Does Gibrat’s Law hold for Swedish energy firms?

Gibrat's law predicts that firm growth is purely random and should be independent of firm size. We use a random effects-random coefficient model to test whether Gibrat's law holds on average in the studied sample as well as at the individual firm level in the Swedish energy market. No study has yet investigated whether Gibrat's law holds for individual firms, previous studies having instead estimated whether the law holds on average in the samples studied. The present results support the claim that Gibrat's law is more likely to be rejected ex ante when an entire firm population is considered, but more likely to be confirmed ex post after market selection has "cleaned" the original population of firms or when the analysis treats more disaggregated data. From a theoretical perspective, the results are consistent with models based on passive and active learning, indicating a steady state in the firm expansion process and that Gibrat's law is violated in the short term but holds in the long term once firms have reached a steady state. These results indicate that approximately 70 % of firms in the Swedish energy sector are in steady state, with only random fluctuations in size around that level over the 15 studied years.

Adaptive, Decentralized, And Real-Time Sampling Strategies For Resource Constrained Hydraulic And Hydrologic Sensor Networks

We discuss the development and performance of a low-power sensor node (hardware, software and algorithms) that autonomously controls the sampling interval of a suite of sensors based on local state estimates and future predictions of water flow. The problem is motivated by the need to accurately reconstruct abrupt state changes in urban watersheds and stormwater systems. Presently, the detection of these events is limited by the temporal resolution of sensor data. It is often infeasible, however, to increase measurement frequency due to energy and sampling constraints. This is particularly true for real-time water quality measurements, where sampling frequency is limited by reagent availability, sensor power consumption, and, in the case of automated samplers, the number of available sample containers. These constraints pose a significant barrier to the ubiquitous and cost effective instrumentation of large hydraulic and hydrologic systems. Each of our sensor nodes is equipped with a low-power microcontroller and a wireless module to take advantage of urban cellular coverage. The node persistently updates a local, embedded model of flow conditions while IP-connectivity permits each node to continually query public weather servers for hourly precipitation forecasts. The sampling frequency is then adjusted to increase the likelihood of capturing abrupt changes in a sensor signal, such as the rise in the hydrograph – an event that is often difficult to capture through traditional sampling techniques. Our architecture forms an embedded processing chain, leveraging local computational resources to assess uncertainty by analyzing data as it is collected. A network is presently being deployed in an urban watershed in Michigan and initial results indicate that the system accurately reconstructs signals of interest while significantly reducing energy consumption and the use of sampling resources. We also expand our analysis by discussing the role of this approach for the efficient real-time measurement of stormwater systems.

Testing the optimality of aggregate consumption decisions: is there rule-of-thumb behavior?

Consumption is an important macroeconomic aggregate, being about 70% of GNP. Finding sub-optimal behavior in consumption decisions casts a serious doubt on whether optimizing behavior is applicable on an economy-wide scale, which, in turn, challenge whether it is applicable at all. This paper has several contributions to the literature on consumption optimality. First, we provide a new result on the basic rule-of-thumb regression, showing that it is observational equivalent to the one obtained in a well known optimizing real-business-cycle model. Second, for rule-of-thumb tests based on the Asset-Pricing Equation, we show that the omission of the higher-order term in the log-linear approximation yields inconsistent estimates when lagged observables are used as instruments. However, these are exactly the instruments that have been traditionally used in this literature. Third, we show that nonlinear estimation of a system of N Asset-Pricing Equations can be done efficiently even if the number of asset returns (N) is high vis-a-vis the number of time-series observations (T). We argue that efficiency can be restored by aggregating returns into a single measure that fully captures intertemporal substitution. Indeed, we show that there is no reason why return aggregation cannot be performed in the nonlinear setting of the Pricing Equation, since the latter is a linear function of individual returns. This forms the basis of a new test of rule-of-thumb behavior, which can be viewed as testing for the importance of rule-of-thumb consumers when the optimizing agent holds an equally-weighted portfolio or a weighted portfolio of traded assets. Using our setup, we find no signs of either rule-of-thumb behavior for U.S. consumers or of habit-formation in consumption decisions in econometric tests. Indeed, we show that the simple representative agent model with a CRRA utility is able to explain the time series data on consumption and aggregate returns. There, the intertemporal discount factor is significant and ranges from 0.956 to 0.969 while the relative risk-aversion coefficient is precisely estimated ranging from 0.829 to 1.126. There is no evidence of rejection in over-identifying-restriction tests.

