Fit for policy? Some evidence on the application of development viability models in the UK planning system

This paper investigates the application and use of development viability models in the formation of planning policies in the UK. Particular attention is paid to three key areas; the assumed development scheme in development viability models, the use of forecasts and the debate concerning Threshold Land Value. The empirical section reports on the results of an interview survey involving the main producers of development viability models and appraisals. It is concluded that, although development viability models have intrinsic limitations associated with model composition and input uncertainties, the most significant limitations are related to the ways that they have been adapted for use in the planning system. In addition, it is suggested that the contested nature of Threshold Land Value is an example of calculative practices providing a façade of technocratic rationality in the planning system.

Estimating interchannel observation-error correlations for IASI radiance data in the Met Office system

The optimal utilisation of hyper-spectral satellite observations in numerical weather prediction is often inhibited by incorrectly assuming independent interchannel observation errors. However, in order to represent these observation-error covariance structures, an accurate knowledge of the true variances and correlations is needed. This structure is likely to vary with observation type and assimilation system. The work in this article presents the initial results for the estimation of IASI interchannel observation-error correlations when the data are processed in the Met Office one-dimensional (1D-Var) and four-dimensional (4D-Var) variational assimilation systems. The method used to calculate the observation errors is a post-analysis diagnostic which utilises the background and analysis departures from the two systems. The results show significant differences in the source and structure of the observation errors when processed in the two different assimilation systems, but also highlight some common features. When the observations are processed in 1D-Var, the diagnosed error variances are approximately half the size of the error variances used in the current operational system and are very close in size to the instrument noise, suggesting that this is the main source of error. The errors contain no consistent correlations, with the exception of a handful of spectrally close channels. When the observations are processed in 4D-Var, we again find that the observation errors are being overestimated operationally, but the overestimation is significantly larger for many channels. In contrast to 1D-Var, the diagnosed error variances are often larger than the instrument noise in 4D-Var. It is postulated that horizontal errors of representation, not seen in 1D-Var, are a significant contributor to the overall error here. Finally, observation errors diagnosed from 4D-Var are found to contain strong, consistent correlation structures for channels sensitive to water vapour and surface properties.

First look at changes in flood hazard in the inter-sectoral impact model intercomparison project ensemble

Climate change due to anthropogenic greenhouse gas emissions is expected to increase the frequency and intensity of precipitation events, which is likely to affect the probability of flooding into the future. In this paper we use river flow simulations from nine global hydrology and land surface models to explore uncertainties in the potential impacts of climate change on flood hazard at global scale. As an indicator of flood hazard we looked at changes in the 30-y return level of 5-d average peak flows under representative concentration pathway RCP8.5 at the end of this century. Not everywhere does climate change result in an increase in flood hazard: decreases in the magnitude and frequency of the 30-y return level of river flow occur at roughly one-third (20-45%) of the global land grid points, particularly in areas where the hydro-graph is dominated by the snowmelt flood peak in spring. In most model experiments, however, an increase in flooding frequency was found in more than half of the grid points. The current 30-y flood peak is projected to occur in more than 1 in 5 y across 5-30% of land grid points. The large-scale patterns of change are remarkably consistent among impact models and even the driving climate models, but at local scale and in individual river basins there can be disagreement even on the sign of change, indicating large modeling uncertainty which needs to be taken into account in local adaptation studies.

Large-scale fields and flows in the magnetosphere-ionosphere system

Advances in our understanding of the large-scale electric and magnetic fields in the coupled magnetosphere-ionosphere system are reviewed. The literature appearing in the period January 1991–June 1993 is sorted into 8 general areas of study. The phenomenon of substorms receives the most attention in this literature, with the location of onset being the single most discussed issue. However, if the magnetic topology in substorm phases was widely debated, less attention was paid to the relationship of convection to the substorm cycle. A significantly new consensus view of substorm expansion and recovery phases emerged, which was termed the ‘Kiruna Conjecture’ after the conference at which it gained widespread acceptance. The second largest area of interest was dayside transient events, both near the magnetopause and the ionosphere. It became apparent that these phenomena include at least two classes of events, probably due to transient reconnection bursts and sudden solar wind dynamic pressure changes. The contribution of both types of event to convection is controversial. The realisation that induction effects decouple electric fields in the magnetosphere and ionosphere, on time scales shorter than several substorm cycles, calls for broadening of the range of measurement techniques in both the ionosphere and at the magnetopause. Several new techniques were introduced including ionospheric observations which yield reconnection rate as a function of time. The magnetospheric and ionospheric behaviour due to various quasi-steady interplanetary conditions was studied using magnetic cloud events. For northward IMF conditions, reverse convection in the polar cap was found to be predominantly a summer hemisphere phenomenon and even for extremely rare prolonged southward IMF conditions, the magnetosphere was observed to oscillate through various substorm cycles rather than forming a steady-state convection bay.

