WorldWideScience

Sample records for optimal technology investment

  1. Optimal investment in learning-curve technologies

    NARCIS (Netherlands)

    Della Seta, M.; Gryglewicz, S.; Kort, P.M.

    2012-01-01

    We study optimal investment in technologies characterized by the learning curve. There are two investment patterns depending on the shape of the learning curve. If the learning process is slow, firms invest relatively late and on a larger scale. If the curve is steep, firms invest earlier and on a s

  2. Optimal Responsible Investment

    DEFF Research Database (Denmark)

    Jessen, Pernille

    The paper studies retail Socially Responsible Investment and portfolio allocation. It extends conventional portfolio theory by allowing for a personal value based investment decision. When preferences for responsibility enter the framework for mean-variance analysis, it yields an optimal...... responsible investment model. An example of index investing illustrates the theory. Results show that it is crucial for the responsible investor to consider portfolio risk, expected return, and responsibility simultaneously in order to obtain an optimal portfolio. The model enables responsible investors...

  3. Optimal Responsible Investment

    DEFF Research Database (Denmark)

    Jessen, Pernille

    Numerous institutions are now engaged in Socially Responsible Investment or have signed the "UN Principles for Responsible Investment". Retail investors, however, are still lacking behind. This is peculiar since the sector constitutes key stakeholders in environmental, social and governmental...... investment model identified. Implications of the altered investment problem are investigated when the dynamics between portfolio risk, expected return and responsibility is considered. Relying on the definition of a responsible investor, it is shown how superior investment opportunities can emerge when...... standards. This paper considers optimal responsible investment for a small retail investor. It extends conventional portfolio theory by allowing for a personal-value based investment decision. Preferences for responsibility are defined in the framework of mean-variance analysis and an optimal responsible...

  4. Optimal Responsible Investment

    DEFF Research Database (Denmark)

    Jessen, Pernille

    The paper studies retail Socially Responsible Investment and portfolio allocation. It extends conventional portfolio theory by allowing for a personal value based investment decision. When preferences for responsibility enter the framework for mean-variance analysis, it yields an optimal...... responsible investment model. An example of index investing illustrates the theory. Results show that it is crucial for the responsible investor to consider portfolio risk, expected return, and responsibility simultaneously in order to obtain an optimal portfolio. The model enables responsible investors...... to benefit from their personal preferences and to remain rational actors in the financial market....

  5. Optimal Responsible Investment

    DEFF Research Database (Denmark)

    Jessen, Pernille

    standards. This paper considers optimal responsible investment for a small retail investor. It extends conventional portfolio theory by allowing for a personal-value based investment decision. Preferences for responsibility are defined in the framework of mean-variance analysis and an optimal responsible......Numerous institutions are now engaged in Socially Responsible Investment or have signed the "UN Principles for Responsible Investment". Retail investors, however, are still lacking behind. This is peculiar since the sector constitutes key stakeholders in environmental, social and governmental...

  6. Optimal Strategies for Low Carbon Supply Chain with Strategic Customer Behavior and Green Technology Investment

    Directory of Open Access Journals (Sweden)

    Wen Jiang

    2016-01-01

    Full Text Available Climate change is mainly caused by excessive emissions of carbon dioxide and other greenhouse gases. In order to reduce carbon emissions, cap and trade policy is implemented by governments in many countries, which has significant impacts on the decisions of companies at all levels of the low carbon supply chain. This paper investigates the decision-making and coordination of a low carbon supply chain consisting of a low carbon manufacturer who produces one product and is allowed to invest in green technology to reduce carbon emissions in production and a retailer who faces stochastic demands formed by homogeneous strategic customers. We investigate the optimal production, pricing, carbon trading, and green technology investment strategies of the low carbon supply chain in centralized (including Rational Expected Equilibrium scenario and quantity commitment scenario and decentralized settings. It is demonstrated that quantity commitment strategy can improve the profit of the low carbon supply chain with strategic customer behavior. We also show that the performance of decentralized supply chain is lower than that of quantity commitment scenario. We prove that the low carbon supply chain cannot be coordinated by revenue sharing contract but by revenue sharing-cost sharing contract.

  7. Investment in Green Technologies

    Science.gov (United States)

    Das Gupta, Supratim

    Since the middle of the 1970's, there has been considerable research about how to deal with exhaustible natural resources which are essential to production. In the absence of substitution possibilities, the finite stock of these resources acts as a limiting factor to continued growth of output and hence consumption possibilities. In our first chapter, we combine a finite natural resource and human capital in the production function and look at the possibility of maintaining a non-declining or sustainable level of consumption for an infinite horizon. Our results show that the return to human capital accumulation plays a key role in ensuring this objective. In our model without physical capital, we obtain a similar result where this return must be such that the fraction of time devoted to acquiring human capital each period is at least as much as the share of natural resources in output. Our second chapter focuses on the transition from a relatively cheap exhaustible natural resource (coal, gasoline) to an expensive alternative technology assumed to be in nearly unlimited supply (wind, solar). Due to significant cost differences between fossil-fuel based energy sources and these alternative (backstop) technologies, their use is not as widespread. Public subsidies to research can however bring about innovation through cheaper production techniques which would significantly reduce the operating costs of these backstop technologies. But without sufficient incentives for investment and patent protections, individual firms typically underinvest in backstop technologies relative to the socially optimal level. In our paper, we find that this underinvestment in the backstop also leads to an under-extraction of the exhaustible natural resource. This imply firms would conserve the natural resource for too long and switch later to the alternative technology relative to the socially optimal solution. We extend the chapter to include pollution as a flow variable. Pollution from

  8. Optimal technology choice and investment timing: A stochastic model of industrial cogeneration vs. heat-only production

    Energy Technology Data Exchange (ETDEWEB)

    Wickart, Marcel [Centre for Energy Policy and Economics (CEPE), Department of Management, Technology, and Economics, ETH Zurich, Zurichbergstrasse 18 (ZUE E), 8032 Zurich (Switzerland); Madlener, Reinhard [Centre for Energy Policy and Economics (CEPE), Department of Management, Technology, and Economics, ETH Zurich, Zurichbergstrasse 18 (ZUE E), 8032 Zurich (Switzerland) and DIW Berlin, Department of Information Society and Competition, Koenigin-Luise-Strasse 5, 14195 Berlin (Germany)]. E-mail: rmadlener@ethz.ch

    2007-07-15

    In this paper we develop an economic model that explains the decision-making problem under uncertainty of an industrial firm that wants to invest in a process technology. More specifically, the decision is between making an irreversible investment in a combined heat-and-power production (cogeneration) system, or to invest in a conventional heat-only generation system (steam boiler) and to purchase all electricity from the grid. In our model we include the main economic and technical variables of the investment decision process. We also account for the risk and uncertainty inherent in volatile energy prices that can greatly affect the valuation of the investment project. The dynamic stochastic model presented allows us to simultaneously determine the optimal technology choice and investment timing. We apply the theoretical model and illustrate our main findings with a numerical example that is based on realistic cost values for industrial oil- or gas-fired cogeneration and heat-only generation in Switzerland. We also briefly discuss expected effects of a CO{sub 2} tax on the investment decision.

  9. Optimal Investment in Structured Bonds

    DEFF Research Database (Denmark)

    Jessen, Pernille; Jørgensen, Peter Løchte

    The paper examines the role of structured bonds in the optimal portfolio of a small retail investor. We consider the typical structured bond essentially repacking an exotic option and a zero coupon bond, i.e. an investment with portfolio insurance. The optimal portfolio is found when the investment...

  10. Optimal Investment in Structured Bonds

    DEFF Research Database (Denmark)

    Jessen, Pernille; Jørgensen, Peter Løchte

    The paper examines the role of structured bonds in the optimal portfolio of a small retail investor. We consider the typical structured bond essentially repacking an exotic option and a zero coupon bond, i.e. an investment with portfolio insurance. The optimal portfolio is found when the investment...... opportunities consist of a risky reference fund, a risk-free asset and a structured bond. Key model elements are the trading strategy and utility function of the investor. Our numerical results indicate structured bonds do have basis for consideration in the optimal portfolio. The product holdings...

  11. Effects of climate uncertainties on welfare optimal investment streams into mitigation technologies

    Science.gov (United States)

    Held, H.; Kriegler, E.; Lessmann, K.; Lorenz, A.

    2009-04-01

    We discuss a stylised portfolio of climate change mitigation options and ask the following question: what is the intertemporally optimal mix of these options under the boundary condition of a climate guardrail and uncertainty about the temperature response to rising carbon dioxide concentrations? We impose a guardrail that requires the increase of global mean temperature T to be limited to 2K with at least a minimum probability P (e.g., P=0.75). The uncertainty about the temperature response is captured by a PDF for climate sensitivity and ocean heat uptake. For economic optimisation, we use an ensemble-version of the growth model MIND [1]. As a key results we show that robust climate protection paths will require aggressive mitigation measures [2]. In this context it is also possible to ask for the economic potential of reducing uncertainty in climate sensitivity [3] and ocean heat uptake [4] that is generically by orders of magnitude larger than the costs induced by the related research programmes. References [1] O. Edenhofer., N. Bauer, E. Kriegler: The Impact of Technological Change on Climate Protection and Welfare: Insights from the Model MIND. Ecological Economics, 54 (2-3): 277-292 (2005). [2] H. Held, E. Kriegler, K. Lessmann, O. Edenhofer, Efficient Climate Policies under Technology and Climate Uncertainty, Energy Economics, in press. [3] T. Schneider von Deimling, H. Held, A. Ganopolski, S. Rahmstorf, Climate sensitivity estimated from ensemble simulations of glacial climates, Climate Dynamics 27, 149-163, DOI 10.1007/s00382-006-0126-8 (2006). [4] A. Lorenz, Diploma Thesis, U Potsdam (2007).

  12. Optimal Diversity in Investments with Recombinant Innovation

    NARCIS (Netherlands)

    Bergh, van den Jeroen C.J.M.; Zeppini-Rossi, Paolo

    2008-01-01

    We address the notion of dynamic, endogenous diversity and its role in theories of investment and technological innovation. We develop a formal model of an innovation arising from the combination of two existing modules with the objective to optimize the net benefits of diversity. The model takes

  13. Optimal diversity in investments with recombinant innovation

    NARCIS (Netherlands)

    Zeppini-Rossi, P.; van den Bergh, J.C.J.M.

    2008-01-01

    The notion of dynamic, endogenous diversity and its role in theories of investment and technological innovation is addressed. We develop a formal model of an innovation arising from the combination of two existing modules with the objective to optimize the net benefits of diversity. The model takes

  14. Optimal diversity in investments with recombinant innovation

    NARCIS (Netherlands)

    Zeppini, P.; van den Bergh, J.C.J.M.

    2013-01-01

    The notion of dynamic, endogenous diversity and its role in theories of investment and technological innovation is addressed. We develop a formal model of an innovation arising from the combination of two existing modules, with the objective to optimize the net benefits of diversity. The model takes

  15. Optimal Investment Control of Macroeconomic Systems

    Institute of Scientific and Technical Information of China (English)

    ZHAO Ke-jie; LIU Chuan-zhe

    2006-01-01

    Economic growth is always accompanied by economic fluctuation. The target of macroeconomic control is to keep a basic balance of economic growth, accelerate the optimization of economic structures and to lead a rapid, sustainable and healthy development of national economies, in order to propel society forward. In order to realize the above goal, investment control must be regarded as the most important policy for economic stability. Readjustment and control of investment includes not only control of aggregate investment, but also structural control which depends on economic-technology relationships between various industries of a national economy. On the basis of the theory of a generalized system, an optimal investment control model for government has been developed. In order to provide a scientific basis for government to formulate a macroeconomic control policy, the model investigates the balance of total supply and aggregate demand through an adjustment in investment decisions realizes a sustainable and stable growth of the national economy. The optimal investment decision function proposed by this study has a unique and specific expression, high regulating precision and computable characteristics.

  16. Optimal Technology Investment and Operation in Zero-Net-Energy Buildings with Demand Response

    OpenAIRE

    Stadler, Michael

    2009-01-01

    The US Department of Energy has launched the Zero-Net-Energy (ZNE) Commercial Building Initiative (CBI) in order to develop commercial buildings that produce as much energy as they use. Its objective is to make these buildings marketable by 2025 such that they minimize their energy use through cutting-edge energy-efficient technologies and meet their remaining energy needs through on-site renewable energy generation. We examine how such buildings may be implemented within the context of a cos...

  17. Investments in energy technological change under uncertainty

    Science.gov (United States)

    Shittu, Ekundayo

    2009-12-01

    This dissertation addresses the crucial problem of how environmental policy uncertainty influences investments in energy technological change. The rising level of carbon emissions due to increasing global energy consumption calls for policy shift. In order to stem the negative consequences on the climate, policymakers are concerned with carving an optimal regulation that will encourage technology investments. However, decision makers are facing uncertainties surrounding future environmental policy. The first part considers the treatment of technological change in theoretical models. This part has two purposes: (1) to show--through illustrative examples--that technological change can lead to quite different, and surprising, impacts on the marginal costs of pollution abatement. We demonstrate an intriguing and uncommon result that technological change can increase the marginal costs of pollution abatement over some range of abatement; (2) to show the impact, on policy, of this uncommon observation. We find that under the assumption of technical change that can increase the marginal cost of pollution abatement over some range, the ranking of policy instruments is affected. The second part builds on the first by considering the impact of uncertainty in the carbon tax on investments in a portfolio of technologies. We determine the response of energy R&D investments as the carbon tax increases both in terms of overall and technology-specific investments. We determine the impact of risk in the carbon tax on the portfolio. We find that the response of the optimal investment in a portfolio of technologies to an increasing carbon tax depends on the relative costs of the programs and the elasticity of substitution between fossil and non-fossil energy inputs. In the third part, we zoom-in on the portfolio model above to consider how uncertainty in the magnitude and timing of a carbon tax influences investments. Under a two-stage continuous-time optimal control model, we

  18. COMPETITIVE INVESTMENT STRATEGIES IN ADOPTION OF NEW TECHNOLOGY WITH A FURTHER NEW TECHNOLOGY ANTICIPATED

    Institute of Scientific and Technical Information of China (English)

    Xianghua LIU; Chulin LI

    2003-01-01

    In dynamic uncertain environments, the investment timing of the firm about adopting the existing new technology is influenced by the rival's actions and technological progress. This paper employs option games approach to present a simplified duopoly continuous time model of technology adoption.In the model, the irreversible investment in adoption of the existing new technology is in strategic competitive circumstances and facing the threat of a further new technology after the competition setting is established. The purpose of the paper is to examine the effect of technological displacement on firms' strategic investment. The results show that rapid displacement of the technology encourages the leader's investment and discourages the follower's investment. Comparing with the optimal timing without the expectation of a further new technology, the firm hastens to invest when no firm has invested; however, once one firm has invested first, the firm will delay its investment. Using mixed strategy analysis, competitive investment strategies with sequential exercise and simultaneous exercise are derived.

  19. Optimal Cycle Time and Preservation Technology Investment for Deteriorating Items with Price-sensitive Stock-dependent Demand Under Inflation

    Science.gov (United States)

    Shah, Nita H.; Shah, Arpan D.

    2014-04-01

    The article analyzes economic order quantity for the retailer who has to handle imperfect quality of the product and the units are subject to deteriorate at a constant rate. To control deterioration of the units in inventory, the retailer has to deploy advanced preservation technology. Another challenge for the retailer is to have perfect quality product. This requires mandatory inspection during the production process. This model is developed with the condition of random fraction of defective items. It is assumed that after inspection, the screened defective items are sold at a discounted rate instantly. Demand is considered to be price-sensitive stock-dependent. The model is incorporating effect of inflation which is critical factor globally. The objective is to maximize profit of the retailer with respect to preservation technology investment, order quantity and cycle time. The numerical example is given to validate the proposed model. Sensitivity analysis is carried out to work out managerial issues.

  20. Innovation investment area: Technology summary

    Energy Technology Data Exchange (ETDEWEB)

    1994-03-01

    The mission of Environmental Management`s (EM) Office of Technology Development (OTD) Innovation Investment Area is to identify and provide development support for two types of technologies that are developed to characterize, treat and dispose of DOE waste, and to remediate contaminated sites. They are: technologies that show promise to address specific EM needs, but require proof-of-principle experimentation; and (2) already proven technologies in other fields that require critical path experimentation to demonstrate feasibility for adaptation to specific EM needs. The underlying strategy is to ensure that private industry, other Federal Agencies, universities, and DOE National Laboratories are major participants in developing and deploying new and emerging technologies. To this end, about 125 different new and emerging technologies are being developed through Innovation Investment Area`s (IIA) two program elements: RDDT&E New Initiatives (RD01) and Interagency Agreements (RD02). Both of these activities are intended to foster research and development partnerships so as to introduce innovative technologies into other OTD program elements for expedited evaluation.

  1. AN OPTIMAL INVESTMENT AND INVENTORY POLICY

    NARCIS (Netherlands)

    VANDEWATER, H; VANDERVAART, T

    1991-01-01

    The relation between the optimal production level and the optimal investment in a flexible manufacturing machine will be the subject of this paper. The study concerns the production of N families of products on one production machine. The investment level in a particular production machine is assume

  2. AN OPTIMAL INVESTMENT AND INVENTORY POLICY

    NARCIS (Netherlands)

    VANDEWATER, H; VANDERVAART, T

    1991-01-01

    The relation between the optimal production level and the optimal investment in a flexible manufacturing machine will be the subject of this paper. The study concerns the production of N families of products on one production machine. The investment level in a particular production machine is

  3. OPTIMAL INVESTMENT WITH NOISE TRADING RISK

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    This paper investigates the optimal dynamic investment for an investor who maximizes constant absolute risk aversion(CARA)utility in a discrete-time market with a riskfree bond and a risky stock.The risky stock is assumed to present both the dividend risk and the price risk.With our assumptions,the dividend risk is equivalent to fundamental risk,and the price risk is equivalent to the noise trading risk.The analytical expression for the optimal investment strategy is obtained by dynamic programming.The main result in this paper highlights the importance of differentiating between noise trading risk and fundamental risk for the optimal dynamic investment.

  4. Grey Model of the Investment Portfolio Optimization

    Institute of Scientific and Technical Information of China (English)

    LI Qun

    2002-01-01

    The theory of investment portfolio is a very important theory in the modern economical system.Based on the feature of the theory, the paper sets up new various kinds of models of investment portfolio,namely grey optimization models. These models are more practical and objective to existing problems.

  5. Optimal Deterministic Investment Strategies for Insurers

    Directory of Open Access Journals (Sweden)

    Ulrich Rieder

    2013-11-01

    Full Text Available We consider an insurance company whose risk reserve is given by a Brownian motion with drift and which is able to invest the money into a Black–Scholes financial market. As optimization criteria, we treat mean-variance problems, problems with other risk measures, exponential utility and the probability of ruin. Following recent research, we assume that investment strategies have to be deterministic. This leads to deterministic control problems, which are quite easy to solve. Moreover, it turns out that there are some interesting links between the optimal investment strategies of these problems. Finally, we also show that this approach works in the Lévy process framework.

  6. The return on investment for information technology.

    Science.gov (United States)

    Bergeron, B P; Bergeron, R A

    1998-01-01

    Investment in information technology accounts for an increasingly large component of the cost of modern health care. In most businesses, a quantitative return on investment analysis forms the basis for decisions regarding technology investment. As a whole, the medical community lags behind in the quantitative analysis of the benefits of information technology. However, economic pressures are forcing health care organizations to step back and understand the implications of technology investments and how they can best be applied to create a more productive staff and, in the end, better patient care.

  7. Optimal Investment Strategy for Risky Assets

    OpenAIRE

    Sergei Maslov; Yi-Cheng Zhang

    1998-01-01

    We design an optimal strategy for investment in a portfolio of assets subject to a multiplicative Brownian motion. The strategy provides the maximal typical long-term growth rate of investor's capital. We determine the optimal fraction of capital that an investor should keep in risky assets as well as weights of different assets in an optimal portfolio. In this approach both average return and volatility of an asset are relevant indicators determining its optimal weight. Our results are parti...

  8. Optimal Investment Strategy to Minimize Occupation Time

    CERN Document Server

    Bayraktar, Erhan

    2008-01-01

    We find the optimal investment strategy to minimize the expected time that an individual's wealth stays below zero, the so-called {\\it occupation time}. The individual consumes at a constant rate and invests in a Black-Scholes financial market consisting of one riskless and one risky asset, with the risky asset's price process following a geometric Brownian motion. We also consider an extension of this problem by penalizing the occupation time for the degree to which wealth is negative.

  9. Financing investment in environmentally sound technologies: Foreign direct investment versus foreign debt finance

    Energy Technology Data Exchange (ETDEWEB)

    Anyangah, Joshua Okeyo [Department of Economics, University of Lethbridge, 4401 University Drive, Lethbridge Alberta (Canada)

    2010-08-15

    This paper develops a screening model to examine the relationship between alternative sources of private capital and investment in environmentally sound technologies (ESTs). In the model, a polluter (agent) must secure investment funds from the international financial markets in order to upgrade its production and abatement technology. The requisite capital can be obtained via either market loans (debt finance) or foreign direct investment (FDI). Under debt finance, the foreign financier supplies only capital and the relationship between the two parties is more 'arms-length'. By contrast, under FDI, the investor delivers both capital and managerial skills. We use the model to derive the implications of debt finance for optimal investment decisions and compare them to those obtained under FDI. Investment incentives are more pronounced under debt finance. (author)

  10. Optimal Investment in Structured Bonds

    DEFF Research Database (Denmark)

    Jessen, Pernille; Jørgensen, Peter Løchte

    2012-01-01

    and consider different utility functions and trading strategies. Our results show that investors should include structured bonds in their optimal portfolio only if they cannot access the index underlying the option directly and only if the products then provide sufficient diversification to compensate......Retail structured products regularly receive much criticism from financial experts but seem to remain popular with investors. This article considers a generic structured product: the principal-protected index-linked note (structured bond), which resembles a portfolio insurance contract. The purpose...

  11. Information Technology Investments in Research Libraries.

    Science.gov (United States)

    Rosenblatt, Susan

    1999-01-01

    Examines investments that will ensure that library information technology (IT) meets future academic needs. Looks back on the introduction of IT to research libraries. Assesses outcomes of IT investments in terms of cost and service benefits, and then focuses on developing new service models. (AEF)

  12. Optimization of the investment casting process

    Directory of Open Access Journals (Sweden)

    M. Martinez-Hernandez

    2012-04-01

    Full Text Available Rapid prototyping is an important technique for manufacturing. This work refers to the manufacture of hollow patterns made of polymeric materials by rapid prototyping technologies for its use in the preparation of ceramic molds in the investment casting process. This work is focused on the development of a process for manufacturing patterns different from those that currently exist due to its hollow interior design, allowing its direct use in the fabrication of ceramic molds; avoiding cracking and fracture during the investment casting process, which is an important process for the foundry industry.

  13. Minimal Investment Risk of Portfolio Optimization Problem with Budget and Investment Concentration Constraints

    OpenAIRE

    Shinzato, Takashi

    2016-01-01

    In the present paper, the minimal investment risk for a portfolio optimization problem with imposed budget and investment concentration constraints is considered using replica analysis. Since the minimal investment risk is influenced by the investment concentration constraint (as well as the budget constraint), it is intuitive that the minimal investment risk for the problem with an investment concentration constraint be larger than that without the constraint (that is, with only the budget c...

  14. Strategic Technology Investment Analysis: An Integrated System Approach

    Science.gov (United States)

    Adumitroaie, V.; Weisbin, C. R.

    2010-01-01

    Complex technology investment decisions within NASA are increasingly difficult to make such that the end results are satisfying the technical objectives and all the organizational constraints. Due to a restricted science budget environment and numerous required technology developments, the investment decisions need to take into account not only the functional impact on the program goals, but also development uncertainties and cost variations along with maintaining a healthy workforce. This paper describes an approach for optimizing and qualifying technology investment portfolios from the perspective of an integrated system model. The methodology encompasses multi-attribute decision theory elements and sensitivity analysis. The evaluation of the degree of robustness of the recommended portfolio provides the decision-maker with an array of viable selection alternatives, which take into account input uncertainties and possibly satisfy nontechnical constraints. The methodology is presented in the context of assessing capability development portfolios for NASA technology programs.

  15. Strategic Technology Investment Analysis: An Integrated System Approach

    Science.gov (United States)

    Adumitroaie, V.; Weisbin, C. R.

    2010-01-01

    Complex technology investment decisions within NASA are increasingly difficult to make such that the end results are satisfying the technical objectives and all the organizational constraints. Due to a restricted science budget environment and numerous required technology developments, the investment decisions need to take into account not only the functional impact on the program goals, but also development uncertainties and cost variations along with maintaining a healthy workforce. This paper describes an approach for optimizing and qualifying technology investment portfolios from the perspective of an integrated system model. The methodology encompasses multi-attribute decision theory elements and sensitivity analysis. The evaluation of the degree of robustness of the recommended portfolio provides the decision-maker with an array of viable selection alternatives, which take into account input uncertainties and possibly satisfy nontechnical constraints. The methodology is presented in the context of assessing capability development portfolios for NASA technology programs.

  16. Input price risk and optimal timing of energy investment: choice between fossil- and biofuels

    Energy Technology Data Exchange (ETDEWEB)

    Murto, Pauli; Nese, Gjermund

    2002-05-01

    We consider energy investment, when a choice has to be made between fossil fuel and biomass fired production technologies. A dynamic model is presented to illustrate the effect of the different degrees of input price uncertainty on the choice of technology and the timing of the investment. It is shown that when the choice of technology is irreversible, it may be optimal to postpone the investment even if it would otherwise be optimal to invest in one or both of the plant types. We provide a numerical example based on cost, estimates of two different power plant types. (author)

  17. Effects of tax depreciation on optimal firm investments

    NARCIS (Netherlands)

    Wielhouwer, J.L.; Kort, P.M.; De Waegenaere, A.M.B.

    1999-01-01

    This paper studies how the difference between technical depreciation and tax depreciation affects the firm's optimal investment strategy. The objective is maximization of shareholder value. When tax depreciation differs from technical depreciation, an additional investment not only generates value d

  18. Effects of tax depreciation on optimal firm investments

    NARCIS (Netherlands)

    Wielhouwer, J.L.; Kort, P.M.; De Waegenaere, A.M.B.

    1999-01-01

    This paper studies how the difference between technical depreciation and tax depreciation affects the firm's optimal investment strategy. The objective is maximization of shareholder value. When tax depreciation differs from technical depreciation, an additional investment not only generates value d

  19. Investing in Information Technology Pays Big Dividends.

    Science.gov (United States)

    Laurillard, Diana

    1999-01-01

    A college or university's investment in information technology (IT) makes possible more effective teaching methods using both traditional and IT-based techniques, as well as making both student learning and faculty use of time more productive. A possible plan for making the transition from traditional to mixed teaching methods is presented. (MSE)

  20. Marshall Space Flight Center Technology Investments Overview

    Science.gov (United States)

    Tinker, Mike

    2014-01-01

    NASA is moving forward with prioritized technology investments that will support NASA's exploration and science missions, while benefiting other Government agencies and the U.S. aerospace enterprise. center dotThe plan provides the guidance for NASA's space technology investments during the next four years, within the context of a 20-year horizon center dotThis plan will help ensure that NASA develops technologies that enable its 4 goals to: 1.Sustain and extend human activities in space, 2.Explore the structure, origin, and evolution of the solar system, and search for life past and present, 3.Expand our understanding of the Earth and the universe and have a direct and measurable impact on how we work and live, and 4.Energize domestic space enterprise and extend benefits of space for the Nation.

  1. 32 CFR 21.680 - Technology investment agreements.

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 1 2010-07-01 2010-07-01 false Technology investment agreements. 21.680 Section... AGREEMENT REGULATIONS DoD GRANTS AND AGREEMENTS-GENERAL MATTERS Definitions § 21.680 Technology investment... of the nation's technology and industrial base. Technology investment agreements include one kind...

  2. Optimal Investment Horizons for Stocks and Markets

    CERN Document Server

    Johansen, A

    2006-01-01

    The inverse statistics is the distribution of waiting times needed to achieve a predefined level of return obtained from (detrended) historic asset prices \\cite{optihori,gainloss}. Such a distribution typically goes through a maximum at a time coined the {\\em optimal investment horizon}, $\\tau^*_\\rho$, which defines the most likely waiting time for obtaining a given return $\\rho$. By considering equal positive and negative levels of return, we reported in \\cite{gainloss} on a quantitative gain/loss asymmetry most pronounced for short horizons. In the present paper, the inverse statistics for 2/3 of the individual stocks presently in the DJIA is investigated. We show that this gain/loss asymmetry established for the DJIA surprisingly is {\\em not} present in the time series of the individual stocks nor their average. This observation points towards some kind of collective movement of the stocks of the index (synchronization).

  3. The Brazilian investment in science and technology

    Directory of Open Access Journals (Sweden)

    Pinheiro-Machado R.

    2001-01-01

    Full Text Available An analysis of Brazilian federal expenditures in science and technology is presented is this study. The 1990-1999 data were compiled from records provided by two federal agencies (MCT and CNPq responsible for managing most of the national budget related to these activities. The results indicate that the federal investments in Brazilian science and technology stagnated during the last decade (US$ 2.32 billion in 1990, US$ 2.39 billion in 1996, and US$ 2.36 billion in 1999. In contrast, a great increase in private investments in research was acknowledged both by industry and by the government during the same period, from US$ 2.12 to US$ 4.64 billion. However, this investment did not result in an increase in invention patents granted to residents (492 in 1990 and only 232 in 1997 or in a reduction of patent costs. Despite this unfavorable scenario, the number of graduate programs in the country has increased two-fold in the last decade and the contribution of Brazilians to the database of the Institute for Scientific Information has increased 4.7-fold from 1990 (2,725 scientific publications to 2000 (12,686 scientific publications. Unstable federal resources for science, together with the poor returns of private resources in terms of developing new technologies, may jeopardize the future of Brazilian technological development.

  4. NASA's Spaceliner Investment Area Technology Activities

    Science.gov (United States)

    Hueter, Uwe; Lyles, Garry M. (Technical Monitor)

    2001-01-01

    NASA's has established long term goals for access-to-space. The third generation launch systems are to be fully reusable and operational around 2025. The goals for the third generation launch system are to significantly reduce cost and improve safety over current conditions. The Advanced Space Transportation Program Office (ASTP) at the NASA's Marshall Space Flight Center in Huntsville, AL has the agency lead to develop space transportation technologies. Within ASTP, under the Spaceliner Investment Area, third generation technologies are being pursued in the areas of propulsion, airframes, integrated vehicle health management (IVHM), avionics, power, operations, and range. The ASTP program will mature these technologies through both ground and flight system testing. The Spaceliner Investment Area plans to mature vehicle technologies to reduce the implementation risks for future commercially developed reusable launch vehicles (RLV). The plan is to substantially increase the design and operating margins of the third generation RLV (the Space Shuttle is the first generation) by incorporating advanced technologies in propulsion, materials, structures, thermal protection systems, avionics, and power. Advancements in design tools and better characterization of the operational environment will allow improvements in design margins. Improvements in operational efficiencies will be provided through use of advanced integrated health management, operations, and range technologies. The increase in margins will allow components to operate well below their design points resulting in improved component operating life, reliability, and safety which in turn reduces both maintenance and refurbishment costs. These technologies have the potential of enabling horizontal takeoff by reducing the takeoff weight and achieving the goal of airline-like operation. These factors in conjunction with increased flight rates from an expanding market will result in significant improvements in safety

  5. Why Invest in Economic & Technological Development Zones?

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

    In order to attract foreign direct investment, China has established 52 Statelevel Economic & technological Investment Zones (ETDZs). ETDZs lay emphasis on capital-intensive, technology-intensive, hi-tech and production export enterprises. The investment scale of every project in the zones is twice that of the rest of the country. A large number of investment projects are large projects with investment capital over US$IO million,

  6. 10 CFR 603.1340 - Technology investment agreement.

    Science.gov (United States)

    2010-01-01

    ... 10 Energy 4 2010-01-01 2010-01-01 false Technology investment agreement. 603.1340 Section 603.1340 Energy DEPARTMENT OF ENERGY (CONTINUED) ASSISTANCE REGULATIONS TECHNOLOGY INVESTMENT AGREEMENTS Definitions of Terms Used in this Part § 603.1340 Technology investment agreement. A TIA is a special type...

  7. 32 CFR 37.1375 - Technology investment agreements.

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 1 2010-07-01 2010-07-01 false Technology investment agreements. 37.1375... AGREEMENT REGULATIONS TECHNOLOGY INVESTMENT AGREEMENTS Definitions of Terms Used in This Part § 37.1375 Technology investment agreements. A special class of assistance instruments used to increase involvement...

  8. \\t Capital Planning and Investment Control (CPIC) for the Management of Information Technology Investments

    Science.gov (United States)

    Capital Planning and Investment Control (CPIC) is the Information Technology (IT) governance and management methodology in use at EPA for selecting, controlling and evaluating the performance of EPA IT investments throughout the full lifecycle.

  9. MOBILE 5G TECHNOLOGY ADOPTION INVESTMENT TIMING DECISION MAKERS CLUSTERING AND WILLINGNESS TO INVEST UNDER VOLATILE DEMAND CHANGES

    Directory of Open Access Journals (Sweden)

    Saulius Adamauskas

    2016-09-01

    Full Text Available Enterprises need to identify the optimal timing for technological change in order to increase competitiveness and increase the value of the company in an uncertain demanding environment. Investment decisions for adopting new technologies are costly and sometimes risky because technological investments are irreversible. To simulate the process, comprehensive technological adoption regarding investment timing was used in a management decision support model. The constructed model is structured as follows: 1 historical demand paths analysis; 2 application of statistical data validity tests; 3 the forecast of market parameters regarding data arrays using the geometric Brownian motion method, based on Monte Carlo simulation; 4 determination of technological life cycle using a Hodrick–Prescott filter; 5 technological adoption time-window determination; and 6 calculation of company net present values (NPV based on change in free cash-flow. The model for mature 5G mobile markets, created and empirical tested, was performed in relation to 18 largest Europe mobile service providers, as potential decision makers operating across 33 countries. Results confirmed that selection of the technological investment time depends on companies’ strategic financial decisions and financial state. The performed simulations revealed the consequence of 5G technology investment for investor roles, clustered according to financial data within a 5-year period (2010–2014. The analyzed companies were assigned to roles of pioneers-innovators, pragmatics, followers, or laggards. Finally, it is assumed and argued that financial parameters indicate the willingness to adopt new technologies in a global technologically changing environment.

  10. Optimizing investment fund allocation using vehicle routing problem framework

    Science.gov (United States)

    Mamat, Nur Jumaadzan Zaleha; Jaaman, Saiful Hafizah; Ahmad, Rokiah Rozita

    2014-07-01

    The objective of investment is to maximize total returns or minimize total risks. To determine the optimum order of investment, vehicle routing problem method is used. The method which is widely used in the field of resource distribution shares almost similar characteristics with the problem of investment fund allocation. In this paper we describe and elucidate the concept of using vehicle routing problem framework in optimizing the allocation of investment fund. To better illustrate these similarities, sectorial data from FTSE Bursa Malaysia is used. Results show that different values of utility for risk-averse investors generate the same investment routes.

  11. NASA's Spaceliner 100 Investment Area Technology Activities

    Science.gov (United States)

    Hueter, Uwe; Lyles, Garry M. (Technical Monitor)

    2001-01-01

    NASA's has established long term goals for access-to-space. The third generation launch systems are to be fully reusable and operational around 2025. The goals for the third generation launch system are to reduce cost by a factor of 100 and improve safety by a factor of 10,000 over current conditions. The Advanced Space Transportation Program Office (ASTP) at the NASA's Marshall Space Flight Center in Huntsville, AL has the agency lead to develop space transportation technologies. Within ASTP, under the Spaceliner100 Investment Area, third generation technologies are being pursued in the areas of propulsion, airframes, integrated vehicle health management (IVHM), launch systems, and operations and range. The ASTP program will mature these technologies through ground system testing. Flight testing where required, will be advocated on a case by case basis.

  12. Optimal Time to Invest Energy Storage System under Uncertainty Conditions

    Directory of Open Access Journals (Sweden)

    Yongma Moon

    2014-04-01

    Full Text Available This paper proposes a model to determine the optimal investment time for energy storage systems (ESSs in a price arbitrage trade application under conditions of uncertainty over future profits. The adoption of ESSs can generate profits from price arbitrage trade, which are uncertain because the future marginal prices of electricity will change depending on supply and demand. In addition, since the investment is optional, an investor can delay adopting an ESS until it becomes profitable, and can decide the optimal time. Thus, when we evaluate this investment, we need to incorporate the investor’s option which is not captured by traditional evaluation methods. In order to incorporate these aspects, we applied real option theory to our proposed model, which provides an optimal investment threshold. Our results concerning the optimal time to invest show that if future profits that are expected to be obtained from arbitrage trade become more uncertain, an investor needs to wait longer to invest. Also, improvement in efficiency of ESSs can reduce the uncertainty of arbitrage profit and, consequently, the reduced uncertainty enables earlier ESS investment, even for the same power capacity. Besides, when a higher rate of profits is expected and ESS costs are higher, an investor needs to wait longer. Also, by comparing a widely used net present value model to our real option model, we show that the net present value method underestimates the value for ESS investment and misleads the investor to make an investment earlier.

  13. Considerations on Optimal Financial Invest ment into Infrastructural Facilities

    Institute of Scientific and Technical Information of China (English)

    2002-01-01

    The enlargement of government's investment into infrastructural construction is both a help medicine curing economic contraction and an effective measure to accumulate long-term economic growth.. However, the investment by finance into infrastructure also has a problem of optimization and reasonable selection. In view of market economic requirements, the policy direction of financial investment into infrastructural industries must be doing something at the expense of some other things. In the process of the adjustment and optimization of economic structure, state financial investment into infrastructural facilities has to first of all solve the problem of delimitating the best fields and selecting trades. As to the infrastructure facilities producing and selling pure public products, the development must be made by financial investment;As to the production fields of subpublic products, finance should ensure reasonable investment; As to the infrastructural facilities of pure privite production, finance should completely, in principle, pull out and let market supply. On this basis, selections should be made on best capital soureces and investment ways. The capital sources should be mainly from tax and regulational income and direct investment may be made. As to the production fields of most subpublic production, the best capital sources are national debt income and indirect investment may be made. In addition, the optimization of financial investment into infrastructural facilities must reform the managerial system of infrastructural facilities and raise investment efficiency. Only by scientifically selecting and arranging the financing ways and managerial system in investment fields,can the maximum economic efficiency and social welfare results be realized in carrying out financial investment into infrastructural facilities.

  14. Long-Run Savings and Investment Strategy Optimization

    Directory of Open Access Journals (Sweden)

    Russell Gerrard

    2014-01-01

    Full Text Available We focus on automatic strategies to optimize life cycle savings and investment. Classical optimal savings theory establishes that, given the level of risk aversion, a saver would keep the same relative amount invested in risky assets at any given time. We show that, when optimizing lifecycle investment, performance and risk assessment have to take into account the investor’s risk aversion and the maximum amount the investor could lose, simultaneously. When risk aversion and maximum possible loss are considered jointly, an optimal savings strategy is obtained, which follows from constant rather than relative absolute risk aversion. This result is fundamental to prove that if risk aversion and the maximum possible loss are both high, then holding a constant amount invested in the risky asset is optimal for a standard lifetime saving/pension process and outperforms some other simple strategies. Performance comparisons are based on downside risk-adjusted equivalence that is used in our illustration.

  15. An integrated model for part-operation allocation and investments in CNC technology

    NARCIS (Netherlands)

    Bokhorst, J.A.C.; Slomp, J.; Suresh, N.

    2002-01-01

    This study addresses the issue of investment appraisal of new technology, specifically computer numerical control (CNC) machine tools in conjunction with optimal allocation of parts and operations on CNC machines as the investments take place. Part-operation allocation is the allocation of parts and

  16. An integrated model for part-operation allocation and investments in CNC technology

    NARCIS (Netherlands)

    Bokhorst, J.A.C.; Slomp, J.; Suresh, N.

    2002-01-01

    This study addresses the issue of investment appraisal of new technology, specifically computer numerical control (CNC) machine tools in conjunction with optimal allocation of parts and operations on CNC machines as the investments take place. Part-operation allocation is the allocation of parts and

  17. Federal investment in health information technology: how to motivate it?

    Science.gov (United States)

    Bower, Anthony G

    2005-01-01

    Health care market failures include inefficient standard making, problems with coordination among local providers to optimize care, and inability to measure quality accurately, inexpensively, or reliably. Study of other industries suggests policy directions for health information technology and the magnitude of gains from improving market functioning, which are very large. A perspective drawn from U.S. industrial history--in particular railroads and the interstate highway system--suggests an investment level roughly consistent with recent estimates drawn from the medical literature. The benefits of quick action probably outweigh the benefits of delaying and choosing the perfect funding mechanism.

  18. Technology transfers, foreign investment and productivity spillovers

    DEFF Research Database (Denmark)

    Newman, Carol; Rand, John; Talbot, Theodore Purdendu

    2015-01-01

    This paper explores the relationship between foreign direct investment (FDI) and the productivity of host country domestic firms. We rely on a specially designed survey of over 4000 manufacturing firms in Vietnam, and separate out productivity gains along the supply chain (obtained through direct...... transfers of knowledge/technology between linked firms) from productivity effects through indirect FDI spillovers. In addition to identifying indirect vertical productivity spillovers from FDI, our results show that there are productivity gains associated with direct linkages between foreign......-owned and domestic firms along the supply chain not captured by commonly used measures of spillovers. This includes evidence of productivity gains through forward linkages for domestic firms which receive inputs from foreign-owned firms....

  19. Trade, Foreign Direct Investment, and International Technology Transfer: A Survey

    National Research Council Canada - National Science Library

    Kamal Saggi

    2002-01-01

    ...? Using these questions as motivation, this article surveys the recent trade literature on international technology transfer, paying particular attention to the role of foreign direct investment...

  20. Information Technology Investment Strategy Planning: Balance Scorecard Approach

    Directory of Open Access Journals (Sweden)

    Henny Hendarti

    2011-05-01

    Full Text Available Purpose of this research are to prepare the IT investment strategy using Balanced Scorecard approach in the company where the appropriate planning of this IT investment strategy can maximize the competitive benefit in the company, and it also to recommended a strategy of IT investment that can be implemented and measure the rate of return from the IT investment in the company. Research Method used book studies, field studies, and analysis system. Book studies from the books and journal. Field studies done by observation, interview, and questioner, and analysis system done by analyzed the ongoing system in the company. The result from this analysis is a recommendation in investment IT such as sales module, payment module, and report module. Then for the conclusion, this information technology investment planning can be develop to another investment implementation such authorized website of the company and using PDA (Personal Digital AssistantIndex Terms - Planning, Information Technology, Investment, Balance Scorecard

  1. Output-based allocation and investment in clean technologies

    Energy Technology Data Exchange (ETDEWEB)

    Rosendahl, Knut Einar; Storroesten, Halvor Briseid

    2011-07-01

    Allocation of emission allowances may affect firms' incentives to invest in clean technologies. In this paper we show that so-called output-based allocation tends to stimulate such investments as long as individual firms do not assume the regulator to tighten the allocation rule as a consequence of their investments. The explanation is that output-based allocation creates an implicit subsidy to the firms' output, which increases production, leads to a higher price of allowances, and thus increases the incentives to invest in clean technologies. On the other hand, if the firms expect the regulator to tighten the allocation rule after observing their clean technology investment, the firms' incentives to invest are moderated. If strong, this last effect may outweigh the enhanced investment incentives induced by increased output and higher allowance price. (Author)

  2. Optimal Investment by Financially Xenophobic Managers

    OpenAIRE

    Cummins, Jason G; Ingmar Nyman

    2000-01-01

    Case studies show that corporate managers seek financial independence to avoid interference by outside financiers. We incorporate this financial xenophobia as a fixed cost in a simple dynamic model of financing and investment. To avoid refinancing in the future, the firm alters its behavior depending on the extent of its financial xenophobia and the realization of a revenue shock. With a sufficiently adverse shock, the firm holds no liquidity. Otherwise, the firm precautionarily saves and hol...

  3. Optimal investment with fixed refinancing costs

    OpenAIRE

    Cummins, Jason G; Ingmar Nyman

    2001-01-01

    Case studies show that corporate managers seek financial independence to avoid interference by outside financiers. We incorporate this financial xenophobia as a fixed cost in a simple dynamic model of financing and investment. To avoid refinancing in the future, the firm alters its behavior depending on the extent of its financial xenophobia and the realization of a revenue shock. With a sufficiently adverse shock, the firm holds no liquidity. Otherwise, the firm precautionarily saves and hol...

  4. Deterministic mean-variance-optimal consumption and investment

    DEFF Research Database (Denmark)

    Christiansen, Marcus; Steffensen, Mogens

    2013-01-01

    In dynamic optimal consumption–investment problems one typically aims to find an optimal control from the set of adapted processes. This is also the natural starting point in case of a mean-variance objective. In contrast, we solve the optimization problem with the special feature that the consum......In dynamic optimal consumption–investment problems one typically aims to find an optimal control from the set of adapted processes. This is also the natural starting point in case of a mean-variance objective. In contrast, we solve the optimization problem with the special feature...... that the consumption rate and the investment proportion are constrained to be deterministic processes. As a result we get rid of a series of unwanted features of the stochastic solution including diffusive consumption, satisfaction points and consistency problems. Deterministic strategies typically appear in unit......-linked life insurance contracts, where the life-cycle investment strategy is age dependent but wealth independent. We explain how optimal deterministic strategies can be found numerically and present an example from life insurance where we compare the optimal solution with suboptimal deterministic strategies...

  5. OPTIMIZATION OF THE WAYS OF INVESTING IN THE COMMERCIAL PROPERTY

    Directory of Open Access Journals (Sweden)

    K. U. Kulakov

    2012-01-01

    Full Text Available Statement of the problem. This paper merely looks at commercial effectiveness of an investment project based on the judgment that the investor is the one to be held accountable for the cost and quality of services and to stand to benefit from the outcome of the business activities they engage in.Results and conclusions. The main criteria and common principles of their collaborative use are looked into. The terms of the comparability of the investment options and ways to tackle the problem of investment optimization are discussed.

  6. Financial options methodology for analyzing investments in new technology

    Science.gov (United States)

    Wenning, B. D.

    1995-01-01

    The evaluation of investments in longer term research and development in emerging technologies, because of the nature of such subjects, must address inherent uncertainties. Most notably, future cash flow forecasts include substantial uncertainties. Conventional present value methodology, when applied to emerging technologies severely penalizes cash flow forecasts, and strategic investment opportunities are at risk of being neglected. Use of options evaluation methodology adapted from the financial arena has been introduced as having applicability in such technology evaluations. Indeed, characteristics of superconducting magnetic energy storage technology suggest that it is a candidate for the use of options methodology when investment decisions are being contemplated.

  7. Financial options methodology for analyzing investments in new technology

    Energy Technology Data Exchange (ETDEWEB)

    Wenning, B.D. [Texas Utilities Services, Inc., Dallas, TX (United States)

    1994-12-31

    The evaluation of investments in longer term research and development in emerging technologies, because of the nature of such subjects, must address inherent uncertainties. Most notably, future cash flow forecasts include substantial uncertainties. Conventional present value methodology, when applied to emerging technologies severely penalizes cash flow forecasts, and strategic investment opportunities are at risk of being neglected. Use of options valuation methodology adapted from the financial arena has been introduced as having applicability in such technology evaluations. Indeed, characteristics of superconducting magnetic energy storage technology suggest that it is a candidate for the use of options methodology when investment decisions are being contemplated.

  8. Investment Strategies Optimization based on a SAX-GA Methodology

    CERN Document Server

    Canelas, António M L; Horta, Nuno C G

    2013-01-01

    This book presents a new computational finance approach combining a Symbolic Aggregate approXimation (SAX) technique with an optimization kernel based on genetic algorithms (GA). While the SAX representation is used to describe the financial time series, the evolutionary optimization kernel is used in order to identify the most relevant patterns and generate investment rules. The proposed approach considers several different chromosomes structures in order to achieve better results on the trading platform The methodology presented in this book has great potential on investment markets.

  9. Financial optimization of investments in maritime structures

    NARCIS (Netherlands)

    Bischoff van Heemskerck, W.C.; Booy, N.

    1969-01-01

    The designing engineer often comes across the economic decision problem in which the "benefit" of a higher design criterion must be weighed against the "cost". Several methods have been developed to deal with this optimization problem; none of them, however, offer the possibility of introducing the

  10. Exploring the evolution of investment pattern on advanced manufacturing technology

    DEFF Research Database (Denmark)

    Yang, Cheng; Matthiesen, Rikke Vestergaard; Johansen, John

    2014-01-01

    This paper explores the evolution of investment pattern on advanced manufacturing technology in a manner that builds on a longitudinal perspective. Based on the data of investments in AMTs from 567 manufacturing companies this paper develops a longitudinal taxonomy defined by the evolution...

  11. The Long Conversation Maximizing Business Value from Information Technology Investment

    CERN Document Server

    Lorenzo, Oswaldo; González, Gastón; Ramdani, Boumediene

    2011-01-01

    For many years companies have been investing in enterprise systems and IT initiatives but they are now struggling to achieve the desired results. It takes a long time to make the best of your enterprise systems so businesses must stop looking for the next technology 'silver bullet' and instead maximize the value of existing IT investments.

  12. The Structure of Adjustment Costs in Information Technology Investment

    OpenAIRE

    Hyunbae Chun; Sung-Bae Mun

    2005-01-01

    We examine the pattern of information technology (IT) capital adjustment using data from U.S. industries. Using the gap between actual and desired IT capital stocks, we estimate the shape of the adjustment cost function in IT investment. Both ordinary least squares and nonparametric regression estimates support irreversibility in IT investment.

  13. Notification: EPA Investments in Information Technology Products and Services

    Science.gov (United States)

    Project #OA-FY14-0307, June 10, 2014. The U.S. Environmental Protection Agency (EPA) Office oflnspector General (OIG) plans to begin preliminary research on the EPA's management of information technology (IT) investments.

  14. NASA ESTO Lidar Technologies Investment Strategy: 2016 Decadal Update

    Science.gov (United States)

    Valinia, Azita; Komar, George J.; Tratt, David M.; Lotshaw, William T.; Gaab, Kevin M.

    2017-01-01

    The NASA Earth Science Technology Office (ESTO) recently updated its investment strategy in the area of lidar technologies as it pertains to NASA's Earth Science measurement goals in the next decade. The last ESTO lidar strategy was documented in 2006. The current (2016) report assesses the state-of-the-art in lidar technologies a decade later. Lidar technology maturation in the past decade has been evaluated, and the ESTO investment strategy is updated and laid out in this report according to current NASA Earth science measurement needs and new emerging technologies.

  15. Investment Strategy of Emission-Reduction Technology in a Supply Chain

    Directory of Open Access Journals (Sweden)

    Gao Xiang Lou

    2015-08-01

    Full Text Available Greenhouse gas emissions have serious impacts on the natural environment. Therefore, the restrictions imposed on carbon emission force enterprises to take carbon emission into consideration when making production decisions. In this paper, in the context of allowing emission trading and investment of emission reduction technology, models were presented for a two-stage supply chain to analyze the optimal investment and pricing decisions. The results indicate that manufacturer’s endurance capacity of reduction difficulty is higher in the cooperation model than in the Stackelberg game model, and that perfect coordination of supply chains can be realized by a revenue sharing contract. From the perspective of a consumer, low-carbon products mean higher price, so that subsidies or tax exemptions should be provided to keep low prices. Meanwhile, the government can promote investment in emission-reduction technologies and achieve its emission reduction targets by controlling emission trading price, strengthening emission reduction publicity and providing technology investment subsidies.

  16. Investment appraisal of technology innovations on dairy farm electricity consumption.

    Science.gov (United States)

    Upton, J; Murphy, M; De Boer, I J M; Groot Koerkamp, P W G; Berentsen, P B M; Shalloo, L

    2015-02-01

    The aim of this study was to conduct an investment appraisal for milk-cooling, water-heating, and milk-harvesting technologies on a range of farm sizes in 2 different electricity-pricing environments. This was achieved by using a model for electricity consumption on dairy farms. The model simulated the effect of 6 technology investment scenarios on the electricity consumption and electricity costs of the 3 largest electricity-consuming systems within the dairy farm (i.e., milk-cooling, water-heating, and milking machine systems). The technology investment scenarios were direct expansion milk-cooling, ice bank milk-cooling, milk precooling, solar water-heating, and variable speed drive vacuum pump-milking systems. A dairy farm profitability calculator was combined with the electricity consumption model to assess the effect of each investment scenario on the total discounted net income over a 10-yr period subsequent to the investment taking place. Included in the calculation were the initial investments, which were depreciated to zero over the 10-yr period. The return on additional investment for 5 investment scenarios compared with a base scenario was computed as the investment appraisal metric. The results of this study showed that the highest return on investment figures were realized by using a direct expansion milk-cooling system with precooling of milk to 15°C with water before milk entry to the storage tank, heating water with an electrical water-heating system, and using standard vacuum pump control on the milking system. Return on investment figures did not exceed the suggested hurdle rate of 10% for any of the ice bank scenarios, making the ice bank system reliant on a grant aid framework to reduce the initial capital investment and improve the return on investment. The solar water-heating and variable speed drive vacuum pump scenarios failed to produce positive return on investment figures on any of the 3 farm sizes considered on either the day and night

  17. Output Dynamics, Technology, and Public Investment

    NARCIS (Netherlands)

    Duarte Bom, P.R.; Heijdra, B.J.; Ligthart, J.E.

    2010-01-01

    The paper studies the dynamic output effects of public infrastructure investment in a small open economy. We develop an overlapping generations model that includes a production externality of public capital and a wealth effect on labor supply. Public capital enters the firm's production function und

  18. Optimal reinsurance/investment problems for general insurance models

    CERN Document Server

    Liu, Yuping; 10.1214/08-AAP582

    2009-01-01

    In this paper the utility optimization problem for a general insurance model is studied. The reserve process of the insurance company is described by a stochastic differential equation driven by a Brownian motion and a Poisson random measure, representing the randomness from the financial market and the insurance claims, respectively. The random safety loading and stochastic interest rates are allowed in the model so that the reserve process is non-Markovian in general. The insurance company can manage the reserves through both portfolios of the investment and a reinsurance policy to optimize a certain utility function, defined in a generic way. The main feature of the problem lies in the intrinsic constraint on the part of reinsurance policy, which is only proportional to the claim-size instead of the current level of reserve, and hence it is quite different from the optimal investment/consumption problem with constraints in finance. Necessary and sufficient conditions for both well posedness and solvability...

