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Book part
Publication date: 27 November 2017

Andrew H. Chen, James A. Conover and John W. Kensinger

Option models have provided insight into the value of flexibility to switch from one state to another (such as switching a mine or refinery from operating to closed…

Abstract

Option models have provided insight into the value of flexibility to switch from one state to another (such as switching a mine or refinery from operating to closed status). More complex flexible processes offer multiple possibilities for switching states. A fabrication facility, for example, may offer options to shift from the current status to any of several alternatives (reflecting reconfiguration of basic facilities to accommodate different operating processes with different outputs). New algorithms enable practical application of complex option pricing models to flexible facilities, improving analysts’ ability to draw sound conclusions about the effects of flexibility and innovativeness on share value. Such models also apply for options with information items as the underlying assets. Information organizations such as oil exploration and development companies may include options to shift from the current capability to any of several alternatives reflecting added abilities to handle new information sources or apply the organization’s talents in new ways. In the case of either physical or information processing, careful attention to estimating the matrix of correlations among the values of potential alternative states allows explicit integration of financial analysis and strategic analysis – especially the influence of substitutes and the anticipated reactions of competitors, suppliers, and potential new entrants.

Details

Growing Presence of Real Options in Global Financial Markets
Type: Book
ISBN: 978-1-78714-838-3

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Book part
Publication date: 27 June 2014

Andrew H. Chen, James A. Conover and John W. Kensinger

Analysis of Information Options offers new tools for evaluating investments in research, mineral exploration, logistics, energy transmission, and other information…

Abstract

Analysis of Information Options offers new tools for evaluating investments in research, mineral exploration, logistics, energy transmission, and other information operations. With Information Options, the underlying assets are information assets and the rules governing exercise are based on the realities of the information realm (infosphere). Information Options can be modeled as options to “purchase” information assets by paying the cost of the information operations involved. Information Options arise at several stages of value creation. The initial stage involves observation of physical phenomena with accompanying data capture. The next refinement is to organize the data into structured databases. Then bits of information are selected from storage and synthesized into an information product (such as a management report). Next, the information product is presented to the user via an efficient interface that does not require the user to be a field expert. Information Options are similar in concept to real options but substantially different in their details, since real options have physical objects as the underlying assets and the rules governing exercise are based on the realities of the physical world. Also, while exercising a financial option typically kills the option, Information Options may include multiple exercises. Information Options may involve high volatility or jump processes as well, further enhancing their value. This chapter extends several important real option applications into the information realm, including jump process models and models for valuing options to synthesize any of n information items into any of m output assets.

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Article
Publication date: 1 October 2002

R.V. Balendran, T.M. Rana, T. Maqsood and W.C. Tang

The inclusion of pozzolans like pulverised fuel ash (PFA), silica fume (SF) and metakaolin (MK) enhances the properties of concrete both in fresh and hardened states. In…

Abstract

The inclusion of pozzolans like pulverised fuel ash (PFA), silica fume (SF) and metakaolin (MK) enhances the properties of concrete both in fresh and hardened states. In the case of high performance concrete (HPC), their role in enhancing the workability, strength and durability is extremely significant. However HPC has been observed to be more vulnerable than normal strength concrete when exposed to elevated temperatures. This paper presents an overview and discusses the strength and durability performance of high‐performance pozzolanic concretes incorporating PFA, SF, and MK subjected to elevated temperatures. Various researchers have demonstrated that addition of silica fume causes HPC to perform poorly when subjected to elevated temperatures. Higher loss of strength and spalling risks are also associated with it. Addition of PFA and MK has been found to improve the fire performance of HPC both in terms of residual strength and durability.

Details

Structural Survey, vol. 20 no. 4
Type: Research Article
ISSN: 0263-080X

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Article
Publication date: 1 December 2020

Rui Lin, Haibo Huang and Maohai Li

This study aims to present an automated guided logistics robot mainly designed for pallet transportation. Logistics robot is compactly designed. It could pick up the…

Abstract

Purpose

This study aims to present an automated guided logistics robot mainly designed for pallet transportation. Logistics robot is compactly designed. It could pick up the pallet precisely and transport the pallet up to 1,000 kg automatically in the warehouse. It could move freely in all directions without turning the chassis. It could work without any additional infrastructure based on laser navigation system proposed in this work.

