A time-series method to identify and correct range sidelobes in meteorological radar data

The use of pulse compression techniques to improve the sensitivity of meteorological radars has become increasingly common in recent years. An unavoidable side-effect of such techniques is the formation of ‘range sidelobes’ which lead to spreading of information across several range gates. These artefacts are particularly troublesome in regions where there is a sharp gradient in the power backscattered to the antenna as a function of range. In this article we present a simple method for identifying and correcting range sidelobe artefacts. We make use of the fact that meteorological targets produce an echo which fluctuates at random, and that this echo, like a fingerprint, is unique to each range gate. By cross-correlating the echo time series from pairs of gates therefore we can identify whether information from one gate has spread into another, and hence flag regions of contamination. In addition we show that the correlation coefficients contain quantitative information about the fraction of power leaked from one range gate to another, and we propose a simple algorithm to correct the corrupted reflectivity profile.

Assessing the impact on chronic disease of incorporating the societal cost of greenhouse gases into the price of food: an econometric and comparative risk assessment modelling study

Objectives To model the impact on chronic disease of a tax on UK food and drink that internalises the wider costs to society of greenhouse gas (GHG) emissions and to estimate the potential revenue. Design An econometric and comparative risk assessment modelling study. Setting The UK. Participants The UK adult population. Interventions Two tax scenarios are modelled: (A) a tax of £2.72/tonne carbon dioxide equivalents (tCO2e)/100 g product applied to all food and drink groups with above average GHG emissions. (B) As with scenario (A) but food groups with emissions below average are subsidised to create a tax neutral scenario. Outcome measures Primary outcomes are change in UK population mortality from chronic diseases following the implementation of each taxation strategy, the change in the UK GHG emissions and the predicted revenue. Secondary outcomes are the changes to the micronutrient composition of the UK diet. Results Scenario (A) results in 7770 (95% credible intervals 7150 to 8390) deaths averted and a reduction in GHG emissions of 18 683 (14 665to 22 889) ktCO2e/year. Estimated annual revenue is £2.02 (£1.98 to £2.06) billion. Scenario (B) results in 2685 (1966 to 3402) extra deaths and a reduction in GHG emissions of 15 228 (11 245to 19 492) ktCO2e/year. Conclusions Incorporating the societal cost of GHG into the price of foods could save 7770 lives in the UK each year, reduce food-related GHG emissions and generate substantial tax revenue. The revenue neutral scenario (B) demonstrates that sustainability and health goals are not always aligned. Future work should focus on investigating the health impact by population subgroup and on designing fiscal strategies to promote both sustainable and healthy diets.

Evaluation of ECMWF medium-range ensemble forecasts of precipitation for river basins

Providing probabilistic forecasts using Ensemble Prediction Systems has become increasingly popular in both the meteorological and hydrological communities. Compared to conventional deterministic forecasts, probabilistic forecasts may provide more reliable forecasts of a few hours to a number of days ahead, and hence are regarded as better tools for taking uncertainties into consideration and hedging against weather risks. It is essential to evaluate performance of raw ensemble forecasts and their potential values in forecasting extreme hydro-meteorological events. This study evaluates ECMWF’s medium-range ensemble forecasts of precipitation over the period 2008/01/01-2012/09/30 on a selected mid-latitude large scale river basin, the Huai river basin (ca. 270,000 km2) in central-east China. The evaluation unit is sub-basin in order to consider forecast performance in a hydrologically relevant way. The study finds that forecast performance varies with sub-basin properties, between flooding and non-flooding seasons, and with the forecast properties of aggregated time steps and lead times. Although the study does not evaluate any hydrological applications of the ensemble precipitation forecasts, its results have direct implications in hydrological forecasts should these ensemble precipitation forecasts be employed in hydrology.

Futures trading, spot price volatility and market efficiency: evidence from European real estate securities futures

In 2007 futures contracts were introduced based upon the listed real estate market in Europe. Following their launch they have received increasing attention from property investors, however, few studies have considered the impact their introduction has had. This study considers two key elements. Firstly, a traditional Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model, the approach of Bessembinder & Seguin (1992) and the Gray’s (1996) Markov-switching-GARCH model are used to examine the impact of futures trading on the European real estate securities market. The results show that futures trading did not destabilize the underlying listed market. Importantly, the results also reveal that the introduction of a futures market has improved the speed and quality of information flowing to the spot market. Secondly, we assess the hedging effectiveness of the contracts using two alternative strategies (naïve and Ordinary Least Squares models). The empirical results also show that the contracts are effective hedging instruments, leading to a reduction in risk of 64 %.

