Horizontal mergers in the iron ore industry—An application of PCAIDS

The purpose of this paper is to estimate and analyse the price effects of the iron ore mergers between Rio Tinto and North Ltd in 2000, and CVRD and Caemi in 2001. The analyses are conducted using a merger simulation model that, based on the pre-merger situation, estimates the post-merger outcome. This paper applies the so-called proportionality-calibrated almost ideal demand system (PCAIDS) model, which assumes that the product is differentiated and that the strategic variable is price. The results from the merger simulations show that in the case of the merger between Rio Tinto and North Ltd, the merged firm has a combined market share of almost 20%. However, the estimated market weighted average price effect is only 2.6%. Regarding the merger between CVRD and Caemi, the merged firm's market share is about 29%, and the estimated market weighted average price effect is 4.6%. When removing Caemi's Canadian asset, which was the Commission decision in order to allow the merger, the market price effect decreases to 3.1%. Overall the results in this study support the Commission's decisions regarding both merger cases, and shows that merger simulations of price effects can be valuable tools in merger assessments.     

近三十年中国非点源污染研究现状与未来发展方向探讨

非点源污染是我国面临的重要环境问题之一,其影响范围广,污染不易控制,因此受到研究者和管理者越来越多的关注.中国非点源污染研究呈起步晚、速度快、范围广的发展特点,近十年来相关论文发表已达到一定数量,但是现有研究多是针对非点源污染体系中某些方面进行探究,缺少从全国尺度和长时间序列角度对我国非点源污染研究现状的梳理和总结.本文从全球主要文献库中检索了1988—2018年我国非点源污染的相关文章,挑选出1354篇文章进行统计分析,对于年发文数量、研究区所属省份、研究区所属流域、研究对象和研究方法分别进行统计展示.对我国近三十年非点源污染研究现状与存在问题进行总结,其中农业非点源污染需要继续深入探究其机理,城市非点源污染研究深度不足,研究地区有较大差异,研究方法存在复杂性与实用性的矛盾.未来中国非点源污染研究仍会以农业和农村非点源为主要研究对象;城市非点源将得到进一步发展;非点源污染物的防治与利用将成为重要的研究目标和研究方向;在国家实施的长江大保护战略及黄河生态保护高质量发展战略中,非点源污染也是关键研究问题;全球变化对非点源污染的影响也将是未来研究不可忽视的问题.本文对近三十年中国非点源污染研究规律进行了总结,探究发展变化原因,并提出未来发展方向,为污染源控制以及污染管理提供科学建议和决策支持.     

硫酸盐还原菌对EH40焊接钢海水腐蚀的影响

目的研究无菌和SRB体系中EH40钢焊接接头的母材区、热影响区和焊缝区腐蚀差异。方法利用金相显微镜观察、失重法、电化学测试、扫描电镜和X射线光电子能谱仪等分析手段。结果焊缝区微观组织由块状铁素体(BLF)和魏氏组织(W)组成;热影响区可再分为粗晶区(CGHAZ)和细晶区(FGHAZ)两个区;母材区主要由BLF、AF和少量珠光体组成。在无菌对照体系中,焊缝区腐蚀速率为0.0026 mm/a,混合区次之,为0.0023 mm/a,母材区最小,为0.0019 mm/a。含SRB体系中,各区的腐蚀速率为:焊缝区(0.0037 mm/a)混合区(0.0034 mm/a)母材区(0.0030 mm/a)。热影响区腐蚀产物形貌粗大,点蚀孔也较大。结论焊缝区比母材区容易腐蚀,由此易造成小阳极大阴极加速腐蚀,热影响区容易发生点蚀。SRB能促进三个区域试样腐蚀加速。     

我国内陆流域各类水体中天然放射性核素浓度

1985年～1989年由新疆、甘肃、青海、西藏、内蒙古、陕西、宁夏等省、自治区环境监测站(研究所)对内陆流域各类水体中U、Th、~(226)Ra、~(40)K浓度进行调查,由调查的29条内陆河、23个湖泊、15座水库、55处井泉和34个自来水的统计结果表明,流域内各水体中U和~(40)K浓度的平均值与同期调查的黄河水系同类水体的浓度相近,明显高于长江水系,与全国同类水体相比亦属偏高。Th和~(226)Ra的平均浓度与全国同类水体的浓度相近,甘、新内陆区浓度较低。调查发现,一些咸水湖、井水和自来水中U、~(226)Ra,或~(40)K浓度异常偏高。     

近50年来广东冬季寒害的特征

利用广东省86个地面气象站近50年(1951-2000年)逐日平均气温和最低气温资料,采用针对冬季经济林果的寒害指标,统计分析了近50年冬季寒害的特征.分析得出:(1)广东冬季寒害频数北多南少,各地平均年均1次,其中严重寒害近4成,严重寒害中又以降温型亚类Ⅲ最为典型,占6成以上.(2)寒害过程降温幅度平均达13.6℃,且越往南越大;过程最低气温平均2.6℃,高于冻害临界值0℃;寒害过程降温平均历时4d.(3)寒害分布于10月末至3月底,其中12月到1月累计占85%,月际分布大致呈以1月为峰值的单峰型;亚类Ⅲ12月和2月多于1月,呈双峰分布.(4)1980年是广东冬季气温变化的分水岭,寒害年均综合频数前30年多(160站次),后20年少(96站次).(5)近50年广东冬季寒害年代际变化特征为:50,60,70年代逐渐增强,80年代迅速减弱,90年代有所回升(依然弱于50年代),年代际寒害由强到弱顺序为:70年代,60年代,50年代,90年代和80年代.     

