2 research outputs found
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Optimal investment: bounds and heuristics
This is the author accepted manuscript. The final version is available from Incisive Financial Publishing via http://www.risk.net/journal-of-computational-finance/technical-paper/2432431/optimal-investment-bounds-and-heuristicsHigh-dimensional optimal investment/consumption problems are hard to deal with, not least because of the difficulty in characterizing the value function. This paper tries to offer ways to determine an approximately optimal policy, and to estimate its performance using duality methods. Though the value function is required as a concept in developing the theory, it plays no part in the computation, nor is it necessary to have global knowledge of the policy; it is enough to determine the policy along the realized sample path
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Heating boilers in Krakow, Poland: Options for improving efficiency and reducing emissions
In Krakow, Poland, coal-fired boilers are used to heat single apartment buildings and local heating districts. Tile population includes 2,930 small, hand-fired boilers and 227 larger traveling grate stoker-fired boilers. These boilers are important contributors to air quality problems in Krakow, and an assessment of their efficiency and emissions characteristics was recently undertaken. For the larger, stoker-fired boilers, efficiency was measured using a stack-loss method In addition to the normal baseline fuel, the effects of coal cleaning and grading were evaluated Testing was done at two selected sites. Boiler efficiencies were found to be low-50% to 67%. These boilers operate without combustion controls or instrumentation for flue gas analysis. As a result, excess air levels are very high (up to 400%) leading to poor performance. Emissions were found to be typical for boilers of this type. Using the improved fuels yields reductions in emissions and improvement in efficiency when combined with proper adjustments. In the case of the hand-fired boilers, one set of cast-iron boilers and one set of steel boilers were tested. Efficiency in this case was measured using an input-output method for sets of three boilers taken together as a system. Emissions from these boilers are lowest when low volatile fuels, such as coke or smokeless briquettes, are used