflects inter correlations among prices. To utilize the dynamic nature of prices, time-varying conditional procedures are specified to estimate the relevant variance and covariance matrix. The time-varying representations of the variance and covariance matrix are statistically appropriate, in general. The separate hedge ratios are similar to the simultaneous hedge ratios for alternative procedures. The ex post hedging effectiveness indicate that there are substantial reduction in the variance of returns for all the procedures. The contribution of foreign currency futures is minimal due to the low correlation between commodities and exchange rates. Based on the traditional definition of hedging effectiveness, the time-varying conditional procedure provide little gain to the hedgers over a constant procedure in terms of the mean and the variance reduction. However, the performance of conditional procedures could be improved by accounting for the potential problems: mis specification problem, inappropriate definition of hedging effectiveness, and conflicts between theoretical derivation and estimation of hedge ratios. (author). 39 refs., 6 tabs.

Optimization problem and mean variance hedging on defaultable claims

OpenAIRE

Goutte, Stephane; Ngoupeyou, Armand

2012-01-01

We study the pricing and the hedging of claim {\\psi} which depends on the default times of two firms A and B. In fact, we assume that, in the market, we can not buy or sell any defaultable bond of the firm B but we can only trade defaultable bond of the firm A. Our aim is then to find the best price and hedging of {\\psi} using only bond of the firm A. Hence, we solve this problem in two cases: firstly in a Markov framework using indifference price and solving a system of Hamilton-Jacobi-Bellm...

Variance Swaps in BM&F: Pricing and Viability of Hedge

Directory of Open Access Journals (Sweden)

Richard John Brostowicz Junior

2010-07-01

Full Text Available A variance swap can theoretically be priced with an infinite set of vanilla calls and puts options considering that the realized variance follows a purely diffusive process with continuous monitoring. In this article we willanalyze the possible differences in pricing considering discrete monitoring of realized variance. It will analyze the pricing of variance swaps with payoff in dollars, since there is a OTC market that works this way and thatpotentially serve as a hedge for the variance swaps traded in BM&F. Additionally, will be tested the feasibility of hedge of variance swaps when there is liquidity in just a few exercise prices, as is the case of FX optionstraded in BM&F. Thus be assembled portfolios containing variance swaps and their replicating portfolios using the available exercise prices as proposed in (DEMETERFI et al., 1999. With these portfolios, the effectiveness of the hedge was not robust in mostly of tests conducted in this work.

A life cycle assessment of pennycress (Thlaspi arvense L.) -derived jet fuel and diesel

International Nuclear Information System (INIS)

Fan, Jiqing; Shonnard, David R.; Kalnes, Tom N.; Johnsen, Peter B.; Rao, Serin

2013-01-01

Field Pennycress (Thlaspi arvense L.) is a member of the mustard family and may be grown as a winter crop between traditional summer crops to produce renewable biomass for renewable diesel and jet fuel. This paper estimated total annual biofuel production potential of 15 million cubic metres from rotation between corn and soybeans on 16.2 million hectares in the Midwest without impact on food production. This study also investigated the life cycle greenhouse gas (GHG) emissions and energy balance of pennycress-derived Hydroprocessed Renewable Jet (HRJ) fuel and Renewable Diesel (RD). Both system expansion and allocation approaches were applied to distribute environmental impacts among products and co-products along the life cycle of each biofuel. The life cycle GHG emissions (excluding land use change) for RD and HRJ range from 13 to 41 g MJ −1 (CO 2 eq.) and −18 to 45 g MJ −1 (CO 2 eq.), respectively, depending on how the co-products are credited. The majority of the energy required for each biofuel product is derived from renewable biomass as opposed to non renewable fossil. The fossil energy consumptions are considerably lower than the petroleum fuels. Scenario analyses were also conducted to determine response to model assumptions, including nitrogen fertilizer application rate, nitrogen content in crop residues, and sources of H 2 . The results show that pennycress derived biofuels could qualify as advanced biofuels and as biomass-based diesel as defined by the Renewable Fuels Standard (RFS2). -- Highlights: ► Estimated total pennycress derived biofuel production potential of 15 GL y −1 ► Rotation between corn and soybeans without impact on food production. ► The GHG of RD and HRJ show over 50% of reductions compared to petroleum baseline. ► The majority of the energy required is from renewable biomass. ► The fossil energy consumptions are considerably lower than the petroleum fuels

Demand outlook for jet fuel in Brazil; Perspectivas da demanda de querosene de aviacao (QAV) no Brasil

Energy Technology Data Exchange (ETDEWEB)

Saide, Clara Santos Martins; Aragao, Amanda P.; Machado, Giovani V.; Cavalcanti, Marcelo C.B.; Valle, Ricardo Nascimento e Silva do [Empresa de Pesquisa Energetica (EPE), Rio de Janeiro, RJ (Brazil)

2012-07-01

The purpose of this study is to forecast the demand for jet fuel for the next years, by applying aggregate models. The relevance of this issue is evidenced by the strong growth of air transport in recent years and the growth prospects of the sector, especially regarding the evolution of the use of this modal in middle-income population classes, since the number of trips per capita in Brazil is still much lower than in developed countries. The key variables in the models' specifications proposed in this study are: Brazil's GDP, the activity level of the sector (measured in passenger-kilometers and ton-kilometers, respectively, for air transport of passengers and cargo) and energy intensity. Findings show that the demand for jet fuel is expected to grow by an average of 6-8% per year until 2020, under the assumptions of an average GDP growth of 4.7% per year and energy efficiency gains of 1% per year. (author)

Alternate Fuels for Use in Commercial Aircraft

Science.gov (United States)

Daggett, David L.; Hendricks, Robert C.; Walther, Rainer; Corporan, Edwin

2008-01-01

The engine and aircraft Research and Development (R&D) communities have been investigating alternative fueling in near-term, midterm, and far-term aircraft. A drop in jet fuel replacement, consisting of a kerosene (Jet-A) and synthetic fuel blend, will be possible for use in existing and near-term aircraft. Future midterm aircraft may use a biojet and synthetic fuel blend in ultra-efficient airplane designs. Future far-term engines and aircraft in 50-plus years may be specifically designed to use a low- or zero-carbon fuel. Synthetic jet fuels from coal, natural gas, or other hydrocarbon feedstocks are very similar in performance to conventional jet fuel, yet the additional CO2 produced during the manufacturing needs to be permanently sequestered. Biojet fuels need to be developed specifically for jet aircraft without displacing food production. Envisioned as midterm aircraft fuel, if the performance and cost liabilities can be overcome, biofuel blends with synthetic jet or Jet-A fuels have near-term potential in terms of global climatic concerns. Long-term solutions address dramatic emissions reductions through use of alternate aircraft fuels such as liquid hydrogen or liquid methane. Either of these new aircraft fuels will require an enormous change in infrastructure and thus engine and airplane design. Life-cycle environmental questions need to be addressed.

Identifying Opportunities and Impacts of Fuel Switching in the Industrial Sector

Energy Technology Data Exchange (ETDEWEB)

Jain, Ramesh C. [Industrial Technologies Program, Washington, DC (United States); Jamison, Keith [Energetics Inc., Columbia, MD (United States); Thomas, Daniel E. [Energetics Inc., Columbia, MD (United States)

2006-08-01

The underlying purpose of this white paper is to examine fuel switching opportunities in the U.S. industrial sector and make strategic recommendations—leading to application of the best available technologies and development of new technologies—that will introduce fuel use flexibility as an economically feasible option for plant operators, as a means to condition local fuel demands and a hedge against the local rises in fuel prices.

A computational study of droplet evaporation with fuel vapor jet ejection induced by localized heat sources

KAUST Repository

Sim, Jaeheon

2015-05-12

Droplet evaporation by a localized heat source under microgravity conditions was numerically investigated in an attempt to understand the mechanism of the fuel vapor jet ejection, which was observed experimentally during the flame spread through a droplet array. An Eulerian-Lagrangian method was implemented with a temperature-dependent surface tension model and a local phase change model in order to effectively capture the interfacial dynamics between liquid droplet and surrounding air. It was found that the surface tension gradient caused by the temperature variation within the droplet creates a thermo-capillary effect, known as the Marangoni effect, creating an internal flow circulation and outer shear flow which drives the fuel vapor into a tail jet. A parametric study demonstrated that the Marangoni effect is indeed significant at realistic droplet combustion conditions, resulting in a higher evaporation constant. A modified Marangoni number was derived in order to represent the surface force characteristics. The results at different pressure conditions indicated that the nonmonotonic response of the evaporation rate to pressure may also be attributed to the Marangoni effect.

Modern stage and the directions of developing the accounting system for hedging corporate derivatives

OpenAIRE

Ковтун, Ірина Юріївна

2015-01-01

The peculiarities of the accounting for hedging corporate derivatives oriented to the capital maintenance through system risk management have been disclosed. The suggestions on the accounting for hedging in the modern legal environment have been made

Weather derivatives: Business hedge instrument from weather risks

Directory of Open Access Journals (Sweden)

Đorđević Bojan S.

2014-01-01

Full Text Available In the late 1990s, a new financial market was developed - a market for weather derivatives, so that the risk managers could hedge their exposure to weather risk. After a rather slow start, the weather derivatives market had started to grow rapidly. Risk managers could no longer blame poor financial results on the weather. Weather risk could now be removed by hedging procedure. This paper will explain briefly what the weather derivatives are and will point out at some of the motives for use of derivatives. Thereafter we will look at the history of the weather risk market, how the weather derivatives market has developed in recent years and also who are the current and potential players in the weather derivatives market.

Demonstration of laser processing technique combined with water jet technique for retrieval of fuel debris at Fukushima Daiichi Nuclear Power Station

International Nuclear Information System (INIS)

Hanari, Toshihide; Takebe, Toshihiko; Yamada, Tomonori; Daido, Hiroyuki; Ishizuka, Ippei; Ohmori, Shinya; Kurosawa, Koichi; Sasaki, Go; Nakada, Masahiro; Sakai, Hideaki

2017-01-01

In decommissioning of Fukushima Daiichi Nuclear Power Station, a retrieval process of fuel debris in the Primary Containment Vessel by a remote operation is one of the key issues. In this process, prevention of spreading radioactive materials is one of the important considerations. Furthermore, an applicable technique to the process requires keeping of reasonable processing-efficiency. We propose to use the combined technique including a laser light and a water jet as a retrieval technique of the fuel debris. The laser processing technique combined with a repetitive pulsed water jet could perform an efficient retrieval processing. Our experimental result encourages us to promote further development of the technique towards a real application at Fukushima Daiichi Nuclear Power Station. (author)

An analysis of the effectiveness of a joint commodity and foreign exchange rate futures hedge: The case of a Canadian crude oil trader

International Nuclear Information System (INIS)

Klusa, L.J.

1993-04-01

This study focused on reducing risk for Canadian crude oil traders exposed to crude oil price and exchange rate uncertainty. Joint static and flow period hedges were developed and compared to unhedged positions and to naive and simple hedges. Optimal hedge ratio size and hedging effectiveness were identified for a variety of hedge lifting periods and durations. The in-sample results indicated that joint hedge models were more effective than other models in terms of minimizing the variance of returns. Out-of-sample results indicated that joint and simple commodity hedges were equally effective. Other findings included: shorter duration, close to expiry hedges were the most effective; the difference between the variability of spot and future price differences and their correlations were related to hedge ratio size; and a flow period hedge was the most effective hedge when spot prices were monthly average prices. 53 refs., 3 figs., 49 tabs

FOREIGN CURRENCY RISK HEDGING

Directory of Open Access Journals (Sweden)

Mihaela SUDACEVSCHI

2017-05-01

Full Text Available This paper presents the traditional types of exchange rate risk faced by firms and some of principal methods of exchange risk management that a company which make foreign currency operations can use. Foreign currency risk management involves both assessing the risk faced by the companies and adopting measures for the risk hedging or reduce the damage it may cause. The damages result from the company’s unfavorable difference between the exchange rates of the currencies in which the transactions are made.