Testing consumption optimality using aggregate data

This paper tests the optimality of consumption decisions at the aggregate level taking into account popular deviations from the canonical constant-relative-risk-aversion (CRRA) utility function model-rule of thumb and habit. First, based on the critique in Carroll (2001) and Weber (2002) of the linearization and testing strategies using euler equations for consumption, we provide extensive empirical evidence of their inappropriateness - a drawback for standard rule- of-thumb tests. Second, we propose a novel approach to test for consumption optimality in this context: nonlinear estimation coupled with return aggregation, where rule-of-thumb behavior and habit are special cases of an all encompassing model. We estimated 48 euler equations using GMM. At the 5% level, we only rejected optimality twice out of 48 times. Moreover, out of 24 regressions, we found the rule-of-thumb parameter to be statistically significant only twice. Hence, lack of optimality in consumption decisions represent the exception, not the rule. Finally, we found the habit parameter to be statistically significant on four occasions out of 24.

Tributação de energia elétrica e bem-estar social: uma análise regional

Os reflexos da tributação sobre o setor elétrico ultrapassam as questões meramente arrecadatórias de estados, municípios e União, envolvem toda a produção do país e o bem-estar de sua população. Neste contexto, e com o intuito de trazer as questões de eficiência e redistributividade ao ambiente de tributação de energia elétrica, o presente trabalho pretende apresentar um panorama da tributação atual do consumo residencial de energia elétrica, principalmente em relação ao ICMS, juntamente com um cálculo simplificado de alíquotas considerando dois modelos de tributação ótima, estabelecidos por F. R. Ramsey e Diamond e Mirrlees, a partir dos quais é possível realizar comparações em relação ao modelo atual e sintetizar uma visão nacional de uma tributação realizada em sua maior parte regionalmente. O primeiro modelo considera apenas eficiência na definição das alíquotas aplicadas aos produtos, partindo da premissa de que todos os consumidores são idênticos e não há preocupações com equidade. As elasticidades necessárias para aplicação do critério de Ramsey são estimadas a partir de dados em painel das 64 distribuidoras de energia elétrica do país, utilizando um modelo em dois estágios com variável instrumental. O segundo modelo, proposto por Diamond e Mirrlees, incorpora a equidade na modelagem, introduzindo a diferenciação entre os indivíduos.

Efeito da moagem de alta energia na microestrutura e nas propriedades magnéticas do compósito wc-10%p.Co

This work a studied the high energy milling effect in microstructure and magnetic properties of the WC-10wt.%Co composite. The composite powders were prepared by mechanical mixed and milled at 2 hours, 100 hours, 200 hours and 300 hours in planetary milling. After this process the composite were compacted in stainless steel die with cylindrical county of 10 mm of diameter, at pressure 200 Mpa and sintered in a resistive furnace in argon atmosphere at 1400 oC for 5 min. The sintered composite were cutted, inlaid, sandpapered, and polished. The microestrutural parameters of the composite was analyzed by X-ray diffraction, scanning electronic microscopy, optical microscopy, hardness, magnetic propriety and Rietveld method analyze. The results shows, with milling time increase the particle size decrease, it possibility minor temperature of sintering. The increase of milling time caused allotropic transformation in cobalt phase and cold welding between particles. The cold welding caused the formation of the particle composite. The X-ray diffraction pattern of composite powders shows the WC peaks intensity decrease with the milling time increase. The X-ray diffraction pattern of the composite sintered samples shows the other phases. The magnetic measurements detected a significant increase in the coercitive field and a decrease in the saturation magnetization with milling time increase. The increase coercitive field it was also verified with decrease grain size with milling time increase. For the composite powders the increase coercitive field it was verified with particle size reduction and saturation magnetization variation is relate with the variation of free cobalt. The Rietveld method analyze shows at milling time increase the mean crystalline size of WC, and Co-cfc phases in composite sintered sample are higher than in composite powders. The mean crystallite size of Co-hc phase in composite powders is higher than in composite sintered sample. The mean lattice strains of WC, Co-hc and Co-cfc phases in composite powders are higher than in composite sintered samples. The cells parameters of the composite powder decrease at milling time increase this effect came from the particle size reduction at milling time increase. In sintered composite the cells parameters is constant with milling time increase

