BIODIESEL AS A SUBSTITUTE FOR PETROLEUM DIESEL IN A STOCHASTIC ENVIRONMENT

The objective of the research presented in this paper is the development of a stochastic adoption threshold. The option pricing approach for modeling investment under uncertainty is extended for the case of comparing two stochastic input prices associated with inputs that are perfect substitutes in a production process. Based on this methodology, a threshold decision rule influenced by the drift and volatility of these two input prices is developed. Theoretical results established an empirical link for measuring the tradeoff of a relatively more expensive input (biodiesel) with lower price drift and volatility compared with a lower but more volatile priced input (petroleum diesel).option pricing, production, renewable fuels, technology adoption under uncertainty, Resource /Energy Economics and Policy,

Grouping Individual Investment Preferences in Retirement Savings: A Cluster Analysis of a USS Members Risk Attitude Survey

Cluster analysis is used to identify homogeneous groups of members of USS in terms of risk attitudes. There are two distinct clusters of members in their 40s and 50s. One had previously ‘engaged’ with USS by making additional voluntary contributions. It typically had higher pay, longer tenure, less interest in ethical investing, lower risk capacity, a higher percentage of males, and a higher percentage of academics than members of the ‘disengaged’ cluster. Conditioning only on the attitude to risk responses, there are 18 clusters, with similar but not identical membership, depending on which clustering method is used. The differences in risk aversion across the 18 clusters could be explained largely by differences in the percentage of females and the percentage of couples. Risk aversion increases as the percentage of females in the cluster increases, while it reduces as the percentage of couples increases because of greater risk sharing within the household. Characteristics that other studies have found important determinants of risk attitudes, such as age, income and (pension) wealth, do not turn out to be as significant for USS members. Further, despite being on average more highly educated than the general population, USS members are marginally more risk averse than the general population, controlling for salary, although the difference is not significant

Electron impact promoted fragmentation of alkyl-N-(1-Phenylethyl)-carbamates of primary, secondary and tertiary alcohols

Mass spectra of alkyl carbamates derived from primary, secondary, and teriary alcohols by use of deuterium labeling and high resolution mass spectroscop

U.S. Biodiesel Development: New Markets for Conventional and Genetically Modified Agricultural Products

With environmental and energy source concerns on the rise, using agricultural fats and oils as fuel in diesel engines has captured increasing attention. Substituting petroleum diesel with biodiesel may reduce air emissions, increase the domestic supply of fuel, and create new markets for farmers. U.S. agricultural fats and oils could support a large amount of biodiesel, but high production costs and competing uses for biodiesel feedstocks will likely prevent mass adoption of biodiesel fuel. Higher-priced niche markets could develop for biodiesels as a result of environmental regulations. Biodiesel has many environmental advantages relative to petroleum diesel, such as lower CO, CO2, SOx, and particulate matter emissions. Enhancing fuel properties by genetically modifiying oil crops could improve NOx emissions, cold flow, and oxidative stability, which have been identified as potential problems for biodiesel. Research activities need to be directed toward cost reduction, improving fuel properties, and analyzing the economic effects of biodiesel development on U.S. agriculture.biodiesel, biodiesel blends, fatty acid esters, soybean, oil crops, animal fats, plant genetics, diesel engines, alternative fuels, Resource /Energy Economics and Policy,

BIODIESEL AS A SUBSTITUTE FOR PETROLEUM DIESEL IN A STOCHASTIC ENVIRONMENT

Policy makers should consider price volatility effects when determining appropriate spending levels for alternative fuel programs.Resource /Energy Economics and Policy,

On Sampling from Massive Graph Streams

We propose Graph Priority Sampling (GPS), a new paradigm for order-based reservoir sampling from massive streams of graph edges. GPS provides a general way to weight edge sampling according to auxiliary and/or size variables so as to accomplish various estimation goals of graph properties. In the context of subgraph counting, we show how edge sampling weights can be chosen so as to minimize the estimation variance of counts of specified sets of subgraphs. In distinction with many prior graph sampling schemes, GPS separates the functions of edge sampling and subgraph estimation. We propose two estimation frameworks: (1) Post-Stream estimation, to allow GPS to construct a reference sample of edges to support retrospective graph queries, and (2) In-Stream estimation, to allow GPS to obtain lower variance estimates by incrementally updating the subgraph count estimates during stream processing. Unbiasedness of subgraph estimators is established through a new Martingale formulation of graph stream order sampling, which shows that subgraph estimators, written as a product of constituent edge estimators are unbiased, even when computed at different points in the stream. The separation of estimation and sampling enables significant resource savings relative to previous work. We illustrate our framework with applications to triangle and wedge counting. We perform a large-scale experimental study on real-world graphs from various domains and types. GPS achieves high accuracy with less than 1% error for triangle and wedge counting, while storing a small fraction of the graph with average update times of a few microseconds per edge. Notably, for a large Twitter graph with more than 260M edges, GPS accurately estimates triangle counts with less than 1% error, while storing only 40K edges

One size fits all: How many default funds does a pension scheme need?