Synthesis of jet fuel range branched cycloalkanes with mesityl oxide and 2-methylfuran from lignocellulose

Science.gov (United States)

Li, Shanshan; Li, Ning; Wang, Wentao; Li, Lin; Wang, Aiqin; Wang, Xiaodong; Zhang, Tao

2016-09-01

Jet fuel range branched cycloalkanes with high density (0.82 g mL-1) and low freezing point (217-219 K) was first prepared by the solvent-free intramolecular aldol condensation of the trione from the hydrolysis of the alkylation product of mesityl oxide and 2-methylfuran (or the one-pot reaction of mesityl oxide, 2-methylfuran and water), followed by hydrodeoxygenation (HDO).

The Effect of Diethylene Glycol Monomethyl Ether (DiEGME) on Microbial Contamination of Jet Fuel: A Minimum Concentration Study

Science.gov (United States)

2010-03-01

Prescott , L. M.; Harley, J. P.; Klein, D. A. Microbiology . Fifth edition. McGraw Hill: New York, 2002. 26. Amman, R. I., Ludwig, W., Schleifer, K. H...Recent advances in petroleum microbiology . Microbiology and molecular biology reviews 2003, 67, 503-49. 6. Langer, G. JP-4 Fuel System Icing. Armour...Wright Air Development Center. 8. Elderfield, R. C. Proceedings on Jet Fuel Microbiology and Corrosion Conference. Prevention of Deterioration Center

Optimal Hedging and Pricing of Equity-Linked Life Insurance Contracts in a Discrete-Time Incomplete Market

Directory of Open Access Journals (Sweden)

Norman Josephy

2011-01-01

Full Text Available We present a method of optimal hedging and pricing of equity-linked life insurance products in an incomplete discrete-time financial market. A pure endowment life insurance contract with guarantee is used as an example. The financial market incompleteness is caused by the assumption that the underlying risky asset price ratios are distributed in a compact interval, generalizing the assumptions of multinomial incomplete market models. For a range of initial hedging capitals for the embedded financial option, we numerically solve an optimal hedging problem and determine a risk-return profile of each optimal non-self-financing hedging strategy. The fair price of the insurance contract is determined according to the insurer's risk-return preferences. Illustrative numerical results of testing our algorithm on hypothetical insurance contracts are documented. A discussion and a test of a hedging strategy recalibration technique for long-term contracts are presented.

Return and volatility transmission between gold and stock sectors: Application of portfolio management and hedging effectiveness

Directory of Open Access Journals (Sweden)

Dilip Kumar

2014-03-01

Full Text Available The paper investigates the first and second orders moment transmission between gold and Indian industrial sectors with an application of portfolio design and hedging effectiveness using generalised VAR-ADCC-BVGARCH model. Our findings indicate unidirectional significant return spillover from gold to stock sectors. The negative values of estimated time varying conditional correlations are mainly observed during periods of market turbulence and crisis indicating the scope of portfolio diversification and hedging during these periods. We also estimate optimal weights, hedge ratios, and hedging effectiveness for the stock-gold portfolios. Our findings suggest that stock-gold portfolio provides better diversification benefits than stock portfolios.

BioTfueL Project: Targeting the Development of Second-Generation Bio-diesel and Bio-jet Fuels

International Nuclear Information System (INIS)

Viguie, J.C.; Ullrich, N.; Porot, P.; Bournay, L.; Hecquet, M.; Rousseau, J.

2013-01-01

2. generation biofuels will have an important part to take in the energy transition as far as fuels are concerned. Using non edible biomass, they will avoid any direct competition with food usage. Within second generation biofuels, the BTL route consists in the production of middle distillates (Diesel and jet fuel) via gasification and Fischer-Tropsch (FT) synthesis. These fuels are called 'drop in' fuels; this means that to be used they technically do not request any modification in the vehicle whatever the blending rate with conventional fuels. This route is currently at the pre-industrial phase where demonstration is required. This article presents the BioTfueL project which has been created by Axens, CEA, IFP Energies Nouvelles, Sofiproteol, ThyssenKrupp Uhde and Total. This project is focused on the original concept of co-processing (biomass can be gasified together with fossil feedstock) and proposes to develop and demonstrate a full process chain to be commercialized worldwide via licensing. (authors)

Bet hedging in yeast by heterogeneous, age-correlated expression of a stress protectant.

Directory of Open Access Journals (Sweden)

Sasha F Levy

Full Text Available Genetically identical cells grown in the same culture display striking cell-to-cell heterogeneity in gene expression and other traits. A crucial challenge is to understand how much of this heterogeneity reflects the noise tolerance of a robust system and how much serves a biological function. In bacteria, stochastic gene expression results in cell-to-cell heterogeneity that might serve as a bet-hedging mechanism, allowing a few cells to survive through an antimicrobial treatment while others perish. Despite its clinical importance, the molecular mechanisms underlying bet hedging remain unclear. Here, we investigate the mechanisms of bet hedging in Saccharomyces cerevisiae using a new high-throughput microscopy assay that monitors variable protein expression, morphology, growth rate, and survival outcomes of tens of thousands of yeast microcolonies simultaneously. We find that clonal populations display broad distributions of growth rates and that slow growth predicts resistance to heat killing in a probabalistic manner. We identify several gene products that are likely to play a role in bet hedging and confirm that Tsl1, a trehalose-synthesis regulator, is an important component of this resistance. Tsl1 abundance correlates with growth rate and replicative age and predicts survival. Our results suggest that yeast bet hedging results from multiple epigenetic growth states determined by a combination of stochastic and deterministic factors.

Evaluation of Fatty Acid Methyl Ester (FAME) Contamination on the Thermal Stability Characteristics of Military Jet Fuels (JP-8 And JP-5)

Science.gov (United States)

2013-12-01

of increased contamination levels of FAME in Jet A, FAME material will likely be transported in the same conveyance as JP-5 – bringing with it the...is a blend of four common biodiesel (FAME) fuels from different feedstocks. All FAME contaminated fuels were prepared with this FAME material at a

An Empirical Study on Hedge Fund Portfolio Optimization, Mean-Risk Based Approaches

OpenAIRE

Li, Yang

2011-01-01

Abstract This research attempts to investigate the divergences between the Mean-Variance and the Mean-CVaR portfolio optimization methods in examining various assets classes, such as equities, bonds, and especially hedge funds. In order to get a thorough understanding of hedge funds facts and available optimization techniques, relevant literatures are carefully reviewed and incorporated into later stage computer modelling. By constructing three hypothetical portfolios, including traditiona...

A Hedge for Gödel Fuzzy Logic

Czech Academy of Sciences Publication Activity Database

Hájek, Petr; Harmancová, Dagmar

2000-01-01

Roč. 8, č. 4 (2000), s. 495-498 ISSN 0218-4885 Grant - others:COST(XE) Action 15 Institutional research plan: AV0Z1030915 Keywords : fuzzy logic * Gödel logic * intuitionistic logic * hedges Subject RIV: BA - General Mathematics Impact factor: 0.145, year: 2000

Empirical Evidence on Time-Varying Hedging Effectiveness of Emissions Allowances under Departures from the Cost-of-Carry Theory

Directory of Open Access Journals (Sweden)

Kai Chang

2013-01-01

Full Text Available Under departures from the cost-of-carry theory, traded spot prices and conditional volatility disturbed from futures market have significant impacts on futures price of emissions allowances, and then we propose time-varying hedge ratios and hedging effectiveness estimation using ECM-GARCH model. Our empirical results show that conditional variance, conditional covariance, and their correlation between between spot and futures prices exhibit time-varying trends. Conditional volatility of spot prices, conditional volatility disturbed from futures market, and conditional correlation of market noises implied from spot and futures markets have significant effects on time-varying hedge ratios and hedging effectiveness. In the immature emissions allowances market, market participants optimize portfolio sizes between spot and futures assets using historical market information and then achieve higher risk reduction of assets portfolio revenues; accordingly, we can obtain better hedging effectiveness through time-varying hedge ratios with departures from the cost-of-carry theory.

Should the Department of Defense Hedge Oil Prices in Order to Save Money

National Research Council Canada - National Science Library

Knapp, James W

2008-01-01

.... The goal of this paper is to explore the feasibility of the government entering the futures market in order to reduce the current DoD jet fuel cost and whether the potential savings would outweigh...

Determinantes para utilização de Hedge Accouting: uma escolha contábil

Directory of Open Access Journals (Sweden)

Fernando Caio Galdi

2009-01-01

Full Text Available Este estudio investiga la sistemática de la elección contable, en el medio corporativo, referente a la contratación y a la calificación, o no, de operaciones con derivativos para apli - cación de la contabilidad de hedge ( Hedge Accounting , conforme a las normas del Fasb ( SFAS 133 . Dentro de ese abordaje, fueron utilizadas variables relacionadas a los incen - tivos/beneficios que las empresas pueden tener al clasificar una transacción dentro de los requisitos necesarios para aplicación de la contabilidad de operaciones de hedge ( Hedge Accounting . Las empresas evaluadas son aquellas listadas en la NYSE en los sectores de Minería, Siderurgia/Metalurgia y Papel/Celulosa. Los datos utilizados fueron obtenidos por medio de la base de datos Economatica , websites de las firmas seleccionadas y del análisis de las demostraciones financieras publicadas en los informes anuales, en dólares norteamericanos, de cada una de las seleccionadas firmas, referentes al año 2006. Las evidencias apuntan hacia una relación positiva y significante entre la deuda de largo plazo y la aplicación de la contabilidad de hedge , lo que es consistente con la teoría y corrobora con la relación esperada.

A logical approach to fuzzy truth hedges

Czech Academy of Sciences Publication Activity Database

Esteva, F.; Godo, L.; Noguera, Carles

2013-01-01

Roč. 232, č. 1 (2013), s. 366-385 ISSN 0020-0255 Institutional support: RVO:67985556 Keywords : Mathematical fuzzy logic * Standard completeness * Truth hedges Subject RIV: BA - General Mathematics Impact factor: 3.893, year: 2013 http://library.utia.cas.cz/separaty/2016/MTR/noguera-0469148.pdf

Ambiguities of the hedge: an exercise in creative pleaching - of moments, memories and meanings

DEFF Research Database (Denmark)

Harvey, David

2017-01-01

of subjection’, connected invariably with Parliamentary enclosure and proletarianisation, the English hedgerow is also an iconic symbol of rural tranquillity, and mainstay of many conservation and biodiversity agendas, with hedge-laying — – the practice of constructing a living hedge — championed as a key item...

Experimental Study of Turbine Fuel Thermal Stability in an Aircraft Fuel System Simulator

Science.gov (United States)

Vranos, A.; Marteney, P. J.

1980-01-01

The thermal stability of aircraft gas turbines fuels was investigated. The objectives were: (1) to design and build an aircraft fuel system simulator; (2) to establish criteria for quantitative assessment of fuel thermal degradation; and (3) to measure the thermal degradation of Jet A and an alternative fuel. Accordingly, an aircraft fuel system simulator was built and the coking tendencies of Jet A and a model alternative fuel (No. 2 heating oil) were measured over a range of temperatures, pressures, flows, and fuel inlet conditions.

How hedge woody species diversity and habitat change is a function of land use history and recent management in a European agricultural landscape.

