Rainwater harvesting: model-based design evaluation

Size: px
Start display at page:

Download "Rainwater harvesting: model-based design evaluation"

Transcription

1 11 h Inernaional Conference on Urban Drainage, Edinburgh, Scoland, UK, 2008 Rainwaer harvesing: model-based design evaluaion S. Ward*, F. A. Memon and D. Buler Cenre for Waer Sysems, School of Engineering, Compuing and Mahemaics, Universiy of Exeer, orh Park Road, Exeer, EX4 4QF, UK *Corresponding auhor, sw278@exeer.ac.uk ABSTRACT The rae of upake of rainwaer harvesing (RWH) in he UK has been slow o dae, bu is expeced o gain momenum in he near fuure. The design of wo differen new-build rainwaer harvesing sysems are evaluaed using a sae-of-he-ar coninuous simulaion modelling approach. The RWH sysems were shown o fulfill beween 36% and 46% of WC demand. I was found ha design mehods based on simple approaches (such as used in hese wo cases) generae ank sizes subsanially larger han he simulaion model. Comparison of he acual ank sizes and hose calculaed using he simulaion model esablished ha he acual anks insalled are oversized for heir associaed demand level and cachmen size. The imporance of cachmen size was demonsraed, a facor negleced in he simpler mehods commonly used in pracice. Financial analysis revealed ha RWH sysems wihin large commercial buildings may be more financially viable ha smaller domesic sysems. A recommendaion for a ransiion from he use of simple ools o simulaion models is made. KEYWORDS Rainwaer harvesing; ank sizing; susainabiliy; waer conservaion, waer demand managemen I TRODUCTIO The upake of rainwaer harvesing (RWH) in he UK has been slow o dae. Neverheless, his is se o change, paricularly in he souh-eas of England where despie relaively high annual rainfall, here is a low waer resource per capia. Furhermore, RWH is now explicily menioned in he Building Research Esablishmen s Environmenal Assessmen Mehod (BREEAM, 2007a) and he Code for Susainable Homes (DBERR, 2007). The laer, alhough volunary, is se o become mandaory in he fuure. Addiionally, he recen waer sraegy, Fuure Waer (DEFRA, 2008) and waer company Sraegic Direcion Saemens (OFWAT, 2008), idenify ha RWH has a par o play in urban waer managemen sraegies. A number of facors have so far conribued o he lack of progress. Ambiguiy in he financial viabiliy of RWH sysems is a key reason; lack of experience and he absence of well-run demonsraion sies is anoher. Alhough some echnical guidance is available (CIRIA, 2001), he cosing informaion provided is skechy and here is limied advice on he appropriae sysem sizing mehods o use. The oucome is ha sakeholders such as local auhoriies and developers, are sill relucan o implemen RWH sysems in new developmens (or indeed, o rerofi hem). Neverheless, here has been a rise in he number of RWH sysems being implemened in new commercial buildings and in schools. Ward e al. 1

