The role of technology on the dynamics of coal consumption-economic growth: new evidence from China

Coal comprises 70% of primary energy sources and 80% of electricity generation in China. This paper investigates the coal consumption-economic growth nexus in an integrated demand-supply framework over the period from 1978 to 2010. We incorporate the role of coal technology to explain the growth process. Using the Autoregressive Distributed Lag bounds testing approach, we find improvement in the coal-to-electricity efficiency indicator, a proxy for coal technology, causing almost a 35% increase in real GDP in the long run. The Toda-Yamamoto causality test indicates unidirectional causality from coal consumption to economic growth, feedback effects both for coal-to-electricity efficiency indicator to economic growth and coal demand and openness to coal consumption. For a robustness check, we forecast the validity of the causal relationships beyond the sample horizon using the generalised forecast error variance decomposition method. Our analysis suggests that improving overall efficiency in coal sector will continue to play a significant role in maintaining sustainable growth in China in the long run.

A computational framework for uncertainty integration in stochastic unit commitment with intermittent renewable energy sources

The penetration of intermittent renewable energy sources (IRESs) into power grids has increased in the last decade. Integration of wind farms and solar systems as the major IRESs have significantly boosted the level of uncertainty in operation of power systems. This paper proposes a comprehensive computational framework for quantification and integration of uncertainties in distributed power systems (DPSs) with IRESs. Different sources of uncertainties in DPSs such as electrical load, wind and solar power forecasts and generator outages are covered by the proposed framework. Load forecast uncertainty is assumed to follow a normal distribution. Wind and solar forecast are implemented by a list of prediction intervals (PIs) ranging from 5% to 95%. Their uncertainties are further represented as scenarios using a scenario generation method. Generator outage uncertainty is modeled as discrete scenarios. The integrated uncertainties are further incorporated into a stochastic security-constrained unit commitment (SCUC) problem and a heuristic genetic algorithm is utilized to solve this stochastic SCUC problem. To demonstrate the effectiveness of the proposed method, five deterministic and four stochastic case studies are implemented. Generation costs as well as different reserve strategies are discussed from the perspectives of system economics and reliability. Comparative results indicate that the planned generation costs and reserves are different from the realized ones. The stochastic models show better robustness than deterministic ones. Power systems run a higher level of risk during peak load hours.

Economic Bias of Weather Forecasting: A Spatial Modeling Approach

The value of accurate weather forecast information is substantial. In this paper we examine competition among forecast providers and its implications for the quality of forecasts. A simple economic model shows that an economic bias geographical inequality in forecast accuracy arises due to the extent of the market. Using the unique data on daily high temperature forecasts for 704 U.S. cities, we find that forecast accuracy increases with population and income. Furthermore, the economic bias gets larger when the day of forecasting is closer to the target day; i.e. when people are more concerned about the quality of forecasts. The results hold even after we control for location-specific heterogeneity and difficulty of forecasting.

Decomposition properties of PVA/graphene composites during melting-crystallization

Abstract The thermal decomposition of PVA and PVA composites during the melting-crystallization process is still unclear due to indistinct changes in chemical compositions. Using graphene as a model, the decomposition properties of PVA and PVA-graphene composites were systematically analyzed under multiple melting-crystallization cycles. And a series of isothermal decomposition experiments around the melting-crystallization temperature were carried out to simulate the corresponding decomposition kinetics. Based on multiple cycle melting-crystallization, the weight loss of PVA and PVA/graphene composites was successfully quantified. Further morphology investigation and chemical structure analysis indicated that the decomposition was non-uniformly distributed, rendering the possibility of crystallization for PVA and PVA/graphene composites after multiple heating-cooling cycles. In addition, isothermal decomposition analysis based on reduced time plot approach and model-free iso-conversional method indicated that Avrami-Eroffev model could well match the decomposition process of the neat PVA and PG-0.3 composite, while the Avrami-Eroffev and first order models could precisely forecast the decomposition of PG-0.9 composite. Both analyses during multiple cycle melting-crystallization and isothermal decomposition demonstrated that graphene served as decomposition accelerator in the whole thermal decomposition process, and particularly the decomposition of neat PVA and PVA/graphene composites was highly related to the band area ratios of C-H and O-H vibrations in Fourier transform infrared (FTIR) spectrum.

An analysis of sectoral equity and CDS spreads

In this paper, we find that CDS return shocks are important in explaining the forecast error variance of sectoral equity returns for the USA. The CDS return shocks have different effects on equity returns and return volatility in the pre-crisis and crisis periods. It is the post-Lehman crisis period in which the effects of CDS return shocks are the most dominant. Finally, we construct a spillover index and find that it is time-varying and explains a larger share of total forecast error variance of sectoral equity and CDS returns for some sectors than for others.

