916 resultados para asset pricing model


Relevância:

20.00% 20.00%

Publicador:

Resumo:

Considerable past research has explored relationships between vehicle accidents and geometric design and operation of road sections, but relatively little research has examined factors that contribute to accidents at railway-highway crossings. Between 1998 and 2002 in Korea, about 95% of railway accidents occurred at highway-rail grade crossings, resulting in 402 accidents, of which about 20% resulted in fatalities. These statistics suggest that efforts to reduce crashes at these locations may significantly reduce crash costs. The objective of this paper is to examine factors associated with railroad crossing crashes. Various statistical models are used to examine the relationships between crossing accidents and features of crossings. The paper also compares accident models developed in the United States and the safety effects of crossing elements obtained using Korea data. Crashes were observed to increase with total traffic volume and average daily train volumes. The proximity of crossings to commercial areas and the distance of the train detector from crossings are associated with larger numbers of accidents, as is the time duration between the activation of warning signals and gates. The unique contributions of the paper are the application of the gamma probability model to deal with underdispersion and the insights obtained regarding railroad crossing related vehicle crashes. Considerable past research has explored relationships between vehicle accidents and geometric design and operation of road sections, but relatively little research has examined factors that contribute to accidents at railway-highway crossings. Between 1998 and 2002 in Korea, about 95% of railway accidents occurred at highway-rail grade crossings, resulting in 402 accidents, of which about 20% resulted in fatalities. These statistics suggest that efforts to reduce crashes at these locations may significantly reduce crash costs. The objective of this paper is to examine factors associated with railroad crossing crashes. Various statistical models are used to examine the relationships between crossing accidents and features of crossings. The paper also compares accident models developed in the United States and the safety effects of crossing elements obtained using Korea data. Crashes were observed to increase with total traffic volume and average daily train volumes. The proximity of crossings to commercial areas and the distance of the train detector from crossings are associated with larger numbers of accidents, as is the time duration between the activation of warning signals and gates. The unique contributions of the paper are the application of the gamma probability model to deal with underdispersion and the insights obtained regarding railroad crossing related vehicle crashes.

Relevância:

20.00% 20.00%

Publicador:

Resumo:

At least two important transportation planning activities rely on planning-level crash prediction models. One is motivated by the Transportation Equity Act for the 21st Century, which requires departments of transportation and metropolitan planning organizations to consider safety explicitly in the transportation planning process. The second could arise from a need for state agencies to establish incentive programs to reduce injuries and save lives. Both applications require a forecast of safety for a future period. Planning-level crash prediction models for the Tucson, Arizona, metropolitan region are presented to demonstrate the feasibility of such models. Data were separated into fatal, injury, and property-damage crashes. To accommodate overdispersion in the data, negative binomial regression models were applied. To accommodate the simultaneity of fatality and injury crash outcomes, simultaneous estimation of the models was conducted. All models produce crash forecasts at the traffic analysis zone level. Statistically significant (p-values < 0.05) and theoretically meaningful variables for the fatal crash model included population density, persons 17 years old or younger as a percentage of the total population, and intersection density. Significant variables for the injury and property-damage crash models were population density, number of employees, intersections density, percentage of miles of principal arterial, percentage of miles of minor arterials, and percentage of miles of urban collectors. Among several conclusions it is suggested that planning-level safety models are feasible and may play a role in future planning activities. However, caution must be exercised with such models.

Relevância:

20.00% 20.00%

Publicador:

Resumo:

A number of studies have focused on estimating the effects of accessibility on housing values by using the hedonic price model. In the majority of studies, estimation results have revealed that housing values increase as accessibility improves, although the magnitude of estimates has varied across studies. Adequately estimating the relationship between transportation accessibility and housing values is challenging for at least two reasons. First, the monocentric city assumption applied in location theory is no longer valid for many large or growing cities. Second, rather than being randomly distributed in space, housing values are clustered in space—often exhibiting spatial dependence. Recognizing these challenges, a study was undertaken to develop a spatial lag hedonic price model in the Seoul, South Korea, metropolitan region, which includes a measure of local accessibility as well as systemwide accessibility, in addition to other model covariates. Although the accessibility measures can be improved, the modeling results suggest that the spatial interactions of apartment sales prices occur across and within traffic analysis zones, and the sales prices for apartment communities are devalued as accessibility deteriorates. Consistent with findings in other cities, this study revealed that the distance to the central business district is still a significant determinant of sales price.

Relevância:

20.00% 20.00%

Publicador:

Resumo:

Open access reforms to railway regulations allow multiple train operators to provide rail services on a common infrastructure. As railway operations are now independently managed by different stakeholders, conflicts in operations may arise, and there have been attempts to derive an effective access charge regime so that these conflicts may be resolved. One approach is by direct negotiation between the infrastructure manager and the train service providers. Despite the substantial literature on the topic, few consider the benefits of employing computer simulation as an evaluation tool for railway operational activities such as access pricing. This article proposes a multi-agent system (MAS) framework for the railway open market and demonstrates its feasibility by modelling the negotiation between an infrastructure provider and a train service operator. Empirical results show that the model is capable of resolving operational conflicts according to market demand.