Science.gov (United States)

McCann, Thomas; Cooper, Alan; Rogers, David; McKenzie, Paul; McErlean, Thomas

2017-07-01

European hedged agricultural landscapes provide a range of ecosystem services and are an important component of cultural and biodiversity heritage. This paper investigates the extent of hedges, their woody species diversity (including the influence of historical versus recent hedge origin) and dynamics of change. The rationale is to contribute to an ecological basis for hedge habitat management. Sample sites were allocated based on a multivariate classification of landscape attributes. All field boundaries present in each site were mapped and surveyed in 1998 and 2007. To assess diversity, a list of all woody species was recorded in one standard 30 m linear plot within each hedge. There was a net decrease in hedge habitat extent, mainly as a result of removal, and changes between hedges and other field boundary types due to the development and loss of shrub growth-form. Agricultural intensification, increased rural building, and variation in hedge management practices were the main drivers of change. Hedges surveyed at baseline, which were lost at resurvey, were more species rich than new hedges gained. Hedges coinciding with historical land unit boundaries of likely Early Medieval origin were found to be more species rich. The most frequent woody species in hedges were native, including a high proportion with Fraxinus excelsior, a species under threat from current and emerging plant pests and pathogens. Introduced species were present in circa 30% of hedges. We conclude that since hedge habitat distribution and woody species diversity is a function of ecology and anthropogenic factors, the management of hedges in enclosed agricultural landscapes requires an integrated approach. Copyright © 2017 Elsevier Ltd. All rights reserved.

Subchronic JP-8 jet fuel exposure enhances vulnerability to noise-induced hearing loss in rats.

Science.gov (United States)

Fechter, L D; Fisher, J W; Chapman, G D; Mokashi, V P; Ortiz, P A; Reboulet, J E; Stubbs, J E; Lear, A M; McInturf, S M; Prues, S L; Gearhart, C A; Fulton, S; Mattie, D R

2012-01-01

Both laboratory and epidemiological studies published over the past two decades have identified the risk of excess hearing loss when specific chemical contaminants are present along with noise. The objective of this study was to evaluate the potency of JP-8 jet fuel to enhance noise-induced hearing loss (NIHL) using inhalation exposure to fuel and simultaneous exposure to either continuous or intermittent noise exposure over a 4-wk exposure period using both male and female Fischer 344 rats. In the initial study, male (n = 5) and female (n = 5) rats received inhalation exposure to JP-8 fuel for 6 h/d, 5 d/wk for 4 wk at concentrations of 200, 750, or 1500 mg/m³. Parallel groups of rats also received nondamaging noise (constant octave band noise at 85 dB(lin)) in combination with the fuel, noise alone (75, 85, or 95 dB), or no exposure to fuel or noise. Significant concentration-related impairment of auditory function measured by distortion product otoacoustic emissions (DPOAE) and compound action potential (CAP) threshold was seen in rats exposed to combined JP-8 plus noise exposure when JP-8 levels of 1500 mg/m³ were presented with trends toward impairment seen with 750 mg/m³ JP-8 + noise. JP-8 alone exerted no significant effect on auditory function. In addition, noise was able to disrupt the DPOAE and increase auditory thresholds only when noise exposure was at 95 dB. In a subsequent study, male (n = 5 per group) and female (n = 5 per group) rats received 1000 mg/m³ JP-8 for 6 h/d, 5 d/wk for 4 wk with and without exposure to 102 dB octave band noise that was present for 15 min out of each hour (total noise duration 90 min). Comparisons were made to rats receiving only noise, and thosereceiving no experimental treatment. Significant impairment of auditory thresholds especially for high-frequency tones was identified in the male rats receiving combined treatment. This study provides a basis for estimating excessive hearing loss under

Metabolites from inhalation of aerosolized S-8 synthetic jet fuel in rats.

Science.gov (United States)

Tremblay, Raphael T; Martin, Sheppard A; Fisher, Jeffrey W

2011-01-01

Alternative fuels are being considered for civilian and military uses. One of these is S-8, a replacement jet fuel synthesized using the Fischer-Tropsch process, which contains no aromatic compounds and is mainly composed of straight and branched alkanes. Metabolites of S-8 fuel in laboratory animals have not been identified. The goal of this study was to identify metabolic products from exposure to aerosolized S-8 and a designed straight-chain alkane/polyaromatic mixture (decane, undecane, dodecane, tridecane, tetradecane, pentadecane, naphthalene, and 2-methylnaphthalene) in male Fischer 344 rats. Collected blood and tissue samples were analyzed for 70 straight and branched alcohols and ketones ranging from 7 to 15 carbons. No fuel metabolites were observed in the blood, lungs, brain, and fat following S-8 exposure. Metabolites were detected in the liver, urine, and feces. Most of the metabolites were 2- and 3-position alcohols and ketones of prominent hydrocarbons with very few 1- or 4-position metabolites. Following exposure to the alkane mixture, metabolites were observed in the blood, liver, and lungs. Interestingly, heavy metabolites (3-tridecanone, 2-tridecanol, and 2-tetradecanol) were observed only in the lung tissues possibly indicating that metabolism occurred in the lungs. With the exception of these heavy metabolites, the metabolic profiles observed in this study are consistent with previous studies reporting on the metabolism of individual alkanes. Further work is needed to determine the potential metabolic interactions of parent, primary, and secondary metabolites and identify more polar metabolites. Some metabolites may have potential use as biomarkers of exposure to fuels.

Army Alternative Ground Fuels Qualification

Science.gov (United States)

2012-05-31

Jet Fuel-Like Product Lignocellulose corn stover forest waste switchgrass sugarcane Fermentation Genetically Engineered Microbes Jet...Fuel-Like Product Bio-Crude Pyrolysis Dehydration Hydroprocessing Synthetic Biology Pyrolysis Alcohol Oligomerization Conventional

Technological, economic and environmental evaluation of rice husk gasification in a biorefinery context to produce indirect energy as jet fuel

Directory of Open Access Journals (Sweden)

Juan Jacobo Jaramillo Obando

2017-09-01

Full Text Available Higher alcohol 1-octanol was evaluated as jet fuel potential. The synthesis of the 1-octanol was modeled and the technological, economic and environmental evaluation of the global production process of the rice husk gasification was performed. The best operating conditions to 1-octanol synthesis were obtained in packed bed reactor PBR using Matlab software. Mass and energy balances were calculated using Aspen Plus Software. Economic assessment was developed using Aspen Process Economic Analyzer Software. Environmental impact evaluation was carried out using the waste reduction algorithm WAR. Process yield was 0.83 kg of 1-Octanol by kg of rice husk. Total production cost obtained was USD 0.957 per kg of 1-octanol and the total PEI of product leave the system is 0.08142 PEI/kg with a PEI mitigated of 12.97 PEI/kg. Production process of high alcohols from rice husk shows a high potential technological, economical and environmental as a sustainable industry at take advantage of an agroindustrial residue and transformed in products with added value and energy. 1-octanol as jet fuel has a potential but need to be more studied for direct use in jet motors.

Neutron Profiles and Fuel Ratio nT /nD Measurements in JET ELMy H-mode Plasmas with Tritium Puff

Czech Academy of Sciences Publication Activity Database

Bonheure, G.; Popovichev, S.; Bertalot, L.; Murari, A.; Conroy, S.; Mlynář, Jan; Voitsekhovitch, I.

2006-01-01

Roč. 46, č. 7 (2006), s. 725-740 ISSN 0029-5515 Institutional research plan: CEZ:AV0Z20430508 Keywords : fusion * JET * plasma profile * tomography * neutron diagnostics * fuel * tritium transport Subject RIV: BL - Plasma and Gas Discharge Physics Impact factor: 2.839, year: 2006

Performance of hedging strategies in interval models

NARCIS (Netherlands)

Roorda, Berend; Engwerda, Jacob; Schumacher, J.M.

2005-01-01

For a proper assessment of risks associated with the trading of derivatives, the performance of hedging strategies should be evaluated not only in the context of the idealized model that has served as the basis of strategy development, but also in the context of other models. In this paper we

Determinantes para utilização de Hedge Accouting: uma escolha contábil

Directory of Open Access Journals (Sweden)

Fernando Caio Galdi

2009-08-01

Full Text Available Este estudo investiga a sistemática da escolha contábil, no meio corporativo,referente à contratação e à qualificação, ou não, de operações com derivativos para aplicação da contabilidade de hedge (Hedge Accounting, conforme as normas do Fasb (SFAS 133. Dentro dessa abordagem, foram utilizadas variáveis relacionadas aos incentivos/benefícios que as empresas podem ter ao classificarem uma transação dentro dos requisitos necessários para aplicação da contabilidade de operações de hedge (Hedge Accounting. As empresas avaliadas são aquelas listadas na NYSE nos setores de Mineração, Siderurgia/Metalurgia e Papel/Celulose. Os dados utilizados foram obtidos por meio da base de dados Economatica, websites das firmas selecionadas e da análise das demonstrações financeiras publicadas nos relatórios anuais, em dólares norte-americanos, de cada uma das selecionadas firmas, referentes ao ano de 2006. As evidências apontam para uma relação positiva e significante entre a dívida de longo prazo e a aplicação da contabilidade de hedge, o que é consistente com a teoria e corrobora com a relação esperada.

Contribution to modeling and dynamic risk hedging in energy markets

International Nuclear Information System (INIS)

Noufel, Frikha

2010-12-01

This thesis is concerned with probabilistic numerical problems about modeling, risk control and risk hedging motivated by applications to energy markets. The main tool is based on stochastic approximation and simulation methods. This thesis consists of three parts. The first one is devoted to the computation of two risk measures of the portfolio loss distribution L: the Value-at-Risk (VaR) and the Conditional Value-at-Risk (CVaR). This computation uses a stochastic algorithm combined with an adaptive variance reduction technique. The first part of this chapter deals with the finite dimensional case, the second part extends the results of the first part to the case of a path-dependency process and the last one deals low discrepancy sequences. The second chapter is devoted with risk minimizing hedging strategies in an incomplete market operating in discrete time using quantization based stochastic approximation. Theoretical results on CVaR hedging are presented then numerical aspects are addressed in a Markovian framework. The last part deals with joint modeling of Gas and Electricity spot prices. The multi-factor model presented is based on stationary Ornstein process with parameterized diffusion coefficient. (author)

Price volatility, hedging and variable risk premium in the crude oil market

International Nuclear Information System (INIS)

Ahmad Jalali-Naini; Maryam Kazemi Manesh

2006-01-01

The crude oil price exhibits a high degree of volatility which varies significantly over time. Such characteristics imply that the oil market is a promising area for testing volatility models. Testing and predicting volatility using ARCH and GARCH models have grown in the literature. A useful application of the volatility models is in the formulation of hedging strategies. In this paper we compare the optimal hedge ratio for the crude oil using the classical minimum risk approach and use ARCH to incorporate the effect of heteroskedasticity in the residuals on the hedge ratio. In addition, we test for the existence of a variable risk premium in the crude oil market. We find that, assuming rational expectations, there is a non-zero risk premium. We test for the variability of the risk premia and find evidence in its support when we employed a multivariate GARCH model. (author)

Factors affecting the silver corrosion performance of jet fuel from the Merox process

Energy Technology Data Exchange (ETDEWEB)

Viljoen, C.L. [Sasol Oil R& D (South Africa); Hietkamp, S. [CSIR, Pretoria (South Africa); Marais, B.; Venter, J.J. [National Petroleum Refineries of South Africa, Sasolburg (South Africa)

1995-05-01

The Natref refinery at Sasolburg, South Africa, which is 63,6% owned by Sasol and 36,5% by Total, is producing Jet A-1 fuel at a rate of 80 m{sup 3}/h by means of a UOP Merox process. A substantial part of the crude oil slate is made up from crudes which have been stored for considerable times in underground mines. Since the 1970`s, Natref has experienced sporadic non-conformance of its treated jet fuel to the silver corrosion (IP 227) test. Various causes and explanations for the sporadic silver corrosion occurrence have been put forward but a direct causal link has remained obscure. The paper addresses these possible causes for silver corrosion and some of the process changes which have been made to alleviate the problem. Emphasis is placed on the most recent approaches which were taken to identify the origin of the sporadic silver corrosion. An inventory of all the potential causes was made, such a bacterial action, elemental sulphur formation in storage, etc. and experiments designed to test the validity of these causes, are discussed. A statistical evaluation which was done of the historical process data over a 2 year period, failed to link the use of mine crudes directly to Ag-corrosion occurrence. However, a correlation between elemental sulphur and H{sub 2}S levels in the feed to the Merox reactor and Ag-corrosion was observed. Finally, the outcome of the experiments are discussed, as well as the conclusions which were reached from the observed results.

