Lessons learnt from design, off-site construction and performance analysis of deep energy retrofit of residential buildings

The article introduces the process of deep energy retrofit carried out on a residential building in the UK, using a ‘TCosy’ approach in which the existing building is completely surrounded by a new thermal envelope. It reports on the entire process, from establishing the characteristics of the existing building, carrying out design simulations, documenting the off- site manufacture and on-site installation, and carrying out instrumental monitoring, occupant studies and performance evaluation. Multi-objective optimisation is used throughout the process, for establishing the characteristics of the building before the retrofit, conducting the design simulations, and evaluating the success of the completed retrofit. Building physics parameters before and after retrofit are evaluated in an innovative way through simulation of dynamic heating tests with calibrated models, and the method can be used as quality control measure in future retrofit programmes. New insights are provided into retrofit economics in the context of occupants’ health and wellbeing improvements. The wide scope of the lessons learnt can be instrumental in the creation of continuing professional development programmes, university courses, and public education that raises awareness and demand. These lessons can also be valuable for development of new funding schemes that address the outstanding challenges and the need for updating technical reference material, informing policy and building regulations.Peer reviewedFinal Published versio

PREDICTED FUTURE ECONOMIC IMPACTS OF BIOLOGICAL CONTROL OF LEAFY SPURGE IN THE UPPER MIDWEST

The Leafy Spurge Biological Control program was designed to use insects and plant diseases from the plant's original European habitat to control infestations in the United States. The widespread adoption of biological agents to combat leafy spurge and the initial success in reclaiming previously infested land has prompted an evaluation of the potential future economic benefits of the biological control of leafy spurge in the Upper Midwest. Based on expert opinion and historical data, leafy spurge in Montana, North Dakota, South Dakota, and Wyoming was projected to infest 1.85 million acres, of which, 65 percent was estimated to controlled with biological agents by 2025. Based on a survey of county weed board personnel, North Dakota and Wyoming are further advanced in the use of biological control than Montana and South Dakota. Recovery of rangeland outputs resulting from the biological control of leafy spurge was estimated to create $52.7 million in direct and secondary economic impacts. Biological control of leafy spurge on wildland was estimated to generate$5.6 million annually. By 2025, total economic impacts of the Leafy Spurge Biological Control Program were estimated at $58.4 million (1997 dollars) annually in the four-state region. An additional 876 full-time equivalent secondary jobs would be created as result of the program. Although the economic estimates generated are based on expert opinion and remain sensitive to assumptions regarding the future efficacy of the biological control of leafy spurge, initial evidence suggests the program will be an economic success regardless of the eventual level of control. The assessment of the economic value of the biological control of leafy spurge would benefit from incorporation of additional information as the overall understanding of the biological control process grows.biological control, leafy spurge, economic impacts, Upper Midwest, Resource /Energy Economics and Policy,

Debt as a control device in transitional economies : the experiences of Hungary and Poland

The basic economic challenge in the transition from socialism to capitalism is creating incentive structures and institutions that promote enterprise change and restructuring. This is the motivation for most of the reforms debated during the transition - whether privatization, demonopolization, trade reform, or financial sector reform. Most research on corporate governance and privatization has focused on the role of owners - whether on the problems inherent in the separation of ownership and management (most Western literature) or on the need for true owners who represents the interests of capital (most literature on transition economies). But debt is also an important control device, as Western literature on corporate finance increasingly recognizes. The authors explore debt's role as a control device in transition economies, focusing especially on Hungary and Poland, which are relatively far along in the reform process. They ask, first, in what ways creditors exert control over firms in advanced market economies and how such control interacts with that exerted by equity holders. They then ask whether creditors in Central and Eastern European countries play similar roles and, if not, what roles they should play, and what can be done to give them the capacity and incentives to play those roles. They focus on three fundamental requirements for debt to function as a control device: information, proper incentives for creditors (including banks, suppliers, and government), and an efficient legal framework for debt collection (including collateral, workout, and bankruptcy regimes). While both countries are making progress in all three areas, there is still much to be done. Hungary and Poland illustrate only two of many approaches. Other transitional economies, such as the Czech Republic, Estonia, and Russia, are following different approaches that should be explored in future analysis.International Terrorism&Counterterrorism,Banks&Banking Reform,Payment Systems&Infrastructure,Environmental Economics&Policies,Financial Intermediation,Banks&Banking Reform,Environmental Economics&Policies,Financial Intermediation,Financial Crisis Management&Restructuring,Housing Finance

A "Social Bitcoin" could sustain a democratic digital world

A multidimensional financial system could provide benefits for individuals, companies, and states. Instead of top-down control, which is destined to eventually fail in a hyperconnected world, a bottom-up creation of value can unleash creative potential and drive innovations. Multiple currency dimensions can represent different externalities and thus enable the design of incentives and feedback mechanisms that foster the ability of complex dynamical systems to self-organize and lead to a more resilient society and sustainable economy. Modern information and communication technologies play a crucial role in this process, as Web 2.0 and online social networks promote cooperation and collaboration on unprecedented scales. Within this contribution, we discuss how one dimension of a multidimensional currency system could represent socio-digital capital (Social Bitcoins) that can be generated in a bottom-up way by individuals who perform search and navigation tasks in a future version of the digital world. The incentive to mine Social Bitcoins could sustain digital diversity, which mitigates the risk of totalitarian control by powerful monopolies of information and can create new business opportunities needed in times where a large fraction of current jobs is estimated to disappear due to computerisation.Comment: Contribution to EPJ-ST special issue on 'Can economics be a Physical Science?', edited by S. Sinha, A. S. Chakrabarti & M. Mitr

Cue-Triggered Addiction and Natural Recovery

In this paper we propose a model of natural recovery, a widespread yet unexplained aspect of addictive behavior, starting from the recent theory developed by Bernheim and Rangel (2004). While the Bernheim and Rangel model generates many distinctive patterns of addiction, it does not explicitly consider pathways to natural recovery. Based on insights from neurosciences, we introduce an ”implicit cognitive appraisal” process depending on past experiences as well as on future expected consequences of addictive consumption. Such function affects the individual in two ways: it erodes the payoff from use as the decision maker grows older and it increases the cognitive control competing with the hedonic impulses to use, thus reducing the probability of making mistakes. While we do recognize the importance of allowing for cue-triggered mistakes in individual decision making, our model recovers an important role for cognitive processes, such as subjective cost-benefit evaluations, in explaining natural recovery.Addiction models, natural recovery, behavioral economics,cognitive policy, neuroscience.