In this paper, we analyse the number of default investment funds appropriate for an occupational defined contribution pension scheme. Using a unique dataset of member risk attitudes and characteristics from a survey of a large UK pension scheme, we apply cluster analysis to identify two distinct groups of members in their 40s and 50s. Further analysis indicated that the risk attitudes of the two groups were not significantly different, allowing us to conclude that a single lifestyle default fund is appropriate

The Energy Balance of Corn Ethanol: An Update

Studies conducted since the late 1970s have estimated the net energy value (NEV) of corn ethanol. However, variations in data and assumptions used among the studies have resulted in a wide range of estimates. This study identifies the factors causing this wide variation and develops a more consistent estimate. We conclude that the NEV of corn ethanol has been rising over time due to technological advances in ethanol conversion and increased efficiency in farm production. We show that corn ethanol is energy efficient as indicated by an energy output:input ratio of 1.34.ethanol, net energy balance, corn production, energy, Crop Production/Industries, Resource /Energy Economics and Policy,

Comparison of athlete-coach perceptions of internal and external load markers for elite junior tennis training

Purpose: To investigate the discrepancy between coach and athlete perceptions of internal load and notational analysis of external load in elite junior tennis. Methods: Fourteen elite junior tennis players and 6 international coaches were recruited. Ratings of perceived exertion (RPEs) were recorded for individual drills and whole sessions, along with a rating of mental exertion, coach rating of intended session exertion, and athlete heart rate (HR). Furthermore, total stroke count and unforced-error count were notated using video coding after each session, alongside coach and athlete estimations of shots and errors made. Finally, regression analyses explained the variance in the criterion variables of athlete and coach RPE. Results: Repeated-measures analyses of variance and interclass correlation coefficients revealed that coaches significantly (P < .01) underestimated athlete session RPE, with only moderate correlation (r = .59) demonstrated between coach and athlete. However, athlete drill RPE (P = .14; r = .71) and mental exertion (P = .44; r = .68) were comparable and substantially correlated. No significant differences in estimated stroke count were evident between athlete and coach (P = .21), athlete notational analysis (P = .06), or coach notational analysis (P = .49). Coaches estimated significantly greater unforced errors than either athletes or notational analysis (P < .01). Regression analyses found that 54.5% of variance in coach RPE was explained by intended session exertion and coach drill RPE, while drill RPE and peak HR explained 45.3% of the variance in athlete session RPE. Conclusion: Coaches misinterpreted session RPE but not drill RPE, while inaccurately monitoring error counts. Improved understanding of external- and internal-load monitoring may help coach-athlete relationships in individual sports like tennis avoid maladaptive training. © 2014 Human Kinetics, Inc

A descriptive analysis of internal and external loads for elite-level tennis drills

Purpose: Planning tennis sessions accentuating physical development requires an understanding of training load (TL). The aims were to describe the external and internal TL of drills and analyze relationships between ratings of perceived exertion (RPE), TL, and other measures. Methods: Fourteen elite-level junior tennis athletes completed 259 individual drills. Six coaches helped devise classifications for all drills: recovery/defensive, open pattern, accuracy, 2-on-1 open, 2-on-1 net play, closed technical, point play, and match play. Notational analysis on stroke and error rates was performed postsession. Drill RPE and mental exertion were collected postdrill, while heart rate (HR) was recorded continuously. Results: Recovery/defensive, open pattern, and point play were significantly greater than closed technical drills (P .05) between categories. Substantial correlations existed for drill RPE and TL with mental exertion (r > .62) for several categories. TL was substantially correlated with total strokes (r > .65), while HR and stroke and error rates were in slight to moderate agreement with RPE and TL (r < .51). Conclusions: Recovery/defensive drills are highest in physiological stress, making them ideal for maximizing physicality. Recovery/defensive drills compromised training quality, eliciting high error rates. In contrast, 2-on-1 net-play drills provided the lowest error rates, potentially appropriate for error-amelioration practice. Open-pattern drills were characterized by significantly higher stroke rates, suggesting congruence with high-repetition practice. Finally, with strong relationships between physical and mental perception, mental exertion may complement currently used monitoring strategies (TL and RPE). © 2014 Human Kinetics, Inc