Testing for bubbles in indirect property price cycles

Speculative bubbles are generated when investors include the expectation of the future price in their information set. Under these conditions, the actual market price of the security, that is set according to demand and supply, will be a function of the future price and vice versa. In the presence of speculative bubbles, positive expected bubble returns will lead to increased demand and will thus force prices to diverge from their fundamental value. This paper investigates whether the prices of UK equity-traded property stocks over the past 15 years contain evidence of a speculative bubble. The analysis draws upon the methodologies adopted in various studies examining price bubbles in the general stock market. Fundamental values are generated using two models: the dividend discount and the Gordon growth. Variance bounds tests are then applied to test for bubbles in the UK property asset prices. Finally, cointegration analysis is conducted to provide further evidence on the presence of bubbles. Evidence of the existence of bubbles is found, although these appear to be transitory and concentrated in the mid-to-late 1990s.

Tests of non-linearity using LIFFE futures transactions price data

This paper presents and implements a number of tests for non-linear dependence and a test for chaos using transactions prices on three LIFFE futures contracts: the Short Sterling interest rate contract, the Long Gilt government bond contract, and the FTSE 100 stock index futures contract. While previous studies of high frequency futures market data use only those transactions which involve a price change, we use all of the transaction prices on these contracts whether they involve a price change or not. Our results indicate irrefutable evidence of non-linearity in two of the three contracts, although we find no evidence of a chaotic process in any of the series. We are also able to provide some indications of the effect of the duration of the trading day on the degree of non-linearity of the underlying contract. The trading day for the Long Gilt contract was extended in August 1994, and prior to this date there is no evidence of any structure in the return series. However, after the extension of the trading day we do find evidence of a non-linear return structure.

Nanostructures in the terahertz range

With advances in technology, terahertz imaging and spectroscopy are beginning to move out of the laboratory and find applications in areas as diverse as security screening, medicine, art conservation and field archaeology. Nevertheless, there is still a need to improve upon the performance of existing terahertz systems to achieve greater compactness and robustness, enhanced spatial resolution, more rapid data acquisition times and operation at greater standoff distances. This chapter will review recent technological developments in this direction that make use of nanostructures in the generation, detection and manipulation of terahertz radiation. The chapter will also explain how terahertz spectroscopy can be used as a tool to characterize the ultrafast carrier dynamics of nanomaterials.

Information sources, ICTs and price information in rural agricultural markets

The spread and rapid uptake of mobile telephony in Sub-Saharan Africa has highlighted the potential role of Information Communication Technologies in improving market participation and welfare outcomes for farm producers in agricultural produce markets. This article explores the influence of different sources of information and transmission technologies on the quantum and reliability of market information flowing to farm producers, based on a survey of farm households in northern Ghana. Our results suggest that the principal role of radio broadcasts and mobile telephony is in providing a broader knowledge of markets by enhancing the quantum of market information flowing to farm producers. They do not, however, appear to have a significant impact on the quality/reliability of price information obtained by farmers for making marketing decisions. Information sources appear to be the chief determinant of the reliability of price information, with price information obtained from extension agents being the most credible. Our results provide some useful insights for the design and implementation of Market Information Systems aimed at encouraging market participation by rural farm producers in agricultural markets.

Residential property loans and bank performance during property price booms: evidence from Europe

Understanding the performance of banks is of the utmost importance due to the impact the sector may have on economic growth and financial stability. Residential mortgage loans constitute a large proportion of the portfolio of many banks and are one of the key assets in the determination of their performance. Using a dynamic panel model, we analyse the impact of residential mortgage loans on bank profitability and risk, based on a sample of 555 banks in the European Union (EU-15), over the period from 1995 to 2008. We find that an increase in residential mortgage loans seems to improve bank’s performance in terms of both profitability and credit risk in good market, pre-financial crisis, conditions. These findings may aid in explaining why banks rush to lend to property during booms because of the positive effect it has on performance. The results also show that credit risk and profitability are lower during the upturn in the residential property cycle.

Commodity price dynamics and derivatives valuation: a review

This paper reviews extant research on commodity price dynamics and commodity derivatives pricing models. In the first half, we provide an overview of stylized facts of commodity price behavior that have been explored and documented in the theoretical and empirical literature. In the second half, we review existing derivatives pricing models and discuss how the peculiarities of commodity markets have been integrated in these models. We conclude the paper with a brief outlook on important research questions that need to be addressed in the future.

Flight of Meligethes aeneus at a range of altitudes

The pollen beetle, Meligethes aeneus, is a significant pest of oilseed rape crops and there is considerable research effort focused on developing novel, sustainable methods of integrated control. These insects rely on flight for all dispersal movements and we have investigated their flight patterns using a novel combination of data from suction traps, vertical-looking radar and field counts. Analysis of these preliminary data will help determine the best timing for different control measures within an integrated pest management strategy.

