High speed rail transport valuation

The present paper investigates the optimal timing of investment for a high speed rail (HSR) project, in an uncertain environment, using a real options analysis (ROA) framework. It develops a continuous time framework with stochastic demand that allows for the determination of the optimal timing of investment and the value of the option to defer in the overall valuation of the project. The modelling approach used is based on the differential utility provided to railway users by the HSR service.info:eu-repo/semantics/publishedVersio

High speed rail transport valuation and policy decisions

The present paper investigates the process of decision making regarding the optimal timing to invest in the high speed rail (HSR) project, under uncertainty, using the real options analysis (ROA) framework. It’s developed a continuous time framework that allows a solution to the problem concerning the optimal timing to invest and to value the impact of the option to defer in the overall valuation of the project, with multiple uncertainty factors. Besides considering a stochastic demand, the effect of uncertainty in the investment’s expenditure and over the benefit per user is incorporated in a model with three stochastic variables. The modelling approach used is based on the differential utility provided to railway users by the HSR service.info:eu-repo/semantics/publishedVersio

High speed rail transport valuation

The present paper investigates the optimal timing of investment for a high speed rail (HSR) project, in an uncertain environment, using a real options analysis (ROA) framework. It develops a continuous time framework with stochastic demand that allows for the determination of the optimal timing of investment and the value of the option to defer in the overall valuation of the project. The modelling approach used is based on the differential utility provided to railway users by the HSR service.info:eu-repo/semantics/publishedVersio

Some general results about the optimal timing of relocation

In this paper we derive general results concerning the optimal switching level in the problem of the optimal relocation policy for a firm that faces two types of uncertainty: one about the moments in which new (and more efficient) sites will become available; and the other regarding the degree of efficiency improvement inherent to each one of these new, yet to be known, potential location places. In particular, we note that the optimal switching level depends on the distribution of the degree of efficiency improvement only through an expected value. Impacts on the final results driven by the characteristics of the firm’s original location site, the market environment and the way in which risk is modelled are studied numerically. The overall results are in line with economic intuition.info:eu-repo/semantics/publishedVersio

Some results on relocation policies

In this paper, we derive general results concerning optimal relocation policy under some assumptions.We consider a firm that is located in a specific location, producing at a certain level of efficiency.With time, the firm can decide to change its location to a new and more efficient site, paying relocation costs. Moreover, we assume that these new sites become available according to a Poisson process, and that the levels of efficiency improvement inherent to each one of these sites are random variables.With this framework, we characterise certain parameters of the optimal relocation policy. In particular, we characterise the expected relocation time and we prove that it depends on the distribution of the level of efficiency improvement only through an expected value. Therefore, the optimal policy shows a kind of robustness in terms of the stochastic assumptions of the problem, which has a major impact in the application of relocation policies. In addition, we also characterise the optimal relocation time. Impacts on the final results driven by the characteristics of the firm’s original location site, the market environment and the way in which risk is modelled are studied numerically. The overall results are in line with economic intuition.info:eu-repo/semantics/publishedVersio

Optimal timing of relocation

In this paper we tackle the problem of the optimal relocation policy for a firm that faces two types of uncertainty: one about the moments in which new (and more efficient) sites will become available; and the other regarding the degree of efficiency improvement inherent to each one of these new, yet to be known, potential location places. In particular, we derive results concerning the expected optimal timing for relocation, the corresponding volatility and the value of the firm under the optimal relocation policy. Impacts on the final results driven by the characteristics of the firm´s original location site, the market environment and the way in which risk is modeled, are studied numerically. The overall results are in line with economic intuitioninfo:eu-repo/semantics/publishedVersio

Optimal timing of relocation

• Purpose This paper aims to focus on the problem of the optimal relocation policy for a firm that faces two types of uncertainty: one about the moments in which new (and more efficient) sites will become available; and the other regarding the degree of efficiency improvement inherent to each one of these new, yet to be known, potential location places. • Design/methodology/approach The paper considers the relocation issue as an optimal stopping decision problem. It uses Poisson jump processes to model the increase in the efficiency process, where these jumps occur according to a homogeneous Poisson process, but the magnitude of these jumps can have special distributions. In particular it assumes that the magnitudes can be gamma‐distributed or truncated‐exponential distributed. • Findings Particular characteristics concerning the expected optimal timing for relocation, the corresponding volatility and the value of the firm under the optimal relocation policy are derived. These results lead also to the conjecture that the optimal relocation policy is robust in terms of distributions of the degree of improvement of efficiency that are considered, as long as the expected values are the same. • Originality/value The paper provides an innovative approach to relocation problems, using stochastic tools. Moreover, the use of the truncated exponential and the gamma distribution functions to model the Poisson jumps is particularly suitable, given the situation under study. To the authors' knowledge, this is the first time that this type of setting is used to tackle a real options problem.info:eu-repo/semantics/publishedVersio

High-speed rail transport valuation

In this paper, the optimal timing for investing in high-speed rail projects under uncertainty in relation to the utility provided to railway users was investigated. To accomplish this, a continuous time real options analysis framework using a stochastic demand model was developed to determine the optimal time to invest. Uncertainty upon investment expenditures was also added in an extended framework. The value of the option to defer and the investment opportunity value were also assessedinfo:eu-repo/semantics/publishedVersio

Personas mayores y nuevas tecnologias. Propuesta de intervencion con dispositivos moviles

En el presente trabajo, se proponen los cauces sobre los que llevar a cabo, una intervención psicopedagógica, interrelacionando tres elementos definidos por unas características concretas a contemplar de manera particular; las personas mayores, las características de la sociedad actual, y las tecnologías de la información y comunicación. El constatado aumento de la población, observado este de manera significativa en las personas de mayor edad, exige la implementación de continuos procesos formativos que den respuesta a todas las etapas vitales de la persona, individualizados y orientados a las características, necesidades, y requerimientos que estas presenten. Como ejemplificación de las directrices aportadas, en el último apartado, se desarrolla una intervención psicopedagógica, basada en dispositivos móviles, adaptando dicha temática concreta, a las bases metodológicas específicas de la educación de adultos.Departamento de PsicologíaMáster en Psicopedagogí

Microstructural, mechanical, and fracture characterization of metal matrix composite manufactured by accumulative roll bonding

Accumulative roll bonding is a severe plastic-forming process proposed to manufacture ceramic particle-reinforced multilayered metal matrix composites. In this work, low-cost composite multilayered laminate was produced by roll bonding commercially pure aluminum 1100 with 5% in volume of reinforcing microscale silicon carbide particles. Microstructural features, hardness, tensile properties in the presence of stress concentrators, and wear resistance were assessed. Fracture surface inspection was carried out to determine operating failure mechanisms. Hardness was significantly enhanced, whereas tensile properties only moderately improved by ceramic particles incorporation. The main reasons were some degree of recrystallization, work-hardening relief due to periodic annealing, minimum grain refinement, and somewhat agglomerated carbide particles. Though tensile properties increments were not much attractive, exceptional increase in wear performance was achieved due to the addition of particulate carbon-rich ceramic phase, which acted as solid lubricant mitigating abrasion, adhesion, and delamination wear mechanisms. The manufactured composite laminate can be worthwhile in applications where low cost, notch insensitivity, and superior wear and weather resistances are design requirements, as outdoor decks and patios.Peer ReviewedPostprint (author's final draft