Síntese e caracterização de ferrita ni-zn pelo método dos precursores poliméricos calcinada por energia de microondas

Magnetic ceramics have been widely investigated, especially with respect to intrinsic and extrinsic characteristics of these materials. Among the magnetic ceramic materials of technological interest, there are the ferrites. On the other hand, the thermal treatment of ceramic materials by microwave energy has offered various advantages such as: optimization of production processes, high heat control, low consumption of time and energy among others. In this work were synthesized powders of Ni-Zn ferrite with compositions Ni1- xZnxFe2O4 (0.25 ≤ x ≤ 0.75 mols) by the polymeric precursor route in two heat treatment conditions, conventional oven and microwave energy at 500, 650, 800 and 950°C and its structural, and morphological imaging. The materials were characterized by thermal analysis (TG/ DSC), X-ray diffraction (XRD), absorption spectroscopy in the infrared (FTIR), scanning electron microscopy (SEM), X-ray spectroscopy and energy dispersive (EDS) and vibrating sample magnetometry (VSM). The results of X-ray diffraction confirmed the formation of ferrite with spinel-type cubic structure. The extrinsic characteristics of the powders obtained by microwave calcination and influence significantly the magnetic behavior of ferrites, showing particles ferrimagnéticas characterized as soft magnetic materials (soft), is of great technological interest. The results obtained led the potential application of microwave energy for calcining powders of Ni-Zn ferrite

Desenvolvimento de uma unidade pirolítica com reator de cilindro rotativo: obtenção de bio-óleo

The demand for alternative sources of energy drives the technological development so that many fuels and energy conversion processes before judged as inadequate or even non-viable, are now competing fuels and so-called traditional processes. Thus, biomass plays an important role and is considered one of the sources of renewable energy most important of our planet. Biomass accounts for 29.2% of all renewable energy sources. The share of biomass energy from Brazil in the OIE is 13.6%, well above the world average of participation. Various types of pyrolysis processes have been studied in recent years, highlighting the process of fast pyrolysis of biomass to obtain bio-oil. The continuous fast pyrolysis, the most investigated and improved are the fluidized bed and ablative, but is being studied and developed other types in order to obtain Bio-oil a better quality, higher productivity, lower energy consumption, increased stability and process reliability and lower production cost. The stability of the product bio-oil is fundamental to designing consumer devices such as burners, engines and turbines. This study was motivated to produce Bio-oil, through the conversion of plant biomass or the use of its industrial and agricultural waste, presenting an alternative proposal for thermochemical pyrolysis process, taking advantage of particle dynamics in the rotating bed that favors the right gas-solid contact and heat transfer and mass. The pyrolyser designed to operate in a continuous process, a feeder containing two stages, a divisive system of biomass integrated with a tab of coal fines and a system of condensing steam pyrolytic. The prototype has been tested with sawdust, using a complete experimental design on two levels to investigate the sensitivity of factors: the process temperature, gas flow drag and spin speed compared to the mass yield of bio-oil. The best result was obtained in the condition of 570 oC, 25 Hz and 200 cm3/min, temperature being the parameter of greatest significance. The mass balance of the elementary stages presented in the order of 20% and 37% liquid pyrolytic carbon. We determined the properties of liquid and solid products of pyrolysis as density, viscosity, pH, PCI, and the composition characterized by chemical analysis, revealing the composition and properties of a Bio-oil.