Relevância:

20.00% 20.00%

Publicador:

Resumo:

The concept of asset management is not a new but an evolving idea that has been attracting attention of many organisations operating and/or owning some kind of infrastructure assets. The term asset management have been used widely with fundamental differences in interpretation and usage. Regardless of the context of the usage of the term, asset management implies the process of optimising return by scrutinising performance and making key strategic decisions throughout all phases of an assets lifecycle (Sarfi and Tao, 2004). Hence, asset management is a philosophy and discipline through which organisations are enabled to more effectively deploy their resources to provide higher levels of customer service and reliability while balancing financial objectives. In Australia, asset management made its way into the public works in 1993 when the Australian Accounting Standard Board issued the Australian Accounting Standard 27 – AAS27. Standard AAS27 required government agencies to capitalise and depreciate assets rather than expense them against earnings. This development has indirectly forced organisations managing infrastructure assets to consider the useful life and cost effectiveness of asset investments. The Australian State Treasuries and the Australian National Audit Office was the first organisation to formalise the concepts and principles of asset management in Australia in which they defined asset management as “ a systematic, structured process covering the whole life of an asset”(Australian National Audit Office, 1996). This initiative led other Government bodies and industry sectors to develop, refine and apply the concept of asset management in the management of their respective infrastructure assets. Hence, it can be argued that the concept of asset management has emerged as a separate and recognised field of management during the late 1990s. In comparison to other disciplines such as construction, facilities, maintenance, project management, economics, finance, to name a few, asset management is a relatively new discipline and is clearly a contemporary topic. The primary contributors to the literature in asset management are largely government organisations and industry practitioners. These contributions take the form of guidelines and reports on the best practice of asset management. More recently, some of these best practices have been made to become a standard such as the PAS 55 (IAM, 2004, IAM, 2008b) in UK. As such, current literature in this field tends to lack well-grounded theories. To-date, while receiving relatively more interest and attention from empirical researchers, the advancement of this field, particularly in terms of the volume of academic and theoretical development is at best moderate. A plausible reason for the lack of advancement is that many researchers and practitioners are still unaware of, or unimpressed by, the contribution that asset management can make to the performance of infrastructure asset. This paper seeks to explore the practices of organisations that manage infrastructure assets to develop a framework of strategic infrastructure asset management processes. It will begin by examining the development of asset management. This is followed by the discussion on the method to be adopted for this paper. Next, is the discussion of the result form case studies. It first describes the goals of infrastructure asset management and how they can support the broader business goals. Following this, a set of core processes that can support the achievement of business goals are provided. These core processes are synthesised based on the practices of asset managers in the case study organisations.

Relevância:

20.00% 20.00%

Publicador:

Resumo:

This paper addresses the problem of constructing consolidated business process models out of collections of process models that share common fragments. The paper considers the construction of unions of multiple models (called merged models) as well as intersections (called digests). Merged models are intended for analysts who wish to create a model that subsumes a collection of process models - typically representing variants of the same underlying process - with the aim of replacing the variants with the merged model. Digests, on the other hand, are intended for analysts who wish to identify the most recurring fragments across a collection of process models, so that they can focus their efforts on optimizing these fragments. The paper presents an algorithm for computing merged models and an algorithm for extracting digests from a merged model. The merging and digest extraction algorithms have been implemented and tested against collections of process models taken from multiple application domains. The tests show that the merging algorithm produces compact models and scales up to process models containing hundreds of nodes. Furthermore, a case study conducted in a large insurance company has demonstrated the usefulness of the merging and digest extraction operators in a practical setting.

Relevância:

20.00% 20.00%

Publicador:

Resumo:

Maintenance activities in a large-scale engineering system are usually scheduled according to the lifetimes of various components in order to ensure the overall reliability of the system. Lifetimes of components can be deduced by the corresponding probability distributions with parameters estimated from past failure data. While failure data of the components is not always readily available, the engineers have to be content with the primitive information from the manufacturers only, such as the mean and standard deviation of lifetime, to plan for the maintenance activities. In this paper, the moment-based piecewise polynomial model (MPPM) are proposed to estimate the parameters of the reliability probability distribution of the products when only the mean and standard deviation of the product lifetime are known. This method employs a group of polynomial functions to estimate the two parameters of the Weibull Distribution according to the mathematical relationship between the shape parameter of two-parameters Weibull Distribution and the ratio of mean and standard deviation. Tests are carried out to evaluate the validity and accuracy of the proposed methods with discussions on its suitability of applications. The proposed method is particularly useful for reliability-critical systems, such as railway and power systems, in which the maintenance activities are scheduled according to the expected lifetimes of the system components.

Relevância:

20.00% 20.00%

Publicador:

Resumo:

In an open railway access market price negotiation, it is feasible to achieve higher cost recovery by applying the principles of price discrimination. The price negotiation can be modeled as an optimization problem of revenue intake. In this paper, we present the pricing negotiation based on reinforcement learning model. A negotiated-price setting technique based on agent learning is introduced, and the feasible applications of the proposed method for open railway access market simulation are discussed.