  19. Investments in technology subject to uncertainty. Analysis and policy

    DEFF Research Database (Denmark)

    Pedersen, Jørgen Lindgaard

    1997-01-01

    Investments in technology are today of such a magnitude that it matters. In the paper there are three important questions. First on the question in which sense technological uncertainty can be said to be a problem. Second on strategies for diminishing technological uncertainties. Three on policy...

  20. Investments in technology subject to uncertainty. Analysis and policy

    DEFF Research Database (Denmark)

    Pedersen, Jørgen Lindgaard

    1997-01-01

    Investments in technology are today of such a magnitude that it matters. In the paper there are three important questions. First on the question in which sense technological uncertainty can be said to be a problem. Second on strategies for diminishing technological uncertainties. Three on policy...

  1. Dynamic programming to determine optimum investments in information technology on dairy farms

    NARCIS (Netherlands)

    Asseldonk, van M.A.P.M.; Huirne, R.B.M.; Dijkhuizen, A.A.; Beulens, A.J.M.

    1999-01-01

    The feasibility of integrating the information about a number of information technology (IT) applications on dairy farms is gaining interest because of the potential to improve economic results. In this study optimal investment patterns involving five IT applications are evaluated: (1) automated con

  2. Investment and emission control under technology and pollution externalities

    Energy Technology Data Exchange (ETDEWEB)

    Heal, Geoffrey [Graduate School of Business, Columbia University, 616 Uris Hall, New York, NY 10027 (United States); Tarui, Nori [Department of Economics, University of Hawaii at Manoa, 2424 Maile Way, Honolulu, HI 96822 (United States)

    2010-01-15

    This paper studies incentives to develop advanced pollution abatement technology when technology may spillover across agents and pollution abatement is a public good. We are motivated by a variety of pollution control issues where solutions require the development and implementation of new pollution abatement technologies. We show that at the Nash equilibrium of a simultaneous-move game with R and D investment and emission abatement, whether the free rider effect prevails and under-investment and excess emissions occur depends on the degree of technology spillovers and the effect of R and D on the marginal abatement costs. There are cases in which, contrary to conventional wisdom, Nash equilibrium investments in emissions reductions exceed the first-best case. (author)

  3. Making smart investments in health information technology: core principles.

    Science.gov (United States)

    Halamka, John D

    2009-01-01

    Over the past five years, thousands of public- and private-sector employees, many volunteering their time, have worked to advance the cause of interoperable, certified, secure electronic health records. As new federal funds become available, should we invest right away or wait for technology and policy perfection? Do we leverage the accomplishments of existing national organizations, or do we start from scratch? The time to invest is now, building on the organizations we already have. To ensure wise investment, I suggest guiding principles assembled from the input of hundreds of providers, patients, payers, vendors, government employees, and standards-development organizations.

  4. COMPETITIVE INVESTMENT STRATEGIES IN NEW TECHNOLOGY ADOPTION WITH A FURTHER NEW TECHNOLOGY ANTICIPATED

    Institute of Scientific and Technical Information of China (English)

    Baojian YIN; Shigeng HU

    2007-01-01

    This paper studies a general dynamic duopoly in which two firms compete in the adoption of current technology with a further new technology anticipated. Three kinds of equilibria may occur in technology adoption, namely the preemptive, sequential, and simultaneous equilibrium, depending on the level of operating costs and the first-move advantage. It shows that the faster technological innovation encourages the leader to invest earlier, while induces the follower to invest later. Furthermore,like the investment costs, with the increase of the operating costs, the follower tends to invest later,while the leader tends to invest earlier. However, the investment thresholds are more sensitive to the change of the operating costs than that of the investment costs.

  5. Managing Investment in Teaching and Learning Technologies

    Science.gov (United States)

    Coen, Michael; Nicol, David

    2007-01-01

    Information and communications technologies are radically changing the way that teaching and learning activities are organised and delivered within higher education (HE) institutions. A wide range of technologies is being deployed in quite complex and interactive ways, including virtual learning environments (VLEs), mobile communication…

  6. A System Model of Increasing the Investment Potential of Technologically Unrelated Sectors

    Directory of Open Access Journals (Sweden)

    Melnyk Alexander G.

    2016-02-01

    Full Text Available The article presents a theoretical substantiation and the progress of practical application of the method for evaluating lagged effects of increasing the investment potential of interaction between industries in meso-level innovation systems on the example of the high-tech sector of Ukraine. The interaction data are considered in terms of their formation in such technologically unrelated sectors as the industrial sector and sector of education and sciences. It has been determined that the analytical basis to form the models of increasing the investment potential in innovation systems of meso-level should be presented by a comprehensive integrated assessment of all sectors involved in the reproduction process including technologically unrelated sectors of highly structured innovative systems. There has been proposed a system model of increasing the investment potential of the high-tech sector taking into account the optimization and synergy effects for system decisions concerning technologically unrelated sectors in economic systems of innovation type of reproduction.

  7. Equilibrium points for Optimal Investment with Vintage Capital

    CERN Document Server

    Faggian, Silvia

    2007-01-01

    The paper concerns the study of equilibrium points, namely the stationary solutions to the closed loop equation, of an infinite dimensional and infinite horizon boundary control problem for linear partial differential equations. Sufficient conditions for existence of equilibrium points in the general case are given and later applied to the economic problem of optimal investment with vintage capital. Explicit computation of equilibria for the economic problem in some relevant examples is also provided. Indeed the challenging issue here is showing that a theoretical machinery, such as optimal control in infinite dimension, may be effectively used to compute solutions explicitly and easily, and that the same computation may be straightforwardly repeated in examples yielding the same abstract structure. No stability result is instead provided: the work here contained has to be considered as a first step in the direction of studying the behavior of optimal controls and trajectories in the long run.

  8. IT Investment Allocation and Organizational Performance: A Study of Information Technology Investment Portfolios in Federal Government Agencies

    Science.gov (United States)

    Whitehead, Ennis Jim C., III

    2011-01-01

    This study examined Federal Government Information Technology (IT) portfolio investments for twenty-seven Federal Government agencies, as provided annually to the Office of Management and Budget (OMB) in their Agency IT Investment Portfolio Reports (Exhibit 53), and divided Federal agency IT investments into four categories: Innovation,…

  9. Seven Benchmarks for Information Technology Investment.

    Science.gov (United States)

    Smallen, David; Leach, Karen

    2002-01-01

    Offers benchmarks to help campuses evaluate their efforts in supplying information technology (IT) services. The first three help understand the IT budget, the next three provide insight into staffing levels and emphases, and the seventh relates to the pervasiveness of institutional infrastructure. (EV)

  10. Optimizing accelerator technology

    CERN Multimedia

    Katarina Anthony

    2012-01-01

    A new EU-funded research and training network, oPAC, is bringing together 22 universities, research centres and industry partners to optimize particle accelerator technology. CERN is one of the network’s main partners and will host 5 early-stage researchers in the BE department.   A diamond detector that will be used for novel beam diagnostics applications in the oPAC project based at CIVIDEC. (Image courtesy of CIVIDEC.) As one of the largest Marie Curie Initial Training Networks ever funded by the EU – to the tune of €6 million – oPAC extends well beyond the particle physics community. “Accelerator physics has become integral to research in almost every scientific discipline – be it biology and life science, medicine, geology and material science, or fundamental physics,” explains Carsten P. Welsch, oPAC co-ordinator based at the University of Liverpool. “By optimizing the operation of accelerators, all of these...

  11. Optimal Investment Under Transaction Costs: A Threshold Rebalanced Portfolio Approach

    Science.gov (United States)

    Tunc, Sait; Donmez, Mehmet Ali; Kozat, Suleyman Serdar

    2013-06-01

    We study optimal investment in a financial market having a finite number of assets from a signal processing perspective. We investigate how an investor should distribute capital over these assets and when he should reallocate the distribution of the funds over these assets to maximize the cumulative wealth over any investment period. In particular, we introduce a portfolio selection algorithm that maximizes the expected cumulative wealth in i.i.d. two-asset discrete-time markets where the market levies proportional transaction costs in buying and selling stocks. We achieve this using "threshold rebalanced portfolios", where trading occurs only if the portfolio breaches certain thresholds. Under the assumption that the relative price sequences have log-normal distribution from the Black-Scholes model, we evaluate the expected wealth under proportional transaction costs and find the threshold rebalanced portfolio that achieves the maximal expected cumulative wealth over any investment period. Our derivations can be readily extended to markets having more than two stocks, where these extensions are pointed out in the paper. As predicted from our derivations, we significantly improve the achieved wealth over portfolio selection algorithms from the literature on historical data sets.

  12. Investment appraisal of technology innovations on dairy farm electricity consumption

    NARCIS (Netherlands)

    Upton, J.; Murphy, M.; Boer, de I.J.M.; Groot Koerkamp, P.W.G.; Berentsen, P.B.M.; Shalloo, L.

    2015-01-01

    The aim of this study was to conduct an investment appraisal for milk-cooling, water-heating, and milk-harvesting technologies on a range of farm sizes in 2 different electricity-pricing environments. This was achieved by using a model for electricity consumption on dairy farms. The model simulated

  13. Investment appraisal of technology innovations on dairy farm electricity consumption

    NARCIS (Netherlands)

    Upton, J.; Murphy, M.; Boer, de I.J.M.; Groot Koerkamp, P.W.G.; Berentsen, P.B.M.; Shalloo, L.

    2015-01-01

    The aim of this study was to conduct an investment appraisal for milk-cooling, water-heating, and milk-harvesting technologies on a range of farm sizes in 2 different electricity-pricing environments. This was achieved by using a model for electricity consumption on dairy farms. The model simulated

  14. 基于实物期权方法的新兴技术项目投资时机和投资规模选择%Analysis firm's optimal investing time and scale of emerging technology based on the real option approach

    Institute of Scientific and Technical Information of China (English)

    鲁皓; 张宗益

    2012-01-01

    以新兴技术项目投资为背景,修改了实物期权理论中投资机会永生和资产价格随机游走的假设,建立了新兴技术项目的实物期权定价模型,给出了新兴技术项目最佳投资时机和投资规模的表达式,并以此为基础进一步探讨了风险和投资时限对投资时机和投资规模的影响规律,最后通过数值算例验证了结论并指出了影响程度的变动规律.研究结果表明:对投资有时限的新兴技术项目来说,风险的增加会导致投资时机呈现出先提前再延迟的趋势、投资规模呈现出先递减再递增的趋势;投资时限的增加会导致投资时机提前,但对投资规模并无影响.%This paper relaxes the assumptions of infinitely expiration of investing options and random walk of prices in standard real option based on the analysis of emerging technology investment projects. A real option model has been established to value the emerging technology project, and the optimal investing time and the optimal capacity have been provided to discuss the effect of risk and expiration. Using a numerical example, the conclusions are validated and an analysis about degree of influence is presented. The results show that: to the emerging technology project which has finitely expiration, for low levels of risk an increase in risk accelerate the investment time and decrease the capacity of investment, while for high levels of risk an increase in risk delay the investment time and increase the capacity of investment. In addition, an increase in the expiration time can accelerate the investment time, while has no effect on the capacity of investment.

  15. Design of investment management optimization system for power grid companies under new electricity reform

    Science.gov (United States)

    Yang, Chunhui; Su, Zhixiong; Wang, Xin; Liu, Yang; Qi, Yongwei

    2017-03-01

    The new normalization of the economic situation and the implementation of a new round of electric power system reform put forward higher requirements to the daily operation of power grid companies. As an important day-to-day operation of power grid companies, investment management is directly related to the promotion of the company's operating efficiency and management level. In this context, the establishment of power grid company investment management optimization system will help to improve the level of investment management and control the company, which is of great significance for power gird companies to adapt to market environment changing as soon as possible and meet the policy environment requirements. Therefore, the purpose of this paper is to construct the investment management optimization system of power grid companies, which includes investment management system, investment process control system, investment structure optimization system, and investment project evaluation system and investment management information platform support system.

  16. Digital management technology and its application to investment casting enterprises

    Directory of Open Access Journals (Sweden)

    Xiao-yuan Ji

    2016-09-01

    Full Text Available With the advent of Industry 4.0, more and more investment casting enterprises are implementing production manufacturing systems, especially in the last two years. This paper summarizes three new common requirements of the digital management aspect in precision casting enterprises, and puts forward three corresponding techniques. They are: the production process tracking card technology based on the main-sub card mode; the workshop site production process processing technology based on the barcode; and the equipment data integration technology. Then, this paper discusses in detail the principle, application and effect of these technologies; to provide the reference for enterprises to move towards digital casting and intelligent casting.

  17. Evaluation of Representative Smart Grid Investment Project Technologies: Demand Response

    Energy Technology Data Exchange (ETDEWEB)

    Fuller, Jason C.; Prakash Kumar, Nirupama; Bonebrake, Christopher A.

    2012-02-14

    This document is one of a series of reports estimating the benefits of deploying technologies similar to those implemented on the Smart Grid Investment Grant (SGIG) projects. Four technical reports cover the various types of technologies deployed in the SGIG projects, distribution automation, demand response, energy storage, and renewables integration. A fifth report in the series examines the benefits of deploying these technologies on a national level. This technical report examines the impacts of a limited number of demand response technologies and implementations deployed in the SGIG projects.

  18. Some aspects of technology transfer and direct foreign investment

    Energy Technology Data Exchange (ETDEWEB)

    Findlay, R.

    1978-05-01

    A model showing technology transfer to developing countries links questions of appropriations with the socio-economic reasons for technological change. The rate at which foreign capital is used is found to be directly related to after-tax profits. If the developing country raises taxes on foreign capital, the effect is to increase the proportion of domestic capital needed and to widen the technological gap between the two countries. The analysis also shows a higher gain from new techniques with increased demand volume and suggests large developing countries with similar capital to invest are more likely to generate intermediate technologies. 8 references.

  19. A Research on Investment Casting Technology of Ti Alloys

    Institute of Scientific and Technical Information of China (English)

    2000-01-01

    In this research, the materials and the compositions of the surface slurries were chosen by considering the characteristics of Ti investment casting. The effects of solid-liquid ratios on the properties of the slurry and the effects of baking temperatures on the flexural strength have also been investigated. Flawless shells having smooth inner surface were manufactured with proper technology. Ti and its alloys were melted and poured by water-cooled Cu crucible vacuum induction furnace. The qualities of the investment castings made accordingly were studied and analyzed.

  20. FOREIGN DIRECT INVESTMENT AND TECHNOLOGICAL INNOVATION IN DEVELOPING COUNTRIES

    Directory of Open Access Journals (Sweden)

    Kamilia Loukil

    2016-09-01

    Full Text Available A large number of countries have enacted laws aimed at making it easier for firms to invest in their country, while many countries offer various monetary incentives and tax incentives to encourage inward Foreign Direct Investment (FDI. The desire to attract FDI is due not only to the fact that FDI brings in new investment boosting national income and employment, but also due to the expectation that inward FDI would also provide additional spillover benefits to the local economy that can result in higher productivity growth and increased export growth. This study aims to examine the impact of foreign direct investment on innovation in developing countries. The estimation of a panel threshold model on a sample of 54 developing countries for the 1980-2009 period shows the presence of non linear effects in the relationship between FDI and innovation. We find a threshold value of technological development below which FDI has a negative impact on innovation and above which FDI has a significant positive impact on innovation. We conclude that it is not enough for economic policy to attract foreign investments, it is still necessary to support domestic firms to build an absorptive capacity allowing them to enjoy the benefits of multinational firms.

  1. Medical implants by using RP and investment casting technologies

    Directory of Open Access Journals (Sweden)

    Milan Horacek

    2011-02-01

    Full Text Available The paper deals with the production technology of knee joint replacement by using rapid prototyping technology. The aim of the work is to outline the manufacturing technology intended for prototype production with the use of rapid prototyping and investment casting technology for use in orthopaedics and the surgery of knee joint replacement. The research results should make an effective contribution in the attempts to minimize the invasive surgical procedure, shorten the production of knee joint replacement as well as reduce the cost. At present, the research is focused on the preparation of STL data from CT (Computed Tomography and verification of the production technology of prototypes made using available RP technology and its evaluation.

  2. A multiobjective optimization approach to the operation and investment of the national energy and transportation systems

    Science.gov (United States)

    Ibanez, Eduardo

    Most U.S. energy usage is for electricity production and vehicle transportation, two interdependent infrastructures. The strength and number of the interdependencies will increase rapidly as hybrid electric transportation systems, including plug-in hybrid electric vehicles and hybrid electric trains, become more prominent. There are several new energy supply technologies reaching maturity, accelerated by public concern over global warming. The National Energy and Transportation Planning Tool (NETPLAN) is the implementation of the long-term investment and operation model for the transportation and energy networks. An evolutionary approach with underlying fast linear optimization are in place to determine the solutions with the best investment portfolios in terms of cost, resiliency and sustainability, i.e., the solutions that form the Pareto front. The popular NSGA-II algorithm is used as the base for the multiobjective optimization and metrics are developed for to evaluate the energy and transportation portfolios. An integrating approach to resiliency is presented, allowing the evaluation of high-consequence events, like hurricanes or widespread blackouts. A scheme to parallelize the multiobjective solver is presented, along with a decomposition method for the cost minimization program. The modular and data-driven design of the software is presented. The modeling tool is applied in a numerical example to optimize the national investment in energy and transportation in the next 40 years.

  3. DETERMINATION OF THE OPTIMAL CAPITAL INVESTMENTS TO ENSURE THE SUSTAINABLE DEVELOPMENT OF THE RAILWAY

    Directory of Open Access Journals (Sweden)

    O. I. Kharchenko

    2015-04-01

    Full Text Available Purpose. Every year more attention is paid for the theoretical and practical issue of sustainable development of railway transport. But today the mechanisms of financial support of this development are poorly understood. Therefore, the aim of this article is to determine the optimal investment allocation to ensure sustainable development of the railway transport on the example of State Enterprise «Prydniprovsk Railway» and the creation of preconditions for the mathematical model development. Methodology. The ensuring task for sustainable development of railway transport is solved on the basis of the integral indicator of sustainable development effectiveness and defined as the maximization of this criterion. The optimization of measures technological and technical characters are proposed to carry out for increasing values of the integral performance measure components. To the optimization activities of technological nature that enhance the performance criteria belongs: optimization of the number of train and shunting locomotives, optimization of power handling mechanisms at the stations, optimization of routes of train flows. The activities related to the technical nature include: modernization of railways in the direction of their electrification and modernization of the running gear and coupler drawbars of rolling stock, as well as means of separators mechanization at stations to reduce noise impacts on the environment. Findings. The work resulted in the optimal allocation of investments to ensure the sustainable development of railway transportation of State Enterprise «Prydniprovsk Railway». This allows providing such kind of railway development when functioning of State Enterprise «Prydniprovsk Railway» is characterized by a maximum value of the integral indicator of efficiency. Originality. The work was reviewed and the new approach was proposed to determine the optimal allocation of capital investments to ensure sustainable

  4. Recent Investments by NASA's National Force Measurement Technology Capability

    Science.gov (United States)

    Commo, Sean A.; Ponder, Jonathan D.

    2016-01-01

    The National Force Measurement Technology Capability (NFMTC) is a nationwide partnership established in 2008 and sponsored by NASA's Aeronautics Evaluation and Test Capabilities (AETC) project to maintain and further develop force measurement capabilities. The NFMTC focuses on force measurement in wind tunnels and provides operational support in addition to conducting balance research. Based on force measurement capability challenges, strategic investments into research tasks are designed to meet the experimental requirements of current and future aerospace research programs and projects. This paper highlights recent and force measurement investments into several areas including recapitalizing the strain-gage balance inventory, developing balance best practices, improving calibration and facility capabilities, and researching potential technologies to advance balance capabilities.

  5. Technology Investment Agendas to Expand Human Space Futures

    Science.gov (United States)

    Sherwood, Brent

    2012-01-01

    The paper develops four alternative core-technology advancement specifications, one for each of the four strategic goal options for government investment in human space flight. Already discussed in the literature, these are: Explore Mars; Settle the Moon; accelerate commercial development of Space Passenger Travel; and enable industrial scale-up of Space Solar Power for Earth. In the case of the Explore Mars goal, the paper starts with the contemporary NASA accounting of ?55 Mars-enabling technologies. The analysis decomposes that technology agenda into technologies applicable only to the Explore Mars goal, versus those applicable more broadly to the other three options. Salient technology needs of all four options are then elaborated to a comparable level of detail. The comparison differentiates how technologies or major developments that may seem the same at the level of budget lines or headlines (e.g., heavy-lift Earth launch) would in fact diverge widely if developed in the service of one or another of the HSF goals. The paper concludes that the explicit choice of human space flight goal matters greatly; an expensive portfolio of challenging technologies would not only enable a particular option, it would foreclose the others. Technologies essential to enable human exploration of Mars cannot prepare interchangeably for alternative futures; they would not allow us to choose later to Settle the Moon, unleash robust growth of Space Passenger Travel industries, or help the transition to a post-petroleum future with Space Solar Power for Earth. The paper concludes that a decades-long decision in the U.S.--whether made consciously or by default--to focus technology investment toward achieving human exploration of Mars someday would effectively preclude the alternative goals in our lifetime.

  6. Improving America's health care system by investing in information technology.

    Science.gov (United States)

    Coye, Molly Joel; Bernstein, William S

    2003-01-01

    Large-scale investment in health care information technology (IT) infrastructure will not take place without leadership by the federal government. But how the federal government supports the financing of health care IT is critical. Health care IT development has multiple aspects, but it is fundamentally a problem of community infrastructure development. A policy approach that has had consistent success in financing our country's essential physical infrastructure in transportation and environmental protection will be well suited to fostering health care IT infrastructure as well. We propose the creation of a health care IT revolving loan fund program to invest public dollars in health care IT infrastructure projects through community-level nonprofit lending agencies.

  7. Optimal investment in a portfolio of HIV prevention programs.

    Science.gov (United States)

    Zaric, G S; Brandeau, M L

    2001-01-01

    In this article, the authors determine the optimal allocation of HIV prevention funds and investigate the impact of different allocation methods on health outcomes. The authors present a resource allocation model that can be used to determine the allocation of HIV prevention funds that maximizes quality-adjusted life years (or life years) gained or HIV infections averted in a population over a specified time horizon. They apply the model to determine the allocation of a limited budget among 3 types of HIV prevention programs in a population of injection drug users and nonusers: needle exchange programs, methadone maintenance treatment, and condom availability programs. For each prevention program, the authors estimate a production function that relates the amount invested to the associated change in risky behavior. The authors determine the optimal allocation of funds for both objective functions for a high-prevalence population and a low-prevalence population. They also consider the allocation of funds under several common rules of thumb that are used to allocate HIV prevention resources. It is shown that simpler allocation methods (e.g., allocation based on HIV incidence or notions of equity among population groups) may lead to alloctions that do not yield the maximum health benefit. The optimal allocation of HIV prevention funds in a population depends on HIV prevalence and incidence, the objective function, the production functions for the prevention programs, and other factors. Consideration of cost, equity, and social and political norms may be important when allocating HIV prevention funds. The model presented in this article can help decision makers determine the health consequences of different allocations of funds.

  8. Influence Diagram Use With Respect to Technology Planning and Investment

    Science.gov (United States)

    Levack, Daniel J. H.; DeHoff, Bryan; Rhodes, Russel E.

    2009-01-01

    Influence diagrams are relatively simple, but powerful, tools for assessing the impact of choices or resource allocations on goals or requirements. They are very general and can be used on a wide range of problems. They can be used for any problem that has defined goals, a set of factors that influence the goals or the other factors, and a set of inputs. Influence diagrams show the relationship among a set of results and the attributes that influence them and the inputs that influence the attributes. If the results are goals or requirements of a program, then the influence diagram can be used to examine how the requirements are affected by changes to technology investment. This paper uses an example to show how to construct and interpret influence diagrams, how to assign weights to the inputs and attributes, how to assign weights to the transfer functions (influences), and how to calculate the resulting influences of the inputs on the results. A study is also presented as an example of how using influence diagrams can help in technology planning and investment. The Space Propulsion Synergy Team (SPST) used this technique to examine the impact of R&D spending on the Life Cycle Cost (LCC) of a space transportation system. The question addressed was the effect on the recurring and the non-recurring portions of LCC of the proportion of R&D resources spent to impact technology objectives versus the proportion spent to impact operational dependability objectives. The goals, attributes, and the inputs were established. All of the linkages (influences) were determined. The weighting of each of the attributes and each of the linkages was determined. Finally the inputs were varied and the impacts on the LCC determined and are presented. The paper discusses how each of these was accomplished both for credibility and as an example for future studies using influence diagrams for technology planning and investment planning.

  9. Investments

    CERN Document Server

    Bodie, Zvi

    2013-01-01

    The integrated solutions for Bodie, Kane, and Marcus' Investments set the standard for graduate/MBA investments textbooks. The unifying theme is that security markets are nearly efficient, meaning that most securities are priced appropriately given their risk and return attributes. The content places greater emphasis on asset allocation and offers a much broader and deeper treatment of futures, options, and other derivative security markets than most investment texts. McGraw-Hill's adaptive learning component, LearnSmart, provides assignable modules that help students master chapter core concepts and come to class more prepared. Bodie Investments' blend of practical and theoretical coverage combines with a complete digital solution to help your students achieve higher outcomes in the course

  10. Technology transfers, foreign investment and productivity spillovers: evidence from Vietnam

    DEFF Research Database (Denmark)

    Newman, Carol; Rand, John; Talbot, Theodore Purdendu

    This paper provides new evidence on the relationship between foreign direct investment (FDI) and the productivity of domestic firms. Using a specially designed survey on a sample of over 7,500 manufacturing firms in Vietnam we uncover some of the mechanisms that explain productivity spillovers from....... Productivity externalities from upstream sectors are associated with joint venture foreign investors while downstream sectors experience direct technology transfers from upstream wholly foreign owned investors. Spillovers from FDI through backward linkages are also detected but only when competition from...

  11. An Optimization Framework for Investment Evaluation of Complex Renewable Energy Systems

    Directory of Open Access Journals (Sweden)

    David Olave-Rojas

    2017-07-01

    Full Text Available Enhancing the role of renewable energies in existing power systems is one of the most crucial challenges that society faces today. However, the high variability of their generation potential and the temporal disparity between the demand and the generation potential represent technological and operational gaps that burden the massive incorporation of renewable sources into power systems. Energy storage technologies are an alternative to tackle this gap; nonetheless, their incorporation within large-scale power grids calls for decision-making tools that ensure an appropriate design and sizing of power systems that exploit the benefits of incorporating storage facilities along with renewable generation power. In this paper, we present an optimization framework for aiding the evaluation of the strategic design of complex renewable power systems. The developed tool relies on an optimization problem, the generation, transmission, storage energy location and sizing problem, which allows one to compute economically-attractive investment plans given by the location and sizing of generation and storage energy systems, along with the corresponding layout of transmission lines. Results on a real case study (located in the central region of Chile, characterized by carefully-curated data, show the potential of the developed tool for aiding long-term investment planning.

  12. Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments

    Science.gov (United States)

    Lahr, Henry; Mina, Andrea

    2014-01-01

    This paper explores the determinants of the stage distribution of European venture capital investments from 1990 to 2011. Consistent with liquidity risk theory, we find that the likelihood of investing in earlier stages increases relative to all private equity investments during liquidity crisis years. While liquidity is the main driver of acquisition investments and, to some extent, of expansion financings, technological opportunities are overall the main driver of early and late stage venture capital investments. In contrast to the dotcom crash, the recent financial crisis negatively affected the relative likelihood of expansion investments, but not of early and late stage investments. PMID:26166906

  13. Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments.

    Science.gov (United States)

    Lahr, Henry; Mina, Andrea

    2014-06-01

    This paper explores the determinants of the stage distribution of European venture capital investments from 1990 to 2011. Consistent with liquidity risk theory, we find that the likelihood of investing in earlier stages increases relative to all private equity investments during liquidity crisis years. While liquidity is the main driver of acquisition investments and, to some extent, of expansion financings, technological opportunities are overall the main driver of early and late stage venture capital investments. In contrast to the dotcom crash, the recent financial crisis negatively affected the relative likelihood of expansion investments, but not of early and late stage investments.

  14. Optimal public investment, growth, and consumption : Evidence from African countries

    NARCIS (Netherlands)

    Fosu, A.K.; Getachew, Y.Y.; Ziesemer, T.H.W.

    2016-01-01

    This paper develops a model positing a nonlinear relationship between public investment and growth. The model is then applied to a panel of African countries, using nonlinear estimating procedures. The growth-maximizing level of public investment is estimated at about 10% of GDP, based on System GMM

  15. PLZT Microfibers Technology Optimization

    Directory of Open Access Journals (Sweden)

    Kozielski L.

    2016-09-01

    Full Text Available Electrocaloric (EC structures for a new generation of cooling or heating elements utilize the temperature dependence of spontaneous polarization in some ferroelectric materials to convert waste heat into electricity and vice versa. A (Pb0.93La0.07 (Zr0.65Ti0.35O3 material, have the largest recorded pyroelectric coefficient. An effective predicted form for such applications is fiber, due to small heat capacitance and quick response time, even for nano second laser excitation. Consequently, the presented work provides a description of the optimization of structural, ferroelectric and piezoelectric properties of obtained fibers, finally concluding on necessity of sintering temperature reduction in 100°C in contrast to bulk form to effectively prevent its destruction.

  16. HOSPITAL MANAGERS' NEED FOR INFORMATION ON HEALTH TECHNOLOGY INVESTMENTS

    DEFF Research Database (Denmark)

    Ølholm, Anne Mette; Kidholm, Kristian; Birk-Olsen, Mette

    2015-01-01

    OBJECTIVES: There is growing interest in implementing hospital-based health technology assessment (HB-HTA) as a tool to facilitate decision making based on a systematic and multidisciplinary assessment of evidence. However, the decision-making process, including the informational needs of hospital...... decision makers, is not well described. The objective was to review empirical studies analysing the information that hospital decision makers need when deciding about health technology (HT) investments. METHODS: A systematic review of empirical studies published in English or Danish from 2000 to 2012...... was carried out. The literature was assessed by two reviewers working independently. The identified informational needs were assessed with regard to their agreement with the nine domains of EUnetHTA's Core Model. RESULTS: A total of 2,689 articles were identified and assessed. The review process resulted...

  17. Investment cash flow sensitivity under managerial optimism: new evidence from NYSE panel data firms

    Directory of Open Access Journals (Sweden)

    Ezzeddine Ben Mohamed

    2014-06-01

    Full Text Available Investment cash flow sensitivity constitutes one important block of the corporate financial literature. While it is well documented in standard corporate finance, it is still young under behavioral corporate finance. In this paper, we test the investment cash flow sensitivity among panel data of American industrial firms during 1999-2010. Using Q-model of investment (Tobin, 1969, we construct and introduce a proxy of managerial optimism following Malmendier and Tate (2005a to show the impact of CEOs’ optimism in the relationship between investment and internal cash flow. Our results report a positive and significant coefficient of investment to cash flow for the full sample. While, on estimations of our model using sub-sample of more and less constrained firms, we find that the sensitivity exists stronger only for totally constrained group. We find also that board characteristics can reduce investment policy’s distortions.

  18. A STACKELBERG DIFFERENTIAL GAMES SOLUTION TO A PROBLEM OF OPTIMAL INTERTEMPORAL INVESTMENT AND TAX RATE DESIGN

    Institute of Scientific and Technical Information of China (English)

    ZHANG Rong; LIU Xing

    2004-01-01

    Using the Stackelberg differential games(SDG) theory, we quantitatively study a problem of optimal intertemporal investment and tax rate design. Under some appropriate assumptions, the open-loop Stackelberg equilibrium solutions are obtained. Equilibrium solutions show that: 1. The optimal strategies derived from differential game and unilateral optimal control approaches are different; 2. It is not always the best strategy for the government to use a constant tax rate over the whole time period; 3. The admissible size of tax rate adjustment may have great effect on the government's optimal strategy; 4.SDG approach has no significant effect on the firm's optimal investment strategy.

  19. Clean Technology Fund Investment Plan Approved for Concentrated Solar Power in the MENA Region

    OpenAIRE

    Coma-Cunill, Roger; Govindarajalu, Chandra; Pariente-David, Silvia; Walters, Jonathan

    2009-01-01

    The Middle East and North Africa (MENA) clean technology fund investment plan proposes co-financing of $750 million and mobilizes an additional $4.85 billion from other sources to accelerate deployment of Concentrated Solar Power (CSP) by investing in the CSP expansion programs of Algeria, Egypt, Jordan, Morocco and Tunisia. Specifically, the Investment Plan will support MENA countries to ...

  20. Technological and regulatory aspects of quality management during the life cycle of investment and construction projects

    OpenAIRE

    Kropyvko Serhii Maksymovych

    2016-01-01

    The division of the life cycle of investment and construction projects in four phases, based on their technological features, is proposed in the article. Regulatory aspects of quality management during each phase of the life cycle of investment and construction projects are analyzed. The model of quality management during the phases of the life cycle of investment and construction project is developed.

  1. HOSPITAL MANAGERS' NEED FOR INFORMATION ON HEALTH TECHNOLOGY INVESTMENTS.

    Science.gov (United States)

    Ølholm, Anne Mette; Kidholm, Kristian; Birk-Olsen, Mette; Christensen, Janne Buck

    2015-01-01

    There is growing interest in implementing hospital-based health technology assessment (HB-HTA) as a tool to facilitate decision making based on a systematic and multidisciplinary assessment of evidence. However, the decision-making process, including the informational needs of hospital decision makers, is not well described. The objective was to review empirical studies analysing the information that hospital decision makers need when deciding about health technology (HT) investments. A systematic review of empirical studies published in English or Danish from 2000 to 2012 was carried out. The literature was assessed by two reviewers working independently. The identified informational needs were assessed with regard to their agreement with the nine domains of EUnetHTA's Core Model. A total of 2,689 articles were identified and assessed. The review process resulted in 14 relevant studies containing 74 types of information that hospital decision makers found relevant. In addition to information covered by the Core Model, other types of information dealing with political and strategic aspects were identified. The most frequently mentioned types of information in the literature related to clinical, economic and political/strategic aspects. Legal, social, and ethical aspects were seldom considered most important. Hospital decision makers are able to describe their information needs when deciding on HT investments. The different types of information were not of equal importance to hospital decision makers, however, and full agreement between EUnetHTA's Core Model and the hospital decision-makers' informational needs was not observed. They also need information on political and strategic aspects not covered by the Core Model.

  2. THE PARAMETER OPTIMIZATION MODEL OF INVESTMENT AND CONSTRUCTION PROJECTS AND MANAGERIAL FEASIBILITY OF THEIR BEHAVIOR

    Directory of Open Access Journals (Sweden)

    P. Ye. Uvarov

    2009-09-01

    Full Text Available In the article the basic problem of substantiation of parameters of optimization model of organizationaltechnological solutions for investment-building projects in the system of project management is considered.

  3. Optimal investment policy and dividend payment strategy in an insurance company

    OpenAIRE

    Pablo Azcue; Nora Muler

    2010-01-01

    We consider in this paper the optimal dividend problem for an insurance company whose uncontrolled reserve process evolves as a classical Cram\\'{e}r--Lundberg process. The firm has the option of investing part of the surplus in a Black--Scholes financial market. The objective is to find a strategy consisting of both investment and dividend payment policies which maximizes the cumulative expected discounted dividend pay-outs until the time of bankruptcy. We show that the optimal value function...

  4. The CEV Model and Its Application in a Study of Optimal Investment Strategy

    Directory of Open Access Journals (Sweden)

    Aiyin Wang

    2014-01-01

    Full Text Available The constant elasticity of variance (CEV model is used to describe the price of the risky asset. Maximizing the expected utility relating to the Hamilton-Jacobi-Bellman (HJB equation which describes the optimal investment strategies, we obtain a partial differential equation. Applying the Legendre transform, we transform the equation into a dual problem and obtain an approximation solution and an optimal investment strategies for the exponential utility function.

  5. The Baetylus Theorem-the central disconnect driving consumer behavior and investment returns in Wearable Technologies.

    Science.gov (United States)

    Levine, James A

    2016-08-01

    The Wearable Technology market may increase fivefold by the end of the decade. There is almost no academic investigation as to what drives the investment hypothesis in wearable technologies. This paper seeks to examine this issue from an evidence-based perspective. There is a fundamental disconnect in how consumers view wearable sensors and how companies market them; this is called The Baetylus Theorem where people believe (falsely) that by buying a wearable sensor they will receive health benefit; data suggest that this is not the case. This idea is grounded social constructs, psychological theories and marketing approaches. A marketing proposal that fails to recognize The Baetylus Theorem and how it can be integrated into a business offering has not optimized its competitive advantage. More importantly, consumers should not falsely believe that purchasing a wearable technology, improves health.

  6. The Baetylus Theorem—the central disconnect driving consumer behavior and investment returns in Wearable Technologies

    Science.gov (United States)

    Levine, James A.

    2016-01-01

    The Wearable Technology market may increase fivefold by the end of the decade. There is almost no academic investigation as to what drives the investment hypothesis in wearable technologies. This paper seeks to examine this issue from an evidence-based perspective. There is a fundamental disconnect in how consumers view wearable sensors and how companies market them; this is called The Baetylus Theorem where people believe (falsely) that by buying a wearable sensor they will receive health benefit; data suggest that this is not the case. This idea is grounded social constructs, psychological theories and marketing approaches. A marketing proposal that fails to recognize The Baetylus Theorem and how it can be integrated into a business offering has not optimized its competitive advantage. More importantly, consumers should not falsely believe that purchasing a wearable technology, improves health. PMID:27617162

  7. Regional allocation of investment as a hierarchical optimization problem

    NARCIS (Netherlands)

    Bagchi, Arunabha; Olsder, G.J.; Strijbos, R.C.W.

    1981-01-01

    A new formulation is given for the well-known problem of investment allocation between regions in the framework of a planning model. The case of a dual economy with a Cobb-Douglas production function is worked out in detail with an illustrative numerical example. The corresponding problem for an

  8. Optimal Housing, Consumption, and Investment Decisions over the Life Cycle

    DEFF Research Database (Denmark)

    Kraft, Holger; Munk, Claus

    2011-01-01

    We derive explicit solutions to life-cycle utility maximization problems involving stock and bond investment, perishable consumption, and the rental and ownership of residential real estate. Prices of houses, stocks and bonds, and labor income are correlated. Because of a positive correlation bet...

  9. Prioritizing Information Technology Investments: Assessing the Correlations among Technological Readiness, Information Technology Flexibility, and Information Technology Effectiveness

    Science.gov (United States)

    Walter, John T.

    2010-01-01

    Management's dilemma, when allocating financial resources towards the improvement of technological readiness and IT flexibility within their organizations, is to control financial risk and maximize IT effectiveness. Technological readiness is people's propensity to embrace and use technology. Its drivers are optimism, innovativeness, discomfort,…

  10. Measuring information technology investment among Canadian academic health sciences centres.

    Science.gov (United States)

    Pederson, Lorraine; Leonard, Kevin

    2005-01-01

    Many recent studies have attempted to accurately measure the expenditure by hospitals in the area of new information technology (IT), for example see Leonard 1998 and Pink et al. 2001. This is usually done as an exercise to compare the healthcare sector with other industries that have had much more success in implementing and leveraging their IT investment (Willcocks 1992; Chan 2000). It is normally hoped that such investigation would help explain some of the differences among the various industries and provide insight into where (and how much) future IT spending should occur in healthcare (Leonard 2004). Herein, we present the results from a study of eight Canadian academic health sciences centres that contributed data in order to analyze the amount of information technology spending in their organizations. Specifically, we focus on one specific indicator: the IT spend ratio. This ratio is defined as the percentage of total IT net costs to total hospital net operating costs, and aims to provide a "relative (or percentage) measure of spending" so as to make the comparisons meaningful. One such comparison shows that hospitals spend only 55% of the amount the financial services sector spends.

  11. State-of-the-art research: optimal investment in market-based electric power systems

    Energy Technology Data Exchange (ETDEWEB)

    Hope, Einar; Skjeret, Frode

    2008-04-15

    The purpose of this state-of-the-art research paper is to surveying the literature on investment in market based electric power systems as a background for identifying and discussing some important issues in the optimal design and operation of such systems. A fundamental distinction has to be made between investment in the competitive part of the power system (generation and trading) on the one hand and the natural monopoly part (network infrastructure) on the other. The paper starts with a listing and discussion on market characteristics and properties of electric power and goes on to discussing performance criteria and potential sources of market failure for optimal electric power investment. After the literature survey there is a discussion of conditions under which optimal investment may occur. (author). 78 refs., figs

  12. Cost Optimization and Technology Enablement COTSAT-1

    Science.gov (United States)

    Spremo, Stevan; Lindsay, Michael C.; Klupar, Peter Damian; Swank, Aaron J.

    2010-01-01

    Cost Optimized Test of Spacecraft Avionics and Technologies (COTSAT-1) is an ongoing spacecraft research and development project at NASA Ames Research Center (ARC). The space industry was a hot bed of innovation and development at its birth. Many new technologies were developed for and first demonstrated in space. In the recent past this trend has reversed with most of the new technology funding and research being driven by the private industry. Most of the recent advances in spaceflight hardware have come from the cell phone industry with a lag of about 10 to 15 years from lab demonstration to in space usage. NASA has started a project designed to address this problem. The prototype spacecraft known as Cost Optimized Test of Spacecraft Avionics and Technologies (COTSAT-1) and CheapSat work to reduce these issues. This paper highlights the approach taken by NASA Ames Research center to achieve significant subsystem cost reductions. The COSTAT-1 research system design incorporates use of COTS (Commercial Off The Shelf), MOTS (Modified Off The Shelf), and GOTS (Government Off The Shelf) hardware for a remote sensing spacecraft. The COTSAT-1 team demonstrated building a fully functional spacecraft for $500K parts and $2.0M labor. The COTSAT-1 system, including a selected science payload, is described within this paper. Many of the advancements identified in the process of cost reduction can be attributed to the use of a one-atmosphere pressurized structure to house the spacecraft components. By using COTS hardware, the spacecraft program can utilize investments already made by commercial vendors. This ambitious project development philosophy/cycle has yielded the COTSAT-1 flight hardware. This paper highlights the advancements of the COTSAT-1 spacecraft leading to the delivery of the current flight hardware that is now located at NASA Ames Research Center. This paper also addresses the plans for COTSAT-2.

  13. 32 CFR 37.110 - What type of instruments are technology investment agreements (TIAs)?

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 1 2010-07-01 2010-07-01 false What type of instruments are technology investment agreements (TIAs)? 37.110 Section 37.110 National Defense Department of Defense OFFICE OF THE SECRETARY OF DEFENSE DoD GRANT AND AGREEMENT REGULATIONS TECHNOLOGY INVESTMENT AGREEMENTS General §...

  14. Barriers to investments in energy saving technologies. Case study for the industry

    NARCIS (Netherlands)

    Masselink, Dirk Jan

    2007-01-01

    To realise future energy saving targets, the government needs to increase energy reduction rates. One option to increase energy savings is found in removing barriers to investments in cost-effective energy saving technologies. Many technologies save energ

  15. ABOUT OPTIMIZING OF INVESTMENT VOLUMES TO IMPROVE THE BASIC INDICATORS OF THE ENTERPRISE EFFECTIVENESS

    Directory of Open Access Journals (Sweden)

    Z. M. Gasanov

    2014-12-01

    Full Text Available Purpose. Profit and profitability of any, including transport enterprises are the main economic indicators of the enterprise effectiveness. These indicators reflect the results and successful performance of the enterprise. On the other hand the enterprise effectiveness in the long term, assurance of rapid development and competitiveness is largely determined by the level of investment activity and the range of investment activity. The purpose of this study is the feasibility of the method to determine optimal investments volume for improving these or others (selectable by the management principal economic indicators of the enterprise effectiveness. Methodology. The basis of the proposed methodology for determining the optimal investments volume is the theory of optimal control, in particular, the procedure of dynamic programming since a managed development process of the enterprise is a multiple stage. This procedure, using a phased plan, allows not only simplifying the solution of optimization problems, but also solving those, which are impossible to apply the methods of mathematical analysis. Findings. The expediency of performing the calculations to determine the optimal investments volume to ensure high rates of enterprise development was proved, it is a key to the effectiveness of the enterprise in the long term and it improves its competitiveness. Originality. It is shown that using methods of the optimum control theory one can calculate the minimum volume of capital investments for the improvement of economic indicators, which determine the enterprise effectiveness. The proposed method of calculation does not depend on the specific content of economic indicators. The effectiveness of this calculation method is demonstrated on a model example. Practical value. The proposed method of calculating the minimum volume of capital investments to improve the economic effectiveness of enterprises is quite simple, but at the same time enables, on

  16. An Application of Dynamic Programming Principle in Corporate International Optimal Investment and Consumption Choice Problem

    Directory of Open Access Journals (Sweden)

    Zongyuan Huang

    2010-01-01

    Full Text Available This paper is concerned with a kind of corporate international optimal portfolio and consumption choice problems, in which the investor can invest her or his wealth either in a domestic bond (bank account or in an oversea real project with production. The bank pays a lower interest rate for deposit and takes a higher rate for any loan. First, we show that Bellman's dynamic programming principle still holds in our setting; second, in terms of the foregoing principle, we obtain the investor's optimal portfolio proportion for a general maximizing expected utility problem and give the corresponding economic analysis; third, for the special but nontrivial Constant Relative Risk Aversion (CRRA case, we get the investors optimal investment and consumption solution; last but not least, we give some numerical simulation results to illustrate the influence of volatility parameters on the optimal investment strategy.

  17. Optimal Portfolio of Corporate Investment and Consumption Problem under Market Closure: Inflation Case

    Directory of Open Access Journals (Sweden)

    Zongyuan Huang

    2013-01-01

    Full Text Available We present the model of corporate optimal investment with consideration of the influence of inflation and the difference between the market opening and market closure. In our model, the investor has three market activities of his or her choice: investment in project A, investment in project B, and consumption. The optimal strategy for the investor is obtained using the Hamilton-Jacobi-Bellman equation which is derived using the dynamic programming principle. Further along, a specific case, the Hyperbolic Absolute Risk Aversion case, is discussed in detail, where the explicit optimal strategy can be obtained using a very simple and direct method. At the very end, we present some simulation results along with a brief analysis of the relationship between the optimal strategy and other factors.

  18. Optimal investment and scheduling of distributed energy resources with uncertainty in electric vehicles driving schedules

    Energy Technology Data Exchange (ETDEWEB)

    Cardoso, Goncalo [Technical Univ. of Lisbon (Portugal); Stadler, Michael [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Center for Energy and Innovation Technologies (Austria); Bozchalui, Mohammed C. [NEC Laboratories American Inc., Irving, TX (United States); Sharma, Ratnesh [NEC Laboratories American Inc., Irving, TX (United States); Marnay, Chris [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Barbosa-Povoa, Ana [Technical Univ. of Lisbon (Portugal); Ferrao, Paulo [Technical Univ. of Lisbon (Portugal)

    2013-12-06

    The large scale penetration of electric vehicles (EVs) will introduce technical challenges to the distribution grid, but also carries the potential for vehicle-to-grid services. Namely, if available in large enough numbers, EVs can be used as a distributed energy resource (DER) and their presence can influence optimal DER investment and scheduling decisions in microgrids. In this work, a novel EV fleet aggregator model is introduced in a stochastic formulation of DER-CAM [1], an optimization tool used to address DER investment and scheduling problems. This is used to assess the impact of EV interconnections on optimal DER solutions considering uncertainty in EV driving schedules. Optimization results indicate that EVs can have a significant impact on DER investments, particularly if considering short payback periods. Furthermore, results suggest that uncertainty in driving schedules carries little significance to total energy costs, which is corroborated by results obtained using the stochastic formulation of the problem.

  19. The Optimal Multistage Effort and Contract of VC’s Joint Investment

    Directory of Open Access Journals (Sweden)

    Meng Wu

    2015-01-01

    Full Text Available If the venture project has a great demand of investment, venture entrepreneurs will seek multiple venture capitalists to ensure necessary funding. This paper discusses the decision-making process in the case that multiple venture capitalists invest in a single project. From the beginning of the project till the withdrawal of the investment, the efforts of both parties are long term and dynamic. We consider the Stackelberg game model for venture capital investment in multiple periods. Given the optimal efforts by the entrepreneurs, our results clearly show that as time goes, in every single period entrepreneurs will expect their share of revenue paid to shrink. In other words, they expect a higher ex ante payment and a lower ex post payment. But, in contrast, venture capitalists are expecting exactly the opposite. With a further analysis, we also design an optimal contract in multiple periods. Last but not the least, several issues to be further investigated are proposed as well.

  20. Optimal operations and resilient investments in steam networks

    Directory of Open Access Journals (Sweden)

    Stephane Laurent Bungener

    2016-01-01

    Full Text Available Steam is a key energy vector for industrial sites, most commonly used for process heating and cooling, cogeneration of heat and mechanical power, as a motive fluid or for stripping. Steam networks are used to carry steam from producers to consumers and between pressure levels through letdowns and steam turbines. The steam producers (boilers, heat and power cogeneration units, heat exchangers, chemical reactors should be sized to supply the consumers at nominal operating conditions as well as peak demand.This paper firstly proposes an Mixed Integer Linear Programming formulation to optimise the operations of steam networks in normal operating conditions and exceptional demand (when operating reserves fall to zero, through the introduction of load shedding. Optimisation of investments based on operational and investment costs are included in the formulation.Though rare, boiler failures can have a heavy impact of steam network operations and costs, leading to undercapacity and unit shutdowns. A method is therefore proposed to simulate steam network operations when facing boiler failures. Key performance indicators are introduced to quantify the network's resilience.The proposed methods are applied and demonstrated in an industrial case study using industrial data. The results indicate the importance of oversizing key steam producing equipments and the value of industrial symbiosis to increase industrial site resilience.

  1. Optimal Investment Strategies for DC Pension with Stochastic Salary under the Affine Interest Rate Model

    Directory of Open Access Journals (Sweden)

    Chubing Zhang

    2013-01-01

    Full Text Available We study the optimal investment strategies of DC pension, with the stochastic interest rate (including the CIR model and the Vasicek model and stochastic salary. In our model, the plan member is allowed to invest in a risk-free asset, a zero-coupon bond, and a single risky asset. By applying the Hamilton-Jacobi-Bellman equation, Legendre transform, and dual theory, we find the explicit solutions for the CRRA and CARA utility functions, respectively.

  2. Optimization of investment portfolio weight of stocks affected by market index

    Science.gov (United States)

    Azizah, E.; Rusyaman, E.; Supian, S.

    2017-01-01

    Stock price assessment, selection of optimum combination, and measure the risk of a portfolio investment is one important issue for investors. In this paper single index model used for the assessment of the stock price, and formulation optimization model developed using Lagrange multiplier technique to determine the proportion of assets to be invested. The level of risk is estimated by using variance. These models are used to analyse the stock price data Lippo Bank and Bumi Putera.

  3. On Optimal Proportional Reinsurance and Investment in a Markovian Regime-Switching Economy

    Institute of Scientific and Technical Information of China (English)

    Xin ZHANG; Tak Kuen SIU

    2012-01-01

    In this paper,the surplus of an insurance company is modeled by a Markovian regimeswitching diffusion process.The insurer decides the proportional reinsurance and investment so as to increase revenue.The regime-switching economy consists of a fixed interest security and several risky shares. The optimal proportional reinsurance and investment strategies with no short-selling constraints for maximizing an exponential utility on terminal wealth are obtained.

  4. The economics of project analysis: Optimal investment criteria and methods of study

    Science.gov (United States)

    Scriven, M. C.

    1979-01-01

    Insight is provided toward the development of an optimal program for investment analysis of project proposals offering commercial potential and its components. This involves a critique of economic investment criteria viewed in relation to requirements of engineering economy analysis. An outline for a systems approach to project analysis is given Application of the Leontief input-output methodology to analysis of projects involving multiple processes and products is investigated. Effective application of elements of neoclassical economic theory to investment analysis of project components is demonstrated. Patterns of both static and dynamic activity levels are incorporated.

  5. Application of MACD and RVI indicators as functions of investment strategy optimization on the financial market

    Directory of Open Access Journals (Sweden)

    Srdjan Redzepagic

    2009-06-01

    Full Text Available The determination of trends and prediction of stock prices is one of the main tasks of the MACD (Moving Average Convergence Divergence and the RVI (Relative Volatility Index indicators of the technical analysis. The research covers the sample representing stocks which are continually traded on the financial market of the Republic of Serbia. Subject of this research is to determine the possibility of MACD and RVI indicators application in investment decision making processes on the financial market of the Republic of Serbia. The main goal of the research is to identify the most profitable parameters of the MACD and RVI indicators as functions of investment strategy optimization on the financial market. The main hypothesis of the research is that the application of the MACD and RVI indicators of technical analysis significantly contributes to investment strategy optimization on the financial market. The applied methodology during the research includes analyses, synthesis and statistical/ mathematical methods with special focus on the method of moving averages. Research results indicate significant possibilities in application of MACD and RVI indicators of technical analysis as functions of making optimum decisions on investment. According to the obtained results it is concluded that the application of the optimized MACD and RVI indicators of technical analysis in decision making process on investing on the financial market significantly contributes maximization of profitability on investments.

  6. Technological and regulatory aspects of quality management during the life cycle of investment and construction projects

    Directory of Open Access Journals (Sweden)

    Kropyvko Serhii Maksymovych

    2016-12-01

    Full Text Available The division of the life cycle of investment and construction projects in four phases, based on their technological features, is proposed in the article. Regulatory aspects of quality management during each phase of the life cycle of investment and construction projects are analyzed. The model of quality management during the phases of the life cycle of investment and construction project is developed.

