Monte Carlo Valuation of natural gas investments

This paper deals with the valuation of energy assets related to natural gas. In particular, we evaluate a baseload Natural Gas Combined Cycle (NGCC) power plant and an ancillary instalation, namely a Liquefied Natural Gas (LNG) facility, in a realistic setting; specifically, these investments enjoy a long useful life but require some non-negligible time to build. Then we focus on the valuation of several investment options again in a realistic setting. These include the option to invest in the power plant when there is uncertainty concerning the initial outlay, or the option's time to maturity, or the cost of CO2 emission permits, or when there is a chance to double the plant size in the future. Our model comprises three sources of risk. We consider uncertain gas prices with regard to both the current level and the long-run equilibrium level; the current electricity price is also uncertain. They all are assumed to show mean reversion. The two-factor model for natural gas price is calibrated using data from NYMEX NG futures contracts. Also, we calibrate the one-factor model for electricity price using data from the Spanish wholesale electricity market, respectively. Then we use the estimated parameter values alongside actual physical parameters from a case study to value natural gas plants. Finally, the calibrated parameters are also used in a Monte Carlo simulation framework to evaluate several American-type options to invest in these energy assets. We accomplish this by following the least squares MC approach.

In vitro activities of natural products against oral Candida isolates from denture wearers

Background: Candida-associated denture stomatitis is a frequent infectious disease. Treatment of this oral condition is difficult because failures and recurrences are common. The aim of this study was to test the in vitro antifungal activity of pure constituents of essentials oils. -- Methods: Eight terpenic derivatives (carvacrol, farnesol, geraniol, linalool, menthol, menthone, terpinen-4-ol, and aterpineol), a phenylpropanoid (eugenol), a phenethyl alcohol (tyrosol) and fluconazole were evaluated against 38 Candida isolated from denture-wearers and 10 collection Candida strains by the CLSI M27-A3 broth microdilution method. -- Results: Almost all the tested compounds showed antifungal activity with MIC ranges of 0.03-0.25% for eugenol and linalool, 0.03-0.12% for geraniol, 0.06-0.5% for menthol, a-terpineol and terpinen-4-ol, 0.03-0.5% for carvacrol, and 0.06-4% for menthone. These compounds, with the exception of farnesol, menthone and tyrosol, showed important in vitro activities against the fluconazole-resistant and susceptible-dose dependent Candida isolates. -- Conclusions: Carvacrol, eugenol, geraniol, linalool and terpinen-4-ol were very active in vitro against oral Candida isolates. Their fungistatic and fungicidal activities might convert them into promising alternatives for the topic treatment of oral candidiasis and denture stomatitis.

Randomized, double-blind, placebo-controled clinical trial of sublingual immunotherapy in natural rubber latex allergic patients

Trial registration number: CTRN12611000543987

The Object Agreement Restriction

[EN]This paper deals with the so-called Person Case Constraint (Bonet, 1991), a universal constraint blocking accusative clitics and object agreement morphemes other than third person when a dative is inserted in the same clitic/agreement cluster. The aim of this paper is twofold. First, we argue that the scope of the PCC is considerably broader than assumed in previous work, and that neither its formulation in terms of person (1st/2nd vs. 3rd)-case (accusative vs. dative) restrictions nor its morphological nature are part of the right descriptive generalization.We present evidence (i) that the PCC is triggered by the presence of an animacy feature in the object’s agreement set; (ii) that it is not case dependent, also showing up in languages that lack dative case; and (iii) that it is not morphologically bound. Second, we argue that the PCC, even if it is modified accordingly, still puts together two different properties of the agreement system that should be set apart: (i) a cross linguistic sensitivity of object agreement to animacy and (ii) a similarly widespread restriction on multiple object agreement observed crosslinguistically. These properties lead us to propose a new generalization, the Object Agreement Constraint (OAC): if the verbal complex encodes object agreement, no other argument can be licensed through verbal agreement.

