Torsional impact of transversely isotropic solid with functionally graded shear moduli and a penny-shaped crack

The torsional impact response of a penny-shaped crack in an unbounded transversely isotropic solid is considered. The shear moduli are assumed to be functionally graded such that the mathematics is tractable. Laplace transform and Hankel transform are used to reduce the problem to solving a Fredholm integral equation. The crack tip stress fields are obtained. Investigated are the influence of material nonhomogeneity and orthotropy on the dynamic stress intensity factor. The peak value of the dynamic stress intensity factor can be suppressed by increasing the shear moduli's gradient and/or increasing the shear modulus in a direction perpendicular to the crack surface.

Interactions of Penny-Shaped Cracks in Three-Dimensional Solids

The interaction of arbitrarily distributed penny-shaped cracks in three-dimensional solids is analyzed in this paper. Using oblate spheroidal coordinates and displacement functions, an analytic method is developed in which the opening and the sliding displacements on each crack surface are taken as the basic unknown functions. The basic unknown functions can be expanded in series of Legendre polynomials with unknown coefficients. Based on superposition technique, a set of governing equations for the unknown coefficients are formulated from the traction free conditions on each crack surface. The boundary collocation procedure and the average method for crack-surface tractions are used for solving the governing equations. The solution can be obtained for quite closely located cracks. Numerical examples are given for several crack problems. By comparing the present results with other existing results, one can conclude that the present method provides a direct and efficient approach to deal with three-dimensional solids containing multiple cracks.

Torsional impact response of a penny-shaped interface crack in bonded materials with a graded material interlayer

In this paper, the dynamic response of a penny-shaped interface crack in bonded dissimilar homogeneous half-spaces is studied. It is assumed that the two materials are bonded together with such a inhomogeneous interlayer that makes the elastic modulus in the direction perpendicular to the crack surface is continuous throughout the space. The crack surfaces art assumed to be subjected to torsional impact loading. Laplace and Hankel integral transforms are applied combining with a dislocation density,function to reduce the mixed boundary value problem into a singular integral equation with a generalized Cauchy kernel in Laplace domain. By solving the singular integral equation numerically, and using a numerical Laplace inversion technique, the dynamic stress intensity factors art obtained. The influences of material properties and interlayer thickness on the dynamic stress intensity factor are investigated.

Pulse vs. Optimal Stationary Fishing: The Northern Stock of Hake

Pulse fishing may be a global optimal strategy in multicohort fisheries. In this article we compare the pulse fishing solutions obtained by using global numerical methods with the analytical stationary optimal solution. This allows us to quantify the potential benefits associated with the use of periodic fishing in the Northern Stock of hake. Results show that: first, management plans based exclusively on traditional reference targets as Fmsy may drive fishery economic results far from the optimal; second, global optimal solutions would imply, in a cyclical manner, the closure of the fishery for some periods and third, second best stationary policies with stable employment only reduce optimal present value of discounted profit in a 2%.

The Importance of Stock Market Returns in Estimated Monetary Policy Rules: a Structural Approach

This paper estimates a standard version of the New Keynesian Monetary (NKM) model augmented with financial variables in order to analyze the relative importance of stock market returns and term spread in the estimated U.S. monetary policy rule. The estimation procedure implemented is a classical structural method based on the indirect inference principle. The empirical results show that the Fed seems to respond to the macroeconomic outlook and to the stock market return but does not seem to respond to the term spread. Moreover, policy inertia and persistent policy shocks are also significant features of the estimated policy rule.

Asset pricing and systematic liquidity risk: an empirical investigation of the Spanish stock market

Systematic liquidity shocks should affect the optimal behavior of agents in financial markets. Indeed, fluctuations in various measures of liquidity are significantly correlated across common stocks. Accordingly, this paper empirically analyzes whether Spanish average returns vary cross-sectionally with betas estimated relative to two competing liquidity risk factors. The first one, proposed by Pastor and Stambaugh (2002), is associated with the strength of volume-related return reversals. Our marketwide liquidity factor is defined as the difference between returns highly sensitive to changes in the relative bid-ask spread and returns with low sensitivities to those changes. Our empirical results show that neither of these proxies for systematic liquidity risk seems to be priced in the Spanish stock market. Further international evidence is deserved.

The Optimality of the Common Fisheries Policy: the Northern Stock of Hake

We evaluate the management of the Northern Stock of Hake during 1986-2001. A stochastic bioeconomic model is calibrated to match the main features of this fishing ground. We show how catches, biomass stock and profits would have been if the optimal Common Fisheries Policy (CFP) consistent with the target biomass implied by the Fischler’s Recovery Plan had been implemented. The main finding are: i) an optimal CFP would have generated profits of more than 667 millions euros, ii) if side-payments are allowed (implemented by ITQ’s, for example) these profits increase 26%.

A factor model of seasonality in stock returns

Published as an article in: The Quarterly Review of Economics and Finance, 2004, vol. 44, issue 2, pages 224-236.

