3,842 research outputs found

    Risk-cost optimization of buried pipelines using subset simulation

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    On the basis of time-dependent reliability analysis, a computational framework called subset simulation (SS) has been applied for risk-cost optimization of flexible underground pipeline networks. SS can provide better resolution for rare failure events that are commonly encountered in pipeline engineering applications. Attention in this work is devoted to scrutinize the robustness of SS in risk-cost optimization of pipelines. SS is first employed to estimate the reliability of flexible underground pipes subjected to externally applied loading and material corrosion. Then SS is extended to determine the intervention year for maintenance and to identify the most appropriate renewal solution and renewal priority by minimizing the risk of failure and whole life-cycle cost. The efficiency of SS compared to genetic algorithm has been demonstrated by numerical studies with a view to prevent unexpected failure of flexible pipes at minimal cost by prioritizing maintenance based on failure severity and system reliability. This paper shows that SS is a more robust method in the decision-making process of reliability-based management for underground pipeline networks

    Resampling DEA estimates of investment fund performance

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    Data envelopment analysis (DEA) is attractive for comparing investment funds because it handles different characteristics of fund distribution and gives a way to rank funds. There is substantial literature applying DEA to funds, based on the time series of funds' returns. This article looks at the issue of uncertainty in the resulting DEA efficiency estimates, investigating consistency and bias. It uses the bootstrap to develop stochastic DEA models for funds, derive confidence intervals and develop techniques to compare and rank funds and represent the ranking. It investigates how to deal with autocorrelation in the time series and considers models that deal with correlation in the funds' returns. © 2012 Elsevier B.V. All rights reserved

    Data envelopment analysis models of investment funds

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    This paper develops theory missing in the sizable literature that uses data envelopment analysis to construct return-risk ratios for investment funds. It explores the production possibility set of the investment funds to identify an appropriate form of returns to scale. It discusses what risk and return measures can justifiably be combined and how to deal with negative risks, and identifies suitable sets of measures. It identifies the problems of failing to deal with diversification and develops an iterative approximation procedure to deal with it. It identifies relationships between diversification, coherent measures of risk and stochastic dominance. It shows how the iterative procedure makes a practical difference using monthly returns of 30 hedge funds over the same time period. It discusses possible shortcomings of the procedure and offers directions for future research. © 2011 Elsevier B.V. All rights reserved

    An evaluation of the fast-mixed spectrum reactor

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    "February 1980."Also issued as an M.S. thesis written by the first author and supervised by the second and third authors, MIT Dept. of Nuclear Engineering, 1980Includes bibliographical references (pages 145-147)An independent evaluation of the neutronic characteristics of a gas-cooled fast-mixed spectrum reactor (FMSR) core design has been performed. A benchmark core configuration for an early FMSR design was provided by Brookhaven National Laboratory, the originators of the concept. The results of the evaluation were compared with those of BNL. Points of comparison included system reactivity and breeding ratio, and region-wise power densities and isotopic compositions as a function of burnup. The results are in sufficiently good agreement to conclude that the neutronic feasibility of the FMSR concept has been independently validated. Significant differences, primarily in higher plutonium isotope concentrations, occur only in regions of low neutronic importance, and plausible reasons for the differences are advanced based on sensitivity studies and comparison of spectral indices. While both M.I.T. and BNL calculations tend to predict that the benchmark design is slightly subcritical, at the beginning of equilibrium cycle, the margin to k = 1.0 is close enough (Ak < 0.03) that the situation can be remedied. Establishment of a consensus fission product cross section set was identified as an objective of merit, since non-negligible differences were found in results computed using various extant sets (BNL, LIB-IV, Japanese). Non-fission heating by gamma and neutron interactions was evaluated for the reference core design using a coupled neutron/gamma cross section set and SN calculations. In the unfueled regions of the core, moderator elements in particular, the non-fission heating rate was found to be significant (averaging about 6 kw/liter), but posed no obvious problems. In fueled regions the common assumption of local deposition of all energy at the point of fission was verified to be a good approximation for most engineering purposes.Engineering and Advanced Reactor Safety Division of the U.S. Department of Energy at Brookhaven National Laboratory contract 472241-

    Making Cornish-Fisher fit for risk measurement

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    Penetration depth study of LaOs4_4Sb12_{12}: Multiband s-wave superconductivity

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    We measured the magnetic penetration depth λ(T)\lambda(T) in single crystals of LaOs4_{4}Sb12_{12} (TcT_c=0.74 K) down to 85 mK using a tunnel diode oscillator technique. The observed low-temperature exponential dependence indicates a s-wave gap. Fitting the low temperature data to BCS s-wave expression gives the zero temperature gap value Δ(0)=(1.34±0.07)kBTc\Delta (0)= (1.34 \pm 0.07) k_B T_c which is significantly smaller than the BCS value of 1.76kBTck_B T_c. In addition, the normalized superfluid density ρ(T)\rho(T) shows an unusually long suppression near TcT_c, and are best fit by a two-band s-wave model.Comment: 5 pages, 2 figure
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