Analysing the relationship between new housing supply and residential construction costs with the regional heterogeneities

New housing supply in Australia has been experiencing a low rate of increase in conjunction with a dramatic increase in residential construction costs since the 1990s. This study aims to estimate the relationship between new housing supply and residential construction costs with the regional heterogeneities. Based on a panel error correction model, it can be identified that there is a causal link as well as a significant correlation between new housing supply and construction costs in the Australian sub-national housing construction markets. The model developed in this research assists policy makers to better understand the nature of the supply side of the housing sector and then enact appropriate policies to improve the new housing supply in Australia.

Study of electrical usage and demand at the container terminal

The electrical usage and demand at container terminal were studied for two years. The results provide a technique for calculating the maximum demand at container terminal with a more accurate result, leading to a substantial saving both in capital cost for electrical infrastructure investment and ongoing electricity costs.

A clustered randomised trial examining the effect of social marketing and community mobilisation on the age of uptake and levels of alcohol consumption by Australian adolescents

Introduction
Throughout the world, alcohol consumption is common among adolescents. Adolescent alcohol use and misuse have prognostic significance for several adverse long-term outcomes, including alcohol problems, alcohol dependence, school disengagement and illicit drug use. The aim of this study was to evaluate whether randomisation to a community mobilisation and social marketing intervention reduces the proportion of adolescents who initiate alcohol use before the Australian legal age of 18, and the frequency and amount of underage adolescent alcohol consumption.
Method and analysis
The study comprises 14 communities matched with 14 non-contiguous communities on socioeconomic status (SES), location and size. One of each pair was randomly allocated to the intervention. Baseline levels of adolescent alcohol use were estimated through school surveys initiated in 2006 (N=8500). Community mobilisation and social marketing interventions were initiated in 2011 to reduce underage alcohol supply and demand. The setting is communities in three Australian states (Victoria, Queensland and Western Australia). Students (N=2576) will complete school surveys in year 8 in 2013 (average age 12). Primary outcomes: (1) lifetime initiation and (2) monthly frequency of alcohol use. Reports of social marketing and family and community alcohol supply sources will also be assessed. Point estimates with 95% CIs will be compared for student alcohol use in intervention and control communities. Changes from 2006 to 2013 will be examined; multilevel modelling will assess whether random assignment of communities to the intervention reduced 2013 alcohol use, after accounting for community level differences. Analyses will also assess whether exposure to social marketing activities increased the intervention target of reducing alcohol supply by parents and community members.

Maternal high-fat diet alters expression of pathways of growth, blood supply and arachidonic acid in rat placenta

The high fat content in Western diets probably affects placental function during pregnancy with potential consequences for the offspring in the short and long term. The aim of the present study was to compare genome-wide placental gene expression between rat dams fed a high-fat diet (HFD) and those fed a control diet for 3 weeks before conception and during gestation. Gene expression was measured by microarray and pathway analysis was performed. Gene expression differences were replicated by real-time PCR and protein expression was assessed by Western blot analysis. Placental and fetal weights at E17.25 were not altered by exposure to the maternal HFD. Gene pathways targeting placental growth, blood supply and chemokine signalling were up-regulated in the placentae of dams fed the HFD. The up-regulation in messenger RNA expression for five genes Ptgs2 (fatty acid cyclo-oxidase 2; COX2), Limk1 (LIM domain kinase 1), Pla2g2a (phospholipase A2), Itga1 (integrin α-1) and Serpine1 was confirmed by real-time PCR. Placental protein expression for COX2 and LIMK was also increased in HFD-fed dams. In conclusion, maternal HFD feeding alters placental gene expression patterns of placental growth and blood supply and specifically increases the expression of genes involved in arachidonic acid and PG metabolism. These changes indicate a placental response to the altered maternal metabolic environment.