2 11 h Inernaional Conference on Urban Drainage, Edinburgh, Scoland, UK, 2008 RWH sysem suppliers and oher waer indusry-based sakeholders ofen use rule-of-humb or simple mass balance approaches. However, resuls provided by hese ools lack he accuracy and deail o properly size RHW sysems and can resul in he calculaion of unrealisic pay-back-periods or overly opimisic whole life cos scenarios. (Roebuck and Ashley, 2006). A number of deailed models, capable of simulaing RWH sysem design and/or performance have been developed and published and hese are summarised in Table 1. Several of hese models are eiher freely available or available o purchase. However, rarely do non-academic sakeholders uilise such ools, due o an apparen lack of awareness of he availabiliy and capabiliies of hese ools. Table 1. Exising models for analysing RWH sysems Model Developer RWH only? Funcionaliy DRHM Dixon (1999) Yes Mass balance wih sochasic elemens for demand profiling, simulaes quaniy, qualiy and coss Rewapu Vaes and Berlamon Reservoir model, rainfall inensiy-duraion-frequency Yes (2001) relaionships and riangular disribuion RWIN Herrmann and Schmida Hydrological-based high resoluion (5 minue) rainfallrunoff model No (KOSIM) (1999); ITWH (2007) PURRS Coombes and Kuczera Probabilisic behavioural, coninuous simulaion, No (2001) evaluaes sources conrol sraegies RCSM Fewkes (2004) Yes Behavioural, coninuous simulaion, deailed analysis of ime inerval variaion and yield-before/afer-spill MUSIC CRCCH (2005) No Coninuous simulaion, modelling waer qualiy & quaniy in cachmens (0.01 o 100km²) Aquacycle Michell (2005) No Coninuous waer balance simulaion using a yield before-spill algorihm RSR Kim and Han (2006) Yes RWH ank sizing for sormwaer reenion o reduce flooding, using Seoul as a case sudy RainCycle Roebuck and Ashley Excel-based mass balance model using a yield-afer-spill Yes (2006) algorihm and whole life cosing approach HWCM Liu e al (2006) No Objec-based behavioural,coninuous simulaion using Simulink This paper invesigaes he design of wo new RWH sysems; one wihin an office building and he second being a series of communal sysems wihin a housing developmen. The aim is o evaluae he insalled sysems based on a comparison beween he design daa, wo simple mehods and a commercial ool represening he sae-of-he-ar in RWH sysem design. The impac of he use of differen rainfall daa resoluions and he effec of analysing a group of communal sysems as a whole or as pars will also be evaluaed. METHOD Models Three mehods are used wihin he design evaluaion, wo of which are based on he approach developed by Fewkes (1999), which buil on an original concep devised by Jenkins e al (1978). The core of his approach is a waer mass balance in he form: V = V 1 + Q D Subjec o 0 V S Where: 2 Rainwaer harvesing: model-based design evaluaion

3 11 h Inernaional Conference on Urban Drainage, Edinburgh, Scoland, UK, 2008 V Q D S = (Rain) Waer in sorage a end of ime inerval, = Inflow during ime inerval, = Demand during ime inerval, = Sorage capaciy From his he yield-afer-spill and yield-before-spill (YBS) operaing rules were developed (Fewkes and Buler, 2000), which ake he form (for YAS and YBS respecively): Y D = min V 1 V V 1+ Q = min S Y Y Y D = min V 1+ Q V V = min S 1+ Q Y Where: Y = Yield from sore during ime inerval The YAS and YBS rules deermine he posiion of supply, demand and overflow in he calculaion of sorage volume. Fewkes and Buler (2000) underook exensive analysis of he YAS and YBS algorihms which led o he derivaion of capaciy-demand and cachmenrainfall raios (called he demand fracion and sorage fracion, respecively). From his research i was concluded ha he YAS operaing rule (wih an hourly or daily rainfall ime series) provided he mos accurae, conservaive resuls. Fewkes (1999) and Fewkes and Warm (2000) exended his work and developed a se of generic performance (waer saving efficiency, E T ) curves for RWH in he UK. They also esablished a mahemaical relaionship for esablishing a suiable ank size; an inpu raio for he desired RWH sysem is calculaed using: AR / D Where: A = Cachmen area (m²) R = Average annual rainfall (mm) D = Average annual demand (l) This is used o locae a desired performance level (E T ) and he number of days sorage (X) from he design curves. The ank size can hen be calculaed using: S = XDd Where: X = Number of days sorage D d = Average daily demand (l), i.e. D/365 Wihin he presen sudy, Mehod 1 is based on he YAS approach in he form of a coninuous simulaion using daily rainfall and demand ime series, represening he sae-of-he-ar in RWH sysem design. Mehod 2 is a simplified version of he AR/D approach, which simply akes a user-defined number of days sorage (raher han being seleced using he AR/D raio) Ward e al. 3

