A model for determining the optimal project life span and concession period of BOT projects

The concession agreement is the core feature of BOT projects, with the concession period being the most essential feature in determining the time span of the various rights, obligations and responsibilities of the government and concessionaire. Concession period design is therefore crucial for financial viability and determining the benefit/cost allocation between the host government and the concessionaire. However, while the concession period and project life span are essentially interdependent, most methods to date consider their determination as contiguous events that are determined exogenously. Moreover, these methods seldom consider the, often uncertain, social benefits and costs involved that are critical in defining, pricing and distributing benefits and costs between the various parties and evaluating potentially distributable cash flows. In this paper, we present the results of the first stage of a research project aimed at determining the optimal build-operate-transfer (BOT) project life span and concession period endogenously and interdependently by maximizing the combined benefits of stakeholders. Based on the estimation of the economic and social development involved, a negotiation space of the concession period interval is obtained, with its lower boundary creating the desired financial return for the private investors and its upper boundary ensuring the economic feasibility of the host government as well as the maximized welfare within the project life. The outcome of the new quantitative model is considered as a suitable basis for future field trials prior to implementation. The structure and details of the model are provided in the paper with Hong Kong tunnel project as a case study to demonstrate its detailed application. The basic contributions of the paper to the theory of construction procurement are that the project life span and concession period are determined jointly and the social benefits taken into account in the examination of project financial benefits. In practical terms, the model goes beyond the current practice of linear-process thinking and should enable engineering consultants to provide project information more rationally and accurately to BOT project bidders and increase the government's prospects of successfully entering into a contract with a concessionaire. This is expected to generate more negotiation space for the government and concessionaire in determining the major socioeconomic features of individual BOT contracts when negotiating the concession period. As a result, the use of the model should increase the total benefit to both parties.

Directors and officers insurance – Recent critical issues in Australia and New Zealand

Directors and Officers Liability Insurance (“D&O insurance”) has grown and evolved rapidly over the past 80 years to assume an important position in most corporations’ corporate governance and risk management strategies. This article focuses upon certain topical matters of particular concern to directors and officers including the availability of defence costs where a D&O policy is subject to a statutory charge; the commercial desirability of stand-alone “A-side” coverage, being the cover provided directly to directors and officers for loss resulting from claims made against them for wrongful acts; the impact of fraud and/or dishonesty upon D&O cover; and disclosure of the nature and extent of D&O cover to the directors and officers themselves and to third parties – in the latter case such access frequently being necessary to determine the economic viability of pursuing a proposed action against a company and its directors and officers.

A stunning experience

‘A Stunning Experience’ pits Oprah Winfrey and David Letterman against each other in an infinite interview. Through simple editing and compositing, both parties are rendered mute, positioned at either edge of a black void. The interviewer/interviewee dynamic is playfully reconfigured into an awkward exchange comprised entirely of blinks, breaths and head-nods. Accompanied by the sound of a curious and whispering studio audience, this wordless clash between the two talk show titans becomes emblematic of their infamous sixteen-year feud. The quasi-staring contest upends the cult of personality surrounding these iconic television hosts, while also creating and proposing a space for reflection upon the experiential and even meditative potential of watching television.

Building economic capability to improve the management of marine resources in Australia: Final report

FRDC project 2008/306 Building economic capability to improve the management of marine resources in Australia was developed and approved in response to the widespread recognition and acknowledgement of the importance of incorporating economic considerations into marine management in Australia and of the persistent undersupply of suitably trained and qualified individuals capable of providing this input. The need to address this shortfall received broad based support and following widespread stakeholder consultation and building on previous unsuccessful State-based initiatives, a collaborative, cross-jurisdictional cross-institutional capability building model was developed. The resulting project sits within the People Development Program as part of FRDC’s ‘investment in RD&E to develop the capabilities of the people to whom the industry entrusts its future’, and has addressed its objectives largely through three core activities: 1. The Fisheries Economics Graduate Research Training Program which provides research training in fisheries/marine economics through enrolment in postgraduate higher degree studies at the three participating Universities; 2. The Fisheries Economics Professional Training Program which aims to improve the economic literacy of non-economist marine sector stakeholders and was implemented in collaboration with the Seafood Cooperative Research Centre through the Future Harvest Masterclass in Fisheries Economics; and, 3. The Australian Fisheries Economics Network (FishEcon) which aims to strengthen research in the area of fisheries economics by creating a forum in which fisheries economists, fisheries managers and Ph.D. students can share research ideas and results, as well as news of upcoming research opportunities and events. These activities were undertaken by a core Project team, comprising economic researchers and teachers from each of the four participating institutions (namely the University of Tasmania, the University of Adelaide, Queensland University of Technology and the Commonwealth Scientific and Industrial Research Organisation), spanning three States and the Commonwealth. The Project team reported to and was guided by a project Steering Committee. Commensurate with the long term nature of the project objectives and some of its activities the project was extended (without additional resources) in 2012 to 30th June 2015.