未来30a凉山州水稻盛夏低温危害风险分析

根据(BCC)气候系统模式第五阶段试验计划(CMIP5-RCP6.0)预测的2006~2050年各格点逐日平均温度,通过订正反演出2021~2050年凉山州各站点逐日平均温度,结合凉山州不同区域水稻抽穗杨花期低温指标,统计了各站水稻盛夏低温频次、水稻安全播种期、安全齐穗期以及安全生长季差,构建了水稻盛夏低温危害风险指数I=exp(Id+ip-2),并以此进行低温危害风险的区域划分,结果表明:(1)凉山州水稻盛夏低温频次为0.1~3.0次/a,在区域和年际之间差异很大;(2)与近30a比较,凉山州水稻安全播种期普遍提前10 d左右,提前最多的达20 d以上。安全齐穗期只有少数站点推迟,大多数站点都有提前的趋势;(3)海拔1 500 m以下为无风险区,1 500~2 000 m的区域为低风险区,2 000~2 500 m为中风险区,2 500~2 600 m为高风险区,分区结果与实际情况相符,为凉山州未来水稻生产布局、应对气候变化的影响提供科学依据。     

The macroeconomic determinants of volatility in precious metals markets

This paper models the monthly price volatilities of four precious metals (gold, silver, platinum and palladium prices) and investigates the macroeconomic determinants (business cycle, monetary environment and financial market sentiment) of these volatilities. Gold volatility is shown to be explained by monetary variables, but this is not true for silver. Overall, there is limited evidence that the same macroeconomic factors jointly influence the volatility processes of the four precious metal price series, although there is evidence of volatility feedback between the precious metals. These results are consistent with the view that precious metals are too distinct to be considered a single asset class, or represented by a single index. This finding is of importance for portfolio managers and investors.     

Assessment of present and future risk to Italian forests and human health: Modelling and mapping

A review of ozone pollution in Italy shows levels largely above the thresholds established by EU regulation for vegetation and human health protection. The Italian air quality monitoring network appears quantitatively inadequate to cover all the territorial surface, because of scarcity and unequal distribution of monitoring sites. By applying the integrated assessment model RAINS-Italy to the year 2000, the whole of Italy exceeds the AOT40 critical level for forest, while Northern and central areas show strong potential of O₃ impact on human health with ∼11% of territory >10 O₃-induced premature deaths. Two scenarios for the year 2020, the Current Legislation and the Maximum Technical Feasible Reduction, show a reduction of AOT40Forest by 29% and 44%, SOMO35 by 31% and 47%, and O₃-induced premature deaths by 32% and 48%, compared to 2000. RAINS-Italy can be used to improve the map quality and cover areas not reached by the national monitoring network.     

Impact of different public E&P policies on natural gas reserves and production in Pakistan

Low wellhead domestic gas prices over the past few years have led to the beginning of a shortage in natural gas reserves and production in Pakistan. Gas demand steadily rises in all sectors for being an economical fuel as compare to substitutes. In the view of foregoing consumption trend, the demand for gas is expected to grow with a higher pace during the 2010s. On the contrary, indigenous gas reserves are running out and cannot keep up with the demand. This paper examines the extent of upstream activities in different petroleum policy regimes. The wellhead price for indigenous gas is compared with the prices of alternatives (for example, gas import prices). In order to put the problem in perspective, the relationship between wellhead gas price and cumulative gas reserves in Pakistan are analyzed and we find that the looming gas shortage can be ameliorated in the short-run and eliminated in the long-run through incentivized wellhead price. To put it briefly, the idea is mooted to first take advantage of huge domestic reserves to ensure competitive consumer prices for gas. The findings are applicable to several other economies with under-developed natural resources.     

Calculating losses of crops in Denmark caused by high ozone levels

In order to help guide air pollution legislation at the European level, harmful air pollution effects on agriculture crops and the consequent economic implications for policy have been studied for more than a decade. Ozone has been labeled as the most serious of the damaging air pollutants to agriculture, where growth rates and consequently yields are dramatically reduced. Quantifying the effects has formed a key factor in policymaking. Based on the widely held view that AOT40 (Accumulated exposure Over Threshold of 40 ppb) is a good indicator of ozone-induced damage, the Danish Eulerian Model (DEM) was used to compute reduced agriculture yields on a 50 km×50 km grid over Europe. In one set of scenarios, a ten year meteorological time series was combined with realistic emission inventories. In another, various idealized emission reduction scenarios are applied to the same meteorological time series. The results show substantial inter-annual variability in economic losses, due in most part to meteorological conditions which varied much more substantially than the emissions during the same period. It is further shown that, taking all uncertainties into account, estimates of ozone-induced economic losses require that a long meteorological record is included in the analysis, for statistical significance to be improved to acceptable levels for use in policy analysis. In this study, calculations were made for Europe as a whole, though this paper presents results relevant for Denmark.