Portfolio size and the reduction of dispersion: the case of the United Kingdom commercial real estate market

This paper investigates the potential benefits and limitations of equal and value-weighted diversification using as the example the UK institutional property market. To achieve this it uses the largest sample (392) of actual property returns that is currently available, over the period 1981 to 1996. To evaluate these issues two approaches are adopted; first, an analysis of the correlations within the sectors and regions and secondly simulations of property portfolios of increasing size constructed both naively and with value-weighting. Using these methods it is shown that the extent of possible risk reduction is limited because of the high positive correlations between assets in any portfolio, even when naively diversified. It is also shown that portfolios exhibit high levels of variability around the average risk, suggesting that previous work seriously understates the number of properties needed to achieve a satisfactory level of diversification. The results have implications for the development and maintenance of a property portfolio because they indicate that the achievable level of risk reduction depends upon the availability of assets, the weighting system used and the investor’s risk tolerance.

Continuous prewarping of time for multiuser interactive virtual environments

Dynamic multi-user interactions in a single networked virtual environment suffer from abrupt state transition problems due to communication delays arising from network latency--an action by one user only becoming apparent to another user after the communication delay. This results in a temporal suspension of the environment for the duration of the delay--the virtual world `hangs'--followed by an abrupt jump to make up for the time lost due to the delay so that the current state of the virtual world is displayed. These discontinuities appear unnatural and disconcerting to the users. This paper proposes a novel method of warping times associated with users to ensure that each user views a continuous version of the virtual world, such that no hangs or jumps occur despite other user interactions. Objects passed between users within the environment are parameterized, not by real time, but by a virtual local time, generated by continuously warping real time. This virtual time periodically realigns itself with real time as the virtual environment evolves. The concept of a local user dynamically warping the local time is also introduced. As a result, the users are shielded from viewing discontinuities within their virtual worlds, consequently enhancing the realism of the virtual environment.

Regularization of time-varying descriptor systems by the asvd

We study linear variable coefficient control problems in descriptor form. Based on a behaviour approach and the general theory for linear differential algebraic systems we give the theoretical analysis and describe numerically stable methods to determine the structural properties of the system.

Price-based demand side management: Assessing the impacts of time-of-use tariffs on residential electricity demand and peak shifting in Northern Italy

One of the most common Demand Side Management programs consists of Time-of-Use (TOU) tariffs, where consumers are charged differently depending on the time of the day when they make use of energy services. This paper assesses the impacts of TOU tariffs on a dataset of residential users from the Province of Trento in Northern Italy in terms of changes in electricity demand, price savings, peak load shifting and peak electricity demand at substation level. Findings highlight that TOU tariffs bring about higher average electricity consumption and lower payments by consumers. A significant level of load shifting takes place for morning peaks. However, issues with evening peaks are not resolved. Finally, TOU tariffs lead to increases in electricity demand for substations at peak time.

Probabilistic evaluation of time series models : a comparison of several approaches

Several methods are examined which allow to produce forecasts for time series in the form of probability assignments. The necessary concepts are presented, addressing questions such as how to assess the performance of a probabilistic forecast. A particular class of models, cluster weighted models (CWMs), is given particular attention. CWMs, originally proposed for deterministic forecasts, can be employed for probabilistic forecasting with little modification. Two examples are presented. The first involves estimating the state of (numerically simulated) dynamical systems from noise corrupted measurements, a problem also known as filtering. There is an optimal solution to this problem, called the optimal filter, to which the considered time series models are compared. (The optimal filter requires the dynamical equations to be known.) In the second example, we aim at forecasting the chaotic oscillations of an experimental bronze spring system. Both examples demonstrate that the considered time series models, and especially the CWMs, provide useful probabilistic information about the underlying dynamical relations. In particular, they provide more than just an approximation to the conditional mean.

Reduction of greenhouse gas emissions from UK hotels in 2030

The feasibility of halving greenhousegasemissions from hotels by 2030 has been studied as part of the Carbon Vision Buildings Programme. The aim of that programme was to study ways of reducing emissions from the existing stock because it will be responsible for the majority of building emissions over the next few decades. The work was carried out using detailed computer simulation using the ESP-r tool. Two hotels were studied, one older and converted and the other newer and purpose-built, with the aim of representing the most common UKhotel types. The effects were studied of interventions expected to be available in 2030 including fabric improvements, HVAC changes, lighting and appliance improvements and renewable energy generation. The main finding was that it is technically feasible to reduce emissions by 50% without compromising guest comfort. Ranking of the interventions was problematical for several reasons including interdependence and the impacts on boiler sizing of large reductions in the heating load

Potential reduction of concrete deterioration through controlled DEF in hydrated concrete

Delayed ettringite formation (DEF) is a chemical reaction with proven damaging effects on hydrated concrete. Ettringite crystals can cause cracks and their widening due to pressure on cracked walls caused by the positive volume difference in the reaction. Concrete may show improvements in strength at early ages but further growth of cracks causes widening and spreading through the concrete structure. In this study, finely dispersed crystallization nuclei achieved by adding air-entraining agent (AEA) and short vibration of specimens is presented as the main prerequisite for reducing DEF-induced deterioration of hydrated concrete. The study presents the method and mechanism for obtaining the required nucleation. Controlling long-term DEF by providing AEA-induced crystallisation nuclei, prevented excessive and rapid initial strength improvements, and resulted in a slight increase of compressive strength of fine grained concrete with only marginally lower density.

