Spectral damage model for lighted museum paintings: Oil, acrylic and gouache

A spectral aging test was developed to estimate the photochemical damage of oil, acrylic and gouache paints exposed to permanent lighting. The paints were irradiated at seven different wavelengths in the optical range to control and evaluate their spectral behaviour. To reach this objective, boxes with isolated aging cells were made. In each of box, one LED of a different wavelength and one photodiode were installed. Inside the boxes, the temperature of an exhibit area was recreated through a thermocouple sensor that controlled the temperature using a fan. The heat produced by the LED was dissipated by a thermal radiator. Moreover, to evaluate the exposure time dependence of the irradiation level, the test was performed using two different irradiation levels in ten exposure series. After each series, the spectral reflectance was measured, and the data collected for each paint and wavelength were used to develop a model of damage produced by the interaction between the spectral radiant exposure and the paint.

Modelling and testing volatility spillovers in oil and financial markets for USA, UK and China

The primary purpose of the paper is to analyze the conditional correlations, conditional covariances, and co-volatility spillovers between international crude oil and associated financial markets. The paper investigates co-volatility spillovers (namely, the delayed effect of a returns shock in one physical or financial asset on the subsequent volatility or co-volatility in another physical or financial asset) between the oil and financial markets. The oil industry has four major regions, namely North Sea, USA, Middle East, and South-East Asia. Associated with these regions are two major financial centers, namely UK and USA. For these reasons, the data to be used are the returns on alternative crude oil markets, returns on crude oil derivatives, specifically futures, and stock index returns in UK and USA. The paper will also analyze the Chinese financial markets, where the data are more recent. The empirical analysis will be based on the diagonal BEKK model, from which the conditional covariances will be used for testing co-volatility spillovers, and policy recommendations. Based on these results, dynamic hedging strategies will be suggested to analyze market fluctuations in crude oil prices and associated financial markets.

Investigating evidence for different black hole accretion modes since redshift z ∼ 1

Chandra data in the COSMOS, AEGIS-XD and 4 Ms Chandra Deep Field South are combined with multiwavelength photometry available in those fields to determine the rest-frame U − V versus V − J colours of X-ray AGN hosts in the redshift intervals 0.1 < z < 0.6 (mean z¯=0.40) and 0.6 < z < 1.2 (mean z¯=0.85). This combination of colours provides an effective and least model-dependent means of separating quiescent from star-forming, including dust reddened, galaxies. Morphological information emphasizes differences between AGN populations split by their U − V versus V − J colours. AGN in quiescent galaxies consist almost exclusively of bulges, while star-forming hosts are equally split between early- and late-type hosts. The position of AGN hosts on the U − V versusV − J diagram is then used to set limits on the accretion density of the Universe associated with evolved and star-forming systems independent of dust induced biases. It is found that most of the black hole growth at z≈ 0.40 and 0.85 is associated with star-forming hosts. Nevertheless, a non-negligible fraction of the X-ray luminosity density, about 15–20 per cent, at both z¯=0.40 and 0.85, is taking place in galaxies in the quiescent region of the U − V versus V − J diagram. For the low-redshift sub-sample, 0.1 < z < 0.6, we also find tentative evidence, significant at the 2σ level, that AGN split by their U − V and V − J colours have different Eddington ratio distributions. AGN in blue star-forming hosts dominate at relatively high Eddington ratios. In contrast, AGN in red quiescent hosts become increasingly important as a fraction of the total population towards low Eddington ratios. At higher redshift, z > 0.6, such differences are significant at the 2σ level only for sources with Eddington ratios ≳ 10^− 3. These findings are consistent with scenarios in which diverse accretion modes are responsible for the build-up of supermassive black holes at the centres of galaxies. We compare these results with the predictions of theGALFORM semi-analytic model for the cosmological evolution of AGN and galaxies. This model postulates two black hole fuelling modes, the first is linked to star formation events and the second takes place in passive galaxies. GALFORM predicts that a substantial fraction of the black hole growth at z < 1 is associated with quiescent galaxies, in apparent conflict with the observations. Relaxing the strong assumption of the model that passive AGN hosts have zero star formation rate could bring those predictions in better agreement with the data.

Fueling growth when oil peaks: directed technological change and the limits to efficiency

While fossil energy dependency has declined and energy supply has grown in the postwar world economy, future resource scarcity could cast its shadow on world economic growth soon if energy markets are forward looking. We develop an endogenous growth model that reconciles the current aggregate trends in energy use and productivity growth with the intertemporal dynamics of forward looking resource markets. Combining scarcity-rent driven energy supply (in the spirit of Hotelling) with profit-driven Directed Technical Change (in the spirit of Romer/Acemoglu), we generate transitional dynamics that can be qualitatively calibrated to current trends. The long-run properties of the model are studied to examine whether current trends are sustainable. We highlight the role of extraction costs in mining.