  7. Optimal Investment-Consumption Strategy under Inflation in a Markovian Regime-Switching Market

    Directory of Open Access Journals (Sweden)

    Huiling Wu

    2016-01-01

    Full Text Available This paper studies an investment-consumption problem under inflation. The consumption price level, the prices of the available assets, and the coefficient of the power utility are assumed to be sensitive to the states of underlying economy modulated by a continuous-time Markovian chain. The definition of admissible strategies and the verification theory corresponding to this stochastic control problem are presented. The analytical expression of the optimal investment strategy is derived. The existence, boundedness, and feasibility of the optimal consumption are proven. Finally, we analyze in detail by mathematical and numerical analysis how the risk aversion, the correlation coefficient between the inflation and the stock price, the inflation parameters, and the coefficient of utility affect the optimal investment and consumption strategy.

  8. Optimal Investment and Excess of Loss Reinsurance with Short-selling Constraint

    Institute of Scientific and Technical Information of China (English)

    Sheng Liu; Jing-xiao Zhang

    2011-01-01

    This paper considers the optimal control problem with constraints for an insurance company. The risk process is assumed to be a jump-diffusion process and the risk can be reduced through an excess of loss (XL) reinsurance. In addition, the surplus can be invested in the financial market. In the financial market, the short-selling constraint is one of the main factors which make models more realistic. Our goal is to find the optimal investment-reinsurance policy without short-selling, which maximizes the expected exponential utility of the terminal wealth. By solving the corresponding Hamilton-Jacobi-Bellman equation, the value function and the optimal investment-reinsurance policy are given in a closed form.

  9. Towards resiliency with micro-grids: Portfolio optimization and investment under uncertainty

    Science.gov (United States)

    Gharieh, Kaveh

    Energy security and sustained supply of power are critical for community welfare and economic growth. In the face of the increased frequency and intensity of extreme weather conditions which can result in power grid outage, the value of micro-grids to improve the communities' power reliability and resiliency is becoming more important. Micro-grids capability to operate in islanded mode in stressed-out conditions, dramatically decreases the economic loss of critical infrastructure in power shortage occasions. More wide-spread participation of micro-grids in the wholesale energy market in near future, makes the development of new investment models necessary. However, market and price risks in short term and long term along with risk factors' impacts shall be taken into consideration in development of new investment models. This work proposes a set of models and tools to address different problems associated with micro-grid assets including optimal portfolio selection, investment and financing in both community and a sample critical infrastructure (i.e. wastewater treatment plant) levels. The models account for short-term operational volatilities and long-term market uncertainties. A number of analytical methodologies and financial concepts have been adopted to develop the aforementioned models as follows. (1) Capital budgeting planning and portfolio optimization models with Monte Carlo stochastic scenario generation are applied to derive the optimal investment decision for a portfolio of micro-grid assets considering risk factors and multiple sources of uncertainties. (2) Real Option theory, Monte Carlo simulation and stochastic optimization techniques are applied to obtain optimal modularized investment decisions for hydrogen tri-generation systems in wastewater treatment facilities, considering multiple sources of uncertainty. (3) Public Private Partnership (PPP) financing concept coupled with investment horizon approach are applied to estimate public and private

  10. Information Technology Investment: Agencies Can Improve Performance, Reduce Costs, and Minimize Risks.

    Science.gov (United States)

    2007-11-02

    strengthened management of three fundamental assets: personnel, knowledge and information, and capital property/fixed assets. Investments in information ... technology (IT) can have a dramatic impact on all three of these assets. However, an IT project’s impact comes from how the investment is selected, designed

  11. DEFENSE SCIENCE AND TECHNOLOGY Adopting Best Practices Can Improve Innovation Investments and Management

    Science.gov (United States)

    2017-06-01

    approach to organizing and executing their technology development activities by grouping them into two portfolios: incremental and disruptive, as shown in...for product development . Disruptive R&D is often sponsored by a corporate research organization , which makes project investment decisions... development investments. To develop these plans, companies solicit ideas and information from people across the organization to determine the

  12. Aircraft technology portfolio optimization using ant colony optimization

    Science.gov (United States)

    Villeneuve, Frederic J.; Mavris, Dimitri N.

    2012-11-01

    Technology portfolio selection is a combinatorial optimization problem often faced with a large number of combinations and technology incompatibilities. The main research question addressed in this article is to determine if Ant Colony Optimization (ACO) is better suited than Genetic Algorithms (GAs) and Simulated Annealing (SA) for technology portfolio optimization when incompatibility constraints between technologies are present. Convergence rate, capability to find optima, and efficiency in handling of incompatibilities are the three criteria of comparison. The application problem consists of finding the best technology portfolio from 29 aircraft technologies. The results show that ACO and GAs converge faster and find optima more easily than SA, and that ACO can optimize portfolios with technology incompatibilities without using penalty functions. This latter finding paves the way for more use of ACO when the number of constraints increases, such as in the technology and concept selection for complex engineering systems.

  13. Influence of elements of “technological revolution” on efficiency of the investment and construction sphere

    Directory of Open Access Journals (Sweden)

    Murashova Olga

    2017-01-01

    Full Text Available The article describes a new view on the investment and construction area taking into consideration the influence of information technologies and innovations. The author has pointed out the basic aspects, which could allow making a break-through in management effectiveness, if being implemented in companies’ business or in investment and construction projects. The article presents the definition of the investment and construction cycle as an integrator of innovation solutions. The paper contains the conclusion about the obvious sector development using active implementation of information modeling of the investment and construction project facilities.

  14. Optimal Investment and Consumption Decisions under the Constant Elasticity of Variance Model

    Directory of Open Access Journals (Sweden)

    Hao Chang

    2013-01-01

    Full Text Available We consider an investment and consumption problem under the constant elasticity of variance (CEV model, which is an extension of the original Merton’s problem. In the proposed model, stock price dynamics is assumed to follow a CEV model and our goal is to maximize the expected discounted utility of consumption and terminal wealth. Firstly, we apply dynamic programming principle to obtain the Hamilton-Jacobi-Bellman (HJB equation for the value function. Secondly, we choose power utility and logarithm utility for our analysis and apply variable change technique to obtain the closed-form solutions to the optimal investment and consumption strategies. Finally, we provide a numerical example to illustrate the effect of market parameters on the optimal investment and consumption strategies.

  15. Optimal Consumption and Investment with Labor Income and European/American Capital Guarantee

    Directory of Open Access Journals (Sweden)

    Morten Tolver Kronborg

    2014-05-01

    Full Text Available We present the optimal consumption and investment strategy for an investor, endowed with labor income, searching to maximize utility from consumption and terminal wealth when facing a binding capital constraint of a European (constraint on terminal wealth or an American (constraint on the wealth process type. In both cases, the optimal strategy is proven to be of the option-based portfolio insurance type. The optimal strategy combines a long position in the optimal unrestricted allocation with a put option. In the American case, where the investor is restricted to fulfill a capital guarantee at every intermediate time point over the interval of optimization, we prove that the investor optimally changes his budget constraint for the unrestricted allocation whenever the constraint is active. The strategy is explained in a step-by-step manner, and numerical illustrations are presented in order to support intuition and to compare the restricted optimal strategy with the unrestricted optimal counterpart.

  16. Analysis on Dynamic Decision-Making Model of the Enterprise Technological Innovation Investment under Uncertain Environment

    Directory of Open Access Journals (Sweden)

    Yong Long

    2012-01-01

    Full Text Available Under the environment of fuzzy factors including the return of market, performance of product, and the demanding level of market, we use the method of dynamic programming and establish the model of investment decision, in technology innovation project of enterprise, based on the dynamic programming. Analysis of the influence caused by the changes of fuzzy uncertainty factors to technological innovation project investment of enterprise.

  17. Optimizing investments in coupled offshore wind -electrolytic hydrogen storage systems in Denmark

    DEFF Research Database (Denmark)

    Hou, Peng; Enevoldsen, Peter; Eichman, Joshua

    2017-01-01

    In response to electricity markets with growing levels of wind energy production and varying electricity prices, this research examines incentives for investments in integrated renewable energy power systems. A strategy for using optimization methods for a power system consisting of wind turbines...

  18. Establishment and optimization of project investment risk income models on the basis of probability χ distribution

    Institute of Scientific and Technical Information of China (English)

    吕渭济; 崔巍

    2001-01-01

    In this paper, two kinds of models are presented and optimized for project investment risk income on the basis of probability X distribution. One kind of model being proved has only a maximal value and another kind being proved has no extreme values.

  19. Establishment and optimization of project investment risk income models on the basis of probability χ distribution

    Institute of Scientific and Technical Information of China (English)

    LU Wei-ji; CUI Wei

    2001-01-01

    In this paper, two kinds of models are presented and optimized for pro ject investment risk income on the basis of probability χ distribution. One kin d of model being proved has only a maximal value and another kind being proved h as no extreme values.

  20. Optimal dike investments under uncertainty and learning about increasing water levels

    NARCIS (Netherlands)

    Pol, van der T.D.; Ierland, van E.C.; Weikard, H.P.

    2014-01-01

    Water level extremes for seas and rivers are crucial to determine optimal dike heights. Future development in extremes under climate change is, however, uncertain. In this paper, we explore impacts of uncertainty and learning about increasing water levels on dike investment. We extend previous work

  1. Optimal Investment and Reinsurance for Insurers with Uncertain Time-Horizon

    Directory of Open Access Journals (Sweden)

    Ailing Gu

    2014-01-01

    state hits the barrier. The objective of the insurer is to maximize the expected discounted exponential utility of her terminal wealth. By dynamic programming approach and Feynman-Kac representation theorem, we derive the expressions for optimal value functions and optimal investment-reinsurance strategies in two special cases. Furthermore, an example is considered under the diffusion-approximation model, which shows some interesting results.

  2. THE GERMAN DIRECT INVESTMENTS IN INNOVATIVE AND TECHNOLOGICAL DEVELOPMENT OF THE RUSSIAN ECONOMY

    Directory of Open Access Journals (Sweden)

    Карина Юрьевна Ашикарьян

    2013-05-01

    Full Text Available In the conditions of globalization and economy modernization the special attention is paid to cooperation of the countries in the sphere of innovations and high technologies which is reached at the expense of a transfer of knowledge and technologies. One of priority instruments of innovative and technological cooperation today are direct foreign investments. Germany occupies one of leading provisions among the developed countries of the world and possesses high scientific and technical potential. The importance is got by direct investments of Germany, as main supplier of the real direct investments bringing new technologies and knowledge in economy of Russia. Thus, the German direct investments are the most important source of advanced technologies and the methods of management promoting modernization of the Russian economy and transition to an innovative way of development. Direct German investments accelerate process of integration of the Russian economy  in the world economy, improve use of various advantages of the international labor cooperation and its division, promote involvement in being formed European economic space.The article describes a role of the German direct investments in innovative and technological development of  the Russian economy.DOI: http://dx.doi.org/10.12731/2218-7405-2013-4-19

  3. Technology Expenditures: A Policy Analysis in a Selected School and Return on Investment

    Science.gov (United States)

    Ferguson, Timothy Brian

    2012-01-01

    The process of retooling schools to prepare students for the Twenty-First Century requires that schools invest in technology resources and ongoing professional development for teachers to support the transformation of teaching and learning practices through technology integration. Technology resources are still considered to be educational…

  4. Applying the Theory of the Firm to Examine a Technology Startup at the Investment Stage

    Directory of Open Access Journals (Sweden)

    Michael Ayukawa

    2012-05-01

    Full Text Available The investment stage of a new technology firm is when resources, opportunities, investors, and early customers first converge. Currently, technology entrepreneurs make many expensive mistakes. They invest in assets and develop capabilities that prove to have limited value. They take too long to discover and validate the product-market fit for their firms during the investment stage and run out of time and money. Understanding how theory can help entrepreneurs make decisions during the investment stage is important to accelerate new-firm formation and growth as well as to reduce the uncertainty of founders and stakeholders of technology firms. This article introduces a model developed to examine deal making during the investment stage of a new technology firm. It is an extension of a model of lateral firm scope proposed by Oliver Hart and Bengt Holmstrom. The extensions come from considering a technology firm as being both a deal-making entity and a pool of resources during the investment stage. A deal is the result of a decision the entrepreneur and others make to coordinate (i.e., work together to achieve a common objective. Benefits from a deal include cash profits for the firm and private benefits for the entrepreneur. This extended model is then applied to examine the author’s firm which is still in the investment stage. Application of the extended model to a real-life situation generated two important insights: i when private benefits include learning from experimentation, the number of deals increases and ii at the start of the investment stage, private benefits drive deal-making, whereas at the end of the investment stage, cash profits derived from asset ownership drive deal-making.

  5. A boom in energy technology innovation despite decades of stagnant investment

    Energy Technology Data Exchange (ETDEWEB)

    Bettencourt, Luis M [Los Alamos National Laboratory; Trancik, Jessika A [SANTA FE INSTITUTE; Kaur, Jasleen [INDIANA UNIV

    2009-01-01

    Rates of patenting in energy technologies in the United States stagnated during a period of low federal investment in the sector from the mid-1980's through 2000. To analyze the current state of the field, we built a new comprehensive database of energy patents in the USA and worldwide aggregated by nation and technology. We show that innovation in energy technologies, as measured by numbers of new patents, has grown dramatically over the last decade both for renewable and fossil fuel-based technologies, but that traditional investment -government and private support for research and development (R&D) -has not risen commensurately. We also show that while venture capital investment in the sector has increased significantly in the last few years it lags the observed uptick in patenting. We find increasing patenting rates in nations worldwide but also differences in regional priorities, as well as a marked divergence in innovation rates across technologies. Renewable energy technologies - especially solar and wind - currently show the fastest rates of innovation, while patenting levels in nuclear fission have remained low despite relatively high levels of sustained investment. While this sharp increase of innovative activity bodes well for change in the energy sector, the future of emerging technologies may hinge on sustained investment in R&D and favorable incentives for market entry.

  6. Optimal investment under multiple defaults risk: a BSDE-decomposition approach

    CERN Document Server

    Jiao, Ying; Pham, Huyên

    2011-01-01

    We study an optimal investment problem under contagion risk in a financial model subject to multiple jumps and defaults. The global market information is formulated as progressive enlargement of a default-free Brownian filtration, and the dependence of default times is modelled by a conditional density hypothesis. In this It\\^o-jump process model, we give a decomposition of the corresponding stochastic control problem into stochastic control problems in the default-free filtration, which are determined in a backward induction. The dynamic programming method leads to a backward recursive system of quadratic Backward Stochastic Differential Equations (BSDEs) in Brownian filtration, and our main result is to prove under fairly general conditions the existence and uniqueness of a solution to this system, which characterizes explicitly the value function and optimal strategies to the optimal investment problem. We illustrate our solutions approach with some numerical tests emphasizing the impact of default intensi...

  7. Optimizing investments in coupled offshore wind -electrolytic hydrogen storage systems in Denmark

    Science.gov (United States)

    Hou, Peng; Enevoldsen, Peter; Eichman, Joshua; Hu, Weihao; Jacobson, Mark Z.; Chen, Zhe

    2017-08-01

    In response to electricity markets with growing levels of wind energy production and varying electricity prices, this research examines incentives for investments in integrated renewable energy power systems. A strategy for using optimization methods for a power system consisting of wind turbines, electrolyzers, and hydrogen fuel cells is explored. This research reveals the investment potential of coupling offshore wind farms with different hydrogen systems. The benefits in terms of a return on investment are demonstrated with data from the Danish electricity markets. This research also investigates the tradeoffs between selling the hydrogen directly to customers or using it as a storage medium to re-generate electricity at a time when it is more valuable. This research finds that the most beneficial configuration is to produce hydrogen at a time that complements the wind farm and sell the hydrogen directly to end users.

  8. Technology transfers, foreign investment and productivity spillovers: evidence from Vietnam

    DEFF Research Database (Denmark)

    Newman, Carol; Rand, John; Talbot, Theodore Purdendu

    FDI through vertical linkages along the supply chain. Our results suggest that domestic firms experience more productivity spillovers through forward linkages from foreign-input suppliers to domestic input users than through backward linkages from foreign customers to domestic producers of inputs......This paper provides new evidence on the relationship between foreign direct investment (FDI) and the productivity of domestic firms. Using a specially designed survey on a sample of over 7,500 manufacturing firms in Vietnam we uncover some of the mechanisms that explain productivity spillovers from...

  9. Evaluation of Representative Smart Grid Investment Grant Project Technologies: Thermal Energy Storage

    Energy Technology Data Exchange (ETDEWEB)

    Tuffner, Francis K.; Bonebrake, Christopher A.

    2012-02-14

    This document is one of a series of reports estimating the benefits of deploying technologies similar to those implemented on the Smart Grid Investment Grant (SGIG) projects. Four technical reports cover the various types of technologies deployed in the SGIG projects, distribution automation, demand response, energy storage, and renewables integration. A fifth report in the series examines the benefits of deploying these technologies on a national level. This technical report examines the impacts of energy storage technologies deployed in the SGIG projects.

  10. Returns on investments in energy-saving technologies under energy price uncertainty in Dutch greenhouse horticulture

    NARCIS (Netherlands)

    Diederen, P.J.M.; Tongeren, van F.W.; Veen, van der H.B.

    2003-01-01

    Conventional net present value calculations evaluating the profitability of investments in energy-saving technologies in Dutch horticultural outlays predict a much higher rate of adoption of these technologies than is actually observed. This paper tries to explain this gap by applying a real options

  11. Assessing the Economic and National Security Benefits from Publicly Funded Technology Investments: An IDA Round Table.

    Science.gov (United States)

    1995-09-01

    Narin, Francis; Olivastro, Dominic and Stevens, Kimberly A. " Bibliometrics / Theory , Practice, and Problems," Evaluation Review, vol. 18, no. 1...Partnerships (MEP) Program 46 Advanced Technology Program (ATP) 49 Technology Impact Measurement Issues 53 Session Three: Metrics For Multiple Policy...providing orderly information on the likely impact of proposed investments, based upon historical observation and experience. Metrics are also an

  12. An optimal life insurance policy in the investment-consumption problem in an incomplete market

    CERN Document Server

    Egami, Masahiko

    2008-01-01

    This paper considers an optimal life insurance for a householder subject to mortality risk. The household receives a wage income continuously, which is terminated by unexpected (premature) loss of earning power or (planned and intended) retirement, whichever happens first. In order to hedge the risk of losing income stream by householder's unpredictable event, the household enters a life insurance contract by paying a premium to an insurance company. The household may also invest their wealth into a financial market. The problem is to determine an optimal insurance/investment/consumption strategy in order to maximize the expected total, discounted utility from consumption and terminal wealth. To reflect a real-life situation better, we consider an incomplete market where the householder cannot trade insurance contracts continuously. To our best knowledge, such a model is new in the insurance and finance literature. The case of exponential utilities is considered in detail to derive an explicit solution. We al...

  13. Mean-variance portfolio analysis data for optimizing community-based photovoltaic investment

    Directory of Open Access Journals (Sweden)

    Mahmoud Shakouri

    2016-03-01

    Full Text Available The amount of electricity generated by Photovoltaic (PV systems is affected by factors such as shading, building orientation and roof slope. To increase electricity generation and reduce volatility in generation of PV systems, a portfolio of PV systems can be made which takes advantages of the potential synergy among neighboring buildings. This paper contains data supporting the research article entitled: PACPIM: new decision-support model of optimized portfolio analysis for community-based photovoltaic investment [1]. We present a set of data relating to physical properties of 24 houses in Oregon, USA, along with simulated hourly electricity data for the installed PV systems. The developed Matlab code to construct optimized portfolios is also provided in Supplementary materials. The application of these files can be generalized to variety of communities interested in investing on PV systems.

  14. Mean-variance portfolio analysis data for optimizing community-based photovoltaic investment.

    Science.gov (United States)

    Shakouri, Mahmoud; Lee, Hyun Woo

    2016-03-01

    The amount of electricity generated by Photovoltaic (PV) systems is affected by factors such as shading, building orientation and roof slope. To increase electricity generation and reduce volatility in generation of PV systems, a portfolio of PV systems can be made which takes advantages of the potential synergy among neighboring buildings. This paper contains data supporting the research article entitled: PACPIM: new decision-support model of optimized portfolio analysis for community-based photovoltaic investment [1]. We present a set of data relating to physical properties of 24 houses in Oregon, USA, along with simulated hourly electricity data for the installed PV systems. The developed Matlab code to construct optimized portfolios is also provided in . The application of these files can be generalized to variety of communities interested in investing on PV systems.

  15. H–J–B Equations of Optimal Consumption-Investment and Verification Theorems

    Energy Technology Data Exchange (ETDEWEB)

    Nagai, Hideo, E-mail: nagaih@kansai-u.ac.jp [Kansai University, Department of Mathematics, Faculty of Engineering Science (Japan)

    2015-04-15

    We consider a consumption-investment problem on infinite time horizon maximizing discounted expected HARA utility for a general incomplete market model. Based on dynamic programming approach we derive the relevant H–J–B equation and study the existence and uniqueness of the solution to the nonlinear partial differential equation. By using the smooth solution we construct the optimal consumption rate and portfolio strategy and then prove the verification theorems under certain general settings.

  16. Evaluation on Optimal Scale of Rural Fixed-asset Investment-Based on Microcosmic Perspective of Farmers’ Income Increase

    Institute of Scientific and Technical Information of China (English)

    Jinqian; DENG; Kangkang; SHAN; Yan; ZHANG

    2014-01-01

    The rural fundamental and productive fixed-asset investment not only makes active influence on the changes of farmers’ operational,wages and property income,but it also has an optimal scale range for farmers’ income increase. From the perspective of farmers’ income increase,this article evaluates the optimal scale of rural fixed-asset investment by setting up model with statistic data,and the results show that the optimal scale of per capita rural fixed-asset investment is 76. 35% of per capita net income of rural residents,which has been reached in China in 2009. Therefore,compared with the adding of rural fixed-asset investment,a better income increase effect can be achieved through the adjustment of rural fixed-asset investment structure.

  17. Assessing the capital efficiency of healthcare information technologies investments: an econometric perspective.

    Science.gov (United States)

    Meyer, Rodolphe; Degoulet, Patrice

    2008-01-01

    To examine the different methods that can be used in the quantification of the added value of information technologies (IT) in the health care sector. This quantification represents a major issue for decision-makers and health care professionals when they have to plan an IT investment. Articles were chosen via Medline, internet and the University of Geneva bibliographic portal. Some of the papers were obtained directly from their authors. We examine the most current methods used to evaluate IT return on investment (ROI) in the general business and in the health care sector, drawing attention on methods traditionally used in macroeconomic studies that could reveal themselves disruptive for IT ROI impact evaluation in hospitals. Financial and accounting methods can provide interesting data on a specific IT project but are usually incomplete for revealing the global IT investment influence. Econometric methods tend to demonstrate the positive impact of health care IT (HIT) on hospital production and productivity. Hospitals having higher levels of IT investment tend to deliver a higher level of clinical quality and show improved hospital cost performances. Information technologies are so intermingled with people and processes that the identification of specific IT benefit remains questionable. Using macroeconomic tools could be the best way to analyze and compute IT ROI in health care. Econometric tools take into account all types investments (inputs) and all the returns (outputs) enabling the precise measurement of IT investments impact, breakeven points, and possible threshold levels, thus providing helpful intelligence to reach the higher levels of IT governance in hospitals.

  18. Investments in information systems and technology in the healthcare: Project management mediation

    Directory of Open Access Journals (Sweden)

    Jorge Gomes

    2017-03-01

    Full Text Available Healthcare organisations must improve their business practices and internal procedures in order to answer the increasing demand of health professionals and the general public for more and better information. Hospitals invest massively in information systems and technology (IS/IT in the hope that these investments will improve healthcare and meet patients’ demands. The main objective of our research is to study how organisational maturity, enhanced by investments in IS/IT, project management and best practices, leads to successful projects in public healthcare organisations. The rational of our model is that organisational maturity has a positive effect on IS/IT project success, and that this success is also positively enhanced by the use of project management practices. We emphasise that this combination of approaches can increase the effectiveness of projects. Furthermore, it can also improve the confidence that the results of investments will meet stakeholders’ expectations.

  19. Optimization of the pricing mechanism in the system of innovative development of investment-building complex

    Directory of Open Access Journals (Sweden)

    Sajfullina Farida Maratovna

    2011-09-01

    Full Text Available Currently, the existing system of pricing allows only describe costs in the production process, it is based on technological standards, which are not all perfect. In a basis of system must be the complex of interrelated normative-methodical and information-reference documents, allowing to determine the cost of construction at three main stages of the investment-construction process: at the stage of budget planning, design and implementation stages of construction and calculations for the executed works.

  20. Fostering Entrepreneurial Investment Decision in Medical Technology Ventures in a Changing Business Environment

    Directory of Open Access Journals (Sweden)

    Sonja Bettina Keppler

    2015-02-01

    Full Text Available This paper presents the results obtained from a survey among public and private venture capitalists from countries which attract a large amount of venture capital investment: Germany, Switzerland, Austria and Israel. The objective is to investigate venture capitalists’ investment criteria for medical technology ventures in the start-up or expansion phase. Since existing research evaluated venture capitalists’ general investment criteria, the aim of this study is to provide specific results on entrepreneurial investment decisions for the medical technology sector, which constantly attracted a significant share of European venture capital. The research used semi-structured interviews with 39 venture capitalists and experts. The results show that venture capitalists prefer to invest in companies which develop products for treating and diagnosing diseases showing a high prevalence and large market volumes, such as cardiovascular, metabolic and neurological diseases, and orthopaedic disorders. The study confirms that venture capitalists use a number of industry-specific criteria highly relevant in a changing business environment. These include a high medical need for the product, availability of clinical data, stage of European Conformity approval, high probability of receiving reimbursement from health insurances, medical key opinion leaders supporting technology, management’s regulatory experience and their communication ability with doctors and key opinion leaders.

  1. Science and Technology Investment Strategy for Squadron Level Training

    Science.gov (United States)

    1993-05-01

    34 Maintainers felt that some of the globally imposed training requirements, such as block training, were entirely inappropriate or overtrained . They also...system risk. He must answer the question of 442 whether or not the new technology could cause loss of life, personnel injury , mission failure, or

  2. Aerospace Technology Curriculum Guide. Invest in Success. Vo. Ed. #260.

    Science.gov (United States)

    Idaho State Dept. of Education, Boise. Div. of Vocational Education.

    This document contains standards for an articulated secondary and postsecondary curriculum in aerospace technology. The curriculum standards can be used to ensure that vocational programs meet the needs of local business and industry. The first part of the document contains a task list and student performance standards for the aerospace technology…

  3. Department of Energy Recovery Act Investment in Biomass Technologies

    Energy Technology Data Exchange (ETDEWEB)

    None

    2010-11-01

    The American Recovery and Reinvestment Act of 2009 (Recovery Act) provided more than $36 billion to the Department of Energy (DOE) to accelerate work on existing projects, undertake new and transformative research, and deploy clean energy technologies across the nation. Of this funding, $1029 million is supporting innovative work to advance biomass research, development, demonstration, and deployment.

  4. Influence of regulatory uncertainty on capacity investments – Are investments in new technologies a risk mitigation measure?

    OpenAIRE

    Schwark, Bastian

    2009-01-01

    Understanding the investment decisions of power companies is vital for a regulator as particularly deficient investments in generation capacity could jeopardize the market in the long run. Considering potential risks that could hamper investments, the paper focuses on regulatory uncertainty and firms’ behavior to mitigate risk. The question of how uncertainty influences investment decisions has been explained by a number of researchers. In the specific case of regulatory uncertainty it is ag...

  5. Upper Bounds for Ruin Probabilities under Stochastic Interest Rate and Optimal Investment Strategies

    Institute of Scientific and Technical Information of China (English)

    Jin Zhu LI; Rong WU

    2012-01-01

    In this paper,we study the upper bounds for ruin probabilities of an insurance company which invests its wealth in a stock and a bond.We assume that the interest rate of the bond is stochastic and it is described by a Cox-Ingersoll-Ross (CIR) model.For the stock price process,we consider both the case of constant volatility (driven by an O-U process) and the case of stochastic volatility (driven by a CIR model).In each case,under certain conditions,we obtain the minimal upper bound for ruin probability as well as the corresponding optimal investment strategy by a pure probabilistic method.

  6. Addressing Future Technology Challenges Through Innovation and Investment

    Science.gov (United States)

    2012-03-01

    thank my loving wife and children for their undying support during my fellowship and career to this point.   1   Chapter 1   Addressing...Future Technology Challenges: Innovate or Die!   I thoroughly disapprove of duels . If a man should challenge me, I would take him kindly and...forgivingly by the hand and lead him to a quiet place and kill him. - Mark Twain Duels are foolish. Mark Twain’s approach to conflict resolution is

  7. Investment appraisal of automatic milking and conventional milking technologies in a pasture-based dairy system.

    Science.gov (United States)

    Shortall, J; Shalloo, L; Foley, C; Sleator, R D; O'Brien, B

    2016-09-01

    The successful integration of automatic milking (AM) systems and grazing has resulted in AM becoming a feasible alternative to conventional milking (CM) in pasture-based systems. The objective of this study was to identify the profitability of AM in a pasture-based system, relative to CM herringbone parlors with 2 different levels of automation, across 2 farm sizes, over a 10-yr period following initial investment. The scenarios which were evaluated were (1) a medium farm milking 70 cows twice daily, with 1 AM unit, a 12-unit CM medium-specification (MS) parlor and a 12-unit CM high-specification (HS) parlor, and (2) a large farm milking 140 cows twice daily with 2 AM units, a 20-unit CM MS parlor and a 20-unit CM HS parlor. A stochastic whole-farm budgetary simulation model combined capital investment costs and annual labor and maintenance costs for each investment scenario, with each scenario evaluated using multiple financial metrics, such as annual net profit, annual net cash flow, total discounted net profitability, total discounted net cash flow, and return on investment. The capital required for each investment was financed from borrowings at an interest rate of 5% and repaid over 10-yr, whereas milking equipment and building infrastructure were depreciated over 10 and 20 yr, respectively. A supporting labor audit (conducted on both AM and CM farms) showed a 36% reduction in labor demand associated with AM. However, despite this reduction in labor, MS CM technologies consistently achieved greater profitability, irrespective of farm size. The AM system achieved intermediate profitability at medium farm size; it was 0.5% less profitable than HS technology at the large farm size. The difference in profitability was greatest in the years after the initial investment. This study indicated that although milking with AM was less profitable than MS technologies, it was competitive when compared with a CM parlor of similar technology.

  8. 77 FR 5865 - American Unity Investments, Inc., China Display Technologies, Inc., China Wind Energy, Inc., Fuda...

    Science.gov (United States)

    2012-02-06

    ... From the Federal Register Online via the Government Publishing Office ] SECURITIES AND EXCHANGE COMMISSION American Unity Investments, Inc., China Display Technologies, Inc., China Wind Energy, Inc., Fuda... current and accurate information concerning the securities of China Wind Energy, Inc. because it has...

  9. Correlationally Assessing the Relationship of Information Technology Investments in Electronic Medical Records to Business Value

    Science.gov (United States)

    Richardson, Daniel J.

    2009-01-01

    The lag in information exchange and assimilation adoption experienced by modern primary care physicians in the conduct of evidence based medicine may be affecting health care system productivity and patient quality of care. Further, interest in whether or not information technology (IT) investments show an increase in business value has increased…

  10. Correlationally Assessing the Relationship of Information Technology Investments in Electronic Medical Records to Business Value

    Science.gov (United States)

    Richardson, Daniel J.

    2009-01-01

    The lag in information exchange and assimilation adoption experienced by modern primary care physicians in the conduct of evidence based medicine may be affecting health care system productivity and patient quality of care. Further, interest in whether or not information technology (IT) investments show an increase in business value has increased…

  11. Investigations of Properties of Wax Mixtures Used in the Investment Casting Technology – New Investigation Methods

    Directory of Open Access Journals (Sweden)

    J. Zych

    2012-09-01

    Full Text Available The results of testing of the selected group of wax mixtures used in the investment casting technology, are presented in the paper. Themeasurements of the kinetics of the mixtures shrinkage and changes of viscous-plastic properties as a temperature function wereperformed. The temperature influence on bending strength of wax mixtures was determined.

  12. Investment-Cost Optimization of Plastic Recycling System under Reliability Constraints

    Directory of Open Access Journals (Sweden)

    Abdelkader ZEBLAH

    2008-06-01

    Full Text Available This paper describes and uses an ant colony meta-heuristic optimization method to solve the redundancy optimization problem in plastic recycling industry. This problem is known as total investment-cost minimization of series-parallel plastic recycling system. Redundant components are included to achieve a desired level of availability. System availability is represented by a multi-state availability function. The plastic machines are characterized by their capacity, availability and cost. These machines are chosen among a list of products available on the market. The proposed meta-heuristic seeks to find the best minimal cost plastic recycling system configuration with desired availability. To estimate the series-parallel plastic machines availability, a fast method based on universal moment generating function (UMGF is suggested. The ant colony approach is used as an optimization technique. An example of plastic recycling system is presented.

  13. Maximum Principle for Linear-Convex Boundary Control Problems applied to Optimal Investment with Vintage Capital

    CERN Document Server

    Faggian, Silvia

    2007-01-01

    The paper concerns the study of the Pontryagin Maximum Principle for an infinite dimensional and infinite horizon boundary control problem for linear partial differential equations. The optimal control model has already been studied both in finite and infinite horizon with Dynamic Programming methods in a series of papers by the same author, or by Faggian and Gozzi. Necessary and sufficient optimality conditions for open loop controls are established. Moreover the co-state variable is shown to coincide with the spatial gradient of the value function evaluated along the trajectory of the system, creating a parallel between Maximum Principle and Dynamic Programming. The abstract model applies, as recalled in one of the first sections, to optimal investment with vintage capital.

  14. Measuring the strategic value of information technology investments

    Energy Technology Data Exchange (ETDEWEB)

    Conrad, K.W. [Boeing Computer Services Co., Richland, WA (United States)

    1994-08-01

    Value is often perceived differently by the proponents of new information technologies and those who allocate resources and define priorities. Such differences often become a roadblock to meeting true business needs. Project justifications regularly rely on calculated cost savings, which rarely measure the full benefit of new technologies. In fact, if cost savings provide a complete picture, then the organization is probably just automating routine clerical operations and has abandoned efforts that would provide significant strategic value. Strategic value is not limited to financial calculations, but includes quality, time and risk criteria. This paper describes approaches for measuring strategic value that can provide organizations with proven techniques to improve performance, reengineer processes, benchmark performance against other suppliers, identify outsourcing opportunities, or defend themselves from pressures to outsource. Many organizations respond to tightening budgets by cutting overhead. These measurement approaches can demonstrate how overhead is critical to organizational effectiveness and how cost savings can be found, instead, by measurably improving performance throughout the organization. Finally, the paper describes efforts underway within the Department of Energy and at the Hanford Site to implement the approaches described in this paper.

  15. The Study of Optimization of Human Capital Investment Portfolio about Talent in High Technology Industry in the New Normal%经济新常态下高技术产业人力资本投资组合优化研究

    Institute of Scientific and Technical Information of China (English)

    张樨樨; 陆世晴

    2015-01-01

    Under the economic environment of the new normal ,Industry leaders neglected the human capital investment portfolio led to that human capital input donnot match the output .In fact ,the human capital investment return rate is low but people have high expectations of investment .By constructing the simulation model based on C -D production function ,We make a research on human capital investment portfolio from the empirical perspective .The results show thatthe health careinvestment ,formal education investment and training investment is conducive to the overall improvement of the output .In addition ,We realized that the investment of social security is not conducive to the overall output in short term . When the high technology enterprise organization make a plan about human capital investment portfolio ,this article can provide reference for them .%目前,对人力资本投资组合关注的失衡化导致人力资本投入与产出不对等的现象频发。投资深化的溢出性期望与人力资本投资收益率低下的无奈现实形成鲜明的冲击性反差。通过构建基于C-D生产函数的仿真模型,深化对高技术产业人力资本投资组合研究,解析人力资本投资组合中健康保健投入、正规教育投入以及培训投入对整体产出的异质化作用,进一步明确社会保障投入对整体产出的“假性抑制作用”。在不忽视薪资与培训等传统方式方法的同时,通过重视健康保健投入与多元化社会保障投入逐步实现高技术产业人力资本投资的优化组合。

  16. Review of NASA In-Space Propulsion Technology Program Inflatable Decelerator Investments

    Science.gov (United States)

    Richardson, E. H.; Mnk, M. M.; James, B. F.; Moon, S. A.

    2005-01-01

    The NASA In-Space Propulsion Technology (ISPT) Program is managed by the NASA Headquarters Science Mission Directorate and is implemented by the Marshall Space Flight Center in Huntsville, Alabama. The ISPT objective is to fund development of promising in-space propulsion technologies that can decrease flight times, decrease cost, or increase delivered payload mass for future science missions. Before ISPT will invest in a technology, the Technology Readiness Level (TRL) of the concept must be estimated to be at TRL 3. A TRL 3 signifies that the technical community agrees that the feasibility of the concept has been proven through experiment or analysis. One of the highest priority technology investments for ISPT is Aerocapture. The aerocapture maneuver uses a planetary atmosphere to reduce or alter the speed of a vehicle allowing for quick, propellantless (or using very little propellant) orbit capture. The atmosphere is used as a brake, transferring the energy associated with the vehicle's high speed into thermal energy. The ISPT Aerocapture Technology Area (ATA) is currently investing in the development of advanced lightweight ablative thermal protection systems, high temperature composite structures, and heat-flux sensors for rigid aeroshells. The heritage of rigid aeroshells extends back to the Apollo era and this technology will most likely be used by the first generation aerocapture vehicle. As a second generation aerocapture technology, ISPT is investing in three inflatable aerodynamic decelerator concepts for planetary aerocapture. They are: trailing ballute (balloon-parachute), attached afterbody ballute, and an inflatable aeroshell. ISPT also leverages the NASA Small Business Innovative Research Program for additional inflatable decelerator technology development. In mid-2004 ISPT requested an independent review of the three inflatable decelerator technologies funded directly by ISPT to validate the TRL and to identify technology maturation concerns. An

  17. Joint venture capital investment for clean technologies and their problems in developing countries.

    Science.gov (United States)

    Doelle, H W

    1996-09-01

    All technological developments are aimed at improving the quality of life of a community of people. Biotechnology is a technology which allows the exploitation of microorganisms, plants and animal cells to take place within an economic framework. Developing countries are looking for programmes achieving sustainable, economical growth conducive to a higher per capita income of the community. Any joint venture which promises social advances and economic benefits will have to be rural-based. This presentation discusses the need for a change in fermentation industry attitudes to allow joint venture capital investment in clean technologies together with the problems developing countries face for the implementation of such technologies.

  18. On optimal portfolio investment models%最优证券组合投资模型

    Institute of Scientific and Technical Information of China (English)

    张璞; 李鑫; 窦霁虹

    2001-01-01

    Based on the Markowitz portfolio theory, an investment preferred curve is proposed and an approach to determining the optimal portfolio of a specific investor is designed by using the preferrd curve as its tool. This algorithm is an effective complement for the portfolio selection theory.%在Markowitz组合理论基础上,提出一种“投资偏好曲线”,并以此作为工具,设计了一种确定特定投资者最优证券组合的方法,有效弥补了证券组合的不足。

  19. Optimal Investment and Consumption for an Insurer with High-Watermark Performance Fee

    Directory of Open Access Journals (Sweden)

    Lin Xu

    2015-01-01

    Full Text Available The optimal investment and consumption problem is investigated for an insurance company, which is subject to the payment of high-watermark fee from profit. The objective of insurance company is to maximize the expected cumulated discount utility up to ruin time. The consumption behavior considered in this paper can be viewed as dividend payment of the insurance company. It turns out that the value function of the proposed problem is the viscosity solution to the associated HJB equation. The regularity of the viscosity is discussed and some asymptotic results are provided. With the help of the smooth properties of viscosity solutions, we complete the verification theorem of the optimal control policies and the potential applications of the main result are discussed.

  20. Optimal stopping of expected profit and cost yields in an investment under uncertainty

    CERN Document Server

    Djehiche, Boualem; Morlais, Marie Amélie

    2010-01-01

    We consider a finite horizon optimal stopping problem related to trade-off strategies between expected profit and cost cash-flows of an investment under uncertainty. The optimal problem is first formulated in terms of a system of Snell envelopes for the profit and cost yields which act as obstacles to each other. We then construct both a minimal and a maximal solutions using an approximation scheme of the associated system of reflected backward SDEs. When the dependence of the cash-flows on the sources of uncertainty, such as fluctuation market prices, assumed to evolve according to a diffusion process, is made explicit, we also obtain a connection between these solutions and viscosity solutions of a system of variational inequalities (VI) with interconnected obstacles. We also provide two counter-examples showing that uniqueness of solutions of (VI) does not hold in general.

  1. Optimizing investments in national-scale forest landscape restoration in Uganda to maximize multiple benefits

    Science.gov (United States)

    Gourevitch, Jesse D.; Hawthorne, Peter L.; Keeler, Bonnie L.; Beatty, Craig R.; Greve, Michelle; Verdone, Michael A.

    2016-11-01

    Forest loss and degradation globally has resulted in declines in multiple ecosystem services and reduced habitat for biodiversity. Forest landscape restoration offers an opportunity to mitigate these losses, conserve biodiversity, and improve human well-being. As part of the Bonn Challenge, a global effort to restore 350 million hectares of deforested and degraded land by 2030, over 30 countries have recently made commitments to national forest landscape restoration. In order to achieve these goals, decision-makers require information on the potential benefits and costs of forest landscape restoration to efficiently target investments. In response to this need, we developed an approach using a suite of ecosystem service mapping tools and a multi-objective spatial optimization technique that enables decision-makers to estimate the potential benefits and opportunity costs of restoration, visualize tradeoffs associated with meeting multiple objectives, and prioritize where restoration could deliver the greatest benefits. We demonstrate the potential of this approach in Uganda, one of the nations committed to the Bonn Challenge. Using maps of the potential benefits and costs of restoration and efficiency frontiers for optimal restoration scenarios, we were able to communicate how ecosystem services benefits vary spatially across the country and how different weights on ecosystem services objectives can affect the allocation of restoration across Uganda. This work provides a generalizable approach to improve investments in forest landscape restoration and illuminates the tradeoffs associated with alternative restoration strategies.

  2. Evaluation of Representative Smart Grid Investment Grant Project Technologies: Distributed Generation

    Energy Technology Data Exchange (ETDEWEB)

    Singh, Ruchi; Vyakaranam, Bharat GNVSR

    2012-02-14

    This document is one of a series of reports estimating the benefits of deploying technologies similar to those implemented on the Smart Grid Investment Grant (SGIG) projects. Four technical reports cover the various types of technologies deployed in the SGIG projects, distribution automation, demand response, energy storage, and renewables integration. A fifth report in the series examines the benefits of deploying these technologies on a national level. This technical report examines the impacts of addition of renewable resources- solar and wind in the distribution system as deployed in the SGIG projects.

  3. Transportation Energy Futures Series: Vehicle Technology Deployment Pathways: An Examination of Timing and Investment Constraints

    Energy Technology Data Exchange (ETDEWEB)

    Plotkin, S.; Stephens, T.; McManus, W.

    2013-03-01

    Scenarios of new vehicle technology deployment serve various purposes; some will seek to establish plausibility. This report proposes two reality checks for scenarios: (1) implications of manufacturing constraints on timing of vehicle deployment and (2) investment decisions required to bring new vehicle technologies to market. An estimated timeline of 12 to more than 22 years from initial market introduction to saturation is supported by historical examples and based on the product development process. Researchers also consider the series of investment decisions to develop and build the vehicles and their associated fueling infrastructure. A proposed decision tree analysis structure could be used to systematically examine investors' decisions and the potential outcomes, including consideration of cash flow and return on investment. This method requires data or assumptions about capital cost, variable cost, revenue, timing, and probability of success/failure, and would result in a detailed consideration of the value proposition of large investments and long lead times. This is one of a series of reports produced as a result of the Transportation Energy Futures (TEF) project, a Department of Energy-sponsored multi-agency effort to pinpoint underexplored strategies for abating GHGs and reducing petroleum dependence related to transportation.

  4. Transportation Energy Futures Series. Vehicle Technology Deployment Pathways. An Examination of Timing and Investment Constraints

    Energy Technology Data Exchange (ETDEWEB)

    Plotkin, Steve [Argonne National Lab. (ANL), Argonne, IL (United States); Stephens, Thomas [Argonne National Lab. (ANL), Argonne, IL (United States); McManus, Walter [Oakland Univ., Rochester, MI (United States)

    2013-03-01

    Scenarios of new vehicle technology deployment serve various purposes; some will seek to establish plausibility. This report proposes two reality checks for scenarios: (1) implications of manufacturing constraints on timing of vehicle deployment and (2) investment decisions required to bring new vehicle technologies to market. An estimated timeline of 12 to more than 22 years from initial market introduction to saturation is supported by historical examples and based on the product development process. Researchers also consider the series of investment decisions to develop and build the vehicles and their associated fueling infrastructure. A proposed decision tree analysis structure could be used to systematically examine investors' decisions and the potential outcomes, including consideration of cash flow and return on investment. This method requires data or assumptions about capital cost, variable cost, revenue, timing, and probability of success/failure, and would result in a detailed consideration of the value proposition of large investments and long lead times. This is one of a series of reports produced as a result of the Transportation Energy Futures (TEF) project, a Department of Energy-sponsored multi-agency effort to pinpoint underexplored strategies for abating GHGs and reducing petroleum dependence related to transportation.

  5. Decision Analysis Methods Used to Make Appropriate Investments in Human Exploration Capabilities and Technologies

    Science.gov (United States)

    Williams-Byrd, Julie; Arney, Dale C.; Hay, Jason; Reeves, John D.; Craig, Douglas

    2016-01-01

    NASA is transforming human spaceflight. The Agency is shifting from an exploration-based program with human activities in low Earth orbit (LEO) and targeted robotic missions in deep space to a more sustainable and integrated pioneering approach. Through pioneering, NASA seeks to address national goals to develop the capacity for people to work, learn, operate, live, and thrive safely beyond Earth for extended periods of time. However, pioneering space involves daunting technical challenges of transportation, maintaining health, and enabling crew productivity for long durations in remote, hostile, and alien environments. Prudent investments in capability and technology developments, based on mission need, are critical for enabling a campaign of human exploration missions. There are a wide variety of capabilities and technologies that could enable these missions, so it is a major challenge for NASA's Human Exploration and Operations Mission Directorate (HEOMD) to make knowledgeable portfolio decisions. It is critical for this pioneering initiative that these investment decisions are informed with a prioritization process that is robust and defensible. It is NASA's role to invest in targeted technologies and capabilities that would enable exploration missions even though specific requirements have not been identified. To inform these investments decisions, NASA's HEOMD has supported a variety of analysis activities that prioritize capabilities and technologies. These activities are often based on input from subject matter experts within the NASA community who understand the technical challenges of enabling human exploration missions. This paper will review a variety of processes and methods that NASA has used to prioritize and rank capabilities and technologies applicable to human space exploration. The paper will show the similarities in the various processes and showcase instances were customer specified priorities force modifications to the process. Specifically

  6. Optimal phasing of district heating network investments using multi-stage stochastic programming

    Directory of Open Access Journals (Sweden)

    Romain Stephane Claude Lambert

    2016-06-01

    Full Text Available Most design optimisation studies for district heating systems have focused on the optimal sizing of network assets and on the location of production units. However, the strategic value of the flexibility in phasing of the inherently modular heat networks, which is an important aspect in many feasibility studies for district heating schemes in the UK, is almost always neglected in the scientific literature. This paper considers the sequential problem faced by a decision-maker in the phasing of long-term investments into district heating networks and their expansions. The problem is formulated as a multi-stage stochastic programme to determine the annual capital expenditure that maximises the expected net present value of the project. The optimisation approach is illustrated by applying it to the hypothetical case of the UK’s Marston Vale eco town. It was found that the approach is capable of simulating the optimal growth of a network, from both a single heat source or separate islands of growth, as well as the optimal marginal expansion of an existing district heating network. The proposed approach can be used by decision makers as a framework to determine both the optimal phasing and extension of district heating networks and can be adapted simply to various, more complex real-life situations by introducing additional constraints and parameters. The versatility of the base formulation also makes it a powerful approach regardless of the size of the network and also potentially applicable to cooling networks.

  7. Calculation of Investments for the Distribution of GPON Technology in the village of Bishtazhin through database

    Directory of Open Access Journals (Sweden)

    MSc. Jusuf Qarkaxhija

    2013-12-01

    Full Text Available According to daily reports, the income from internet services is getting lower each year. Landline phone services are running at a loss,  whereas mobile phone services are getting too mainstream and the only bright spot holding together cable operators (ISP  in positive balance is the income from broadband services (Fast internet, IPTV. Broadband technology is a term that defines multiple methods of information distribution through internet at great speed. Some of the broadband technologies are: optic fiber, coaxial cable, DSL, Wireless, mobile broadband, and satellite connection.  The ultimate goal of any broadband service provider is being able to provide voice, data and the video through a single network, called triple play service. The Internet distribution remains an important issue in Kosovo and particularly in rural zones. Considering the immense development of the technologies and different alternatives that we can face, the goal of this paper is to emphasize the necessity of a forecasting of such investment and to give an experience in this aspect. Because of the fact that in this investment are involved many factors related to population, geographical factors, several technologies and the fact that these factors are in continuously change, the best way is, to store all the data in a database and to use this database for different results. This database helps us to substitute the previous manual calculations with an automatic procedure of calculations. This way of work will improve the work style, having now all the tools to take the right decision about an Internet investment considering all the aspects of this investment.

  8. News and Views: Perspectives on Graphene and Other 2D Materials Research and Technology Investments

    OpenAIRE

    Dresselhaus, Mildred; Ribeiro Soares, Jenaina

    2013-01-01

    With the actual experimental realization of graphene samples, it became possible not only to exploit the special physical properties of graphene but also to exploit its technological applications. As the field developed, the discovery of other 2D materials occurred and this opened up access to a plethora of combinations of a large variety of electrical, optical, mechanical, and chemical properties. Now there are large investments being made around the world to develop the graphene research ar...

  9. Evaluating the impact of investments in information technology on structural inertia in health organizations.

    Science.gov (United States)

    Bewley, Lee W

    2010-01-01

    Structural inertia is the overall capacity of an organization to adapt within a market environment. This paper reviews the impact of healthcare investments in information management/information technology (IM/IT) on the strategic management concept of structural inertia. Research indicates that healthcare executives should consider the relative state of structural inertia for their firms and match them with potential IM/IT solutions. Additionally, organizations should favorably consider IM/IT solutions that are comparatively less complex.

  10. How does the design of international environmental agreements affect investment in environmentally friendly technologies?

    OpenAIRE

    Bayramoglu, Basak

    2007-01-01

    URL des Documents de travail : http://centredeconomiesorbonne.univ-paris1.fr/documents-de-travail/; Documents de travail du Centre d'Economie de la Sorbonne 2007.30 - ISSN : 1955-611X; This paper studies the link between the design of international environmental agreements and the incentives for the private sector to invest in cleaner technologies. More specifically, it compares the performance, in the Pareto sense, of two types of agreement: an agreement on a uniform standard with transfers ...

  11. A New Optimization Model about Enterprise Equipment Investment Project based on Integrated Entropy Weight and Fuzzy Matter Element

    Directory of Open Access Journals (Sweden)

    Bai Xiaoping

    2012-09-01

    Full Text Available The equipment investment scheme evaluation of enterprise is usually multi-objective optimization problem affected by many factors. Among many optimization methods, the common fuzzy matter element is based on the matter-element analysis and combined with the concepts of fuzzy mathematics, which can reflect the subjective fuzzy judgment; the common entropy weight method makes use of the judgment matrix composed of evaluation index value, Weights gotten by the common entropy weight method mainly reflects usefulness of data and can't reflect actual importance of evaluation indexes. Considering this fact, this study integrates engineering economics, reliability theory, fuzzy matter element and entropy theory presents a new optimization model about enterprise equipment investment project and also presents detailed methods and steps of application of integrated model in concrete example, which can offer the reference for project investment activity of practical enterprise equipment.

  12. The Mediating Effect of Innovation on the Relationship between Information Technology Investments and Firm Performance: An Empirical Study

    Science.gov (United States)

    Karanja, Erastus

    2011-01-01

    The last couple of decades has witnessed a plethora of research studies addressing the cause-and-effect relationship between Information Technology (IT) investments and performance at the firm level. These studies elicited mixed results between IT investments and performance which led to various points of view from IT Scholars and Practitioners.…

  13. News and Views: Perspectives on Graphene and Other 2D Materials Research and Technology Investments

    Science.gov (United States)

    Ribeiro-Soares, J.; Dresselhaus, M. S.

    2014-06-01

    With the actual experimental realization of graphene samples, it became possible not only to exploit the special physical properties of graphene but also to exploit its technological applications. As the field developed, the discovery of other 2D materials occurred and this opened up access to a plethora of combinations of a large variety of electrical, optical, mechanical, and chemical properties. Now there are large investments being made around the world to develop the graphene research area and to boost graphene use in technology. Here, we discuss current research and some future prospects for this area of layered nanomaterials.

  14. Optimal investment paths for future renewable based energy systems - Using the optimisation model Balmorel

    DEFF Research Database (Denmark)

    Karlsson, Kenneth Bernard; Meibom, Peter

    2008-01-01

    that with an oil price at 100 $/barrel, a CO2 price at40 €/ton and the assumed penetration of hydrogen in the transport sector, it is economically optimal to cover more than 95% of the primary energy consumption for electricity and district heat by renewables in 2050. When the transport sector is converted......This paper investigates a possible long term investment path for the Nordic energy system focussing on renewable energy in the supply sector and on hydrogen as the main fuel for transportation, covering up to 70% of all transport in 2050. The optimisation model Balmorel [Ravn H, et al. Balmorel......: A model for analyses of the electricity and CHP markets in the Baltic Sea Region. 〈www.Balmorel.com〉; 2001. [1

  15. MODELING AND OPTIMIZATION OF THE AEROCONCRETE TECHNOLOGY

    Directory of Open Access Journals (Sweden)

    Zhukov Aleksey Dmitrievich

    2012-07-01

    Selection of the appropriate composition and optimal technological parameters is performed with the help of G-BAT-2011 software programme developed at MSUCE. The software is based on the methodology that is based on complete factorial experiments, experiments based on fractional replicates and testing of all essential statistical hypotheses. Linear, incomplete quadratic and quadratic equations generated as a result of experiments make it possible to design a model that represents natural processes in the adequate manner. The model is analytically optimized and interpreted thereafter.