Refinery Integration of By-Products from Coal-Derived Jet Fuels

Energy Technology Data Exchange (ETDEWEB)

Caroline E. Burgess Clifford; Andre' Boehman; Chunshan Song; Bruce Miller; Gareth Mitchell

2006-09-17

This report summarizes the accomplishments toward project goals during the second six months of the third year of the project to assess the properties and performance of coal based products. These products are in the gasoline, diesel and fuel oil range and result from coal based jet fuel production from an Air Force funded program. Specific areas of progress include generation of coal based material that has been fractionated into the desired refinery cuts and examination of carbon material, the use of a research gasoline engine to test coal-based gasoline, and modification of diesel engines for use in evaluating diesel produced in the project. At the pilot scale, the hydrotreating process was modified to separate the heavy components from the LCO and RCO fractions before hydrotreating in order to improve the performance of the catalysts in further processing. Characterization of the gasoline fuel indicates a dominance of single ring alkylcycloalkanes that have a low octane rating; however, blends containing these compounds do not have a negative effect upon gasoline when blended in refinery gasoline streams. Characterization of the diesel fuel indicates a dominance of 3-ring aromatics that have a low cetane value; however, these compounds do not have a negative effect upon diesel when blended in refinery diesel streams. Both gasoline and diesel continue to be tested for combustion performance. The desulfurization of sulfur containing components of coal and petroleum is being studied so that effective conversion of blended coal and petroleum streams can be efficiently converted to useful refinery products. Activated carbons have proven useful to remove the heavy sulfur components, and unsupported Ni/Mo and Ni/Co catalysts have been very effective for hydrodesulfurization. Equipment is now in place to begin fuel oil evaluations to assess the quality of coal based fuel oil. Combustion and characterization of the latest fuel oil (the high temperature fraction of RCO

Long-term exposure to jet fuel. An investigation on occupationally exposed workers with special reference to the nervous system

Energy Technology Data Exchange (ETDEWEB)

Knave, B; Persson, H E; Goldberg, M; Westerholm, P

1976-09-01

Chronic solvent intoxication due to jet fuel vapor was diagnosed after tests on 29 aircraft factory workers. The exposed subjects were classified into (1) heavily exposed and (2) less heavily exposed groups. Tests included a clinical neurological examination, measurements of the peipheral nerve conduction velocities and threshold determination of vibratory sensations in the extremities. All 13 examined in the first group and 7 of 16 in the second group stated that, on repeated occasions, they had experienced acute effects (dizziness, dyspnoea, heart palpitations, chest striction, nausea, headaches) of the jet fuel vapors in the inhaled air. Air overrepresentation of symptoms of neurasthenia and physical disturbances, polyneuropathic symptoms and plyneuropathic findings were evident from the neurological status both in the heavily exposed group and in the two groups taken as a whole when comparison was made with reference groups. Moreover, relatively lower nerve conduction velocities and higher vibration thresholds were witnessed in both groups compared with a reference group from the heavy metal industry.

The Impact of Hedge Fund Activism on Target Firm Performance, Executive Compensation and Executive Wealth

Directory of Open Access Journals (Sweden)

Andrew Carrothers

2017-10-01

Full Text Available This paper examines the relationship between hedge fund activism and target firm performance, executive compensation, and executive wealth. It introduces a theoretical framework that describes the activism process as a sequence of discrete decisions. The methodology uses regression analysis on a matched sample based on firm size, industry, and market-to-book ratio. All regressions control for industry and year fixed effects. Schedule 13D Securities and Exchange Commission (SEC filings are the source for the statistical sample of hedge fund target firms. I supplement that data with target firm financial, operating, and share price information from the CRSP-COMPUSTAT merged database. Activist hedge funds target undervalued or underperforming firms with high profitability and cash flows. They do not avoid firms with powerful CEOs. Leverage, executive compensation, pay for performance and CEO turnover increase at target firms after the arrival of the activist hedge fund. Target firm executives’ wealth is more sensitive to changes in share price after hedge fund activism events suggesting that the executive team experiences changes to their compensation structure that provides incentive to take action to improve returns to shareholders. The top executives reap rewards for increasing firm value but not for increased risk taking.

Forward, Forward Option and No Hedging Which One is the Best for Managing Currency Risk?

Directory of Open Access Journals (Sweden)

Riko Hendrawan

2017-07-01

Full Text Available Bank Indonesia Regulation No.18/18/PBI/2016 concerning foreign exchange transactions against rupiah between banks and domestic parties, indicates that the importance of hedging for business actors in Indonesia. Based on the data of the rupiah exchange rate movement against the dollar from January 2006 to December 2016 shows that the fluctuation of the rupiah against the US dollar tends to weaken, although at some point the observation shows the strengthening of the rupiah against the US dollar. The purpose of this research is to assess impact of Forward, Forward Option and No Hedging Strategy for managing currency exposure between IDR to USD. Using data from January 2006–December 2016 taken from website of Bank Indonesia and Federal Reserve. Total 396 simulations,consists of 132 using Forward simulations, 132 using Forward Option simulations and 132 using No Hedging simulations. Findings from this research show that Forward Option was has no positive contribution in managing currency exposure, No Hedging Strategy has 36,36 percent positive contribution and forward contract has 72,73 percent positive contribution in managing currency exposure. Its means Forward Contract was better than Forward Option and No Hedging Strategies in managing currency exposure.

Pricing and hedging derivative securities with neural networks: Bayesian regularization, early stopping, and bagging.

Science.gov (United States)

Gençay, R; Qi, M

2001-01-01

We study the effectiveness of cross validation, Bayesian regularization, early stopping, and bagging to mitigate overfitting and improving generalization for pricing and hedging derivative securities with daily S&P 500 index daily call options from January 1988 to December 1993. Our results indicate that Bayesian regularization can generate significantly smaller pricing and delta-hedging errors than the baseline neural-network (NN) model and the Black-Scholes model for some years. While early stopping does not affect the pricing errors, it significantly reduces the hedging error (HE) in four of the six years we investigated. Although computationally most demanding, bagging seems to provide the most accurate pricing and delta hedging. Furthermore, the standard deviation of the MSPE of bagging is far less than that of the baseline model in all six years, and the standard deviation of the average HE of bagging is far less than that of the baseline model in five out of six years. We conclude that they be used at least in cases when no appropriate hints are available.

Operações de Hedge no Agronegócio - Uma Análise Baseada no Hedging Accounting'

Directory of Open Access Journals (Sweden)

Maria Jose de Camargo Machado De Zen

2009-10-01

Full Text Available O mercado de derivativos vem ganhando importância no contexto econômico mundial, demandando procedimentos contábeis que evidenciem corretamente os riscos e os benefícios envolvidos em tais operações. Desta maneira, este artigo mostra e discute aspectos da contabilização de operações de hedge, utilizando como base para análise, dois instrumentos utilizados com a finalidade de hedge no agronegócio brasileiro: a Cédula de Produto Rural (CPR e os contratos futuros agropecuários. Através de pesquisa bibliográfica, foram estudados os procedimentos do Hedging Accounting, segundo a normatização do FASB, e da CVM. Através do desenvolvimento de um exemplo teórico foram analisados e discutidos estes procedimentos, comparando as divergências de critérios entre as normas dos dois órgãos citados, e o impacto destes na análise das demonstrações financeiras tanto do produtor rural como da agroindústria. Esta análise demonstra que há divergências significativas na evidenciação destes instrumentos, principalmente dos contratos futuros, entre as normas analisadas. Ja para a CPR, foi proposta uma contabilização segundo o conceito de "derivativo embutido", conceito este contemplado pelo próprio FASB para alguns contratos com características híbridas. Existe uma necessidade de adequação das normas da CVM ao FASB, visto a importância de evidenciar estas operações no "corpo"do balanço, tanto no aspecto de exposição ao risco, como para a comparando de estratégias diferentes de proteção. No entanto, analisando somente dois títulos, fica evidente a dificuldade da adequação das normas brasileiras ao FASB.

Jet plume injection and combustion system for internal combustion engines

Science.gov (United States)

Oppenheim, Antoni K.; Maxson, James A.; Hensinger, David M.

1993-01-01

An improved combustion system for an internal combustion engine is disclosed wherein a rich air/fuel mixture is furnished at high pressure to one or more jet plume generator cavities adjacent to a cylinder and then injected through one or more orifices from the cavities into the head space of the cylinder to form one or more turbulent jet plumes in the head space of the cylinder prior to ignition of the rich air/fuel mixture in the cavity of the jet plume generator. The portion of the rich air/fuel mixture remaining in the cavity of the generator is then ignited to provide a secondary jet, comprising incomplete combustion products which are injected into the cylinder to initiate combustion in the already formed turbulent jet plume. Formation of the turbulent jet plume in the head space of the cylinder prior to ignition has been found to yield a higher maximum combustion pressure in the cylinder, as well as shortening the time period to attain such a maximum pressure.

Optimization of multi-reservoir operation with a new hedging rule: application of fuzzy set theory and NSGA-II

Science.gov (United States)

Ahmadianfar, Iman; Adib, Arash; Taghian, Mehrdad

2017-10-01

The reservoir hedging rule curves are used to avoid severe water shortage during drought periods. In this method reservoir storage is divided into several zones, wherein the rationing factors are changed immediately when water storage level moves from one zone to another. In the present study, a hedging rule with fuzzy rationing factors was applied for creating a transition zone in up and down each rule curve, and then the rationing factor will be changed in this zone gradually. For this propose, a monthly simulation model was developed and linked to the non-dominated sorting genetic algorithm for calculation of the modified shortage index of two objective functions involving water supply of minimum flow and agriculture demands in a long-term simulation period. Zohre multi-reservoir system in south Iran has been considered as a case study. The results of the proposed hedging rule have improved the long-term system performance from 10 till 27 percent in comparison with the simple hedging rule, where these results demonstrate that the fuzzification of hedging factors increase the applicability and the efficiency of the new hedging rule in comparison to the conventional rule curve for mitigating the water shortage problem.