4 11 h Inernaional Conference on Urban Drainage, Edinburgh, Scoland, UK, 2008 and muliplies i by an average daily demand. Curren bes pracise recommends selecion of a number of days sorage of no less han six days (CIRIA, 2001) and so his was used when applying Mehod 2. The final mehod, Mehod 3, is based on a differen approach recommended by he Environmen Agency (EA) (2008). This is a simple rule-of-humb mehod, which sizes he ank based on a user-defined percenage of average annual rainfall or demand (whichever is he lower). The equaion for his approach akes he form: S = PAC f FR Where: P = User-defined percenage (curren bes pracise recommends 5%, i.e. 0.05) C f = Runoff coefficien F = Sysem filer efficiency (R would be replaced by D if he annual demand was he lower of he wo) However, he applicaion of his approach is recommended for smaller RWH sysems only, such as domesic sysems, as larger sysems require a more rigorous analysis due o he complexiy of demand paerns (EA, 2008). Analyses were underaken using an Excel/VBA-based modelling ool, RainCycle (Roebuck and Ashley, 2006). This ool implemens he above hree mehods and also includes he faciliy o calculae he whole life cos, pay-back-period and cos-benefi of a RWH sysem (wih mains op-up) in comparison wih an equivalen mains waer supply (wihin Mehod 1). Approach The hree previously described mehods were used o calculae ank sizes for wo case sudy developmens. This was done in order o compare calculaed ank sizes wih he acual ank sizes designed and insalled by RWH sysem suppliers. As previously menioned, he modelling ool also permis whole life cos and cos-benefi analyses. As he RWH sysems used wihin his sudy are wihin new developmens no operaing coss have ye been accrued. Furhermore, expeced mainenance regimes and heir associaed coss were no available a he ime of analysis. For hese reasons no whole life cos analyses could be performed. However, capial cos informaion was available; being 15,500 per sysem (sorage ank plus associaed piping, pumping and conrols) and his was used wihin Mehod 1 analyses o yield a pay-back-period for boh sies. In addiion, a cos-benefi analysis is given, by comparing he financial savings of using a RWH sysem (plus mainswaer op-up) wih using he mains waer supply alone. Savings ( ) per year figures indicae he poenial financial savings made by using rainwaer via he RWH sysem, compared o he cos of supplying waer via he mains waer supply. Wihin Mehod 1 coninuous simulaions, an analysis period of 25 years was used, as his duraion is ofen quoed as being he minimum expeced lifespan of RWH sysem anks and componens (Pushard, 2004; WPL, 2007). Sie Characerisics Sie 1 - Innovaion Cenre Phase 2 (ICP2) Building. The ICP2 on he Universiy of Exeer s Sreaham campus is an office building (Figure 1), which achieved he BREEAM Excellen 4 Rainwaer harvesing: model-based design evaluaion

5 11 h Inernaional Conference on Urban Drainage, Edinburgh, Scoland, UK, 2008 raing. The single RWH sysem wihin he building is used o supplemen mains waer and supplies WCs via a large underground sorage ank and wo header anks. Addiional sie characerisics are summarised in Table 2. The building has recenly been compleed and is he process of being occupied. A programme of RWH sysem monioring is in place, which will include meering waer usage, waer qualiy sampling and a user percepion survey. Sie 2 Broadclose. The Broadclose housing developmen is locaed near Bude in Cornwall, souh-wes England, and is a new-build projec involving The Guinness Trus, Norh Cornwall Disric Council, he Wescounry Housing Associaion and Midas Homes Ld. The need for waer efficiency measures was considered righ from beginning of he design and planning phases and he homes currenly achieve he EcoHomes very good raing; EcoHomes is he domesic dwelling equivalen of he BREEAM (BREEAM, 2007b). Broadclose conains 173 homes divided across 13 home zones (HZ), each of which has a communal RWH sysem, collecing runoff from souh facing roofs, which is used for WC flushing. Addiional sie characerisics are summarised in Table 2. The mix of housing ypes wihin a paricular HZ varies, bu can include 1-bed flas, 2/3/4-bed houses and 2/3-bed bungalows, as illusraed in Figure 2. Consequenly, he main sorage ank for each HZ is a differen size; runoff colleced and demand experienced will vary depending on oal roof cachmen area and HZ occupancy. Eigh properies in differen HZs will be meered as par of a monioring programme o assess waer conservaion and financial performance and user percepion surveys will be conduced across he enire developmen. Figure 1. Souh-facing facade of he Innovaion Cenre Phase 2 building (Sie 1) Figure 2. Houses and bungalows a Broadclose (Sie 2) Ward e al. 5