  16. Advanced Cogeneration Technology Economic Optimization Study (ACTEOS)

    Science.gov (United States)

    Nanda, P.; Ansu, Y.; Manuel, E. H., Jr.; Price, W. G., Jr.

    1980-01-01

    The advanced cogeneration technology economic optimization study (ACTEOS) was undertaken to extend the results of the cogeneration technology alternatives study (CTAS). Cost comparisons were made between designs involving advanced cogeneration technologies and designs involving either conventional cogeneration technologies or not involving cogeneration. For the specific equipment cost and fuel price assumptions made, it was found that: (1) coal based cogeneration systems offered appreciable cost savings over the no cogeneration case, while systems using coal derived liquids offered no costs savings; and (2) the advanced cogeneration systems provided somewhat larger cost savings than the conventional systems. Among the issues considered in the study included: (1) temporal variations in steam and electric demands; (2) requirements for reliability/standby capacity; (3) availability of discrete equipment sizes; (4) regional variations in fuel and electricity prices; (5) off design system performance; and (6) separate demand and energy charges for purchased electricity.

  17. Optimal pricing and investment in the electricity sector in Tamil Nadu, India

    Science.gov (United States)

    Murthy, Ranganath Srinivas

    2001-07-01

    Faulty pricing policies and inadequate investment in the power sector are responsible for the chronic power shortages that plague Tamil Nadu and the rest of India. Formulae for optimal pricing rules are derived for a social welfare maximizing Electricity Board which sells electricity that is used both as an intermediate, and as a final good. Because of distributional constraints, the optimal prices deviate systematically from marginal costs. Optimal relative price-marginal cost differentials are computed for Tamil Nadu, and are found to indicate a lower degree of subsidization than the prevailing prices. The rationalization of electricity tariffs would very likely increase the Board's revenues. The cost-effectiveness of nuclear power in India is examined by comparing actual data for the Madras Atomic Power Project and the Singrauli coal-fired thermal power station. The conventional (non-environmental) costs of power generation are compared at both market prices and shadow prices, calculated according to the UNIDO guidelines for project evaluation. Despite favorable assumptions for the costs of the nuclear plant, coal had a decided edge over nuclear in Tamil Nadu. Remarkably, the edge varied little when market prices are replaced by shadow prices in the computations. With regard to the environmental costs, far too much remains unknown. More research is therefore needed on the environmental impacts of both types of power generation before a final choice can be made.

  18. Applying Internet-based Technologies to Teaching Corporate Finance and Investments

    Directory of Open Access Journals (Sweden)

    Zhuoming “Joe” Peng

    2006-01-01

    Full Text Available Finance faculty are increasingly encouraged to use internet-based technologies in teaching. This paper examines students’ perceptions of finance faculty who use internet-based technologies and the impact on their learning experiences in undergraduate introductory corporate finance, investments, and MBA investments courses. The results suggest that offering all course materials online may enhance students’ learning experiences, however, the technologies may be best thought of as teaching tools. A better methodology for a finance course delivery may be that of in-classroom interactions between an instructor and the students while all the pertinent course materials are available online throughout the semester. There is a statistically significant difference between MBA (Master of Business Administration students and undergraduate business students in terms of their desire to use the internet for learning finance. Consistent with previous research, results indicate that it may not be common practice among faculty to use internet-based technologies, and that assistant professors tend to use technologies in teaching more often than their higher-ranked colleagues do.

  19. Forecasting the Optimal Factors of Formation of the Population Savings as the Basis for Investment Resources of the Regional Economy

    Directory of Open Access Journals (Sweden)

    Odintsova Tetiana M.

    2017-04-01

    Full Text Available The article is aimed at studying the optimal factors of formation of the population savings as the basis for investment resources of the regional economy. A factorial (nonlinear correlative-regression analysis of the formation of savings of the population of Ukraine was completed. On its basis a forecast of the optimal structure and volumes of formation of the population incomes was carried out taking into consideration impact of fundamental factors on these incomes. Such approach provides to identify the marginal volumes of tax burden, population savings, and capital investments, directed to economic growth.

  20. Technological Optimization of the Preparation of Imidacloprid

    Institute of Scientific and Technical Information of China (English)

    闻建平; 王长林

    2003-01-01

    In order to reduce the production cost of imidacloprid, the preparation technology for the direct combination of 2-chloro-5-chloromethylpyridine and 2-nitryliminoglyoxaline has been optimized in a 10L stirred tank reactor with a new solvent, butanone, and a new catalyst, benzyl triethyl-ammonium chloride (BTEAC), which was proved to be more profitable for the production of imidacloprid. Three main affecting factors (the reaction temperature, the molar ratio of BTEAC to 2-nitryliminoglyoxaline and the concentration of 2-nitryliminoglyoxaline) for the production of imidacloprid were investigated and the optimum operating conditions were found. Based on the above technological optimization, an industrial process for imidacloprid with a production capacity of 50 tons per year was put in operation using a 2500 L stirred tank reactor under the same operating conditions. Good yield and purity of imidacloprid was also obtained ia the industrial production.

  1. Optimal investment and location decisions of a firm in a flood risk area using Impulse Control Theory

    Science.gov (United States)

    Grames, Johanna; Grass, Dieter; Kort, Peter; Prskawetz, Alexia

    2017-04-01

    Flooding events can affect businesses close to rivers, lakes or coasts. This paper provides a partial equilibrium model which helps to understand the optimal location choice for a firm in flood risk areas and its investment strategies. How often, when and how much are firms willing to invest in flood risk protection measures? We apply Impulse Control Theory to solve the model analytically and develop a continuation algorithm to solve the model numerically. Firms always invest in flood defense. The investment increases the higher the flood risk and the more firms also value the future, i.e. the more sustainable they plan. Investments in production capital follow a similar path. Hence, planning in a sustainable way leads to economic growth. Sociohydrological feedbacks are crucial for the location choice of the firm, whereas different economic situations have an impact on investment strategies. If flood defense is already present, e.g. built up by the government, firms move closer to the water and invest less in flood defense, which allows firms to accrue higher expected profits. Firms with a large initial production capital surprisingly try not to keep their market advantage, but rather reduce flood risk by reducing exposed production capital.

  2. STRATEGIC EXERCISE OF REAL OPTIONS:INVESTMENT DECISIONS IN TECHNOLOGICAL SYSTEMS

    Institute of Scientific and Technical Information of China (English)

    Kevin ZHU; John WEYANT

    2003-01-01

    Viewing investment projects in new technologies as real options, this paper studies the effects of endogenous competition and asymmetric information on the strategic exercise of real options. We first develop a multi-period, game-theoretic model and show how competition leads to early exercise and aggressive investment behaviors and how competition erodes option values. We then relax the typical full-information assumption found in the literature and allow information asymmetry to exist across firms. Our model shows, in contrast to the literature that payoff is independent of the ordering of exercise, that the sequential exercise of real options may generate both informational and payoff externalities. We also find some surprising but interesting results such as having more information is not necessarily better.

  3. Valuing hospital investment in information technology: does governance make a difference?

    Science.gov (United States)

    Parente, Stephen T; Van Horn, R Lawrence

    2006-01-01

    This article examines the investment of patient care information technology (IT) systems by a nationwide sample of U.S. short-term acute care hospitals and the resulting impact these systems have in the productivity of institutions from 1990-1998. Of particular interest is the extent to which for-profit and not-for-profit hospitals obtain different results from the adoption of lT systems. We find that the marginal effect of IT on for-profit hospital productivity is to reduce the number of days supplied, while in not-for-profit hospitals the marginal effect of IT is to increase the quantity of services supplied. This resulting effect is consistent with the differing objectives of not-for-profit and for-profit hospitals and demonstrates the positive marginal value of IT as a sustainable and prudent investment.

  4. Investigation of Multi-Criteria Decision Consistency: A Triplex Approach to Optimal Oilfield Portfolio Investment Decisions

    Science.gov (United States)

    Qaradaghi, Mohammed

    Complexity of the capital intensive oil and gas portfolio investments is continuously growing. It is manifested in the constant increase in the type, number and degree of risks and uncertainties, which consequently lead to more challenging decision making problems. A typical complex decision making problem in petroleum exploration and production (E&P) is the selection and prioritization of oilfields/projects in a portfolio investment. Prioritizing oilfields maybe required for different purposes, including the achievement of a targeted production and allocation of limited available development resources. These resources cannot be distributed evenly nor can they be allocated based on the oilfield size or production capacity alone since various other factors need to be considered simultaneously. These factors may include subsurface complexity, size of reservoir, plateau production and needed infrastructure in addition to other issues of strategic concern, such as socio-economic, environmental and fiscal policies, particularly when the decision making involves governments or national oil companies. Therefore, it would be imperative to employ decision aiding tools that not only address these factors, but also incorporate the decision makers' preferences clearly and accurately. However, the tools commonly used in project portfolio selection and optimization, including intuitive approaches, vary in their focus and strength in addressing the different criteria involved in such decision problems. They are also disadvantaged by a number of drawbacks, which may include lacking the capacity to address multiple and interrelated criteria, uncertainty and risk, project relationship with regard to value contribution and optimum resource utilization, non-monetary attributes, decision maker's knowledge and expertise, in addition to varying levels of ease of use and other practical and theoretical drawbacks. These drawbacks have motivated researchers to investigate other tools and

  5. Vocational Rehabilitation Partnerships: Optimizing the Social Value Return on Investment of Employment Outcomes for People with Disabilities

    Science.gov (United States)

    Ramos-Olszowy, Lorraine Florence

    2011-01-01

    This applied research project was developed to examine the social value return of investment (SV-ROI) of a community rehabilitation provider (CRP) in order to identify services that may optimize employment outcomes, better understand the associated factors affecting the employment outcomes and retention, and explore how vocational rehabilitation…

  6. USING THE AHP METHODOLOGY TO EVALUATE STRATEGIC INVESTMENT ALTERNATIVES OF NEW PARADIGMS IN INFORMATION TECHNOLOGY

    Directory of Open Access Journals (Sweden)

    EMILIJA RISTOVA

    2012-02-01

    Full Text Available Enterprise adoption of a Product Life Cycle Management (PLM system is a multi-faceted process that can be simplified by choosing the right information technology (IT deployment model. Cloud computing has been described as a technological change brought about by the convergence of a number of new and existing technologies. The paper provides a review of the main developments in the AHP (Analytical Hierarchy Processmethodology as a tool for decision makers to be able to do more informed decisions regarding investments in new paradigms that IT offers. The AHP methodology is a multi-objective, multi criteria decision-making approach that employs a pair-wise comparison procedure to arrive at a scale of preferences among a set of alternatives. The selection process of the alternatives is not possible from the result of the financial analysis alone. Identification of the scalability and the risks assessment as criteria’s give us the comprehensiveness of the treated problem.

  7. Investment appraisal for small CHP technology in biomass-fuel power plant

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1999-07-01

    The paper is essentially an investment appraisal for small CHP (combined heat and power) technology in biomass-fuel power plant and discusses and presents data on the combustion/steam cycle technologies to demonstrate the economic viability of CHP projects using established market costs for technology and employing energy crops as biomass fuel. The data is based on the UK, where electricity prices are low, but the overseas market (where prices are higher and there is potential for UK exports) is also discussed. The report aims to synthesise up-to-date technical and economic information on biomass-fuel CHP projects of small scale and focuses on technical and financial information on equipment, capital, construction and operating costs, and revenue streams.

  8. Guide for developing an information technology investment road map for population health management.

    Science.gov (United States)

    Hunt, Jacquelyn S; Gibson, Richard F; Whittington, John; Powell, Kitty; Wozney, Brad; Knudson, Susan

    2015-06-01

    Many health systems recovering from a massive investment in electronic health records are now faced with the prospect of maturing into accountable care organizations. This maturation includes the need to cooperate with new partners, involve substantially new data sources, require investment in additional information technology (IT) solutions, and become proficient in managing care from a new perspective. Adding to the confusion, there are hundreds of population health management (PHM) vendors with overlapping product functions. This article proposes an organized approach to investing in PHM IT. The steps include assessing the organization's business and clinical goals, establishing governance, agreeing on business requirements, evaluating the ability of current IT systems to meet those requirements, setting time lines and budgets, rationalizing current and future needs and capabilities, and installing the new systems in the context of a continuously learning organization. This article will help organizations chart their position on the population health readiness spectrum and enhance their chances for a successful transition from volume-based to value-based care.

  9. Life support technology investment strategies for flight programs: An application of decision analysis

    Science.gov (United States)

    Schlater, Nelson J.; Simonds, Charles H.; Ballin, Mark G.

    1993-01-01

    Applied research and technology development (R&TD) is often characterized by uncertainty, risk, and significant delays before tangible returns are obtained. Given the increased awareness of limitations in resources, effective R&TD today needs a method for up-front assessment of competing technologies to help guide technology investment decisions. Such an assessment approach must account for uncertainties in system performance parameters, mission requirements and architectures, and internal and external events influencing a development program. The methodology known as decision analysis has the potential to address these issues. It was evaluated by performing a case study assessment of alternative carbon dioxide removal technologies for NASA's proposed First Lunar Outpost program. An approach was developed that accounts for the uncertainties in each technology's cost and performance parameters as well as programmatic uncertainties such as mission architecture. Life cycle cost savings relative to a baseline, adjusted for the cost of money, was used as a figure of merit to evaluate each of the alternative carbon dioxide removal technology candidates. The methodology was found to provide a consistent decision-making strategy for development of new life support technology. The case study results provided insight that was not possible from more traditional analysis approaches.

  10. Making Technology Investments Profitable ROI Road Map from Business Case to Value Realization

    CERN Document Server

    Keen, Jack M

    2011-01-01

    A guide to getting the crucial business case right?every time Showing professionals how to calculate the value of typical budgeting and funding requests quickly and easily, Making Technology Investments Profitable, Second Edition applies the "Value Realization" process, using proven strategies that maximize the business payoff from IT projects. Filled with case studies, this innovative book enables managers to confidently quantify, in a matter of minutes, the true business value of funding a desired project.New edition explains how to proactively manage the conversion of a business case's valu

  11. A case for Sandia investment in complex adaptive systems science and technology.

    Energy Technology Data Exchange (ETDEWEB)

    Colbaugh, Richard; Tsao, Jeffrey Yeenien; Johnson, Curtis Martin; Backus, George A.; Brown, Theresa Jean; Jones, Katherine A.

    2012-05-01

    This white paper makes a case for Sandia National Laboratories investments in complex adaptive systems science and technology (S&T) -- investments that could enable higher-value-added and more-robustly-engineered solutions to challenges of importance to Sandia's national security mission and to the nation. Complex adaptive systems are ubiquitous in Sandia's national security mission areas. We often ignore the adaptive complexity of these systems by narrowing our 'aperture of concern' to systems or subsystems with a limited range of function exposed to a limited range of environments over limited periods of time. But by widening our aperture of concern we could increase our impact considerably. To do so, the science and technology of complex adaptive systems must mature considerably. Despite an explosion of interest outside of Sandia, however, that science and technology is still in its youth. What has been missing is contact with real (rather than model) systems and real domain-area detail. With its center-of-gravity as an engineering laboratory, Sandia's has made considerable progress applying existing science and technology to real complex adaptive systems. It has focused much less, however, on advancing the science and technology itself. But its close contact with real systems and real domain-area detail represents a powerful strength with which to help complex adaptive systems science and technology mature. Sandia is thus both a prime beneficiary of, as well as potentially a prime contributor to, complex adaptive systems science and technology. Building a productive program in complex adaptive systems science and technology at Sandia will not be trivial, but a credible path can be envisioned: in the short run, continue to apply existing science and technology to real domain-area complex adaptive systems; in the medium run, jump-start the creation of new science and technology capability through Sandia's Laboratory Directed Research

  12. GROWTH AND VENTURE CAPITAL INVESTMENT IN TECHNOLOGY-BASED SMALL FIRMS THE CASE OF HUNGARY

    Directory of Open Access Journals (Sweden)

    Becsky Nagy Patricia

    2014-07-01

    Full Text Available Venture capital backed enterprises represent a low proportion of companies, even of innovative ones. The research question was, whether these companies have an important role in innovation and economic growth in Hungary compared to other countries. In the first part of the article I present the theoretical background of technology-based small firms, highlighting the most important models and theories of the economic impact and the special development of innovative technology-oriented small firms. In the second part of the article I present the status of the most important indicators of innovation in connection with entrepreneurship, than I elaborate on the measures of start-ups, mainly the high-tech ones with high-growth potential. I describe the current position of venture capital industry, detailing the venture capital investments, with particular emphasis on classical venture capital investments that points out the number and the amount of venture capital investments financing early stage firms with high-growth potential. At the end I summarize the status of Hungarian technology-based small firms and their possibilities to get financial sources form venture capital investors, with regards to the status and the prospects of the JEREMIE program. In Hungary the number of internationally competitive firms, ready and willing to obtain venture capital, is much lower than in the US or Western European countries. Hungary could take advantage of its competitive edges in some special fields of innovation. The efficiency of information flow would reduce the information gap between the demand and the supply side of the venture capital market and more Hungarian firms could be internationally successful through venture capital financing. The recent years’ policy and special programs like JEREMIE generated more transactions, that helped to inform the entrepreneurs about venture capital and helped to co-invest public resources with private equity more

  13. Aridity induces super-optimal investment in leaf venation by Eucalyptus and Corymbia

    Science.gov (United States)

    Drake, Paul L.; de Boer, Hugo J.; Price, Charles A.; Veneklaas, Erik J.

    2016-04-01

    The close relationship between leaf water status and stomatal conductance implies that the hydraulic architecture of leaves poses an important constraint on carbon uptake, specifically in arid environments with high evaporative demands. However, it remains uncertain how morphological, hydraulic and photosynthetic traits are coordinated to achieve optimal leaf functioning in arid environments. Zwieniecki and Boyce (2014) proposed a generic framework on the hydraulic architecture of leaves based on the argument that water is optimally distributed when the lateral distance between neighboring water transport veins (dx) is approximately equal to the distance from these veins to the epidermis (dy), expressed as dx:dy ≈1. Many derived angiosperms realize this optimal hydraulic architecture by closely coordinating leaf vein density with leaf thickness and the lateral position of veins inside the leaf. Zwieniecki and Boyce (2014) further suggested that over-investment in veins (dx:dy photosynthetic traits of 65 species (401 individuals) within the widely distributed and closely related genera Eucalyptus and Corymbia along a 2000-km-long aridity gradient in Western Australia (see Schulze et al., 2006). We inferred the potential functional benefit of reducing dx beyond dy using a semi-empirical model that links leaf morphology and hydraulics to photosynthesis. Our results reveal that Eucalyptus and Corymbia evolved extremely high vein densities in addition to thick amphistomatous leaf morphologies along the natural aridity gradient resulting in dx:dy ratios ranging between 0.8 and 0.08. We propose that as the thickness of amphistomatous leaves increases, the effect of reducing dx beyond dy is to offset the reduction in photosynthesis that would result from the theoretical optimal architecture of dx:dy ≈1. Our model quantified the resulting relative gain in photosynthesis at 10% to 15%, which could provide a crucial gas exchange advantage. We conclude that aridity

  14. Artificial intelligence and exponential technologies business models evolution and new investment opportunities

    CERN Document Server

    Corea, Francesco

    2017-01-01

    Artificial Intelligence is a huge breakthrough technology that is changing our world. It requires some degrees of technical skills to be developed and understood, so in this book we are going to first of all define AI and categorize it with a non-technical language. We will explain how we reached this phase and what historically happened to artificial intelligence in the last century. Recent advancements in machine learning, neuroscience, and artificial intelligence technology will be addressed, and new business models introduced for and by artificial intelligence research will be analyzed. Finally, we will describe the investment landscape, through the quite comprehensive study of almost 14,000 AI companies and we will discuss important features and characteristics of both AI investors as well as investments. This is the “Internet of Thinks” era. AI is revolutionizing the world we live in. It is augmenting the human experiences, and it targets to amplify human intelligence in a future not so distant from...

  15. The influence of ceramic fibre on thermal expansion of moulding materials for investment casting technology

    Directory of Open Access Journals (Sweden)

    Nadolski M.

    2009-04-01

    Full Text Available The results of dilatometric measurements presented in the paper are a supplement to the investigations concerning broadening thecomposition of ceramic slurry intended for investment casting technology with ceramic fibre matrix. An applying of fibre material and a change of rheologic characteristics of ceramic slurry have impelled to develop the method of applying the material to the pattern sets. The technology of multi-layer spraying has been found to be the most favourable method. Partial replacing of the grain silica materials with aluminosilicate materials in the fibrous form has affected the magnitude of dimensional changes taking place during the heating process. In order to determine the magnitude of these changes, there have been prepared slurries of various fibre fraction in the matrix and their thermal expansion has been examined within the temperature range of 273-1273 K

  16. Assessment of the possibility of utilisation of used ceramic moulds originated from the investment casting technology

    Directory of Open Access Journals (Sweden)

    M. Holtzer

    2009-04-01

    Full Text Available Review of wastes generated by investment casting technology and discussion on possibilities of disposal of the largest quantity waste from this technology - used ceramic mould is presented in the paper. Preliminary examinations of disintegration process of used ceramic mould conducted in various testing conditions were performed in the frame of presented research. Applied system of disintegration doesn’twarrant obtained material to be suitable for reuse in production of ceramic moulds. Investigations of the inter-phase boundary: ceramicmould-casting were performed to examine environmental harmfulness of used ceramic moulds. Additionally ecologic assessment of spentmoulds by means of it’s elution in the aspect of qualifying possibilities of it’s disposal were performed. Gained results qualify the waste from ceramic mould to storage in deposits for neutral wastes.

  17. Based on the value investment theory to explore the optimal securities investment portfolio%基于价值投资理论的最优证券投资组合探讨

    Institute of Scientific and Technical Information of China (English)

    柯原

    2011-01-01

    文章分析了现代证券投资组合理论与价值投资理论的对立以及各自优缺点,并根据价值投资理论对风险的度量进行重新定义,借用现代证券投资组合的思想构建基于价值投资理论的最优证券投资组合。%This paper analyzes the opposition between the theory of modern portfolio theory and the theory of value investments and analyzes their respective advantages and disadvantages, drawing on the merits of value investment theory and the modern portfolio theory, according to the theory of value investment to redefine the measure of risk, using thought of the modern securities investment portfolio to build optimal investment portfoliowhich based on the value investment theory.

  18. Understanding Information Technology Investment Decision-Making in the Context of Hotel Global Distribution Systems: a Multiple-Case Study

    OpenAIRE

    Connolly, Daniel J.

    1999-01-01

    UNDERSTANDING INFORMATION TECHNOLOGY INVESTMENT DECISION-MAKING IN THE CONTEXT OF HOTEL GLOBAL DISTRIBUTION SYSTEMS: A MULTIPLE-CASE STUDY by Daniel J. Connolly Dr. Michael D. Olsen, Chair Department of Hospitality and Tourism Management ABSTRACT This study investigates what three large, multinational hospitality companies do in practice when evaluating and making IT investment decisions. This study was launched in an attempt to 1) learn more about ...

  19. Cap-and-trade policy: The influence on investments in carbon dioxide reducing technologies in Indiana

    Science.gov (United States)

    Fahie, Monique

    With most of the energy produced in the state of Indiana coming from coal, the implementation of policy instruments such as cap-and-trade, which is included in the most recent climate bill, will have significant effects. This thesis provides an analysis of the effects that a cap-and-trade policy might have on the investment decisions for alternative technologies in the power plant sector in Indiana. Two economic models of representative coal-fired power plants, Gallagher (600MW) and Rockport (2600MW), are selected and used to evaluate the repowering decision of a plant for several technologies: integrated gasification combined cycle (IGCC), wind farm combined with natural gas combined cycle (NGCC) and supercritical pulverized coal (SCPC). The firm will make its decisions based on the net present value (NPV) of cost estimates for these CO2 reducing technologies, the cost of purchasing offsets and CO 2 allowances. This model is applied to a base case and three American Clean Energy and Security Act of 2009 cases derived from the Energy Information Administration (EIA, 2009b). A sensitivity analysis is done on the discount rate and capital costs. The results of the study indicate that a SCPC plant without carbon capture and storage (CCS) is the least costly compliance option for both plants under all of the cases while retrofitting the existing plant with CCS is the most expensive. Gallagher's three least expensive options across most scenarios were SCPC without CCS, the operation of the existing plant as is and investment in wind plus NGCC. Rockport's three least expensive compliance options across most scenarios were SCPC without CCS, the operation of the existing plant as is and IGCC without CCS. For both plants, when a 12% discount rate is utilized, NPV of costs are generally lower and the operation of the existing plant technology with the aid of allowances and offsets to be in compliance is the cheapest option. If capital costs were to decrease by 30%, a SCPC

  20. R & D STRATEGIC INVESTMENT IN AN ASYMMETRICAL CASE

    Institute of Scientific and Technical Information of China (English)

    Minggao XUE; Pu GONG

    2006-01-01

    This article analyzes R & D investment decisions in an asymmetrical case. The investment decisions share three important characteristics. First, the investment is completely irreversible. Second,there are two kinds of uncertainties over the future returns from the investment and over technology in R & D process, respectively. Third, there is strategic competition in the asymmetrical case. This article presents the optimal investment threshold values and the optimal investment rule of high-efficient firm (leader), and shows that the investment threshold values are reduced by competition of two firms.Finally, the mixed investment strategies for two firms, the probability that each firm separately exercises the option to invest, and the probability that two firms simultaneously exercise the option are given in the paper.

  1. THE DECISION OF INVESTING IN INFORMATION AND COMMUNICATION TECHNOLOGY IN SMALL AND MEDIUM ENTERPRISES

    Directory of Open Access Journals (Sweden)

    Javier García DÍEZ

    2016-08-01

    Full Text Available A diagnostic tool on the decision of investing in Information and Communication Technology (ICT in small and medium enterprises (SME suggested in Judith Redoli et al. (2008, showed its usefulness helping to understand how an enterprise uses ICT and ‘‘how’’ and ‘‘when’’ a company should incorporate new technological elements. The model was applied successfully in the assessment of 500 SME; as a result a technology deployment project was given to each enterprise in which a priority project was also defined. This short paper presents the second part of that study: a second assessment was made to those SME oriented to detect whether the enterprises on which the analysis was conducted did achieve the deployment of the technologies identified within six months, and the relationship between this fact and the existence of an associated grant. On the other hand, in this research the correlation between the priority project established in the first assessment and the one that was finally completed was demonstrated.

  2. Potential Opportunities for Investment in Space Technologies in Latin-America: a Case for Mexico

    Science.gov (United States)

    Sanchez, G.

    2002-01-01

    Student, Master of Space Studies. International Space University. Strasbourg Central The objective of this paper is to analyze the possible commercial benefits that the global manufacturing space industry could obtain by investing in Latin-American countries. Spacecraft manufacturers have recently been complaining about small margins. They claim that customers demand technological advancement at the same time as they push for quick delivery and competitive prices. They also argue that operators (their main customers) do have great profits. Thus, manufacturers would like to raise the prices of their spacecraft (SpaceNews. January 7, 2002. P.17). This may sound logical, but it would be interesting to analyze if the industry could find alternative ways of saving money while remaining competitive. Mexico is a good example of a Latin-American country that has received foreign investment for establishing manufacturing and assembly plants for different industries. This has been mainly due to two special characteristics of the Mexican manufacturing workforce: low labor costs and qualified, reliable human resources. As a result, Mexican manufacturing industry has acquired a solid reputation worldwide. A similar story can be told about other industries such as electronics, computer assembly, clothes, etc. It is probably worth to make an analogy with a labor-demanding industry that already has experience in the Mexican market: the car industry has found a formula to keep manufacturing costs low while maintaining production and quality levels. Mexico currently manufactures and assembles cars for European, Japanese and American companies for the international market. If the same success story could be repeated for the spacecraft manufacturing industry, the benefits would be enormous. Manufacturers could consider relocating their plants to Mexico to manufacture and test parts or entire spacecraft. This would help reduce the cost of human labor, especially because of the long

  3. Market Power and Investment in Renewable Electricity Generation

    DEFF Research Database (Denmark)

    Ernstsen, Rune Ramsdal; Misir, Nihat

    while incurring lower investment costs. We additionally find that highly convex investment cost greatly diminishes the impact of market power on the investment decisions. Furthermore, for both the strategic firm and the social planner, fixed baseload generation is preferable during low installed...... approach to evaluate the investment decisions. In our paper we do not only focus on the differences in costs for different technologies but also on the differences in operation of those technologies and how those differences impact the optimal investment decisions. In our model, the one-time investment...... of installed capacity in the market. In the numerical results, we find that the strategic firm tends to invest at a higher demand trigger level and lower capacity compared to the social planner for both the baseload and peakload investment cases. Hence, the strategic firm is expected to invest at a later date...

  4. Investments on a Rugged Landscape: The Effect of Investor Population, Network Structure, and Complexity on Technological Change

    DEFF Research Database (Denmark)

    Hain, Daniel; Mas Tur, Elena

    in a specific technological domain. We compare which investor network structures lead to the high rates of technological change and diversity on a given technology landscape. Results from a Monte Carlo simulation indicate networked investor population to outperform the case of isolated stand-alone investors......, in terms of investor benefits as well as achieved technological change. Yet, we also find evidence for the existence of a financial “valley of death” - a certain stage in the technology life-cycle where its characteristics discourage further investments, thereby making the technology likely to “die” due...

  5. Return on marketing investments in B2B customer relationships: A decision-making and optimization approach

    OpenAIRE

    Streukens, Sandra; Hoesel, Stan; de Ruyter, Ko

    2011-01-01

    The basic notion of relationship marketing entails that firms should strive for mutually beneficial customer relationships. By combining relationship marketing theory and operations research methods, this paper aims to develop and demonstrate a managerial decision-making model that business market managers can use to optimize and evaluate marketing investments in both a customer-oriented and economically feasible manner. The intended contributions of our work are as follows. First, we add to ...

  6. Decoding the IT value problem an executive guide for achieving optimal ROI on critical IT investments

    CERN Document Server

    Fell, Gregory J

    2013-01-01

    Gain greater returns from your IT investments Revealing the secrets to proven, effective strategies that enable businesses to leverage the full value of highly expensive IT investments, Decoding the IT Value Problem is a no-nonsense guide for making smart IT investments and cutting through the noise of vendor marketing and media hype. Author Gregory Fell describes in rich detail the actual processes, frameworks, infrastructure and discipline required to develop and execute corporate IT strategies that areprofitable and sustainable.Provides a proven framework for develop

  7. Encouraging private sector investment in climatefriendly technologies in developing countries. An assessment of policy options for the Dutch government

    Energy Technology Data Exchange (ETDEWEB)

    Van Rooijen, S.N.M.; Van Wees, M.T. [Capacity for Sustainable Development CAP SD, Amersfoort (Netherlands)

    2006-10-15

    This study aims to explore new or reformed policies to be adopted by the Dutch government to encourage private sector investments in climate-friendly technologies in developing countries. A literature review of barriers to climate-friendly investments and of directions for solutions has been complemented with a number of in-depth interviews with stakeholders representing the major actors involved in investment projects (project sponsors, financing institutions, institutional investors and government). The barrier analysis has resulted in the following list of key obstacles to climate-friendly investments: (1) Lack of a sound, transparent and stable enabling environment for investing in developing countries; (2) Shortage of experienced and creditworthy sponsors; (3) High specific project risks; (4) Overestimation investment risks related to (sustainable) investments in developing countries in general (risk perspective); (5) Additional costs of climate-friendly technologies; (6) Shortage of risk capital; (7) Insufficient guarantee mechanisms; (8) Lack of know-how on public-private partnership structures and on financial design; and (9) Lack of insight how corporate social responsibility can be operationalised. Four main gaps have been identified on the basis of an assessment of current Dutch policies and instruments: (1) Shortage of instruments to directly promote investments; (2) Underdeveloped guarantee instruments; (3) Too restrictive cap on project size in financial schemes; (4) Lack of support in operationalising the concept of corporate social responsibility. Four areas for new or intensified policies have been identified based on the barrier and gap analysis: (1) Direct promotion of (potentially large scale) investments, including: (a) Supporting (the establishment of) sponsor companies developing sustainable energy projects in developing countries; (b) Making risk capital available; (c) Creating investment credit facilities; (d) Making development capital in

  8. Valuation of clean energy investments: The case of the Zero Emission Coal (ZEC) technology

    Science.gov (United States)

    Yeboah, Frank Ernest

    Today, coal-fired power plants produce about 55% of the electrical energy output in the U.S. Demand for electricity is expected to grow in future. Coal can and will continue to play a substantial role in the future global energy supply, despite its high emission of greenhouse gases (e.g. CO2 etc.) and low thermal energy conversion efficiency of about 37%. This is due to the fact that, it is inexpensive and global reserves are abundant. Furthermore, cost competitive and environmentally acceptable energy alternatives are lacking. New technologies could also make coal-fired plants more efficient and environmentally benign. One such technology is the Zero Emission Carbon (ZEC) power plant, which is currently being proposed by the ZECA Corporation. How much will such a technology cost? How competitive will it be in the electric energy market when used as a technology for mitigating CO2 emission? If there were regulatory mechanisms, such as carbon tax to regulate CO2 emission, what would be the minimum carbon tax that should be imposed? How will changes in energy policy affect the implementation of the ZEC technology? How will the cost of the ZEC technology be affected, if a switch from coal (high emission-intensive fuel) to natural gas (low emission-intensive fuel) were to be made? This work introduces a model that can be used to analyze and assess the economic value of a ZEC investment using valuation techniques employed in the electric energy industry such as revenue requirement (e.g. cost-of-service). The study concludes that the cost of service for ZEC technology will be about 95/MWh at the current baseline scenario of using fuel cell as the power generation system and coal as the primary fuel, and hence will not be competitive in the energy markets. For the technology to be competitive, fuel cell capital cost should be as low as 500/kW with a lifetime of 20 years or more, the cost of capital should be around 10%, and a carbon tax of 30/t of CO2 should be in place

  9. The Ruin Probability in the Presence of Extended Regular Variation and Optimal Investment

    Institute of Scientific and Technical Information of China (English)

    Li Wei

    2008-01-01

    Considering the classical model with risky investment, we are interested in the ruin probability that is minimized by a suitably chosen investment strategy for a capital market index. For claim sizes with common distribution of extended regular variation, starting from an integro-differential equation for the maximal survival probability, we find that the corresponding ruin probability as a function of the initial surplus is also extended regular variation.

  10. Mechanisms for efficient investments and optimal zones in regional power market

    Directory of Open Access Journals (Sweden)

    Andročec Ivan

    2014-01-01

    Full Text Available The paper is result of research different cross-border electricity trading mechanisms impact. Focus is on investments in generation and transmission power system facilities in regional market. Assumptions include efficient market coupling mechanism (with more bidding zones, use of additional investment indicators (like social welfare and congestion cost and security of supply issues (capacity mechanisms. There is discussion on cost benefits analysis for particular market participants and there is possibility of risk reduction for regional power system expansion. It is shown current state-of-the-art, problems and trends in solving some aspects of market integration and investment issues. In some cases smaller and well defined bidding areas are absolutely essential in order to ensure system security and economic efficiency. There is no single criterion for power system expansion but it is possible to use combination of incentive schemes and possible through one index for cross-border trade. Risk management for cross-border electricity trading through several areas needs to be upgraded with use of financial transmission rights like weighted average area prices, respectively. Regional power system security is closely associated with timely investments in energy supply in line with economic development and environmental needs. Security of supply indicator is deriving an estimation of security of supply improvement from the market based simulation results when a generation or transmission investment project is implemented. All researched makes market integration and investments in Europe more efficient and gives more correct signals to market participants in regional market.

  11. Investigating the Total Cost of Technology in Schools: Tools and Strategies for Managing Technology Investments. Best Practices for Alberta School Jurisdictions.

    Science.gov (United States)

    Redhead, Pat

    This document describes total cost of ownership (TCO) as a useful tool in the effective planning of technology use in schools. TCO is an analysis of all the costs of computer technology in a school in comparison with the value derived from the current investment. It also includes an assessment of strategies that can be implemented to reduce costs.…

  12. Heat savings and heat generation technologies: Modelling of residential investment behaviour with local health costs

    DEFF Research Database (Denmark)

    Zvingilaite, Erika; Klinge Jacobsen, Henrik

    2015-01-01

    their primary heating source with secondary heating e.g. a woodstove. This choice results in increased indoor air pollution with fine particles causing health effects. We integrate health cost due to use of woodstoves into household optimisation of heating expenditures. The results show that due...... heating comfort is minimised. The private solution may deviate from the socio-economical optimal solution and we suggest changes to policy to incentivise the individuals to make choices more in line with the socio-economic optimal mix of energy savings and technologies. The households can combine...

  13. Optimal Time-Consistent Investment Strategy for a DC Pension Plan with the Return of Premiums Clauses and Annuity Contracts

    Directory of Open Access Journals (Sweden)

    De-Lei Sheng

    2014-01-01

    Full Text Available Defined contribution and annuity contract are merged into one pension plan to study both accumulation phase and distribution phase, which results in such effects that both phases before and after retirement being “defined”. Under the Heston’s stochastic volatility model, this paper focuses on mean-variance insurers with the return of premiums clauses to study the optimal time-consistent investment strategy for the DC pension merged with an annuity contract. Both accumulation phase before retirement and distribution phase after retirement are studied. In the time-consistent framework, the extended Hamilton-Jacobi-Bellman equations associated with the optimization problem are established. Applying stochastic optimal control technique, the time-consistent explicit solutions of the optimal strategies and the efficient frontiers are obtained. In addition, numerical analysis illustrates our results and also deepens our knowledge or understanding of the research results.

  14. A Methodology for Assessing the Military Benefits of Science and Technology Investments

    Science.gov (United States)

    2008-09-01

    ratio (BCR) greater than 2 to 1. In the area of biology, intrinsic chemical markers (ICMs) provide a means for verifying that food is fully...1.7 million per year. Since the current wastage due to less than optimal quality is about 20%, the savings due to avoiding wastage is about $2.2...3) focusing commercial capabilities on Army needs, such as food preparation, packaging, and preservation technologies that enabled the development

  15. Optimal investment timing and investment scale decision making under uncertainty%不确定条件下最优投资时机和最优投资规模决策

    Institute of Scientific and Technical Information of China (English)

    阳军; 孟卫东; 熊维勤

    2012-01-01

    运用实物期权理论,通过求解不变产出和可变产出条件下企业最优投资时机和最优投资规模的解析表达式,比较研究了两种不同条件下同时选择最优投资时机和最优投资规模的决策问题.研究表明,不确定性增大了企业的等待价值,企业将推迟投资,增大投资规模;最优投资规模仅与预期市场需求的不确定性相关,与反映市场需求的某一个实现值的大小无关;可变产出条件下,企业具有更大的投资临界值和更大的投资规模.不确定性降低了企业产能利用率,导致了过度投资的存在;同时,在可变产出条件下企业的产能利用率更低.%In the investment decision making, the enterprise focuses not only on investment timing choice, but on investment scale choice as well. Based on real options theory, by solving the analytical expression of optimal investment timing and optimal scale under the condition of fixed output and variable output, the paper studies comparatively the decision making in simultaneously selecting the optimal investment timing and optimal investment scale. The study shows that the uncertainty increases the expectation waiting value, thus the enterprise will postpone the investment and increase the investment scale. The paper also illustrates that the investment scale is associated with the uncertainty of expected market demand but not associated with a certain size of earned value, which reflects the market demand. Under the condition of variable output, the enterprise has greater investment critical value and larger investment scale. The uncertainty decreases the enterprise's capacity utilization, resulting in the existence of over-investment. Meanwhile the enterprise's capacity utilization is lower under the condition of variable output.

  16. The deformation of wax patterns and castings in investment casting technology

    Directory of Open Access Journals (Sweden)

    A. Herman

    2012-01-01

    Full Text Available The dimensional accuracy of the final casting of Inconel alloy 738 LC is affected by many aspects. One of them is the choice of method and time of cooling wax model for precision investment casting. The main objective was to study the initial deformation of the complex shape of the casting of the rotor blades. Various approaches have been tested for cooling wax pattern. When wax models are cooling on the air, without clamping in jig for cooling, deviations from the ideal shape of the casting are very noticeable (up to 8 mm and most are in extreme positions of the model. When blade is cooled in fixing jig in water environment, the resulting deviations compared with cooling in air are significantly larger, sometimes up to 10 mm. This itself does not mean that the final shape of the casting is dimensionally more accurate with usage of wax models, which have deviations from the ideal position smaller. Another deformation occurs when shell mould is produced around wax pattern and furthermore deformations emerge while casting of blade is cooling. This paper demonstrates first steps in describing complex process of deformations of Inconel alloy blades produced with investment casting technology by comparing results from thermal imagery, simulations in foundry simulation software ProCAST 2010 and measurements from CNC scanning system Carl Zeiss MC 850. Conclusions are so far not groundbreaking, but it seems deformations of wax pattern and deformations of castings do in some cases cancel each other by having opposite directions. Describing entirely whole process of deformations will help increase precision of blade castings so that models at the beginning and blades in the end are the same.

  17. Lyndon B. Johnson Space Center (JSC) proposed dual-use technology investment program in intelligent robots

    Science.gov (United States)

    Erikson, Jon D.

    1994-01-01

    This paper presents an overview of the proposed Lyndon B. Johnson Space Center (JSC) precompetitive, dual-use technology investment project in robotics. New robotic technology in advanced robots, which can recognize and respond to their environments and to spoken human supervision so as to perform a variety of combined mobility and manipulation tasks in various sectors, is an obejective of this work. In the U.S. economy, such robots offer the benefits of improved global competitiveness in a critical industrial sector; improved productivity by the end users of these robots; a growing robotics industry that produces jobs and profits; lower cost health care delivery with quality improvements; and, as these 'intelligent' robots become acceptable throughout society, an increase in the standard of living for everyone. In space, such robots will provide improved safety, reliability, and productivity as Space Station evolves, and will enable human space exploration (by human/robot teams). The proposed effort consists of partnerships between manufacturers, universities, and JSC to develop working production prototypes of these robots by leveraging current development by both sides. Currently targeted applications are in the manufacturing, health care, services, and construction sectors of the U.S. economy and in the inspection, servicing, maintenance, and repair aspects of space exploration. But the focus is on the generic software architecture and standardized interfaces for custom modules tailored for the various applications allowing end users to customize a robot as PC users customize PC's. Production prototypes would be completed in 5 years under this proposal.

  18. The behavioural aspect of green technology investments: A general positive model in the context of heterogeneous agents

    NARCIS (Netherlands)

    Knobloch, F.; Mercure, J.F.A.

    2016-01-01

    Studies report that firms do not invest in cost-effective green technologies. While economic barriers can explain parts of the gap, behavioural aspects cause further under-valuation. This could be partly due to systematic deviations of decision-making agents’ perceptions from normative benchmarks, a

  19. Optimal Control of Investment-Reinsurance Problem for an Insurer with Jump-Diffusion Risk Process: Independence of Brownian Motions

    Directory of Open Access Journals (Sweden)

    De-Lei Sheng

    2014-01-01

    Full Text Available This paper investigates the excess-of-loss reinsurance and investment problem for a compound Poisson jump-diffusion risk process, with the risk asset price modeled by a constant elasticity of variance (CEV model. It aims at obtaining the explicit optimal control strategy and the optimal value function. Applying stochastic control technique of jump diffusion, a Hamilton-Jacobi-Bellman (HJB equation is established. Moreover, we show that a closed-form solution for the HJB equation can be found by maximizing the insurer’s exponential utility of terminal wealth with the independence of two Brownian motions W(t and W1(t. A verification theorem is also proved to verify that the solution of HJB equation is indeed a solution of this optimal control problem. Then, we quantitatively analyze the effect of different parameter impacts on optimal control strategy and the optimal value function, which show that optimal control strategy is decreasing with the initial wealth x and decreasing with the volatility rate of risk asset price. However, the optimal value function V(t;x;s is increasing with the appreciation rate μ of risk asset.

  20. Estimating the Return on Investment Opportunities in Financial Markets and Establishing Optimized Portfolio by Artificial Intelligence

    Directory of Open Access Journals (Sweden)

    Farzad Karimi

    2013-07-01

    Full Text Available This project is looking for increasing return on investment, by presenting models based on artificial intelligence. Investment in financial markets could be considered in short-term (daily and middle-term (monthly basis/ hence the daily data in Tehran Stock Exchange and the rates of foreign exchange and gold coins have been extracted for the period Mar. 2010 to Sep. 2012 and recorded as the data into the neural networks and the genetic programming model. Also the monthly rate of return and risk of 20 active companies of the stock exchange, and the monthly risk values of foreign exchange and gold coin, as well as bank deposits were used as genetic algorithms in order to provide optimum investment portfolios for the investors. The results obtained from executing the models indicates the efficiency of both methods of artificial neural network and also genetic programming in the short-term financial markets predictions, but artificial neural networks show a better efficiency. Also the efficiency of geneticalgorithm was approved in improving the rate of return and risks, via identifying the optimum investment portfolios.

  1. Optimal Consumption and Investment under Time-Varying Relative Risk Aversion

    DEFF Research Database (Denmark)

    Steffensen, Mogens

    2011-01-01

    We consider the continuous time consumption-investment problem originally formalized and solved by Merton in case of constant relative risk aversion. We present a complete solution for the case where relative risk aversion with respect to consumption varies with time, having in mind an investor...

  2. Fuzzy Evaluation of the Risk of Investment in Securities in the Portfolio Optimization Problem

    OpenAIRE

    Siniavskaya, O. A.; Zhelezko, B. A.

    2007-01-01

    Investment in securities always associates with the risk, but in practice it is enough difficult to evaluate the risk quantitatively. There is no united opinion about quantitative evaluation of the risk in the theory of finance. Two models of the risk evaluation are the most popularized: Value-at-Risk (VaR) model and risk interpretation as standard deviation of the security return.

  3. When should irrigators invest in more water-efficient technologies as an adaptation to climate change?

    Science.gov (United States)

    Malek, K.; Adam, J. C.; Stockle, C.; Brady, M.; Yoder, J.

    2015-12-01

    The western US is expected to experience more frequent droughts with higher magnitudes and persistence due to the climate change, with potentially large impacts on agricultural productivity and the economy. Irrigated farmers have many options for minimizing drought impacts including changing crops, engaging in water markets, and switching irrigation technologies. Switching to more efficient irrigation technologies, which increase water availability in the crop root zone through reduction of irrigation losses, receives significant attention because of the promise of maintaining current production with less. However, more efficient irrigation systems are almost always more capital-intensive adaptation strategy particularly compared to changing crops or trading water. A farmer's decision to switch will depend on how much money they project to save from reducing drought damages. The objective of this study is to explore when (and under what climate change scenarios) it makes sense economically for farmers to invest in a new irrigation system. This study was performed over the Yakima River Basin (YRB) in Washington State, although the tools and information gained from this study are transferable to other watersheds in the western US. We used VIC-CropSyst, a large-scale grid-based modeling framework that simulates hydrological processes while mechanistically capturing crop water use, growth and development. The water flows simulated by VIC-CropSyst were used to run the RiverWare river system and water management model (YAK-RW), which simulates river processes and calculates regional water availability for agricultural use each day (i.e., the prorationing ratio). An automated computational platform has been developed and programed to perform the economic analysis for each grid cell, crop types and future climate projections separately, which allows us to explore whether or not implementing a new irrigation system is economically viable. Results of this study indicate that

  4. THEORETICAL AND PRACTICAL CONSIDERATIONS REGARDING THE IMPORTANCE OF INVESTMENT IN TECHNOLOGY AND INFORMATION IN THE PROCESS OF ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    CEAUSESCU IONUT

    2013-02-01

    Full Text Available The main purpose of this study is to capture based on new theories of economic growth in the knowledge, based economic development, the importance of investing in information are as a new factor of production, we propose a different treatment of essential identifiable knowledge structures: technologies and information .. Meanwhile, the article aims to capture the role that information plays in this highly complex process of economic growth. I realized through this expose, a representation of specific investments in information behavior and reasoning phenomena sustainable development concepts.

  5. The value from investments in health information technology at the U.S. Department of Veterans Affairs.

    Science.gov (United States)

    Byrne, Colene M; Mercincavage, Lauren M; Pan, Eric C; Vincent, Adam G; Johnston, Douglas S; Middleton, Blackford

    2010-04-01

    We compare health information technology (IT) in the Department of Veterans Affairs (VA) to norms in the private sector, and we estimate the costs and benefits of selected VA health IT systems. The VA spent proportionately more on IT than the private health care sector spent, but it achieved higher levels of IT adoption and quality of care. The potential value of the VA's health IT investments is estimated at $3.09 billion in cumulative benefits net of investment costs. This study serves as a framework to inform efforts to measure and calculate the benefits of federal health IT stimulus programs.

  6. Optimal screening designs for biomedical technology

    Energy Technology Data Exchange (ETDEWEB)

    Torney, D.C.; Bruno, W.J.; Knill, E. [and others

    1997-10-01

    This is the final report of a three-year, Laboratory Directed Research and Development (LDRD) project at Los Alamos National Laboratory (LANL). Screening a large number of different types of molecules to isolate a few with desirable properties is essential in biomedical technology. For example, trying to find a particular gene in the Human genome could be akin to looking for a needle in a haystack. Fortunately, testing of mixtures, or pools, of molecules allows the desirable ones to be identified, using a number of experiments proportional only to the logarithm of the total number of experiments proportional only to the logarithm of the total number of types of molecules. We show how to capitalize upon this potential by using optimize pooling schemes, or designs. We propose efficient non-adaptive pooling designs, such as {open_quotes}random sets{close_quotes} designs and modified {open_quotes}row and column{close_quotes} designs. Our results have been applied in the pooling and unique-sequence screening of clone libraries used in the Human Genome Project and in the mapping of Human chromosome 16. This required the use of liquid-transferring robots and manifolds--for the largest clone libraries. Finally, we developed an efficient technique for finding the posterior probability each molecule has the desirable property, given the pool assay results. This technique works well, in practice, even if there are substantial rates of errors in the pool assay data. Both our methods and our results are relevant to a broad spectrum of research in modern biology.

  7. An exploratory investigation of barriers and enablers affecting investment in renewable companies and technologies in the UK.

    Science.gov (United States)

    Wells, Victoria; Greenwell, Felicity; Covey, Judith; Rosenthal, Harriet E S; Adcock, Mike; Gregory-Smith, Diana

    2013-02-06

    The last few years have seen considerable research expenditure on renewable fuel technologies. However, in many cases, the necessary sustained and long-term funding from the investment community has not been realized at a level needed to allow technologies to become reality. According to global consulting firm Deloitte's recent renewable energy report (http://www.deloitte.com/energypredictions2012), many renewable energy projects stalled or were not completed because of issues including the global economy, the state of government finances, difficulties in funding and regulatory uncertainty. This investigation concentrates on the funding aspect and explores the perceived barriers and enablers to renewable technologies within the investment and renewables community. Thematic analysis of 14 in-depth interviews with representatives from renewable energy producers, banks and investment companies identified key factors affecting the psychology of investor behaviour in renewables. Eight key issues are highlighted, including a range of barriers and enablers, the role of the government, balance between cost/risk, value/return on investment, investment time scales, personality/individual differences of investors and the level of innovation in the renewable technology. It was particularly notable that in the findings the role of the government was discussed more than other themes and generally in quite critical terms, highlighting the need to ensure consistency in government funding and policy and a greater understanding of how government decision-making happens. Specific findings such as these illustrate the value of crossing disciplinary boundaries and highlight potential further research. Behavioural science and economic psychology in particular have much to offer at the interface of other disciplines such as political science and financial economics.

  8. Optimal Control Policy for Environment withScience and Technology Stochastic Occur

    Institute of Scientific and Technical Information of China (English)

    MinggaoXue; ChulinLi; PuGong

    2004-01-01

    In this paper, the control policy for environment with two kinds of irreversibility, which work in opposite directions and uncertainty of cost is regarded as an investment decision. By using real-option theory, the paper presents the model of the optimal control policy for environment under the science and technology that can reduce environment pollution stochastic occur. The paper has discussed the effects of changes in the various parameters on the critical value at which the policy should be adopted. The results show thatthe optimal control policy is quite sensitive to the science and technology which can reduce environment pollution stochastic occur, pointing to the importance of carefully accounting for its impact in determining the control policy for environment.

  9. Case study: impact of technology investment on lead discovery at Bristol-Myers Squibb, 1998-2006.

    Science.gov (United States)

    Houston, John G; Banks, Martyn N; Binnie, Alastair; Brenner, Stephen; O'Connell, Jonathan; Petrillo, Edward W

    2008-01-01

    We review strategic approaches taken over an eight-year period at BMS to implement new high-throughput approaches to lead discovery. Investments in compound management infrastructure and chemistry library production capability allowed significant growth in the size, diversity and quality of the BMS compound collection. Screening platforms were upgraded with robust automated technology to support miniaturized assay formats, while workflows and information handling technologies were streamlined for improved performance. These technology changes drove the need for a supporting organization in which critical engineering, informatics and scientific skills were more strongly represented. Taken together, these investments led to significant improvements in speed and productivity as well a greater impact of screening campaigns on the initiation of new drug discovery programs.

  10. Technology Optimism in a Socio-Economic Perspective

    DEFF Research Database (Denmark)

    Røpke, Inge

    1996-01-01

    the need for changes in fundamental mechanisms, power structures and basic ideas as preconditions for influencing the direction of technological change. The paper deals with the state interventionist version of technology optimism, where it is emphasized that active industrial and technology policies...