Water security through scarcity pricing and reverse osmosis: a system dynamics approach

Water supply and demand planning is often conducted independently of social and economic strategies. There are presently no comprehensive life-cycle approaches to modelling urban water balances that incorporate economic feedbacks, such as tariff adjustment, which can in turn create a financing capacity for investment responses to low reservoir levels. This paper addresses this gap, and presents a system dynamics model that augments the usual water utility representation of the physical linkages of water grids, by adding inter-connected feedback loops in tariff structures, demand levels and financing capacity. The model, applied in the south-east Queensland region in Australia, enables simulation of alternatives and analysis of stocks and flows around a grid or portfolio of bulk supplies including an increasing proportion of rain-independent desalination plants. Such rain-independent water production plants complement the rain-dependent sources in the region and can potentially offer indefinite water security at a price. The study also shows how an alternative temporary drought pricing regime not only defers costly bulk supply infrastructure but actually generates greater price stability than traditional pricing approaches. The model has implications for water supply planners seeking to pro-actively plan, justify and finance portfolios of rain-dependent and rain-independent bulk water supply infrastructure. Interestingly, the modelling showed that a temporary drought pricing regime not only lowers the frequency and severity of water insecurity events but also reduces the long-run marginal cost of water supply for the region when compared to traditional reactive planning approaches that focus on restrictions to affect demand in scarcity periods.

Generic drug prices and policy in Australia: room for improvement? A comparative analysis with England

To assess the degree to which reimbursement prices in Australia and England differ for a range of generic drugs, and to analyse the supply- and demand-side factors that may contribute to these differences.

N-fixing trees in restoration plantings: effects on nitrogen supply and soil microbial communities

Mixed-species restoration tree plantings are being established increasingly, contributing to mitigate climate change and restore ecosystems. Including nitrogen (N)-fixing tree species may increase carbon (C) sequestration in mixed-species plantings, as these species may substantially increase soil C beneath them. We need to better understand the role of N-fixers in mixed-species plantings to potentially maximize soil C sequestration in these systems. Here, we present a field-based study that asked two specific questions related to the inclusion of N-fixing trees in a mixed-species planting: 1) Do non-N-fixing trees have access to N derived from fixation of atmospheric N2 by neighbouring N-fixing trees? 2) Do soil microbial communities differ under N-fixing trees and non-N-fixing trees in a mixed-species restoration planting? We sampled leaves from the crowns, and litter and soils beneath the crowns of two N-fixing and two non-N-fixing tree species that dominated the planting. Using the 15N natural abundance method, we found indications that fixed atmospheric N was utilized by the non-N-fixing trees, most likely through tight root connections or organic forms of N from the litter layer, rather than through the decomposition of N-fixers litter. While the two N-fixing tree species that were studied appeared to fix atmospheric N, they were substantially different in terms of C and N addition to the soil, as well as microbial community composition beneath them. This shows that the effect of N-fixing tree species on soil carbon sequestration is species-specific, cannot be generalized and requires planting trails to determine if there will be benefits to carbon sequestration. © 2014 Elsevier Ltd.

Prediction interval estimation for electricity price and demand using support vector machines

Uncertainty is known to be a concomitant factor of almost all the real world commodities such as oil prices, stock prices, sales and demand of products. As a consequence, forecasting problems are becoming more and more challenging and ridden with uncertainty. Such uncertainties are generally quantified by statistical tools such as prediction intervals (Pis). Pis quantify the uncertainty related to forecasts by estimating the ranges of the targeted quantities. Pis generated by traditional neural network based approaches are limited by high computational burden and impractical assumptions about the distribution of the data. A novel technique for constructing high quality Pis using support vector machines (SVMs) is being proposed in this paper. The proposed technique directly estimates the upper and lower bounds of the PI in a short time and without any assumptions about the data distribution. The SVM parameters are tuned using particle swarm optimization technique by minimization of a modified Pi-based objective function. Electricity price and demand data of the Ontario electricity market is used to validate the performance of the proposed technique. Several case studies for different months indicate the superior performance of the proposed method in terms of high quality PI generation and shorter computational times.

Coal - the black gold of economic growth in China: empirical evidence and the role of cleaner coal technologies in recent time

Coal comprises 70 per cent of China’s primary energy source and 80 per cent of China's electricity generation. This study investigates the long-run relationship between coal consumption-economic growth nexus considering both supply and demand side models in a multivariate framework over the period of 1978 and 2010. Our innovation in this paper is to include a coal-to-electricity efficiency indicator into the economic growth model ; and trade exposure in coal demand. Using Autoregressive Distributed Lag bounds testing approach, we find improvement in coal-to-efficiency indicator causes almost 35 per cent increase in real GDP in the long-run. The Toda-Yamamoto approach of causality test indicates unidirectional causality from coal consumption to economic growth; feedback effect both for coal-to-electricity efficiency indicator to economic growth and openness to coal consumption. For robustness check, using the generalised forecast error variance decomposition method we forecast the validity of causal relationships beyond the sample horizon. The paper suggests the role of advanced coal technologies will play a significant role along with other environmental and energy policies in maintaining sustainable economic growth in China .

