Optimal Investment with Lumpy Costs

In this paper we solve a continuous-time model of investment with uncertainty, irreversibility and a broad class of lumpy adjustment costs. In addition to being general, our solution is quite tractable and intuitive. We show that, in contrast to standard results, the marginal value of capital jumps when investment is undertaken. We also find that firms facing higher uncertainty let their capital stock depreciate further before they invest, but increase their capital by a similar proportion once they do invest. We extend both the user cost and q theories of investment to incorporate lumpy investment. We confirm that with lumpy investment, a variant of Tobin's q can be a better predictor of investment than marginal q.

High Percentages of Reclaimed Asphalt Affect the Performance of Asphalt Binder

More than 90 percent of the road and highway network in the United States is paved with asphalt concrete. Maintenance and periodic rehabilitation require a continuous supply of aggregates and asphalt binder, both of which are becoming increasingly scarce and expensive. Recycling and reusing these resources can reduce costs and improve sustainability. The most common recyclable material used in road construction is reclaimed asphalt pavement (RAP), which is milled asphalt surface layers that have been removed from existing pavements before new asphalt overlay is placed. Reclaimed asphalt roofing shingles (RAS) are another potential source of asphalt binder.There is growing interest in allowing significantly higher percentages of RAP and RAS in asphalt mixes used on state and local roadways. However, making this change has raised concerns regarding how these composite binders may influence the performance and durability of asphalt mixes, depending on the blends of different virgin and reused binders. Researchers at the UC Pavement Research Center investigated the use of higher percentages of RAP and RAS as a partial replacement for the virgin binder in new asphalt mixes and their effect on pavement performance in California. This research brief summarizes findings from that study.View the NCST Project Webpag

Spatial and Temporal Extrapolation of Disdrometer Size Distributions Based on a Lagrangian Trajectory Model of Falling Rain

Methodologies to improve disdrometer processing, loosely based on mathematical techniques common to the field of particle flow and fluid mechanics, are examined and tested. The inclusion of advection and vertical wind field estimates appears to produce significantly improved results in a Lagrangian hydrometeor trajectory model, in spite of very strict assumptions of noninteracting hydrometeors, constant vertical air velocity, and time independent advection during a radar scan time interval. Wind field data can be extracted from each radar elevation scan by plotting and analyzing reflectivity contours over the disdrometer site and by collecting the radar radial velocity data to obtain estimates of advection. Specific regions of disdrometer spectra (drop size versus time) often exhibit strong gravitational sorting signatures, from which estimates of vertical velocity can be extracted. These independent wind field estimates can be used as initial conditions to the Lagrangian trajectory simulation of falling hydrometeors.Comment: 25 pages, 15 figures, 4 tables. Submitted to The Open Atmospheric Science Journal, http://www.bentham.org/open/toascj

Gastric mucormycosis: Report of case in a Swazi

No Abstract

VETA x ray data acquisition and control system

We describe the X-ray Data Acquisition and Control System (XDACS) used together with the X-ray Detection System (XDS) to characterize the X-ray image during testing of the AXAF P1/H1 mirror pair at the MSFC X-ray Calibration Facility. A variety of X-ray data were acquired, analyzed and archived during the testing including: mirror alignment, encircled energy, effective area, point spread function, system housekeeping and proportional counter window uniformity data. The system architecture is presented with emphasis placed on key features that include a layered UNIX tool approach, dedicated subsystem controllers, real-time X-window displays, flexibility in combining tools, network connectivity and system extensibility. The VETA test data archive is also described