On the Nature of Capital Adjustment Costs

This paper studies the nature of capital adjustment at the plant-level. We use an indirect inference procedure to estimate the structural parameters of a rich specification of capital adjustment costs. In effect, the parameters are optimally chosen to reproduce the nonlinear relationship between investment and profitability that we uncover in the plant-level data. Our findings indicate that a model which mixes both convex and nonconvex adjustment costs with irreversibility fits the data best.

Impact of Ranch and Market Factors on an Index of Agricultural Holding Period Returns

This study develops nominal and real holding period return indices for operating ranches. The indices contain two components, monthly ranch operating profit and capital appreciation. A regression model that determines the effect of various attributes on total market value is used to estimate capital appreciation, and a second model determines operating profit. The two different ranch data series are compared with United States Long Term Government Bonds, the S&P 500 Index and Small Capitalization Stocks. Both ranch indices show very low correlation with the S&P 500 Index and very low or negative betas. Further, both ranch series have excess actual nominal and real returns when compared to expected returns determined from the Capital Asset Pricing Model.

Valuing remnant vegetation in Central Queensland using choice modelling

In the Desert Uplands region of Central Queensland, many pastoralists are clearing vegetation in order to improve cattle grazing production. A choice modelling study was undertaken to provide estimates of the benefits of retaining remnant vegetation that are appropriate for inclusion in a cost benefit analysis of tighter clearing restrictions. Attributes included in the choice model were reductions in the population size of non‐threatened species, the number of endangered species lost to the region, and changes in regional income and employment. A nested logit model was used to model the data in order to avoid violations of the independence of irrelevant alternatives condition. The estimated benefits are reported for several tree clearing policy regimes that are more stringent than those currently applied.Resource /Energy Economics and Policy,

SOCIAL IMPLICATIONS OF THE INTERNET

The Internet is a critically important research site for sociologists testing theories of technology diffusion and media effects, particularly because it is a medium uniquely capable of integrating modes of communication and forms of content. Current research tends to focus on the Internet’s implications in five domains: 1) inequality (the “digital divide”); 2) community and social capital; 3) political participation; 4) organizations and other economic institutions; and 5) cultural participation and cultural diversity. A recurrent theme across domains is that the Internet tends to complement rather than displace existing media and patterns of behavior. Thus in each domain, utopian claims and dystopic warnings based on extrapolations from technical possibilities have given way to more nuanced and circumscribed understandings of how Internet use adapts to existing patterns, permits certain innovations, and reinforces particular kinds of change. Moreover, in each domain the ultimate social implications of this new technology depend on economic, legal, and policy decisions that are shaping the Internet as it becomes institutionalized. Sociologists need to study the Internet more actively and, particularly, to synthesize research findings on individual user behavior with macroscopic analyses of institutional and political-economic factors that constrain that behavior.World Wide Web, communications, media, technology

Propulsion Technology Lifecycle Operational Analysis

The paper presents the results of a focused effort performed by the members of the Space Propulsion Synergy Team (SPST) Functional Requirements Sub-team to develop propulsion data to support Advanced Technology Lifecycle Analysis System (ATLAS). This is a spreadsheet application to analyze the impact of technology decisions at a system-of-systems level. Results are summarized in an Excel workbook we call the Technology Tool Box (TTB). The TTB provides data for technology performance, operations, and programmatic parameters in the form of a library of technical information to support analysis tools and/or models. The lifecycle of technologies can be analyzed from this data and particularly useful for system operations involving long running missions. The propulsion technologies in this paper are listed against Chemical Rocket Engines in a Work Breakdown Structure (WBS) format. The overall effort involved establishing four elements: (1) A general purpose Functional System Breakdown Structure (FSBS). (2) Operational Requirements for Rocket Engines. (3) Technology Metric Values associated with Operating Systems (4) Work Breakdown Structure (WBS) of Chemical Rocket Engines The list of Chemical Rocket Engines identified in the WBS is by no means complete. It is planned to update the TTB with a more complete list of available Chemical Rocket Engines for United States (US) engines and add the Foreign rocket engines to the WBS which are available to NASA and the Aerospace Industry. The Operational Technology Metric Values were derived by the SPST Sub-team in the form of the TTB and establishes a database for users to help evaluate and establish the technology level of each Chemical Rocket Engine in the database. The Technology Metric Values will serve as a guide to help determine which rocket engine to invest technology money in for future development

Eddy Current System and Method for Crack Detection

An eddy current system and method enables detection of sub-surface damage in a cylindrical object. The invention incorporates a dual frequency, orthogonally wound eddy current probe mounted on a stepper motor-controlled scanning system. The system is designed to inspect for outer surface damage from the interior of the cylindrical object

Si3N4 emissivity and the unidentified infrared bands

Infrared spectroscopy of warm (about 150 to 750 K), dusty astronomical sources has revealed a structured emission spectrum which can be diagnostic of the composition, temperature, and in some cases, even size and shape of the grains giving rise to the observed emission. The identifications of silicate emission in oxygen rich objects and SiC in carbon rich object are two examples of this type of analysis. Cometary spectra at moderate resolution have similarly revealed silicate emission, tying together interstellar and interplanetary dust. However, Goebel has pointed out that some astronomical sources appear to contain a different type of dust which results in a qualitatively different spectral shape in the 8 to 13 micron region. The spectra shown make it appear unlikely that silicon nitride can be identified as the source of the 8 to 13 micron emission in either NGC 6572 or Nova Aql 1982. The similarity between the general wavelength and shape of the 10 micron emission from some silicates and that from the two forms of silicon nitride reported could allow a mix of cosmic grains which include some silicon nitride if only the 8 to 13 micron data are considered

Navigating XML Documents

XML has become an important standard way for transporting interoperable data. As more applications require XML to import and export data, a greater understanding of XML and associated technologies will be required to work in this environment. This paper will discuss the parsing and navigation of multiple XML documents where data elements in instance documents are associated with data elements in XML linkbase documents