Energy and lysine for broilers from 44 to 55 days of age

An experiment was conducted to evaluate the performance and carcass yield of broilers at 55 days of age fed diets with different levels of metabolizable energy and lysine. Evaluated data of performance were weight gain, feed intake, energy intake, lysine intake, caloric conversion and feed conversion. Carcass assessment was performed based on data from carcass yield, breast weight, whole wings, whole legs, back, head + neck, feet and abdominal fat. A 3 x 3 factorial arrangement was used, with 3 levels of metabolizable energy (3,200; 3,400 and 3,600 kcal ME/kg) and 3 lysine levels (0.95%; 1.05% and 1.15%). There was no interaction between the two factors. Nevertheless, increasing levels of metabolizable energy improved weight gain (745 g; 841 g and 910 g, respectively) and feed intake was higher in broilers receiving the diets with 3,200 and 3,600 kcal ME/kg. Overall performance was not affected by lysine levels. Feed conversion values were 2.69, 2.42 and 2.14 for birds fed diets with 3,200; 3,400 and 3,600 kcal ME/kg, respectively. Carcass yield and breast weight increased with higher levels of energy and lysine in the diets.

Fator de decisão na adoção de um sistema de micro-cogeração de energia a gás natural :um estudo em Hotéis três estrelas

The natural gas perform a essential paper, not only in primary sectors of energy, but also in others sectors of economy. The use natural gas will have expansion in Brazil, motivated by governmental decision to increase the participation of this fuel in the Brazilian energy matrix from 4% to 12% up until 2010. in order to reach the objective related to increase the consumption of natural gas in the energy matrix and to propose solutions to attend the electric requirements of heart and refrigeration, using natural gas as primary power plant. This thesis has a main objective to analysis the perception of businessmen of hotel sector about the feasability of investment with micro-cogeneration system by natural gas in their hotel in turistic sector, in Natal/RN. It s show a case for the hotels selected analyzing the actual knowledge of businessmen about alternative of new technology in generation of owner energy. There was make a interview using a standard form researching information about this topic. In this interview has shown 4 (four) canaries for businessmen with different configurations of investment in micro-cogeneration. Two of this canaries uses the project finance like option to make fasible this projects. The resulteis showed who businessmen has insecurity to make decision to put in office alone, or with a local company, and perhaps with a national company to perform for a alternative energy system, justifying, the alone feasability and without information by local businessmen. Apart from that, they are receptive for a option to put in office in micro-cogeneration configured in the settings using project finance

Demanda energética nas operações mecanizadas na silagem de milho no sistema de silo bag

Foi avaliado o consumo energético das operações mecanizadas envolvidas na produção de silagem de planta inteira e silagem de grão úmido de milho, tendo como referência o processamento seco desse cereal. O ensaio foi conduzido na Fazenda Experimental Lageado, pertencente à Faculdade de Ciências Agronômicas, e nas instalações da Faculdade de Medicina Veterinária e Zootecnia - UNESP, localizada no município de Botucatu - SP. O delineamento experimental foi em blocos ao acaso, com parcelas subdivididas no tempo (três épocas de colheita: silagem de planta inteira, silagem de grão úmido e colheita de grãos secos), com 10 repetições. As análises estatísticas foram realizadas por meio do programa ESTAT, pelo teste de média de Tukey, a 5% de probabilidade. A silagem de planta inteira teve o maior consumo de combustível por área. A secagem dos grãos de 15,5% para 13% foi responsável por 87% do gasto de energia por área. A silagem de grão úmido demandou o menor uso de energia por área nas operações mecanizadas.

Modelagem numérica de escoamento em padrão anular com transferência de calor e massa

Annular flow is the prevailing pattern in transport and energy conversion systems and therefore, one of the most important patterns in multiphase flow in ducts. The correct prediction of the pressure gradient and heat transfer coefficient is essential for optimizing the system s capacity. The objective of this work is to develop and implement a numerical algorithm capable of predicting hydrodynamic and thermal characteristics for upflow, vertical, annular flow. The numerical algorithm is then complemented with the physical modeling of phenomena that occurs in this flow pattern. These are, turbulence, entrainment and deposition and phase change. For the development of the numerical model, axial diffusion of heat and momentum is neglected. In this way the time-averaged equations are solved in their parabolic form obtaining the velocity and temperature profiles for each axial step at a time, together with the global parameters, namely, pressure gradient, mean film thickness and heat transfer coefficient, as well as their variation in the axial direction. The model is validated for the following conditions: fully-developed laminar flow with no entrainment; fully developed laminar flow with heat transfer, fully-developed turbulent flow with entrained drops, developing turbulent annular flow with entrained drops, and turbulent flow with heat transfer and phase change