Missing Data Bias on a Selective Hedging Strategy

Directory of Open Access Journals (Sweden)

Kiss Gábor Dávid

2017-03-01

Full Text Available Foreign exchange rates affect corporate profitability both on the macro and cash-flow level. The current study analyses the bias of missing data on a selective hedging strategy, where currency options are applied in case of Value at Risk (1% signs. However, there can be special occasions when one or some data is missing due to lack of a trading activity. This paper focuses on the impact of different missing data handling methods on GARCH and Value at Risk model parameters, because of selective hedging and option pricing based on them. The main added value of the current paper is the comparison of the impact of different methods, such as listwise deletion, mean substitution, and maximum likelihood based Expectation Maximization, on risk management because this subject has insufficient literature. The current study tested daily closing data of floating currencies from Kenya (KES, Ghana (GHS, South Africa (ZAR, Tanzania (TZS, Uganda (UGX, Gambia (GMD, Madagascar (MGA and Mozambique (MZN in USD denomination against EUR/USD rate between March 8, 2000 and March 6, 2015 acquired from the Bloomberg database. Our results suggested the biases of missingness on Value at Risk and volatility models, presenting significant differences among the number of extreme fluctuations or model parameters. A selective hedging strategy can have different expenditures due to the choice of method. This paper suggests the usage of mean substitution or listwise deletion for daily financial time series due to their tendency to have a close to zero first momentum

(IAM Series No 004) Highwaymen or Heroes: Should Hedge Funds be Regulated?

OpenAIRE

Jean-Pierre Zigrand; Ashley Taylor; Jon Danielsson

2004-01-01

The exponential growth of hedge funds, their role in financial crises in the 1990s, and examples of fraudulent behaviour have precipitated a heated debate over their regulatory status. The existing approaches of greater disclosure and activity restrictions appear too blunt to be effective and may stifle the benefits hedge funds can bring to the financial system. But, even the remote possibility of a systemic crisis weighs against no regulation. If reform is delayed until after a crisis it is ...

Characterization of inhalation exposure to jet fuel among U.S. Air Force personnel.

Science.gov (United States)

Merchant-Borna, Kian; Rodrigues, Ema G; Smith, Kristen W; Proctor, Susan P; McClean, Michael D

2012-07-01

Jet propulsion fuel-8 (JP-8) is the primary jet fuel used by the US military, collectively consuming ~2.5 billion gallons annually. Previous reports suggest that JP-8 is potentially toxic to the immune, respiratory, and nervous systems. The objectives of this study were to evaluate inhalation exposure to JP-8 constituents among active duty United States Air Force (USAF) personnel while performing job-related tasks, identify significant predictors of inhalation exposure to JP-8, and evaluate the extent to which surrogate exposure classifications were predictive of measured JP-8 exposures. Seventy-three full-time USAF personnel from three different air force bases were monitored during four consecutive workdays where personal air samples were collected and analyzed for benzene, ethylbenzene, toluene, xylenes, total hydrocarbons (THC), and naphthalene. The participants were categorized a priori into high- and low-exposure groups, based on their exposure to JP-8 during their typical workday. Additional JP-8 exposure categories included job title groups and self-reported exposure to JP-8. Linear mixed-effects models were used to evaluate predictors of personal air concentrations. The concentrations of THC in air were significantly different between a priori exposure groups (2.6 mg m(-3) in high group versus 0.5 mg m(-3) in low, P fuel distribution/maintenance, though self-reported exposure to JP-8 was an even stronger predictor of measured exposure in models that explained 72% (THC) and 67% (naphthalene) of between-worker variability. In fact, both self-report JP-8 exposure and a priori exposure groups explained more between-worker variability than job categories. Personal exposure to JP-8 varied by job and was positively associated with the relative humidity. However, self-reported exposure to JP-8 was an even stronger predictor of measured exposure than job title categories, suggesting that self-reported JP-8 exposure is a valid surrogate metric of exposure when

Experimental investigation of spray characteristics of alternative aviation fuels

International Nuclear Information System (INIS)

Kannaiyan, Kumaran; Sadr, Reza

2014-01-01

Highlights: • Physical properties of GTL fuel are different from those of conventional jet fuels. • Spray characteristics of GTL and Jet A-1 fuels are experimentally investigated using phase Doppler anemometry. • Regions near the nozzle are influenced by differences in fuel physical properties. • Spray characteristics of GTL can be predicted by empirical relations developed for conventional jet fuels. - Abstract: Synthetic fuels derived from non-oil feedstock are gaining importance due to their cleaner combustion characteristics. This work investigates spray characteristics of two Gas-to-Liquid (GTL) synthetic jet fuels from a pilot-scale pressure swirl nozzle and compares them with those of the conventional Jet A-1 fuel. The microscopic spray parameters are measured at 0.3 and 0.9 MPa injection pressures at several points in the spray using phase Doppler anemometry. The results show that the effect of fuel physical properties on the spray characteristics is predominantly evident in the regions close to the nozzle exit at the higher injection pressure. The lower viscosity and surface tension of GTL fuel seems to lead to faster disintegration and dispersion of the droplets when compared to those of Jet A-1 fuel under atmospheric conditions. Although the global characteristics of the fuels are similar, the effects of fuel properties are evident on the local spray characteristics at the higher injection pressure

Aerobic biodegradation potential of subsurface microorganisms from a jet fuel-contaminated aquifer

International Nuclear Information System (INIS)

Aelion, C.M.; Bradley, P.M.

1991-01-01

Current efforts to remediate subsurface contamination have spurred research in the application of in situ bioremediation. In 1975, a leak of 83,000 gallons (314,189 liters) of jet fuel (JP-4) contaminated a shallow water-table aquifer near North Charleston, S.C. Laboratory experiments were conducted with contaminated sediments to assess the aerobic biodegradation potential of the in situ microbial community. Sediments were incubated with 14 C-labeled organic compounds, and the evolution of 14 CO 2 was measured over time. Gas chromatographic analyses were used to monitor CO 2 production and O 2 consumption under aerobic conditions. Results indicated that the microbes from contaminated sediments remained active despite the potentially toxic effects of JP-4. 14 CO 2 was measured from [ 14 C]glucose respiration in unamended and nitrate-amended samples after 1 day of incubation. Total [ 14 C]glucose metabolism was greater in 1 mM nitrate-amended than in unamended samples because of increased cellular incorporation of 14 C label. [ 14 C]benzene and [ 14 C]toluene were not significantly respired after 3 months of incubation. With the addition of 1 mM NO 3 , CO 2 production measured by gas chromatographic analysis increased linearly during 2 months of incubation at a rte of 0.099 μmol g -1 (dry weight) day -1 while oxygen concentration decreased at a rate of 0.124 μmol g -1 (dry weight) day -1 . With no added nitrate, CO 2 production was not different from that in metabolically inhibited control vials. The results suggest that the in situ microbial community is active despite the JP-4 jet fuel contamination and that biodegradation may be compound specific. Also, the community is strongly nitrogen limited, and nitrogen additions may be required to significantly enhance hydrocarbon biodegradation

The European Union, Financial Crises and the Regulation of Hedge Funds: A Policy Cul-de-Sac or Policy Window?

Directory of Open Access Journals (Sweden)

David John Lutton

2008-11-01

Full Text Available A series of financial crises involving hedge funds has created a general perception that action needs to be taken. A number of key member states and political actors favour tighter regulation. Traditional bureaucratic theory suggests that the European Commission would seek to maximise this ‘policy window’, and yet there remains no single unified European Union (EU regulatory framework specifically targeting hedge funds. The nature of the regulatory regime, which has generally demanded a ‘light touch’ approach, means there are strict limits the EU’s ability to act. From an EU perspective, hedge fund regulation appears to be a policy cul-de-sac. However, the relationship between hedge funds and financial crisis is complex and less straightforward than is often portrayed. Hedge fund regulation cannot, however, be considered in isolation but should be viewed in the context of a wider programme to integrate European financial services markets. Viewed from this perspective, EU regulation is in fact changing the landscape of the hedge fund industry through a process of negative integration.

Human Health Assessment of Alcohol To Jet (ATJ) Synthetic Kerosenes

Science.gov (United States)

2016-07-30

workplace . 15. SUBJECT TERMS Jet fuels, alternative fuels, synthetic kerosene, JP-8, biobased/bio-based, toxicity/toxicology, alcohol-to-jet, toxicity...ATJ fuels alone, or in a blend with petroleum-derived JP-8, is unlikely to increase human health risks in the military workplace . Therefore, the... pregnancy rate, gestation length, or number of pups per litter. The female-only exposure did result in decreased pup weights in the highest dose group

Overview of co-deposition and fuel inventory in castellated divertor structures at JET

International Nuclear Information System (INIS)

Rubel, M.J.; Coad, J.P.; Pitts, R.A.

2007-01-01

The main focus of this work is fuel retention in plasma components of the JET water-cooled Mk-I divertors operated with small tiles, first with carbon fibre composite (CFC) and then with castellated beryllium. Until recently these have been the only large-scale structures of this type used in fusion experiments. Three issues regarding fuel retention and material migration are addressed: (i) accumulation in gaps separating tiles and in the grooves of castellation; (ii) comparison of deposition on carbon and beryllium; (iii) in-depth migration of deuterium into the bulk of CFC. The essential results are summarised as follows: (i) co-deposition occurs up to a few cm deep in the gaps between the Mk-I tiles; (ii) fuel inventory in the CFC tile gaps exceeds that on plasma-facing surfaces by up to a factor of 2; (iii) in gaps between the beryllium tiles from the inner divertor corner the fuel content reaches 30% of that on plasma-facing surfaces, whereas in the grooves of castellation in Be the fuel content is less than 3.0% of that found on the top surface; (iv) fuel inventory on the Be tiles is strongly associated with the carbon co-deposition; (v) the D content measured in the bulk (1.5 mm below the surface) on cleaved CFC tiles exceeds 1 x 10 15 cm -2 . Implications of these results for a next-step device are addressed and the transport mechanism into the gaps is briefly discussed. The results presented here suggest that in a machine with non-carbon walls in the main chamber (as foreseen for ITER) the material transport and subsequent fuel inventory in the castellation would be reduced

The performance of multi-factor term structure models for pricing and hedging caps and swaptions

NARCIS (Netherlands)

Driessen, J.J.A.G.; Klaassen, P.; Melenberg, B.

2000-01-01

In this paper we empirically compare a wide range of different term structure models when it comes to the pricing and, in particular, hedging of caps and swaptions. We analyze the influence of the number of factors on the hedging and pricing results, and investigate which type of data "interest rate

The Performance of Multi-Factor Term Structure Models for Pricing and Hedging Caps and Swaptions

NARCIS (Netherlands)

Driessen, J.J.A.G.; Klaassen, P.; Melenberg, B.

2000-01-01

In this paper we empirically compare different term structure models when it comes to the pricing and hedging of caps and swaptions.We analyze the influence of the number of factors on the pricing and hedging results, and investigate which type of data -interest rate data or derivative price data-

Correlation between in vivo and in vitro pulmonary responses to jet propulsion fuel-8 using precision-cut lung slices and a dynamic organ culture system.

Science.gov (United States)

Hays, Allison M; Lantz, R Clark; Witten, Mark L

2003-01-01

In tissue slice models, interactions between the heterogeneous cell types comprising the lung parenchyma are maintained thus providing a controlled system for the study of pulmonary toxicology in vitro. However, validation of the model in vitro system must be affirmed. Previous reports, in in vivo systems, have demonstrated that Clara cells and alveolar type II cells are the targets following inhalation of JP-8 jet fuel. We have utilized the lung slice model to determine if cellular targets are similar following in vitro exposure to JP-8. Agar-filled adult rat lung explants were cored and precision cut, using the Brende/Vitron tissue slicer. Slices were cultured on titanium screens located as half-cylinders in cylindrical Teflon cradles that were loaded into standard scintillation vials and incubated at 37 degrees C. Slices were exposed to JP-8 jet fuel (0.5 mg/ml, 1.0 mg/ml, and 1.5 mg/ml in medium) for up to 24 hours. We determined ATP content using a luciferin-luciferase bioluminescent assay. No significant difference was found between the JP-8 jet fuel doses or time points, when compared to controls. Results were correlated with structural alterations following aerosol inhalation of JP-8. As a general observation, ultrastructural evaluation of alveolar type cells revealed an apparent increase in the number and size of surfactant secreting lamellar bodies that was JP-8 jet fuel-dose dependent. These results are similar to those observed following aerosol inhalation exposure. Thus, the lung tissue slice model appears to mimic in vivo effects of JP-8 and therefore is a useful model system for studying the mechanisms of lunginjury following JP-8 exposure.