  11. Employee Perception of the Impact of Information Technology Investment in Organisations: a survey of the hotel industry

    Directory of Open Access Journals (Sweden)

    Bruce Lo

    2000-05-01

    Full Text Available To improve their operational efficiency and to maintain their competitiveness in the market place many organisations continue to invest substantially in their Information Technology (IT capability. But how do the employees themselves view the impact and the value of IT investment? This paper considers this question in the context of the hospitality industry. More specifically, it investigates the different perception of hotel employees on the impact of organisational IT investment on (a IT usage by employees, (b employee satisfaction with the IT systems, (c changes in the level of employee performance, and (d organisational performance of the hotel. 945 hotel employees in Bali, Indonesia were surveyed to assess their perception of the organisational impact of IT. Factor analysis, analysis of variance and regression analysis were performed on the data to examine the' range of employee viewpoints. Results showed that there were significant differences among the employees' perception with respect to age, educational level, position in the hotel, and individual income. These findings suggest that even senior management may regard the investment in IT is worthwhile, there may be a divergence of opinion among the employees as to what are the real benefits of IT. In order to fully leverage the potential of their IT investment, managers should pay particular attention to shaping the views of the employees who ultimately determine whether the IT capabilities in an organisation are put to use.

  12. Optimizing time and resource allocation trade-offs for investment into morphological and behavioral defense

    DEFF Research Database (Denmark)

    Steiner, Uli; Pfeiffer, Thomas

    2007-01-01

    Prey organisms are confronted with time and resource allocation trade-offs. Time allocation trade-offs partition time, for example, between foraging effort to acquire resources and behavioral defense. Resource allocation trade-offs partition the acquired resources between multiple traits, such as...... for and augment each other depending on predator densities and the effectiveness of the defense mechanisms. In the presence of time constraints, the model shows peak investment into morphological and behavioral defense at intermediate resource levels....

  13. Optimization of Grooved Micromixer for Microengineering Technologies

    DEFF Research Database (Denmark)

    Sabotin, I.; Tristo, G.; Bissacco, Giuliano

    2013-01-01

    Due to the absence of turbulent flow and the slow diffusion process, mixing of solutions at micro-scale is a difficult task. This paper describes the optimization route towards the efficient design of a bottom grooved micromixer. Based on thoroughly discussed mixing mechanisms, the optimization w...

  14. Optimal Selection Method for Investment Project Investicinių projektų optimalios atrankos metodas

    Directory of Open Access Journals (Sweden)

    Vytautas Jonas Žilinskas

    2011-02-01

    Full Text Available

    Under the modern world market conditions the investment activity of enterprises is increasing. Therefore, one of the main aspects of the investment activity guarantee is a selection and apprehension of the main principles of the investment control and possi-bilities of different uses of the investment instruments. For the optimum selection of the investment projects it is suggested to use a formalistic experimental author’s modified method of priority allocation and selection, which gives an opportunity to evaluate the investment project according to different partial criteria and their meaning of importance. Working out this way a complex evaluation of each chosen investment project is obtai-ned. Using the suggested MPSP (modified method of priority allocation and selection the investment projects are evaluated with qualitative and quantitative criteria. So this method can be used when qualitative criteria of evaluation are predominated. Formalis-tic methods of analysis cannot be used to establish quantitative criteria and those small projects when it is relatively too expensive to apply other usual methods of the financial economic analysis. Method MPSP selection is universal and ordinary so it can be used to establish the efficiency of different projects, to classify projects, to model the strategy of the state economy. If you like to control the realization of the chosen investment project more effectively and rationally it is suggested to use PERT (Program Evaluation and Review Technique.The main control elements of the investment project are reviewed in the article using PERT which is useful to draw up an optimistic reticular schedule of the investment work implementation.

  15. Distributed Energy Resources On-Site Optimization for Commercial Buildings with Electric and Thermal Storage Technologies

    Energy Technology Data Exchange (ETDEWEB)

    Lacommare, Kristina S H; Stadler, Michael; Aki, Hirohisa; Firestone, Ryan; Lai, Judy; Marnay, Chris; Siddiqui, Afzal

    2008-05-15

    The addition of storage technologies such as flow batteries, conventional batteries, and heat storage can improve the economic as well as environmental attractiveness of on-site generation (e.g., PV, fuel cells, reciprocating engines or microturbines operating with or without CHP) and contribute to enhanced demand response. In order to examine the impact of storage technologies on demand response and carbon emissions, a microgrid's distributed energy resources (DER) adoption problem is formulated as a mixed-integer linear program that has the minimization of annual energy costs as its objective function. By implementing this approach in the General Algebraic Modeling System (GAMS), the problem is solved for a given test year at representative customer sites, such as schools and nursing homes, to obtain not only the level of technology investment, but also the optimal hourly operating schedules. This paper focuses on analysis of storage technologies in DER optimization on a building level, with example applications for commercial buildings. Preliminary analysis indicates that storage technologies respond effectively to time-varying electricity prices, i.e., by charging batteries during periods of low electricity prices and discharging them during peak hours. The results also indicate that storage technologies significantly alter the residual load profile, which can contribute to lower carbon emissions depending on the test site, its load profile, and its adopted DER technologies.

  16. The behavioural aspect of green technology investments: a general positive model in the context of heterogeneous agents

    OpenAIRE

    Knobloch, F.; Mercure, J.-F.

    2016-01-01

    This is the author accepted manuscript. It is currently under an indefinite embargo pending publication by Elsevier. Studies report that firms do not invest in cost-effective green technologies. While economic barriers can explain parts of the gap, behavioural aspects cause further under-valuation. This could be partly due to systematic deviations of decision-making agents’ perceptions from normative benchmarks, and partly due to their diversity. This paper combines available behavioural k...

  17. Optimal Rules to Adopt High Technology under Uncertainty

    Institute of Scientific and Technical Information of China (English)

    ZHANG Xiao-jun; LI Shi-min

    2006-01-01

    In the research of choosing the optimal timing for the high technology products,especially IT products to the market, most studies prefer to provide the scope or infimum of timing. In this paper, an optimal rule is adopted to guild the timing of high technology product to the market, this idea is illustrated through the theory of optimal stopping, and a high approach is developed to theoretical framework for timing decision. On this basis, a random programming model is established, in which the objective function is the expected profit to adopt high technology and the constraint condition is the successful probability over critical value α with all variables beyond the rule, and it is used to find the optimal timing of adopt high technology product.

  18. Reputation-Based Investment Helps to Optimize Group Behaviors in Spatial Lattice Networks.

    Science.gov (United States)

    Ding, Hong; Cao, Lin; Ren, Yizhi; Choo, Kim-Kwang Raymond; Shi, Benyun

    2016-01-01

    Encouraging cooperation among selfish individuals is crucial in many real-world systems, where individuals' collective behaviors can be analyzed using evolutionary public goods game. Along this line, extensive studies have shown that reputation is an effective mechanism to investigate the evolution of cooperation. In most existing studies, participating individuals in a public goods game are assumed to contribute unconditionally into the public pool, or they can choose partners based on a common reputation standard (e.g., preferences or characters). However, to assign one reputation standard for all individuals is impractical in many real-world deployment. In this paper, we introduce a reputation tolerance mechanism that allows an individual to select its potential partners and decide whether or not to contribute an investment to the public pool based on its tolerance to other individuals' reputation. Specifically, an individual takes part in a public goods game only if the number of participants with higher reputation exceeds the value of its tolerance. Moreover, in this paper, an individual's reputation can increase or decrease in a bounded interval based on its historical behaviors. We explore the principle that how the reputation tolerance and conditional investment mechanisms can affect the evolution of cooperation in spatial lattice networks. Our simulation results demonstrate that a larger tolerance value can achieve an environment that promote the cooperation of participants.

  19. Reputation-Based Investment Helps to Optimize Group Behaviors in Spatial Lattice Networks

    Science.gov (United States)

    Ding, Hong; Cao, Lin; Ren, Yizhi; Choo, Kim-Kwang Raymond; Shi, Benyun

    2016-01-01

    Encouraging cooperation among selfish individuals is crucial in many real-world systems, where individuals’ collective behaviors can be analyzed using evolutionary public goods game. Along this line, extensive studies have shown that reputation is an effective mechanism to investigate the evolution of cooperation. In most existing studies, participating individuals in a public goods game are assumed to contribute unconditionally into the public pool, or they can choose partners based on a common reputation standard (e.g., preferences or characters). However, to assign one reputation standard for all individuals is impractical in many real-world deployment. In this paper, we introduce a reputation tolerance mechanism that allows an individual to select its potential partners and decide whether or not to contribute an investment to the public pool based on its tolerance to other individuals’ reputation. Specifically, an individual takes part in a public goods game only if the number of participants with higher reputation exceeds the value of its tolerance. Moreover, in this paper, an individual’s reputation can increase or decrease in a bounded interval based on its historical behaviors. We explore the principle that how the reputation tolerance and conditional investment mechanisms can affect the evolution of cooperation in spatial lattice networks. Our simulation results demonstrate that a larger tolerance value can achieve an environment that promote the cooperation of participants. PMID:27611686

  20. THE EVALUATION SYSTEM OF DESIGN SOLUTIONS FOR RESIDENTIAL PROPERTY ON THE PRE-INVESTMENT STAGE THROUGH NEURAL NETWORK TECHNOLOGY

    Directory of Open Access Journals (Sweden)

    G. D. Kostsikava

    2016-01-01

    Full Text Available Ever since the Soviet Union design solutions were evaluated according to different criteria and indicators. At the present stage of evaluation systems of design solutions stands systemengineering doctrine is allocated. It is complemented by the theory of efficiency and financial sustainability investment project in view of the general market concept. Also great attention is paid to the virtual object modeling. It is urgent to include the behavior prediction of an investment construction project model at each stage of its life cycle. The high cost of all phases of this life cycle makes it necessary to calculate the feasibility of the investment. Very urgent to do it as accurately as possible and before we start of design works on the stage of the investment plan evaluation. Belarus has legislated pre-investment stage of construction project development. To evaluate the design solution at this stage is necessary to develop an investment justification, a project management plan and a business plan. They will evaluate and will compare several options for future objects by the complex. This requires not only time, but considerable financial costs. In order to optimize the process to develop an evaluation system design solutions based on existing projects. It allows the customer (investor choose design solutions to build the object without developing of pre-design documentations for several options. This system it is advisable to try out the example of apartment house building with the assistance of the national fund of project documentation and objects-analogues data bank. The developed evaluation system of design solutions for residential real estate objects in the pre-investment stage is supposed to use the theory of neural networks and neyroprogramming. This system bases on the input parameters projects. The hidden layer neurons are trained to choose suitable projects of apartment houses with their classification. The projects will be classified

  1. Modeling and Analysis in Support of Decision Making for Technological Investment

    Energy Technology Data Exchange (ETDEWEB)

    Lenhart, S

    2003-06-11

    Engineering design, resource allocation, military operations, and investment strategies share a major common trait, which is, to a large extent, independent of their different origins, specific features, and intended goals. The unifying trait is the fact that, in any of these endeavors, one has to make reasonable choices, at multiple levels of decision making, among various possible and sometimes competing prospective solutions to an important and consequential practical problem. While the specifics of the problem depend on application, context, additional constraints, etc., the ultimate--albeit imprecise--goal in all these activities is to ''optimize performance,'' which is to have maximal success/profit/return with minimal time/effort/investment. In general, the underlying system is ruled by complex and often unknown dynamics, and affected by various uncertainties, which are unknown as well; on the other hand, there are numerous levels of decision making, which result in a hierarchical structure in the decision process (tree) that is both asynchronous and non-deterministic. Usually, indifferent of the specific application, as one lowers the level of decision making, alternatives depend on fewer independent variables and models become more detailed and physics/engineering based. On the contrary, at higher levels, various components aggregate and decision making is based more on fuzzier criteria instead of readily quantifiable physics/engineering details. Moreover, decisions are strongly influenced by the educational and personal biases of the people who take them. In some instances, this may blur, if not totally obfuscate objective comparisons between various options. Therefore, a crucial point in decision-making is properly understanding and quantifying the tradeoffs, including all their future relevant consequences. Since the interaction between various choices is an intricate nonlinear process, the focus shifts from the dynamics itself to

  2. Optimal dividend control for a generalized risk model with investment incomes and debit interest

    CERN Document Server

    Zhu, Jinxia

    2011-01-01

    This paper investigates dividend optimization of an insurance corporation under a more realistic model which takes into consideration refinancing or capital injections. The model follows the compound Poisson framework with credit interest for positive reserve, and debit interest for negative reserve. Ruin occurs when the reserve drops below the critical value. The company controls the dividend pay-out dynamically with the objective to maximize the expected total discounted dividends until ruin. We show that that the optimal strategy is a band strategy and it is optimal to pay no dividends when the reserve is negative.

  3. Optimization of Nanostructuring Burnishing Technological Parameters by Taguchi Method

    Science.gov (United States)

    Kuznetsov, V. P.; Dmitriev, A. I.; Anisimova, G. S.; Semenova, Yu V.

    2016-04-01

    On the basis of application of Taguchi optimization method, an approach for researching influence of nanostructuring burnishing technological parameters, considering the surface layer microhardness criterion, is developed. Optimal values of burnishing force, feed and number of tool passes for hardened steel AISI 420 hardening treatment are defined.

  4. Optimal Investment with Multiple Risky Assets for an Insurer in an Incomplete Market

    Directory of Open Access Journals (Sweden)

    Hui Zhao

    2013-01-01

    expected utility of terminal wealth. After the market is completed, we obtain the optimal strategies for quadratic utility and constant absolute risk aversion (CARA utility explicitly via the martingale approach. Finally, computational results are presented for given raw market data.

  5. Energy optimization aspects by injection process technology

    Science.gov (United States)

    Tulbure, A.; Ciortea, M.; Hutanu, C.; Farcas, V.

    2016-08-01

    In the proposed paper, the authors examine the energy aspects related to the injection moulding process technology in the automotive industry. Theoretical considerations have been validated by experimental measurements on the manufacturing process, for two types of injections moulding machines, hydraulic and electric. Practical measurements have been taken with professional equipment separately on each technological operation: lamination, compression, injection and expansion. For results traceability, the following parameters were, whenever possible, maintained: cycle time, product weight and the relative time. The aim of the investigations was to carry out a professional energy audit with accurate losses identification. Base on technological diagram for each production cycle, at the end of this contribution, some measure to reduce the energy consumption were proposed.

  6. An optimal consumption and investment problem with quadratic utility and negative wealth constraints.

    Science.gov (United States)

    Roh, Kum-Hwan; Kim, Ji Yeoun; Shin, Yong Hyun

    2017-01-01

    In this paper, we investigate the optimal consumption and portfolio selection problem with negative wealth constraints for an economic agent who has a quadratic utility function of consumption and receives a constant labor income. Due to the property of the quadratic utility function, we separate our problem into two cases and derive the closed-form solutions for each case. We also illustrate some numerical implications of the optimal consumption and portfolio.

  7. Case study: technology initiative led to advanced lead optimization screening processes at Bristol-Myers Squibb, 2004-2009.

    Science.gov (United States)

    Zhang, Litao; Cvijic, Mary Ellen; Lippy, Jonathan; Myslik, James; Brenner, Stephen L; Binnie, Alastair; Houston, John G

    2012-07-01

    In this paper, we review the key solutions that enabled evolution of the lead optimization screening support process at Bristol-Myers Squibb (BMS) between 2004 and 2009. During this time, technology infrastructure investment and scientific expertise integration laid the foundations to build and tailor lead optimization screening support models across all therapeutic groups at BMS. Together, harnessing advanced screening technology platforms and expanding panel screening strategy led to a paradigm shift at BMS in supporting lead optimization screening capability. Parallel SAR and structure liability relationship (SLR) screening approaches were first and broadly introduced to empower more-rapid and -informed decisions about chemical synthesis strategy and to broaden options for identifying high-quality drug candidates during lead optimization.

  8. Optimization of transport network in the Basin of Yangtze River with minimization of environmental emission and transport/investment costs

    Directory of Open Access Journals (Sweden)

    Haiping Shi

    2016-08-01

    Full Text Available The capacity of the ship-lock at the Three Gorges Dam has become bottleneck of waterway transport and caused serious congestion. In this article, a continual network design model is established to solve the problem with minimizing the transport cost and environmental emission as well as infrastructure construction cost. In this bi-level model, the upper model gives the schemes of ship-lock expansion or construction of pass-dam highway. The lower model assigns the containers in the multi-mode network and calculates the transport cost, environmental emission, and construction investment. The solution algorithm to the model is proposed. In the numerical study, scenario analyses are done to evaluate the schemes and determine the optimal one in the context of different traffic demands. The result shows that expanding the ship-lock is better than constructing pass-dam highway.

  9. Impact of Investment in Information Technology on Financial Performance of Nigerian Banks: Is There a Productivity Paradox?

    Directory of Open Access Journals (Sweden)

    BILKISU KABIRU USMAN FAROUK

    2015-04-01

    Full Text Available This research investigates the impact of investment in Information Technology (IT on the financial performance of banks in Nigeria. The study covers post-Banking (2006-2010 consolidation period of 5 years. The population of the study comprises of all the 24 banks, and a random sampling of 10 banks was made. The study employs secondary data generated from annual reports and accounts of the banks, records maintained by the Nigerian Stock Exchange (NSE and Central Bank of Nigeria (CBN reports. The data obtained were analyzed using the panel data regression model where investment in IT (hardware, software and Automated Teller Machine [ATM], total earnings (TR and total cost (TC of the 10 sampled banks were used as the independent variables while financial performance is the dependent variable, proxied by return on assets (ROA, return on equity (ROE, net profit margin (NPM and earnings per share (EPS. Four hypotheses were developed and tested in line with the proxies to the dependent variables. The result from the panel regression revealed that there is a significant relationship between the independent variables and the dependent variables, but the test revealed that the impact of IT investment on the financial performance of Nigeria banks is significant for ROA, ROE and EPS at 5% significance level but not significant for NPM at 5% and 10% significance level. The effect of TR is positive and that of TC is negative on all the four financial performance measures, but the effect of IT investment on all the four financial performance variables is negative, which is not an expected sign. This means that an increase on IT spending leads to a decrease in the financial performance of Nigerian banks, that is to say heavy IT investment does not increase banks profitability, hence there is existence of IT productivity paradox in the Nigeria banking industry.

  10. Projection of the Russian economic development in the framework of the optimal control model by investments in fixed assets

    Directory of Open Access Journals (Sweden)

    Alexander Mikhajlovich Tarasyev

    2014-09-01

    Full Text Available In this paper, we develop an economic growth model taking into account two factors of production: fixed capital and labor force, to study the dynamics of GDP growth. The dependence of the output of these factors is described by a production function of the exponential type. Within the framework of the optimal control theory, the optimization problem for investment levels is being solved to maximize the integral index of consumption. We study the qualitative properties of optimal trajectories as solutions of the Hamiltonian systems arising in Pontryagin’s maximum principle. The sensitivity analysis of the equilibrium solutions of the economic system is implemented with respect to the elasticity coefficients of the production function, the depreciation rate of the capital, and the discount factor, and growth trends are indicated. The econometric analysis of the model parameters is provided basing on real data for the Russian economy. In accordance with the results of the regression analysis, the projection of economic development is constructed in conditions of the applicability of the economic growth model.

  11. Investment and technology upgrade of milk powder producers: A comparative study of Chinese and Dutch firms

    OpenAIRE

    Zhou, Peng; Li, Dai

    2016-01-01

    The purpose of this paper is to analyse the feasibility of investing in a new milk powder factory, based on a case study of leading domestic producers in China and Netherlands. A key issue is the cost of the project, but a high cost does not mean it is not economically feasible, nor does a low cost guarantee the investment. Instead, systematic indicators should be used to associate the cost with profitability, returns to assets and corporate strategy. Limitations: It is worth noting that the ...

  12. Historical Analysis of Investment in Solar Energy Technologies (2000-2007)

    Energy Technology Data Exchange (ETDEWEB)

    Jennings, C. E.; Margolis, R. M.; Bartlett, J. E.

    2008-12-01

    The solar energy industry experienced unprecedented growth in the eight years from 2000 to 2007, with explosive growth occurring in the latter half of this period. From 2004 to 2007, global private sector investment in solar energy increased by almost twenty-fold, marking a dramatic increase in the short span of four years. This paper examines the timing, magnitude, focus and location of various forms of investment in the solar energy sector. It analyzes their trends to provide an understanding of the growth of the solar industry during the past eight years and to identify emerging themes in this rapidly evolving industry.

  13. How to Improve Academic Optimism? an Inquiry from the Perspective of School Resource and Investment

    Science.gov (United States)

    Wu, Jason Hsinchieh; Sheu, Tian-Ming

    2015-01-01

    Previous studies have identified many school variables which can have significant effect on academic optimism. However, most of these identified variables are leadership or psychological constructs; thus, it is often too abstract for school administrators to translate into real practice. Therefore, this study adopted the perspective of school…

  14. How to Improve Academic Optimism? an Inquiry from the Perspective of School Resource and Investment

    Science.gov (United States)

    Wu, Jason Hsinchieh; Sheu, Tian-Ming

    2015-01-01

    Previous studies have identified many school variables which can have significant effect on academic optimism. However, most of these identified variables are leadership or psychological constructs; thus, it is often too abstract for school administrators to translate into real practice. Therefore, this study adopted the perspective of school…

  15. Optimal Dynamic Investment Policy under Different Rates for Tax Depreciation and Economic Depreciation

    NARCIS (Netherlands)

    Wielhouwer, J.L.; De Waegenaere, A.M.B.; Kort, P.M.

    1999-01-01

    This paper analyzes the consequences of incorporating a different rate for tax depreciation than for economic depreciation. Firms most often choose their tax depreciation rate in a strategic way. It would therefore be a coincidence if this optimization process leads to a tax depreciation rate that e

  16. A research proposal for investigating the effect of foreign direct investments on technology transfer in the Arabian Gulf (GCC)

    Science.gov (United States)

    Tahat, Kaher; Whelan, Susan

    2015-02-01

    In terms of hosting countries perspectives, Foreign Direct Investments (FDI) could have a positive effect on its developing economy, by transferring, both: resources of finance in addition to the international technology (ITT) (Choi, 1997). Multinational companies (MNC) are engaging in the transferring of the new technology, internally as well as licensing older one; they create "Spillover" (Knowledge) for facilitating the transfer of ITT in line with geographical location, period of investment, and the type of industry. Furthermore, the effect of these spillovers depends on the level of transferring this knowledge based on FDI attraction policies of the host country (Huang, 2009). Considering the Arabian Gulf council countries (GCC) as "FDI- rich hosting countries", who are not seeking for financial resources, i.e., they already have a huge financial capacity for funding their different projects, even though FDI has been powerfully presented in GCC . They saw noticeable increases in FDI inflows beginning in 2002, (www.unctad.org.fdistatistics). Therefore by assumption, FDI inflows to GCC could positively affect their economic growth through transferring the advanced technology, in order to build up their level of technology (productivity growth) as well as their economic diversification strategy. If so how this Knowledge could be diffused and measured in order to maximize its benefit and enhancing the productivity growth, and what is the current status of (GCC).

  17. Maximizing the return on investments in information technology by incorporating best practices.

    Science.gov (United States)

    Younger, Claude

    2004-01-01

    Most system administrators know what needs to be done to make their systems secure and manageable but these needs are tough to sell to upper management in a tight economy. However, system administrators using industry accepted best practices can calculate a return on investment for budgeting purposes, justifying expenses by comparing them with expected costs if such practices are not in place.

  18. The Land-Potential Knowledge System (LandPKS): mobile apps and collaboration for optimizing climate change investments

    Science.gov (United States)

    Massive investments in climate change mitigation and adaptation are projected during coming decades. Many of these investments will seek to modify how land is managed. The return on both types of investments can be increased through an understanding of land potential: the potential of the land to s...

  19. 优化设计与工程建设投资关系研究%Research on the Investment Relationship of Optimization Design and Project Construction

    Institute of Scientific and Technical Information of China (English)

    刘盛勇

    2014-01-01

    Optimization design has significant meaning to the investment of electric system ’s project construction. This article analyzes the direct influence of optimization design on construction investment, the indirect influence of design quality and the influence of regular expenses. Considering difficulties in practice for optimization design, it proposes several suggestions on optimization design base on sufficient investigation.%优化设计对于电力系统工程建设投资具有重要意义。分析优化设计对建设投资的直接影响、对设计质量的间接影响和对经常性费用的影响,在充分调研的基础上,针对优化设计运作难的情况,提出搞好优化设计的几点建议。

  20. Residential Customer Enrollment in Time-based Rate and Enabling Technology Programs: Smart Grid Investment Grant Consumer Behavior Study Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Todd, Annika [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Cappers, Peter [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Goldman, Charles [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2013-05-01

    The U.S. Department of Energy’s (DOE’s) Smart Grid Investment Grant (SGIG) program is working with a subset of the 99 SGIG projects undertaking Consumer Behavior Studies (CBS), which examine the response of mass market consumers (i.e., residential and small commercial customers) to time-varying electricity prices (referred to herein as time-based rate programs) in conjunction with the deployment of advanced metering infrastructure (AMI) and associated technologies. The effort presents an opportunity to advance the electric industry’s understanding of consumer behavior.

  1. The Risk Criteria for Discriminating Technology Innovation Investment Decision Errors of High-tech Enterprises%判别高新技术企业技术创新投资决策错误的风险准则

    Institute of Scientific and Technical Information of China (English)

    边云岗; 郭开仲

    2014-01-01

    The technological innovation of high-tech enterprises is a high-risk activity. High-risk means the probability of obtaining high risk gain or suffering large risk loss. Therefore, the correct decision on technological innovation investment is help-ful to maximize the investment income. Through an analysis of the law on technological innovation investment risk-benefit, it is found that an optimal degree of risk and a critical degree of risk exist in the technological innovation investment objectives. For rational decision makers, a risk tolerance interval including the optimal degree of risk should be determined, based on the enterprise's own risk tolerance and business strategy, as a the risk criteria for discriminating technology innovation investment decision errors, and an error function should be created to measure the degree of the investment decision error based on the error-eliminating theory in order to take appropriate remedial measures. Finally, a wrong decision example is analyzed to illustrate the risk criteria is scientific and rational.%高新技术企业的技术创新是一种高风险活动,高风险意味着面临获得高风险收益或遭受高风险损失的可能。因此,正确的技术创新投资决策有利于实现收益的最大化。通过对企业技术创新投资风险收益规律的分析发现,企业技术创新投资客观上存在最佳风险度和临界风险度,认为对于理性的技术创新投资决策者而言,应根据企业自身的风险承担能力和经营战略,确定包括最佳风险度在内的风险容忍区间,作为判别技术创新投资决策错误的风险准则,并通过消错理论中的错误函数度量投资决策错误的程度,以便采取相应的补救措施。最后通过错误投资决策的实例分析,说明了该风险准则的科学性和合理性。

  2. Credit Rating via Dynamic Slack-Based Measure And It´s Optimal Investment Strategy

    Directory of Open Access Journals (Sweden)

    A. Delavarkhalafi

    2015-01-01

    Full Text Available In this paper we check the credit rating of firms applied for a loan. In this regard we introduce a model, named Dynamic Slack-Based Measure (DSBM for measuring credit rating of applicant companies. Selection of financial ratios that represent the financial state of a company -in the best possible way- is one of the most challenging parts of any credit rating analysis. At first, ranking needs to identify the appropriate variables. Therefore we introduce five financial variables to provide a ranking. As noted above, we assess the performance of these firms. Then we introduce the dynamic model of SBM and theorems, also we discuss the overall structure of DSBM. Then we will present the implementation and the simulation model. After that, we propose a stochastic controlled dynamic system model to express the optimal strategy. Banks expect companies selected with DSBM model, act in accordance with this strategy. This stochastic dynamic system is originated from the balance sheets of firms applying for a loan. Finally we evaluate the performance of the system and strategy problem.

  3. Guidelines for the assessment and optimization of turboexpansion technologies

    Energy Technology Data Exchange (ETDEWEB)

    Albrecht, Philipp; Mastandrea, Martin [TECNA Estudios y Proyectos de Ingenieria S.A. (Argentina)

    2004-07-01

    The operating performance of a turbo expansion process depends on several factors among which we find: pressure, temperature and feed stream composition, expected recovery, pressure required for residual gas and products' specifications. The evolution of markets has set the development of several technologies; it is therefore complex, and rather impossible, to establish which of those technologies represents the most suitable choice for certain conditions by simply inspecting the above-mentioned factors. Guidelines for the assessment and optimization of available technologies are presented in this work. Also, relevant matters to be taken into account in the development of different units of a turbo expansion plant are mentioned. (author)

  4. Real Options Analysis of Electricity Investments

    Energy Technology Data Exchange (ETDEWEB)

    Heggedal, Ane Marte

    2012-07-01

    This thesis utilizes real options analysis for evaluating investment opportunities in the electricity sector. It also formally tests how investors in hydropower plants have included uncertainty when considering their investment opportunities. The real options method applies financial options theory to quantify the value of management flexibility and is chosen due to three important characteristics of investments in the electricity sector. First; the investment is completely or partially irreversible, second; the investor can choose when to invest in the facility, and third; there is uncertainty in several factors affecting the cash flows of the investments. Factors of uncertainty include the development of electricity prices, policies, technological advances, and macroeconomics measures.Four papers are included in this thesis. Paper 1, Upgrading hydropower plants with storage: Timing and capacity choice, presents a valuation framework for deciding when to upgrade an existing hydropower plant and which capacity to choose. The second paper, Transmission capacity between Norway and Germany: A real options analysis, sheds light on when two electricity markets, in this case Norway and Germany, should be connected through a sub sea cable. The investor can choose when to invest and the capacity of the cable, and may also choose to invest sequentially. Paper 3, Optimal timing and capacity choice for pumped hydropower storage, investigates when investment in a pumped hydropower plant with storage should be undertaken and what the capacity of the facility should be. Whereas the three first papers investigate investment opportunities, Paper 4, Uncertain climate policy decisions and investment timing: Evidence from small hydropower plants, studies when investors in small hydropower plants chose to invest. The analyses disclose whether the net present value approach or the real options method best describe the investment decisions made by the investors. Viewing investment

  5. The missing technology: an international comparison of human capital investment in healthcare.

    Science.gov (United States)

    Frogner, Bianca K

    2010-01-01

    This article explores human capital investment to understand cross-sectional variation and differences in growth of health spending among the US, Australia and Canada. Using a human capital model developed by Mincer, the article examines how rate of return to schooling and years of schooling impact wage rate levels in healthcare. The model is extended to approximate the probable trajectory of healthcare wage rate growth and thus the impact on health spending. The results suggest that a higher rate of return to schooling and a more educated healthcare workforce in the US may contribute to higher healthcare wage rates and thus contribute to higher health spending levels than in Canada and Australia. The results also suggest that average healthcare wage rates are growing at the rate of potential GDP; healthcare wage rates are not driving the growth of health spending.

  6. Optimal deployment of emissions reduction technologies for construction equipment.

    Science.gov (United States)

    Bari, Muhammad Ehsanul; Zietsman, Josias; Quadrifoglio, Luca; Farzaneh, Mohamadreza

    2011-06-01

    The objective of this research was to develop a multiobjective optimization model to deploy emissions reduction technologies for nonroad construction equipment to reduce emissions in a cost-effective and optimal manner. Given a fleet of construction equipment emitting different pollutants in the nonattainment (NA) and near -nonattainment (NNA) counties of a state and a set of emissions reduction technologies available for installation on equipment to control pollution/emissions, the model assists in determining the mix of technologies to be deployed so that maximum emissions reduction and fuel savings are achieved within a given budget. Three technologies considered for emissions reduction were designated as X, Y, and Z to keep the model formulation general so that it can be applied for any other set of technologies. Two alternative methods of deploying these technologies on a fleet of equipment were investigated with the methods differing in the technology deployment preference in the NA and NNA counties. The model having a weighted objective function containing emissions reduction benefits and fuel-saving benefits was programmed with C++ and ILOG-CPLEX. For demonstration purposes, the model was applied for a selected construction equipment fleet owned by the Texas Department of Transportation, located in NA and NNA counties of Texas, assuming the three emissions reduction technologies X, Y, and Z to represent, respectively, hydrogen enrichment, selective catalytic reduction, and fuel additive technologies. Model solutions were obtained for varying budget amounts to test the sensitivity of emissions reductions and fuel-savings benefits with increasing the budget. Different mixes of technologies producing maximum oxides of nitrogen (NO(x)) reductions and total combined benefits (emissions reductions plus fuel savings) were indicated at different budget ranges. The initial steep portion of the plots for NO(x) reductions and total combined benefits against budgets

  7. Design and optimization of BCCD in CMOS technology

    Science.gov (United States)

    Gao, Jing; Li, Yi; Gao, Zhi-yuan; Luo, Tao

    2016-09-01

    This paper optimizes the buried channel charge-coupled device (BCCD) structure fabricated by complementary metal oxide semiconductor (CMOS) technology. The optimized BCCD has advantages of low noise, high integration and high image quality. The charge transfer process shows that interface traps, weak fringing fields and potential well between adjacent gates all cause the decrease of charge transfer efficiency ( CTE). CTE and well capacity are simulated with different operating voltages and gap sizes. CTE can achieve 99.999% and the well capacity reaches up to 25 000 electrons for the gap size of 130 nm and the maximum operating voltage of 3 V.

  8. SNAP-tag technology optimized for use in Entamoeba histolytica.

    Directory of Open Access Journals (Sweden)

    Adam Sateriale

    Full Text Available Entamoeba histolytica is a protozoan parasite responsible for invasive intestinal and extraintestinal amebiasis. The pathology of amebiasis is still poorly understood, which can be largely attributed to lack of molecular tools. Here we present the optimization of SNAP-tag technology via codon optimization specific for E. histolytica. The resultant SNAP protein is highly expressed in amebic trophozoites, and shows proper localization when tagged with an endoplasmic reticulum retention signal. We further demonstrate the capabilities of this system using super resolution microscopy, done for the first time in E. histolytica.

  9. How to manage future groundwater resource of China under climate change and urbanization: An optimal stage investment design from modern portfolio theory.

    Science.gov (United States)

    Hua, Shanshan; Liang, Jie; Zeng, Guangming; Xu, Min; Zhang, Chang; Yuan, Yujie; Li, Xiaodong; Li, Ping; Liu, Jiayu; Huang, Lu

    2015-11-15

    Groundwater management in China has been facing challenges from both climate change and urbanization and is considered as a national priority nowadays. However, unprecedented uncertainty exists in future scenarios making it difficult to formulate management planning paradigms. In this paper, we apply modern portfolio theory (MPT) to formulate an optimal stage investment of groundwater contamination remediation in China. This approach generates optimal weights of investment to each stage of the groundwater management and helps maximize expected return while minimizing overall risk in the future. We find that the efficient frontier of investment displays an upward-sloping shape in risk-return space. The expected value of groundwater vulnerability index increases from 0.6118 to 0.6230 following with the risk of uncertainty increased from 0.0118 to 0.0297. If management investment is constrained not to exceed certain total cost until 2050 year, the efficient frontier could help decision makers make the most appropriate choice on the trade-off between risk and return. Copyright © 2015 Elsevier Ltd. All rights reserved.

  10. Shared Investment by NIS and National Labs Develops Cutting-Edge Safeguards Technologies

    Energy Technology Data Exchange (ETDEWEB)

    Anheier, Norman C.; Williams, Laura S.

    2012-04-01

    This article, regarding a new technology for detecting undeclared enrichment at gas centrifuge enrichment plants, was written for the DOE/NNSA NA-24 Highlights, a newsletter intended for public release.

  11. Optimal welding technology of high strength steel S690QL

    Directory of Open Access Journals (Sweden)

    Dusan Arsic

    2015-02-01

    Full Text Available In this paper is presented the detailed procedure for defining the optimal technology for welding the structures made of the high strength steel S690QL. That steel belongs into a group of steels with exceptional mechanical properties. The most prominent properties are the high tensile strength and impact toughness, at room and at elevated temperatures, as well. However, this steel has a negative characteristic - proneness to appearance of cold cracks.  That impedes welding and makes as an imperative to study different aspects of this steel's properties as well as those of eventual filler metal. Selection and defining of the optimal welding technology of this high strength steel is done for the purpose of preserving the favorable mechanical properties once the welded joint is realized; properties of the welded metal and the melting zone, as well as in the heat affected zone, which is the most critical zone of the welded joint.

  12. Critical external factors behind hotels' investments in innovation and technology in emerging urban destinations

    OpenAIRE

    Pulido Fernández, Juan Ignacio; Sáez Cala, Antonia; Figueroa Domecq, Cristina

    2011-01-01

    The decision-making processes of tourism firms are being conditioned by the profound transformations taking place in both client demand and destination dynamics. This new scenario requires an increased level of information, innovation and technology if tourism firms are to remain competitive. In particular, information and communication technologies (ICTs) can provide competitive advantages by improving a firm’s knowledge of its own internal structures and of the milieu i...

  13. OPTIMIZING OUTCOME IN THE UNIVERSITY-INDUSTRY TECHNOLOGY TRANSFER PROJECTS

    Directory of Open Access Journals (Sweden)

    Hamed ALAVI

    2016-04-01

    Full Text Available Transferring inventions of academic scientists to private enterprises for the purpose of commercialization is long known as University-Industry (firm Technology Transfer While the importance of this phenomenon is simultaneously raising in public and private sector, only a part of patented academic inventions succeed in passing the process of commercialization. Despite the fact that formal Technology Transfer process and licencing of patented innovations to third party is the main legal tool for safeguarding rights of academic inventors in commercialization of their inventions, it is not sufficient for transmitting tacit knowledge which is necessary in exploitation of transferred technology. Existence of reciprocal and complementary relations between formal and informal technology transfer process has resulted in formation of different models for university-industry organizational collaboration or even integration where licensee firms keep contact with academic inventors after gaining legal right for commercialization of their patented invention. Current paper argues that despite necessity for patents to legally pass the right of commercialization of an invention, they are not sufficient for complete knowledge transmission in the process of technology transfer. Lack of efficiency of formal mechanism to end the Technology Transfer loop makes an opportunity to create innovative interpersonal and organizational connections among patentee and licensee company. With emphasize on need for further elaboration of informal mechanisms as critical and underappreciated aspect of technology transfer process, article will try to answer the questions of how to optimize knowledge transmission process in the framework of University-Industry Technology Transfer Projects? What is the theoretical basis for university-industry technology transfer process? What are organization collaborative models which can enhance overall performance by improving transmission of

  14. Optimization of Processing Technology of Compound Dandelion Wine

    OpenAIRE

    Wu Jixuan; Sun Guangren; Cao Xiuli; Han Yuting; Sun Xuesong; Zhang Huan; Zhang Lei; Dang Ataer

    2016-01-01

    Exploring dandelion food has been the concern in fields of the food processing and pharmaceutical industry for playing exact curative effect on high-fat-diet induced hepatic steatosis and diuretic activity. Few dandelion foods including drinks and microencapsulation were explored and unilateral dandelion wine were less carried out for its bitter flavour. In tis paper, to optimize the processing technologies of fermented compound wine from dandelion root, the orthogonal experiment design metho...

  15. Investments in Fossil Energy Technology: How the Government's Fossil Energy R&D Program Has Made a Difference

    Science.gov (United States)

    1997-03-01

    America has the technological capacity to change its energy future. There is no reason, for example, why our nation must continue following a path of rising oil imports when billions of barrels of crude oil remain in domestic oil fields. There is no reason why we cannot continue to use our abundant supplies of high-value, low-cost coal when we have the scientific know-how to remove virtually all of its pollutants and reduce greenhouse gas emissions. There is no reason why we cannot turn increasingly to clean-burning natural gas and tap the huge supplies we know exist within our borders. We remain a nation rich in the fuels that have powered economic growth. Today 85 percent of the energy we use to heat our homes and businesses, generate our electricity, and fuel our vehicles comes from coal, petroleum and natural gas. As we move toward a new century, the contributions of these fuels will grow. By 2015, the United States is likely to require nearly 20 percent more energy than it uses today, and fossil fuels are projected to supply almost 88 percent of the energy Americans will consume. We have the scientific know-how to continue using our fossil fuel wealth without fear of environmental damage or skyrocketing costs. The key is technology - developing cutting edge concepts that are beyond the private sector's current capabilities. Some of the most important innovations in America's energy industry are the results of investments in the Federal government's fossil energy research and development programs. Today, our air and water are cleaner, our economy is stronger, and our industries are more competitive in the global market because these programs have produced results. This booklet summarizes many of these achievements. It is not a comprehensive list by any means. Still, it provides solid evidence that the taxpayers' investment in government fossil energy research has paid real and measurable dividends.

  16. CONDITIONS OF INVESTMENT DECISION-MAKING IN AREA OF RFID TECHNOLOGY

    Directory of Open Access Journals (Sweden)

    Marzena Jankowska-Mihułowicz

    2014-07-01

    Full Text Available The application of the electronic product code (EPC in an enterprise may turn out to be one of the choices in the future. The subject of this article is an analysis preceding decisive conditions in an investment process of its implementation. These reflections are preceded by the research in Polish enterprises, aiming at an estimation of the possibility of the RFID (Radio Frequency IDentification transponder commercialisation (market potential being consistent with the EPC requirements. Conducting such research in the future will lead to a decrease in the decision gap among managers within the scope of the possibility of implementing the innovative solution described, as well as the anticipated business results.  Methods of analysis and synthesis have been applied, within the theory of decision-making and telecommunications. An interdisciplinary approach to the issue in question constitutes the added value of this article.  The conclusion comprises a synthesis of the article contents—crucial decisive areas that require monitoring and simultaneous estimation (now and in the future regarding implementation of the electronic product code in an organization. In general, these areas are macro environment, competitive environment, strategic potential of an organization, and managers’ decisiveness.

  17. China’s Outward Foreign Direct Investment:The Role of Natural Resources and Technology

    Institute of Scientific and Technical Information of China (English)

    PAN; WANG; ZHIHONG; YU

    2014-01-01

    Using the data of China’s OFDI in more than 150 host countries or regions for the period of 1991-2009, in this paper we examine the underlying motivations and locational determinants of China’s OFDI, with a focus on the role of natural resources and technology. Our findings indicate that the host country’s natural resource abundance, interacted with its institutional quality, is a crucial determinant of China’s OFDI. There is strong evidence that in the recent period of 2003-2009, the host country’s overall natural resource abundance, oil abundance and metal abundance had a sizable positive effect on China’s OFDI. In particular, China’s OFDI was driven to resource-abundant countries with poor institutional quality and governance, and this pattern was strongest for oil but not metal resources. However, we find little evidence supporting the resourceseeking motivation in the pre-2003 period. Furthermore, we find strong evidence for the technology-exploiting motivation but not for the technology-seeking hypothesis. We show that, when the host is a lowincome country, China’s OFDI increases if the host country’s technology is more backward, indicating that Chinese investors might be taking advantage of their technology gap relative to the local firms.

  18. 通胀环境下对冲基金最优投资策略%The optimal investment strategies of hedge funds under inflation

    Institute of Scientific and Technical Information of China (English)

    方和远; 费为银; 芮亚运

    2015-01-01

    研究了使对冲基金管理者和投资者收益最大化的对冲基金最优投资模型,考虑了通胀因素对其投资收益的影响。首先,定义投资者和管理者的价值函数,刻画基金管理者的最优投资问题。其次,通过随机分析和动态规划的方法得出管理者在考虑通胀情形下最优投资杠杆。最后,对结果进行数值分析,并解释其经济意义。%This paper studies a model of optimal investment strategy of hedge funds which maximizes both man-agers and investors'income.In the model,the influence of inflation was considered.After defining the value func-tion of manager and investor,the model characterizes the manager's optimal investment problem.Then,the opti-mal investment leverage under inflation is deduced through the stochastic calculus and the stochastic dynamic programming method.Finally,the results and its economic meaning are analysed.

  19. Influenza Vaccine: Federal Investments in Alternative Technologies and Challenges to Development and Licensure

    Science.gov (United States)

    2011-06-01

    late 1990s and early 2000s, detection of the H5N1 avian influenza (also known as “bird flu”) virus in animals raised concerns among experts that it or...of infection by, for example, the H5N1 avian influenza virus (also known as “bird flu”). Alternative technologies that can be used in producing...genes. Recombinant technology is currently used in U.S.-marketed vaccines against other diseases, such as hepatitis B and the human papillomavirus

  20. Foreign Direct Investment and Technology Spillovers:Evidence from China’s manufacturing industry

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    <正>FDI will cause technological advance in host industry by its spillover effects.The approaches of technology spillover include horizontal spillover and vertical spillover.Most scholars do research on the two kinds of spillover effects separately. Therefore,by using panel data and Malquist index of China’s manufactuting industry, this paper analyses the two spillover effects of FDI on China’s manufacturing industry in one frame in order to test scientifically the spillover effects of FDI on China’s manufacturing industry.

  1. 基于DEA模型的最优基金投资策略研究%Research on optimal fund investment strategy based on DEA model

    Institute of Scientific and Technical Information of China (English)

    虞芳; 鲍远娟; 陶超; 朱家明

    2016-01-01

    为慈善基金提出了最优投资策略,定义了投资回报率的度量,投资回报率分别由主成分分析以及数据包络分析模型测量得到,并根据投资回报率选择了10个最优投资的大学。根据马克维茨投资组合理论确定高校投资额,用目标院校近5年投资回报率的平均值和标准差构建了投资组合模型,资金分配的具体比例能唯一确定。根据规模报酬估计投资时间,帮助慈善基金实现利益最大化。%Proposes an optimal investment strategy for charity fund,which mainly includes three parts.First,define a measurement of rate on investment(ROI),the two factors in ROI are measured with principal component analysis (PCA)and data envelopment analysis(DEA)model,respectively.The ten optimal investment universities are selected according to ROI.Second,the investment volume of selected ten universities is determined by Markowitz portfolio theory.Construct the portfolio model with the mean and the standard deviation of ROI during recent 5 years. According to Markowitz portfolio model,the concrete proportion of fund allocation is determined uniquely.Finally, proposes a strategy of estimating the investment time duration based on scale reward to help maximize the fund benefit.

  2. OPTIMAL INVESTMENT CONSUMPTION MODEL WITH A HIGHER INTEREST RATE FOR BORROWING%高贷款利率的最优消费投资模型

    Institute of Scientific and Technical Information of China (English)

    费为银; 吴让泉

    2000-01-01

    This paper considers a consumption and investment decision problem with a higher in terest rate for borrowing as well as the dividend rate. Wealth is divided into a riskless asset and risky asset with logrithmic Brownian motion price fluctuations. The stochastic control problem of maximizating expected utility from terminal wealth and consumption is studied. Equivalent conditions for optimality are obtained. By using duality methods ,the existence of optimal portfolio consumption is proved ,and the explicit solutions leading to feedback formulae are derived for deteministic coefficients.

  3. 跳跃扩散市场的最优保险投资决策%Optimal investment decision for insurer in a jump-diffusion market

    Institute of Scientific and Technical Information of China (English)

    郭文旌; 赵成国; 袁建辉

    2011-01-01

    假定保险公司的盈余为Crámer-Lumdberg过程,保险公司的投资市场是由一个无风险债券和n个风险证券构成的资本市场.风险证券的价格服从带跳的扩散过程.在均值-方差准则下通过最优控制原理来研究保险公司的最优投资策略选择问题.得到了最优投资策略和有效边界的显式表达式.与在最大化最终财富期望效用准则下得到的最优投资策略不同,所得到的最优策略依赖保险索赔过程的所有因素.最后分析了最优投资策略随保险索赔过程各个因素变化的动态性质.%Assume that the surplus of an insurer follows the compound Poisson risk process and the insurer would invest its surplus in a financial market, which consists of one risk-free bond and n risky assets, whose prices follow an n-dimensional jump-diffusion process. The optimal investment strategy under the meanvariance principle for the insurer is studied by the stochastic control approach. The closed and explicit formulas for the optimal investment strategy and the efficient frontier are derived. Unlike optimal strategies derived under other criteria such as maximizing the expected exponential utility function of an insurer's terminal wealth, the optimal investment strategy derived in this paper depends on all model parameters for an insurer. Moreover, the effects of the model parameters on the optimal investment strategy and some dynamic properties of the efficient frontier are analyzed.

  4. Achieving ’Appropriate’ Levels of Investment in Technological Change: What Have We Learned,

    Science.gov (United States)

    1977-11-01

    impact of various mechanisms the government might use to stimulate civilian R&D spending and the more rapid diffusion of technological innova - tion. The...Review of Economics and Business, Spring 1977, pp. 7-29; and Richard R.Nelson and Sidney G. Winter, "In Search of a Useful Theory of Innova - tion...that has characterized much of economists’ previous thinking about innova - tion--the distinction between resource allocation decisions involving

  5. Energy Technology Investments: Maximizing Efficiency Through a Maritime Energy Portfolio Interface and Decision Aid

    Science.gov (United States)

    2012-02-09

    Schneck is a certified Lean Six Sigma Black Belt and a graduate of the Georgia Institute of Technology with Highest Honors and a degree in Industrial...Portfolio Interface and Decision Aid Kathleen Schneck Herren Associates Senior Engineering Consultant Lean Six Sigma Black Belt Glen Sturtevant...Navy a tvos - FYI6 Fundl09 (V1) _n_ . ... _lv_ ... ___ l ~ I ~ I 2010 I 2Qll I 20u r\\Mdio,g ($1𔃻) Belt • (SM) -~1ilestones and Decision Points

  6. Heat savings and heat generation technologies: Modelling of residential investment behaviour with local health costs

    DEFF Research Database (Denmark)

    Zvingilaite, Erika; Klinge Jacobsen, Henrik

    2015-01-01

    their primary heating source with secondary heating e.g. a woodstove. This choice results in increased indoor air pollution with fine particles causing health effects. We integrate health cost due to use of woodstoves into household optimisation of heating expenditures. The results show that due...... for private consumers decrease by 66% when all have the option to shift to the technology with lowest variable costs. © 2014 Elsevier Ltd. All Rights reserved...

  7. 预期更新技术出现时新技术采用中经营成本对投资策略的影响%IMPACT OF OPERATING COSTS ON INVESTMENT STRATEGIES IN NEW TECHNOLOGY ADOPTION WITH A FURTHER NEW TECHNOLOGY ANTICIPATED

    Institute of Scientific and Technical Information of China (English)

    殷宝健; 胡适耕; 雷冬霞

    2006-01-01

    The adoption of new technologies often represents acrucial component of firms' investment decisions.This paper studies a dynamic duopoly model in which two firms compete in adoption of current technology with afurther new technology anticipated.Here it is assumed that the operating costs are not zero which has more explanatory power of the real world.There exist three kinds of equilibria that may occur in adoption of current technology,which mainly depends on the level of operating costs and the first-move advantage.It shows that the faster technological substitution or innovation encourages the leader to invest earlier while induces the follower to invest later.Furthermore,like the investment costs,with the increase of operating costs the follower tends to invest later while the leader tends to invest earlier,the investment thresholds are more sensitive to the change of operating costs than that of investment costs.

  8. 32 CFR Appendix A to Part 37 - What Is the Civil-Military Integration Policy That Is the Basis for Technology Investment...

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 1 2010-07-01 2010-07-01 false What Is the Civil-Military Integration Policy That Is the Basis for Technology Investment Agreements? A Appendix A to Part 37 National Defense Department of Defense OFFICE OF THE SECRETARY OF DEFENSE DoD GRANT AND AGREEMENT REGULATIONS...

  9. HIMSS Venture+ Forum and HX360 Provide Industry View of Health Technology Innovation, Startup and Investment Activity; Advancing the New Model of Care.

    Science.gov (United States)

    Burde, Howard A; Scarfo, Richard

    2015-01-01

    Presented by HIMSS, the Venture+ Forum program and pitch competition provides a 360-degree view on health technology investing and today's top innovative companies. It features exciting 3-minute pitch presentations from emerging and growth-stage companies, investor panels and a networking reception. Recent Venture+ Forum winners include TowerView Health, Prima-Temp, ActuaiMeds and M3 Clinician. As an industry catalyst for health IT innovation and business-building resource for growing companies and emerging technology solutions, HIMSS has co-developed with A VIA, a new initiative that addresses how emerging technologies, health system business model changes and investment will transform the delivery of care. HX360 engages senior healthcare leaders, innovation teams, investors and entrepreneurs around the vision of transforming healthcare delivery by leveraging technology, process and structure.

  10. Extending the horizons advances in computing, optimization, and decision technologies

    CERN Document Server

    Joseph, Anito; Mehrotra, Anuj; Trick, Michael

    2007-01-01

    Computer Science and Operations Research continue to have a synergistic relationship and this book represents the results of cross-fertilization between OR/MS and CS/AI. It is this interface of OR/CS that makes possible advances that could not have been achieved in isolation. Taken collectively, these articles are indicative of the state-of-the-art in the interface between OR/MS and CS/AI and of the high caliber of research being conducted by members of the INFORMS Computing Society. EXTENDING THE HORIZONS: Advances in Computing, Optimization, and Decision Technologies is a volume that presents the latest, leading research in the design and analysis of algorithms, computational optimization, heuristic search and learning, modeling languages, parallel and distributed computing, simulation, computational logic and visualization. This volume also emphasizes a variety of novel applications in the interface of CS, AI, and OR/MS.

  11. 新风险概念下的最优证券组合投资模型%Optimal Portfolio Investment Model Under the New Risk Concept

    Institute of Scientific and Technical Information of China (English)

    李森; 郭伏; 潘德惠

    2001-01-01

    剖析了原理论把方差当作风险及运用无差异曲线求解最优证券组合存在的问题,提出了临界收益率概念、以损失概率为内涵的新风险概念和在此基础上的证券组合投资原则:损失概率最小或临界收益率最大.建立了以损失概率和临界收益率为目标的最优证券组合投资模型.%The optimal portfolio investment with non-differential curve inmodern portfolio investment theory was analyzed in using variance as description of risk. The concept of critical yield rate and the new risk defined by loss probability were put forward. And based on it, the principle is concluded to get portfoliominimize loss probability or maximize critical yield rate. The models of optimal portfolio investment were set up which take loss probability and critical yield as goals.