Relevância:

20.00% 20.00%

Publicador:

Resumo:

With the recent regulatory reforms in a number of countries, railways resources are no longer managed by a single party but are distributed among different stakeholders. To facilitate the operation of train services, a train service provider (SP) has to negotiate with the infrastructure provider (IP) for a train schedule and the associated track access charge. This paper models the SP and IP as software agents and the negotiation as a prioritized fuzzy constraint satisfaction (PFCS) problem. Computer simulations have been conducted to demonstrate the effects on the train schedule when the SP has different optimization criteria. The results show that by assigning different priorities on the fuzzy constraints, agents can represent SPs with different operational objectives.

Relevância:

20.00% 20.00%

Publicador:

Resumo:

Urban infrastructure along the hard forms such as roads, electricity, water and sewers also includes the soft forms such as research, training, innovation and technology. Knowledge and creativity are keys to soft infrastructure and socioeconomic development. Many city administrations around the world adjust their endogenous development strategies increasingly by investing in soft infrastructure and aiming for a knowledge-based development. At this point, the mapping and management of knowledge asset of cities has become a critical issue for promoting creative urban regions. The chapter scrutinizes the relations between knowledge assets and urban infrastructures and examines the management model to improve soft infrastructure provision.

Relevância:

20.00% 20.00%

Publicador:

Resumo:

Cloninger’s psychobiological model of temperament and character is a general model of personality that has been widely used in clinical psychology, but has seldom been applied in other domains. In this research we apply Cloninger’s model to the study of leadership. Our study comprised 81 participants who took part in a diverse range of small group tasks. Participants rotated through tasks and groups and rated each other on “emergent leadership.” As hypothesized, leader emergence tended to be consistent regardless of the specific tasks and groups. It was found that personality factors from Cloninger, Svrakic, and Przybeck’s (1993) model could explain trait-based variance in emergent leadership. Results also highlight the role of “cooperativeness” in the prediction of leadership emergence. Implications are discussed in terms of our theoretical understanding of trait-based leadership, and more generally in terms of the utility of Cloninger’s model in leadership research.

Relevância:

20.00% 20.00%

Publicador:

Resumo:

Organisations owning and managing infrastructure asset are constantly striving to obtain the greatest lifetime value from their infrastructure assets. Many such organisations have adopted the concept of “asset management” with the aim of improving the performance of their infrastructure assets. This paper evaluates the adoption of asset management to improve performance in the context of organisations managing infrastructure assets. Relevant previous research studies on main barriers to the adoption of asset management are reviewed. Analysis of these findings, together with deductive reasoning, leads to the development of the proposed improvement strategies. Three issues were identified as barrier to the advancement of the concept of asset management. They are (1) lack of recognition, (2) fragmentation; and (3) growing complexity. To overcome these issues, this paper suggests that the organisations manage infrastructure assets must (1) adopt a more strategic approach in the management of infrastructure assets, (2) develop a framework of strategic infrastructure asset management processes, and (3) identify the core capabilities needed in the management of infrastructure assets. This paper presents the direction for further research to advance the concept of asset management in the management of infrastructure asset.

Relevância:

20.00% 20.00%

Publicador:

Resumo:

Infrastructure organisations such as airport, seaport, rail and road are operating in an increasingly challenging business environment as a result of globalisation, privatisation and deregulation. These organisations must ensure that their main resource i.e. their infrastructure assets are well managed in order to support their business operations. Brisbane Airport is used as a case study to understand the challenges faced in the management of infrastructure assets as well as the approaches used to overcome them. The findings can be useful in helping asset managers to identify the resources they should seek to manipulate in order to make improvement to their activities and contribute to the overall performance of their organisation.

Relevância:

20.00% 20.00%

Publicador:

Resumo:

Sustainable urban development and the liveability of a city are increasingly important issues in the context of land use planning and infrastructure management. In recent years, the promotion of sustainable urban development in Australia and overseas is facing various physical, socio-economic and environmental challenges. These challenges and problems arise from the lack of capability of local governments to accommodate the needs of the population and economy in a relatively short timeframe. The planning of economic growth and development is often dealt with separately and not included in the conventional land use planning process. There is also a sharp rise in the responsibilities and roles of local government for infrastructure planning and management. This increase in responsibilities means that local elected officials and urban planners have less time to prepare background information and make decisions. The Brisbane Urban Growth Model has proven initially successful in providing a dynamic platform to ensure timely and coordinated delivery of urban infrastructure. Most importantly, this model is the first step for local governments in moving toward a systematic approach to pursuing sustainable and effective urban infrastructure management.

Relevância:

20.00% 20.00%

Publicador:

Resumo:

This paper introduces an event-based traffic model for railway systems adopting fixed-block signalling schemes. In this model, the events of trains' arrival at and departure from signalling blocks constitute the states of the traffic flow. A state transition is equivalent to the progress of the trains by one signalling block and it is realised by referring to past and present states, as well as a number of pre-calculated look-up tables of run-times in the signalling block under various signalling conditions. Simulation results are compared with those from a time-based multi-train simulator to study the improvement of processing time and accuracy.