Portfolio Optimization in a Semi-Markov Modulated Market

We address a portfolio optimization problem in a semi-Markov modulated market. We study both the terminal expected utility optimization on finite time horizon and the risk-sensitive portfolio optimization on finite and infinite time horizon. We obtain optimal portfolios in relevant cases. A numerical procedure is also developed to compute the optimal expected terminal utility for finite horizon problem.

Experiences With WM: A Centralised Scheduling Approach for Performance Management of IEEE 802.11 Wireless LANs

In our earlier work ([1]) we proposed WLAN Manager (or WM) a centralised controller for QoS management of infrastructure WLANs based on the IEEE 802.11 DCF standards. The WM approach is based on queueing and scheduling packets in a device that sits between all traffic flowing between the APs and the wireline LAN, requires no changes to the AP or the STAs, and can be viewed as implementing a "Split-MAC" architecture. The objectives of WM were to manage various TCP performance related issues (such as the throughput "anomaly" when STAs associate with an AP with mixed PHY rates, and upload-download unfairness induced by finite AP buffers), and also to serve as the controller for VoIP admission control and handovers, and for other QoS management measures. In this paper we report our experiences in implementing the proposals in [1]: the insights gained, new control techniques developed, and the effectiveness of the WM approach in managing TCP performance in an infrastructure WLAN. We report results from a hybrid experiment where a physical WM manages actual TCP controlled packet flows between a server and clients, with the WLAN being simulated, and also from a small physical testbed with an actual AP.

Sustainable bioenergy for India: Technical, economic and policy analysis

India's energy challenges are multi-pronged. They are manifested through growing demand for modern energy carriers, a fossil fuel dominated energy system facing a severe resource crunch, the need for creating access to quality energy for the large section of deprived population, vulnerable energy security, local and global pollution regimes and the need for sustaining economic development. Renewable energy is considered as one of the most promising alternatives. Recognizing this potential, India has been implementing one of the largest renewable energy programmes in the world. Among the renewable energy technologies. bioenergy has a large diverse portfolio including efficient biomass stoves, biogas, biomass combustion and gasification and process heat and liquid fuels. India has also formulated and implemented a number of innovative policies and programmes to promote bioenergy technologies. However, according to some preliminary studies, the success rate is marginal compared to the potential available. This limited success is a clear indicator of the need for a serious reassessment of the bioenergy programme. Further, a realization of the need for adopting a sustainable energy path to address the above challenges will be the guiding force in this reassessment. In this paper an attempt is made to consider the potential of bioenergy to meet the rural energy needs: (I) biomass combustion and gasification for electricity; (2) biomethanation for cooking energy (gas) and electricity; and (3) efficient wood-burning devices for cooking. The paper focuses on analysing the effectiveness of bioenergy in creating this rural energy access and its sustainability in the long run through assessing: the demand for bioenergy and potential that could be created; technologies, status of commercialization and technology transfer and dissemination in India; economic and environmental performance and impacts: bioenergy policies, regulatory measures and barrier analysis. The whole assessment aims at presenting bioenergy as an integral part of a sustainable energy strategy for India. The results show that bioenergy technology (BET) alternatives compare favourably with the conventional ones. The cost comparisons show that the unit costs of BET alternatives are in the range of 15-187% of the conventional alternatives. The climate change benefits in terms of carbon emission reductions are to the tune of 110 T C per year provided the available potential of BETs are utilized.