Sibilantes tras consonante sonante en euskera: inserción vs. africación, fonética y fonología

[ES] Este artículo trata sobre el proceso fonológico que en euskera convierte en africadas las fricativas sibilantes tras consonante sonante. El análisis de dicho proceso es particularmente adecuado para la discusión de la relación recíproca entre fonética y fonología tal y defendida por la Fonología Natural. Es ese marco teórico, este trabajo estudia la motivación fonética de la fonología; por otro lado, explora las consecuencias perceptivas –tal vez también productivas– de los distintos inventarios fonémicos de cada lengua, comparando el proceso de africación vasco con el más conocido proceso inglés de inserción oclusiva. Se argumenta que la opción terminológica africación vs. inserción podría no ser una cuestión trivial sino el reflejo de alguna diferencia en el procesamiento fonológico de condiciones fonéticas básicamente equivalentes. La optimización de la estructura silábica se presenta como otro posible elemento de la configuración del proceso y como factor que contribuye a la mayor o menor relevancia de éste en lenguas tipológicamente distintas. Se ofrecen en la sección 3 algunos comentarios sobre imágenes espectrográficas como muestra de las observaciones que dieron lugar al trabajo de investigación en curso.

Literaturaren zertarakoa, itzulpenak eta hizkuntzaren auzia Orixerengan

Ejemplar dedicado a: Beñat Oihartzabali gorazarre - Festchrift for Bernard Oyharçabal/ Ricardo Etxepare, Ricardo Gómez, Joseba Andoni Lakarra ( eds.)

Media translation and lesser-used languages: implications of subtitles for Irish language broadcastind

Eguíluz, Federico; Merino, Raquel; Olsen, Vickie; Pajares, Eterio; Santamaría, José Miguel (eds.)

La contribución de los espacios protegidos al desarrollo socioeconómico de las comunidades rurales. Aplicación al parque natural de Izki (Álava)

399 p.:il.

Desarrollo rural en Espacios Naturales Protegidos: el caso del Parque Natural de Gorbeia (1994-2008)

Una de las funciones encomendadas a los Espacios Naturales Protegidos es la promoción del desarrollo rural. Se ha tomado como caso de estudio el Parque Natural de Gorbeia para analizar la dinámica socioeconómica de su área de influencia y contrastarla con los objetivos planteados por su marco normativo. Con ello se ha puesto de manifiesto que, por una parte, el incremento poblacional y mayor dinamismo económico en su entorno probablemente responda a razones ajenas al potencial endógeno del Parque; y por otra, que la reestructuración agraria así como la búsqueda de objetivos diferentes al explícito de desarrollo rural podrían dificultar en un futuro próximo la gestión territorial y conservación medioambiental de este enclave.

Simulación y automatización del sistema de aceite de una turbina de gas en un almacenamiento de gas natural.

73 p. : il., col.

Processing Facilitation Strategies in OV and VO Languages: A Corpus Study

The present corpus study aimed to examine whether Basque (OV) resorts more often than Spanish (VO) to certain grammatical operations, in order to minimi ze the number of arguments to be processed before the verb. Ueno & Polinsky (2009) argue that VO/OV languages use certain grammatical resources with different frequencies in order to facilitate real-time processing. They observe that both OV and VO languages in their sample (Japanese, Turkish and Spanish) have a similar frequency of use of subject pro-drop; however, they find that OV languages (Japanese, Turkish) use more intransitive sentences than VO languages (English, Spanish), and conclude this is an OV-specific strategy to facilitate processing. We conducted a comparative corpus study of Spanish (VO) and Basque (OV). Results show (a) that the fre- quency of use of subject pro-drop is higher in Basque than in Spanish; and (b) Basque does not use more intransitive sentences than Spanish; both languages have a similar frequency of intransitive sentences. Based on these findings, we conclude that the frequency of use of grammatical resources to facilitate the processing does not depend on a single typological trait (VO/OV) but it is modulated by the concurrence of other grammatical feature.

Reinterpretación de la nasalización en terena, cubeo y chimila desde la Fonología Natural

106 p.

Syntactic change

[ES] En este trabajo se define el cambio sintáctico, se analizan los factores que lo causan o facilitan y se estudian sus tipos principales en griego antiguo.

Caprate: un sistema de interpretación de problemas en lenguaje natural

199 p.

Discounting the value of natural resources in costbenefit analysis: a case study for policy making

4 p.