Price linkages in the copper futures, primary, and scrap markets

This study investigates how markets for different levels of copper purity are interrelated by testing the long-run price linkage and causalities among the copper futures, primary, copper scrap, and brass scrap markets. It is expected that copper markets that deal with high purity levels, such as the futures, primary, and copper scrap markets, have a long-run relationship. However, brass scrap markets where copper with a lower purity is traded may not have a price linkage with other copper markets. The results reveal that a long-run relationship holds between the futures, primary, and copper scrap markets but the brass scrap market does not have a long-run relationship with the other markets. From the short-run and long-run causality tests, we determine that the futures market plays an important role in transmitting price information to other copper markets while such information flow is not found for the brass scrap market.

Energy price-induced and exogenous technological change : Assessing the economic and environmental outcomes

In this paper, we distinguish between factor/output substitution and shifts in the production technology frontier. Our model includes the by-products of carbon dioxide and sulfur dioxide emissions where the function requires the simultaneous expansion of good outputs and reductions in emissions. We estimate a directional output distance function for 80 countries over the period 1971-2000 to measure the exogenous and oil price-induced technological change. On average, we find substantial oil price-induced technological progress at the world level when long-term oil prices are rising, although the growth rate is more volatile in developed countries than in developing countries. The results also show that developed countries experience higher exogenous technological progress in comparison with developing countries, and the gap between the two has increased during the period of our study.

Asymmetric price range effects on vertical extensions

Vertical line extensions, both step-up and step-down, are common occurrence in consumer products. For example, Timex recently launched its luxury high-end Valentino line. On the other hand, many companies use downscale extensions to increase the overall sales volume. For instance, a number of luxury watch brands recently introduced watch collections with lower price points, like TAG Heur’s affordable watch the Aquaracer Calibre 5. Previous literature on vertical extensions has investigated how number of products in the line (Dacin and Smith 1994), the direction of the extension, brand concept (Kim, Lavack, and Smith 2001), and perceived risk (Lei, de Ruyter, and Wetzels 2008) affect extensions’ evaluation. Common to this literature is the use of models based on adaptation-level theory, which states that all relevant price information is integrated into a single prototype value and used in consumer judgments of price (Helson 1947; Mazumdar, Raj, and Sinha 2005). In the current research we argue that, while adaptation-level theory can be viewed as a useful simplification to understanding consumers’ evaluations, it misses out important contextual influences caused by a brand’s price range. Drawing on research on range-frequency theory (Mellers and Cooke 1994; Parducci 1965) we investigate the effects of price point distance and parent brand’s price range on evaluations of vertical extensions. Our reasoning leads to two important predictions that we test in a series of three experiments...

Plagiarism 2.0 : the new economy of academic dishonesty

As a writer, teacher and scholar of ‘the knowledge economy’ in the broadest sense, plagiarism fascinates me. I first encountered plagiarism in my Year 12 English class. We had been working for weeks writing poems and had submitted them to our teacher Mr How for assessment. Mr How was generally a pleasant individual who I remember as one of my favourite school teachers; however, he did not suffer fools easily. The time arrived for each of us to read our work to the class. Year 12 poetry being what it usually is, most of our efforts tended to blur into an angsty, slightly pretentious, self-important mess (similar to staff meetings in many university departments). However, one student’s poem stood out. It was emotive, insightful and economical in its use of language … and best of all, it did not suck! The poem’s author was one of the class’ biggest jocks, and not usually one to display such sensitivity, so we were all a little taken aback by what we were hearing. Stunned silence! At the poem’s conclusion, Mr How congratulated the student on such an excellent effort and produced a copy of the collected works of Emily Dickenson (if I remember correctly) from under his desk. He asked the student to turn to a page he had marked and recite the poem printed there. It was, of course, the same one the student had passed off as his. This time, there was no stunned silence: just the sound of remorseful sobs from our jock-poet-plagiarist who had been exposed in front of his classmates.

Issues associated with using trash as a cogeneration fuel

Considerable work has been undertaken to determine an economical process to provide sugarcane trash as a fuel for cogeneration. This paper reviews efforts to provide that trash fuel by harvesting, transporting and processing the trash with the cane. Harvesting trash with the cane has the advantage that cane that would otherwise be lost by extracting it with the trash is captured and sugar can be produced from that cane. Transporting trash with the cane significantly reduces the bulk density of the cane, requiring substantial changes and costs to cane transport. Shredding the trash at the harvester and compacting the cane in the bin prior to transport are possible methods to increase the bulk density but both have considerable cost. Processing trash through the sugar factory with the cane significantly reduces sugar recovery and sugar quality. Although considerable knowledge has been gained of these effects and further analysis has provided insights into their causes, much more work is required before whole crop harvesting and transport is an economically viable means of trash recovery.

