Market efficiency,filter rules and buffer stock profitability

This paper uses a model of the optimum buffer stock as a ‘filter rule’ together with a financial model that can be used to assess the efficiency of international commodity markets. The approach is simpler to apply than many other methods which have hitherto been used and yields an economy in theoretical and computational effort. The arguments are applied as a case study to the international copper market. The main conclusion is that private storage is not under-provided for and that a public buffer stock agency would be unlikely to be self-financing.     

Soil temperature,nitrogen concentration,and residence time affect nitrogen uptake efficiency in citrus

We try to elucidate which environmental and soil factors control nitrogen uptake efficiency in citrus. Effects of residence time and nitrogen (N) concentration (three 500-mL applications of 7 mg N L(-1), representative of reclaimed water used for citrus irrigation in central Florida, or one 150-mL application of 70 mg N L(-1)) on nitrogen uptake efficiency (NUE) of young citrus seedlings were studied. Increasing residence times from 2 to 8 h increased NUE from 36 to 82% and from 17 to 34% for high and low application frequencies, respectively. We developed a model to predict N uptake based on root density, N concentration, and soil temperature (Ts). Assuming a base temperature (Tb) of 10 degrees C, N uptake temperature sum (UTS) = sigma(Ts - Tb)/24 (degrees CdN, degree day units of N uptake). To eliminate the risk of N leaching for young seedlings, minimum uptake periods of 5 and 16 degrees CdN were required at initial soil N concentrations of 0.9 and 2.5 mg N L(-1), respectively. After correcting for differences in root length, this information was then used to predict the effect of irrigation practices on N uptake from reclaimed water for mature trees. Applying 2500 mm yr(-1) vs. 400 mm yr(-1) reclaimed water reduced the NUE of N in this water from 100 to 63% during the summer and from 100 to 28% during the winter. Reductions in NUE at higher irrigation rates appeared to be related to N displacement below the root zone prior to complete N uptake.     

Economic and environmental analysis of standard, high efficiency, rainwater flushed, and composting toilets

The current sanitation technology in developed countries is based on diluting human excreta with large volumes of centrally provided potable water. This approach is a poor use of water resources and is also inefficient, expensive, and energy intensive. The goal of this study was to compare the standard sanitation technology (Scenario 1) with alternative technologies that require less or no potable water use in toilets. The alternative technologies considered were high efficiency toilets flushed with potable water (Scenario 2), standard toilets flushed with rainwater (Scenario 3), high efficiency toilets flushed with rainwater (Scenario 4), and composting toilets (Scenario 5). Cost, energy, and carbon implications of these five design scenarios were studied using two existing University of Toledo buildings. The results showed that alternative systems modeled in Scenarios 2, 4, and 5 were viable options both from an investment and an environmental performance perspective. High efficiency fixtures that use potable water (Scenario 2) is often the most preferred method in high efficiency buildings due to reduced water use and associated reductions in annual water and wastewater costs. However, the cost, energy, and CO(2)EE analyses all showed that Scenarios 4 and 5 were preferable over Scenario 2. Cost payback periods of scenarios 2, 4 and 5 were less than 10 years; in the future, increase in water and wastewater services would further decrease the payback periods. The centralized water and wastewater services have high carbon footprints; therefore if carbon footprint reduction is a primary goal of a building complex, alternative technologies that require less potable water and generate less wastewater can largely reduce the carbon footprint. High efficiency fixtures flushed with rainwater (Scenario 4) and composting toilets (Scenario 5) required considerably less energy than direct energy demands of buildings. However, the annual carbon footprint of these technologies was comparable to the annual carbon footprint from space heating. Similarly, the carbon savings that could be achieved from Scenario 4 or 5 were comparable to a recycling program that can be implemented in buildings.     

A comparative study on cost analysis,efficiency, and process mechanism of effluent treatment plants in Bangladesh