  12. Optimal Investment-consumption Policies Selection for Heston Model%Heston模型下最优投资-消费策略选择

    Institute of Scientific and Technical Information of China (English)

    杨鹏

    2016-01-01

    The optimal investment-consumption policies selection problems were studied with stochastic financial market. In stochastic financial market, assets are composed of risk-free and risky asset, and the volatility of the risky asset was described by a Heston model. Optimal investment-consumption policies which maximize the expected discounted utility of terminal wealth and accumulative consumption was found. By solving the corresponding Hamilton-Jacobi-Bellman ( HJB) equation, closed-form solutions for the value function as well as the investment-consumption policies in the power utility function case are ob-tained.%在随机金融市场模型中,研究了最优投资-消费策略选择问题。随机金融市场由无风险资产和风险资产构成,在风险资产的方差满足Heston模型下,求得最优投资-消费策略最大化终端财富和累积消费的期望折现效用。在幂效用函数情形下,通过求解值函数满足的Hamilton-Jacobi-Bellman ( HJB)方程,得到了最优投资-消费策略以及值函数的显式解。

  13. Airline return-on-investment model for technology evaluation. [computer program to measure economic value of advanced technology applied to passenger aircraft

    Science.gov (United States)

    1974-01-01

    This report presents the derivation, description, and operating instructions for a computer program (TEKVAL) which measures the economic value of advanced technology features applied to long range commercial passenger aircraft. The program consists of three modules; and airplane sizing routine, a direct operating cost routine, and an airline return-on-investment routine. These modules are linked such that they may be operated sequentially or individually, with one routine generating the input for the next or with the option of externally specifying the input for either of the economic routines. A very simple airplane sizing technique was previously developed, based on the Brequet range equation. For this program, that sizing technique has been greatly expanded and combined with the formerly separate DOC and ROI programs to produce TEKVAL.

  14. Optimized Technology for Residuum Processing in the ARGG Unit

    Institute of Scientific and Technical Information of China (English)

    Pan Luoqi; Yuan hongxing; Nie Baiqiu

    2006-01-01

    The influence of feedstock property on operation in the FCC unit was studied to identify the cause leading to deteriorated products distribution related with increasingly heavier feedstock for the ARGG unit. In order to maximize the economic benefits of the ARGG unit a string of measures, including the modification of catalyst formulation, retention of high catalyst activity, application of mixed termination agents to control the reaction temperature and once-through operation, and optimization of catalyst regeneration technique, were adopted to adapt the ARGG unit to processing of the heavy feedstock with its carbon residue equating to 7% on an average. The heavy oil processing technology has brought about apparent economic benefits.

  15. Sustainable Data Evolution Technology for Power Grid Optimization

    Energy Technology Data Exchange (ETDEWEB)

    2017-10-09

    The SDET Tool is used to create open-access power grid data sets and facilitate updates of these data sets by the community. Pacific Northwest National Laboratory (PNNL) and its power industry and software vendor partners are developing an innovative sustainable data evolution technology (SDET) to create open-access power grid datasets and facilitate updates to these datasets by the power grid community. The objective is to make this a sustained effort within and beyond the ARPA-E GRID DATA program so that the datasets can evolve over time and meet the current and future needs for power grid optimization and potentially other applications in power grid operation and planning.

  16. Optimal Proportional Reinsurance and Investment with Minimizing Ruin Probability%最小化损失概率的再保险和投资问题

    Institute of Scientific and Technical Information of China (English)

    张昕丽; 孙文瑜

    2013-01-01

    In this paper,we consider a problem of optimal reinsurance and investment with multiple risky assets for an insurance company whose surplus is governed by a linear diffusion. The insurance company's risk can be reduced through reinsurance, while, in addition, the company invests its surplus in a financial market with one risk-free asset and m risky assets. The risky assets' prices are governed by geometric Brownian motions. We consider the optimization problem of minimizing the ruin probability and solve it by using the corresponding Hamilton-Jacobi-Bellman(HJB) equation. Explicit expression for the optimal value function and the corresponding optimal strategies are obtained.%本文考虑保险公司的再保险和投资策略问题.为了在降低风险的同时增加收益,保险公司会考虑在再保险的基础上将剩余财富投资到m种风险资产中.资产中风险资产的价格波动服从几何布朗运动.本文给出了考虑再保险和投资之后的财富模型,基于最小化损失概率的基础上求解其相应的HJB方程,从而给出保险公司的再保险和投资的最优策略.

  17. Optimal investment strategies under flexible return guarantee%灵活收益保证设定形式下的最优投资策略

    Institute of Scientific and Technical Information of China (English)

    王亦奇; 刘海龙; 刘富兵

    2011-01-01

    we consider optimal investment problem with a more flexible return guarantee which is widely used currently. Using martingale method, we derive the explicit solution under the stochastic interest rate environment. The result shows that the optimal investment strategies include three parts: one is the speculative portfolio strategy, another is the hedge strategy for stochastic interest rate, the other is the hedge strategy for return guarantee. Because the retum guarantee show great flexibility, which is equivalent to endow the fund manager with a option, both the objective function and the optimal solution incorporate a new option item,which enrich the existing investment portfolio theory further. Finally, we take numerical analysis to the dynamic behavior of optimal strategies.%研究了当前被广泛采用的收益保证下的最优投资策略问题.在HJM利率期限结构下,利用鞅方法得到了最优投资策略的解析解.最优投资策略的解包括三个部分:投机策略、利率对冲策略以及收益保证的对冲策略.这种收益保证设定形式给予了投资机构更为灵活的选择,相当于赋予了投资机构一个期权,所以在最优化问题中的目标函数与最优投资策略解中均出现了新的期权项,进一步丰富了现有的投资组合理论.最后对最优投资策略的动态行为进行了数值分析.

  18. Hamilton-Jacobi-Bellman方程下的最优再保险和最优投资%Optimal Investment and Reinsurance Based on Hamilton-Jacobi-Bellman

    Institute of Scientific and Technical Information of China (English)

    曹玉松

    2013-01-01

    从保险公司的角度出发,在投资基金价格服从带漂移的几何布朗运动的假定下,基于Hamilton-Jacobi-Bellman理论,给出了使得盈余终值的期望指数效用最大化的比例再保险函数的最优比例,及其各个风险市场的最优投资比例.%From the insurer's point of view,on the assumption that investment fund follows the Geometric Brownian motion,based on the theory of Hamilton-Jacobi-Bellman equation,the paper gives the optimal proportion of the proportional reinsurance and the capital amount of each risky investment markets,which can make the expected exponential utility of terminal wealth maximum.

  19. Optimized post-combustion capture technology for power plants

    Energy Technology Data Exchange (ETDEWEB)

    Peter Moser; Sandra Schmidt; Georg Sieder; Hugo Garcia; Ilaria Ciattaglia; Dieter Mihailowitsch; Torsten Stoffregen [RWE Power AG, New Technologies, Essen (Germany)

    2009-07-01

    The construction and operation of the post-combustion capture pilot plant at RWE Power's lignite-fired power plant at Niederaussem is the first corner stone in a joint development programme of RWE Power, BASF and Linde that started in 2007. The pilot plant will be commissioned in mid-2009. The skid-mounted pilot plant - engineering, procurement and construction by procurement and construction by Linde - comprises all significant components of a large post-combustion capture plant but on a smaller scale. In the 18-month pilot plant testing programme optimized new solvents for the capture process will be evaluated. These solvents were selected by BASF in a multi-step procedure, starting with a pre-selection, followed by lab-screening, and finalized by mini plant runs. The pilot plant will validate the performance of some capture process optimization measures that are implemented to increase the overall efficiency and reduce the costs of a commercial capture plant. The results of the pilot plant testing will be directly used to optimize the capture process configuration for a base case power plant, a 1,100 MW lignite-fired power plant with lignite pre-drying technology. The development of the commercial capture plant needs an accurate analysis of all process steps to achieve a cost efficient plant design. Apart from energy efficiency, cost-effective equipment and the optimization of plant interfaces and plant configuration are also key factors to reach the ambitious goals of this project. Based on the results of the pilot plant tests and the full-scale design study, a demonstration plant concept will be developed to prove all innovative optimization measures and to avoid the risks involved in direct up-scaling from the pilot plant to the commercial plant scale without an intermediate step. 8 figs.

  20. Developing and Implementing a Social Media Program While Optimizing Return on Investment--An MBA Program Case Study

    Science.gov (United States)

    Gilfoil, David M.; Aukers, Steven M.; Jobs, Charles G.

    2015-01-01

    Over the past decade, Web 2.0 has brought a wealth of opportunities for improving marketing effectiveness; social media platforms, in particular, have proven to be exceptional tools for realizing growth potential. The big question for businesses used to be how to measure and report financial return on investment (ROI) for social media ad spend to…

  1. The Optimal Timing of Adoption of a Green Technology

    Energy Technology Data Exchange (ETDEWEB)

    Cunha-e-Sa, M.A.; Reis, A.B. [Faculdade de Economia, Universidade Nova de Lisboa, Campus de Campolide, P-1099-032 Lisbon (Portugal)

    2007-01-15

    We study the optimal timing of adoption of a cleaner technology and its effects on the rate of growth of an economy in the context of an AK endogenous growth model. We show that the results depend upon the behavior of the marginal utility of environmental quality with respect to consumption. When it is increasing, we derive the capital level at the optimal timing of adoption. We show that this capital threshold is independent of the initial conditions on the stock of capital, implying that capital-poor countries tend to take longer to adopt. Also, country-specific characteristics, as the existence of high barriers to adoption, may lead to different capital thresholds for different countries. If the marginal utility of environmental quality decreases with consumption, a country should never delay adoption; the optimal policy is either to adopt immediately or, if adoption costs are {sup t}oo high{sup ,} to never adopt. The policy implications of these results are discussed in the context of the international debate surrounding the environmental political agenda.

  2. Optimization Design System for Composite Structures Based on Grid Technology

    Institute of Scientific and Technical Information of China (English)

    CHENG Wen-yuan; CHANG Yan; CUI De-gang; XIE Xiang-hui

    2007-01-01

    To solve the topology optimization of complicated multi-objective continuous/discrete design variables in aircraft structure design, a Parallel Pareto Genetic Algorithm (PPGA) is presented based on grid platform in this paper. In the algorithm, the commercial finite element analysis (FEA) software is integrated as the calculating tool for analyzing the objective functions and the filter of Pareto solution set based on weight information is introduced to deal with the relationships among all objectives. Grid technology is utilized in PPGA to realize the distributed computations and the user interface is developed to realize the job submission and job management locally/remotely. Taking the aero-elastic tailoring of a composite wing for optimization as an example, a set of Pareto solutions are obtained for the decision-maker. The numerical results show that the aileron reversal problem can be solved by adding the limited skin weight in this system. The algorithm can be used to solve complicated topology optimization for composite structures in engineering and the computation efficiency can be improved greatly by using the grid platform that aggregates numerous idle resources.

  3. Coupled Climate-Economy-Biosphere (CoCEB) model - Part 1: Abatement share and investment in low-carbon technologies

    Science.gov (United States)

    Ogutu, K. B. Z.; D'Andrea, F.; Ghil, M.; Nyandwi, C.; Manene, M. M.; Muthama, J. N.

    2015-04-01

    The Coupled Climate-Economy-Biosphere (CoCEB) model described herein takes an integrated assessment approach to simulating global change. By using an endogenous economic growth module with physical and human capital accumulation, this paper considers the sustainability of economic growth, as economic activity intensifies greenhouse gas emissions that in turn cause economic damage due to climate change. Different types of fossil fuels and different technologies produce different volumes of carbon dioxide in combustion. The shares of different fuels and their future evolution are not known. We assume that the dynamics of hydrocarbon-based energy share and their replacement with renewable energy sources in the global energy balance can be modeled into the 21st century by use of logistic functions. Various climate change mitigation policy measures are considered. While many integrated assessment models treat abatement costs merely as an unproductive loss of income, we consider abatement activities also as an investment in overall energy efficiency of the economy and decrease of overall carbon intensity of the energy system. The paper shows that these efforts help to reduce the volume of industrial carbon dioxide emissions, lower temperature deviations, and lead to positive effects in economic growth.

  4. 考虑交易成本的最优CEV投资模型%Optimal CEV Investment Model with Transaction Costs

    Institute of Scientific and Technical Information of China (English)

    夏迪; 顾孟迪

    2012-01-01

    Assuming the price process of risky asset follows the constant elasticity of variance (CEV) process, we construct an optimal investment strategy for investors when there exist risk-free assets and risky assets. To maximize the expected utility, the Hamilton-Jacobi-Bellman (HJB) equation associated with the optimal investment strategies is established, and solutions are found for investors with CRRA utility. Optimal strategies for the problems with the stochastic interest rate are given.%假设风险资产(股票)服从CEV(Constant Elasticity of Variance)过程,在考虑交易成本的情况下,构建了同时存在无风险资产和风险资产时,投资者的最优投资策略.以期望效用最大化为目标,运用HJB构造微分方程,并以对数效用函数为例,求出最佳投资比例的解析解.最后,给出了考虑随机利率时的最优策略问题求解.

  5. Independent Validation and Verification of Process Design and Optimization Technology Diagnostic and Control of Natural Gas Fired Furnaces via Flame Image Analysis Technology

    Energy Technology Data Exchange (ETDEWEB)

    Cox, Daryl [ORNL

    2009-05-01

    The United States Department of Energy, Industrial Technologies Program has invested in emerging Process Design and Optimizations Technologies (PDOT) to encourage the development of new initiatives that might result in energy savings in industrial processes. Gas fired furnaces present a harsh environment, often making accurate determination of correct air/fuel ratios a challenge. Operation with the correct air/fuel ratio and especially with balanced burners in multi-burner combustion equipment can result in improved system efficiency, yielding lower operating costs and reduced emissions. Flame Image Analysis offers a way to improve individual burner performance by identifying and correcting fuel-rich burners. The anticipated benefit of this technology is improved furnace thermal efficiency, and lower NOx emissions. Independent validation and verification (V&V) testing of the FIA technology was performed at Missouri Forge, Inc., in Doniphan, Missouri by Environ International Corporation (V&V contractor) and Enterprise Energy and Research (EE&R), the developer of the technology. The test site was selected by the technology developer and accepted by Environ after a meeting held at Missouri Forge. As stated in the solicitation for the V&V contractor, 'The objective of this activity is to provide independent verification and validation of the performance of this new technology when demonstrated in industrial applications. A primary goal for the V&V process will be to independently evaluate if this technology, when demonstrated in an industrial application, can be utilized to save a significant amount of the operating energy cost. The Seller will also independently evaluate the other benefits of the demonstrated technology that were previously identified by the developer, including those related to product quality, productivity, environmental impact, etc'. A test plan was provided by the technology developer and is included as an appendix to the summary report

  6. 广州公共科技投入问题研究%Study on Problems of Guangzhou Investment in Public Science and Technology

    Institute of Scientific and Technical Information of China (English)

    郑霞

    2012-01-01

    近10年来,广州公共科技投入中出现的总量有限,投入结构不合理、转制机构过多、市属机构科研能力薄弱等问题日益明显.政府应在市场化进一步深化过程下,正确定位公共科技投入的政策,有效发挥公共科研机构组织的作用,克服市场化经济中的一些偏离现象,真正体现公共科技的作用.%In the newly ten years, Guangzhou ranks the first in Guangdong in public science and technology, yet it is just the average level of the whole country, far lower than some other big cities. It has the obvious problems such as lack of the overall investment, unfitness in investment structure, too many units transferred and relative weakness of Guangdong - oriented units. Based on the problems mentioned above, Guangzhou government, in the deepening of the market economy, should make correct policies of the investment in public science and technology, effectively moderate the function of public science and technology organizations and overcome some behaviour in market economy in order to show the real function of the public science and technology.

  7. Investing in Marine Scrubber under Uncertainty with Real Option Thinking

    DEFF Research Database (Denmark)

    Jiang, Liping; Hansen, Carsten Ørts

    works that examine the economic feasibility of scrubber retrofitting through the net present value rule, this paper applies the Real Option Analysis to find the optimal investment strategies. The proposed decision-making framework addresses the uncertainty and the value of deferral option embedded......Scrubber technology is one of the valid alternatives to comply with the tightening sulphur regulation. Due to the high uncertainty associated with the oil price and shipping market, making decision about whether and when to invest in marine scrubber is very difficult. In contrast to the previous...... in the scrubber investment. The multiple sources of investment uncertainties are explicitly analyzed and integrated in the modeling by using Rainbow option. The results demonstrate that the value of the scrubber investment has significantly increased for several cases by considering the deferral option...

  8. Electricity and combined heat and power from municipal solid waste; theoretically optimal investment decision time and emissions trading implications.

    Science.gov (United States)

    Tolis, Athanasios; Rentizelas, Athanasios; Aravossis, Konstantin; Tatsiopoulos, Ilias

    2010-11-01

    Waste management has become a great social concern for modern societies. Landfill emissions have been identified among the major contributors of global warming and climate changes with significant impact in national economies. The energy industry constitutes an additional greenhouse gas emitter, while at the same time it is characterized by significant costs and uncertain fuel prices. The above implications have triggered different policies and measures worldwide to address the management of municipal solid wastes on the one hand and the impacts from energy production on the other. Emerging methods of energy recovery from waste may address both concerns simultaneously. In this work a comparative study of co-generation investments based on municipal solid waste is presented, focusing on the evolution of their economical performance over time. A real-options algorithm has been adopted investigating different options of energy recovery from waste: incineration, gasification and landfill biogas exploitation. The financial contributors are identified and the impact of greenhouse gas trading is analysed in terms of financial yields, considering landfilling as the baseline scenario. The results indicate an advantage of combined heat and power over solely electricity production. Gasification, has failed in some European installations. Incineration on the other hand, proves to be more attractive than the competing alternatives, mainly due to its higher power production efficiency, lower investment costs and lower emission rates. Although these characteristics may not drastically change over time, either immediate or irreversible investment decisions might be reconsidered under the current selling prices of heat, power and CO(2) allowances.

  9. 常弹性方差模型下保险人的最优投资策略%Insurer's optimal investment strategy under constant elasticity of variance model

    Institute of Scientific and Technical Information of China (English)

    荣喜民; 范立鑫

    2012-01-01

    Research insurance funds investment based on constant elasticity of variance (CEV) model, consider a model which the risky asset is modeled by CEV model and the aggregate claims are modeled by a Brownian motion with drift. As employment of premium is different from ordinary, which means that the insurer should keep an eye on underwrite risk when he use insurance funds, assume that investment risk has a linear correlation with underwrite risk. According to stochastic control theory, derive the HJB equation related with insurance problem. This equation is non-linear partial differential equation, yet it is difficult to solve it, change primary problem to the dual problem by using Legendre transform. Through setting the parameter values, the optimal investment strategy for an insurer with CARA or CRRA utility function is presented and the relevant analysis is given, which provides important practical significance for an insurer to invest.%假设风险资产价格服从常弹性方差(CEV)模型,保险人面临的风险过程是带漂移的布朗运动.投资过程与承保风险过程完全相关.根据随机最优控制理论,建立保险基金投资问题的HJB方程.由于该方程是非线性偏微分方程,不易求解,因此采用Legendre变换将其转换成对偶问题进行研究.最后针对特定参数值分别得到以CARA和CRRA效用函数为目标的保险人的最优投资策略,这样的投资策略更符合金融市场的实际要求.

  10. Optimization of Processing Technology of Compound Dandelion Wine

    Directory of Open Access Journals (Sweden)

    Wu Jixuan

    2016-01-01

    Full Text Available Exploring dandelion food has been the concern in fields of the food processing and pharmaceutical industry for playing exact curative effect on high-fat-diet induced hepatic steatosis and diuretic activity. Few dandelion foods including drinks and microencapsulation were explored and unilateral dandelion wine were less carried out for its bitter flavour. In tis paper, to optimize the processing technologies of fermented compound wine from dandelion root, the orthogonal experiment design method was used to composite dandelion root powder with glutinous rice and schisandra fruit and optimize the fermenting parameters. Four factors with dandelion content, schisandra content, acidity and sugar content were discussed. The acidity factor was firstly confirmed as 7.0 g/L. The other three factors were confirmed by a series experiments as dandelion 0.55%, schisandra 0.5%, sugar 22%. With nine step processing of mixing substrate, stirring with water, cooking rice, amylase saccharification, pectinase hydrolysis, adjusting juice, fermenting with yeast, fitering, aging, sterilization, a light yellow wine with the special taste with flavour of dandelion, schisandra and rice and less bitter, few index were determined as 14.7% alcohol, 6.85 g/L acidity. A dandelion fermented compound wine with suitable flavour and sanitarian function was developed for enriching the dandelion food.

  11. Retention payoff-based cost per day open regression equations: Application in a user-friendly decision support tool for investment analysis of automated estrus detection technologies.

    Science.gov (United States)

    Dolecheck, K A; Heersche, G; Bewley, J M

    2016-12-01

    Assessing the economic implications of investing in automated estrus detection (AED) technologies can be overwhelming for dairy producers. The objectives of this study were to develop new regression equations for estimating the cost per day open (DO) and to apply the results to create a user-friendly, partial budget, decision support tool for investment analysis of AED technologies. In the resulting decision support tool, the end user can adjust herd-specific inputs regarding general management, current reproductive management strategies, and the proposed AED system. Outputs include expected DO, reproductive cull rate, net present value, and payback period for the proposed AED system. Utility of the decision support tool was demonstrated with an example dairy herd created using data from DairyMetrics (Dairy Records Management Systems, Raleigh, NC), Food and Agricultural Policy Research Institute (Columbia, MO), and published literature. Resulting herd size, rolling herd average milk production, milk price, and feed cost were 323 cows, 10,758kg, $0.41/kg, and $0.20/kg of dry matter, respectively. Automated estrus detection technologies with 2 levels of initial system cost (low: $5,000 vs. high: $10,000), tag price (low: $50 vs. high: $100), and estrus detection rate (low: 60% vs. high: 80%) were compared over a 7-yr investment period. Four scenarios were considered in a demonstration of the investment analysis tool: (1) a herd using 100% visual observation for estrus detection before adopting 100% AED, (2) a herd using 100% visual observation before adopting 75% AED and 25% visual observation, (3) a herd using 100% timed artificial insemination (TAI) before adopting 100% AED, and (4) a herd using 100% TAI before adopting 75% AED and 25% TAI. Net present value in scenarios 1 and 2 was always positive, indicating a positive investment situation. Net present value in scenarios 3 and 4 was always positive in combinations using a $50 tag price, and in scenario 4, the $5

  12. Guiding Overseas Investment

    Institute of Scientific and Technical Information of China (English)

    LAN XINZHEN

    2010-01-01

    @@ In line with China's economic development,a policy introduced earlier this year was meant to optimize the structure of and serve as a guideline in utilizing foreign capital and dircct such investment to China's central and western regions. Now, a new scheme is dem-onstrating the Chinese Government's determi-nation and confidence to further improve the investment environment for foreign capital and enhance its policy initiative.

  13. Optimizing Geothermal Drilling: Oil and Gas Technology Transfer

    Energy Technology Data Exchange (ETDEWEB)

    Denninger, Kate; Eustes, Alfred; Visser, Charles; Baker, Walt; Bolton, Dan; Bell, Jason; Bell, Sean; Jacobs, Amelia; Nagandran, Uneshddarann; Tilley, Mitch; Quick, Ralph

    2015-09-02

    There is a significant amount of financial risk associated with geothermal drilling. This study of drilling operations seeks opportunities to improve upon current practices and technologies. The scope of this study included analyzing 21 geothermal wells and 21 oil and gas wells. The goal was to determine a 'Perfect Well' using historical data to compare the best oil and gas well to the best geothermal well. Unfortunately, limitations encountered in the study included missing data (bit records, mud information, etc.) and poor data collection practices An online software database was used to format drilling data to IADC coded daily drilling reports and generate figures for analysis. Six major issues have been found in geothermal drilling operations. These problems include lost circulation, rig/ equipment selection, cementing, penetration rate, drilling program, and time management. As a result of these issues, geothermal drilling averaged 56.4 days longer than drilling comparable oil and gas wells in the wells in this study. Roughly $13.9 million was spent on non-productive time in the 21 geothermal wells, compared with only $1.3 million in the oil and gas wells, assuming a cost of $50,000 per day. Comparable events such as drilling the same sized hole, tripping in/out, cementing, and running the same size casing took substantially less time in the oil and gas wells. Geothermal wells were drilled using older and/or less advanced technology to depths less than 10,000 feet, while oil and gas wells reached 12,500 feet faster with purpose built rigs. A new approach is now underway that will optimize drilling programs throughout the drilling industry using Mechanical Specific Energy (MSE) as a tool to realize efficient drilling processes. Potential improvements for current geothermal operations are: the use of electronic records, real time services, and official glossary terms to describe rig operations, and advanced drilling rigs/technology.

  14. From the NSF: The National Science Foundation’s Investments in Broadening Participation in Science, Technology, Engineering, and Mathematics Education through Research and Capacity Building

    OpenAIRE

    2016-01-01

    The National Science Foundation (NSF) has a long history of investment in broadening participation (BP) in science, technology, engineering, and mathematics (STEM) education. A review of past NSF BP efforts provides insights into how the portfolio of programs and activities has evolved and the broad array of innovative strategies that has been used to increase the participation of groups underrepresented in STEM, including women, minorities, and persons with disabilities. While many are famil...

  15. Determining the directions of increasing the innovative potential of the region by developing innovative technologies and competences when preparing and implementing large investment projects

    Directory of Open Access Journals (Sweden)

    Timur V. Kramin

    2015-12-01

    Full Text Available Objective to determine the directions of increasing the innovative potential of a region through the development of innovative technologies and competences in the process of preparation and implementation of large investment projects in the Republic of Tatarstan. Methods methodology of project management institutional approach. Results it is proved that the main largescale directions of innovative potential development in the Republic of Tatarstan as a result of preparation and implementing of Universiade 2013 in Kazan are knowledge management information technologies risk management. It is shown that in the framework of the considered innovative areas a complete system was formed of competences of employees and managers in the fields of education trade hospitality and service. Scientific novelty the key directions were defined of increasing the innovative potential of a region through the development of innovative technologies and competences in the process of preparation and implementation of large investment projects by the example of the World Summer Student Games in Kazan in 2013. Practical significance on the basis of specific examples the authors illustrate the practiceoriented mechanism of innovative potential development of a region as a result of implementation of large investment projects. nbsp

  16. A paperless course on structural engineering programming: investing in educational technology in the times of the Greek financial recession

    Science.gov (United States)

    Sextos, Anastasios G.

    2014-01-01

    This paper presents the structure of an undergraduate course entitled 'programming techniques and the use of specialised software in structural engineering' which is offered to the fifth (final) year students of the Civil Engineering Department of Aristotle University Thessaloniki in Greece. The aim of this course is to demonstrate the use of new information technologies in the field of structural engineering and to teach modern programming and finite element simulation techniques that the students can in turn apply in both research and everyday design of structures. The course also focuses on the physical interpretation of structural engineering problems, in a way that the students become familiar with the concept of computational tools without losing perspective from the engineering problem studied. For this purpose, a wide variety of structural engineering problems are studied in class, involving structural statics, dynamics, earthquake engineering, design of reinforced concrete and steel structures as well as data and information management. The main novelty of the course is that it is taught and examined solely in the computer laboratory ensuring that each student can accomplish the prescribed 'hands-on' training on a dedicated computer, strictly on a 1:1 student over hardware ratio. Significant effort has also been put so that modern educational techniques and tools are utilised to offer the course in an essentially paperless mode. This involves electronic educational material, video tutorials, student information in real time and exams given and assessed electronically through an ad hoc developed, personalised, electronic system. The positive feedback received from the students reveals that the concept of a paperless course is not only applicable in real academic conditions but is also a promising approach that significantly increases student productivity and engagement. The question, however, is whether such an investment in educational technology is indeed

  17. Investment and operating costs of binary cycle geothermal power plants

    Science.gov (United States)

    Holt, B.; Brugman, J.

    1974-01-01

    Typical investment and operating costs for geothermal power plants employing binary cycle technology and utilizing the heat energy in liquid-dominated reservoirs are discussed. These costs are developed as a function of reservoir temperature. The factors involved in optimizing plant design are discussed. A relationship between the value of electrical energy and the value of the heat energy in the reservoir is suggested.

  18. Investment Avenues

    Science.gov (United States)

    Jain, Priyanka

    2012-11-01

    Investors are a heterogeneous group, they may be large or small, rich or poor, expert or lay man and not all investors need equal degree of protection (Mayya, 1996). An investor has three objectives while investing his money, namely safety of invested money, liquidity position of invested money and return on investment. The return on investment may further be divided into capital gain and the rate of return on investment as interest or dividend. Among all investment options available, securities are considered the most challenging as well as rewarding. Securities include shares, debentures, derivatives, units of mutual funds, Government securities etc. An investor may be an individual or corporate legal entity investing funds with a view to derive maximum economic advantage from investment such as rate of return, capital appreciation, marketability, tax advantage and convenience of investment.The Capital market facilitates mobilization of savings of individuals and pools them into reservoir of capital which can be used for the economic development of a country. An efficient capital market is essential for raising capital by the corporate sector of the economy and for the protection of the interest of investors in corporate securities. There arises a need to strike a balance between raising of capital for economic development on one side and protection of investors on the other. Unless the interests of investors are protected, raising of capital, by corporates is not possible. Like, the primary objective of a senior citizenís asset allocation is the generation of regular income.

  19. RUSSIAN INDUSTRY INVESTMENT SITUATION

    Directory of Open Access Journals (Sweden)

    O. V. Pochukaeva

    2011-01-01

    Full Text Available The actual deficiency of investment into Russian industry innovative development increases its technological drag from industries of countries with developed markets. Although the rate of investment into real sectors of Russian economics mid 2000 was higher compared to the previous period, annual investment amounts were much lower than in 1990. At present, highest investment amounts are directed to industry extractive branches and to the commerce. Amounts invested to various economy branches do not correspond to their contribution to the country’sGross Added Product; particularly underinvested are manufacturing industry branches. At present, foreign share in the country economy total investment makes 15–18%. Recently, most interesting for foreigners was investment to machine-building branches with overwhelming part (for example, 90% in 2007–2008 of foreign investment into the machine-building industry being directed to creation of new automobile plants. Today, first place in the list of foreign investors’ preferences in Russia is taken by the machine-tool construction sector.

  20. Retrospective Benefit-Cost Evaluation of U.S. DOE Vehicle Combustion Engine R&D Investments: Impacts of a Cluster of Energy Technologies

    Energy Technology Data Exchange (ETDEWEB)

    Link, Albert N. [Univ. of North Carolina, Greensboro, NC (United States)

    2010-05-01

    Advanced Combustion Engine R&D (ACE R&D) is one of the subprograms within DOE's Vehicle Technologies Office. The ACE subprogram's R&D is conducted in cooperation with the DOE Combustion Research Facility (CRF). This report summarizes the findings from a retrospective study of the net benefits to society from investments by DOE (both EERE and cooperative CRF efforts) in laser diagnostic and optical engine technologies and combustion modeling for heavy-duty diesel engines.

  1. Optimizing and controlling earthmoving operations using spatial technologies

    Science.gov (United States)

    Alshibani, Adel

    This thesis presents a model designed for optimizing, tracking, and controlling earthmoving operations. The proposed model utilizes, Genetic Algorithm (GA), Linear Programming (LP), and spatial technologies including Global Positioning Systems (GPS) and Geographic Information Systems (GIS) to support the management functions of the developed model. The model assists engineers and contractors in selecting near optimum crew formations in planning phase and during construction, using GA and LP supported by the Pathfinder Algorithm developed in a GIS environment. GA is used in conjunction with a set of rules developed to accelerate the optimization process and to avoid generating and evaluating hypothetical and unrealistic crew formations. LP is used to determine quantities of earth to be moved from different borrow pits and to be placed at different landfill sites to meet project constraints and to minimize the cost of these earthmoving operations. On the one hand, GPS is used for onsite data collection and for tracking construction equipment in near real-time. On the other hand, GIS is employed to automate data acquisition and to analyze the collected spatial data. The model is also capable of reconfiguring crew formations dynamically during the construction phase while site operations are in progress. The optimization of the crew formation considers: (1) construction time, (2) construction direct cost, or (3) construction total cost. The model is also capable of generating crew formations to meet, as close as possible, specified time and/or cost constraints. In addition, the model supports tracking and reporting of project progress utilizing the earned-value concept and the project ratio method with modifications that allow for more accurate forecasting of project time and cost at set future dates and at completion. The model is capable of generating graphical and tabular reports. The developed model has been implemented in prototype software, using Object

  2. CO 2 Capture Rate Sensitivity Versus Purchase of CO 2 Quotas. Optimizing Investment Choice for Electricity Sector

    OpenAIRE

    Coussy Paula; Raynal Ludovic

    2014-01-01

    International audience; Carbon capture technology (and associated storage), applied to power plants, reduces atmospheric CO2 emissions. This article demonstrates that, in the particular case of the deployment phase of CO2 capture technology during which CO2 quota price may be low, capturing less than 90% of total CO2 emissions from power plants can be economically attractive. Indeed, for an electric power company capture technology is interesting, only if the discounted marginal cost of captu...

  3. 嵌入收益保证股票挂钩票据的最优投资策略%Optimal Investment Strategies for Guaranteed Equity-linked Notes

    Institute of Scientific and Technical Information of China (English)

    王亦奇; 刘海龙; 徐维东

    2011-01-01

    本文从投资机构的视角出发,将发行嵌入收益保证的股票挂钩票据(GELN)的最优投资策略问题转换为收益保证下的最优投资策略问题进行研究.在随机利率框架下,利用随机最优控制的方法得到了最优投资策略的解.结论表明最优投资策略可以分为三部分:投机策略、利率对冲策略、收益保证对冲策略.由于在GELN产品的标准收益结构中设定了收益的上下限,这就相当于投资机构卖出了一个牛市价差期权给投资者,期权价值被反映在最优化问题的目标函数中,所以最优投资策略解中出现了新的期权参数项.%A competitive investment institution is capable of helping investors ensure maximization of their return on investment (ROI) in equity-linked notes. This study proposes an optimal investment strategy for guaranteed equity-linked notes fiom the perspective of investment institutions. The current literature studies optimal investment strategy based on the assumption of simple returns with low limits. However, this assumption is not sufficient to understand the investment strategy for guaranteed equity-linked notes.This paper adopts a class of standard profit structures of guaranteed equity-linked notes as a reference standard to derive both lower and upper return guarantees limits. A guarantee of ROI can further complicate the process of formulating an optimal investment strategy. This paper solves optimal investment problems associated with new forms of return guarantees by introducing the bull spreads option. The stochastic optimal control method is adopted to improve the existing investment portfolio theory.The result indicates that optimal investment strategies should include three parts: speculative portfolio strategy, hedge strategy for stochastic interest rates, and hedge strategy for a ROI guarantee. The investment portfolio can affect the option price of an asset,thereby affecting the first order derivative of option

  4. A three pronged approach to community scale renewable energy: Education, incremental capital investment and smart grid technology

    Science.gov (United States)

    Demeo, Anna E.

    ; first hand exposure to technology, providing a sense of independence that strengthens communities, and developing a direct link between the energy people use and how that energy is created. Ultimately community scale renewable energy projects help bolster support for large-scale projects that are imperative to making real and lasting progress towards reducing emissions. Finally, technological advancements in renewable energy generation, energy storage and distribution systems, are imperative to replacing fossil fuels. The shift towards a higher penetration of renewable energy into the electric grid can be realized with the implementation of a more sophisticated smart grid, which uses dynamic demand response to alter demand to follow generation. Introduction of tidal power can serve to further stabilize the grid and reduce the amount of storage required. This work describes an interdisciplinary approach to addressing issues of energy, and thereby climate, through substantive efforts in three concentrations; energy literacy education, community driven renewable energy projects based on incremental capital investment and a smart, micro grid encompassing tidal power and other renewable energy source.

  5. Optimizing Geothermal Drilling: Oil and Gas Technology Transfer

    Energy Technology Data Exchange (ETDEWEB)

    Tilley, Mitch; Eustes, Alfred; Visser, Charles; Baker, Walt; Bolton, Dan; Bell, Jason; Nagandran, Uneshddarann; Quick, Ralph

    2015-01-26

    There is a significant amount of financial risk associated with geothermal drilling; however, there are opportunities to improve upon current practices and technologies used. The scope of this drilling operational study included 21 geothermal wells and 21 oil and gas wells. The goal was to determine a 'perfect well' using historical data to compare the best oil and gas well to the best geothermal well. Unfortunately, limitations encountered in the study included missing data (bit records, mud information, etc.), poor data collection, and difficult to ascertain handwriting. An online software database was used to format drilling data to IADC coded daily drilling reports and generate analysis figures. Six major issues have been found in geothermal drilling operations. These problems include lost circulation, rig/equipment selection, cementing, penetration rate, drilling program, and time management. As a result of these issues, geothermal drilling averages 56.4 days longer than drilling comparable oil and gas wells in the wells in this study. Roughly $13.9 million would be lost due to non-productive time in the 21 geothermal wells and only $1.3 million in the oil and gas wells, assuming a cost of $50,000 per day. Comparable events such as drilling the same sized hole, tripping in/out, cementing, and running the same size casing took substantially less time in the oil and gas wells. Geothermal wells were drilled using older and/or less advanced technology to depths less than 10,000 feet, while oil and gas wells reached 12,500 feet faster with purpose built rigs. A new approach is now underway that will optimize drilling programs throughout the drilling industry. It is the use of Mechanical Specific Energy (MSE) as a tool to realize efficient drilling processes. However, a work-flow must also be established in order for there to be an efficient drilling program. Potential improvements for current geothermal operations are: the use of electronic records, real

  6. Investment casting or powder metallurgy – the ecological aspect

    Directory of Open Access Journals (Sweden)

    J. Tomasik

    2009-04-01

    Full Text Available The paper presents an analysis of manufacturing methods of material-saving products in relation to investment castings and sinteredpowder technology. Surface microgeometry, shape accuracy, performance parameters, manufacturing costs and energy consumption weretaken into account to make the optimal choice. The analysis was conducted by comparing test results for sintered powder products basedon Distaloy AB alloy that consists of 0.55% C, 1.5% Cu, 1.75% Ni and 0.5% Mo and investment castings made of high alloy cast steel andnodular cast iron. The analysis made it possible to choose the best technology, considering also the ecological aspect.

  7. Investment Invited

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    T he 2006 Major Projects Investment Consultation and Talks, an investment promotion fair, jointly sponsored by the All-China Federation of Industry and Commerce and the Nanjing Municipal Government, will be held at the Nanjing International Expo Center from May 28 to 30. Organizers of the event also include Nanjing's neighboring cities of

  8. Financing Investment

    DEFF Research Database (Denmark)

    Hirth, Stefan; Flor, Christian Riis

    Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...... of underinvestment and, hence, induces cutting down investment. On the other hand, severely constrained firms benefit more by getting closer to the first-best investment implying higher investment....

  9. Optimal Proportional Reinsurance and Investment under Stochastic Interest Rates%随机利率下的再保险与投资策略

    Institute of Scientific and Technical Information of China (English)

    马威; 顾孟迪

    2013-01-01

    假设保险公司在考虑比例再保险下,并将盈余资金在无风险资产和风险型资产中进行配置,考虑了利率的随机性,建立了求解相应的HJB方程,并针对CARA效用函数求解HJB方程,得出最优的再保险比例和在各类资产中的投资比例.%Assume that the insurer allocates its surplus between risk-free asset and risky asset, we consider the proportional reinsurance policy with a stochastic interest rate and establish Hamilton-Jacobi-Bellman (HJB) equation. We solve it with a CARA utility and obtain optimal reinsurance and investment strategies.

  10. Optimal proportional reinsurance and investment under stochastic interest rates%随机利率下的再保险与投资策略研究

    Institute of Scientific and Technical Information of China (English)

    马威; 顾孟迪

    2011-01-01

    Considering the proportional reinsurance policy, this paper assumed that the insurer would allocate its surplus between risk-free asset and risky asset, with a stochastic interest rate. Hamilton - Jacobi - Bellman (HJB) equation was established and solved with a CARA utility, and optimal reinsurance and investment strategies were obtained.%假设保险公司在考虑比例再保险下,并将盈余资金在无风险资产和风险型资产中进行配置,其中考虑了利率的随机性,建立了求解相应的HJB方程,并针对CARA效用函数求解HJB方程,得出最优的再保险比例和在各类资产中的投资比例.

  11. California Institute of Technology: Caltech Energy Conservation Investment Program. Green Revolving Funds in Action: Case Study Series

    Science.gov (United States)

    Caine, Rebecca

    2011-01-01

    The Caltech Energy Conservation Investment Program (CECIP) was initiated in 2009. It manages $8 million within an existing fund in the school's endowment, which had been created to finance capital projects. Any member of the Caltech community may submit a project proposal, and projects are considered for approval as long as they have at least a 15…

  12. Foreign direct investment and technology spillovers in low and middle-income countries : a comparative cross-sectoral analysis

    NARCIS (Netherlands)

    Jacob, J.; Sasso, S.

    2015-01-01

    In this paper we analyse the trends in Foreign Direct Investment (FDI) flows worldwide across sectors and across value-chain activities, with a particular focus on low- and middle-income countries in comparison with advanced countries. We begin by discussing the growing fragmentation of global produ

  13. Optimal investment and reinsurance for risk model%风险模型的最优投资和再保险

    Institute of Scientific and Technical Information of China (English)

    杨鹏; 林祥

    2012-01-01

    研究了跳—扩散风险模型和扩散风险模型的最优投资和再保险问题.在这两个风险模型中,保费收入都是复合泊松过程,且假设投资者可以投资一个无风险资产和一个跳项是复合泊松过程的跳—扩散过程的风险资产.对于扩散风险模型,则考虑投资具有随机利率和随机波动的资产.对这两个模型,以盈余终值的期望效用达到最大为最优准则获得了最优策略和值函数的表达式.%The optimal investment and reinsurance policy are studied for jump-diffusion risk model and diffusion risk model. In the two risk models, premium income is modeled hy a compound Poisson process, it is assumed that the investor can invest in a risk-free asset and a risky asset. The risky asset follows a jump-diffusion process which modeled by a compound Poisson process. In diffusion risk model, both stochastic interest rate and stochastic volatility are discussed. For the two models, the closed form expressions of the strategy and the value function are obtained, which are optimal in the sense of maximizing the expected utility terminal.

  14. Irreversible investments revisited

    DEFF Research Database (Denmark)

    Sandal, Leif K.; Steinshamn, Stein I.; Hoff, Ayoe

    2007-01-01

    A multi-dimensional, non-linear dynamic model in continuous time is presented for the purpose of finding the optimal combination of exploitation and capital investment in optimal renewable resource management. Non-malleability of capital is incorporated in the model through an asymmetric cost......-function of investment, and investments can be both positive and negative. Exploitation is controlled through the utilisation rate of available capital. A novel feature in this model is that there are costs associated with the available capital whether it is utilised or not. And, in contrast to most of the previous...... literature, the state variables, namely the physical capital and the biological resource, enter the objective function. Due to the nonlinearities in this model some of the results are in sharp contrast to previous literature....

  15. CO2 Capture Rate Sensitivity Versus Purchase of CO2 Quotas. Optimizing Investment Choice for Electricity Sector

    Directory of Open Access Journals (Sweden)

    Coussy Paula

    2014-09-01

    Full Text Available Carbon capture technology (and associated storage, applied to power plants, reduces atmospheric CO2 emissions. This article demonstrates that, in the particular case of the deployment phase of CO2 capture technology during which CO2 quota price may be low, capturing less than 90% of total CO2 emissions from power plants can be economically attractive. Indeed, for an electric power company capture technology is interesting, only if the discounted marginal cost of capture is lower than the discounted marginal cost of purchased quotas. When CO2 price is low, it is interesting to have flexibility and reduce the overall capture rate of the site, by stopping the capture system of one of the combustion trains if the site has multiple ones, or by adopting less than 90% CO2 capture rate.

  16. COMPREHENSIVE INTRODUCTION TO THE TECHNOLOGY OF GROUNDWATER MODELING AND OPTIMAL MANAGEMENT

    Institute of Scientific and Technical Information of China (English)

    武强; 田宝霖; 胡社荣; 金玉洁; 孙卫东; 田开铭

    1995-01-01

    Three numeric simulston and optimal managernent models on groundwater resources are introduced m this paper. These models stand for the present developing levels on the technology of groundwater modeling.and optimal management in China, and show the practical application situations of the technology. Each of the technology of unique characteristics and purposes. According to the tests of the practical engineering, these models have played a very important role in solving the difficult problems of groundwater resources.

  17. A Global Optimizing Policy for Decaying Items with Ramp-Type Demand Rate under Two-Level Trade Credit Financing Taking Account of Preservation Technology

    Directory of Open Access Journals (Sweden)

    S. R. Singh

    2013-01-01

    Full Text Available An inventory system for deteriorating items, with ramp-type demand rate, under two-level trade credit policy taking account of preservation technology is considered. The objective of this study is to develop a deteriorating inventory policy when the supplier provides to the retailer a permissible delay in payments, and during this credit period, the retailer accumulates the revenue and earns interest on that revenue; also the retailer invests on the preservation technology to reduce the rate of product deterioration. Shortages are allowed and partially backlogged. Sufficient conditions of the existence and uniqueness of the optimal replenishment policy are provided, and an algorithm, for its determination, is proposed. Numerical examples draw attention to the obtained results, and the sensitivity analysis of the optimal solution with respect to leading parameters of the system is carried out.

  18. Valuing the attributes of renewable energy investments

    Energy Technology Data Exchange (ETDEWEB)

    Bergmann, Ariel [Economics Department, University of Glasgow, Adam Smith Building, Glasgow G12 8RT (United Kingdom); Hanley, Nick; Wright, Robert [Economics Department, University of Stirling, Stirling FK9 4LA, Scotland (United Kingdom)

    2006-06-15

    Increasing the proportion of power derived from renewable energy sources is becoming an increasingly important part of many countries' strategies to achieve reductions in greenhouse gas emissions. However, renewable energy investments can often have external costs and benefits, which need to be taken into account if socially optimal investments are to be made. This paper attempts to estimate the magnitude of these external costs and benefits for the case of renewable technologies in Scotland, a country which has set particularly ambitious targets for expanding renewable energy. The external effects we consider are those on landscape quality, wildlife and air quality. We also consider the welfare implications of different investment strategies for employment and electricity prices. The methodology used to do this is the choice experiment technique. Renewable technologies considered include hydro, on-shore and off-shore wind power and biomass. Welfare changes for different combinations of impacts associated with different investment strategies are estimated. We also test for differences in preferences towards these impacts between urban and rural communities, and between high- and low-income households. (author)

  19. The use of graphic-analytical method in investment design

    Directory of Open Access Journals (Sweden)

    Musatova Tatiana

    2016-04-01

    Full Text Available We investigate the possibility of using the network planning method for the goals and objectives of the investment project. The author suggests a network model of implementing the investment project related to the manufacture of aluminum structures. Insufficient study of adaptation of methodological issues of organization of technological processes to the investment project of socio-economic activities has led to the relevance and identified the purpose of the present study. The presented network model allows project participants to optimize the time and costs of various types of project resources. It includes the calculation of the parameters of the network schedule and the actual model of interrelated events and activities. Scientific and practical significance of the results of research is related to the possibility of practical application of graphic-analytical method for the preparation of technical and economic documentation for the investment project.

  20. Study of Optimal Investment with Linear Consumption%具有线性消费模式的最优投资研究

    Institute of Scientific and Technical Information of China (English)

    李伟舵; 罗琰; 李君安

    2012-01-01

    本文研究线性消费模式的最优投资问题。不同于Merton问题中消费是内生决策变量,本文假设投资者单位时间内必须消费不少于一个固定数量的财富,因而投资者有可能最终破产。在两类不同投资目标下,通过求解模型相对应的HJB方程,都获得了最优投资策略及最优值函数的闭式解。结果表明,最大化终止时刻财富期望效用准则的最优投资策略与最小化破产概率准则的最优投资策略截然不同。%In this paper we study the problem of optimal investment with linear consumption. Different from Merton problem which consumption is a decision variable, there is a positive probability of ruin because investor is forced to pay more than a fixed quantity of money per unit time. Under two different criteria we get closed-form expressions of the optimal strategies and the optimal value functions by solving the corresponding HJB equation in each ease. The results indicate that the optimal strategies are completely different between based on maximizing expected utility criteria and minimizing ruin probability criteria.

  1. 最小化破产概率的最优投资%Optimal investment for minimizing the probability of bankruptcy

    Institute of Scientific and Technical Information of China (English)

    罗琰; 杨招军

    2011-01-01

    本文研究基于最小化破产概率准则的最优投资问题.不同于Merton问题中消费是内生决策变量,本文假设投资者单位时间内必须消费不少于一个固定数量的财富,因而投资者有可能最终破产.在三类不同存贷约束条件下,通过求解模型相对应的Hamilton-Jacobi-Bellmen (HJB)方程,都获得了最优投资策略及最优值函数(破产概率)的闭式解.结果表明,最优投资策略为财富的分段线性函数,而存贷约束特别是不允许贷款约束增加了投资者的破产风险.%In this paper we study the problem of optimal investment based on the criteria of minimizing probability of bankruptcy. Different from Merton problem which consumption is a decision variable, there is a positive probability of ruin because investor is forced to pay more than a fixed quantity of money per unit time. Under three different saving and borrowing constraints we get closed-form expressions of the optimal strategy and the optimal value function (ruin probability) by solving the corresponding Hamilton-Jacobi-Bellmen (HJB) equation in each case. The results indicate that the optimal strategy is a piecewise linear function, and Saving-Borrowing constraints, especially borrowing constraints, will increase bankruptcy risk to investor.

  2. On the Optimal Allocation of R&D Resources for Climate Change Technology Development

    Energy Technology Data Exchange (ETDEWEB)

    Blanford, G J; Clarke, L E

    2003-11-03

    While technology studies and integrated assessment models incorporating endogenous technological change have demonstrated that advancing technology is a crucial component of an optimal greenhouse gas abatement strategy, the R&D process itself has received little analytical attention. This paper presents a conceptual framework for considering and exploring the optimal allocation of R&D resources for climate change technology development. The framework is then applied to a stylized application that considers the allocation between R&D focused on resolving uncertainties about the retention of sequestration and R&D focused on improving the performance of renewable energy technologies.

  3. Creative Investment

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    Prices for Chinese art are shattering records locally and internationally. Is the investment well placed?Mem Aziz is brimming with confidence about the future of his business in China. Director of Australia’s Redrock Gallery,

  4. Analysis of stage-investing strategy in equity financing market

    Institute of Scientific and Technical Information of China (English)

    XUN Minghui

    2007-01-01

    Stage-investing strategy is a primary measure to mitigate asymmetric information during equity investment. This paper attempts to investigate the problem faced by equity investors wishing to make optimal investment decision under stage-investing strategy.A serial investment-decision making model will be designed to help investors to take the best choice.

  5. Inconsistent Investment and Consumption Problems

    DEFF Research Database (Denmark)

    Kronborg, Morten Tolver; Steffensen, Mogens

    2015-01-01

    of future labor income net of consumption. Using the verification theorem we give a detailed analysis of this problem. It turns out that the optimal amount of money to invest in stocks is given by a linear function of wealth plus the financial value of future labor income net of consumption. The optimal......In a traditional Black–Scholes market we develop a verification theorem for a general class of investment and consumption problems where the standard dynamic programming principle does not hold. The theorem is an extension of the standard Hamilton–Jacobi–Bellman equation in the form of a system...... of non-linear differential equations. We derive the optimal investment and consumption strategy for a mean-variance investor without pre-commitment endowed with labor income. In the case of constant risk aversion it turns out that the optimal amount of money to invest in stocks is independent of wealth...

  6. Coupled Climate–Economy–Biosphere (CoCEB model – Part 2: Deforestation control and investment in carbon capture and storage technologies

    Directory of Open Access Journals (Sweden)

    K. B. Z. Ogutu

    2015-04-01

    Full Text Available This study uses the global climate–economy–biosphere (CoCEB model developed in Part 1 to investigate economic aspects of deforestation control and carbon sequestration in forests, as well as the efficiency of carbon capture and storage (CCS technologies as policy measures for climate change mitigation. We assume – as in Part 1 – that replacement of one technology with another occurs in terms of a logistic law, so that the same law also governs the dynamics of reduction in carbon dioxide emission using CCS technologies. In order to take into account the effect of deforestation control, a slightly more complex description of the carbon cycle than in Part 1 is needed. Consequently, we add a biomass equation into the CoCEB model and analyze the ensuing feedbacks and their effects on per capita gross domestic product (GDP growth. Integrating biomass into the CoCEB and applying deforestation control as well as CCS technologies has the following results: (i low investment in CCS contributes to reducing industrial carbon emissions and to increasing GDP, but further investment leads to a smaller reduction in emissions, as well as in the incremental GDP growth; and (ii enhanced deforestation control contributes to a reduction in both deforestation emissions and in atmospheric carbon dioxide concentration, thus reducing the impacts of climate change and contributing to a slight appreciation of GDP growth. This effect is however very small compared to that of low-carbon technologies or CCS. We also find that the result in (i is very sensitive to the formulation of CCS costs, while to the contrary, the results for deforestation control are less sensitive.

  7. Guiding Overseas Investment

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    Detailed tasks have been assigned to different government departments to attract and utilize foreign capital In line with China’s economic development,a policy introduced earlier this year was meant to optimize the structure of and serve as a guideline in utilizing foreign capital and direct such investment to China’s central and western regions. Now,a new scheme is demonstrating the Chinese Government’s determination and confidence to further improve the investment environment for foreign capital and enhance its policy initiative.

  8. Optimal design of upstream processes in biotransformation technologies.

    Science.gov (United States)

    Dheskali, Endrit; Michailidi, Katerina; de Castro, Aline Machado; Koutinas, Apostolis A; Kookos, Ioannis K

    2017-01-01

    In this work a mathematical programming model for the optimal design of the bioreaction section of biotechnological processes is presented. Equations for the estimation of the equipment cost derived from a recent publication by the US National Renewable Energy Laboratory (NREL) are also summarized. The cost-optimal design of process units and the optimal scheduling of their operation can be obtained using the proposed formulation that has been implemented in software available from the journal web page or the corresponding author. The proposed optimization model can be used to quantify the effects of decisions taken at a lab scale on the industrial scale process economics. It is of paramount important to note that this can be achieved at the early stage of the development of a biotechnological project. Two case studies are presented that demonstrate the usefulness and potential of the proposed methodology.

