Contractual solutions to the holdup problem: a survey

In this survey, we presented the general idea and main results from what we understand that are the most important contributions to contractual solutions to the holdup problem literature. The aim of this paper is to push the previous analysis, uniform the notation and provide a snapshot on the most recent literature, as well as bring topics for future inquires on this issue.

A study of gas holdup properties of selected non-Newtonian simulants

The U.S. Department of Energy (DOE) needs a design basis to properly design a PJM and ventilation systems for the Waste Treatment Plant vessels. In order to meet DOE's needs for proper ventilation and PJM design technologies, Florida International University's Hemispheric Center for Environmental Technology (FIU-HCET) has studied the properties for gas holdup in selected non Newtonian fluids with physicochemical properties comparable to nuclear waste. The primary purpose of this research was to study the holdup properties of selected non - Newtonian simulants and quantify the level of gas holdup in selected simulants using continuous argon injection in five gallons vessel. Gas holdup tests involved the injection of gas bubbles in simulant waste in scaled prototypic vessels. The holdup was measured as a function of injection rate in the vessel. Tests were performed with both Laponite, Clay 12%, Clay 27% and Qard 13.5. This work showed that the percentage of holdup was about 3% for all simulants despite the significant differences in rheology.

Slip ratio in dispersed viscous oil-water pipe flow

In this article, dispersed flow of viscous oil and water is investigated. The experimental work was performed in a 26.2-mm-i.d. 12-m-long horizontal glass pipe using water and oil (viscosity of 100 mPa s and density of 860 kg/m(3)) as test fluids. High-speed video recording and a new wire-mesh sensor based on capacitance (permittivity) measurements were used to characterize the flow. Furthermore, holdup data were obtained using quick-closing-valves technique (QCV). An interesting finding was the oil-water slip ratio greater than one for dispersed flow at high Reynolds number. Chordal phase fraction distribution diagrams and images of the holdup distribution over the pipe cross-section obtained via wire-mesh sensor indicated a significant amount of water near to the pipe wall for the three different dispersed flow patterns identified in this study: oil-in-water homogeneous dispersion (o/w H), oil-in-water non-homogeneous dispersion (o/w NH) and Dual continuous (Do/w & Dw/o). The phase slip might be explained by the existence of a water film surrounding the homogeneous mixture of oil-in-water in a hidrofilic-oilfobic pipe. (C) 2010 Elsevier Inc. All rights reserved.

Methodological analysis of gamma tomography system for large random packed columns

Gamma ray tomography experiments have been carried out to detect spatial patterns in the porosity in a 0.27 m diameter column packed with steel Rashig rings of different sizes: 12.6, 37.9, and 76 mm. using a first generation CT system (Chen et al., 1998). A fast Fourier transform tomographic reconstruction algorithm has been used to calculate the spatial variation over the column cross section. Cross-sectional gas porosity and solid holdup distribution were determinate. The values of cross-sectional average gas porosity were epsilon=0.849, 0.938 and 0.966 for the 12.6, 37.9, and 76 mm rings, respectively. Radial holdup variation within the packed bed has been determined. The variation of the circumferentially averaged gas holdup in the radial direction indicates that the porosity in the column wall region is a somewhat higher than that in the bulk region, due to the effect of the column wall. (C) 2009 Elsevier Ltd. All rights reserved.

Mass transfer correlations for rotating drum bioreactors

Evaporative cooling is extremely important for large-scale operation of rotating drum bioreactors (RDBs). Outlet water vapour concentrations were measured for a RDB containing wet wheat bran with the aim of determining the mass transfer coefficient for evaporation from the bran bed to the headspace. Mass transfer was expressed as the mass transfer coefficient times the area for transfer per unit volume of void space in the drum. Values of ka' were determined under combinations of aeration superficial velocities ranging from 0.006 to 0.017 ms(-1) and rotation rates ranging from 0 to 9 rpm. Mass transfer coefficients were evaluated using a variety of residence time distributions (RTDs) for flow in the gas phase including plug flow and well-mixed and a Central Jet RTD based on RTD studies. If plug flow is assumed, the degree of holdup at low effective Peclet (Pe(eff)) numbers gives an apparent under-estimate of ka' compared with empirical correlations. Values of ka' calculated using the Central Jet RTD agree well with values of ka' from literature correlations. There was a linear relationship between ka' and effective Peclet number: ka' = 2.32 x 10(-3) Pe(eff). (C) 2002 Elsevier Science B.V. All rights reserved.