Life-Cycle Analysis of Alternative Aviation Fuels in GREET

Energy Technology Data Exchange (ETDEWEB)

Elgowainy, A. [Argonne National Lab. (ANL), Argonne, IL (United States); Han, J. [Argonne National Lab. (ANL), Argonne, IL (United States); Wang, M. [Argonne National Lab. (ANL), Argonne, IL (United States); Carter, N. [Massachusetts Inst. of Technology (MIT), Cambridge, MA (United States); Stratton, R. [Massachusetts Inst. of Technology (MIT), Cambridge, MA (United States); Hileman, J. [Massachusetts Inst. of Technology (MIT), Cambridge, MA (United States); Malwitz, A. [Volpe National Transportation Systems Center, Cambridge, MA (United States); Balasubramanian, S. [Volpe National Transportation Systems Center, Cambridge, MA (United States)

2012-06-01

The Greenhouse gases, Regulated Emissions, and Energy use in Transportation (GREET) model, developed at Argonne National Laboratory, has been expanded to include well-to-wake (WTWa) analysis of aviation fuels and aircraft. This report documents the key WTWa stages and assumptions for fuels that represent alternatives to petroleum jet fuel. The aviation module in GREET consists of three spreadsheets that present detailed characterizations of well-to-pump and pump-to-wake parameters and WTWa results. By using the expanded GREET version (GREET1_2011), we estimate WTWa results for energy use (total, fossil, and petroleum energy) and greenhouse gas (GHG) emissions (carbon dioxide, methane, and nitrous oxide) for (1) each unit of energy (lower heating value) consumed by the aircraft or(2) each unit of distance traveled/ payload carried by the aircraft. The fuel pathways considered in this analysis include petroleum-based jet fuel from conventional and unconventional sources (i.e., oil sands); Fisher-Tropsch (FT) jet fuel from natural gas, coal, and biomass; bio-jet fuel from fast pyrolysis of cellulosic biomass; and bio-jet fuel from vegetable and algal oils, which falls under the American Society for Testing and Materials category of hydroprocessed esters and fatty acids. For aircraft operation, we considered six passenger aircraft classes and four freight aircraft classes in this analysis. Our analysis revealed that, depending on the feedstock source, the fuel conversion technology, and the allocation or displacement credit methodology applied to co-products, alternative bio-jet fuel pathways have the potential to reduce life-cycle GHG emissions by 55–85 percent compared with conventional (petroleum-based) jet fuel. Although producing FT jet fuel from fossil feedstock sources — such as natural gas and coal — could greatly reduce dependence on crude oil, production from such sources (especially coal) produces greater WTWa GHG emissions compared with petroleum jet

Life-cycle analysis of alternative aviation fuels in GREET

Energy Technology Data Exchange (ETDEWEB)

Elgowainy, A.; Han, J.; Wang, M.; Carter, N.; Stratton, R.; Hileman, J.; Malwitz, A.; Balasubramanian, S. (Energy Systems)

2012-07-23

The Greenhouse gases, Regulated Emissions, and Energy use in Transportation (GREET) model, developed at Argonne National Laboratory, has been expanded to include well-to-wake (WTWa) analysis of aviation fuels and aircraft. This report documents the key WTWa stages and assumptions for fuels that represent alternatives to petroleum jet fuel. The aviation module in GREET consists of three spreadsheets that present detailed characterizations of well-to-pump and pump-to-wake parameters and WTWa results. By using the expanded GREET version (GREET1{_}2011), we estimate WTWa results for energy use (total, fossil, and petroleum energy) and greenhouse gas (GHG) emissions (carbon dioxide, methane, and nitrous oxide) for (1) each unit of energy (lower heating value) consumed by the aircraft or (2) each unit of distance traveled/ payload carried by the aircraft. The fuel pathways considered in this analysis include petroleum-based jet fuel from conventional and unconventional sources (i.e., oil sands); Fisher-Tropsch (FT) jet fuel from natural gas, coal, and biomass; bio-jet fuel from fast pyrolysis of cellulosic biomass; and bio-jet fuel from vegetable and algal oils, which falls under the American Society for Testing and Materials category of hydroprocessed esters and fatty acids. For aircraft operation, we considered six passenger aircraft classes and four freight aircraft classes in this analysis. Our analysis revealed that, depending on the feedstock source, the fuel conversion technology, and the allocation or displacement credit methodology applied to co-products, alternative bio-jet fuel pathways have the potential to reduce life-cycle GHG emissions by 55-85 percent compared with conventional (petroleum-based) jet fuel. Although producing FT jet fuel from fossil feedstock sources - such as natural gas and coal - could greatly reduce dependence on crude oil, production from such sources (especially coal) produces greater WTWa GHG emissions compared with petroleum jet

Striking Features of the New Market Companies Adopting Hedge Accounting

Directory of Open Access Journals (Sweden)

Leandro Augusto Toigo

2015-08-01

Full Text Available This research had as main objective to analyze the corporate and financial governance characteristics that discriminate against groups of companies that adopt hedge accounting in the new market for risk management. In this sense, there was descriptive survey the site of BM&FBOVESPA, conducted through desk review of the financial statements of 31/12/2012, including the explicative notes and management reports, there was also collecting data in reference form and Economatica. The population corresponds as 128 companies of the governance level - new market, and that the reserve sample was random and probabilistic, comprising 88 companies. We used a construct of the CPC 40 that deals with hedge accounting in order to segment the sample companies opting or not hedge accounting. The results of the application of Pearson's correlation and logistic regression with the Hosmer and Lemoshow tests (HLT and Test Omnibus coefficient model (OTMC, have shown that companies with ownership concentration, foreign investors and larger assets are adopting more significantly CPC 40. It follows that Brazilian companies belonging to the new market that adopt the practice of accounting disclosure to demonstrate improvement in risk management of the investments of the shareholders, are large companies with the capital structure composed of foreign investor and representative shareholder wealth.

Pricing and hedging in the VIX derivative market

NARCIS (Netherlands)

Kozarski, R.

2013-01-01

In course of the analysis, we take advantage of extended market evidence in the model estimation and a more complex design to assess the model pricing and hedging performance. The pursuit of more empirically relevant frameworks pays-off is a more precise pricing. However, instead of developing

Score-Driven Nelson Siegel: Hedging Long-Term Liabilities

NARCIS (Netherlands)

R. Quaedvlieg (Rogier); P.C. Schotman (Peter)

2016-01-01

textabstractDue to its affine structure the Nelson-Siegel model for yield curves can be transformed to a factor model for excess bond returns. Hedging interest rate risk in this framework amounts to eliminating the factor exposure and minimizing the residual risk. Fitting the model directly on

The oil market

International Nuclear Information System (INIS)

Amic, E.; Lautard, P.

1999-01-01

This chapter examines the structure of the oil industry and the impacts of the oil markets on the hedging strategies of the energy consumers, the oil company, and the energy derivatives' provider. An introduction to market perspectives is presented, and the hedging operations in the jet fuel market in the airline sector are discussed. Trading and risk management within an oil company, the derivatives provider, trading derivatives in a multi-dimensional world, locational risks, and the modelling of term structure and the role of storage are considered. Industrial spreads and the role of refining, future market developments and market strategies for crude oil and oil products, and marketing packages and market risk are addressed

Belief elicitation in experiments: is there a hedging problem?

Czech Academy of Sciences Publication Activity Database

Blanco, M.; Engelmann, Dirk; Koch, A. K.; Normann, H.-T.

2010-01-01

Roč. 13, č. 4 (2010), s. 412-438 ISSN 1386-4157 Institutional research plan: CEZ:AV0Z70850503 Keywords : belief elicitation * hedging * experimental methodology Subject RIV: AH - Economics Impact factor: 1.868, year: 2010

78 FR 62462 - Regulation of Fuels and Fuel Additives: Modifications to Renewable Fuel Standard Program

Science.gov (United States)

2013-10-22

... renewable fuel is defined as fuel produced from renewable biomass that is used to replace or reduce the quantity of fossil fuel present in home heating oil or jet fuel.\\3\\ In essence, additional renewable fuel... of ``home heating oil.'' EPA determined that this term was ambiguous, and defined it by incorporating...

Life cycle assessment of camelina oil derived biodiesel and jet fuel in the Canadian Prairies.

Science.gov (United States)

Li, Xue; Mupondwa, Edmund

2014-05-15

This study evaluated the environmental impact of biodiesel and hydroprocessed renewable jet fuel derived from camelina oil in terms of global warming potential, human health, ecosystem quality, and energy resource consumption. The life cycle inventory is based on production activities in the Canadian Prairies and encompasses activities ranging from agricultural production to oil extraction and fuel conversion. The system expansion method is used in this study to avoid allocation and to credit input energy to co-products associated with the products displaced in the market during camelina oil extraction and fuel processing. This is the preferred allocation method for LCA analysis in the context of most renewable and sustainable energy programs. The results show that greenhouse gas (GHG) emissions from 1 MJ of camelina derived biodiesel ranged from 7.61 to 24.72 g CO2 equivalent and 3.06 to 31.01 kg CO2/MJ equivalent for camelina HRJ fuel. Non-renewable energy consumption for camelina biodiesel ranged from 0.40 to 0.67 MJ/MJ; HRJ fuel ranged from -0.13 to 0.52 MJ/MJ. Camelina oil as a feedstock for fuel production accounted for the highest contribution to overall environmental performance, demonstrating the importance of reducing environmental burdens during the agricultural production process. Attaining higher seed yield would dramatically lower environmental impacts associated with camelina seed, oil, and fuel production. The lower GHG emissions and energy consumption associated with camelina in comparison with other oilseed derived fuel and petroleum fuel make camelina derived fuel from Canadian Prairies environmentally attractive. Crown Copyright © 2014. Published by Elsevier B.V. All rights reserved.

Intrinsic bioremediation of jet fuel contamination at George Air Force Base

International Nuclear Information System (INIS)

Wilson, J.T.; Sewell, G.W.; Doyle, G.; Miller, R.N.