Creative occupations as knowledge practices : innovation and precarity in the creative economy

The ARC Centre of Excellence in Creative Industries and Innovation (herewith CCI) was established with two simple policy objectives. One was to assess anecdotal and boosterish claims about the growth rates of the creative industries, and hence, to measure the size of the creative industries contribution to gross domestic product (GDP). The other was to ascertain the contribution of the creative industries to employment. Preliminary research detailed in Cunningham and Higgs (2009) showed that the existing industrial classifications did not incorporate the terminology of the creative industries, nor did they disaggregate new categories of digital work such as video games. However, we discovered that occupational codes provide a much more fine-grained account of work that would enable us to disaggregate and track economic activity that corresponded to creative industries terminology. Thus was born one major centrepiece of CCI research – the tracking of national occupational codes in pursuit of measuring creative industries policy outcomes. This paper commences with some description of empirical work that investigates creative occupations; however, the real point is to suggest that this type of detailed, occupation-based empirical work has important theoretical potential that has not yet been fully expended (though see Cunningham 2013; Hearn and Bridgstock 2014; Bakhshi, Freeman and Higgs 2013; Hartley and Potts 2014).

Renewing the Sustainable Energy Curriculum – Providing Internationally Relevant Skills for a Carbon Constrained Economy : Final Report 2014

The aims of the project were to scope and develop sustainable energy curriculum frameworks for Australian higher education Institutions that meet the needs of Australian and international student graduates and employers, both now and into the near future. The focus was on student centred learning and outcomes and to support graduates with the knowledge, skills and generic attributes required to work in the rapidly expanding sustainable energy industry in Australia and globally. The outputs of the project are designed to be relevant to specialist Sustainable Engineering and Energy Studies programs, as well as conventional engineering, science and humanities and social science programs that have a sustainable energy focus or major.

Food price volatility and hunger alleviation-can Cannes work

Recent years have seen global food prices rise and become more volatile. Price surges in 2008 and 2011 held devastating consequences for hundreds of millions of people and negatively impacted many more. Today one billion people are hungry. The issue is a high priority for many international agencies and national governments. At the Cannes Summit in November 2011, the G20 leaders agreed to implement five objectives aiming to mitigate food price volatility and protect vulnerable persons. To succeed, the global community must now translate these high level policy objectives into practical actions. In this paper, we describe challenges and unresolved dilemmas before the global community in implementing these five objectives. The paper describes recent food price volatility trends and an evaluation of possible causes. Special attention is given to climate change and water scarcity, which have the potential to impact food prices to a much greater extent in coming decades. We conclude the world needs an improved knowledge base and new analytical capabilities, developed in parallel with the implementation of practical policy actions, to manage food price volatility and reduce hunger and malnutrition. This requires major innovations and paradigm shifts by the global community.

Real-time price based home energy management scheduler

With the recent development of advanced metering infrastructure, real-time pricing (RTP) scheme is anticipated to be introduced in future retail electricity market. This paper proposes an algorithm for a home energy management scheduler (HEMS) to reduce the cost of energy consumption using RTP. The proposed algorithm works in three subsequent phases namely real-time monitoring (RTM), stochastic scheduling (STS) and real-time control (RTC). In RTM phase, characteristics of available controllable appliances are monitored in real-time and stored in HEMS. In STS phase, HEMS computes an optimal policy using stochastic dynamic programming (SDP) to select a set of appliances to be controlled with an objective of the total cost of energy consumption in a house. Finally, in RTC phase, HEMS initiates the control of the selected appliances. The proposed HEMS is unique as it intrinsically considers uncertainties in RTP and power consumption pattern of various appliances. In RTM phase, appliances are categorized according to their characteristics to ease the control process, thereby minimizing the number of control commands issued by HEMS. Simulation results validate the proposed method for HEMS.

kmth price sealed-bid auctions with general independent values and equilibrium linear mark-ups

A generalised bidding model is developed to calculate a bidder’s expected profit and auctioners expected revenue/payment for both a General Independent Value and Independent Private Value (IPV) kmth price sealed-bid auction (where the mth bidder wins at the kth bid payment) using a linear (affine) mark-up function. The Common Value (CV) assumption, and highbid and lowbid symmetric and asymmetric First Price Auctions and Second Price Auctions are included as special cases. The optimal n bidder symmetric analytical results are then provided for the uniform IPV and CV models in equilibrium. Final comments concern implications, the assumptions involved and prospects for further research.