Conference Report: International Institute of Fisheries Economics and Trade Conference (IIFET) 2014

The 17th Biennial Conference of the International Institute of Fisheries Economics and Trade (IIFET) was held in Brisbane in July 2014. IIFET is the principal international association for fisheries economics, and the biennial conference is an opportunity for the best fisheries economists in the world to meet and share their ideas. The conference was organised by CSIRO, QUT, UTAS, University of Adelaide and KG Kailis Ltd. This is the first time the conference has been held in Australia. The conferences covered a wide range of topics of relevance to Australia. These included studies of fishery management systems around the world, identified key issues in aquaculture and marine biodiversity conservation, and provided a forum for new modelling and theoretical approaches to analysing fisheries problems to be presented. The theme of the conference was Towards Ecosystem Based Management of Fisheries: What Role can Economics Play? Several sessions were dedicated to modelling socio-ecological systems, and two keynote speakers were invited to present the latest thinking in the area. In this report, the key features of the conference are outlined.

The prankster’s passion: Using theatrical terms to unpack players motivations in popular social performance

Amongst social players, the prank, as a social performance form, holds a lot of potential to impact on personal, relational and social status within a group or between one group and another group. More than simply showing off, a prank in the strictest definition of the term, is a social performance in which one player, a prankster, deploys mischief, trickery or deceit, to cause a moment of anxiety, fear or anger about a happening for another spectator-become-collaborating-player, a prankee – to enhance social bonds, entertain, or comment on a social, cultural or political phenomenon. During a prank, the prankster’s ability to be creative, clever or culturally astute, and the prankee’s ability to be duped, be a good sport, play along, or even play/pay the prankster back, both become fodder for other spectators and society to scrutinize. In Australia, pranking traditions are popular with many social groups, from the community-building pranks of footballers, bucks parties and ‘drop bear’ tales told to tourists, to the more controversial pranks of radio shock jocks, activists and artists. In this paper, I consider whether theatrical terms – theoretical terms from the stage such as actor, acting, objective, arc, performance, audience and emotion, such as those offered by Joseph Roach – are useful in understanding the passion some social players show for pranksterism. Are theatrical terms such as Roach’s as useful as analysts of social self-performance such as Erving Goffman suggest they are? Do they assist in understanding the personal actions, reactions and emotions of prankster and prankee? Do they assist in understanding the power relations between prankster and prankee? Do they assist in understanding the relation between the prank – be it an everyday prank amongst families, friends and coworkers, an entertainment program prank of the sort seen on Prank Patrol, Punked or Scare Tactics, or an activist pranks perpetrated by a guerrilla artist, ‘jammers’ or ‘hackers’ intent on turning dominant social systems back on themselves – the social players, and the public sphere in which the prank takes place? I reflect on how reading pranks as performances, by players, for highly participatory audiences, helps understand why they are so prevalent, and so recurrent across times, cultures and contexts, and also so controversial when not performed well enough – or when performed too well – prompting outrage from the prankster, prankee or society as passionate as any debate about a performance by players in a theatre.

Understanding data flow and security requirements in wireless Body Area Networks for healthcare

The Body Area Network (BAN) is an emerging technology that focuses on monitoring physiological data in, on and around the human body. BAN technology permits wearable and implanted sensors to collect vital data about the human body and transmit it to other nodes via low-energy communication. In this paper, we investigate interactions in terms of data flows between parties involved in BANs under four different scenarios targeting outdoor and indoor medical environments: hospital, home, emergency and open areas. Based on these scenarios, we identify data flow requirements between BAN elements such as sensors and control units (CUs) and parties involved in BANs such as the patient, doctors, nurses and relatives. Identified requirements are used to generate BAN data flow models. Petri Nets (PNs) are used as the formal modelling language. We check the validity of the models and compare them with the existing related work. Finally, using the models, we identify communication and security requirements based on the most common active and passive attack scenarios.

Realisation of University-Industry Collaboration through Industry-Based Learning at Indonesian Higher Education

The collaboration between universities and industries has become increasingly important for the development of Science and Technology. This is particularly more prominent in the Science Technology Engineering and Mathematics (STEM) disciplines. Literature suggest that the key element of University-Industry Partnership (UIP) is the exchange of knowledge that is mutually beneficial for both parties. One real example of the collaborations is Industry-Based Learning (IBL) in which university students are coming into industries to experience and learn how the skills and knowledge acquired in the classroom are implemented in work places. This paper investigate how the University-Industry Collaboration program is implemented though Industry-Based Learning (IBL) at Indonesian Universities. The research findings offer useful insights and create a new knowledge in the field of STEM education and collaborative learning. The research will contribute to existing knowledge by providing empirical understanding of this topic. The outcomes can be used to improve the quality of University-Industry Partnership programs at Indonesian Universities and inform Indonesian higher education authorities and their industrial partners of an alternative approach to enhance their IBL programs.