6 11 h Inernaional Conference on Urban Drainage, Edinburgh, Scoland, UK, 2008 Table 2. Characerisics of Sie 1 and Sie 2 Unis Sie 1 Sie 2 Type of developmen Office building Housing developmen Size (approx occupancy) Type of sysem Single sie Communal Use of RWH sysem WCs (oiles) WCs (oiles) Sandard average annual rainfall (30- mm 807 (Exeer) 881 (Bude) year) near sie Toal (roof) cachmen area m (22.5/propery) Roof cachmen characerisics Fla, smooh Piched, iled Toal sorage ank volume m Average daily demand m (working day) a 0.36 (holiday) a a Toal yearly demand m b 7270 a a = calculaed wihin RainCycle; b = calculaed by RWH sysem supplier RESULTS A D DISCUSSIO Design Evaluaion: Sie 1 The RWH sysem was supplied by Sormsaver, a UK-based supplier. An Excel ool based on he AR/D approach was used by he supplier o design he sysem. The ool uses parameers including local annual rainfall (based on a Me Office 40 year figure), roof area, esimaed annual demand, number of days required sorage, filer and runoff coefficiens and sysem efficiency. The parameer values used in he RWH sysem supplier design are summarised in Table 3. Alhough he sysem manual quoes he pre-ank filer as being able o achieve 95% efficiency, he figure used in he design was 90%, so his has been used in he simulaions. Table 3. RWH sysem supplier 1 design parameers and values for Sie 1 Parameer Unis Value used by RWH sysem supplier Local rainfall mm 764 Roof area m² 1500 Building occupancy 300 Esimaed annual demand m Days required sorage 6.8 Demand days 250 Filer coefficien 0.9 Runoff coefficien 0.6 Analysis period years 25 Analysis. The RWH sysem supplier recommended a sorage ank size of 25 m 3, which could yield an annual waer saving of 816 m 3 (60% of he demand), represening annual financial savings of 1,469 (compared o he mains waer supply). The hree mehods were applied using he same parameer values. Mehod 1 simulaion resuls suggesed ha o achieve a similar level of waer and financial saving (619 m 3, 46% and 1,459 per year, respecively), a 9 m 3 ank would be he opimum size o mee demand. Mehods 2 and 3 indicaed sorage ank sizes of 25 and 31 m 3 respecively. As previously menioned Mehod 3 should no generally be applied o larger sysems; he resul is included o show how i compares o he oher mehods. Rainfall resoluion. In order o invesigae he impac of differen emporal resoluions of rainfall daa, i was decided o use a 30-year sandard average annual rainfall figure and a monhly rainfall profile (insead of he non-sandard 40-year figure used by he RWH sysem supplier). This is in line wih EA sandard procedure. The 30-year sandard average ( Rainwaer harvesing: model-based design evaluaion

7 11 h Inernaional Conference on Urban Drainage, Edinburgh, Scoland, UK, ) annual rainfall for Exeer was idenified as being 807 mm (DCC, 2005), however monhly averages for Exeer were no available a he ime of analysis. In order o use monhly daa, 30-year sandard average monhly figures for Teignmouh (26 km from Exeer) were obained from he Me Office (Figure 3). Teignmouh has a 30-year sandard average annual rainfall of 820 mm and experiences he same rain shadow effec from Darmoor as Exeer (DCC, 2005) Jan Feb Mar Apr May Jun Jul Aug Sep Oc ov Dec Figure year sandard average monhly rainfall daa for Teignmouh (Me Office, 2007) Simulaions were run using Mehod 1 for he annual 30-year sandard averages for Exeer (Simulaion 2) and Teignmouh (Simulaion 3) and also he monhly 30-year sandard average profile for Teignmouh (Simulaion 4). Resuls of hese simulaions and a comparison wih he firs are summarised in Table 4. Using a 30-year sandard average monhly rainfall profile raher han a non-sandard annual average increased he percenage of demand me by 4%. As can be seen in Table 4, he increase in rainwaer uilised also decreased he annual sysem cos, hereby increasing he oal long-erm (25 year) savings. Addiionally, he Mehod 1 recommended ank size increases from 9 o 10 m 3. Table 4. Mehod 1 resuls using differen rainfall daa for Sie 1. Unis Simulaion 1 Simulaion 2 Simulaion 3 Simulaion 4 Difference (1 and 4) Demand me % Pay-back-period Years RWH sysem cos /year 3,087 2,970 2,935 2, Mains supply cos /year 4,547 4,547 4,547 4,547 - Savings /year 1,459 1,576 1,611 1, Toal savings /25 36,482 39,408 40,292 40, Recommended ank size yrs m Design Evaluaion: Sie 2 Analysis. The communal RWH sysems wihin Sie 2 were designed and supplied by a second RWH sysem supplier, again using an adapaion of Mehod 2. The parameers used in he analysis are summarised in Table 5. Consrucion of Sie 2 is due o finish in Augus 2008, herefore acual occupancy figures are no ye available. As such i was decided o use he curren average household occupancy rae of 2.4 (DCLG, 2006), leading o a oal occupancy of 415. A monhly 30-year sandard Ward e al. 7