Design/methodology/approach

Logistics robot should be able to move underneath and lift up the pallet accurately. Logistics robot mainly consists of two sub-robots, like two forks of the forklift. Each sub-robot has front and rear driving units. A new compact driving unit is compactly designed as a key component to ensure access to the narrow free entry of the pallet. Besides synchronous motions in all directions, the two sub-robots should also perform synchronous lifting up and laying down the pallet. Logistics robot uses a front laser to detect obstacles and locate itself using on-board navigation system. A rear laser is used to recognize and guide the sub-robots to pick up the pallet precisely within ± 5mm/1o in x-/yaw direction. Path planning algorithm under different constraints is proposed for logistics robot to obey the traffic rules of pallet logistics.

Findings

Compared with the traditional forklift vehicles, logistics robot has the advantages of more compact structure and higher expandability. It can realize the omnidirectional movement flexibly without turning the chassis and take zero-radius turn by controlling compact driving units synchronously. Logistics robot can move collision-free into any pallet that has not been precisely placed. It can plan the paths for returning to charge station and charge automatically. So it can work uninterruptedly for 7 × 24 h. Path planning algorithm proposed can avoid traffic congestion and improve the passability of the narrow roads to improve logistics efficiencies. Logistics robot is quite suitable for the standardized logistics factory with small working space.

Originality/value

This is a new innovation for pallet transportation vehicle to improve logistics automation.

Details

Assembly Automation, vol. 41 no. 1
Type: Research Article
ISSN: 0144-5154

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Article
Publication date: 1 June 2005

Steen Koekebakker and Fridthjof Ollmar

The forward curve dynamics in the Nordic electricity market is examined. Six years of price data on futures and forward contracts traded in the Nordic electricity market…

Abstract

The forward curve dynamics in the Nordic electricity market is examined. Six years of price data on futures and forward contracts traded in the Nordic electricity market are analysed. For the forward price function of electricity, we specify a multi‐factor term structure models in a Heath‐Jarrow‐Morton framework. Principal component analysis is used to reveal the volatility structure in the market. A two‐factor model explains 75 per cent of the price variation in our data, compared to approximately 95 per cent in most other markets. Further investigations show that correlation between short‐ and long‐term forward prices is lower than in other markets. We briefly discuss possible reasons why these special properties occur, and some consequences for hedging exposures in this market.

Details

Managerial Finance, vol. 31 no. 6
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 9 November 2015

Martina Mysíková

The purpose of this paper is to focus on earnings inequality within dual-earner couples in four Central-East European (CEE) countries: the Czech Republic, Hungary, Poland…

Abstract

Purpose

The purpose of this paper is to focus on earnings inequality within dual-earner couples in four Central-East European (CEE) countries: the Czech Republic, Hungary, Poland, and Slovakia. It aims to analyse the factors that influence earnings distribution within couples.

Design/methodology/approach

The analysis uses OLS regression applied on the Statistics on Income and Living Conditions 2011 survey to reveal the various influence of relevant factors, especially relative education and the presence of children, on relative earnings.

Findings

Women, on average, contribute less to a couple’s income than men. While considerably higher in the Czech Republic and Slovakia, such disparity is relatively low in Hungary and Poland. These countries have the highest share of dual-earner couples where the woman outearns her partner. The factor that substantially reduces the within-couple earnings inequality in all the analysed countries is a higher relative education of women. On the contrary, the presence of children, especially those of younger age, increases this disparity in the Czech Republic and Slovakia.

Originality/value

The research on within-couple earning inequality in CEE countries lags behind the relatively rich evidence from western Europe. This is the first study which systematically describes the situation in CEE countries from a comparative perspective.

Details

Journal of Economic Studies, vol. 42 no. 6
Type: Research Article
ISSN: 0144-3585

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