Excitation and decay of solar-wind driven flows in the magnetosphere-ionosphere system

Basic concepts of the form of high-latitude ionospheric flows and their excitation and decay are discussed in the light of recent high time-resolution measurements made by ground-based radars. It is first pointed out that it is in principle impossible to adequately parameterize these flows by any single quantity derived from concurrent interplanetary conditions. Rather, even at its simplest, the flow must be considered to consist of two basic time-dependent components. The first is the flow driven by magnetopause coupling processes alone, principally by dayside reconnection. These flows may indeed be reasonably parameterized in terms of concurrent near-Earth interplanetary conditions, principally by the interplanetary magnetic field (IMF) vector. The second is the flow driven by tail reconnection alone. As a first approximation these flows may also be parameterized in terms of interplanetary conditions, principally the north-south component of the IMF, but with a delay in the flow response of around 30-60 min relative to the IMF. A delay in the tail response of this order must be present due to the finite speed of information propagation in the system, and we show how "growth" and "decay" of the field and flow configuration then follow as natural consequences. To discuss the excitation and decay of the two reconnection-driven components of the flow we introduce that concept of a flow-free equilibrium configuration for a magnetosphere which contains a given (arbitrary) amount of open flux. Reconnection events act either to create or destroy open flux, thus causing departures of the system from the equilibrium configuration. Flow is then excited which moves the system back towards equilibrium with the changed amount of open flux. We estimate that the overall time scale associated with the excitation and decay of the flow is about 15 min. The response of the system to both impulsive (flux transfer event) and continuous reconnection is discussed in these terms.

Governing calculative practices: An investigation of development viability modelling in the English planning system

Over the last decade the English planning system has placed greater emphasis on the financial viability of development. ‘Calculative’ practices have been used to quantify and capture land value uplifts. Development viability appraisal (DVA) has become a key part of the evidence base used in planning decision-making and informs both ‘site-specific’ negotiations about the level of land value capture for individual schemes and ‘area-wide’ planning policy formation. This paper investigates how implementation of DVA is governed in planning policy formation. It is argued that the increased use of DVA raises important questions about how planning decisions are made and operationalised, not least because DVA is often poorly understood by some key stakeholders. The paper uses the concept of governance to thematically analyse semi-structured interviews conducted with the producers of DVAs and considers key procedural issues including (in)consistencies in appraisal practices, levels of stakeholder consultation and the potential for client and producer bias. Whilst stakeholder consultation is shown to be integral to the appraisal process in order to improve the quality of the appraisals and to legitimise the outputs, participation is restricted to industry experts and excludes some interest groups, including local communities. It is concluded that, largely because of its recent adoption and knowledge asymmetries between local planning authorities and appraisers, DVA is a weakly governed process characterised by emerging and contested guidance and is therefore ‘up for grabs’.

Evaluation of the Plant–Craig stochastic convection scheme (v2.0) in the ensemble forecasting system MOGREPS-R (24 km) based on the Unified Model (v7.3)

The Plant–Craig stochastic convection parameterization (version 2.0) is implemented in the Met Office Regional Ensemble Prediction System (MOGREPS-R) and is assessed in comparison with the standard convection scheme with a simple stochastic scheme only, from random parameter variation. A set of 34 ensemble forecasts, each with 24 members, is considered, over the month of July 2009. Deterministic and probabilistic measures of the precipitation forecasts are assessed. The Plant–Craig parameterization is found to improve probabilistic forecast measures, particularly the results for lower precipitation thresholds. The impact on deterministic forecasts at the grid scale is neutral, although the Plant–Craig scheme does deliver improvements when forecasts are made over larger areas. The improvements found are greater in conditions of relatively weak synoptic forcing, for which convective precipitation is likely to be less predictable.