Investigating the value dairy farmers place on a reduction of lameness in their herds using a willingness to pay approach

A survey was conducted to elicit dairy farmers’ willingness to pay (WTP) to reduce the prevalence of lameness in their herds. A choice experiment questionnaire was administered using face-to-face interviews of 163 farmers in England and Wales. Whole herd lameness assessments by trained researchers recorded a mean lameness prevalence of nearly 24% which was substantially higher than that estimated by farmers. Farmers’ responses to a series of attitudinal questions showed that they strongly agreed that cows can suffer a lot of pain from lameness and believed that they could reduce lameness in their herds. Farmers’ mean WTP to avoid lameness amounted to UK£411 per lame cow but with considerable variation across the sample. Median WTP of UK£249 per lame cow was considered a better measure of central tendency for the sample. In addition, the survey found that farmers had a substantial WTP to avoid the inconvenience associated with lameness control (a median value of UK£97 per lame cow) but that they were generally prepared to incur greater inconvenience if it reduced lameness. The study findings suggest that farmers need a better understanding of the scale and costs of lameness in their herds and the benefits of control. To encourage action, farmers need to be convinced that lameness control measures perceived as inconvenient will be cost effective.

A review of time use models of residential electricity demand

Residential electricity demand in most European countries accounts for a major proportion of overall electricity consumption. The timing of residential electricity demand has significant impacts on carbon emissions and system costs. This paper reviews the data and methods used in time use studies in the context of residential electricity demand modelling. It highlights key issues which are likely to become more topical for research on the timing of electricity demand following the roll-out of smart metres.

Ring-opening polymerization in molten PEEK: transient reduction of melt-viscosity by macrocyclic aromatic thioetherketones

Blends of PEEK with macrocyclic thioether-ketones show initial melt-viscosities reduced by more than an order of magnitude relative to the polymer itself, enabling more facile processing and fabrication. On raising the temperature of the melt, however, the macrocycle undergoes spontaneous, entropically-driven ring-opening polymerization (ED-ROP), so that the properties of the final polymer should not, in principle, be compromised by the presence of low-MW macrocyclic material.

Electrocatalytic reduction of carbon dioxide with a manganese(I)tricarbonyl complex containing a nonaromatic α‑diimine ligand

The 2e reduced anion [Mn(CO)3(iPr-DAB)]− (DAB = 1,4- diazabuta-1,3-diene, iPr = isopropyl) was shown to convert in the presence of CO2 and a small amount of water to the unstable complex [Mn(CO)3(iPr-DAB)(η1-OCO2H)] (OCO2H− = unidentate bicarbonate) that was further reductively transformed to give a stable catalytic intermediate denoted as X2, showing νs(OCO) 1672 and 1646 (sh) cm−1. The subsequent cathodic shift by ca. 650 mV in comparison to the single 2e cathodic wave of the parent [Mn(CO)3(iPr-DAB)Br] triggers the reduction of intermediate X2 and catalytic activity converting CO2 to CO. Infrared spectroelectrochemistry has revealed that the high excess of CO generated at the cathode leads to the conversion of [Mn(CO)3(iPr-DAB)]− to inactive [Mn(CO)5]−. In contrast, the five-coordinate anion [Mn(CO)3(pTol-DAB)]−(pTol = 4-tolyl) is completely inert toward both CO2 and H2O (solvolysis). This detailed spectroelectrochemical study is a further contribution to the development of sustainable electro- and photoelectrocatalysts of CO2 reduction based on abundant first-row transition metals, in particular manganese.

The development of time-based prospective memory in childhood: the role of working memory updating

This large-scale study examined the development of time-based prospective memory (PM) across childhood and the roles that working memory updating and time monitoring play in driving age effects in PM performance. One hundred and ninety-seven children aged 5 to 14 years completed a time-based PM task where working memory updating load was manipulated within individuals using a dual task design. Results revealed age-related increases in PM performance across childhood. Working memory updating load had a negative impact on PM performance and monitoring behavior in older children, but this effect was smaller in younger children. Moreover, the frequency as well as the pattern of time monitoring predicted children’s PM performance. Our interpretation of these results is that processes involved in children’s PM may show a qualitative shift over development from simple, nonstrategic monitoring behavior to more strategic monitoring based on internal temporal models that rely specifically on working memory updating resources. We discuss this interpretation with regard to possible trade-off effects in younger children as well as alternative accounts.

A numerical model of the ionospheric signatures of time-varying magnetic reconnection: III. Quasi-instantaneous convection responses in the Cowley-Lockwood paradigm

Using a numerical implementation of the Cowley and Lockwood (1992) model of flow excitation in the magnetosphere–ionosphere (MI) system, we show that both an expanding (on a _12-min timescale) and a quasiinstantaneous response in ionospheric convection to the onset of magnetopause reconnection can be accommodated by the Cowley–Lockwood conceptual framework. This model has a key feature of time dependence, necessarily considering the history of the coupled MI system. We show that a residual flow, driven by prior magnetopause reconnection, can produce a quasi-instantaneous global ionospheric convection response; perturbations from an equilibrium state may also be present from tail reconnection, which will superpose constructively to give a similar effect. On the other hand, when the MI system is relatively free of pre-existing flow, we can most clearly see the expanding nature of the response. As the open-closed field line boundary will frequently be in motion from such prior reconnection (both at the dayside magnetopause and in the cross-tail current sheet), it is expected that there will usually be some level of combined response to dayside reconnection.