War and Natural Resource Exploitation

We build a theoretical framework that allows for endogenous conflict behaviour (i.e., fighting efforts) and for endogenous natural resource exploitation (i.e., speed, ownership, and investments). While depletion is spread in a balanced Hotelling fashion during peace, the presence of conflict creates incentives for rapacious extraction, as this lowers the stakes of future contest. This voracious extraction depresses total oil revenue, especially if world oil demand is relatively elastic and the government's weapon advantage is weak. Some of these political distortions can be overcome by bribing rebels or by government investment in weapons. The shadow of conflict can also make less efficient nationalized oil extraction more attractive than private extraction, as insecure property rights create a holdup problem for the private firm and lead to a lower license fee. Furthermore, the government fights less intensely than the rebels under private exploitation, which leads to more government turnover. Without credible commitment to future fighting efforts, private oil depletion is only lucrative if the government's non-oil office rents are large and weaponry powerful, which guarantees the government a stronger grip on office and makes the holdup problem less severe.

Financial Markets and Real Ecinomy: Four Essays in International Trade

Financial markets play an important role in an economy performing various functions like mobilizing and pooling savings, producing information about investment opportunities, screening and monitoring investments, implementation of corporate governance, diversification and management of risk. These functions influence saving rates, investment decisions, technological innovation and, therefore, have important implications for welfare. In my PhD dissertation I examine the interplay of financial and product markets by looking at different channels through which financial markets may influence an economy.My dissertation consists of four chapters. The first chapter is a co-authored work with Martin Strieborny, a PhD student from the University of Lausanne. The second chapter is a co-authored work with Melise Jaud, a PhD student from the Paris School of Economics. The third chapter is co-authored with both Melise Jaud and Martin Strieborny. The last chapter of my PhD dissertation is a single author paper.Chapter 1 of my PhD thesis analyzes the effect of financial development on growth of contract intensive industries. These industries intensively use intermediate inputs that neither can be sold on organized exchange, nor are reference-priced (Levchenko, 2007; Nunn, 2007). A typical example of a contract intensive industry would be an industry where an upstream supplier has to make investments in order to customize a product for needs of a downstream buyer. After the investment is made and the product is adjusted, the buyer may refuse to meet a commitment and trigger ex post renegotiation. Since the product is customized to the buyer's needs, the supplier cannot sell the product to a different buyer at the original price. This is referred in the literature as the holdup problem. As a consequence, the individually rational suppliers will underinvest into relationship-specific assets, hurting the downstream firms with negative consequences for aggregate growth. The standard way to mitigate the hold up problem is to write a binding contract and to rely on the legal enforcement by the state. However, even the most effective contract enforcement might fail to protect the supplier in tough times when the buyer lacks a reliable source of external financing. This suggests the potential role of financial intermediaries, banks in particular, in mitigating the incomplete contract problem. First, financial products like letters of credit and letters of guarantee can substantially decrease a risk and transaction costs of parties. Second, a bank loan can serve as a signal about a buyer's true financial situation, an upstream firm will be more willing undertake relationship-specific investment knowing that the business partner is creditworthy and will abstain from myopic behavior (Fama, 1985; von Thadden, 1995). Therefore, a well-developed financial (especially banking) system should disproportionately benefit contract intensive industries.The empirical test confirms this hypothesis. Indeed, contract intensive industries seem to grow faster in countries with a well developed financial system. Furthermore, this effect comes from a more developed banking sector rather than from a deeper stock market. These results are reaffirmed examining the effect of US bank deregulation on the growth of contract intensive industries in different states. Beyond an overall pro-growth effect, the bank deregulation seems to disproportionately benefit the industries requiring relationship-specific investments from their suppliers.Chapter 2 of my PhD focuses on the role of the financial sector in promoting exports of developing countries. In particular, it investigates how credit constraints affect the ability of firms operating in agri-food sectors of developing countries to keep exporting to foreign markets.Trade in high-value agri-food products from developing countries has expanded enormously over the last two decades offering opportunities for development. However, trade in agri-food is governed by a growing array of standards. Sanitary and Phytosanitary standards (SPS) and technical regulations impose additional sunk, fixed and operating costs along the firms' export life. Such costs may be detrimental to firms' survival, "pricing out" producers that cannot comply. The existence of these costs suggests a potential role of credit constraints in shaping the duration of trade relationships on foreign markets. A well-developed financial system provides the funds to exporters necessary to adjust production processes in order to meet quality and quantity requirements in foreign markets and to maintain long-standing trade relationships. The products with higher needs for financing should benefit the most from a well functioning financial system. This differential effect calls for a difference-in-difference approach initially proposed by Rajan