Money supply and capital accumulation on the transition path revisited

Fischer (1979) and Asako (1983) analyze the sign of the correlation between the growth rate of money and the rate of capital accumulation on the transition path. Both plug a CRRA utility (based on a Cobb-Douglas and a Leontief function, respectively) into Sidrauski's model - yet return contrasting results. The present analysis, by using a more general CES utility, presents both of those settings and conclusions as limiting cases, and generates economic gures more consistent with reality (for instance, the interest-rate elasticity of the money demands derived from those previous works is necessarily 1 and 0, respectively).

A cross-country study on trade credit supply and financial crisis

O objetivo deste trabalho de pesquisa é investigar a oferta de crédito comercial durante períodos de crise financeira em seis países diferentes: Brasil, França, Alemanha, Itália, Espanha e Reino Unido, foram utilizadas informações de empresas de capital aberto entre 2000 e 2011. A literatura internacional documenta que durante o pico de crises financeiras a oferta de crédito comercial aumenta pois as companhias usam o crédito comercial como substituto e/ou complemento ao crédito bancário, apesar de após o momento de pico esta oferta diminui significantemente porque as empresas enfrentam problemas de liquidez causado por escassez de crédito. Mesmo que somente existam evidências pontuais de que a oferta de crédito comercial aumentou durante a crise financeira global de 2008, o efeito pós-crise é perceptível durante a crise Europeia de 2011, pois as empresas europeias diminuíram a oferta de crédito comercial, também evidenciando que estas companhias estavam confrontando problemas de administração de liquidez. Em relação ao uso de crédito comercial como ferramenta de transmissão de capital, nenhuma evidência foi encontrada para provar sua existência em tempo de crise financeira.

The Brazilian and the french private equity sectors from 2006 to present: a comparative analysis

Private equity, ou o ato de fundos ou investidores de investir em empresas não cotadas em bolsa pública, assumiu uma importância crescente no mundo financeiro nos últimos anos. De fato, enquanto o surgimento de um setor de private equity (PE) tem sido um grande fenômeno em mercados emergentes desde meados dos anos 2000, a crise financeira mundial enfraqueceu private equity no mundo desenvolvido. Assim, esta pesquisa vai se concentrar em dois países com dinâmicas supostamente muito diferentes em relação a este sector: França e Brasil. O objetivo será o de discernir padrões gerais de comportamento em ambos os sectores de PE durante todo o período compreendido 2006-2013, e tentar determinar em que medida eles são comparáveis. Utilizando a literatura como fonte conceitual para o quadro comparativo a ser desenvolvido, será analisado se as condições do mercado e do ambiente institucional evoluíram durante o período estudado na França e no Brasil, se comparar, e se eles impactaram o nível de atividade de private equity - oferta e demanda de fundos - em ambos os países. Para identificar esses padrões, a pesquisa contará com uma análise de dados exploratória qualitativa, com base em um quadro dos determinantes do setor de PE identificados e retirados da literatura acadêmica. Esta pesquisa trazera sua contribuição para o trabalho acadêmico existente sobre private equity, graças à sua natureza comparativa e para a sua conclusão sobre a relevância dos determinantes acima mencionados sobre a atividade de private equity na França e no Brasil.

Oil price shocks and policy implications the emergence of U.S. tight oil production: a case study

How have shocks to supply and demand affected global oil prices; and what are key policy implications following the resurgence of oil production in the United States? Highlights: − The recent collapse in global oil prices was dominated by oversupply. − The future of tight oil in the United States is vulnerable to obstacles beyond oil prices. − Opinions on tight oil from the Top 25 think tank organizations are considered. Global oil prices have fallen more than fifty percent since mid-2014. While price corrections in the global oil markets resulted from multiple factors over the past twelve months, surging tight oil production from the United States was a key driver. Tight oil is considered an unconventional or transitional oil source due to its location in oil-bearing shale instead of conventional oil reservoirs. These qualities make tight oil production fundamentally different from regular crude, posing unique challenges. This case study examines these challenges and explores how shocks to supply and demand affect global oil prices while identifying important policy considerations. Analysis of existing evidence is supported by expert opinions from more than one hundred scholars from top-tier think tank organizations. Finally, implications for United States tight oil production as well as global ramifications of a new low price environment are explored.