Investigations were conducted into the treatment of effluents produced during manufacturing processes at both a chemicals production facility and a paint manufacturing facility. A comparison of costs of wastewater treatment at both facilities was also performed. The untreated effluents from both facilities were high in biological oxygen demand (BOD), chemical oxygen demand (COD), and total dissolved solids (TDS). In addition, the effluents from the two facilities deviated significantly in dissolved oxygen (DO) content and pH levels. However, both facilities ultimately released treated wastewater with allowable amounts or levels of BOD, COD, TDS, DO, and pH as permitted by the Department of the Environment, Ministry of Environment and Forests, Bangladesh (DOE). The effluent treatment plants (ETP) at both facilities contained combinations of chemical and biological treatment processes. The treatment processes used at the chemicals production facility and at the paint manufacturing facility were continuous and semi‐batch processes, respectively. The biological treatment section of the ETP at the chemicals production facility has both anaerobic and aerobic units, while the paint manufacturing facility has only an aerobic unit. Annual installation and operation costs of the ETP at the chemicals production facility was Bangladeshi Taka (Tk) 1,300,000 ($16,667 US dollars) and Tk 800,000 ($10,257), respectively. The annual installation and operation costs of the ETP at the paint manufacturing facility were Tk 3,050,000 ($39,103) and Tk 6,200,000 ($79,488), respectively.     

Building an integrated environmental,health, and safety management system

This article discusses an integrated management system that aligns and integrates the various environmental, health, and safety functions and disciplines. This model is easily adopted to provide performance measures required to satisfy Responsible Care®, ISO 14001, and the European Union EMAS requirements.     

Restoration,stewardship, environmental health,and policy: understanding stakeholders' perceptions

In recent years there has been considerable interest in the health of humans and the environment, restoration of contaminated or otherwise degraded lands, and in long-term stewardship of public lands. Unfortunately, it is unclear whether governmental agencies and the public hold similar views about the meanings of these concepts, making policy decisions about restoration and stewardship difficult. In this paper, I explore how the public conceptualizes restoration and stewardship by examining the relative rating of several attributes of restoration, stewardship, environmental health, ecological health, environmental restoration, and ecological restoration. People were interviewed in Santa Fe, New Mexico, USA, near the Department of Energy's Los Alamos National Laboratory. The ratings of attributes of environmental health and ecological health reported in this paper can be used to understand how the public understands these concepts. The attributes rated most highly by the subjects were more similar to definitions in the scientific literature for these terms than they were to those used by the Department of Energy. For environmental health, the highest rating related to human sanitation, while for ecological health the highest rating was for maintaining functioning ecosystems. Reduction of exposure to hazardous substances was rated the second highest for both environmental and ecological health. The wise use of natural resources, preservation of natural resources, and hazardous waste site cleanup were rated the highest attributes of stewardship. These data suggest that both expert and nonexpert perceptions about restoration and stewardship should be incorporated into environmental management decisions.     

Levels, distribution, and health risk of phthalate esters in urban soils of Beijing, China

The content of phthalate esters (PAEs) was investigated in urban soil samples ( = 127, 0-20 cm) collected from a business area (BU), classical garden (CL), culture and educational area (CU), large public green space (LA), residential area (RE), and roadside area (RO) in Beijing. The sum of all PAE contents ranged from 1.9 to 3141.7 ng/g, with an average of 1139.6 ± 727.6 ng/g. Di-n-butyl phthalate (DBP) and di-(2-ethylhexyl) phthalate (DEHP) were the major contaminants in the soil samples. The content of DEHP and DBP in the urban soil of Beijing showed decreasing trends from the center of the city to the suburbs, which was probably because the center of the city has a longer history. In addition, higher DBP content also occurred in the south of the city, which was caused by the existence of several factories that produce commodity chemical and building materials in these areas. Because of its greater age, less disturbance from human activity, and high levels of total organic carbon and black carbon in CL, PAE content in CL was the highest among the six types of land use, followed by RE, CU, BU, LA, and RO. Although in 82.6% of the soil samples, DBP content exceeded the recommended allowable soil content in New York, USA, health risk assessment with CalTOX and Monte Carlo analysis showed that the total cancer risk values of PAEs were lower than the acceptable cancer risk value (10(-4)) and that the risk mainly came from dermal uptake and inhalation exposure pathways.     

Forward pricing and efficiency in the silver market

If futures prices ‘fully reflect’ all available information, then these prices may be interpreted as market anticipations of spot (cash) prices at the delivery date of the futures contract. This hypothesis, which has tended to find most support among established markets for storable commodities, is investigated for the Chicago silver futures market. Using instrumental variable estimation and a joint (χ²) test, the unbiased prediction hypothesis is rejected, and a tentative explanation is offered for this outcome. This result, however, does not necessarily imply that the market is inefficient, and two tests of the weak form efficient markets hypothesis suggest that, while there is some slight dependence in past prices, this is only marginally more than would be expected from normal sampling variation.     

