Fuel quality processing study, volume 1

A fuel quality processing study to provide a data base for an intelligent tradeoff between advanced turbine technology and liquid fuel quality, and also, to guide the development of specifications of future synthetic fuels anticipated for use in the time period 1985 to 2000 is given. Four technical performance tests are discussed: on-site pretreating, existing refineries to upgrade fuels, new refineries to upgrade fuels, and data evaluation. The base case refinery is a modern Midwest refinery processing 200,000 BPD of a 60/40 domestic/import petroleum crude mix. The synthetic crudes used for upgrading to marketable products and turbine fuel are shale oil and coal liquids. Of these syncrudes, 50,000 BPD are processed in the existing petroleum refinery, requiring additional process units and reducing petroleum feed, and in a new refinery designed for processing each syncrude to produce gasoline, distillate fuels, resid fuels, and turbine fuel, JPGs and coke. An extensive collection of synfuel properties and upgrading data was prepared for the application of a linear program model to investigate the most economical production slate meeting petroleum product specifications and turbine fuels of various quality grades. Technical and economic projections were developed for 36 scenarios, based on 4 different crude feeds to either modified existing or new refineries operated in 2 different modes to produce 7 differing grades of turbine fuels. A required product selling price of turbine fuel for each processing route was calculated. Procedures and projected economics were developed for on-site treatment of turbine fuel to meet limitations of impurities and emission of pollutants

Statistical Epistemic Logic

We introduce a modal logic for describing statistical knowledge, which we call statistical epistemic logic. We propose a Kripke model dealing with probability distributions and stochastic assignments, and show a stochastic semantics for the logic. To our knowledge, this is the first semantics for modal logic that can express the statistical knowledge dependent on non-deterministic inputs and the statistical significance of observed results. By using statistical epistemic logic, we express a notion of statistical secrecy with a confidence level. We also show that this logic is useful to formalize statistical hypothesis testing and differential privacy in a simple and abstract manner

Endogenous Product Differentiation, Market Size and Prices

Recent empirical evidence suggests that prices for some goods and services are higher in larger markets. This paper provides a demand-side explanation for this phenomenon when firms can choose how much to differentiate their products in a model of monopolistic competition with horizontal product differentiation. The model proposes that consumers love of variety makes them more sensitive to product differentiation efforts by firms, which leads to higher prices in larger markets. At the same time, endogenous product differentiation modeled in this way can lead to a positive and concave relationship between market size and entry

Entry, Exit, and the Determinants of Market Structure

This paper estimates a dynamic, structural model of entry and exit in an oligopolistic industry and uses it to quantify the determinants of market structure and long-run firm values for two U.S. service industries, dentists and chiropractors. Entry costs faced by potential entrants, fixed costs faced by incumbent producers, and the toughness of short-run price competition are all found to be important determinants of long-run firm values, firm turnover, and market structure. Estimates for the dentist industry allow the entry cost to differ for geographic markets that were designated as Health Professional Shortage Areas and in which entry was subsidized. The estimated mean entry cost is 11 percent lower in these markets. Using simulations, we compare entry-cost versus fixed-cost subsidies and find that entry-cost subsidies are less expensive per additional firm

Minimum Wage Channels of Adjustment

Industrial Relations, forthcoming Abstract: The effects of minimum wage increases in 2007-2009 are analyzed using a sample of restaurants from Georgia/Alabama. Store-level payroll records provide precise measures of compliance costs. Examined are multiple adjustment channels. Exploiting variation in compliance costs across restaurants, we find employment and hours responses to be variable and in most cases statistically insignificant. Channels of adjustment to wage increases and to changes in non-labor costs include prices, profits, wage compression, turnover, and performance standards

Exporting and labor demand : micro-level evidence from Germany

It is widely believed that globalization affcts the extent of employment and wage responses to economic shocks. To provide evidence for this, we analyze the effect of firms' exporting behavior on the elasticity of labor demand. Using rich, German administrative linked employer-employee panel data from 1996 to 2008, we explicitly control for self-selection into exporting and endogeneity concerns. In line with our theoretical model, we find that exporting at both the intensive and extensive margins significantly increases the (absolute value of the) unconditional own-wage labor demand elasticity. This is not only true for the average worker, but also for different skill groups. For the median firm, the elasticity is three-quarters higher when comparing exporting to nonexporting firms