Influence of short-term solar disturbances on the fair weather conduction current

The fair weather atmospheric electrical current (Jz) couples the ionosphere to the lower atmosphere and thus provides a route by which changes in solar activity can modify processes in the lower troposphere. This paper examines the temporal variations and spectral characteristics of continuous measurements of Jz conducted at the Wise Observatory in Mitzpe-Ramon, Israel (30°35′ N, 34°45′ E), during two large CMEs, and during periods of increased solar wind density. Evidence is presented for the effects of geomagnetic storms and sub-storms on low latitude Jz during two coronal mass ejections (CMEs), on 24–25th October 2011 and 7–8th March 2012, when the variability in Jz increased by an order of magnitude compared to normal fair weather conditions. The dynamic spectrum of the increased Jz fluctuations exhibit peaks in the Pc5 frequency range. Similar low frequency characteristics occur during periods of enhanced solar wind proton density. During the October 2011 event, the periods of increased fluctuations in Jz lasted for 7 h and coincided with fluctuations of the inter-planetary magnetic field (IMF) detected by the ACE satellite. We suggest downward mapping of ionospheric electric fields as a possible mechanism for the increased fluctuations.

Farmers' interest in growing GM crops in the UK, in the context of a range of on-farm coexistence issues

Although no GM crops currently are licensed for commercial production in the UK, as opposition to GM crops by consumers softens, this could change quickly. Although past studies have examined attitudes of UK farmers toward GM technologies in general, there has been little work on the impact of possible coexistence measures on their attitudes toward GM crop production. This could be because the UK Government has not engaged in any public dialogue on the coexistence measures that might be applied on farms. Based on a farm survey, this article examines farmers’ attitudes toward GM technologies and planting intentions for three crops (maize, oilseed rape, and sugar beet) based on a GM availability scenario. The article then nuances this analysis with a review of farmer perceptions of the level of constraint associated with a suite of notional farm-level coexistence measures and issues, based on current European Commission guidelines and practice in other EU Member States.

Broad range of 2050 warming from an observationally constrained large climate model ensemble

Incomplete understanding of three aspects of the climate system—equilibrium climate sensitivity, rate of ocean heat uptake and historical aerosol forcing—and the physical processes underlying them lead to uncertainties in our assessment of the global-mean temperature evolution in the twenty-first century1,2. Explorations of these uncertainties have so far relied on scaling approaches3,4, large ensembles of simplified climate models1,2, or small ensembles of complex coupled atmosphere–ocean general circulation models5,6 which under-represent uncertainties in key climate system properties derived from independent sources7–9. Here we present results from a multi-thousand-member perturbed-physics ensemble of transient coupled atmosphere–ocean general circulation model simulations. We find that model versions that reproduce observed surface temperature changes over the past 50 years show global-mean temperature increases of 1.4–3 K by 2050, relative to 1961–1990, under a mid-range forcing scenario. This range of warming is broadly consistent with the expert assessment provided by the Intergovernmental Panel on Climate Change Fourth Assessment Report10, but extends towards larger warming than observed in ensemblesof-opportunity5 typically used for climate impact assessments. From our simulations, we conclude that warming by the middle of the twenty-first century that is stronger than earlier estimates is consistent with recent observed temperature changes and a mid-range ‘no mitigation’ scenario for greenhouse-gas emissions.

Analysis of wall plasters and natural sediments from the Neolithic town of Çatalhöyük (Turkey) by a range of analytical techniques

Wall plaster sequences from the Neolithic town of Çatalhöyük have been analysed and compared to three types of natural sediment found in the vicinity of the site, using a range of analytical techniques. Block samples containing the plaster sequences were removed from the walls of several different buildings on the East Mound. Sub-samples were examined by IR spectroscopy, X-ray diffraction and X-ray fluorescence to determine the overall mineralogical and elemental composition, whilst thin sections were studied using optical polarising microscopy, IR Microscopy and Environmental Scanning Electron Microscopy with Energy Dispersive X-ray analysis. The results of this study have shown that there are two types of wall plaster found in the sequences and that the sediments used to produce these were obtained from at least two distinct sources. In particular, the presence of clay, calcite and magnesian calcite in the foundation plasters suggested that these were prepared predominantly from a marl source. On the other hand, the finishing plasters were found to contain dolomite with a small amount of clay and no calcite, revealing that softlime was used in their preparation. Whilst marl is located directly below and around Çatalhöyük, the nearest source of softlime is 6.5 km away, an indication that the latter was important to the Neolithic people, possibly due to the whiter colour (5Y 8/1) of this sediment. Furthermore, the same two plaster types were found on each wall of Building 49, the main building studied in this research, and in all five buildings investigated, suggesting that the use of these sources was an established practice for the inhabitants of several different households across the site.