Improving the quality of prediction intervals through optimal aggregation

Neural networks (NNs) are an effective tool to model nonlinear systems. However, their forecasting performance significantly drops in the presence of process uncertainties and disturbances. NN-based prediction intervals (PIs) offer an alternative solution to appropriately quantify uncertainties and disturbances associated with point forecasts. In this paper, an NN ensemble procedure is proposed to construct quality PIs. A recently developed lower-upper bound estimation method is applied to develop NN-based PIs. Then, constructed PIs from the NN ensemble members are combined using a weighted averaging mechanism. Simulated annealing and a genetic algorithm are used to optimally adjust the weights for the aggregation mechanism. The proposed method is examined for three different case studies. Simulation results reveal that the proposed method improves the average PI quality of individual NNs by 22%, 18%, and 78% for the first, second, and third case studies, respectively. The simulation study also demonstrates that a 3%-4% improvement in the quality of PIs can be achieved using the proposed method compared to the simple averaging aggregation method.

Coal - the black gold of economic growth in China: empirical evidence and the role of cleaner coal technologies in recent time

Coal comprises 70 per cent of China’s primary energy source and 80 per cent of China's electricity generation. This study investigates the long-run relationship between coal consumption-economic growth nexus considering both supply and demand side models in a multivariate framework over the period of 1978 and 2010. Our innovation in this paper is to include a coal-to-electricity efficiency indicator into the economic growth model ; and trade exposure in coal demand. Using Autoregressive Distributed Lag bounds testing approach, we find improvement in coal-to-efficiency indicator causes almost 35 per cent increase in real GDP in the long-run. The Toda-Yamamoto approach of causality test indicates unidirectional causality from coal consumption to economic growth; feedback effect both for coal-to-electricity efficiency indicator to economic growth and openness to coal consumption. For robustness check, using the generalised forecast error variance decomposition method we forecast the validity of causal relationships beyond the sample horizon. The paper suggests the role of advanced coal technologies will play a significant role along with other environmental and energy policies in maintaining sustainable economic growth in China .

Using clinical trial data and linked administrative health data to reduce the risk of adverse events associated with the uptake of newly released drugs by older Australians: a model process

BACKGROUND: The study was undertaken to evaluate the contribution of a process which uses clinical trial data plus linked de-identified administrative health data to forecast potential risk of adverse events associated with the use of newly released drugs by older Australian patients. METHODS: The study uses publicly available data from the clinical trials of a newly released drug to ascertain which patient age groups, gender, comorbidities and co-medications were excluded in the trials. It then uses linked de-identified hospital morbidity and medications dispensing data to investigate the comorbidities and co-medications of patients who suffer from the target morbidity of the new drug and who are the likely target population for the drug. The clinical trial information and the linked morbidity and medication data are compared to assess which patient groups could potentially be at risk of an adverse event associated with use of the new drug. RESULTS: Applying the model in a retrospective real-world scenario identified that the majority of the sample group of Australian patients aged 65 years and over with the target morbidity of the newly released COX-2-selective NSAID rofecoxib also suffered from a major morbidity excluded in the trials of that drug, indicating a substantial potential risk of adverse events amongst those patients. This risk was borne out in post-release morbidity and mortality associated with use of that drug. CONCLUSIONS: Clinical trial data and linked administrative health data can together support a prospective assessment of patient groups who could be at risk of an adverse event if they are prescribed a newly released drug in the context of their age, gender, comorbidities and/or co-medications. Communication of this independent risk information to prescribers has the potential to reduce adverse events in the period after the release of the new drug, which is when the risk is greatest.Note: The terms 'adverse drug reaction' and 'adverse drug event' have come to be used interchangeably in the current literature. For consistency, the authors have chosen to use the wider term 'adverse drug event' (ADE).

Application of air quality combination forecasting to Bogota

The bulk of existing work on the statistical forecasting of air quality is based on either neural networks or linear regressions, which are both subject to important drawbacks. In particular, while neural networks are complicated and prone to in-sample overfitting, linear regressions are highly dependent on the specification of the regression function. The present paper shows how combining linear regression forecasts can be used to circumvent all of these problems. The usefulness of the proposed combination approach is verified using both Monte Carlo simulation and an extensive application to air quality in Bogota, one of the largest and most polluted cities in Latin America. © 2014 Elsevier Ltd.

Are Indian stock returns predictable?

In this paper we show that Indian stock returns, based on industry portfolios, portfolios sorted on book-to-market, and on size, are predictable. While we discover that this predictability holds both in in-sample and out-of-sample tests, predictability is not homogenous. Some predictors are important than others and some industries and portfolios of stocks are more predictable and, therefore, more profitable than others. We also discover that a mean combination forecast approach delivers significant out-of-sample performance. Our results survive a battery of robustness tests.

