MSFC solar heating and cooling high speed performance (Hisper) code validation

The status of the Solar Heating and Cooling Project is reported. Modifications to the HISPER program are outlined, and recommendations concerning the validation study of HISPER are included

Linking teaching and research in disciplines and departments

This paper supports the effective links between teaching and discipline-based research in disciplinary communities and in academic departments. It is authored by Alan Jenkins, Mick Healey and Roger Zetter

Diffraction gratings - their principles and applications to machine tools

The use of diffraction gratings as measuring elements on machine tools is nowadays an accepted procedure. Part I of this paper therefore sets out to give a brief understanding of the principles of diffraction gratings, and the ways in which they have been utilised commercially. In addition, comparisons are made with other reference elements and some consideration is given to manufacturing techniques. Part II of the paper deals in more detail with the pure theory of crossed diffraction gratings

Hydraulic test rig

Hydraulic Test Rig The rig comprises a grinding wheel head spindle driven by a motor and carrying an inertia load made up of detachable steel discs. On the opposite end of• the shaft to the motor is mounted a radial diffraction grating and a d.c. tachogenerator (see Fig. 1). Three motors are currently available, all with there own mounting brackets for easy changing: a) Vickers-Sperry, 6 axial pistons motor type MF-3906-30. b) Boulton Paul; 9 radial pistons with shaped cam track. c) Hartmann Rol-vane H.T.10 (Telehoist). Two types of spool valve are available: a) Dowty Moog, Series 22 b) Pegasus type 120. A manifold block is available to make the two Moog valves interchangeable. The Bolton Paul and Telehoist motors both have double ended shaft so that a tachometer can be mounted direct onto the motor. The tacho used in a Servo tech. (5 rads/sec./volt). The other tacho (mounted on the test rig) is an Evershed-Vignoles (7.9 rads/sec./volt). The Evershed is about 50% less noisy … [cont]

An Exploration into Structurally Rational Architecture

This project is a series of small explorations into modern examples of structurally rational architecture. Each investigation looks at different methods of analyzing or designing structures that combine aesthetics and economy

Competition in financial services

In the financial services sector, the failure of a single institution can have a compounding effect on the sector, and on national and global economies. In particular, there is systemic risk from inter-institution lending, and this effect is more complex in Australia due to the small number of major players. In retail banking in Australia, following a similar practice in most developed countries, if an unsecured creditor is a retail depositor, their deposit is insured by the government. That is, if a retail bank fails, the Federal Government will make the depositors whole. The regulatory system, particularly the prudential regulatory system, is designed to protect depositors’ and borrowers’ interests, and this protects the interest of the government. The effect is that regulatory policy on banking has prioritised stability in consideration of the sovereign risk associated with the risk of retail bank failure. However, this approach also creates a policy dilemma. The dilemma concerns the extent to which the retail banking sector can attain the benefits of the vigorous rivalry from effective and efficient competition, without unduly risking stability and the potential of a devastating call on the public purse. Specifically, in the context of effective and efficient competition, there is limited competitiveness in retail banking in Australia. This is reflected in the static state of market share between the four major banks, and very slow and marginal improvements gains even by strong second tier competitors. Furthermore, the retail banking sector’s capacity for product and service innovation is limited. Although the absence of vigorous rivalry is conducive to stability within the retail banking sector, it is likely to detract from the welfare of retail banking consumers. Furthermore, the level of innovation may not be as high as is feasible and barriers, including prudential regulatory barriers to entry or expansion, mean that the extent of rivalry is unlikely to change without some form of promotion of competition. The paper consequently makes a four-point recommendation for the removal of the ‘four pillars’ policy:  The four major banks are protected by an implicit government guarantee that impacts market operation with little observable benefit to consumers, and may be a source of consumer disutility.  The four pillars policy has prompted increased vertical integration within the sector, particularly in the area of mortgage products.  There are sufficient merger protections provided by Part IV of the Competition and Consumer Act 2010 (Cth).  Competition and contestability arise when there are reasonably low barriers to entry and exit from the sector. It is not clear that low barriers to entry exist in Australia, and evidence to support this view comes from the failure of international banks to gain a significant toehold in the retail banking sector in Australia. One deterrent to entry is the regulatory focus on the four pillars. The authors recognise that this position is at odds with the view of the Financial System Inquiry. However, the rationale in the report of the Inquiry was to prevent mergers, and the current competition law achieves this objective. The paper recommends two specific policies to promote competition in retail banking without the structural intervention that would otherwise be required to improve the intensity of competition in the retail banking sector:  Introduce bank account number portability. This would use ‘know your customer’ and central database systems in a similar form to those that have been used for mobile number portability in Australia for the last decade and a half.  Introduce customer access to data held by banks to allow third parties to compare bank offerings across all banks.  Significantly, these two recommendations are consistent with the productivity proposals issued by the UK Government in July 2015. The research paper also examines crowd equity funding as a disruptive force in the banking sector, and recommends that crowd equity funding be permitted with the following safeguards:  ASIC should take an active role in monitoring crowd equity funding and be willing to sue in case of fraudulent action.  Any intermediary online platform should have a financial services licence with limited duty of care.  There should be a cap for business raisings through crowd equity funding of $2 million in a 12-month period.  Crowd equity funding is a social phenomenon. Through its use of social media, it has attracted people who have previously never been interested in investing in companies. Instead of being feared, this interest should be nurtured through the promotion of investors’ financial education

Advances in ranking and selection: variance estimation and constraints

In this thesis, we first show that the performance of ranking and selection (R&S) procedures in steady-state simulations depends highly on the quality of the variance estimates that are used. We study the performance of R&S procedures using three variance estimators --- overlapping area, overlapping Cramer--von Mises, and overlapping modified jackknifed Durbin--Watson estimators --- that show better long-run performance than other estimators previously used in conjunction with R&S procedures for steady-state simulations. We devote additional study to the development of the new overlapping modified jackknifed Durbin--Watson estimator and demonstrate some of its useful properties. Next, we consider the problem of finding the best simulated system under a primary performance measure, while also satisfying stochastic constraints on secondary performance measures, known as constrained ranking and selection. We first present a new framework that allows certain systems to become dormant, halting sampling for those systems as the procedure continues. We also develop general procedures for constrained R&S that guarantee a nominal probability of correct selection, under any number of constraints and correlation across systems. In addition, we address new topics critical to efficiency of the these procedures, namely the allocation of error between feasibility check and selection, the use of common random numbers, and the cost of switching between simulated systems.Ph.D.Committee Co-chairs: Sigrun Andradottir, Dave Goldsman and Seong-Hee Kim; Committee Members:Shabbir Ahmed and Brani Vidakovi