  9. Energy Saving Melting andRevert Reduction Technology (E0SMARRT): Predicting Pattern Tooling and Casting Dimension for Investment Casting

    Energy Technology Data Exchange (ETDEWEB)

    Nick Cannell; Dr. Mark Samonds; Adi Sholapurwalla; Sam Scott

    2008-11-21

    The investment casting process is an expendable mold process where wax patterns of the part and rigging are molded, assembled, shelled and melted to produce a ceramic mold matching the shape of the component to be cast. Investment casting is an important manufacturing method for critical parts because of the ability to maintain dimensional shape and tolerances. However, these tolerances can be easily exceeded if the molding components do not maintain their individual shapes well. In the investment casting process there are several opportunities for the final casting shape to not maintain the intended size and shape, such as shrinkage of the wax in the injection tool, the modification of the shape during shell heating, and with the thermal shrink and distortion in the casting process. Studies have been completed to look at the casting and shell distortions through the process in earlier phases of this project. Dr. Adrian Sabau at Oak Ridge National Labs performed characterizations and validations of 17-4 PH stainless steel in primarily fused silica shell systems with good agreement between analysis results and experimental data. Further tasks provided material property measurements of wax and methodology for employing a viscoelastic definition of wax materials into software. The final set of tasks involved the implementation of the findings into the commercial casting analysis software ProCAST, owned and maintained by ESI Group. This included: o the transfer of the wax material property data from its raw form into separate temperature-dependent thermophysical and mechanical property datasets o adding this wax material property data into an easily viewable and modifiable user interface within the pre-processing application of the ProCAST suite, namely PreCAST o and validating the data and viscoelastic wax model with respect to experimental results

  10. Modeling and optimization of the lifetime of technologies

    CERN Document Server

    Hritonenko, Natali

    1996-01-01

    Modern economic growth is characterized by structural changes based on the introduction of new technologies into economics. The replacement and renova­ tion of technologies in industrial environments undergoing technical change is clearly one of the key aspects of economic development. The mathematical modeling of evolutionary economics under technical change (TC) has been rigorously considered by many authors during last decades. There is a wide variety of economic approaches and models describing different aspects of technical change. Among these are the models of embodied technical progress [19], [35], [70], [129], endogenous growth models [94], [102], the models of technological innovations [31], [32], [41], and others. The perspective self­ organization evolutionary approach is developed in [20], [38], [122], [123], [124], [126], which unites the aspects of diffusion of new technologies, technological and behavioral diversity of firms, learning mechanisms, age-dependent effects, and other important fea...

  11. LOCAL MEASUREMENTS OF THE IMPACT OF QUANTITATIVE AND QUALITATIVE CHARACTERISTICS OF INVESTMENT AND TECHNOLOGICAL DECISIONS ON THE ENVIRONMENT UNDER THE RISK-RELATED CONDITIONS OF MINING INDUSTRY

    Directory of Open Access Journals (Sweden)

    Valentin VELEV

    2010-09-01

    Full Text Available The impact of globalization in a worldwide scale is even more noticeable in the each country during period of world economic crisis due to the differences in the economic status, deformed by the crisis phenomena. In that case, the conflict between global tendencies and local manifestations in the regional aspect of economic phenomena is even more evidently noticeable as a direct reflection of the resource deficiency. The mineral resources are directly related to that process, not only as a first phase of the transformation of the raw material potential for each country, but also as a serious violator of the ecological equilibrium as a result of the applied technologies. Each country is enforced to resolve the various issues related to preserving the own resource potential as much as possible and to subordinate its investment and technological decisions to an integrated and in-depth utilization in compliance with the sustainable development of society

  12. Human Capital Investment and the Value of Risky R&D Projects

    DEFF Research Database (Denmark)

    Dockner, Engelbert; Siyahhan, Baran

    We consider a firm that employs human capital to make a technological breakthrough. Since the probability of success of the breakthrough depends on the current stock of human capital the firm has an incentive to expand its human capital stock. The present value of the patent is stochastic but can...... consequences, and derive optimal investment in the stock of human capital. While optimal investment in human capital is very sensitive to its productivity do increase the probability of a breakthrough it is insensitive to changes in the volatility of the present value of the patent. The value of the firm...... be observed during the R&D phase of the project. The exogenous value of the patent determines the firm’s decisions to invest in human capital, to abandon the project if necessary, and to invest in marketing the new product. We study the corresponding optimal stopping times, determine their value and risk...

  13. Including investment risk in large-scale power market models

    DEFF Research Database (Denmark)

    Lemming, Jørgen Kjærgaard; Meibom, P.

    2003-01-01

    can be included in large-scale partial equilibrium models of the power market. The analyses are divided into a part about risk measures appropriate for power market investors and a more technical part about the combination of a risk-adjustment model and a partial-equilibrium model. To illustrate......Long-term energy market models can be used to examine investments in production technologies, however, with market liberalisation it is crucial that such models include investment risks and investor behaviour. This paper analyses how the effect of investment risk on production technology selection...... the analyses quantitatively, a framework based on an iterative interaction between the equilibrium model and a separate risk-adjustment module was constructed. To illustrate the features of the proposed modelling approach we examined how uncertainty in demand and variable costs affects the optimal choice...

  14. Optimum investment strategy in the power industry mathematical models

    CERN Document Server

    Bartnik, Ryszard; Hnydiuk-Stefan, Anna

    2016-01-01

    This book presents an innovative methodology for identifying optimum investment strategies in the power industry. To do so, it examines results including, among others, the impact of oxy-fuel technology on CO2 emissions prices, and the specific cost of electricity production. The technical and economic analysis presented here extend the available knowledge in the field of investment optimization in energy engineering, while also enabling investors to make decisions involving its application. Individual chapters explore the potential impacts of different factors like environmental charges on costs connected with investments in the power sector, as well as discussing the available technologies for heat and power generation. The book offers a valuable resource for researchers, market analysts, decision makers, power engineers and students alike.

  15. Optimal effort investment for overcoming the weakest point: new insights from a computational model of neuromuscular adaptation.

    Science.gov (United States)

    Arandjelović, Ognjen

    2011-08-01

    The occurrence of so-called sticking points in a lift is pervasive in weight training practice. Biomechanically complex exercises often exhibit multi-modal variation of effective force exerted against the load as a function of the elevation and velocity of the load. This results in a variety of possible loci for the occurrence of sticking points and makes the problem of designing the optimal training strategy to overcome them challenging. In this article a case founded on theoretical grounds is made against a purely empirical method. It is argued that the nature of the problem considered and the wide range of variables involved limit the generality of conclusions which can be drawn from experimental studies alone. Instead an alternative is described, whereby a recently proposed mathematical model of neuromuscular adaptation is employed in a series of computer simulations. These are used to examine quantitatively the effects of differently targeted partial range of motion (ROM) training approaches. Counter-intuitively and in contrast to common training practices, the key novel insight inferred from the obtained results is that in some cases the most effective approach for improving performance in an exercise with a sticking point at a particular point in the ROM is to improve force production capability at a different and possibly remote position in the lift. In the context of the employed model, this result is explained by changes in the neuromuscular and biomechanical environment for force production.

  16. Possibilities of Application of Static Investment Appraisal Methods for Optimizing Purchase under Conditions of Mine Rescue Service

    Directory of Open Access Journals (Sweden)

    Magnusková Jana

    2014-03-01

    Full Text Available Předložený článek se zabývá důležitostí investičního rozhodování a jeho dlouhodobým dopadem pro ekonomiku firem. Na příkladě společnosti HBZS, a.s. je představena konkrétní investice do obnovy záchranářské techniky pro zásahy v nedýchatelném či zdraví škodlivém prostředí. Cílem je zhodnocení efektivnosti investičního projektu pomocí statických metod ve vazbě na nastavení optimální cenové hladiny pronájmu daných přístrojů. Optimalizace tohoto nastavení je zkoumána z hlediska ekonomické životnosti daného dlouhodobého hmotného majetku

  17. Investment Structural Optimization of Regional Logistics Capability Based on Radial Basis Function Neural Network%基于径向基函数网络的区域物流能力投资结构优化

    Institute of Scientific and Technical Information of China (English)

    周泰; 王亚玲

    2011-01-01

    To effectively improve regional logistics capability and promote regional economic growth, the authors established investment structural optimization model of regional logistics capability. First of all, the authors analyzed the reasons why optimization of investment structure of regional industries can enhance regional logistics capability detailedly, and revealed the complex nonlinear relationship between regional logistics capability and investment structural from the perspective of the industrial structure; Then the authors implemented the nonlinear mapping by using radial basis function (RBF) network, and set up a nonlinear programming (NLP) optimization model with constraint conditions; Finally, based on the true data of industry's investment of Sichuan province in 2005, the authors solved the model by improved genetic algorithm(IGA), and obtained the approximate optimal solution of the optimization problem as well as the optimal direction of investment structural. The optimization results indicate that the model is effective and reasonable for optimization of industry's investment structure; it is a new practical and operable method for improving regional logistics capability.%针对如何有效地提高区域物流能力,以推动区域经济增长的问题,构建了区域物流能力的投资结构优化模型.首先详细分析了优化区域产业投资结构能增强区域物流能力的原因,从产业结构的角度揭示了区域物流能力与产业投资分配之间复杂的非线性关系;然后采用径向基函数神经网络实现了它们之间的非线性映射,进而建立了有约束条件限制的非线性规划投资结构优化模型;最后以四川省2005年的产业投资实际数据为基础,采用改进遗传算法对该模型进行求解,获得了优化问题的近似最优解以及投资结构的优化方向.优化结果表明:建立的模型对产业投资结构的优化是合理、有效的,从而提供了一个能提高区域

  18. Modeling, simulation and optimization for science and technology

    CERN Document Server

    Kuznetsov, Yuri; Neittaanmäki, Pekka; Pironneau, Olivier

    2014-01-01

    This volume contains thirteen articles on advances in applied mathematics and computing methods for engineering problems. Six papers are on optimization methods and algorithms with emphasis on problems with multiple criteria; four articles are on numerical methods for applied problems modeled with nonlinear PDEs; two contributions are on abstract estimates for error analysis; finally one paper deals with rare events in the context of uncertainty quantification. Applications include aerospace, glaciology and nonlinear elasticity. Herein is a selection of contributions from speakers at two conferences on applied mathematics held in June 2012 at the University of Jyväskylä, Finland. The first conference, “Optimization and PDEs with Industrial Applications” celebrated the seventieth birthday of Professor Jacques Périaux of the University of Jyväskylä and Polytechnic University of Catalonia (Barcelona Tech), and the second conference, “Optimization and PDEs with Applications” celebrated the seventy-fi...

  19. Financing Investment

    DEFF Research Database (Denmark)

    Hirth, Stefan; Flor, Christian Riis

    Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...

  20. Collaborating to optimize nursing students' agency information technology use.

    Science.gov (United States)

    Fetter, Marilyn S

    2009-01-01

    As the learning laboratory for gaining actual patient care experience, clinical agencies play an essential role in nursing education. With an information technology revolution transforming healthcare, nursing programs are eager for their students to learn the latest informatics systems and technologies. However, many healthcare institutions are struggling to meet their own information technology needs and report limited resources and other as barriers to nursing student training. In addition, nursing students' information technology access and use raise security and privacy concerns. With the goal of a fully electronic health record by 2014, it is imperative that agencies and educational programs collaborate. They need to establish educationally sound, cost-effective, and secure policies and procedures for managing students' use of information technology systems. Strategies for evaluating options, selecting training methods, and ensuring data security are shared, along with strategies that may reap clinical, economic, and educational benefits. Students' information technology use raises numerous issues that the nursing profession must address to participate in healthcare's transformation into the digital age.

  1. Exploring the internalization rationale for international investment: wholly owned subsidiary versus technology licensing in the worldwide chemical industry

    OpenAIRE

    Arora, Ashish; Fosfuri, Andrea

    1999-01-01

    Globalization has underlined the need for firms to exploit technological capabilities on a global scale. This study attempts to make a comprehensive investigation of various factors influencing the choice between wholly owned subsidiary and technology licensing as a strategy for expansion abroad. To underpin our main research questions, we rely on different theoretical contributions which have variously emphasized the importance of cultural distance, learning, nature of technology and competi...

  2. The Optimal Investment of Ruin Probability with Perturbed Diffusion and Dividends%带干扰和支付红利的经典风险模型的最优投资

    Institute of Scientific and Technical Information of China (English)

    郭淑妹; 郭杰; 张宁

    2013-01-01

    In this paper, the authors consider the optimal investment of the ruin probability with perturbed diffusion and dividends. The insurance company can invest the surplus in risky asset and no risky asset. We consider the optimization problem of minimizing the probability of ruin. By solving the corresponding Hamilton-Jacobi-Bellman equations, the optimal strategies and an upper bound of Lundberg for the minimal ruin probability are obtained.%研究了带干扰和支付红利的经典风险模型,在保险公司对外投资风险资产和无风险资产时,通过求解相应的Hamilton-Jacobi-Bellman方程,得到破产概率最小的最优投资比例以及最小破产概率的Lundberg上界.

  3. Vehicle routing problem in investment fund allocation

    Science.gov (United States)

    Mamat, Nur Jumaadzan Zaleha; Jaaman, Saiful Hafizah; Ahmad, Rokiah Rozita; Mohd, Ismail

    2013-04-01

    Since its introduction by Dantzig and Ramser in 1959, vehicle routing problem keeps evolving in theories, applications and variability. The evolution in computing and technology are also important contributors to research in solving vehicle routing problem. The main sectors of interests among researchers and practitioners for vehicle routing problem are transportation, distribution and logistics. However, literature found that concept and benefits of vehicle routing problem are not taken advantages of by researchers in the field of investment. Other methods found used in investment include multi-objective programming, linear programming, goal programming and integer programming. Yet the application of vehicle routing problem is not fully explored. A proposal on a framework of the fund allocation optimization using vehicle routing problem is presented here. Preliminary results using FTSE Bursa Malaysia data testing the framework are also given.

  4. 基于网络DEA的科技创新型企业投资效率评价分析%The Evaluation and Analysis of Investment Efficiency of Scientific and Technological Innovation Oriented Enterprises Based on Network DEA

    Institute of Scientific and Technical Information of China (English)

    彭佑元; 王婷

    2016-01-01

    Investment efficiency is the key factor affecting the enterprise value . In the transformation process of dividing investment on the basis of sub-stage , we should establish investment efficiency model and indicator system as well as adopt two -stage network DEA to measure the improvement degree of the investment ratio and non -efficiency investment of Chinese listed technological innovators . The empirical results show that the investment efficiency of listed technological innovators at sub -stage is lower , and the investment redundancy in three areas of R&D expenditure , intangible assets and long -term investment is very obvious . But the investment efficiency of most list-ed companies at the two stages tends to become doubly efficient over time .%企业投资效率是影响企业价值的关键因素.本文在划分投资转化过程子阶段的基础上构建投资效率评价模型及指标体系 ,运用二阶段网络DEA方法测算我国创业板科技创新型上市公司2012~2014年投资效率值及非效率投资的改进程度.实证结果表明 ,科技创新型上市公司利润产生子阶段投资效率较低 ,并且研发支出、无形资产以及长期投资三方面的投资冗余现象明显 ,但是多数上市公司两个阶段的投资效率随着时间的推移逐渐趋向双重高效.

  5. 模糊环境下不对称企业的技术创新投资期权博弈分析%Option-Game Approach to Analyze Technology Innovation Investment With Cost Asymmetry Under the Fuzzy Environment

    Institute of Scientific and Technical Information of China (English)

    谭英双; 衡爱民; 龙勇; 吴宏伟; 江礼梅

    2011-01-01

    Basing on the asymmetric duopoly option-game model with investment cost asymmetry, this research discusses the present value of profit flows and the sunk investment costs for the trapezoidal fuzzy number, and Firms' technology innovation investment strategy is analyzed. It constructs followers, leaders of investment value and investment threshold of fuzzy expressions under the fuzzy environment to conduct numerical analysis. And it is concluded that there is still existing the best increasing investment strategy under fuzzy environment, with the development of the trapezoidal fuzzy number of the sunk cost of expected investment, the investment value of business declines, but the critical value for the investment ascends. This offers a kind of explanation to the investment strategies under the fuzzy environment.%本文在不对称双头垄断期权博弈模型基础上讨论了利润流现值和沉没投资成本为梯形模糊数的情形并进行了扩展,对企业技术创新投资策略进行了分析。构建了模糊环境下追随者、领导者的投资价值和投资临界值的模糊表达式并进行数值分析。分析表明模糊环境下仍存在最优投资策略,随着梯形模糊数的沉没投资成本期望值的增加,企业的投资价值下降而投资临界值上升。为模糊环境下投资决策提供了一种解释。

  6. Design and optimization of the micro-engine turbine rotor manufacturing using the rapid prototyping technology

    Science.gov (United States)

    Vdovin, R. A.; Smelov, V. G.

    2017-02-01

    This work describes the experience in manufacturing the turbine rotor for the micro-engine. It demonstrates the design principles for the complex investment casting process combining the use of the ProCast software and the rapid prototyping techniques. At the virtual modelling stage, in addition to optimized process parameters, the casting structure was improved to obtain the defect-free section. The real production stage allowed demonstrating the performance and fitness of rapid prototyping techniques for the manufacture of geometrically-complex engine-building parts.

  7. Jet Drilling and Optimizing Parameter Drilling Technology in Shengli Oil Fields

    Institute of Scientific and Technical Information of China (English)

    Chen Yue; Peng Junsheng

    1996-01-01

    @@ In Shengli oilfield, remarkable achievements have been obtained in research and tests on the technologies of jet drilling and optimizing parameter drilling, extensive applications of the technologies have greatly improved drilling speed and sharply decreased drilling time and costs, thus achieving excellent social and economic benefits.

  8. Computer simulation and optimal designing of energy-saving technologies of the induction heating of metals

    Science.gov (United States)

    Demidovich, V. B.

    2012-12-01

    Advanced energy-saving technologies of induction heating of metals are discussed. The importance of the joint simulation of electromagnetic and temperature fields on induction heating is demonstrated. The package of specialized programs for simulating not only induction heating devices, but also technologies that employ industrial heating has been developed. An intimate connection between optimal design and control of induction heaters is shown.

  9. Optimization of technological parameters for preparation of lycopene microcapsules

    OpenAIRE

    Guo, Hui; Huang, Ying; Qian, Jun-qing; Gong, Qiu-yi; Tang, Ying

    2012-01-01

    Lycopene belongs to the carotenoid family with high degree of unsaturation and all-trans form. Lycopene is easy to isomerize and auto oxide by heat, light, oxygen and different food matrices. With an increasing understanding of the health benefit of lycopene, to enhance stability and bioavailability of lycopene, ultrasonic emulsification was used to prepare lycopene microcapsules in this article. The results optimized by response surface methodology (RSM) for microcapsules consisted of four m...

  10. Optimized condition for etching fused-silica phase gratings with inductively coupled plasma technology.

    Science.gov (United States)

    Wang, Shunquan; Zhou, Changhe; Ru, Huayi; Zhang, Yanyan

    2005-07-20

    Polymer deposition is a serious problem associated with the etching of fused silica by use of inductively coupled plasma (ICP) technology, and it usually prevents further etching. We report an optimized etching condition under which no polymer deposition will occur for etching fused silica with ICP technology. Under the optimized etching condition, surfaces of the fabricated fused silica gratings are smooth and clean. Etch rate of fused silica is relatively high, and it demonstrates a linear relation between etched depth and working time. Results of the diffraction of gratings fabricated under the optimized etching condition match theoretical results well.

  11. Optimal vaccination schedule search using genetic algorithm over MPI technology

    Directory of Open Access Journals (Sweden)

    Calonaci Cristiano

    2012-11-01

    Full Text Available Abstract Background Immunological strategies that achieve the prevention of tumor growth are based on the presumption that the immune system, if triggered before tumor onset, could be able to defend from specific cancers. In supporting this assertion, in the last decade active immunization approaches prevented some virus-related cancers in humans. An immunopreventive cell vaccine for the non-virus-related human breast cancer has been recently developed. This vaccine, called Triplex, targets the HER-2-neu oncogene in HER-2/neu transgenic mice and has shown to almost completely prevent HER-2/neu-driven mammary carcinogenesis when administered with an intensive and life-long schedule. Methods To better understand the preventive efficacy of the Triplex vaccine in reduced schedules we employed a computational approach. The computer model developed allowed us to test in silico specific vaccination schedules in the quest for optimality. Specifically here we present a parallel genetic algorithm able to suggest optimal vaccination schedule. Results & Conclusions The enormous complexity of combinatorial space to be explored makes this approach the only possible one. The suggested schedule was then tested in vivo, giving good results. Finally, biologically relevant outcomes of optimization are presented.

  12. Demonstrating the benefits of template-based design-technology co-optimization

    Science.gov (United States)

    Liebmann, Lars; Hibbeler, Jason; Hieter, Nathaniel; Pileggi, Larry; Jhaveri, Tejas; Moe, Matthew; Rovner, Vyacheslav

    2010-03-01

    The concept of template-based design-technology co-optimization as a means of curbing escalating design complexity and increasing technology qualification risk is described. Data is presented highlighting the design efficacy of this proposal in terms of power, performance, and area benefits, quantifying the specific contributions of complex logic gates in this design optimization. Experimental results from 32nm technology node bulk CMOS wafers are presented to quantify the variability and design-margin reductions as well as yield and manufacturability improvements achievable with the proposed template-based design-technology co-optimization technique. The paper closes with data showing the predictable composability of individual templates, demonstrating a fundamental requirement of this proposal.

  13. UWB Array Design Using Variable Zo Technology and Central Force Optimization

    CERN Document Server

    Formato, Richard A

    2011-01-01

    This note applies Variable Zo technology to the design of an Ultra Wideband (UWB) Yagi-Uda array optimized using Central Force Optimization. Variable Zo is a novel and proprietary approach to antenna design and optimization that treats the feed system characteristic impedance, Zo, as a design variable instead of a fixed design parameter as is traditionally done. Variable Zo is applicable to any antenna design or optimization methodology, and using it will generally produce better antenna designs across any user-specified set of performance objectives.

  14. 己内酰胺生产技术进展及项目投资分析%Caprolactam production technological prowess and project investment analysis

    Institute of Scientific and Technical Information of China (English)

    杨军; 冯美平

    2013-01-01

    The caprolactam production technologies were briefly introduced. The latest progress in caprolactam production technology was described in detail, including butadiene process, cyclohexene hydration, cyclohexanone oxime gas-phase Beckmann rearrangement, cyclohexanone oximation. The ammoximation process and hydroxylammonium phosphate ( HPO) process were compared and analyzed for caprolactam. It was pointed out that the ammoximation process had the characteristics of simple process, moderate conditions, low-level three wastes and low investment. The investment prospects of caprolactam projects were analyzed. It was put forward that SINOPEC should carefully conduct project evaluation in order to avoid risk while constructing a caprolactam project applying the cyclohexanone ammoximation process with the independent intellectual property or traditional cy-clohexane route.%简述了己内酰胺生产现状;详述了己内酰胺生产技术最新进展,包括丁二烯工艺、环己烯水合工艺、环己酮肟气相贝克曼重排新工艺、环己酮氨肟化工艺;对比剖析了己内酰胺氨肟化新工艺技术与HPO法技术,指出环己酮氨肟化新工艺具有流程简化,反应条件温和,三废少,投资少的特点;并对己内酰胺项目投资前景进行分析,提出中石化采用环己酮氨肟化法自主技术及环己烷法生产工艺路线新建己内酰胺项目并做好项目评估,规避项目风险.

  15. Investments in fossil energy technology: How the government's fossil energy R&D program has made a difference

    Energy Technology Data Exchange (ETDEWEB)

    None, None

    1997-03-01

    America has the technological capacity to change its energy future. There is no reason, for example, why our nation must continue following a path of rising oil imports when billions of barrels of crude oil remain in domestic oil fields. There is no reason why we cannot continue to use our abundant supplies of high-value, low-cost coal when we have the scientific know-how to remove virtually all of its pollutants and reduce greenhouse gas emissions. There is no reason why we cannot turn increasingly to clean-burning natural gas and tap the huge supplies we know exist within our borders. We remain a nation rich in the fuels that have powered economic growth. Today 85 percent of the energy we use to heat our homes and businesses, generate our electricity, and fuel our vehicles comes from coal, petroleum and natural gas. As we move toward a new century, the contributions of these fuels will grow. By 2015, the United States is likely to require nearly 20 percent more energy than it uses today, and fossil fuels are projected to supply almost 88 percent of the energy Americans will consume. We have the scientific know-how to continue using our fossil fuel wealth without fear of environmental damage or skyrocketing costs. The key is technology - developing cutting edge concepts that are beyond the private sector's current capabilities. Some of the most important innovations in America's energy industry are the results of investments in the Federal government's fossil energy research and development programs. Today, our air and water are cleaner, our economy is stronger, and our industries are more competitive in the global market because these programs have produced results. This booklet summarizes many of these achievements. It is not a comprehensive list by any means. Still, it provides solid evidence that the taxpayers' investment in government fossil energy research has paid real and measurable dividends.

  16. 二元风险模型下的保险公司最优投资策略%The Optimal Investment Strategy for Insurers with Bidimensional Risk Model

    Institute of Scientific and Technical Information of China (English)

    张明善; 姚珣; 赵武; 唐小我

    2011-01-01

    Risk control is an important topic for companies to minimize the negative impact of a global financial crisis on a company's financial performance. Buying insurance is a feasible way to transfer financial risks to a third party. Classical literature commonly manages risks using the ruin probability of insurers. However, many unresolved issues related to risk control remain. For instance, how can a firm estimate an insurer's ruin probability if its insurance company were also in the market for investment? How can a firm arrange investment strategies to minimize risks for the insurer? To address these two issues, this paper first discussed the general optimal investment strategy adopted by an insurance firm. Two dimensional insurance risk models with the stochastic perturbation were also explained. We then presented the exponential upper bound of ruin probability in these models. This paper discussed four parts relating to an insurer's investment. The first part was minimization of bankruptcy risk by having the parent corporation adopt a reasonable investment strategy if subsidiaries invest in different markets or different risk securities in the same market. The second part discussed investment issues that are embedded into two dimensional insurance risk models and are hardly resolved if two insurance subsidiaries adopt the constant investment strategy. The third part calculated the optimal proportion of the investment (→K)· by assuming that the constant investment strategy would be adopted and exponential upper bound for the ruin probability could be obtained with the martingale approach. The fourth part assumed that the sum of claim vector obeys Farlie - Gumbel - Morgensteru distribution with double variables. We also gave a specific example to verify the results. In conclusion, if two subsidiaries of an insurance corporation invest in the market with risks, they can effectively control the risk of insurance company by using the exponential upper bound of ruin

  17. Optimization of technological parameters for preparation of lycopene microcapsules.

    Science.gov (United States)

    Guo, Hui; Huang, Ying; Qian, Jun-Qing; Gong, Qiu-Yi; Tang, Ying

    2014-07-01

    Lycopene belongs to the carotenoid family with high degree of unsaturation and all-trans form. Lycopene is easy to isomerize and auto oxide by heat, light, oxygen and different food matrices. With an increasing understanding of the health benefit of lycopene, to enhance stability and bioavailability of lycopene, ultrasonic emulsification was used to prepare lycopene microcapsules in this article. The results optimized by response surface methodology (RSM) for microcapsules consisted of four major steps: (1) 0.54 g glycerin monostearate was fully dissolved in 5 mL ethyl acetate and then added 0.02 g lycopene to form an organic phase, 100.7 mL distilled water which dissolved 0.61 g synperonic pe(R)/F68 as the aqueous phase; (2) the organic phase was pulled into the aqueous phase under stirring at 60 °C water bath for 5 min; (3) the mixture was then ultrasonic homogenized at 380 W for 20 min to form a homogenous emulsion; (4) the resulting emulsion was rotary evaporated at 50 °C water bath for 10 min under a pressure of 20 MPa. Encapsulation efficiency (EE) of lycopene microcapsules under the optimized conditions approached to 64.4%.

  18. Investment Banking

    OpenAIRE

    Oana Mihaela Vãsioiu

    2008-01-01

    The economic, financial and monetary changes had serious consequences not only on the level of providing the finance necessary for the development process but also on the level of providing the finance required for importing the basic food needs and rendering necessary production inputs. All these problems show the importance of “Banks” generally and “Investment Banks” particularly in the emerging and underdeveloped countries. Banks as financial institution or intermediary mobilize either nat...

  19. ICT Investment and Productivity: A Provincial Perspective

    OpenAIRE

    Andrew Sharpe; Jean-François Arsenault

    2008-01-01

    In 2008, Statistics Canada, for the first time, made available estimates of information and communication technology (ICT) investment by province. Given the importance of ICT investment for productivity growth, these data are important for the comparative analysis and understanding of productivity growth by province. The objective of this report is to present the basic data on ICT investment and ICT investment per worker in Canada and the ten provinces over the 1981-2007 period. The first par...

  20. FIELD TESTING & OPTIMIZATION OF CO2/SAND FRACTURING TECHNOLOGY

    Energy Technology Data Exchange (ETDEWEB)

    Raymond L. Mazza

    2004-11-30

    These contract efforts involved the demonstration of a unique liquid free stimulation technology which was, at the beginning of these efforts, in 1993 unavailable in the US. The process had been developed, and patented in Canada in 1981, and held promise for stimulating liquid sensitive reservoirs in the US. The technology differs from that conventionally used in that liquid carbon dioxide (CO{sub 2}), instead of water is the base fluid. The CO{sub 2} is pumped as a liquid and then vaporizes at reservoir conditions, and because no other liquids or chemicals are used, a liquid free fracture is created. The process requires a specialized closed system blender to mix the liquid CO{sub 2} with proppant under pressure. These efforts were funded to consist of up to 21 cost-shared stimulation events. Because of the vagaries of CO{sub 2} supplies, service company support and operator interest only 19 stimulation events were performed in Montana, New Mexico, and Texas. Final reports have been prepared for each of the four demonstration groups, and the specifics of those demonstrations are summarized. A summary of the demonstrations of a novel liquid-free stimulation process which was performed in four groups of ''Candidate Wells'' situated in Crockett Co., TX; San Juan Co., NM; Phillips Co., MT; and Blaine Co., MT. The stimulation process which employs CO{sub 2} as the working fluid and the production responses were compared with those from wells treated with conventional stimulation technologies, primarily N{sub 2} foam, excepting those in Blaine Co., MT where the reservoir pressure is too low to clean up spent stimulation liquids. A total of 19 liquid-free CO{sub 2}/sand stimulations were performed in 16 wells and the production improvements were generally uneconomic.

  1. Optimization of accelerator-driven technology for LWR waste transmutation

    Energy Technology Data Exchange (ETDEWEB)

    Bowman, C.D.

    1996-12-31

    The role of accelerator-driven transmutation technology is examined in the context of the destruction of actinide waste from commercial light water reactors. It is pointed out that the commercial plutonium is much easier to use for entry-level nuclear weapons than weapons plutonium. Since commercial plutonium is easier to use, since there is very much more of it already, and since it is growing rapidly, the permanent disposition of commercial plutonium is an issue of greater importance than weapons plutonium. The minor actinides inventory, which may be influenced by transmutation, is compared in terms of nuclear properties with commercial and weapons plutonium and for possible utility as weapons material. Fast and thermal spectrum systems are compared as means for destruction of plutonium and the minor actinides. it is shown that the equilibrium fast spectrum actinide inventory is about 100 times larger than for thermal spectrum systems, and that there is about 100 times more weapons-usable material in the fast spectrum system inventory compared to the thermal spectrum system. Finally it is shown that the accelerator size for transmutation can be substantially reduced by design which uses the accelerator-produced neutrons only to initiate the unsustained fission chains characteristic of the subcritical system. The analysis argues for devoting primary attention to the development of thermal spectrum transmutation technology. A thermal spectrum transmuter operating at a fission power of 750-MWth fission power, which is sufficient to destroy the actinide waste from one 3,000-MWth light water reactor, may be driven by a proton beam of 1 GeV energy and a current of 7 mA. This accelerator is within the range of realizable cyclotron technology and is also near the size contemplated for the next generation spallation neutron source under consideration by the US, Europe, and Japan.

  2. 77 FR 67329 - Information Collection: Agricultural Foreign Investment Disclosure Act

    Science.gov (United States)

    2012-11-09

    ...; ] DEPARTMENT OF AGRICULTURE Farm Service Agency Information Collection: Agricultural Foreign Investment... ADDRESSES. FOR FURTHER INFORMATION CONTACT: Lesa A. Johnson, Agricultural Foreign Investment Disclosure Act... technological collection techniques or other forms of information technology. All comments received in...

  3. Optimization of precision localization microscopy using CMOS camera technology

    Science.gov (United States)

    Fullerton, Stephanie; Bennett, Keith; Toda, Eiji; Takahashi, Teruo

    2012-02-01

    Light microscopy imaging is being transformed by the application of computational methods that permit the detection of spatial features below the optical diffraction limit. Successful localization microscopy (STORM, dSTORM, PALM, PhILM, etc.) relies on the precise position detection of fluorescence emitted by single molecules using highly sensitive cameras with rapid acquisition speeds. Electron multiplying CCD (EM-CCD) cameras are the current standard detector for these applications. Here, we challenge the notion that EM-CCD cameras are the best choice for precision localization microscopy and demonstrate, through simulated and experimental data, that certain CMOS detector technology achieves better localization precision of single molecule fluorophores. It is well-established that localization precision is limited by system noise. Our findings show that the two overlooked noise sources relevant for precision localization microscopy are the shot noise of the background light in the sample and the excess noise from electron multiplication in EM-CCD cameras. At low light conditions (CCD cameras are the preferred detector. However, in practical applications, optical background noise is significant, creating conditions where CMOS performs better than EM-CCD. Furthermore, the excess noise of EM-CCD is equivalent to reducing the information content of each photon detected which, in localization microscopy, reduces the precision of the localization. Thus, new CMOS technology with 100fps, super resolution precision localization microscopy.

  4. Optimal Policies on Investment and Reinsurance Based on a Markov Regime Switching Model%马尔可夫机制转换模型下保险公司的最优投资及再保险策略

    Institute of Scientific and Technical Information of China (English)

    王伟; 甘少波

    2015-01-01

    The problem of optimal investment and reinsurance policies based on a Markov regime switching model is studied. The dynamics of a risky asset is assumed to follow a Markov-modulated geometry Brownian motion, and an optimal investment and reinsurance policy by maximizes the expected exponential utility of terminal wealth is obtained. The results indicate that regime switching has a significant effect on the optimal investment strategies. In the end, the numerical analysis is provided which presents the effect of the market interest rate and absolute risk aversion parameter on the optimal investment and reinsurance policies.%研究了马尔可夫机制转换模型下保险公司的最优投资及再保险策略问题。假定风险资产价格满足马尔可夫调制的几何布朗运动,得到了最终财富的指数期望效用最大准则下的最优投资和最优再保险策略。结果表明:市场的经济状态对最优投资策略有很大影响,并通过数值计算分析了模型中市场利率和绝对风险厌恶系数与最优投资策略和最优再保险策略的关系。

  5. Inflation Protected Investment Strategies

    Directory of Open Access Journals (Sweden)

    Mirco Mahlstedt

    2016-03-01

    Full Text Available In this paper, a dynamic inflation-protected investment strategy is presented, which is based on traditional asset classes and Markov-switching models. Different stock market, as well as inflation regimes are identified, and within those regimes, the inflation hedging potential of stocks, bonds, real estate, commodities and gold are investigated. Within each regime, we determine optimal investment portfolios driven by the investment idea of protection from losses due to changing inflation if inflation is rising or high, but decoupling the performance from inflation if inflation is low. The results clearly indicate that these asset classes behave differently in different stock market and inflation regimes. Whereas in the long-run, we agree with the general opinion in the literature that stocks and bonds are a suitable hedge against inflation, we observe for short time horizons that the hedging potential of each asset class, especially of real estate and commodities, depend strongly on the state of the current market environment. Thus, our approach provides a possible explanation for different statements in the literature regarding the inflation hedging properties of these asset classes. A dynamic inflation-protected investment strategy is developed, which combines inflation protection and upside potential. This strategy outperforms standard buy-and-hold strategies, as well as the well-known 1 N -portfolio.

  6. Optimization of Remediation Conditions using Vadose Zone Monitoring Technology

    Science.gov (United States)

    Dahan, O.; Mandelbaum, R.; Ronen, Z.

    2010-12-01

    Success of in-situ bio-remediation of the vadose zone depends mainly on the ability to change and control hydrological, physical and chemical conditions of subsurface. These manipulations enables the development of specific, indigenous, pollutants degrading bacteria or set the environmental conditions for seeded bacteria. As such, the remediation efficiency is dependent on the ability to implement optimal hydraulic and chemical conditions in deep sections of the vadose zone. Enhanced bioremediation of the vadose zone is achieved under field conditions through infiltration of water enriched with chemical additives. Yet, water percolation and solute transport in unsaturated conditions is a complex process and application of water with specific chemical conditions near land surface dose not necessarily result in promoting of desired chemical and hydraulic conditions in deeper sections of the vadose zone. A newly developed vadose-zone monitoring system (VMS) allows continuous monitoring of the hydrological and chemical properties of the percolating water along deep sections of the vadose zone. Implementation of the VMS at sites that undergoes active remediation provides real time information on the chemical and hydrological conditions in the vadose zone as the remediation process progresses. Manipulating subsurface conditions for optimal biodegradation of hydrocarbons is demonstrated through enhanced bio-remediation of the vadose zone at a site that has been contaminated with gasoline products in Tel Aviv. The vadose zone at the site is composed of 6 m clay layer overlying a sandy formation extending to the water table at depth of 20 m bls. The upper 5 m of contaminated soil were removed for ex-situ treatment, and the remaining 15 m vadose zone is treated in-situ through enhanced bioremedaition. Underground drip irrigation system was installed below the surface on the bottom of the excavation. Oxygen and nutrients releasing powder (EHCO, Adventus) was spread below the

  7. Based on GIS Technology of Urban Gardening and Greening Layout Optimization Model

    Directory of Open Access Journals (Sweden)

    Liu Tiedong

    2013-07-01

    Full Text Available With the accelerated process of urbanization, city environment problems are highlighted, city landscape and city modernization phase matching. However, the urban gardening and greening is difficult to optimize the layout, with the new city landscape green area increased every year, which will make the City Landscaping Administration difficulty. In this study, detailed analysis of GIS technology development trend as well as in the city green space applications, which is supported by GIS technology, integrated distribution of population, manpower, material resources and financial resources, city greening planning design, construction, transportation cost and the maintenance management and other comprehensive factors, application technology based on GIS mesh accessibility calculation method, exploring the construction of urban gardening and greening layout optimization model of city landscape green space, spatial distribution characteristics and verify the layout optimization model is feasible and practical, in order to strengthen the city landscaping work play a role.

  8. Impact of Outward Foreign Direct Investment in the export structure upgrading technology%对外直接投资对出口技术复杂度的影响研究

    Institute of Scientific and Technical Information of China (English)

    莫莎; 李玲

    2015-01-01

    Technical structure of export quality has a significant impact on the quality of a country’s foreign trade.The introduction of OFDI in the theoretical model Metilz,analysis of its impact on the technical structure of exports,Using the modified method of net exports technical complexity estimates the structure of export technology,and empirical test of the impact of 29 provinces 2002—2008 OFDI impact on exports technology structure.OFDI by reverse technology spillover ways to re-duce transition costs of export enterprises,optimize the industrial structure of the country,so as to promote the export of technology to upgrade the structure.Excluding the impact of processing trade,Compared to FDI and import trade,OFDI role in promoting the export of more significant technical structure.In addition,Impact of physical capital per capita and R&D investment is positive,and the role of human capital and institutional factors is negative,strengthen investment in education,accelerate institutional change helps to reduce the negative impact of human capital and institutional factors on the export of technical structures.Furthermore,empirical tests show that sub -region,the level of foreign investment in Midwest is not high,thus affecting the technical structure of exports is also not clear the eastern region.%出口技术结构对一国的对外贸易质量有着重要影响。将对外直接投资引入 Metilz 理论模型,分析其对出口技术结构的影响,利用修正的出口技术复杂度对出口技术结构进行测算,并实证检验我国29个省市2002—2008年 OFDI对出口技术结构的影响。结果表明:OFDI 通过逆向技术溢出途径降低出口企业的转型成本,优化国内的产业结构,从而促进出口技术结构的升级。剔除了加工贸易的影响后,相比 FDI 和进口贸易,OFDI 对出口技术结构的促进作用更显著。此外,人均物质资本与研发投入的影响为正,而人力资本与制度

  9. Human capital and the adoption of information and communications technologies: Evidence from investment climate survey of Pakistan

    OpenAIRE

    Mazhar MUGHAL; Diawara, Barassou

    2011-01-01

    This paper studies the impact of human capital on the adoption and diffusion of Information and Communications Technologies (ICT) in the Pakistani firms using the World Bank Enterprise Survey 2002-07. The paper considers various indicators of human capital and measures of ICT adoption and diffusion. On-the-job training, manager's level of qualification and production workers' level of education are found to positively determine the use of emails, website and other means of communication in a ...

  10. Applying Modern Portfolio Theory and the Capital Asset Pricing Model to DoD’s Information Technology Investments

    Science.gov (United States)

    2009-03-01

    performs poorly. According to Elder & Westra, companies like Walt Disney Co., AT&T and Sprint Corporation are some of the few companies who decided to... Expansion Option (platform technologies, acquisitions, open architecture)  Contraction Option (outsourcing, alliances)  Compound...TELCOM should consider one or more of the following real options: option to wait; option to execute; or expansion option. The option to wait would

  11. ROMANIAN INVESTMENT POLICY ANALYSIS

    Directory of Open Access Journals (Sweden)

    Hategan Anca

    2011-07-01

    Full Text Available Starting with the year 2009, the European Union, as well as the rest of the world, was affected by the economic and financial crisis, and one of the effects reflected in the decrease of foreign direct investment (FDI projects and also in the reduction of their host locations. Creating a healthy economic environment, that should be efficient for any form of international investment , represents the nowadays challenge of all market economies. This paper concentrates on analyzing our country’s attractiveness from the international investor’s point of view, it also focuses on the Romanian investment policy, its investment climate, as well as on identifying or valuating the strengths and opportunities offered by Romania. The advantages of the foreign direct investments are universally recognized and they basically include the expansion of the production capacity and income, job creation, technologically diffusion and economic development. Creating an appropriate economic environment, that is efficient for any form of international investments represents the nowadays challenge of all market economies. OECD member states experience, for example, outlines the advantages of a functional legal and normative climate, based on the principles of transparency and non discrimination, that are essential for attracting foreign investments. In the actual competition for attracting FDI, every state tries to offer as many incentives to the future foreign investors. The Romanian investment policy sets out incentives in a non-discriminatory and transparent way offering the investors the specific criteria. The Romanian business environment has improved significantly in recent years, driven in particular by EU accession. Major progress has been recorded in areas such as the fiscal environment, rule of law, the fight against corruption and property registration. When considering our country a possible location for the development of their businesses, the foreign

  12. New Joining Technology for Optimized Metal/Composite Assemblies

    Directory of Open Access Journals (Sweden)

    Holger Seidlitz

    2014-01-01

    Full Text Available The development of a new joining technology, which is used to manufacture high strength hybrid constructions with thermoplastic composites (FRP and metals, is introduced. Similar to natural regulation effects at trees, fibers around the FRP joint become aligned along the lines of force and will not be destroyed by the joining process. This is achieved by the local utilization of the specific plastic flow properties of the FRT and metal component. Compared with usual joining methods—such as flow drill screws, blind and self-piercing rivets—noticeably higher tensile properties can be realized through the novel process management. The load-bearing capability increasing effect could be proved on hybrid joints with hot-dip galvanized steel HX420LAD and orthotropic glass—as well as carbon—fiber reinforced plastics. The results, which were determined in tensile-shear and cross-shear tests according to DIN EN ISO 14273 and DIN EN ISO 14272, are compared with holding loads of established joining techniques with similar joining point diameter and material combinations.

  13. The Contextualized Technology Adaptation Process (CTAP): Optimizing Health Information Technology to Improve Mental Health Systems.

    Science.gov (United States)

    Lyon, Aaron R; Wasse, Jessica Knaster; Ludwig, Kristy; Zachry, Mark; Bruns, Eric J; Unützer, Jürgen; McCauley, Elizabeth

    2016-05-01

    Health information technologies have become a central fixture in the mental healthcare landscape, but few frameworks exist to guide their adaptation to novel settings. This paper introduces the contextualized technology adaptation process (CTAP) and presents data collected during Phase 1 of its application to measurement feedback system development in school mental health. The CTAP is built on models of human-centered design and implementation science and incorporates repeated mixed methods assessments to guide the design of technologies to ensure high compatibility with a destination setting. CTAP phases include: (1) Contextual evaluation, (2) Evaluation of the unadapted technology, (3) Trialing and evaluation of the adapted technology, (4) Refinement and larger-scale implementation, and (5) Sustainment through ongoing evaluation and system revision. Qualitative findings from school-based practitioner focus groups are presented, which provided information for CTAP Phase 1, contextual evaluation, surrounding education sector clinicians' workflows, types of technologies currently available, and influences on technology use. Discussion focuses on how findings will inform subsequent CTAP phases, as well as their implications for future technology adaptation across content domains and service sectors.

  14. Optimized synthesis technology of LiFePO4 for Li-ion battery

    Institute of Scientific and Technical Information of China (English)

    QU Tao; TIAN Yan-wen; DING Yang; ZHONG Can-yun; ZHAI Yu-chun

    2005-01-01

    The influence of factors of the carbon black content, sintering temperature, sintering time, molar ratio of Li to Fe, as well as the electrochemical properties of LiFePO4 for lithium ion battery were studied. The only technology was obtained by using range analysis through Latin orthogonal experiment of L44 (16). The results show that the optimization synthesis technology of LiFePO4 is content of 5% doping carbon, sintering temperature of 700 ℃,molar ratio of Li to Fe of 1.03 : 1 and sintering time of 16 h. The optimized cathode synthesis techniques can make LiFePO4 have good electrochemical properties.

  15. Investment in Renewable Energies in Argentina

    Directory of Open Access Journals (Sweden)

    Marina Recalde

    2017-05-01

    Full Text Available This article analyzes how the enabling conditions of the energy policy of a developing country such as Argentina, are crucial for the deployment of renewable energy investments. The conclusions highlights that the low institutional quality of the country shapes enabling conditions and reduce effect of the instruments of the energy policy, dropping incentives for investment in renewable technologies in the country. Therefore, in order to promote renewable technologies investments efficiently, the institutional framework of countries must be seriously improved.

  16. China's Outward Direct and Portfolio Investments

    Institute of Scientific and Technical Information of China (English)

    Hung-Gay Fung; Qingfeng Wilson Liu; Erin H. C. Kao

    2007-01-01

    This paper analyzes developments and trends related to China's outward direct and financial investments by examining Chinese firms' overseas acquisitions, China's holdings of US Treasury securities, and the recently formally launched Qualified Domestic Institutional Investor programs. Strategies should be developed to reach optimal decisions for both direct and portfolio investments. We argue that China should have a longer-term view for both direct and portfolio investments, enabling China to become the leader in Asia while maintaining its sustainable growth objective. China should invest heavily in the development of the Asian bond market and the Asian Currency Fund when making both portfolio and direct investment decisions.

  17. Ornstein-Uhlenbeck模型下DC养老金计划的最优投资策略%Optimal Investment Strategy under Ornstein-Uhlenbeck Model for a DC Pension Plan

    Institute of Scientific and Technical Information of China (English)

    谷爱玲; 李仲飞; 曾燕

    2013-01-01

    This paper studies an optimal portfolio strategy under Ornstein-Uhlenbeck model for an investor whose target is to maximize CRRA utility of the terminal wealth in a defined contribution (DC) pension plan.The investor is allowed to invest in a risk-free asset and a risky asset.The instantaneous return rate of the riskyasset is driven by OrnsteinUhlenbeck process,which can reflect the states of the market.By applying stochastic control theory,the corresponding Hamilton-Jacobi-Bellman equation and verification theorem are provided,and the explicit expressions of the optimal investment strategy and the optimal value function are obtained.Moreover,the impact of the instantaneous return rate of the risky asset on the optimal investment strategy is analyzed.In particular,we find that the proportion invested in the risky asset increases when the state of the market becomes better and that at the same market state,the optimal investment proportion is almost independent of time when the initial wealth is big enough.%本文研究了Ornstein-Uhlenbeck模型下确定缴费型养老金计划(简称DC计划)的最优投资策略,其中以最大化DC计划参与者终端财富(退休时其账户金额)的CRRA效用为目标.假定投资者可投资于无风险资产和一种风险资产,风险资产的瞬时收益率由Ornstein-Uhlenbeck过程驱动,该过程能反映市场所处的状态.利用随机控制理论,给出了相应的HJB方程与验证定理;并通过求解相应的HJB方程,得到了最优投资策略和最优值函数的解析式.最后分析了瞬时收益率对最优投资策略的影响,发现当市场向良性状态发展时,投资在风险资产上的财富比例呈上升趋势;当初始财富足够大且市场状态不变时,投资在风险资产上的财富比例几乎不受时间的影响.

  18. Spillovers from Foreign Direct Investment

    DEFF Research Database (Denmark)

    Meyer, Klaus E.; Sinani, Evis

    2005-01-01

    The extensive empirical literature analyzing productivity spillovers from foreign direct investment to local firms provides inconclusive results. Some studies find that foreign presence has a positive impact on the productivity of domestic firms, while others find no evidence or a negative effect...... for industrialized countries in the 1990s. Transition economies may experience spillovers, but these have been declining in recent years. Keywords: developing countries, transition economies, spillovers, foreign direct investment, technology transfer, meta-analysis...

  19. [The optimization of organizational technologies in obstetrics service of the Ryazan oblast].

    Science.gov (United States)

    Petrova, Ye I; Medvedeva, O V

    2014-01-01

    The article emphasizes that, the protection of health of mother and child is actual especially in the present conditions considering demographic characteristics of particular territory. Hence, the development of optimal strategy in system of rendering of obstetrics and perinatal care and organization of operation of obstetrics institutions are the most important issues of modern obstetrics. The analysis is presented concerning conditions and main directions of optimization of organizational technologies in the system of obstetrics of the Ryazan oblast. The purpose and tasks of mechanism of optimization of rendering obstetrics and perinatal care are determined.

  20. Simulation and Optimization of Amplitude-adjusting Performance of Crane with Virtual Prototyping Technology

    Institute of Scientific and Technical Information of China (English)

    WU Zhen; YU Meng; DENG Mingxing

    2006-01-01

    In the design of crane, designers often have to study the trajectory of amplitude-adjusting of crane. The traditional methods, illustration and analytics both show their limits. In this paper, the simulation of process of amplitude-adjusting is presented and the optimization is also performed with virtual prototyping technology. From the comparison of original solution and optimal solution, the effectiveness of this technique is testified. On the platform ADAMS/View, the interactive optimization can be performed in a visual, intuitive and credible way, which deserves to be introduced to the design of crane.

  1. Hospital Capital Investment During the Great Recession.

    Science.gov (United States)

    Choi, Sung

    2017-01-01

    Hospital capital investment is important for acquiring and maintaining technology and equipment needed to provide health care. Reduction in capital investment by a hospital has negative implications for patient outcomes. Most hospitals rely on debt and internal cash flow to fund capital investment. The great recession may have made it difficult for hospitals to borrow, thus reducing their capital investment. I investigated the impact of the great recession on capital investment made by California hospitals. Modeling how hospital capital investment may have been liquidity constrained during the recession is a novel contribution to the literature. I estimated the model with California Office of Statewide Health Planning and Development data and system generalized method of moments. Findings suggest that not-for-profit and public hospitals were liquidity constrained during the recession. Comparing the changes in hospital capital investment between 2006 and 2009 showed that hospitals used cash flow to increase capital investment by $2.45 million, other things equal.

  2. 浅谈LTE网络优化技术%Discussion on LTE network optimization technology

    Institute of Scientific and Technical Information of China (English)

    李美艳

    2014-01-01

    With the rapid deployment of the LTE commercial network,the LTE network optimization technology has become particularly important.This paper ifrst discusses the speciifc content of the LTE network optimization,and analysis of the LTE network optimization process,ifnal y,in the process of network optimization,implementation of LTE network optimization.%随着LTE商用网络的快速部署,LTE网络优化技术变得尤为重要。本文首先探讨了LTE网络优化的具体内容,并且分析了LTE网络优化的流程,最后给出在网络优化过程中,LTE网络优化的实施案例。

  3. One Kind of Optimal International Security Investment Portfolio and Consumption Choice Problem%一类国际证券投资组合和消费选择的最优控制问题

    Institute of Scientific and Technical Information of China (English)

    吴臻; 魏刚

    2003-01-01

    One kind of optimal security investment portfolio and consumption choice problem in international securities markets when the securities pay dividends is studied by using classical dynamic programming method. The economical analysis to the optimal choice of the investor is given through the investment theory when the investor invests two kinds of securities in different countries. The explicit optimal solution is presented using very simple and direct method for two kinds of typical utility cases, the idea comes from the technique which is used for solving the celebrated LQ problem in optimal control theory. At last, some simulation results are given to illustrate the influence of the parameters on optimal choice.%首先运用经典动态规划方法,研究股票付息下国际证券市场中一类最优证券投资组合和消费选择问题,并利用投资学理论对投资者只投资两种证券情形的最优组合给出经济分析和解释.然后,运用非常简单和直接的方法对两种典型的效用函数给出最优解的显式形式,求解的技巧来自解决线性二次最优控制问题的配平方法.最后,给出一些数值计算例子来展示各模型参数对最优选择的影响.

  4. Innovation priorities optimization in the context of national technological security ensuring

    Directory of Open Access Journals (Sweden)

    V.A. Omelyanenko

    2016-12-01

    scientific and technological development based on priorities, that reflect the existing potential and strategy goals. In further researches it is necessary to develop methodological approaches to address specific issues, related to objectives of uncertainty and appropriate criteria of innovation priorities selection, in particular to solve such problems of optimization: 1.The problem of normalization of criteria of priorities selection, that is to bring selection criteria to common (dimensionless measurement scale. 2.The problem of choice of optimality principle, that is to establish in what way an optimal set of priorities is better than other solutions. 3.The problem of accounting criteria priorities. 4.The problem of calculating the optimum of tasks, based on combination of linear, nonlinear, discrete optimization methods etc. for optimum calculation.

