The development of a scenario independent method for evaluating the evacuation complexity of a building

Over the past two decades, more than 30 evacuation models have been developed to reproduce people’s movement patterns in evacuation. However, evacuation models cannot assess whether one building is better than another in regards to evacuation wayfinding. There exist techniques that attempt to compare different buildings for evacuation complexity. However, these graph measures are primarily used to measure the relative accessibility of different locations in a spatial system and were not generated for the purpose of comparing the complexity of different buildings. Currently only one method exists, Donegan’s method [DT98] [PD96] [DT99], which can be applied to compare building for evacuation ability. However, this technique is severely limited to specific building layouts and only considers connectivity. Taking the Donegan’s method as a first step, this thesis extends this algorithm to obtain a new Distance Graph Method, which considers travel distance as well as being able to be applied to graphs with circuits. Then a further building complexity measures is presented, the Global Complexity (PAT) method. This is shown to be a valid measure which considers additional important factors such as wayfinding time, travel distance and the areas of compartments. The Distance Graph Method and Global Complexity (PAT) methods are based on a room graph representation which does not have the descriptive power to describe the actual routes taken during the wayfinding process. To resolve this drawback a further method is presented which utilises a ‘route-based graph’ that has the ability to represent the real route that an evacuee will take during the wayfinding process. Furthermore the Distance Graph Method and Global Complexity (PAT) methods assume a “worst state” calculation for the nodal information. This means for buildings with more than one exit these methods calculate a global building complexity according to a mathematical formula, which considers all exits separately. To address these problems, the final method, Complexity Time Measure, is presented, which is based around a number of wayfinding behaviour rules over a ‘route-based graph’ representation. This addresses the question: ‘If an occupant is positioned at a random location within a building, on average how long does the occupant need to spend to find an available exit?’ Hence, provides a means to compare complex buildings, with circuits, in relation to evacuation capability

Financial Innovation, Investor Behavior, and Arbitrage: Implications from the ETF Market

Regular and levered ETFs are markedly different financial innovations. Regular ETFs improve liquidity: they are more liquid than their underlying stocks. In contrast, although the levered ETF market has a substantially higher turnover, it also has a significantly higher bid-ask spreads and larger price impacts. Our interpretation is that levered ETFs are appealing to short-term levered speculators. The aggregate cost levered ETF investors incur is around 10% of the market capitalization, or around $2 billion, each year. Moreover, regular ETF investors appear to be momentum traders, while levered ETF investors are contrarians: For regular (levered) ETFs, their monthly fund flows are strongly positively (negatively) correlated with past returns. Finally, arbitrage forces push ETF prices partially towards their NAVs, and this mechanism is less effective for levered ETFs than for regular ones

Personality differences and investment decision-making

We survey thousands of affluent American investors to examine the relationship between personalities and investment decisions. The Big Five personality traits correlate with investors' beliefs about the stock market and economy, risk preferences, and social interaction tendencies. Two personality traits, Neuroticism and Openness, stand out in their explanatory power for equity investments. Investors with high Neuroticism and those with low Openness tend to allocate less investment to equities. We examine the underlying mechanisms and find evidence for both standard channels of preferences and beliefs and other nonstandard channels. We show consistent out-of-sample evidence in representative panels of Australian and German households

Visible-light-driven Ag/Bi3O4Cl nanocomposite photocatalyst with enhanced photocatalytic activity for degradation of tetracycline

In this study, a novel Ag/Bi3O4Cl photocatalyst has been synthesized by a facile photodeposition process. Its photocatalytic performance was evaluated from the degradation of tetracycline (TC) under visible light irradiation (λ > 420 nm). The 1.0 wt% Ag/Bi3O4Cl photocatalyst could significantly enhance the degradation of TC compared with pure Bi3O4Cl, with the degradation level reaching 94.2% in 120 minutes. The enhancement of photocatalytic activity could be attributed to the synergetic effect of the photogenerated electrons (e−) of Bi3O4Cl and the surface plasmon resonance (SPR) caused by Ag nanoparticles, which could improve the absorption capacity of visible light and facilitate the separation of photogenerated electron–hole pairs. In addition, electron spin resonance (ESR) analysis and trapping experiments demonstrated that the superoxide radicals (˙O2−), hydroxyl radicals (˙OH) and holes (h+) played crucial roles in the photocatalytic process of TC degradation. The present work provides a promising approach for the development of highly efficient photocatalysts to address current environmental pollution, energy issues and other related areas