8 11 h Inernaional Conference on Urban Drainage, Edinburgh, Scoland, UK, 2008 average ( ) rainfall profile was obained for Bude (Me Office, 2007), which has an annual oal of 881 mm. As runoff is only colleced from souh facing roofs, he average per propery roof size (45 m 2, derived from sie plans) was halved and hen muliplied by he number of properies (173) o yield an approximae oal cachmen area. Table 5. RWH sysem supplier 2 design parameers and values for Sie 2. Parameer Unis Value used by RWH sysem supplier Toal local rainfall mm 881 Roof area m² 3893 Occupancy 415 Esimaed annual demand m Days required sorage 6.8 Demand days 365 Filer coefficien 0.9 Runoff coefficien 0.85 Run duraion years 25 An iniial simulaion was carried ou using he values for he developmen as a whole (raher han by HZ). Mehod 1 resuls revealed ha 36% of he WC demand would be me using RWH, yielding an average annual saving of 756 (compared o he mains waer supply) or 4.37 per propery, wih a pay-back-period of 23 years. Furhermore, Mehod 1 indicaed he available sorage (255.5 m 3 ) was no fully uilised, being empy on a large number of days and recommended a oal sorage capaciy for he developmen of 12 m 3. Mehod 2 and Mehod 3 calculaed ank sizes were 120 and 131 m 3, respecively. Cachmen Area. A limiing facor in meeing demand appeared o be he size of he roof cachmen area uilised. Using boh norh and souh facing roof faces wihin Mehod 1 indicaed ha 72% of demand could be me wih a revised ank size of 34 m 3. This could yield average annual savings of 9,571, or 55 per propery, wih a pay-back-period of 11 years. Mehod 2 and Mehod 3 yielded ank sizes of 120 and 262 m 3, respecively, for he increased cachmen area, which are in line wih he acual oal capaciy. The figure for Mehod 2 does no change, as he mehod only uses he number of days sorage; i does no accoun for changes in cachmen area size. Mehod 1 indicaed he overall ank volume o be subsanially oversized. Neverheless, a poenial benefi of over-sizing he sorage anks is he availabiliy of exra sorage capaciy o reduce runoff during periods of heavy rainfall (depending on he deailed design of he sysem). This could prove beneficial in relaion o climae change; projecions indicae an increase in winer (already some of he wees monhs) precipiaion of beween 5 and 15% (SWCCIP, 2003). This would complemen oher SUDS echniques in use a Broadclose, such as swales and surface ponds. To furher explore he level of savings and o invesigae he sizing of individual HZ sorage anks, he mehods were applied separaely o each HZ. These simulaions used individual ank sizes and calculaed he occupancy and cachmen area based on he number of properies wihin each HZ. Table 6 summarises he ank sizing comparison resuls for each mehod for each HZ, along wih he associaed financial savings. The oal volume previously calculaed for he whole developmen using Mehod 1 was 12m 3, ye he aggregae of he 13 individual HZs ank size analysis is 30m 3. Furhermore, here is a subsanial difference beween he acual ank sizes and hose calculaed using he hree mehods. Tank sizes calculaed using Mehod 1 are beween 200% and 600% smaller han 8 Rainwaer harvesing: model-based design evaluaion