Sustainability Non-Price Incentives and Rewards: A Collaborative Procurement Perspective

Construction scholars suggest that procurement processes can be used as mechanisms to change construction industry practices. This paper discusses industry changes as a response to the calls for integration of sustainability ideals into construction practices. Because major infrastructure construction has been identified as a key producer of greenhouse gas emissions (GHGE), this study explores collaborative procurement models that have been used to facilitate mitigation of GHGE. The study focuses on the application of non-price incentives and rewards that work together as a binary mechanism. Data were collected using mixed-methods: government document content analysis was complemented with data collected through focus groups and individual interviews with both clients and contractors. This report includes examples of greening procurement agendas for three Australian road authorities relating to collaborative procurement project delivery models. Three collaborative procurement models, Alliance Consortium, Early Contractor Involvement and Public Private Partnerships provide evidence of construction projects that were completed early. It can also be argued that both clients and contractors are rewarded through collaborative project delivery. The incentive of early completion is rewarded with reduction of GHGE. This positive environmental outcome, based on a dual benefit and non-price sustainability criteria, suggests a step towards changed industry practices though the use of green procurement models.

Porous versus porthole fuel injection in a radical farming scramjet: A numerical analysis

Numerically computed engine performance of a nominally two-dimensional radical farming scramjet with porous (permeable C/C ceramic) and porthole fuel injection is presented. Inflow conditions with Mach number, stagnation pressure, and enthalpy of 6.44, 40.2MPa, and 4.31 MJ/kg respectively, and fuel/air equivalence ratio of 0.44 were maintained, along with engine geometry. Hydrogen fuel was injected at an axial location of 92.33mm downstream of the leading edge for each investigated injection method. Results from this study show that porous fuel injection results in enhanced mixing and combustion compared to porthole fuel injection. This is particularly evident within the first half of the combustion chamber where porous fuel injection resulted in mixing and combustion efficiencies of 76% and 63% respectively. At the same location, porthole fuel injection resulted in efficiencies respectively of 58% and 46%. Key mechanisms contributing to the observed improved performance were the formation of an attached oblique fuel injection shock and associated stronger shock-expansion train ingested by the engine, enhanced spreading of the fuel in all directions and a more rapidly growing mixing layer.

Porous fuel injection with oxygen enrichment in a viable scramjet engine

Oxygen enriched, porous fuel injection has been numerically investigated in this study with the aim of understanding mixing and combustion enhancements achievable in a viable scramjet engine. Four injection configurations were studied: a fuel only case, a pre-mixed case and two staged injection cases where fuel and oxidiser were injected independently. All simulations were performed on a flight scale vehicle at Mach 8 flow conditions. Results show that the addition of oxygen with the fuel increases the mixing efficiency of the engine, however, is less sensitive to the method of oxygen addition: premixed versus staged. When the fuel-oxidiser-air mixture was allowed to combust, the method of additional oxygen delivery had a more significant impact. For pre-mixed fuel and oxidiser, the engine was found to choke, whereas in contrast, in the staged enrichment cases the engine failed to ignite. This result indicates that there exists an optimised configuration between pre-mixed and staged oxygen enrichment which results in a started, and combusting engine.

Numerical investigation of upstream fuel injection through porous media for scramjet engines via surrogate-assisted evolutionary algorithms

A multi-objective design optimization study has been conducted for upstream fuel injection through porous media applied to the first ramp of a two-dimensional scramjet intake. The optimization has been performed by coupling evolutionary algorithms assisted by surrogate modeling and computational fluid dynamics with respect to three design criteria, that is, the maximization of the absolute mixing quantity, total pressure saving, and fuel penetration. A distinct Pareto optimal front has been obtained, highlighting the counteracting behavior of the total pressure against the mixing efficiency and fuel penetration. The injector location and size have been identified as the key design parameters as a result of a sensitivity analysis, with negligible influence of the porous properties in the configurations and conditions considered in the present study. Flowfield visualization has revealed the underlying physics associated with the effects of these dominant parameters on the shock structure and intensity.