The Associated Electric Cooperative Energy Control System

Associated Electric Coop, installed a digital computer energy control system in 1971 to improve the economics and security of its power system operation. Since its initial implementation, the new energy control system has been undergoing a continuing evolutionary process. The addition of new data acquisition systems, improved man-machine interfaces, and the development of new, more sophisticated application programs has helped bring the system closer to its goal of reliable, secure, and economic power system operation. This paper describes Associated\u27s energy control system as it was originally installed, as it is currently operating today, and as it is currently envisioned to operate in the future. Emphasis is placed on the evolutionary nature of the automation of power system operations in light of the growth of the power system, its increased complexity, and the ever advancing technology of power system computer applications

Sharing ambiguous risks

NOTICE: this is the author’s version of a work that was accepted for publication in the Journal of Mathematical Economics. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in the Journal of Mathematical Economics, Vol. 56, pp. 1-8, January 2015. doi:10.1016/j.jmateco.2014.11.001We analyse risk-sharing when individuals perceive ambiguity about future events. The main departure from previous work is that different individuals perceive ambiguity differently. We show that individuals fail to share risks for extreme events. This may provide an explanation why we do not observe individuals buying insurance for certain events like hurricanes or earthquakes and why many contracts contain an "act of God" clause, which allows non-performance if an unforeseen event occurs

Economic income, historical costing income and conservatism: An integrated approach

The paper intends to contribute at the debate on the ‘Evolutionary Advantage of Cost Accounting and Conservatism’ (Accounting, Economics and Law: A Convivium, 2019. 9. issue), founded on Braun’s study (2016) about The Ecological Rationality of Historical Costs and Conservatism. Moving from the IASB Conceptual Framework (2013) it stresses the renewed interest in income concept. The economic financial crisis of 2008-9 stimulated discussions between the traditional ‘received view’ of ‘cost-revenue approach’ (historical cost accounting) and ‘balance-sheet approach’ (‘current values’ and ‘present values’, that is ‘economic values’). Revaluations of assets, liabilities and owners’ equities are consistent with the cost-revenue model as well as the discounting future income flows in order to reach sustainable economic income magnitudes and sustainable economic capital values. The whole function of the information system is related to decision-making and control: the ‘accountability concept’ is crucial in this regard and is part of the process for predicting future ‘economic financial situations’. Certainly historical cost is relevant part of accountability valuation; the future economic results can be better predicted by a long past segment of outcomes from all the entity activity, ‘operating incomes’ and ‘capital gains and losses’. These principles drive in the direction of historical costing (and conservatism) integrated, through ‘revaluations’, with other different methodologies, typically ‘current values’ and ‘present values’, in a unitary systematic comprehensive framework, according to economia aziendale (entity economics) school of thought

Architectural Agency Through Real Estate Development

In today’s world, architects are facing a problem of diminished control over the built environment. Across the industry, architects are forfeiting influence to developers, contractors, and lawyers due to increased concerns about innumerable risks. Architecture, for the most part, is dependent on other professions to create opportunities, and thus is not directly responsible for positive change. For architecture to accrue influence on how our built environment evolves into the future, it must understand and take a larger role within the real estate development process. The problem this thesis presents is that the position of architecture within this economics dominated power structure limits architects’ agency to affect a property’s use or influence its future use. The research delves into the standard development model, the real estate development process, design and construction, and operations of real estate practices in order to identify opportunities for architecture to engage in and enhance the process. This thesis proposes to understand a development process in Northampton, Massachusetts. It will illustrate that the opportunities and advantages of architect practicing as a developer to design and execute projects in the real world. Thus, for the research to be implemented through design, the chosen site includes several opportunities for a socially focused mixed-use development which responds well with the site and the surrounding context of Northampton

Decision support for build-to-order supply chain management through multiobjective optimization

This is the post-print version of the final paper published in International Journal of Production Economics. The published article is available from the link below. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. Copyright @ 2010 Elsevier B.V.This paper aims to identify the gaps in decision-making support based on multiobjective optimization (MOO) for build-to-order supply chain management (BTO-SCM). To this end, it reviews the literature available on modelling build-to-order supply chains (BTO-SC) with the focus on adopting MOO techniques as a decision support tool. The literature has been classified based on the nature of the decisions in different part of the supply chain, and the key decision areas across a typical BTO-SC are discussed in detail. Available software packages suitable for supporting decision making in BTO supply chains are also identified and their related solutions are outlined. The gap between the modelling and optimization techniques developed in the literature and the decision support needed in practice are highlighted. Future research directions to better exploit the decision support capabilities of MOO are proposed. These include: reformulation of the extant optimization models with a MOO perspective, development of decision supports for interfaces not involving manufacturers, development of scenarios around service-based objectives, development of efficient solution tools, considering the interests of each supply chain party as a separate objective to account for fair treatment of their requirements, and applying the existing methodologies on real-life data sets.Brunel Research Initiative and Enterprise Fund (BRIEF