and Zingales (1998). As a proxy for demand for financing of agri-food products, the sanitary risk index developed by Jaud et al. (2009) is used. The empirical literature on standards and norms show high costs of compliance, both variable and fixed, for high-value food products (Garcia-Martinez and Poole, 2004; Maskus et al., 2005). The sanitary risk index reflects the propensity of products to fail health and safety controls on the European Union (EU) market. Given the high costs of compliance, the sanitary risk index captures the demand for external financing to comply with such regulations.The prediction is empirically tested examining the export survival of different agri-food products from firms operating in Ghana, Mali, Malawi, Senegal and Tanzania. The results suggest that agri-food products that require more financing to keep up with food safety regulation of the destination market, indeed sustain longer in foreign market, when they are exported from countries with better developed financial markets.Chapter 3 analyzes the link between financial markets and efficiency of resource allocation in an economy. Producing and exporting products inconsistent with a country's factor endowments constitutes a serious misallocation of funds, which undermines competitiveness of the economy and inhibits its long term growth. In this chapter, inefficient exporting patterns are analyzed through the lens of the agency theories from the corporate finance literature. Managers may pursue projects with negative net present values because their perquisites or even their job might depend on them. Exporting activities are particularly prone to this problem. Business related to foreign markets involves both high levels of additional spending and strong incentives for managers to overinvest. Rational managers might have incentives to push for exports that use country's scarce factors which is suboptimal from a social point of view. Export subsidies might further skew the incentives towards inefficient exporting. Management can divert the export subsidies into investments promoting inefficient exporting.Corporate finance literature stresses the disciplining role of outside debt in counteracting the internal pressures to divert such "free cash flow" into unprofitable investments. Managers can lose both their reputation and the control of "their" firm if the unpaid external debt triggers a bankruptcy procedure. The threat of possible failure to satisfy debt service payments pushes the managers toward an efficient use of available resources (Jensen, 1986; Stulz, 1990; Hart and Moore, 1995). The main sources of debt financing in the most countries are banks. The disciplining role of banks might be especially important in the countries suffering from insufficient judicial quality. Banks, in pursuing their rights, rely on comparatively simple legal interventions that can be implemented even by mediocre courts. In addition to their disciplining role, banks can promote efficient exporting patterns in a more direct way by relaxing credit constraints of producers, through screening, identifying and investing in the most profitable investment projects. Therefore, a well-developed domestic financial system, and particular banking system, would help to push a country's exports towards products congruent with its comparative advantage.This prediction is tested looking at the survival of different product categories exported to US market. Products are identified according to the Euclidian distance between their revealed factor intensity and the country's factor endowments. The results suggest that products suffering from a comparative disadvantage (labour-intensive products from capital-abundant countries) survive less on the competitive US market. This pattern is stronger if the exporting country has a well-developed banking system. Thus, a strong banking sector promotes exports consistent with a country comparative advantage.Chapter 4 of my PhD thesis further examines the role of financial markets in fostering efficient resource allocation in an economy. In particular, the allocative efficiency hypothesis is investigated in the context of equity market liberalization.Many empirical studies document a positive and significant effect of financial liberalization on growth (Levchenko et al. 2009; Quinn and Toyoda 2009; Bekaert et al., 2005). However, the decrease in the cost of capital and the associated growth in investment appears rather modest in comparison to the large GDP growth effect (Bekaert and Harvey, 2005; Henry, 2000, 2003). Therefore, financial liberalization may have a positive impact on growth through its effect on the allocation of funds across firms and sectors.Free access to international capital markets allows the largest and most profitable domestic firms to borrow funds in foreign markets (Rajan and Zingales, 2003). As domestic banks loose some of their best clients, they reoptimize their lending practices seeking new clients among small and younger industrial firms. These firms are likely to be more risky than large and established companies. Screening of customers becomes prevalent as the return to screening rises. Banks, ceteris paribus, tend to focus on firms operating in comparative-advantage sectors because they are better risks. Firms in comparative-disadvantage sectors finding it harder to finance their entry into or survival in export markets either exit or refrain from entering export markets. On aggregate, one should therefore expect to see less entry, more exit, and shorter survival on export markets in those sectors after financial liberalization.The paper investigates the effect of financial liberalization on a country's export pattern by comparing the dynamics of entry and exit of different products in a country export portfolio before and after financial liberalization.The results suggest that products that lie far from the country's comparative advantage set tend to disappear relatively faster from the country's export portfolio following the liberalization of financial markets. In other words, financial liberalization tends to rebalance the composition of a country's export portfolio towards the products that intensively use the economy's abundant factors.