A review on artificial intelligence based load demand forecasting techniques for smart grid and buildings

Electrical load forecasting plays a vital role in order to achieve the concept of next generation power system such as smart grid, efficient energy management and better power system planning. As a result, high forecast accuracy is required for multiple time horizons that are associated with regulation, dispatching, scheduling and unit commitment of power grid. Artificial Intelligence (AI) based techniques are being developed and deployed worldwide in on Varity of applications, because of its superior capability to handle the complex input and output relationship. This paper provides the comprehensive and systematic literature review of Artificial Intelligence based short term load forecasting techniques. The major objective of this study is to review, identify, evaluate and analyze the performance of Artificial Intelligence (AI) based load forecast models and research gaps. The accuracy of ANN based forecast model is found to be dependent on number of parameters such as forecast model architecture, input combination, activation functions and training algorithm of the network and other exogenous variables affecting on forecast model inputs. Published literature presented in this paper show the potential of AI techniques for effective load forecasting in order to achieve the concept of smart grid and buildings.

Gender-diverse boards and properties of analyst earnings forecasts

Using a sample of 2,200 U.S. listed firm-year observations (2001-2007), this study shows a positive (negative) relation between gender diversity on corporate boards and analysts' earnings forecast accuracy (dispersion), after controlling for earnings quality, corporate governance, audit quality, stock price informativeness, and potential endogeneity. Our findings are important as they suggest that board diversity adds to the transparency and accuracy of financial reports such that earnings expectations are likely to be more accurate for these firms.

Hybrid technique of ant colony and particle swarm optimization for short term wind energy forecasting

Wind farms are producing a considerable portion of the world renewable energy. Since the output power of any wind farm is highly dependent on the wind speed, the power extracted from a wind park is not always a constant value. In order to have a non-disruptive supply of electricity, it is important to have a good scheduling and forecasting system for the energy output of any wind park. In this paper, a new hybrid swarm technique (HAP) is used to forecast the energy output of a real wind farm located in Binaloud, Iran. The technique consists of the hybridization of the ant colony optimization (ACO) and particle swarm optimization (PSO) which are two meta-heuristic techniques under the category of swarm intelligence. The hybridization of the two algorithms to optimize the forecasting model leads to a higher quality result with a faster convergence profile. The empirical hourly wind power output of Binaloud Wind Farm for 364 days is collected and used to train and test the prepared model. The meteorological data consisting of wind speed and ambient temperature is used as the inputs to the mathematical model. The results indicate that the proposed technique can estimate the output wind power based on the wind speed and the ambient temperature with an MAPE of 3.513%.

Predictive data mining for converged internet of things: a mobile health perspective

Mobile Health (mHealth) is now emerging with Internet of Things (IoT), Cloud and big data along with the prevalence of smart wearable devices and sensors. There is also the emergence of smart environments such as smart homes, cars, highways, cities, factories and grids. Presently, it is difficult to quickly forecast or prevent urgent health situations in real-time as health data are analyzed offline by a physician. Sensors are expected to be overloaded by demands of providing health data from IoT networks and smart environments. This paper proposes to resolve the problems by introducing an inference system so that life-threatening situations can be prevented in advance based on a short and long term health status prediction. This prediction is inferred from personal health information that is built by big data in Cloud. The inference system can also resolve the problem of data overload in sensor nodes by reducing data volume and frequency to reduce workload in sensor nodes. This paper presents a novel idea of tracking down and predicting a personal health status as well as intelligent functionality of inference in sensor nodes to interface IoT networks

Prediction interval-based neural network controller for nonlinear processes

Prediction interval (PI) has been extensively used to predict the forecasts for nonlinear systems as PI-based forecast is superior over point-forecast to quantify the uncertainties and disturbances associated with the real processes. In addition, PIs bear more information than point-forecasts, such as forecast accuracy. The aim of this paper is to integrate the concept of informative PIs in the control applications to improve the tracking performance of the nonlinear controllers. In the present work, a PI-based controller (PIC) is proposed to control the nonlinear processes. Neural network (NN) inverse model is used as a controller in the proposed method. Firstly, a PI-based model is developed to construct PIs for every sample or time instance. The PIs are then fed to the NN inverse model along with other effective process inputs and outputs. The PI-based NN inverse model predicts the plant input to get the desired plant output. The performance of the proposed PIC controller is examined for a nonlinear process. Simulation results indicate that the tracking performance of the PIC is highly acceptable and better than the traditional NN inverse model-based controller.