Divergences in the Long Run Trends in the Price of Energy and of Energy Services

32 p.

Valuing Flexibility: The case of an Integrated Gasification Combined Cycle Power Plant

In this paper we analyze the valuation of options stemming from the flexibility in an Integrated Gasification Combined Cycle (IGCC) Power Plant. First we use as a base case the opportunity to invest in a Natural Gas Combined Cycle (NGCC) Power Plant, deriving the optimal investment rule as a function of fuel price and the remaining life of the right to invest. Additionally, the analytical solution for a perpetual option is obtained. Second, the valuation of an operating IGCC Power Plant is studied, with switching costs between states and a choice of the best operation mode. The valuation of this plant serves as a base to obtain the value of the option to delay an investment of this type. Finally, we derive the value of an opportunity to invest either in a NGCC or IGCC Power Plant, that is, to choose between an inflexible and a flexible technology, respectively. Numerical computations involve the use of one- and two-dimensional binomial lattices that support a mean-reverting process for the fuel prices. Basic parameter values refer to an actual IGCC power plant currently in operation.

Profit as Cost versus Profit as Surplus over Cost: A Case Study on Varian's "Intermediate Microeconomics"

On the analysis of Varian’s textbook on Microeconomics, which I take to be a representative of the standard view, I argue that Varian provides two contrary notions of profit, namely, profit as surplus over cost and profit as cost. Varian starts by defining profit as the surplus of revenues over cost and, thus, as the part of the value of commodities that is not any cost; however, he provides a second definition of profit as a cost, namely, as the opportunity cost of capital. I also argue that the definition of competitive profit as the opportunity cost of capital involves a self-contradictory notion of opportunity cost.

La influencia del factor dimensión en la pertenencia a centrales de compra por parte del pequeño comercio

[ES] Desde hace varios años, el pequeño comercio en España y en otros países europeos viene enfrentándose a un entorno de creciente concurrencia, con la irrupción de nuevas formas comerciales más integradas vertical u horizontalmente, y mejor preparadas para competir en precio y variedad. Ante este hecho, las centrales de compra se ofrecen como una alternativa tendente a acortar distancias en estas dos cuestiones, a la vez que buscan la prestación de ciertos servicios que ayuden al pequeño comerciante a gestionar más eficaz y eficientemente su negocio.

Mechanism of transport of saquinavir-loaded nanostructured lipid carriers across the intestinal barrier

[EN] The aims of this work were (i) to evaluate the potential of nanostructured lipid carriers (NLCs) as a tool to 24 enhance the oral bioavailability of poorly soluble compounds using saquinavir (SQV), a BCS class IV drug 25 and P-gp substrate as a model drug, and (ii) to study NLC transport mechanisms across the intestinal barrier. 26 Three different NLC formulations were evaluated. SQV transport across Caco-2 monolayers was enhanced up 27 to 3.5-fold by NLCs compared to SQV suspension. M cells did not enhance the transport of NLCs loaded with 28 SQV. The size and amount of surfactant in the NLCs influenced SQV's permeability, the transcytosis pathway 29 and the efflux of SQV by P-gp. An NLC of size 247 nm and 1.5% (w/v) surfactant content circumvented P-gp 30 efflux and used both caveolae- and clathrin-mediated transcytosis, in contrast to the other NLC formulations, 31 which used only caveolae-mediated transcytosis. By modifying critical physicochemical parameters of the 32 NLC formulation, we were thus able to overcome the P-gp drug efflux and alter the transcytosis mechanism 33 of the nanoparticles. These findings support the use of NLCs approaches for oral delivery of poorly 34 water-soluble P-gp substrates.

High voltage cathodes for Na-ion batteries: Na3V2O2x(PO4)2F3-2x system

254 p : il, graf. col.

Optimal Investment in Energy Efficiency under Uncertainty

41 p.

Optimal Abandonment of Coal-Fired Stations in the EU

36 p.

El riesgo de orientación en la inversión en spin-offs universitarias. ¿Existe? ¿Es posible identificarlo en los primeros años de vida?

[ES] Diversos estudios han mostrado evidencias de que las empresas creadas desde las universidades (spin-offs) presentan unas tasas de crecimiento menores que otros tipos de start-ups. Esto puede deberse en parte a que un porcentaje de ellas pueden estar orientadas a dar continuidad a proyectos de investigación en base a ayudas públicas, en lugar de a valorizar resultados de investigación en el mercado. El principal objetivo de este trabajo es contrastar si es posible diferenciar dos tipos de spin-offs en función de si están orientadas al mercado o no. Además, en segundo lugar, hemos tratado de comprobar si es posible identificar esta orientación desde las primeras fases de vida de las spin-offs, lo que afectaría al perfil de riesgo desde el punto de vista de los inversores. Para ello hemos utilizado una muestra de 20 spin-offs y se ha procedido a analizar tanto sus estados contables como las ayudas y subvenciones públicas obtenidas durante sus primeros cinco años de actividad. La metodología empleada ha sido el análisis de conglomerados. Los resultados obtenidos sugieren que, si bien efectivamente un número significativo de spin-offs no parecen orientadas al mercado, esta diferenciación no puede inferirse de la información inicial económico financiera de la empresa. Este hecho puede dar lugar a un riesgo de orientación , definido como la imposibilidad por parte del inversor inicial de saber si existe una orientación o no al mercado de la spin-off.

Optimization study of the structural HACFRA composition (Self Compacting Concrete Steel Fiber Reinforced)

The interest of HACFRA (self compacting concrete reinforced with steel fibers), is the combination of the residual strength increase and cracking decrease compared to plain concrete by the introduction of steel fibers in the mass with the advantages of the self-compacting. The paper presents an analysis of the influence of different components of the HACRFA and provides their selection, refered to the granular skeleton and to different steel fiber types and amount, in order to obtain an optimization of its features and structural behavior.