Does privatising public service provision reduce accountability?

This paper studies how privatising service provision (shifting control rights and contractualobligations to providers) affects accountability. There are two main effects. (1) Privatisation demotivates governments from investigating and responding to public demands, since providers then hold up service adaptations. (2) Privatisation demotivates the public from mobilising to pressure for service adaptations, since providers then indirectly holdup the public by inflating the government s cost of implementing these adaptations. So, when choosing governance mode, politicians may be biased towards privatising as a way to escape public attention; relatedly, privatising utilities may reduce public pressure and increase consumer prices.

The optimal length of contracts with application to outsourcing

This paper resolves three empirical puzzles in outsourcing by formalizing the adaptationcost of long-term performance contracts. Side-trading with a new partner alongside a long-term contract (to exploit an adaptation-requiring investment) is usually less effective than switching to the new partner when the contract expires. So long-term contracts that prevent holdup of specific investments may induce holdup of adaptation investments. Contract length therefore trades of specific and adaptation investments. Length should increase with the importance and specificity of self-investments, and decrease with the importance of adaptation investments for which side-trading is ineffective. My general model also shows how optimal length falls with cross-investments and wasteful investments.

Transferência de oxigénio em dispersões aquoso-orgânico

O presente trabalho foi desenvolvido no âmbito da unidade curricular de Trabalho Final de Mestrado, integrante do Mestrado em Tecnologia Química do Instituto Politécnico de Tomar. Foi realizado nos laboratórios do Instituto Superior Técnico de Lisboa entre Fevereiro e Julho de 2013, na modalidade de estágio. O trabalho consistiu na determinação experimental do coeficiente volumétrico de transferência de massa do lado do líquido (kLa) em sistemas gás-líquido-líquido num tanque agitado, e visou avaliar o efeito da adição de uma fase orgânica e de um agente de superfície sobre o coeficiente de transferência de massa de oxigénio. Numa primeira etapa, de adaptação às práticas experimentais baseadas no método dinâmico de “salto de pressão”, procedeu-se à determinação do kLa num sistema tradicional gás-líquido (ar-água). Numa segunda etapa, e que consistiu numa evolução de trabalhos anteriores neste campo, avaliou-se o efeito da presença de uma fase orgânica,. Os ensaios foram realizados sob condições operacionais constantes: volume de fase líquida 9,8 L, caudal de gás de 5,2 L/min, velocidade de agitação de cerca de 400 rpm, e holdup da fase orgânica (ϕ) de 1 %. Numa terceira etapa, numa abordagem ainda nunca tentada, estudou-se o efeito da presença de um agente de superfície no sistema gás-líquido-líquido. Nos ensaios a concentração do agente de superfície Triton X-100 no tanque foi de cerca de 5,4x10-4 M. Verificou-se que a adição de uma mistura dodecano-heptano a uma dispersão ar-água nas condições testadas aumenta a transferência de oxigénio na gama de fração de heptano entre os 0 % e os 90 % e diminui para uma fração superior aos 90 % de heptano. Na gama em que a fase orgânica é rica em heptano a adição do Triton X-100 faz aumentar o kLa enquanto que para frações de heptano inferiores a 90%provoca a sua diminuição. As observações experimentais reforçam a importância do coeficiente de espalhamento nos sistemas gás-líquido-líquido