Upper-mantle seismic anisotropy from SKS splitting in the South American stable platform: A test of asthenospheric flow models beneath the lithosphere

Upper-mantle seismic anisotropy has been extensively used to infer both present and past deformation processes at lithospheric and asthenospheric depths. Analysis of shear-wave splitting (mainly from core-refracted SKS phases) provides information regarding upper-mantle anisotropy. We present average measurements of fast-polarization directions at 21 new sites in poorly sampled regions of intra-plate South America, such as northern and northeastern Brazil. Despite sparse data coverage for the South American stable platform, consistent orientations are observed over hundreds of kilometers. Over most of the continent, the fast-polarization direction tends to be close to the absolute plate motion direction given by the hotspot reference model HS3-NUVEL-1A. A previous global comparison of the SKS fast-polarization directions with flow models of the upper mantle showed relatively poor correlation on the continents, which was interpreted as evidence for a large contribution of ""frozen"" anisotropy in the lithosphere. For the South American plate, our data indicate that one of the reasons for the poor correlation may have been the relatively coarse model of lithospheric thicknesses. We suggest that improved models of upper-mantle flow that are based on more detailed lithospheric thicknesses in South America may help to explain most of the observed anisotropy patterns.

Pleistovultur nevesi gen. et sp nov (Aves: Vulturidae) and the diversity of condors and vultures in the South American Pleistocene

Pleistovultur nevesi, a new genus and species of a large Vulturidae is described from the Upper Pleistocene or beginning of the Holocene, based on a complete and well preserved right tibiotarsus from the Cuvieri cave deposits, one of the hundreds of caves of the Lagoa Santa region in Minas Gerais state, Brazil. Also described here is a distal half of a left tibiotarsus from Gruta dos Brejoes, a cave in Morro do Chapeu, Bahia state, Brazil, which probably belongs to another not-yet-known genus and species of the Vulturidae. The described material, added to prior literature, is proof of the appreciable diversity of the Vulturidae during the Pleistocene in South America.

Glass-to-Vitroceramic Transition in the Yttrium Aluminoborate System: Structural Studies by Solid-State NMR

The crystallization of laser glasses in the system (B(2)O(3))(0.6){(Al(2)O(3))(0.4-y)(Y(2)O(3))(y)} (0.1 <= y <= 0.25) doped with different levels of ytterbium oxide has been investigated by X-ray powder diffraction, differential thermal analysis, and various solid-state NMR techniques. The homogeneous glasses undergo major phase segregation processes resulting in crystalline YBO(3), crystalline YAI(3)(BO(3))(4), and residual glassy B(2)O(3) as the major products. This process can be analyzed in a quantitative fashion by solid-state (11)B, (27)Al, and (89)Y NMR spectroscopies as well as (11)B{(27)Al} rotational echo double resonance (REDOR) experiments. The Yb dopants end up in both of the crystalline components, producing increased line widths of the corresponding (11)B, (27)Al, and (89)Y NMR resonances that depend linearly on the Yb/Y substitution ratio. A preliminary analysis of the composition dependence suggests that the Yb(3+) dopant is not perfectly equipartitioned between both crystalline phases, suggesting a moderate preference of Yb to substitute in the crystalline YBO(3) component.

Pré-ipo capital infusion and underwriting in Brazil: a study on conflicts of interests in the universal banking system

Mercados financeiros e finanças corporativas

Are real options a real option for real-world finance professionals? case study : the application of real options to evaluate investment projects in the latin american oil and gas field services industry

Brasil e outros mercados emergentes continuarão a apresentar muitas oportunidades de investimento nos próximos anos. Profissionais financeiros que gerenciam os processos de orçamento de capital nas empresas terão grandes desafios a enfrentar. Características específicas destes projetos como preços ligados a commodities (por exemplo: petróleo e gás e projetos agrícolas) e as incertezas habituais relacionadas com os mercados emergentes são desafios adicionais. Neste cenário, ferramentas mais sofisticadas de orçamento de capital como Opções Reais, oferece uma teoria mais robusta para lidar com incerteza, flexibilidade gerencial, e os resultados voláteis embutidas nestas oportunidades. A teoria de Opções Reais assume que o envolvimento dos gestores nos projetos gera valor à medida que potencializam os bons resultados ou reduzem as perdas por abandonar projetos com maus resultados. O objetivo principal desta pesquisa foi aplicar a análise de Opções Reais para um projeto de investimento e discutir o processo e os resultados da metodologia. O estudo de caso analisa retroativamente um projeto de investimento na Colômbia e compara os resultados sob o tradicional VPL e Opções Reais. As técnicas de avaliação foram realizadas como se estivessem sendo aplicadas no momento em que o projeto foi aprovado, e depois comparadas com o desempenho real do projeto. O estudo de caso avaliado possui dois tipos de Opções Reais: primeiro, o efeito de uma opção para cancelar um contrato que é analisado a partir da perspectiva do cliente que pode exercer essa opção, e o segundo, a opção de abandonar e adiar a partir da perspectiva da empresa que irá executar a investimento.