Tests on price linkage between the U.S. and Japanese gold and silver futures markets

We tested the price linkage, the law of one price (LOP) condition, and the causality of the price linkage between the U.S. and Japanese gold and silver futures markets with consideration of structural breaks in the price series. The LOP condition did not hold for both the gold and silver markets when structural breaks were not considered but it sustained in some periods when it was tested for the break periods. We found from the causality test that the price linkage between the U.S. and Japanese gold and silver futures markets were led by the U.S. market.

Stock prices of clean energy firms, oil and carbon markets : a vector autoregressive analysis

Recent discussions of energy security and climate change have attracted significant attention to clean energy. We hypothesize that rising prices of conventional energy and/or placement of a price on carbon emissions would encourage investments in clean energy firms. The data from three clean energy indices show that oil prices and technology stock prices separately affect the stock prices of clean energy firms. However, the data fail to demonstrate a significant relationship between carbon prices and the stock prices of the firms.

Testing the international linkage in the platinum-group metal futures markets

This study tests whether an international market exists in the platinum-group metal (PGM) futures markets. For this purpose, we tested the law of one price (LOP) and the causality between the U.S. and Japanese platinum and palladium futures markets. We also performed the test when structural breaks are considered. Long-run price relationships were found in both platinum and palladium markets but the LOP only sustained in the palladium market. The causality test revealed that it is the U.S. market that leads the price to transmit information between the U.S. and Japanese markets. Structural breaks had large impacts on the test results, suggesting that incorporating breaks is important when investigating the international price linkage in the PGM futures markets.

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.

Regulatory reforms and productivity : an empirical analysis of the Japanese electricity industry

The Japanese electricity industry has experienced regulatory reforms since the mid-1990s. This article measures productivity in Japan's steam power-generation sector and examines the effect of reforms on the productivity of this industry over the period 1978-2003. We estimate the Luenberger productivity indicator, which is a generalization of the commonly used Malmquist productivity index, using a data envelopment analysis approach. Factors associated with productivity change are investigated through dynamic generalized method of moments (GMM) estimation of panel data. Our empirical analysis shows that the regulatory reforms have contributed to productivity growth in the steam power-generation sector in Japan.

Case study analysis for the development and implementation of sustainable housing in the kingdom of Saudi Arabia

Rapid urbanization in developing countries is putting stress on current infrastructure, which is resulting in the rapid consumption of natural resources to cope with the increasing demand of the population. Saudi Arabia is one of the developing countries facing rapid urbanization where its infrastructure is facing a huge demand by the increasing urbanization levels of its major cities. Developing sustainable housing in Saudi Arabia is a must for the preservation of resources for future generations of the region and of the world. In the coming years, several resources (such as fossil fuels and natural water) will be facing shortage if not managed properly. Providing electricity for housing in Saudi Arabia is one of the biggest challenges facing the country, where it is estimated that by 2050 energy demand in the Kingdom will be approximately 120 GW, and to meet this growing demand, 8 million barrels of oil per day will be required. However, implementation of Sustainable Housing in Saudi is still problematic to reach the desired goals of various key Saudi stakeholders. This paper analyses three case studies that have adopted sustainable construction methods and compares them to traditional non-sustainable houses. The outcome suggests that there is a viable chance for development of sustainable housing in the region if supported by the government with less red tape to deal with. This paper recommends that the Saudi governments should mandate new laws to reduce the overall consumption of energy and water to reduce the overall consumption of natural resources to secure the future generation’s demand of natural resources.

Real or imagined? A study exploring the existence of common method variance effects in road safety research

Common method variance (CMV) has received little attention within the field of road safety research despite a heavy reliance on self-report data. Two surveys were completed by 214 motorists over a two-month period, allowing associations between social desirability and key road safety variables and relationships between scales across the two survey waves to be examined. Social desirability was found to have a strong negative correlation with the Driver Behaviour Questionnaire (DBQ) sub-scales as well as age, but not with crashes and offences. Drivers who scored higher on the social desirability scale were also less likely to report aberrant driving behaviours as measured by the DBQ. Controlling for social desirability did not substantially alter the predictive relationship between the DBQ and the crash and offences variables. The strength of the correlations within and between the two waves were also compared with the results strongly suggesting that effects associated with CMV were present. Identification of CMV would be enhanced by the replication of this study with a larger sample size and comparing self-report data with official sources.