9 11 h Inernaional Conference on Urban Drainage, Edinburgh, Scoland, UK, 2008 hose calculaed using Mehods 2 and 3. I should be noed ha had he number of days sorage used wihin Mehod 2 been increased, ank sizes calculaed would have also been higher (perhaps closer o he acual ank sizes insalled). A comparison of acual ank sizes and hose calculaed using he various mehods is illusraed in Figure 4 (for a selecion of HZs, represenaive of ank sizes presen in he developmen). Table 6. Comparison of resuls for each HZs in Sie 2 using each mehod. HZ # % Demand Savings Cachmen Acual ank Mehod 1 Mehod 2 Mehod 3 PBP Me /year area size ank size ank size ank size Unis m 2 m 3 m 3 m 3 m N/A N/A N/A N/A N/A N/A N/A b Toal Acual ank size Mehod 2 Calculaed Mehod 1 Calculaed Mehod 3 Calculaed Tank Size (m 3 ) Home Zone Figure 4. Differences in HZ ank sizes derived using differen mehods, for Sie 2. I was also idenified ha alhough he same annual financial savings were achieved, he disribuion of he savings was highly variable across he HZs; some susaining annual savings of 451 and ohers losses of 263 (compared o he mains waer supply). Ward e al. 9

10 11 h Inernaional Conference on Urban Drainage, Edinburgh, Scoland, UK, 2008 CO CLUSIO S A D RECOMME DATIO S The design of wo RWH sysems in wo disinc new-build developmens has been evaluaed using a sae-of-he-ar model and wo simpler mehods. The main findings were: (1) Design mehods based on a simplified AR/D approach (used by RWH sysem suppliers) and he EA approach generaed ank sizes subsanially larger han he saeof-he-ar YAS-based coninuous simulaion. Tanks wihin he case sudies presened are considered o be oversized for he specified demand levels and cachmen sizes; (2) WC demand levels of beween 36% (for a group of communal domesic sysems) and 46% (for a commercial sysem) could be me using RWH; (3) Despie overesimaing ank sizes, he demand levels and financial savings calculaed by he RWH sysem suppliers were similar o hose using he sae-of-he-ar model; (4) Modelling several communal RWH sysems as a whole raher han as separae sysems can have implicaions for ank sizing resuls; (5) Levels of demand aained were limied by he cachmen area size, which also had implicaions for financial savings. This indicaes ha no enough consideraion is given o he cachmen size when designing a RWH sysem; (6) The use of a non-sandard rainfall ime-series resuled in an underesimaion of he demand aained and he associaed savings from implemening a RWH sysem; (7) Financial savings made were greaer for a large commercial building han for a series of communal sysems wihin a housing developmen. Based on hese conclusions he following recommendaions are made: (1) A ransiion from using simple ools based on single calculaions o more sophisicaed coninuous simulaion ools is necessary. This can be faciliaed by increasing sakeholder awareness of he availabiliy and capabiliies of such ools; (2) Designers, planners and archiecs considering implemening RWH wihin a developmen need o be aware of he imporance of sizing he roof collecion area supplying a RWH sysem, in addiion o appropriaely sizing he sorage ank; (3) RWH indusry professionals should be made aware of using and promoing he use of long-erm sandard average rainfall daa (ideally wih a monhly profile) in order o promoe consisency in analysis, wheher using simple or complex design mehods. ACK OWLEDGEME TS This work was carried ou as par of he Waer Cycle Managemen for New Developmens (WaND) projec (Buler e al., 2006) funded under he Engineering & Physical Science Research Council s Susainable Urban Environmen Programme by EPSRC, UK governmen and indusrial collaboraors. REFERE CES BREEAM (2007a) BREEAM: BRE Environmenal Assessmen Mehod websie, hp:// visied 03 Augus BREEAM (2007b) BREEAM: Ecohomes websie, hp:// visied 03 Augus Buler, D., Balmforh, D., McDonald, A., Ashley, R., Sharp, E., Kay, D., Packman, J., Jeffrey, P. and Savic, D. (2006) Managing he urban waer cycle in new developmens. In: Delecic, A. and Flecher, T. (eds): Proceedings of he 7h Inernaional Conference on Urban Drainage and 4h Inernaional Conference on Waer Sensiive Urban Design, Melbourne, Ausralia, 2-7 April 2006, Volume 2, CIRIA (2001) Rainwaer and greywaer use in buildings: Bes pracice guidance. CIRIA Publicaion C539. Coombes, P. & Kuczera, G. (2001) Rainwaer ank design for waer supply and sormwaer managemen. Sormwaer Indusry Associaion 2001 Regional Conference. Por Sephens, NSW, Ausralia. 10 Rainwaer harvesing: model-based design evaluaion

