Econometric Explorations on Bounded Rationality: The Case of Job Changing Behavior

In this paper we question the hypothesis of full rationality in the context of job changing behaviour, via simple econometric explorations on microdata drawn from WHIP (Worker Histories Italian Panel). A rational outcome of the job matching process implies a positive tradeoff between future wages and risk-on-the-job. The main result of this paper is that no “rational” tradeoff is observable after controlling for a variety of possible shifters. However, if we control for individual characteristics and replace wage growth by its predictor net of individual effects, the picture changes with the emergence of a significantly positive tradeoff between wage growth and risk-on-the-job. The interpretation is suggestive: while market forces (net of individual effects) drive towards a rational outcome, individual characteristics, instead of reinforcing the “rationality” of a positive tradeoff, lead towards the opposite direction of confounding good and bad options. Our explanation for these findings is that people act on the basis of bounded rationality à la Simon. If our assessment is correct, the implications are powerful: are there reasons to believe that such patterns are found only in the context of job search and worker mobility and not in other instances of economic behaviour ? Recent literature on bounded rationality strongly suggests the contrary. . Why, then, should economists leave unchallenged and unchallengeable the hypothesis of full rationality ? Had our investigation aimed at estimating the elasticities of wage growth and job safety of the workers’ utilities, we would have miserably failed. Is this a consequence of a mis-specified model or of the wrong behavioral assumptions ? Our support unquestionably goes to the latter.

a model for filter diagnostics in a syngas fed chp plant

Abstract Biomass gasification is an important opportunity for power generation and combined heat and power (CHP), as it allows for biomass use in high efficiency, low emissions energy systems, e.g., internal combustion engines. Biomass-based CHP is particularly interesting for the service sector, as it allows to use a programmable renewable energy source to produce both electricity and heat, unlike photovoltaic systems which are typically used in this sector. Yet, small-scale gasification and CHP systems have a poor diffusion, due to a lack of acknowledged reliability. To improve reliability and performance, accurate simulation models may be useful, in particular for system control and diagnosis. For this purpose, the project SYNBIOSE proposes the installation, testing and simulation of a commercial-grade system for the gasification of lignocellulosic woodchips and pellets coupled to CHP in the campus of the University of Parma. One of the project deliverables is a simulation model of the whole gasification and CHP plant, for system diagnosis. The model has a modular structure (to allow for improvements and applications) and is implemented in MATLAB®/Simulink®. The present work focuses on syngas filters, which are among the most critical components. The outcome is a model able to predict the operation of filters taking into account inlet gas characteristics and fouling. Model analysis, sensitivity analysis and validation showed that simulation outputs are consistent with the physical behavior and experimental data. The model proved to be useful for system and components simulation and diagnosis

Energy Audit of an Industrial Site: A Case Study

Abstract In order to reduce energy consumptions for sustainable and energy-efficient manufacturing, continuous energy audit and process tracking of industrial machines are essential. Compared to other non-residential buildings that have been widely researched, industrial buildings are generally characterized by larger thermal loads, ventilation losses and pollution control requirements. This paper presents the results of a preliminary energy audit carried out on 8 large industrial buildings of a famous car manufacturing holding in Italy. Energy demand for heating varied from 6 to just over 74 kWh/m3year among the buildings of the site. The energy audit enabled to build a specific factory energy model which has been used in order to analyze the impact of various energy saving actions on the primary energy consumptions of the site. It has been demonstrated that in this specific case the improvement of the building envelopes and the optimization of the performances of the existing HVAC systems can determine a reduction of gas consumption up to 15% per year with a predicted annual economic saving of the order of 100000 €; the total simple pay-back time of the proposed thermal retrofitting is evaluated to be less than 6 year

Summer Performances of Reversible Air-to-water Heat Pumps with Heat Recovery for Domestic Hot Water Production☆

Abstract A numerical model for the seasonal performance evaluation of electric air-to-water reversible heat pumps during summer is presented. The model employs the bin-method, as indicated by the standards EN 14825 and UNI/TS 11300-4, but also considers domestic hot water (DHW) production through condensation heat recovery. The model evaluates the heat pump Seasonal Energy Efficiency Ratio ( SEER ) as function of the heat pump typology (multi-compressor, inverter-driven). The energy saving potential of DHW production integrated with the heat pump cooling function with respect to traditional separate cooling and DHW devices is analyzed as function of the building demand and of the heat pump typology

Energy Performance Assessment of the Heating System Refurbishment on a School Building in Modena, Italy

Abstract The aim of this paper is the energy performance assessment of the school building Istituto Comprensivo "G. Marconi", located in Modena, Italy. This work describes the dynamic modeling of the building envelope and its heating system, carried out by means of the simulation software TRNSYS 17. According to the developed model, the school space heating loads, as well as the seasonal energy requirements, are evaluated by considering the actual heating system, which consists of gas-fired condensing boilers coupled to high temperature radiators. Then, the school heating system refurbishment is simulated: the paper evaluates the energy savings obtained by replacing boilers and radiators with an air-to-water multi-compressor heat pump, coupled to low temperature aluminum radiators, and by improving the system control strategy. Finally, the impact of the discussed energy saving measures on building energy performance and students thermal comfort is reported

Climate Influence on Seasonal Performances of Air-to-water Heat Pumps for Heating

Abstract A mathematical model for the evaluation of the seasonal performances of electric air-to-water heat pumps for heating is used to analyze the efficiency of on-off heat pumps, multi-compressor heat pumps and heat pumps with inverter compressor, integrated by electric heaters as back-up system, in the service of several buildings located in different Italian climates. The paper points out the importance of a good dimensioning of the heat pump as a function of the building energy signature and of the climate of the city where the building is placed, in order to enhance the system seasonal efficiency

Annual performances of reversible air source heat pumps for space conditioning

Abstract The paper presents the results obtained by a numerical simulation of a heating and cooling system based on a reversible air-to-water electric heat pump and electric resistances as back-up. According to the procedure suggested by the current standards EN 14825 and UNI/TS 11300-4, by using the bin method the influence of outdoor conditions and of the typology of heat pump installed has been investigated by determining the value assumed by the seasonal coefficient of performance (SCOP on ), the seasonal efficiency ratio (SEER) and the annual performance factor ( APF ). The numerical results allow discussing the rules for an optimal heat pump sizing in a fixed site

Influence of the hydronic loop configuration on the energy performance of a CO2 heat pump for domestic hot water production in a multi-family building

In this work, a numerical analysis of the influence of the hydronic loop on the energy performance of a CO2 heat pump dedicated to DHW production for an apartment block located in Bologna (Italy) is presented. The energy model of the whole heating system, implemented in TRNSYS17, has been validated by means of a monitoring campaign performed during the winter season of 2017- 2018. The experimental results highlighted a poor and unexpected energy performance of the heat pump. The comparison between experimental and numerical results showed a significant penalty of the heat pump performance due to an erroneous use of the hot stratified thermal storage system. Outcomes of this paper confirm that CO2 heat pumps are very sensible to the temperature of the fresh water at the inlet of the gas cooler. This value can be strongly reduced thanks to the presence of the stratified tank in the hydronic loop