Influence of visual information on optimal obstacle crossing

Human motion seems to be guided by some optimal principles. In general, it is assumed that human walking is generated with minimal energy consumption. However, in the presence of disturbances during gait, there is a trade-off between stability (avoiding a fall) and energy-consumption. This work analyses the obstacle-crossing with the leading foot. It was hypothesized that energy-saving mechanisms during obstacle-crossing are modulated by the requirement to avoid a fall using the available sensory information, particularly, by vision. A total of fourteen subjects, seven with no visual impairment and seven blind, walked along a 5 meter flat pathway with an obstacle of 0.26 m height located at 3 m from the starting point. The seven subjects with normal vision crossed the obstacle successfully 30 times in two conditions: blindfolded and with normal vision. The seven blind subjects did the same 30 times. The motion of the leading limb was recorded by video at 60 Hz. There were markers placed on the subject's hip, knee, ankle, rear foot, and forefoot. The motion data were filtered with a fourth order Butterworth filter with a cut-off frequency of 4 Hz. The following variables were calculated: horizontal distance between the leading foot and the obstacle at toe-off prior to (DHPO) and after (DHOP) crossing, minimal vertical height from the foot to the obstacle (DVPO), average step velocity (VELOm). The segmental energies were also calculated and the work consumed by the leading limb during the crossing obstacle was computed for each trial. A statistical analysis repeated-measures ANOVA was conducted on these dependent variables revealing significant differences between the vision and non-vision conditions in healthy subjects. In addition, there were no significant differences between the blind and people with vision blindfolded. These results indicate that vision is crucial to determine the optimal trade-off between energy consumption and avoiding a trip during obstacle crossing.

Análise energética de sistemas de produção de etanol de mandioca (Manihot esculenta Crantz)

This work aimed to analyze the energetic consumption of the etanol production system, using the cassava as carbohidrates source. The researches were carried out from the field in the mid region of Paranapanema river, São Paulo state, during the period January to December, 2007. The energy consumption referring to the phases of crop production and industrial processing were appraised. It was verified that the total energetic cost of the crop production corresponded to 9,528.33 MJ ha(-1), and the most onerous item was the inputs (35.72%). In the industrial step, the energetic consumption was equivalent to 2,208.28 MJ t(-1). The operations of hydrolysis/saccharification/treatment of the juice represented 56.72% of the total energetic expenditure. The cassava crop presented an energetic cost of 1.54 MJ L-1 in relation to the etanol produced in the main agronomic operations crop production, and 11.76 MJ L-1 in the industrial processing. The energy efficiency observed in the cultivation and industrialization of the cassava was of 1.76.

Surface energy increase of oxygen-plasma-treated PET

Prosthetic composite is a widely used biomaterial that satisfies the criteria for application as an organic implant without adverse reactions. Polyethylene therephthalate (PET) fiber-reinforced composites have been used because of the excellent cell adhesion, biodegradability and biocompatibility. The chemical inertness and low surface energy of PET in general are associated with inadequate bonds for polymer reinforcements. It is recognized that the high strength of composites, which results from the interaction between the constituents, is directly related to the interfacial condition or to the interphase. A radio frequency plasma reactor using oxygen was used to treat PET fibers for 5, 20, 30 and 100 s. The treatment conditions were 13.56 MHz, 50 W, 40 Pa and 3.33 x 10(-7) m(3)/s. A Rame-Hart goniometer was used to measure the contact angle and surface energy variation of fibers treated for different times. The experimental results showed contact angle values from 47degrees to 13degrees and surface energies from 6.4 x 10(-6) to 8.3 x 10(-6) J for the range of 5 to 100 s, respectively. These results were confirmed by the average ultimate tensile strength of the PET fiber/polymethylmethacrylate (PMMA) matrix composite tested in tensile mode and by scanning electron microscopy. (C) 2003 Elsevier B.V. All rights reserved.