Unit Root Analysis of Traffic Time Series in Toll Highways

Concession contracts in highways often include some kind of clauses (for example, a minimum traffic guarantee) that allow for better management of the business risks. The value of these clauses may be important and should be added to the total value of the concession. However, in these cases, traditional valuation techniques, like the NPV (net present value) of the project, are insufficient. An alternative methodology for the valuation of highway concession is one based on the real options approach. This methodology is generally built on the assumption of the evolution of traffic volume as a GBM (geometric Brownian motion), which is the hypothesis analyzed in this paper. First, a description of the methodology used for the analysis of the existence of unit roots (i.e., the hypothesis of non-stationarity) is provided. The Dickey-Fuller approach has been used, which is the most common test for this kind of analysis. Then this methodology is applied to perform a statistical analysis of traffic series in Spanish toll highways. For this purpose, data on the AADT (annual average daily traffic) on a set of highways have been used. The period of analysis is around thirty years in most cases. The main outcome of the research is that the hypothesis that traffic volume follows a GBM process in Spanish toll highways cannot be rejected. This result is robust, and therefore it can be used as a starting point for the application of the real options theory to assess toll highway concessions.

Control of integrated unit operations

As a thermal separation method, distillation is one of the most important technologies in the chemical industry. Given its importance, it is no surprise that increasing efforts have been made in reducing its energy inefficiencies. A great deal of research is focused in the design and optimization of the Divided-Wall Column. Its applications are still reduced due to distrust of its controllability. Previous references studied the decentralized control of DWC but still few papers deal about Model Predictive Control. In this work we present a decentralized control of both a DWC column along with its equivalent MPC schema.

Neural Processing Unit based on the Optical Bistable Properties of Semiconductor Laser Amplifiers

This paper analyzes the behavior of a neural processing unit based on the optical bistable properties of semiconductor laser amplifiers. A similar unit to the reported here was previously employed in the simulation of the mammalian retina. The main advantages of the present cell are its larger fan-out and the possibility of different responses according to the light wavelength impinging onto the cell. These properties allow to work with larger structures as well as to obtain different behaviors according to the light characteristics. This new approach gives a possible modeling closer to the real biological configurations. Moreover, a more detailed analysis of the basic cell internal behavior is reported