1995-01-01

The rate of intrinsic bioremediation of BTEX compounds in groundwater from a spill of JP-4 jet fuel was estimated by comparing attenuation of the concentrations of the compounds along a flow path. Concentrations of the trimethylbenzenes (TMB) were used to correct for attenuation due to dilution. Analysis of core samples identified the depth interval in the aquifer that was occupied by the groundwater plume. A downhole flowmeter test identified the local hydraulic conductivity of the depth interval occupied by the plume. Time of travel between wells along the flowpath was calculated from the hydraulic gradient and hydraulic conductivity, assuming an effective porosity of 0.3. First-order rate constants were calculated from attenuation (corrected for dilution or dispersion) and the estimated residence time of groundwater between the wells

Breakup Behavior of Molten Wood's Metal Jet in Subcooled Water

Energy Technology Data Exchange (ETDEWEB)

Heo, Hyo; Park, Seong Dae; Bang, In Cheol [Ulsan National Institute of Science and Technology, Ulsan (Korea, Republic of); Jerng, Dong Wook [Chung-Ang Univ., Seoul (Korea, Republic of)

2014-10-15

There are safety characteristics of the metal fueled sodium fast-cooled reactor (SFR), by identifying the possibility of early termination of severe accidents. If the molten fuel is ejected from the cladding, the ejected molten fuel can interact with the coolant in the reactor vessel. This phenomenon is called as fuel-coolant interaction (FCI). The FCI occurs at the initial phase leading to severe accidents like core disruptive accident (CDA) in the SFR. A part of the corium energy is intensively transferred to the coolant in a very short time during the FCI. The coolant vaporizes at high pressure and expands so results in steam explosion that can threat to the integrity of nuclear reactor. The intensity of steam explosion is determined by jet breakup and the fragmentation behavior. Therefore, it is necessary to understand the jet breakup between the molten fuel jet and the coolant in order to evaluate whether the steam explosion occurs or not. The liquid jet breakup has been studied in various areas, such as aerosols, spray and combustion. In early studies, small diameter jets of low density liquids were studied. The jet breakup for large density liquids has been studied in nuclear reactor field with respect to safety. The existence of vapor film layer between the melt and liquid fluid is only in case of large density breakup. This paper deals with the jet breakup experiment in non-boiling conditions in order to analyze hydraulic effect on the jet behavior. In the present study, the wood's metal was used as the jet material. It has similar properties to the metal fuel. The physical properties of molten materials and coolants are listed in Table I, respectively. It is easy to conduct the experiment due to low melting point of the wood's metal. In order to clarify the dominant factors determining jet breakup and size distribution of the debris, the experiment that the molten wood's metal was injected into the subcooled condition was conducted. The

Bet hedging via seed banking in desert evening primroses (Oenothera, Onagraceae): demographic evidence from natural populations.

Science.gov (United States)

Evans, Margaret E K; Ferrière, Régis; Kane, Michael J; Venable, D Lawrence

2007-02-01

Bet hedging is one solution to the problem of an unpredictably variable environment: fitness in the average environment is sacrificed in favor of lower variation in fitness if this leads to higher long-run stochastic mean fitness. While bet hedging is an important concept in evolutionary ecology, empirical evidence that it occurs is scant. Here we evaluate whether bet hedging occurs via seed banking in natural populations of two species of desert evening primroses (Oenothera, Onagraceae), one annual and one perennial. Four years of data on plants and 3 years of data on seeds yielded two transitions for the entire life cycle. One year was exceptionally dry, leading to reproductive failure in the sample areas, and the other was above average in precipitation, leading to reproductive success in four of five populations. Stochastic simulations of population growth revealed patterns indicative of bet hedging via seed banking, particularly in the annual populations: variance in fitness and fitness in the average environment were lower with seed banking than without, whereas long-run stochastic mean fitness was higher with seed banking than without across a wide range of probabilities of the wet year. This represents a novel, unusually rigorous demonstration of bet hedging from field data.

Testing Commodities as Safe Haven and Hedging Instrument on ASEAN's Five Stock Markets

OpenAIRE

Robiyanto, Robiyanto

2017-01-01

This study attempts to analyze commodity market instruments such as gold, silver, platinum, palladium, and West Texas Intermediate (WTI) crude oil’s potential as hedge and safe haven toward some stock markets in South East Asia such as in Indonesia, Singapore, Malaysia, Philippines, and Thailand. To analyze the data, GARCH (1,1) was applied. The research findings showed that gold, silver, platinum, palladium, and WTI could not play their role as hedging instrument for five South East Asi...

JP-8 and Other Military Fuels

Science.gov (United States)

2011-12-01

Fermentation Jet Fuel-Like Product sugarcane Alcohol Oligomerization Conventional Refinery ProcessesSugar switchgrass Dehydration Pyrolysis Fermentation...PolymerizationOlefins Lignocellulose corn stover forest waste Jet Fuel-Like ProductBio-CrudePyrolysis Hydroprocessing Unclassified Back Up Slides

Structure of pulsed plasma jets

International Nuclear Information System (INIS)

Cavolowsky, J.A.

1987-01-01

A pulsed plasma jet is a turbulent, inhomogeneous fluid mechanical discharge capable of initiating and enhancing combustion. Having shown the ability to ignite lean fuel mixtures, it now offers the potential for real-time control of combustion processes. This study explored the fluid-mechanical and chemical properties of such jets. The fluid-mechanical structure of the jet was examined using two optical diagnostic techniques. Self-light streak photography provided information on the motion of luminous gas particles in its core. It revealed that plasma jets behave either totally subsonic or embody a supersonic core. The turbulent, thermal evolution of the jet was explored using high-speed-laser schlieren cinematography. By examining plasma jet generators with both opaque and transparent plasma cavities, detailed information on plasma formation and jet structure, beginning with the electric arc discharge in the cavity, was obtained. These records revealed the production of thermal stratifications in the cavity that could account for the plasma particles in the jet core. After the electrical discharges ceased, the turbulent jet behaved as a self-similar plume. Molecular-beam mass spectrometry was used to determine temperature and species concentration in the jet. Both non-combustible and combustible jets were studied

The Interaction between Real Options and Financial Hedging: An Empirical Study of Danish Non-Financial Companies

DEFF Research Database (Denmark)

Aabo, Tom

The interaction between real options and financial hedging is analyzed empirically. A majority of Danish non-financial companies either (1) chooses at times not to hedge an exchange rate operating exposure financially due to the possibility of the company to react to changes in exchange rates...

Renewable hydrocarbons for jet fuels from biomass and plastics via microwave-induced pyrolysis and hydrogenation processes

Science.gov (United States)

Zhang, Xuesong

This dissertation aims to enhance the production of aromatic hydrocarbons in the catalytic microwave-induced pyrolysis, and maximize the production of renewable cycloalkanes for jet fuels in the hydrogenation process. In the process, ZSM-5 catalyst as the highly efficient catalyst was employed for catalyzing the pyrolytic volatiles from thermal decomposition of cellulose (a model compound of lignocellulosic biomass). A central composite experiment design (CCD) was used to optimize the product yields as a function of independent factors (e.g. catalytic temperature and catalyst to feed mass ratio). The low-density polyethylene (a mode compound of waste plastics) was then carried out in the catalytic microwave-induced pyrolysis in the presence of ZSM-5 catalyst. Thereafter, the catalytic microwave-induced co-pyrolysis of cellulose with low-density polyethylene (LDPE) was conducted over ZSM-5 catalyst. The results showed that the production of aromatic hydrocarbons was significantly enhanced and the coke formation was also considerably reduced comparing with the catalytic microwave pyrolysis of cellulose or LDPE alone. Moreover, practical lignocellulosic biomass (Douglas fir sawdust pellets) was converted into aromatics-enriched bio-oil by catalytic microwave pyrolysis. The bio-oil was subsequently hydrogenated by using the Raney Ni catalyst. A liquid-liquid extraction step was implemented to recover the liquid organics and remove the water content. Over 20% carbon yield of liquid product regarding lignocellulosic biomass was obtained. Up to 90% selectivity in the liquid product belongs to jet fuel range cycloalkanes. As the integrated processes was developed, catalytic microwave pyrolysis of cellulose with LDPE was conducted to improve aromatic production. After the liquid-liquid extraction by the optimal solvent (n-heptane), over 40% carbon yield of hydrogenated organics based on cellulose and LDPE were achieved in the hydrogenation process. As such, real

A mixed C-vine copula model for hedging price and volumetric risk in wind power trading

DEFF Research Database (Denmark)

Pircalabu, Anca; Jung, Jesper

2017-01-01

correlation with the much more liquid German market to construct a proxy hedge. We propose a three-dimensional mixed vine copula to model the evolution of the Danish and German spot electricity prices and the Danish wind power production. We construct a realistic hedging portfolio by identifying various...... of not only forwards, but also a basket of e.g. call and put options. Illiquidity and an almost non-existent market for options challenge however the optimal hedging of joint price and volumetric risk in many market places. Here, we consider the case of the Danish power market, and exploit its strong positive...... instruments available in the market, such as real options in the form of the right to transfer electricity across the border and the right to convert electricity to heat. Using the proposed vine copula to determine optimal hedging decisions, we show that significant benefits are to be drawn by extending...

Evaluation of Cetane Improver Additive in Alternative Jet Fuel Blends

Science.gov (United States)

2016-07-01

3 EVALUATION AND DATA ANALYSIS ...DISTRIBUTION A. Approved for public release: distribution unlimited. Evaluation and Data Analysis Derived Cetane Number (DCN) DCN was tested IAW ASTM D6890...100 ppm CI #2 0.00 1 n/a SIP/Jet A + 500 ppm CI #2 0.00 >4 n/a Jet A 0.66 ə n/a Jet A + 100 ppm CI #1 100.23 ə 105 Jet A + 500 ppm CI #1 100.09 > 4P

12 CFR 956.6 - Use of hedging instruments.

Science.gov (United States)

2010-01-01

... counterparty for over-the-counter derivative contracts shall include: (i) A requirement that market value... reasonable estimate of the market value of the over-the-counter derivative contract at termination (standard.... Derivative instruments that do not qualify as hedging instruments pursuant to GAAP may be used only if a non...

Incentive Contracts and Hedge Fund Management

OpenAIRE

Jens Carsten Jackwerth; James E. Hodder

2005-01-01

This paper investigates dynamically optimal risk-taking by an expected-utility maximizing manager of a hedge fund. We examine the effects of variations on a compensation structure that includes a percentage management fee, a performance incentive for exceeding a specified highwater mark, and managerial ownership of fund shares. In our basic model, there is an exogenous liquidation barrier where the fund is shut down due to poor performance. We also consider extensions where the manager can vo...

Hedging Cash Flows from Commodity Processing

OpenAIRE

Dahlgran, Roger A.

2005-01-01

Agribusinesses make long-term plant-investment decisions based on discounted cash flow. It is therefore incongruous for an agribusiness firm to use cash flow as a plant-investment criterion and then to completely discard cash flow in favor of batch profits as an operating objective. This paper assumes that cash flow and its stability is important to commodity processors and examines methods for hedging cash flows under continuous processing. Its objectives are (a) to determine how standard he...

H/L transition time estimation in JET using conformal predictors

Energy Technology Data Exchange (ETDEWEB)

Gonzalez, S., E-mail: sergio.gonzalez@ciemat.es [Asociacion EURATOM/CIEMAT para Fusion, Madrid 28040 (Spain); Vega, J. [Asociacion EURATOM/CIEMAT para Fusion, Madrid 28040 (Spain); Murari, A. [Consorzio RFX, Associazione EURATOM/ENEA per la Fusione, Padova 4-25127 (Italy); Pereira, A. [Asociacion EURATOM/CIEMAT para Fusion, Madrid 28040 (Spain); Dormido-Canto, S.; Ramirez, J.M. [Departamento de Informatica y Automatica, UNED, Madrid 28040 (Spain)

2012-12-15

Highlights: Black-Right-Pointing-Pointer H/L transitions have been predicted using H/L and L/H models. Black-Right-Pointing-Pointer Models have been built using conformal predictors to hedge the prediction with confidence and credibility measures. Black-Right-Pointing-Pointer Models have been trained using linear and radial basis function kernels. Black-Right-Pointing-Pointer Conformal measures have proven their usefulness to validate data-driven models. - Abstract: Recent advances in data mining allow the automatic recognition of physical phenomena in the databases of fusion devices without human intervention. This is important to create large databases of physical events (thereby increasing the statistical relevance) in an unattended manner. Important examples are the L/H and H/L transitions. In this contribution, a novel technique is introduced to automatically locate H/L transitions in JET by using conformal predictors. The focus is on H/L transitions because typically there is not a clear signature in the time series of the most widely available signals to recognize the change of confinement. Conformal predictors hedge their prediction by means of two parameters: confidence and credibility. The technique has been based on binary supervised classifiers to separate the samples of the respective confinement modes. Results with several underlying classifiers are presented.