Effect of antifoams on oxygen mass transfer in pulp and paper mill effluents

Vaahdonestoaineiden haitallinen vaikutus hapen liukenemisnopeuteen biologisen puhdistamon jätevesissä on yleisesti tunnettua. Aineiden eri vaikutusmekanismien takia on silti vaikea etukäteen arvioida, miten ja kuinka paljon aineensiirto muuttuu. Työn tavoitteena oli saada tietoa vaahdonestoaineiden ja muiden pinta-aktiivisten aineiden vaikutuksesta kuplakokoon, kaasun tilavuusosuuteen ja kaasu-neste aineensiirtoon. Työn teoriaosassa on kuvailtu vaahdon muodostumiseen vaikuttavia tekijöitä sekä eri vaahdonestoaineiden vaikutusmekanismeja sellu- ja paperitehtaan jätevedessä. Edelleen on esitetty useita hapen siirtoa estäviä ja parantavia aineita. Työn kokeellisessa osassa tutkittiin kahdenkymmenenviiden eri pinta-aktiivisen aineen vaikutusta hapen liukenemisnopeuteen yksivaiheisessa kuplakolonnissa. Kokeet tehtiin kahdella pitoisuudella, kahdella eri kaasunjakolaitteella ja kolmella eri kaasun tyhjäputkinopeudella. Aineensiirtokokeiden rinnalla tutkittiin jätevesien laatu- ja fysikaalisiaominaisuuksia, niiden vaikutusta hapen liukenemisnopeuteen sekä testattavien koeaineiden vaikutusta fysikaalisin ominaisuuksiin. Kokeet osoittavat että pinta-aktiivisten aineiden vaikutus hapen aineensiirtoon vaihtelee riippuen kaasunjakolaitteesta ja aineen pitoisuuksista. Testatuista vaahdonestonaineista pienin negatiivinen vaikutus oli aineella AT 35 ja positiivinen vaikutustodettiin olevan vaahdonestoaineiden komponenteilla: P2, S1, F4 ja T9.

CFD Simulation of Two-phase and Three-phase Flows in Internal-loop Airlift

Airlift reactors are pneumatically agitated reactors that have been widely used in chemical, petrochemical, and bioprocess industries, such as fermentation and wastewater treatment. Computational Fluid Dynamics (CFD) has become more popular approach for design, scale-up and performance evaluation of such reactors. In the present work numerical simulations for internal-loop airlift reactors were performed using the transient Eulerian model with CFD package, ANSYS Fluent 12.1. The turbulence in the liquid phase is described using κ- ε the model. Global hydrodynamic parameters like gas holdup, gas velocity and liquid velocity have been investigated for a range of superficial gas velocities, both with 2D and 3D simulations. Moreover, the study of geometry and scale influence on the reactor have been considered. The results suggest that both, geometry and scale have significant effects on the hydrodynamic parameters, which may have substantial effects on the reactor performance. Grid refinement and time-step size effect have been discussed. Numerical calculations with gas-liquid-solid three-phase flow system have been carried out to investigate the effect of solid loading, solid particle size and solid density on the hydrodynamic characteristics of internal loop airlift reactor with different superficial gas velocities. It was observed that averaged gas holdup is significantly decreased with increasing slurry concentration. Simulations show that the riser gas holdup decreases with increase in solid particle diameter. In addition, it was found that the averaged solid holdup increases in the riser section with the increase of solid density. These produced results reveal that CFD have excellent potential to simulate two-phase and three-phase flow system.

Simulation of hydrogen peroxide direct synthesis in a microreactor

A set of models in Aspen plus was built to simulate the direct synthesis process of hydrogen peroxide in a micro-reactor system. This process model can be used to carry out material balance calculation under various experimental conditions. Three thermodynamic property methods were compared by calculating gas solubility and Uniquac-RK method was finally selected for process model. Two different operation modes with corresponding operation conditions were proposed as the starting point of future experiments. Simulations for these two modes were carried out to get the information of material streams. Moreover, some hydrodynamic parameters such as gas/liquid superficial velocity, gas holdup were also calculated with improved process model. These parameters proved the proposed experimental conditions reasonable to some extent. The influence of operation conditions including temperature, pressure and circulation ratio was analyzed for the first operation mode, where pure oxygen was fed into dissolving tank and hydrogen-carbon dioxide mixture was fed into microreactor directly. The preferred operation conditions for the system are low temperature (2°C) and high pressure (30 bar) in dissolving tank. High circulation ratio might be good in the sense that more oxygen could be dissolved and fed into reactor for reactions, but meanwhile hydrodynamics of microreactor should be considered. Furthermore, more operation conditions of reactor gas/liquid feeds in both of two operation modes were proposed to provide guidance for future experiment design and corresponding hydrodynamic parameters were also calculated. Finally, safety issue was considered from thermodynamic point of view and there is no explosion danger at given experimental plan since the released reaction heat will not cause solvent vaporization inside the microchannels. The improvement of process model still needs further study based on the future experimental results.