Real-time decision making for autonomous city vehicles

This paper addresses the topic of real-time decision making by autonomous city vehicles. Beginning with an overview of the state of research, the paper presents the vehicle decision making & control systemarchitecture, explains the subcomponents which are relevant for decision making (World Model and Driving Maneuver subsystem), and presents the decision making process. Experimental test results confirmthe suitability of the developed approach to deal with the complex real-world urban traffic.

Multiple criteria-based real-time decision making by autonomous city vehicles

This paper addresses the topic of real-time decision making for autonomous city vehicles, i.e. the autonomous vehicles’ ability to make appropriate driving decisions in city road traffic situations. After decomposing the problem into two consecutive decision making stages, and giving a short overview about previous work, the paper explains how Multiple Criteria Decision Making (MCDM) can be used in the process of selecting the most appropriate driving maneuver.

Real-time decision making by driverless city vehicles : a discrete event driven approach

This thesis addresses the topic of real-time decision making by driverless (autonomous) city vehicles, i.e. their ability to make appropriate driving decisions in non-simplified urban traffic conditions. After addressing the state of research, and explaining the research question, the thesis presents solutions for the subcomponents which are relevant for decision making with respect to information input (World Model), information output (Driving Maneuvers), and the real-time decision making process. TheWorld Model is a software component developed to fulfill the purpose of collecting information from perception and communication subsystems, maintaining an up-to-date view of the vehicle’s environment, and providing the required input information to the Real-Time Decision Making subsystem in a well-defined, and structured way. The real-time decision making process consists of two consecutive stages. While the first decision making stage uses a Petri net to model the safetycritical selection of feasible driving maneuvers, the second stage uses Multiple Criteria Decision Making (MCDM) methods to select the most appropriate driving maneuver, focusing on fulfilling objectives related to efficiency and comfort. The complex task of autonomous driving is subdivided into subtasks, called driving maneuvers, which represent the output (i.e. decision alternatives) of the real-time decision making process. Driving maneuvers are considered as implementations of closed-loop control algorithms, each capable of maneuvering the autonomous vehicle in a specific traffic situation. Experimental tests in both a 3D simulation and real-world experiments attest that the developed approach is suitable to deal with the complexity of real-world urban traffic situations.

Rapid analysis of GSTM1, GSTT1 and GSTP1 polymorphisms using real-time polymerase chain reaction

Polymorphisms of glutathione transferases (GST) are important genetic determinants of susceptibility to environmental carcinogens (Rebbeck, 1997). The GSTs are a multigene family of dimeric enzymes involved in detoxification, and, in a few cases, the bioactivation of a variety of xenobiotics (Hayes et al., 1995). The cytosolic GST enzyme family consists of four major classes of enzymes, referred to as alpha, mu, pi and theta. Several members of this family (for example, GSTM1, GSTT1 and GSTP1) are polymorphic in human populations (Wormhoudt et al., 1999). Molecular epidemiology studies have examined the role of GST polymorphisms as susceptibility factors for environmentally and/or occupationally induced cancers (Wormhoudt et al., 1999). In particular, case-control studies showed a relationship between the GSTM1 null genotype and the development of cancer in association with smoking habits, which has been shown for cancers of the respiratory and gastrointestinal tracts as well as other cancer types (Miller et al., 1997). Only a few molecular epidemiological studies addressed the role of GSTT1 and GSTP1 polymorphisms in cancer susceptibility. Since GSTP1 is a key player in biotransformation/bioactivation of benzo(a)pyrene, GSTP1 may be even more important than GSTM1 in the prevention of tobacco-induced cancers (Harries et al., 1997; Harris et al., 1998). To date, this relationship has not been sufficiently addressed in humans. Comprehensive molecular epidemiological studies may add to the current knowledge of the role of GST polymorphisms in cancer susceptibility and extent of the knowledge gained from approaches that used phenotyping, such as GSTM1 activity as it relates to trans-stilbene oxide, or polymerase chain reaction (PCR) based genotyping of polymorphic isoenzymes (Bell et al., 1993; Pemble et al., 1994; Harries et al., 1997).