11 11 h Inernaional Conference on Urban Drainage, Edinburgh, Scoland, UK, 2008 CRCCH (Cooperaive Research Cenre for Cachmen Hydrology) (2005) MUSIC User Guide. CRCCH websie, visied 11 Sepember DBERR (2007) Draf Sraegy for Susainable Consrucion: A consulaion paper. Deparmen for Business, Enerprise and Regulaory Reform websie, hp:// visied 03 Augus 2007 DCC (2005) A Warm Response, Our Climae Change Challenge. Sraegy Documen, Devon Couny Council websie, hp:// visied 20 April DCLG (2006) Waer Efficiency in New Buildings: A consulaion documen. Communiies and Local Governmen Publicaions, Weherby, UK. DEFRA (2008) Fuure Waer: The Governmen s waer sraegy for England. DEFRA websie, hp:// visied 08 February Dixon, A. (1999) Simulaion of Domesic Waer Re-use Sysems: Greywaer and Rainwaer in Combinaion. Deparmen of Civil and Environmenal Engineering PhD Thesis. Imperial College of Science, Technology and Medicine, London, UK. EA (2008) Harvesing rainwaer for domesic uses: an informaion guide. EA websie, hp:// visied 01 February Fewkes, A. (1999). Modelling he performance of rainwaer collecion sysems: owards a generalised approach. Urban Waer. 1, Fewkes, A. (2004) The Modelling and Tesing of a Rainwaer Cachmen Sysem in he UK.. Deparmen of Building and Environmenal Healh PhD Thesis. The Noingham Tren Universiy, Noingham, UK. Fewkes, A. and Buler, D. (2000) Simulaing he performance of rainwaer collecion and reuse sysems using behavioural models. Buildings Service Engineering Research and Technology, 21, Fewkes, A. and Warm, P. (2000). A Mehod of Modelling he Performance of Rainwaer Collecion Sysems in he UK. Building Services Engineering Research and Technology, 2, Herrmann, T. and Schmida, U. (1999) Rainwaer Uilisaion in Germany: efficiency, dimensioning, hydraulic and environmenal aspecs. Urban Waer, 1, ITWH (Insiu für echnisch-wissenschafliche Hydrologie) KOSIM-Familie. From ITWH websie, hp:// visied 18 Ocober Jenkins, D., Pearson, F., Moore, E., Sun, J. K. & Valenine, R. (1978) Feasibiliy of rainwaer collecion sysems in California. Conribuion No. 173, Californian Waer Resources Cenre, Universiy of California, USA. Kim, Y. & Han, M. (2006) A Rainfall-Sorage-Runoff (RSR) model for he design of a rainwaer ank effecive for flow conrol in urban drainage pipes. Proceedings of he 2nd IWA Inernaional Rainwaer Harvesing Workshop. Beijing, China, 11 Sepember IWA websie, hp:// visied 15 May Liu S., Makropoulos, C., Buler, D., Memon, F. A. and Fidar, A. (2007). An objec based household waer cycle model: concep and consrucion. Waer Pracice and Technology, IWA online journal, 2 (2), hp:// doi /wp Me Office (2007) averages. Me Office websie, hp:// visied 20 April Michell, V. G. (2005) Aquacycle - user guide. Cachmen modelling oolki websie, hp:// visied 18 Ocober OFWAT (2008) Sraegic direcion saemens. OFWAT websie, hp:// visied 14 January Pushard, D. (2004) Ausin's Zilker Park Showcases Rainwaer Harvesing. HarvesH 2 0 websie, hp:// visied 15 May Roebuck, R. M. & Ashley, R. M. (2006) Predicing he hydraulic and life-cycle cos performance of rainwaer harvesing sysems using a compuer based modelling ool. In: Delecic, A. and Flecher, T. (eds): Proceedings of he 7h Inernaional Conference on Urban Drainage and 4h Inernaional Conference on Waer Sensiive Urban Design, Melbourne, Ausralia, 2-7 April 2006, Volume 2, SWCCIP (2003) Warming o he idea: meeing he challenge of climae change in he Souh Wes. Souh Wes Climae Change Impacs Parnership websie, hp:// visied 20 April Vaes, G. & Berlamon, J. (2001) The effec of rainwaer sorage anks on design sorms. Urban Waer, 3, WPL (2007) Above and Below Ground Rainwaer Harvesing Sysems. WPL brochure websie, hp:// visied 14 Augus Ward e al. 11