  5. Optimal consumption-investment selection in frictional market with information shock%信息冲击下摩擦市场的最优消费投资组合

    Institute of Scientific and Technical Information of China (English)

    陈莹; 胡二琴

    2014-01-01

    An optimal consumption-investment selection in frictional market with information shock is studied in this paper. A dynamic model of the frictional market is proposed by introducing an information shock on the basis of the traditional model Constantinides (1986), and the optimal consumption-investment solution is established. The result shows that the influence of the transaction costs on the consumption-investment solution is much more significant than that of the traditional model. It also indicates that the transaction cost is a very important factor in the asset-pricing model.%研究了信息冲击下摩擦市场中的最优消费投资组合问题。在传统模型Constantinides (1986)基础上加入信息冲击,将摩擦市场动态化,得到了最优消费投资组合解。结果表明,与传统模型相比较,加入信息冲击后,交易成本的变化对最优消费投资组合解的影响显著增大,解释了传统模型与实证结果之间的矛盾,说明交易成本在资产定价模型中是不容忽视的因素。

  6. Particle Swarm Optimization based on Predatory Search for portfolio investment%基于捕食策略的粒子群算法求解投资组合问题

    Institute of Scientific and Technical Information of China (English)

    刘冬华; 甘若迅; 樊锁海; 杨明华

    2013-01-01

    通过分析中国证券市场现实投资环境和实际特点,建立了一个考虑完整费用的证券投资组合模型.针对标准粒子群算法容易陷入局部最优和搜索精度不高的缺点,提出了基于捕食策略的粒子群算法,将其用于求解投资组合模型.捕食搜索策略可以通过调节限制级别来控制粒子群的搜索空间,从而平衡全局搜索和局部搜索.通过实例分析验证了算法的有效性.%A portfolio investment model considering the complete trade expenses is built through analyzing the actual investment environment and characteristic. For the weakness that the standard Particle Swarm Optimization easily falls into local optimum and search precision faults, the Particle Swarm Optimization based on Predatory Search is raised to solve the portfolio investment model. Predatory search strategy can control the search space of the particle swarm through adjusting the level of restriction. Thereby, the global search and local search can be balanced. The algorithm is proven effective through an empirical analysis.

  7. Multi-objective dynamic optimization model for China's road transport energy technology switching

    Institute of Scientific and Technical Information of China (English)

    Dan GAO; Zheng LI; Feng FU; Linwei MA

    2009-01-01

    Deducting the future switching of the road transport energy technology is one of the key preconditions for relative technology development planning. However,one of the difficulties is to address the issue of multi-objective and conflicting constrains, e.g., minimizing the climate mitigation or minimizing economic cost. In this paper, a dynamic optimization model was established, which can be used to analyze the road transport energy technology switching under multi-objective constrains.Through one case study, a series of solutions could be derived to provide decision-makers with the flexibility to choose the appropriate solution with respect to the given situation.

  8. Policy Uncertainty, Investment and Commitment Periods

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    Today's investment decisions in key sectors such as energy, forestry or transport have significant impacts on the levels of greenhouse gas (GHG) emissions over the coming decades. Given the economic and environmental long-term implications of capital investment and retirement, a climate mitigation regime should aim to encourage capital investment in climate-friendly technologies. Many factors affect technology choice and the timing of investment, including investor expectations about future prices and policies. Recent international discussions have focused on the importance of providing more certainty about future climate policy stringency. The design of commitment periods can play a role in creating this environment. This paper assesses how the length of commitment periods influences policy uncertainty and investment decisions. In particular, the paper analyses the relationship between commitment period length and near term investment decisions in climate friendly technology.

  9. The Relationship among Principals' Technology Leadership, Teaching Innovation, and Students' Academic Optimism in Elementary Schools

    Science.gov (United States)

    Hsieh, Chuan-Chung; Yen, Hung-Chin; Kuan, Liu-Yen

    2014-01-01

    This study empirically investigates the relationships among principals' technology leadership, teaching innovations, and students' academic optimism by surveying elementary school educators across Taiwan. Of the total 1,080 questionnaires distributed, 755 valid surveys were returned for a 69.90% return rate. Teachers were asked to indicate the…

  10. Influence of the Human Capital Characteristics of High Technology Start-ups on the Relationship Between R & D Investment and Financing Structure%高技术创业企业人力资本特征对R & D投资与融资结构的影响

    Institute of Scientific and Technical Information of China (English)

    钟田丽; 胡彦斌

    2014-01-01

    以高技术创业企业为研究对象,利用深市创业板公司样本数据,在实证检验创业企业R&D投资与融资结构相互关系的基础上,实证研究了人力资本特征对R&D投资与融资结构相互关系的影响程度。分析了完善我国创业企业治理、加强高管及核心技术人员队伍建设、规范R&D投资行为和优化融资结构的理论依据。%In this paper, taking the high technology start-ups as the research object, using the sample data from Shenzhen GEM, we firstly testify the inter-relationship between R&D investment and financing structure of start-ups. Then we focus on how the human capital characteristics of these fledging companies exert influence on the relationship between R&D investment and financing structure. We hope that what we discuss in this paper can improve the corporate governance, promote the quality of executives and core technical staff, set standard of R&D investment behavior and give some guide on how to optimize the financing structure from the theoretical perspective.

  11. Process optimization of rolling for zincked sheet technology using response surface methodology and genetic algorithm

    Science.gov (United States)

    Ji, Liang-Bo; Chen, Fang

    2017-07-01

    Numerical simulation and intelligent optimization technology were adopted for rolling and extrusion of zincked sheet. By response surface methodology (RSM), genetic algorithm (GA) and data processing technology, an efficient optimization of process parameters for rolling of zincked sheet was investigated. The influence trend of roller gap, rolling speed and friction factor effects on reduction rate and plate shortening rate were analyzed firstly. Then a predictive response surface model for comprehensive quality index of part was created using RSM. Simulated and predicted values were compared. Through genetic algorithm method, the optimal process parameters for the forming of rolling were solved. They were verified and the optimum process parameters of rolling were obtained. It is feasible and effective.

  12. Inconsistent Investment and Consumption Problems

    Energy Technology Data Exchange (ETDEWEB)

    Kronborg, Morten Tolver, E-mail: mtk@atp.dk [ATP (Danish Labour Market Supplementary Pension Scheme) (Denmark); Steffensen, Mogens, E-mail: mogens@math.ku.dk [University of Copenhagen, Department of Mathematical Sciences (Denmark)

    2015-06-15

    In a traditional Black–Scholes market we develop a verification theorem for a general class of investment and consumption problems where the standard dynamic programming principle does not hold. The theorem is an extension of the standard Hamilton–Jacobi–Bellman equation in the form of a system of non-linear differential equations. We derive the optimal investment and consumption strategy for a mean-variance investor without pre-commitment endowed with labor income. In the case of constant risk aversion it turns out that the optimal amount of money to invest in stocks is independent of wealth. The optimal consumption strategy is given as a deterministic bang-bang strategy. In order to have a more realistic model we allow the risk aversion to be time and state dependent. Of special interest is the case were the risk aversion is inversely proportional to present wealth plus the financial value of future labor income net of consumption. Using the verification theorem we give a detailed analysis of this problem. It turns out that the optimal amount of money to invest in stocks is given by a linear function of wealth plus the financial value of future labor income net of consumption. The optimal consumption strategy is again given as a deterministic bang-bang strategy. We also calculate, for a general time and state dependent risk aversion function, the optimal investment and consumption strategy for a mean-standard deviation investor without pre-commitment. In that case, it turns out that it is optimal to take no risk at all.

  13. Adaptation investments and homeownership

    DEFF Research Database (Denmark)

    Hansen, Jørgen Drud; Skak, Morten

    2008-01-01

    by adapting the home through a supplementary investment. Ownership offers low costs of adaptation, but has high contract costs compared with renting. Consumers simultaneously choose housing demand and tenure, and because of the different cost structure only consumers with strong preferences for individual...... adaptation of the home choose ownership. This article analyses the consumer's optimization. The model provides an explanation for the observation that homeowners typically live in larger dwelling units than tenants. It also provides an explanation for a high price of housing services tending to reduce...

  14. Whether the Information Investment can Improve the Technology Efficiency of Industrial Listing Corporation%信息技术投资是否提高了工业上市公司的技术效率?

    Institute of Scientific and Technical Information of China (English)

    刘飞

    2014-01-01

    This paper analyzes the impact of information technology investments on its technical efficiency of China's Industrial List-ing Corporation between 2000 and 2012 . The panel Stochastic Frontier (PSFA) models and the translog production function , are used to calculated the technical efficiency of listing corporation . Moreover , it analyzed the influence factors of information technology investment on technical efficiency by Panel Data model . Results indicate that information technology investment are not to enhance the efficiency of Indus-trial Listing Corporation . However , enterprise governance , scale , industry , regional and other factors can significantly affect the efficien-cy of technology . This shows that China's Industrial Listing Corporation may be excessive investment in information technology , or did not play its role through effective management . Therefore , at the micro level , the integration of informatization and industrialization is not in-creasing investment in information technology , but to improve the management level , give full play to the role of information technology in-vestment .%本文分析了我国工业上市公司2000~2012年间信息技术投资对其技术效率的影响。采用面板随机前沿(PSFA )模型,通过超越对数生产函数,计算了上市公司的技术效率,并用面板数据模型分析了信息技术投资等因素对技术效率的影响。结果发现信息技术投资并没有给工业上市公司带来效率提升,而企业公司治理、规模、行业、地域等因素却对技术效率具有显著的影响。这说明我国工业上市公司可能存在信息技术投资过度,或者没有通过有效地管理发挥其作用。因此,在微观层面上,信息化与工业化融合并不是不断增加信息技术投资,而是要提高管理水平,充分发挥信息技术投资的作用。

  15. From the NSF: The National Science Foundation’s Investments in Broadening Participation in Science, Technology, Engineering, and Mathematics Education through Research and Capacity Building

    Science.gov (United States)

    James, Sylvia M.; Singer, Susan R.

    2016-01-01

    The National Science Foundation (NSF) has a long history of investment in broadening participation (BP) in science, technology, engineering, and mathematics (STEM) education. A review of past NSF BP efforts provides insights into how the portfolio of programs and activities has evolved and the broad array of innovative strategies that has been used to increase the participation of groups underrepresented in STEM, including women, minorities, and persons with disabilities. While many are familiar with these long-standing programmatic efforts, BP is also a key component of NSF’s strategic plans, has been highlighted in National Science Board reports, and is the focus of ongoing outreach efforts. The majority of familiar BP programs, such as the Louis Stokes Alliances for Minority Participation (now 25 years old), are housed in the Directorate for Education and Human Resources. However, fellowship programs such as the Graduate Research Fellowships and Postdoctoral Research Fellowships under the Directorate for Biological Sciences (and parallel directorates in other STEM disciplines) are frequently used to address underrepresentation in STEM disciplines. The FY2016 and FY2017 budget requests incorporate funding for NSF INCLUDES, a new cross-agency BP initiative that will build on prior successes while addressing national BP challenges. NSF INCLUDES invites the use of innovative approaches for taking evidence-based best practices to scale, ushering in a new era in NSF BP advancement. PMID:27587853

  16. From the NSF: The National Science Foundation's Investments in Broadening Participation in Science, Technology, Engineering, and Mathematics Education through Research and Capacity Building.

    Science.gov (United States)

    James, Sylvia M; Singer, Susan R

    2016-01-01

    The National Science Foundation (NSF) has a long history of investment in broadening participation (BP) in science, technology, engineering, and mathematics (STEM) education. A review of past NSF BP efforts provides insights into how the portfolio of programs and activities has evolved and the broad array of innovative strategies that has been used to increase the participation of groups underrepresented in STEM, including women, minorities, and persons with disabilities. While many are familiar with these long-standing programmatic efforts, BP is also a key component of NSF's strategic plans, has been highlighted in National Science Board reports, and is the focus of ongoing outreach efforts. The majority of familiar BP programs, such as the Louis Stokes Alliances for Minority Participation (now 25 years old), are housed in the Directorate for Education and Human Resources. However, fellowship programs such as the Graduate Research Fellowships and Postdoctoral Research Fellowships under the Directorate for Biological Sciences (and parallel directorates in other STEM disciplines) are frequently used to address underrepresentation in STEM disciplines. The FY2016 and FY2017 budget requests incorporate funding for NSF INCLUDES, a new cross-agency BP initiative that will build on prior successes while addressing national BP challenges. NSF INCLUDES invites the use of innovative approaches for taking evidence-based best practices to scale, ushering in a new era in NSF BP advancement.

  17. Structural Performance’s Optimally Analysing and Implementing Based on ANSYS Technology

    Science.gov (United States)

    Han, Na; Wang, Xuquan; Yue, Haifang; Sun, Jiandong; Wu, Yongchun

    2017-06-01

    Computer-aided Engineering (CAE) is a hotspot both in academic field and in modern engineering practice. Analysis System(ANSYS) simulation software for its excellent performance become outstanding one in CAE family, it is committed to the innovation of engineering simulation to help users to shorten the design process, improve product innovation and performance. Aimed to explore a structural performance’s optimally analyzing model for engineering enterprises, this paper introduced CAE and its development, analyzed the necessity for structural optimal analysis as well as the framework of structural optimal analysis on ANSYS Technology, used ANSYS to implement a reinforced concrete slab structural performance’s optimal analysis, which was display the chart of displacement vector and the chart of stress intensity. Finally, this paper compared ANSYS software simulation results with the measured results,expounded that ANSYS is indispensable engineering calculation tools.

  18. FOREIGN DIRECT INVESTMENT AND THEIR CHARACTERISTICS IN BOSNIA AND HERZEGOVINA

    Directory of Open Access Journals (Sweden)

    Mladen M. Ivić

    2013-10-01

    Full Text Available Foreign investment is a key factor in the development of a modern economy, the trade, the most important means of enterprise business, the organization of production, supply of goods and services worldwide. Through foreign investment, companies organize production on a global scale, provide an efficient supply of raw materials, energy, labor, and then sell their products and services in the most important markets in a profitable way. Based on such a business, companies can optimally utilize its advantages in technology, knowledge, and economies of scale. Developing countries due to debt and unfavorable economic conditions are showing interest in foreign investment, especially when various loans and financial help stop arriving. Transition countries integrate into the world economic system, negative economic tendencies can be overcome by international capital movements. Developed countries faced to a financial crisis, are also interested in the sizeable input of foreign capital, where foreign investment becomes the most important element of development strategies. This work gives special attention to the input of foreign direct investments and their effects in Bosnia and Herzegovina.

  19. 化石能源补贴政策对分布式发电技术投资影响研究%Research on the influence of Fossil Energy Subsidy Policy on the Investment of Micro-grid Distributed Generation Technology

    Institute of Scientific and Technical Information of China (English)

    张徐东; 刘洋; 刘宏志; 曾鸣

    2012-01-01

    为降低能源密集型产业的能源单耗、降低能源强度,需对能源补贴政策进行优化,在能源补贴政策发生变化后,微电网分布式发电技术投资结构将发生变化.从传统发电与可再生能源分布式发电技术的角度分析了减少化石能源补贴对微电网分布式发电技术投资的影响程度.根据经济、技术及环境指标运用多层次决策(MADM)法对能源补贴减少前后的各种微电网分布式发电技术的效益和成本进行了计算,并与化石能源投资成本进行了对比.算例分析结果表明,削减化石能源补贴可增加微电网分布式发电技术的投资份额,改善环境质量.%To reduce energy consumption per unit,as well as energy intensity in the energy-intensive industries,it is necessary to optimize the energy subsidy policy. With the change of energy subsidy policy,investment structure of micro grid distributed generation technology will be changed. This paper firstly analyzes the impacts of the reduction of fossil energy subsidies on micro-grid distributed generation technology investments from the view of traditional generation and renewable energy generation technologies. Based on the economic,technical and environmental indicators,the MADM method is used to calculate the benefits and costs of various micro-grid distributed generation technologies by considering the influence of reduction of fossil energy subsidies. Comparison of fossil energy investment cost,example results show that the reduction of fossil energy subsidies can be beneficial to increasing of investment shares on micro-grid distributed generation technologies and thereby improving environmental quality.

  20. Optimal Aging and Death

    DEFF Research Database (Denmark)

    Dalgaard, Carl-Johan Lars; Strulik, Holger

    2010-01-01

    This study introduces physiological aging into a simple model of optimal intertemporal consumption. In this endeavor we draw on the natural science literature on aging. According to the purposed theory, the speed of the aging process and the time of death are endogenously determined by optimal...... health investments. At the same time, physiological aspects of the aging process influence optimal savings and health investment. We calibrate the model for the average US male in 2000 and proceed to show that the calibrated model accounts well for the cross-country link between labor productivity...... and life expectancy in the same year ("the Preston curve"); cross-country income differences can explain differences in life expectancy at age 20 of up to a decade. Moreover, technological change in health care of about 1.1% per year can account for the observed shift in the Preston curve between 1980...

  1. Optimal Aging and Death

    DEFF Research Database (Denmark)

    Dalgaard, Carl-Johan Lars; Strulik, Holger

    2010-01-01

    This study introduces physiological aging into a simple model of optimal intertemporal consumption. In this endeavor we draw on the natural science literature on aging. According to the purposed theory, the speed of the aging process and the time of death are endogenously determined by optimal...... health investments. At the same time, physiological aspects of the aging process inuence optimal savings and health investment. We calibrate the model for the average US male in 2000 and proceed to show that the calibrated model accounts well for the cross-country link between labor productivity and life...... expectancy in the same year ("the Preston curve"); cross-country income differences can explain differences in life expectancy at age 20 of up to a decade. Moreover, technological change in health care of about 1.1% per year can account for the observed shift in the Preston curve between 1980 and 2000....

  2. Optimal Aging and Death

    DEFF Research Database (Denmark)

    Dalgaard, Carl-Johan Lars; Strulik, Holger

    2010-01-01

    and life expectancy in the same year ("the Preston curve"); cross-country income differences can explain differences in life expectancy at age 20 of up to a decade. Moreover, technological change in health care of about 1.1% per year can account for the observed shift in the Preston curve between 1980......This study introduces physiological aging into a simple model of optimal intertemporal consumption. In this endeavor we draw on the natural science literature on aging. According to the purposed theory, the speed of the aging process and the time of death are endogenously determined by optimal...... health investments. At the same time, physiological aspects of the aging process influence optimal savings and health investment. We calibrate the model for the average US male in 2000 and proceed to show that the calibrated model accounts well for the cross-country link between labor productivity...

  3. Environment investment: transition from end-investment to multi-investment

    Institute of Scientific and Technical Information of China (English)

    Zhang Luqiang

    2006-01-01

    Environmental investment must change its direction from end-investment to multi-investment, such as ecological construction, recycling economy and environmental protection. Only it can meet the needs of breaking the bottleneck of resources and environment for Chinese sustainable development. And the transition can help us realize low-cost and high-speedy increasing of economy, as well as the construction of ecological health, beautiful environment, economic development and harmonious new society. Material recycling in ecosystem can run well by self-organization and self-regulation by nature with low-cost and even non-cost. So, the environmental investment in ecological construction should be the profits maximum investment. Butit needs country's support in financial policy on ecological or environmental compensation. Recycling economy is a brand-new pattern ofeconomic growth, which formed gradually in the course of mankind exploring and practicing sustainable development. Fountainhead prevention, reducing and whole processing control are its significant characteristics,which are different from any former economic and environmental protection system. Investing in technology development and relevant industry of recycling economy should be the other major field of environment investment in China in the future.

  4. Sustainable Markets Investment Briefings: Investment Treaties

    Energy Technology Data Exchange (ETDEWEB)

    Cotula, Lorenzo

    2007-08-15

    This is the second of a series of briefings which discuss the sustainable development issues raised by legal arrangements for the protection of foreign investment. The briefings are based on legal research by IIED and its partners. The goal is to provide accessible but accurate information for human rights, development and environmental organisations working on issues raised by foreign investment in low- and middle-income countries. Briefing 2 explains how investment treaties between states work to protect and promote foreign investment.

  5. Sustainable Markets Investment Briefings: Investment Treaties

    Energy Technology Data Exchange (ETDEWEB)

    Cotula, Lorenzo

    2007-08-15

    This is the second of a series of briefings which discuss the sustainable development issues raised by legal arrangements for the protection of foreign investment. The briefings are based on legal research by IIED and its partners. The goal is to provide accessible but accurate information for human rights, development and environmental organisations working on issues raised by foreign investment in low- and middle-income countries. Briefing 2 explains how investment treaties between states work to protect and promote foreign investment.

  6. Investment Moves Up and Out

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    Chinese companies look to make global names for themselves by eyeing overseas markets and expansions Establishing a long-term mechanism to expand consumption,as well as optimizing investment structures and quickening the pace for building a new growth pattern,were at the top of discussions at the Fifth Plenary

  7. Investment Moves Up and Out

    Institute of Scientific and Technical Information of China (English)

    HU YUE

    2010-01-01

    @@ Establishing a long-term mechanism to expand consumption, as well as optimizing investment structures and quickening the pace for building a new growth pattern, were at the top of discussions at the Fifth Plenary Session of the 17th Central Committee of the Communist Party of China held in Beijing from October 15-18.

  8. Integrating sequencing technologies in personal genomics: optimal low cost reconstruction of structural variants.

    Directory of Open Access Journals (Sweden)

    Jiang Du

    2009-07-01

    Full Text Available The goal of human genome re-sequencing is obtaining an accurate assembly of an individual's genome. Recently, there has been great excitement in the development of many technologies for this (e.g. medium and short read sequencing from companies such as 454 and SOLiD, and high-density oligo-arrays from Affymetrix and NimbelGen, with even more expected to appear. The costs and sensitivities of these technologies differ considerably from each other. As an important goal of personal genomics is to reduce the cost of re-sequencing to an affordable point, it is worthwhile to consider optimally integrating technologies. Here, we build a simulation toolbox that will help us optimally combine different technologies for genome re-sequencing, especially in reconstructing large structural variants (SVs. SV reconstruction is considered the most challenging step in human genome re-sequencing. (It is sometimes even harder than de novo assembly of small genomes because of the duplications and repetitive sequences in the human genome. To this end, we formulate canonical problems that are representative of issues in reconstruction and are of small enough scale to be computationally tractable and simulatable. Using semi-realistic simulations, we show how we can combine different technologies to optimally solve the assembly at low cost. With mapability maps, our simulations efficiently handle the inhomogeneous repeat-containing structure of the human genome and the computational complexity of practical assembly algorithms. They quantitatively show how combining different read lengths is more cost-effective than using one length, how an optimal mixed sequencing strategy for reconstructing large novel SVs usually also gives accurate detection of SNPs/indels, how paired-end reads can improve reconstruction efficiency, and how adding in arrays is more efficient than just sequencing for disentangling some complex SVs. Our strategy should facilitate the sequencing of

  9. Optimal Heater Control with Technology of Fault Tolerance for Compensating Thermoforming Preheating System

    Directory of Open Access Journals (Sweden)

    Zhen-Zhe Li

    2015-01-01

    Full Text Available The adjustment of heater power is very important because the distribution of thickness strongly depends on the distribution of sheet temperature. In this paper, the steady state optimum distribution of heater power is searched by numerical optimization in order to get uniform sheet temperature. In the following step, optimal heater power distribution with a damaged heater was found out using the technology of fault tolerance, which will be used to reduce the repairing time when some heaters are damaged. The merit of this work is that the design variable was the power of each heater which can be directly used in the preheating process of thermoforming.

  10. [Optimization of processing technology for pieces of sulfur-free Chinese yam].

    Science.gov (United States)

    Han, Bo; Ma, Xiao-Li; Hao, Li-Jing; Zhao, Qing; Cao, Song-Yun

    2012-06-01

    To optimize the best gradient drying technology of pieces of sulfur-free Chinese yam, and provide technique parameter for processing of pieces of sulfur-free Chinese yam. Determined the content of polysaccharide by UV and the content of allantoin by HPLC. The optimum gradient drying technology of pieces of sulfur-free Chinese yam was investigated by orthogonal experiment and single factor experiment and the contents of polysaccharide and allantoin were regarded as the investigated indexes. The optimum processing technology of first gradient drying stage was A2B2, that was drying for 60 min at 115 degrees C; The optimum drying temperature of second drying stage was 65 degrees C. The optimum technology is stable and feasible for the processing of pieces of sulfur-free Chinese yam.

  11. Reliability- and performance-based robust design optimization of MEMS structures considering technological uncertainties

    Science.gov (United States)

    Martowicz, Adam; Uhl, Tadeusz

    2012-10-01

    The paper discusses the applicability of a reliability- and performance-based multi-criteria robust design optimization technique for micro-electromechanical systems, considering their technological uncertainties. Nowadays, micro-devices are commonly applied systems, especially in the automotive industry, taking advantage of utilizing both the mechanical structure and electronic control circuit on one board. Their frequent use motivates the elaboration of virtual prototyping tools that can be applied in design optimization with the introduction of technological uncertainties and reliability. The authors present a procedure for the optimization of micro-devices, which is based on the theory of reliability-based robust design optimization. This takes into consideration the performance of a micro-device and its reliability assessed by means of uncertainty analysis. The procedure assumes that, for each checked design configuration, the assessment of uncertainty propagation is performed with the meta-modeling technique. The described procedure is illustrated with an example of the optimization carried out for a finite element model of a micro-mirror. The multi-physics approach allowed the introduction of several physical phenomena to correctly model the electrostatic actuation and the squeezing effect present between electrodes. The optimization was preceded by sensitivity analysis to establish the design and uncertain domains. The genetic algorithms fulfilled the defined optimization task effectively. The best discovered individuals are characterized by a minimized value of the multi-criteria objective function, simultaneously satisfying the constraint on material strength. The restriction of the maximum equivalent stresses was introduced with the conditionally formulated objective function with a penalty component. The yielded results were successfully verified with a global uniform search through the input design domain.

  12. 带外生负债的保险公司最优再保险-投资策略%Optimal Reinsurance-Investment Strategy for an Insurer with Exogenous Liability

    Institute of Scientific and Technical Information of China (English)

    李婵娟; 李仲飞; 曾燕

    2012-01-01

    研究了外生负债影响下保险公司的最优再保险-投资策略,其中假设保险公司的目标是最大化终端财富的期望指数效用;盈余过程服从扩散模型;风险资产和负债均由几何布朗运动刻画.运用随机动态规划方法,得到了保险公司在(i)进行投资且允许购买比例再保险或获取新业务,(ii)进行投资但只允许购买比例再保险,不能获取新业务,两种情形下的最优再保险-投资策略以及最优值函数的解析式.最后,采用数值算例阐述了外生负债与市场参数对最优策略的影响.%The optimal reinsurance-investment strategy for an insurer with an exogenous liability is considered. Assume that the aim of the insurer is to maximize the expected exponential utility of the terminal wealth; the surplus process of the insurer follows a diffusion model while the risky assets'prices and the exogenous liability are governed by geometric Brownian motions. By employing the stochastic dynamic programming, the closed form of the optimal reinsurance-investment strategy and the optimal value function are derived under two cases; (I) the insurer can invest in a financial market and purchase proportional reinsurance or acquire new business, (ii) the insurer can invest in a financial market and purchase proportional reinsurance, but not acquire new business. Finally, a numerical example is given to show the impact of the exogenous liability and the market parameters on the optimal strategy.

  13. 上市公司的科技投入对公司绩效的贡献度研究%Research on the Contribution of Science and Technology Investment to Company Performance of Listing Corporation

    Institute of Scientific and Technical Information of China (English)

    罗声明

    2014-01-01

    科技创新是经济发展、社会进步的动力源泉,坚定发展自主创新是我国上市公司提高核心竞争能力的必由之路。本文以科学地评价科技投入对我国上市公司绩效的贡献度为核心研究内容,遴选了 R&D 科技投入和其它科技投入及其派生指标作为科技投入的表征变量,遴选了产品销售收入、净利润、净资产收益率、每股收益率及其增长率作为公司绩效的表征变量,并通过相关分析和回归分析展开了实证分析。实证分析的结论表明,科技投入和我国上市公司绩效之间存在一定的关联,但影响作用并不明显。针对这一实际问题,本文给出了相应的政策建议,以期让科技投入更好地促进上市公司绩效的提升。%Technology innovation is the source of economic development and social progress . Independent innovation is the route which can improve the core competition ability of listing corporation .In this paper ,the contribution of science and technology investment was researched for company performance of listing corporation . R&D investment and other investment have been selected as the variables which can express science and technology investment ,and four variables are also selected to express company performance of listing corpo-ration such as product sales revenue ,net profit , return on net assets ,and earnings per share .Empirical analysis show that there is a cer-tain correlation between science and technology investment and listing corporation performance ,but the effect is not obvious .According to this problem , corresponding policy recommendations have been given in order to make science and technology investment to better promote the listing corporation performance .

  14. 跳扩散风险过程的最优投资和比例再保险:期望值保费原理%Optimal Investment and Proportional Reinsurance for Jump-Diffusion Risk Processes: Expected Value Principle

    Institute of Scientific and Technical Information of China (English)

    梁志彬

    2009-01-01

    站在保险人的立场上,讨论了期望值保费原理下,跳扩散风险过程的最优投资和比例再保险问题,得到了使终值期望效用达到最大的最优策略和值函数的近似表达式,并且得出结论:投资总比不投资好.最后,通过一些数值举例来进一步说明本文中所得的结论.%In this paper,we study.from the insurer's point of view,the optinull investment and proportional reinsurance for the imp-diffusion surplUS processes.Assuming that the reinsurance premium is calculated according to the expected value principle,we obtain the closed form expressions of the strategy and the value function which are optimal in the sense of maximizing the expected utility from terminal wealth.We also conclude that the case with investment is always better than the one without investment.Some numerical examples 8,re given,which illustrate the results of this paper.

  15. Retrospective Benefit-Cost Evaluation of U.S. DOE Wind Energy R&D Program: Impact of Selected Energy Technology Investments

    Energy Technology Data Exchange (ETDEWEB)

    Pelsoci, Thomas M. [Delta Research Co., Evanston, IL (United States)

    2010-06-01

    This benefit-cost analysis focuses on the DOE Wind Energy Program's public sector R&D investments and returns. The analysis accounts for the program's additionality – that is, comparing what has happened as a result of the program to what would have happened without it. The analysis does not address the return on the investments of private companies ("private returns"). Public returns on the program's investments from 1976 to 2008 are identified and analyzed using retrospective analysis.

  16. Application of particle swarm optimization blind source separation technology in fault diagnosis of gearbox

    Institute of Scientific and Technical Information of China (English)

    黄晋英; 潘宏侠; 毕世华; 杨喜旺

    2008-01-01

    Blind source separation (BBS) technology was applied to vibration signal processing of gearbox for separating different fault vibration sources and enhancing fault information. An improved BSS algorithm based on particle swarm optimization (PSO) was proposed. It can change the traditional fault-enhancing thought based on de-noising. And it can also solve the practical difficult problem of fault location and low fault diagnosis rate in early stage. It was applied to the vibration signal of gearbox under three working states. The result proves that the BSS greatly enhances fault information and supplies technological method for diagnosis of weak fault.

  17. An artificial bee colony algorith m with the feasibility rule for portfolio investment optimizations%投资组合优化的可行性规则人工蜂群算法

    Institute of Scientific and Technical Information of China (English)

    刘永波

    2014-01-01

    给出含交易费用和投资者风险偏好的最佳证券投资组合约束优化模型,并应用人工蜂群算法( ABC)求解该问题。应用可行性规则处理优化问题的约束条件,形成可行性规则人工蜂群算法( FRABC)。应用Markov链理论证明FRABC算法为全局收敛算法。给出了证券投资组合优化仿真实例。实验结果表明,FRABC算法可行有效,且寻优结果优于自适应遗传算法。在相同计算开销的条件下,FRABC算法的各项性能指标也明显好于遗传算法、粒子群算法及基本人工蜂群算法等对比算法。%This current work was carried out to approach the portfolio investment optimization problem by using an artificial bee colony (ABC) algorithm, in order to provide references for related researches .A constrained optimiza-tion model was constructed to formulate the portfolio investment optimization problem concerning securities subject to transaction fees and risk preferences of investors .This study employs feasibility rules to handle the constrained conditions of the optimization problem and forms an ABC algorithm with the feasibility rule ( FRABC) .It has been concluded by means of the Markov chain theory that the developed FRABC algorithm is globally convergent .A real-istic case of the portfolio investment optimization is given to show that this method is valid and feasible , and the re-sults are better than the ones obtained by the adaptive genetic algorithm ( AGA) .The proposed FRABC algorithm performs better , in terms of the final results , than the compared algorithms such as the genetic algorithm , particle swarm optimization algorithm and the basic ABC algorithm with the feasibility rule , under the assumed condition that the computational costs for the two algorithms are the same .

  18. Outward Foreign Direct Investment from India

    OpenAIRE

    Saikia, Dilip

    2009-01-01

    India has been continually attracting massive foreign investments since the opening up of its economy with a series of liberalization policies in the early 1990s. This inward FDI plays an important role in the Indian economy as a financier of her BOP. However in recent years, India has been fast emerging as an exporter of large foreign direct investment. An increasing number of Indian firms are resorting to outward investment in order to access new technologies, skills and managerial expertis...

  19. Optimization as a support for design of hot rolling technology of dual phase steel strips

    Science.gov (United States)

    Szeliga, Danuta; Sztangret, Łukasz; Kusiak, Jan; Pietrzyk, Maciej

    2013-05-01

    The objective of the paper was performing of the sensitivity analysis of the model used for design of manufacturing technology for auto body parts made of the Advanced High Strength Steels (AHSS). Dual phase steel was considered as an example. The sensitivity analysis was performed to evaluate the importance of all variables as far as their influence on the finishing rolling temperature and grain size. The phase composition after cooling was also considered. An arbitrary hot rolling process characterized only by a number of passes and cooling conditions between passes, as well as by laminar cooling parameters, was selected for the analysis. Metamodel of the rolling cycle was developed to decrease the computing costs for the optimization task. Modified Avrami equation was used for modelling phase transformations during cooling. Such process parameters as the initial temperature, interpass times, heat exchange coefficients and rolling velocities were selected as optimization variables for the rolling process. Parameters of the thermal cycles were selected as the optimization variables for the laminar cooling process. Achieving the required phase composition of product was the optimization objective function. Optimization was performed using various techniques, including methods inspired by nature optimization.

  20. Optimization technology of 9/7 wavelet lifting scheme on DSP*

    Science.gov (United States)

    Chen, Zhengzhang; Yang, Xiaoyuan; Yang, Rui

    2007-12-01

    Nowadays wavelet transform has been one of the most effective transform means in the realm of image processing, especially the biorthogonal 9/7 wavelet filters proposed by Daubechies, which have good performance in image compression. This paper deeply studied the implementation and optimization technologies of 9/7 wavelet lifting scheme based on the DSP platform, including carrying out the fixed-point wavelet lifting steps instead of time-consuming floating-point operation, adopting pipelining technique to improve the iteration procedure, reducing the times of multiplication calculation by simplifying the normalization operation of two-dimension wavelet transform, and improving the storage format and sequence of wavelet coefficients to reduce the memory consumption. Experiment results have shown that these implementation and optimization technologies can improve the wavelet lifting algorithm's efficiency more than 30 times, which establish a technique foundation for successfully developing real-time remote sensing image compression system in future.

  1. Choosing The Right Technology - Optimized Design Of Renewable Supply Systems For Residential Houses

    DEFF Research Database (Denmark)

    Milan, Christian; Bojesen, Carsten; Nielsen, Mads Pagh

    2012-01-01

    The use of renewable energy sources (RES) has continuously increased throughout the last decade. In the residential building sector the trend goes towards energy supply systems based on multiple RES. This is mainly due to political requirements, governmental subsidies and fuel price development....... These systems not only require an optimal design with respect to the installed capacities but also the right choice in combining the available technologies assuring a cost-effective solution. The aim of this paper is to present an optimization methodology for residential on-site energy supply systems based...... on mixed integer linear programming. The methodology chooses the right combination of technologies and sizes the components based on on-site weather data and expected consumption profiles. Through this approach the fluctuations of RES as well as the user behavior are taken into account already during...

  2. THE OPTIMAL TIME FOR SUBSTITUTION OF Eucalyptus spp. PLANTATIONS –THE TECHNOLOGICAL PROGRESS CASE

    Directory of Open Access Journals (Sweden)

    José Luiz Pereira de Rezende

    2005-03-01

    Full Text Available The importance of technological progress for the Brazilian forest enterprises cannot be denied. Its influencecomprehends all the activities, but can be summarized in the increase of income via yield increase or cost reduction and, mainly,in the two cases occurring together. Technological effects influence, among other aspects, the cutting age and the optimal time torenewal (a new plantinting or “reforma” Eucalyptus plantations. Studies to determine these times are not so common in theliterature since it requires both forestry and economic knowledge. Before renewing an Eucalyptus stand, it is necessary totechnically and economically to define the optimal cut age the original planting and the coppicings and after how many cuttingsthe substitution of the plantations should be done. This study aimed at studying the optimal time to substitute Eucalyptus spp.Plantations, considering the gains earned through technological progress; to determine the cutting age of the population, theincome being increasing and the cost being decreasing; to propose and verify the efficiency of a mathematical model whichallows modeling the effects of technological progress; to study the substitution chain between 1960 and 2000 and between 2000and 2040, considering technological progress; and to test the results in a case study. The Gompertz Function was employed toobtain the volumes at the various ages. The criterion employed for the economic evaluation of the projects was the Presente NetValue (PNV. The proposed model allowed the calculation of yields and costs through time, study the effect of yield increaseand cost reduction and determine the rates of these increase and, or, reductions as well as determining rates which served asmoderators so that the yield and costs did not reach unreal values. It was concluded that: The rotation, with current values, is at 7years of age; the model proved to be efficient for estimates up to 40 years; with the income and costs from

  3. Modelling and Optimization of Technological Process for Magnetron Synthesis of Altin Nanocomposite Films on Cutting Tools

    Science.gov (United States)

    Kozhina, T. D.

    2016-04-01

    The paper highlights the results of the research on developing the mechanism to model the technological process for magnetron synthesis of nanocomposite films on cutting tools, which provides their specified physical and mechanical characteristics by controlling pulsed plasma parameters. The paper presents optimal conditions for AlTiN coating deposition on cutting tools according to the ion energy of sputtered atoms in order to provide their specified physical and mechanical characteristics.

  4. Optimization of the processing technology of Fructus Arctii by response surface methodology.

    Science.gov (United States)

    Liu, Qi-Di; Qin, Kun-Ming; Shen, Bao-Jia; Cai, Hao; Cai, Bao-Chang

    2015-03-01

    The present study was designed to optimize the processing of Fructus Arctii by response surface methodology (RSM). Based on single factor studies, a three-variable, three-level Box-Behnken design (BBD) was used to monitor the effects of independent variables, including processing temperature and time, on the dependent variables. Response surfaces and contour plots of the contents of total lignans, chlorogenic acid, arctiin, and arctigenin were obtained through ultraviolet and visible (UV-Vis) monitoring and high performance liquid chromatography (HPLC). Fructus Arctii should be processed under heating in a pot at 311 °C, medicine at 119 °C for 123s with flipping frequently. The experimental values under the optimized processing technology were consistent with the predicted values. In conclusion, RSM is an effective method to optimize the processing of traditional Chinese medicine (TCM).

  5. Design and statistical optimization of osmotically driven capsule based on push-pull technology.

    Science.gov (United States)

    Shaikh, Wasim; Deshmukh, Prashant K; Patil, Ganesh B; Chatap, Vivekanand K; Bari, Sanjay B

    2013-01-01

    In present investigation attempt was made to develop and statistically optimize osmotically active capsule tailor made from the concept of bilayer (push-pull) osmotic tablet technology. The capsule was comprised of active (drug) and push (osmogen) layer. Active layer was compressed in form of tablet by mixing known amount of drug and formulation excipients. Similarly push layer was made by compressing Mannitol with formulation excipients. Finally, both layers were packed in hard gelatin capsule having small aperture at top and coated with semipermeable membrane to form osmotically active capsule. Formulated and optimized capsules were characterized for Fourier transform infrared (FT-IR) spectroscopy, differential scanning calorimetric (DSC), scanning electron microscopy, In-vitro drug release study and Release models and kinetics. Statistically optimized formulation showed good correlation between predicted and experimented results, which further confirms the practicability and validity of the model.

  6. Household Consumption, Investment and Life Insurance

    DEFF Research Database (Denmark)

    Bruhn, Kenneth; Steffensen, Mogens

    2011-01-01

    This paper develops a continuous-time Markov model for utility optimization of households. The household optimizes expected future utility from consumption by controlling consumption, investments and purchase of lifeinsurance for each person in the household. The optimal controls are investigated...

  7. Fundamental Theories and Key Technologies for Smart and Optimal Manufacturing in the Process Industry

    Directory of Open Access Journals (Sweden)

    Feng Qian

    2017-04-01

    Full Text Available Given the significant requirements for transforming and promoting the process industry, we present the major limitations of current petrochemical enterprises, including limitations in decision-making, production operation, efficiency and security, information integration, and so forth. To promote a vision of the process industry with efficient, green, and smart production, modern information technology should be utilized throughout the entire optimization process for production, management, and marketing. To focus on smart equipment in manufacturing processes, as well as on the adaptive intelligent optimization of the manufacturing process, operating mode, and supply chain management, we put forward several key scientific problems in engineering in a demand-driven and application-oriented manner, namely: ① intelligent sensing and integration of all process information, including production and management information; ② collaborative decision-making in the supply chain, industry chain, and value chain, driven by knowledge; ③ cooperative control and optimization of plant-wide production processes via human-cyber-physical interaction; and ④ life-cycle assessments for safety and environmental footprint monitoring, in addition to tracing analysis and risk control. In order to solve these limitations and core scientific problems, we further present fundamental theories and key technologies for smart and optimal manufacturing in the process industry. Although this paper discusses the process industry in China, the conclusions in this paper can be extended to the process industry around the world.

  8. Noncontractible Investments and Reference Points

    Directory of Open Access Journals (Sweden)

    Oliver Hart

    2013-08-01

    Full Text Available We analyze noncontractible investments in a model with shading. A seller can make an investment that affects a buyer’s value. The parties have outside options that depend on asset ownership. When shading is not possible and there is no contract renegotiation, an optimum can be achieved by giving the seller the right to make a take-it-or-leave-it offer. However, with shading, such a contract creates deadweight losses. We show that an optimal contract will limit the seller’s offers, and possibly create ex post inefficiency. Asset ownership can improve matters even if revelation mechanisms are allowed.

  9. An Optimal Model to Calculate the Income and Risk of Asset Combined Investments with Excel%应用Excel求解资产组合投资收益与风险的优化模型

    Institute of Scientific and Technical Information of China (English)

    宁云才; 张丽华; 李祥仪

    2001-01-01

    This paper introduces simple programming with VBA which is built in Excel. An optimal model of calculating the income and risk of asset combined investments is illustrated. How to realize repeated problem-solving and result optimization is also presented.%本文结合资产组合投资收益与风险的优化模型的求解,介绍在Excel中可以利用其内嵌的VBA进行简单编程,即可以实现系列化自动反复规划求解、保存优化结果的一些程序化方法和技巧。

  10. Optimal Selection Method of Process Patents for Technology Transfer Using Fuzzy Linguistic Computing

    Directory of Open Access Journals (Sweden)

    Gangfeng Wang

    2014-01-01

    Full Text Available Under the open innovation paradigm, technology transfer of process patents is one of the most important mechanisms for manufacturing companies to implement process innovation and enhance the competitive edge. To achieve promising technology transfers, we need to evaluate the feasibility of process patents and optimally select the most appropriate patent according to the actual manufacturing situation. Hence, this paper proposes an optimal selection method of process patents using multiple criteria decision-making and 2-tuple fuzzy linguistic computing to avoid information loss during the processes of evaluation integration. An evaluation index system for technology transfer feasibility of process patents is designed initially. Then, fuzzy linguistic computing approach is applied to aggregate the evaluations of criteria weights for each criterion and corresponding subcriteria. Furthermore, performance ratings for subcriteria and fuzzy aggregated ratings of criteria are calculated. Thus, we obtain the overall technology transfer feasibility of patent alternatives. Finally, a case study of aeroengine turbine manufacturing is presented to demonstrate the applicability of the proposed method.

  11. Technology-design-manufacturing co-optimization for advanced mobile SoCs

    Science.gov (United States)

    Yang, Da; Gan, Chock; Chidambaram, P. R.; Nallapadi, Giri; Zhu, John; Song, S. C.; Xu, Jeff; Yeap, Geoffrey

    2014-03-01

    How to maintain the Moore's Law scaling beyond the 193 immersion resolution limit is the key question semiconductor industry needs to answer in the near future. Process complexity will undoubtfully increase for 14nm node and beyond, which brings both challenges and opportunities for technology development. A vertically integrated design-technologymanufacturing co-optimization flow is desired to better address the complicated issues new process changes bring. In recent years smart mobile wireless devices have been the fastest growing consumer electronics market. Advanced mobile devices such as smartphones are complex systems with the overriding objective of providing the best userexperience value by harnessing all the technology innovations. Most critical system drivers are better system performance/power efficiency, cost effectiveness, and smaller form factors, which, in turns, drive the need of system design and solution with More-than-Moore innovations. Mobile system-on-chips (SoCs) has become the leading driver for semiconductor technology definition and manufacturing. Here we highlight how the co-optimization strategy influenced architecture, device/circuit, process technology and package, in the face of growing process cost/complexity and variability as well as design rule restrictions.

  12. Investment in hydrogen tri-generation for wastewater treatment plants under uncertainties

    Science.gov (United States)

    Gharieh, Kaveh; Jafari, Mohsen A.; Guo, Qizhong

    2015-11-01

    In this article, we present a compound real option model for investment in hydrogen tri-generation and onsite hydrogen dispensing systems for a wastewater treatment plant under price and market uncertainties. The ultimate objective is to determine optimal timing and investment thresholds to exercise initial and subsequent options such that the total savings are maximized. Initial option includes investment in a 1.4 (MW) Molten Carbonate Fuel Cell (MCFC) fed by mixture of waste biogas from anaerobic digestion and natural gas, along with auxiliary equipment. Produced hydrogen in MCFC via internal reforming, is recovered from the exhaust gas stream using Pressure Swing Adsorption (PSA) purification technology. Therefore the expansion option includes investment in hydrogen compression, storage and dispensing (CSD) systems which creates additional revenue by selling hydrogen onsite in retail price. This work extends current state of investment modeling within the context of hydrogen tri-generation by considering: (i) Modular investment plan for hydrogen tri-generation and dispensing systems, (ii) Multiple sources of uncertainties along with more realistic probability distributions, (iii) Optimal operation of hydrogen tri-generation is considered, which results in realistic saving estimation.

  13. China Curbs the Investment in Copper Smelting

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    <正>According to a recent document released by the State Development and Reform Commission (SDRC), the investment in copper smelting by China’s enterprises will be put under strict control so as to prevent the blind investment and duplication in copper smelting projects at low technical standard. The document stipulated a series of conditions including equipment, technology, energy consumption and environmental protection.

  14. The Investment Paradigm

    Science.gov (United States)

    Perna, Mark C.

    2005-01-01

    Is marketing an expense or an investment? Most accountants will claim that marketing is an expense, and clearly that seems true when cutting the checks to fund these efforts. When it is done properly, marketing is the best investment. A key principle to Smart Marketing is the Investment Paradigm. The Investment Paradigm is understanding that every…

  15. Rapid Determination of Optimal Conditions in a Continuous Flow Reactor Using Process Analytical Technology

    Directory of Open Access Journals (Sweden)

    Michael F. Roberto

    2013-12-01

    Full Text Available Continuous flow reactors (CFRs are an emerging technology that offer several advantages over traditional batch synthesis methods, including more efficient mixing schemes, rapid heat transfer, and increased user safety. Of particular interest to the specialty chemical and pharmaceutical manufacturing industries is the significantly improved reliability and product reproducibility over time. CFR reproducibility can be attributed to the reactors achieving and maintaining a steady state once all physical and chemical conditions have stabilized. This work describes the implementation of a smart CFR with univariate physical and multivariate chemical monitoring that allows for rapid determination of steady state, requiring less than one minute. Additionally, the use of process analytical technology further enabled a significant reduction in the time and cost associated with offline validation methods. The technology implemented for this study is chemistry and hardware agnostic, making this approach a viable means of optimizing the conditions of any CFR.

  16. Simulation and optimization for synthetic technology of 2-chloro-4, 6-dinitroresorcinol based on back-propagation neural network

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    Back-propagation neural network was applied to predict and optimize the synthetic technology of 2-chloro-4,6-dinitroresorcinol. A model was established based on back-propagation neural network using the experimental data of homogeneous design as the training sample set and the technological parameters were optimized by it. The optimal technological parameters are as follows: the reaction time is 4h, the rewere performed and the average yield of 2-chloro-4,6-dinitroresorcinol is 96.64%, the absolute error of it with the predicted value is - 1.07 %.

  17. IMT-Advanced跨层优化技术%IMT-Advanced Cross-Layer Optimization Technologies

    Institute of Scientific and Technical Information of China (English)

    王德胜; 朱光喜

    2011-01-01

    适用于有线网络的传统独立分层协议阻碍和限制了未来IMT-Advanced无线网络性能进一步提升,无线网络的发展需要新的优化技术与之相适应.高效跨层、跨模块的资源优化技术,通过发掘各层次、各模块之间的冗余信息,或压缩,或利用,能够明显地改善无线系统性能.跨层优化技术在结合认知科学技术、人工智能技术、凸优化等数学手段的基础上,能对各模块资源合理优化分配,最大程度地提高无线系统的资源利用效率,为网络内无线节点提供更好的业务服务质量(QoS)保障以及用户体验.%develop IMT-Advanced wireless networks, new optimization technology is required. The traditional independent layer protocol limits performance and will hamper the improvement of future IMT wireless networks. Efficient cross-layer cross-module optimization technology significantly improves wireless system performance by compressing or using the redundant information across all levels and modules. Cross-layer optimization combines cognitive science, artificial intelligence, and convex optimization to efficiently allocate and use resources, and to optimize each module. QoS and user experience is also guaranteed.

  18. Simulation Study on Chinese Personal Education Investment Behavior and Dynamic Optimization Portfolio%中国个人教育投资行为与资产组合动态优化模拟研究

    Institute of Scientific and Technical Information of China (English)

    张佳未; 朱涛; 姚瑶

    2014-01-01

    本文基于连续时间资产组合配置理论,运用明瑟收入函数,在考虑个人教育投资的基础上,得出了金融资产最优配置的表达式。通过动态优化模拟的方法,本文得出了不同生命周期阶段个人最优消费与风险性金融资产投资比例,并模拟了不同冲击对最优资产组合结果的影响。本文研究结论的意义在于:优先发展教育,充分调动全社会关心支持教育的积极性,提高教育质量,降低个人教育投资风险,不仅关系到国家的经济发展,更是普通家庭金融福祉所在。%Based on continuous-time portfolio allocation theory, the use of Mincer earnings function, in consideration of per-sonal investment in education, based on the optimal allocation of financial assets obtained expressions. Through dynamic op-timization simulation method, we draw a different optimal consumption and the risk of personal investment ratio of financial assets life cycle stages, and simulate the effect of different impact on the optimal portfolio results. Significance of this con-clusion is that:give priority to education, to fully mobilize the whole society to care for and support educational initiative to improve the quality of education and reduce the risk of personal investment in education, not only to the economic develop-ment of the country, it is the ordinary household financial well-being lies.

  19. Optimal Proportional Reinsurance and Investment with Transaction Costs and Liability%考虑交易费用和债务的再保险和投资问题

    Institute of Scientific and Technical Information of China (English)

    张昕丽; 孙文瑜

    2012-01-01

    该文考虑了保险公司的再保险和投资在多种风险资产中的策略问题.假设保险公司本身有着一定的债务,债务的多少服从线性扩散方程.保险公司可以通过再保险和将再保险之后的剩余资产投资在m种风险资产和一种无风险资产中降低其风险.资产中风险资产的价格波动服从几何布朗运动,其债务多少的演化也是依据布朗运动而上下波动.该文考虑了风险资产与债务之间的相互关系,考虑了在进行风险投资时的交易费用,并且利用HJB方程求得保险公司的最大最终资产的预期指数效用,给出了相应的最优价值函数和最优策略的数值解.%In this paper, the authors consider a problem of optimal reinsurance and investment with multiple risky assets and a liability for an insurance company whose surplus is governed by a linear diffusion. The insurance company's risk can be reduced through reinsurance, while in addition the company invests its surplus in a financial market with one risk-free asset and m risky assets. The risky assets' prices are governed by geometric Brownian motions while the liability evolves according to a Brownian motion with drift. The correlations between the risky assets and the liability are considered. The transaction costs produced during the investment are taken into account. Te authors consider the optimization problem of maximizing the expected exponential utility of terminal wealth and solve it by using the corresponding Hamilton-Jacobi-Bellman(HJB) equation. Explicit expression for the optimal value function and the corresponding optimal strategies are obtained.

  20. Bacterial cell-free expression technology to in vitro systems engineering and optimization

    Directory of Open Access Journals (Sweden)

    Filippo Caschera

    2017-06-01

    Full Text Available Cell-free expression system is a technology for the synthesis of proteins in vitro. The system is a platform for several bioengineering projects, e.g. cell-free metabolic engineering, evolutionary design of experiments, and synthetic minimal cell construction. Bacterial cell-free protein synthesis system (CFPS is a robust tool for synthetic biology. The bacteria lysate, the DNA, and the energy module, which are the three optimized sub-systems for in vitro protein synthesis, compose the integrated system. Currently, an optimized E. coli cell-free expression system can produce up to ∼2.3 mg/mL of a fluorescent reporter protein. Herein, I will describe the features of ATP-regeneration systems for in vitro protein synthesis, and I will present a machine-learning experiment for optimizing the protein yield of E. coli cell-free protein synthesis systems. Moreover, I will introduce experiments on the synthesis of a minimal cell using liposomes as dynamic containers, and E. coli cell-free expression system as biochemical platform for metabolism and gene expression. CFPS can be further integrated with other technologies for novel applications in environmental, medical and material science.