Value at Risk and Hedge Fund Return - Does High Risk Bring High Return?

OpenAIRE

Jing, Tao; Zhao, Hongxiang

2010-01-01

This paper mainly focuses on the correlation between live hedge fund return and their value at risk (VaR), and is based on the historical data from May 2000 to April 2010. The authors adopt portfolio level analyses and fund level cross-sectional regression, and find that there is significant positive correlation, both statistically and economically, between the hedge fund return and VaRs (parametric, non-parametric and GARCH). Further research is conducted by sub-dividing the overall period i...

Experimental and kinetic modeling study of 3-methylheptane in a jet-stirred reactor

KAUST Repository

Karsenty, Florent

2012-08-16

Improving the combustion of conventional and alternative fuels in practical applications requires the fundamental understanding of large hydrocarbon combustion chemistry. The focus of the present study is on a high-molecular-weight branched alkane, namely, 3-methylheptane, oxidized in a jet-stirred reactor. This fuel, along with 2-methylheptane, 2,5-dimethylhexane, and n-octane, are candidate surrogate components for conventional diesel fuels derived from petroleum, synthetic Fischer-Tropsch diesel and jet fuels derived from coal, natural gas, and/or biomass, and renewable diesel and jet fuels derived from the thermochemical treatment of bioderived fats and oils. This study presents new experimental results along with a low- and high-temperature chemical kinetic model for the oxidation of 3-methylheptane. The proposed model is validated against these new experimental data from a jet-stirred reactor operated at 10 atm, over the temperature range of 530-1220 K, and for equivalence ratios of 0.5, 1, and 2. Significant effort is placed on the understanding of the effects of methyl substitution on important combustion properties, such as fuel reactivity and species formation. It was found that 3-methylheptane reacts more slowly than 2-methylheptane at both low and high temperatures in the jet-stirred reactor. © 2012 American Chemical Society.

Jet-Fuel Range Hydrocarbons from Biomass-Derived Sorbitol over Ni-HZSM-5/SBA-15 Catalyst

Directory of Open Access Journals (Sweden)

Yujing Weng

2015-12-01

Full Text Available Aromatics and cyclic-hydrocarbons are the significant components of jet fuel with high energy-density. However, conventional technologies for bio-fuel production cannot produce these products without further aromatization and isomerization. In this work, renewable liquid fuel with high content of aromatics and cyclic-hydrocarbons was obtained through aqueous catalytic conversion of biomass sorbitol over Ni-HZSM-5/SBA-15 catalyst. Texture characteristics of the catalyst were determined by physisorption of N2, which indicated its bimodal pore structures were microporous (HZSM-5, pore width: 0.56 nm and mesoporous (SBA-15, pore width: 8 nm. The surface acidity included weak and strong acid sites, predominantly Lewis type, and was further confirmed by the NH3-TPD and Py-IR analysis. The catalytic performances were tested in a fixed-bed reactor under the conditions of 593 K, WHSV of 0.75 h−1, GHSV of 2500 h−1 and 4.0 MPa of hydrogen pressure, whereby oil yield of 40.4 wt. % with aromatics and cyclic-hydrocarbons content of 80.0% was obtained.

Hedging strategies in energy markets: the case of electricity retailers

International Nuclear Information System (INIS)

Boroumand, Raphael Homayoun; Goutte, Stephane; Porcher, Simon; Porcher, Thomas

2015-01-01

As market intermediaries, electricity retailers buy electricity from the wholesale market or self-generate for re(sale) on the retail market. Electricity retailers are uncertain about how much electricity their residential customers will use at any time of the day until they actually turn switches on. While demand uncertainty is a common feature of all commodity markets, retailers generally rely on storage to manage demand uncertainty. On electricity markets, retailers are exposed to joint quantity and price risk on an hourly basis given the physical singularity of electricity as a commodity. In the literature on electricity markets, few articles deals on intra-day hedging portfolios to manage joint price and quantity risk whereas electricity markets are hourly markets. The contributions of the article are twofold. First, we define through a VaR and CVaR model optimal portfolios for specific hours (3 a.m., 6 a.m.,...,12 p.m.) based on electricity market data from 2001 to 2011 for the French market. We prove that the optimal hedging strategy differs depending on the cluster hour. Secondly, we demonstrate the significantly superior efficiency of intra-day hedging portfolios over daily (therefore weekly and yearly) portfolios. Over a decade (2001-2011), our results clearly show that the losses of an optimal daily portfolio are at least nine times higher than the losses of optimal intra-day portfolios. (authors)

Variance-optimal hedging for processes with stationary independent increments

DEFF Research Database (Denmark)

Hubalek, Friedrich; Kallsen, J.; Krawczyk, L.

We determine the variance-optimal hedge when the logarithm of the underlying price follows a process with stationary independent increments in discrete or continuous time. Although the general solution to this problem is known as backward recursion or backward stochastic differential equation, we...

Currency Hedging for International Stock Portfolios : A General Approach

NARCIS (Netherlands)

de Roon, F.A.; Nijman, T.E.; Werker, B.J.M.

1999-01-01

This paper tests whether hedging currency risk improves the performance of international stock portfolios. We use a generalized performance measure which allows for investor-dependencies such as different utility functions and the presence of nontraded risks. In addition we show that an auxiliary

Dual mode linguistic hedge fuzzy logic controller for an isolated wind-diesel hybrid power system with superconducting magnetic energy storage unit

International Nuclear Information System (INIS)

Thameem Ansari, M.Md.; Velusami, S.

2010-01-01

A design of dual mode linguistic hedge fuzzy logic controller for an isolated wind-diesel hybrid power system with superconducting magnetic energy storage unit is proposed in this paper. The design methodology of dual mode linguistic hedge fuzzy logic controller is a hybrid model based on the concepts of linguistic hedges and hybrid genetic algorithm-simulated annealing algorithms. The linguistic hedge operators are used to adjust the shape of the system membership functions dynamically and can speed up the control result to fit the system demand. The hybrid genetic algorithm-simulated annealing algorithm is adopted to search the optimal linguistic hedge combination in the linguistic hedge module. Dual mode concept is also incorporated in the proposed controller because it can improve the system performance. The system with the proposed controller was simulated and the frequency deviation resulting from a step load disturbance is presented. The comparison of the proportional plus integral controller, fuzzy logic controller and the proposed dual mode linguistic hedge fuzzy logic controller shows that, with the application of the proposed controller, the system performance is improved significantly. The proposed controller is also found to be less sensitive to the changes in the parameters of the system and also robust under different operating modes of the hybrid power system.

Pricing and Hedging Guaranteed Returns on Mix Funds

NARCIS (Netherlands)

Vellekoop, M.H.; van de Kamp, A.A.; Post, B.A.

2006-01-01

Abstract In this paper we propose a valuation and hedging strategy for a guaranteed minimal rate of return on a mix fund, which participates in both bonds and stocks. For the case where a fixed amount of money is invested, we show that a European put option on the mix fund replicates the cash flows

77 FR 63360 - Permal Hedge Strategies Fund, et al.;

Science.gov (United States)

2012-10-16

... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. IC-30228; 812-14011] Permal Hedge Strategies Fund, et al.; Notice of Application October 9, 2012. AGENCY: Securities and Exchange Commission (``Commission''). ACTION: Notice of an application under section 6(c) of the Investment Company...

Ammonia chemistry in a flameless jet

Energy Technology Data Exchange (ETDEWEB)

Zieba, Mariusz; Schuster, Anja; Scheffknecht, Guenter [Institute of Process Engineering and Power Plant Technology, University of Stuttgart, Pfaffenwaldring 23, D-70569 Stuttgart (Germany); Brink, Anders; Hupa, Mikko [Process Chemistry Centre, Aabo Akademi University, Biskopsgatan 8, 20500 Aabo (Finland)

2009-10-15

In this paper, the nitrogen chemistry in an ammonia (NH{sub 3}) doped flameless jet is investigated using a kinetic reactor network model. The reactor network model is used to explain the main differences in ammonia chemistry for methane (CH{sub 4})-containing fuels and methane-free fuels. The chemical pathways of nitrogen oxides (NO{sub x}) formation and destruction are identified using rate-of-production analysis. The results show that in the case of natural gas, ammonia reacts relatively late at fuel lean condition leading to high NO{sub x} emissions. In the pre-ignition zone, the ammonia chemistry is blocked due to the absence of free radicals which are consumed by methane-methyl radical (CH{sub 3}) conversion. In the case of methane-free gas, the ammonia reacted very rapidly and complete decomposition was reached in the fuel rich region of the jet. In this case the necessary radicals for the ammonia conversion are generated from hydrogen (H{sub 2}) oxidation. (author)

Fuel assemblies for BWR type reactors

International Nuclear Information System (INIS)

Ishizuka, Takao.

1981-01-01

Purpose: To enable effective failed fuel detection by the provision of water rod formed with a connecting section connected to a warmed water feed pipe of a sipping device at the lower portion and with a warmed water jetting port in the lower portion in a fuel assembly of a BWR type reactor to thereby carry out rapid sipping. Constitution: Fuel rods and water rods are contained in the channel box of a fuel assembly, and the water rod is provided at its upper portion with a connecting section connected to the warmed water feed pipe of the sipping device and formed at its lower portion with a warmed water jetting port for jetting warmed water fed from the warmed water feed pipe. Upon detection of failed fuels, the reactor operation is shut down and the reactor core is immersed in water. The cover for the reactor container is removed and the cap of the sipping device is inserted to connect the warmed water feed pipe to the connecting section of the water rod. Then, warmed water is fed to the water rod and jetted out from the warmed water jetting port to cause convection and unify the water of the channel box in a short time. Thereafter, specimen is sampled and analyzed for the detection of failed fuels. (Moriyama, K.)

Supersonic liquid jets: Their generation and shock wave characteristics

Science.gov (United States)

Pianthong, K.; Zakrzewski, S.; Behnia, M.; Milton, B. E.

The generation of high-speed liquid (water and diesel fuel) jets in the supersonic range using a vertical single-stage powder gun is described. The effect of projectile velocity and mass on the jet velocity is investigated experimentally. Jet exit velocities for a set of nozzle inner profiles (e.g. straight cone with different cone angles, exponential, hyperbolic etc.) are compared. The optimum condition to achieve the maximum jet velocity and hence better atomization and mixing is then determined. The visual images of supersonic diesel fuel jets (velocity about 2000 m/s) were obtained by the shadowgraph method. This provides better understanding of each stage of the generation of the jets and makes the study of their characteristics and the potential for auto-ignition possible. In the experiments, a pressure relief section has been used to minimize the compressed air wave ahead of the projectile. To clarify the processes inside the section, additional experiments have been performed with the use of the shadowgraph method, showing the projectile travelling inside and leaving the pressure relief section at a velocity of about 1100 m/s.

A seasonal copula mixture for hedging the clean spark spread with wind power futures

DEFF Research Database (Denmark)

Christensen, Troels Sønderby; Pircalabu, Anca; Høg, Esben

2018-01-01

The recently introduced German wind power futures have brought the opportunity to address the problem of volume risk in wind power generation directly. In this paper we study the hedging benefits of these instruments in the context of gas-fired power plants by employing a strategy that allows...... and the dependence structure, while being straightforward and easy to implement. Based on Monte Carlo simulations from the proposed model, the results indicate that significant benefits can be achieved by using wind power futures to hedge the spot clean spark spread. Moreover, a comparison study shows...... trading in the spot clean spark spread and wind power futures. To facilitate hedging decisions, we propose a time-varying copula mixture for the joint behavior of the spot clean spark spread and the daily wind index. The model describes the data surprisingly well, both in terms of the marginals...