Growth variation and stock structure in North Pacific albacore

Working paper NPALB/87/21 submitted to the 10th North Pacific Albacore Workshop. Paper reports the results of ongoing research on validated age and growth models and the elucidation of stock structure for the North Pacific albacore. (Document pdf contains 22 pages)

Stock assessment of protogynous fish: evaluating measures of spawning biomass used to estimate biological reference points

In stock assessments, recruitment is typically modeled as a function of females only. For protogynous stocks, however, disproportionate fishing on males increases the possibility of reduced fertilization rates. To incorporate the importance of males in protogynous stocks, assessment models have been used to predict recruitment not just from female spawning biomass (Sf), but also from that of males (Sm) or both sexes (Sb). We conducted a simulation study to evaluate the ability of these three measures to estimate biological reference points used in fishery management. Of the three, Sf provides best estimates if the potential for decreased fertilization is weak, whereas Sm is best only if the potential is very strong. In general, Sb estimates the true reference points most closely, which indicates that if the potential for decreased fertilization is moderate or unknown, Sb should be used in assessments of protogynous stocks. Moreover, for a broad range of scenarios, relative errors from Sf and Sb occur in opposite directions, indicating that estimates from these measures could be used to bound uncertainty.

Stock assessment of loggerhead and leatherback sea turtles and An assessment of the impact of the pelagic longline fishery on the loggerhead and leatherback sea turtles of the Western North Atlantic

On September 7, 2000 the National Marine Fisheries Service announced that it was reinitiating consultation under Section 7 of the Endangered Species Act on pelagic fisheries for swordfish, sharks, tunas, and billfish. 1 Bycatch of a protected sea turtle species is considered a take under the Endangered Species Act (PL93-205). On June 30, 2000 NMFS completed a Biological Opinion on an amendment to the Highly Migratory Pelagic Fisheries Management Plan that concluded that the continued operation of the pelagic longline fishery was likely to jeopardize the continued existence of loggerhead and leatherback sea turtles.2 Since that Biological Opinion was issued NMFS concluded that further analyses of observer data and additional population modeling of loggerhead sea turtles was needed to determine more precisely the impact of the pelagic longline fishery on turtles. 3,4 Hence, the reinitiation of consultation. The documents that follow constitute the scientific review and synthesis of information pertaining to the narrowly defined reinitiation of consultation: the impact of the pelagic longline fishery on loggerhead and leatherback sea turtles The document is in 3 parts, plus 5 appendices. Part I is a stock assessment of loggerhead sea turtles of the Western North Atlantic. Part II is a stock assessment of leatherback sea turtles of the Western North Atlantic. Part III is an assessment of the impact of the pelagic longline fishery on loggerhead and leatherback sea turtles of the Western North Atlantic. These documents were prepared by the NMFS Southeast Fisheries Science Center staff and academic colleagues at Duke University and Dalhousie University. Personnel involved from the SEFSC include Joanne Braun-McNeill, Lisa Csuzdi, Craig Brown, Jean Cramer, Sheryan Epperly, Steve Turner, Wendy Teas, Nancy Thompson, Wayne Witzell, Cynthia Yeung, and also Jeff Schmid under contract from the University or Miami. Our academic colleagues, Ransom Myers, Keith Bowen, and Leah Gerber from Dalhousie University and Larry Crowder and Melissa Snover from Duke University, also recipients of a Pew Charitable Trust Grant for a Comprehensive Study of the Ecological Impacts of the Worldwide Pelagic Longline Industry, made significant contributions to the quantitative analyses and we are very grateful for their collaboration. We appreciate the reviews of the stock definition sections on loggerheads and leatherbacks by Brian Bowen, University of Florida, and Peter Dutton, National Marine Fisheries Service Southwest Fisheries Science Center, respectively, and the comments of the NMFS Center of Independent Experts reviewers Robert Mohn, Ian Poiner, and YouGan Wang on the entire document. We also wish to acknowledge all the unpublished data used herein which were contributed by many researchers, especially the coordinators and volunteers of the nesting beach surveys and the sea turtle stranding and salvage network and the contributors to the Cooperative Marine Turtle Tagging Program. (PDF contains 349 pages)

Economic Effects of Global Warming under Stock Growth Uncertainty: The European Sardine Fishery

Global warming of the oceans is expected to alter the environmental conditions that determine the growth of a fishery resource. Most climate change studies are based on models and scenarios that focus on economic growth, or they concentrate on simulating the potential losses or cost to fisheries due to climate change. However, analysis that addresses model optimization problems to better understand of the complex dynamics of climate change and marine ecosystems is still lacking. In this paper a simple algorithm to compute transitional dynamics in order to quantify the effect of climate change on the European sardine fishery is presented. The model results indicate that global warming will not necessarily lead to a monotonic decrease in the expected biomass levels. Our results show that if the resource is exploited optimally then in the short run, increases in the surface temperature of the fishery ground are compatible with higher expected biomass and economic profit.

Stock Composition of Some Sockeye Salmon, Oncorhynchus nerka, Catches in Southeast Alaska, Based on Incidence of Allozyme Variants, Freshwater Ages, and a Brain-Tissue Parasite

The incidence of four discrete characters of individual sockeye salmon -two genetically inherited proteins (PGM-1*and PGM-2*), freshwater age at migration, and the presence of the brain-tissue parasite Myxobolus arcticus-in weekly samples from two Alaskan fisheries (Noyes Island in 1986 and Sumner Strait in 1987) were used to infer stock composition of the catches based on corresponding character samples from 73 Alaskan and Canadian stocks. Estimated contributions of 13 stock groups, formed on the basis of character similarity of their members, were roughly consistent with expectations from tagging experiments, knowledge of stock magnitudes, and similar assessments from scales. Imprecision of the estimated contributions by the 13 stock groups limited their practical value; but variability was much reduced for combined estimated contributions by two inclusive categories, namely stock groups whose members had either high or low brainparasite prevalence. Noyes Island catches consisted predominantly of unparasitized fish, most of which were probably of Canadian origin. The majority of Sumner Strait catches consisted of parasitized fish, whose freshwater origins may have been in Alaska or Canada. (PDF file contains 27 pages.)