Environmental externalities and efficiency measurement

Production of desirable outputs often produces by-products that have harmful effects on the environment. This paper investigates technologies where the biggest good output producer is not the greatest polluter, i.e. technologies located on the downward-sloping segment of the frontier depicted in Färe et al. (1989). Directional distance functions and Data Envelopment Analysis techniques are used to define an algorithm that allows them to be identified empirically. Furthermore, we show that in such situations producers can contribute social goods, i.e. reducing polluting wastes, without limiting their capacity to maximise production of marketable output. Finally, we illustrate our methodology with an empirical application to a sample of Spanish ceramic tile producers.     

Re-evaluating energy efficiency in China

Energy efficiency is a sensible scheme for saving money, conserving natural resources and reducing CO2 emissions. However, incentives for energy conservation vary greatly between different nations. Energy prices are the key to energy conservation, many observers argue. This paper focuses on one of the world's most rapidly developing energy consumers -- China -- and contemplates the current and future impact of energy prices on China's energy-efficient behaviour.     

Reducing carbon emissions in Portugal: the relative roles of fossil fuel prices,energy efficiency,and carbon taxation

We assess the role of fossil fuel prices, energy efficiency, and carbon taxation in achieving climate policy goals using a dynamic general-equilibrium model of the Portuguese economy. Given the forecasts for international fossil fuel prices, improving energy efficiency and implementing a new carbon tax have significantly different economic and budgetary effects. Greater energy efficiency reduces emissions and has a positive economic effect, but increases public and foreign debt. A carbon tax reduces emissions at a cost for the economy, but leads to positive effects on public and foreign debt. Thus, it is important to pursue both strategies. We estimate that under the reference-price scenario, a steady energy efficiency gain of 2%–2.5% per year and a carbon tax of at least 35 € per tCO₂ are needed to achieve the stated goal of reducing carbon dioxide emissions by 2030 by an amount equivalent to 40% of the emissions in 1990. These views were fully integrated in a proposal presented by the Commission for Environmental Tax Reform to the Portuguese Government in September 2014, and then discussed in Parliament in November 2014, before enacting a new carbon tax on 1 January 2015.     

Comparison of ANN,MVR, and SWR models for computing thermal efficiency of a solar still

In this paper, the viability of modeling the instantaneous thermal efficiency (η_ith) of a solar still was determined using meteorological and operational data with an artificial neural network (ANN), multivariate regression (MVR), and stepwise regression (SWR). This study used meteorological and operational variables to hypothesize the effect of solar still performance. In the ANN model, nine variables were used as input parameters: Julian day, ambient temperature, relative humidity, wind speed, solar radiation, feed water temperature, brine water temperature, total dissolved solids of feed water, and total dissolved solids of brine water. The η_ith was represented by one node in the output layer. The same parameters were used in the MVR and SWR models. The advantages and disadvantages were discussed to provide different points of view for the models. The performance evaluation criteria indicated that the ANN model was better than the MVR and SWR models. The mean coefficient of determination for the ANN model was about 13% and14% more accurate than those of the MVR and SWR models, respectively. In addition, the mean root mean square error values of 6.534% and 6.589% for the MVR and SWR models, respectively, were almost double that of the mean values for the ANN model. Although both MVR and SWR models provided similar results, those for the MVR were comparatively better. The relative errors of predicted η_ith values for the ANN model were mostly in the vicinity of ±10%. Consequently, the use of the ANN model is preferred, due to its high precision in predicting η_ith compared to the MVR and SWR models. This study should be extremely beneficial to those coping with the design of solar stills.     

Neighbourhood satisfaction,self-rated health,and psychological attributes: A multilevel analysis in Japan

Although earlier studies have demonstrated an association between neighbourhood perceptions and self-rated health, further study is needed regarding how this association is related to an individual's psychological attributes. Hence, we examined how self-rated health is associated with neighbourhood satisfaction after controlling for personality traits as well as other individual- and area-level covariates. We employed multilevel analysis using microdata collected from a nationwide Internet survey in Japan in 2011 (N = 8139). When controlling for personality traits, we observed that the odds for reporting poor health in response to neighbourhood dissatisfaction declined but remained highly significant. We obtained similar results when additionally controlling for sense of coherence (SOC) or replacing personality traits with it. We also found virtually no significant effect of personality traits or SOC on the sensitivity of self-rated health with neighbourhood dissatisfaction. Overall, this study indicated that the observed association between neighbourhood satisfaction and self-rated health tends to be overestimated, but cannot be fully explained by personality traits or SOC.