Abalone R&D at AQD

Details are given of the results of research conducted at the SEAFDEC Aquaculture Department on abalone (Haliotis asinina). The following areas are covered: reproductive biology; induced spawning; raising abalone in the hatchery; and, cage culture trials.

New progress in R&D of lower olefin synthesis

This paper gives a brief review of R&D researches for light olefin synthesis directly and indirectly from synthesis gas in the Dalian Institute of Chemical Physics (DICP). The first pilot plant test was on methanol to olefin (MTO) reaction and was finished in 1993, which was based on ZSM-5-type catalyst and fixed bed reaction. In the meantime, a new indirect method designated as SDTO (syngas via dimethylether to olefin) was proposed. In this process, metal-acid bifunctional catalyst was applied for synthesis gas to dimethylether(DME) reaction, and modified SAPO-34 catalyst that was synthesized by a new low-cost method with optimal crystal size was used to convert DME to light olefin on a fluidized bed reactor. The pilot plant test on SDTO was performed and finished in 1995. Evaluation of the pilot plant data showed that 190-200 g of DME were yielded by single-pass for each standard cubic meter of synthesis gas. For the second reaction, 1.880 tons of DME or 2.615 tons of methanol produced 1 ton of light olefins, which constitutes of 0.533 ton of ethylene, 0.349 ton of propylene and 0.118 ton of butene. DICP also paid some attention on direct conversion of synthesis gas to light olefins. A semi-pilot plant test (catalyst 1.8 1) was finished in 1995 with a CO conversion > 70% and a C(2)(=)-C(4)(=) olefin selectivity 71-74% in 1000 h. (C) 2000 Published by Elsevier Science B.V. All rights reserved.

Returns to R&D on new drug introductions in the 1980s.

This study finds that the mean IRR for 1980-84 U.S. new drug introductions is 11.1%, and the mean NPV is 22 million (1990 dollars). The distribution of returns is highly skewed. The results are robust to plausible changes in the baseline assumptions. Our work is also compared with a 1993 study by the OTA. Despite some important differences in assumptions, both studies imply that returns for the average NCE are within one percentage point of the industry's cost of capital. This is much less than what is typically observed in analyses based on accounting data.