Appendix D Flexibility Factor/Margin of Choice Desktop Research

Appendix D Flexibility Factor/Margin of Choice Desktop Research Appendix D Flexibiliy Facor/Margin of Choice Deskop Research Cheshire Eas Council Cheshire Eas Employmen Land Review Conens D1 Flexibiliy Facor/Margin of Choice Deskop Research 2 Final Ocober 2012 \\GLOBAL.ARUP.COM\EUROPE\MANCHESTER\JOBS\200000\223489-00\4

More information

Chapter 1.6 Financial Management

Chapter 1.6 Financial Management Chaper 1.6 Financial Managemen Par I: Objecive ype quesions and answers 1. Simple pay back period is equal o: a) Raio of Firs cos/ne yearly savings b) Raio of Annual gross cash flow/capial cos n c) = (1

More information

Morningstar Investor Return

Morningstar Investor Return Morningsar Invesor Reurn Morningsar Mehodology Paper Augus 31, 2010 2010 Morningsar, Inc. All righs reserved. The informaion in his documen is he propery of Morningsar, Inc. Reproducion or ranscripion

More information

The Grantor Retained Annuity Trust (GRAT)

The Grantor Retained Annuity Trust (GRAT) WEALTH ADVISORY Esae Planning Sraegies for closely-held, family businesses The Granor Reained Annuiy Trus (GRAT) An efficien wealh ransfer sraegy, paricularly in a low ineres rae environmen Family business

More information

LEASING VERSUSBUYING

LEASING VERSUSBUYING LEASNG VERSUSBUYNG Conribued by James D. Blum and LeRoy D. Brooks Assisan Professors of Business Adminisraion Deparmen of Business Adminisraion Universiy of Delaware Newark, Delaware The auhors discuss

More information

Performance Center Overview. Performance Center Overview 1

Performance Center Overview. Performance Center Overview 1 Performance Cener Overview Performance Cener Overview 1 ODJFS Performance Cener ce Cener New Performance Cener Model Performance Cener Projec Meeings Performance Cener Execuive Meeings Performance Cener

More information

Measuring macroeconomic volatility Applications to export revenue data, 1970-2005

Measuring macroeconomic volatility Applications to export revenue data, 1970-2005 FONDATION POUR LES ETUDES ET RERS LE DEVELOPPEMENT INTERNATIONAL Measuring macroeconomic volailiy Applicaions o expor revenue daa, 1970-005 by Joël Cariolle Policy brief no. 47 March 01 The FERDI is a

More information

Chapter Four: Methodology

Chapter Four: Methodology Chaper Four: Mehodology 1 Assessmen of isk Managemen Sraegy Comparing Is Cos of isks 1.1 Inroducion If we wan o choose a appropriae risk managemen sraegy, no only we should idenify he influence ha risks

More information

A Note on Using the Svensson procedure to estimate the risk free rate in corporate valuation

A Note on Using the Svensson procedure to estimate the risk free rate in corporate valuation A Noe on Using he Svensson procedure o esimae he risk free rae in corporae valuaion By Sven Arnold, Alexander Lahmann and Bernhard Schwezler Ocober 2011 1. The risk free ineres rae in corporae valuaion

More information

Distributing Human Resources among Software Development Projects 1

Distributing Human Resources among Software Development Projects 1 Disribuing Human Resources among Sofware Developmen Proecs Macario Polo, María Dolores Maeos, Mario Piaini and rancisco Ruiz Summary This paper presens a mehod for esimaing he disribuion of human resources

More information

Cable & Wireless Jamaica s Price Cap Plan

Cable & Wireless Jamaica s Price Cap Plan Office of Uiliies Regulaion Cable & Wireless Jamaica s Price Cap Plan Deerminaion Noice 2001 Augus 1 Absrac Cable and Wireless Jamaica (C&WJ) has radiionally been regulaed under a rae of reurn regime.

More information

Predicting Stock Market Index Trading Signals Using Neural Networks

Predicting Stock Market Index Trading Signals Using Neural Networks Predicing Sock Marke Index Trading Using Neural Neworks C. D. Tilakarane, S. A. Morris, M. A. Mammadov, C. P. Hurs Cenre for Informaics and Applied Opimizaion School of Informaion Technology and Mahemaical

More information

WATER MIST FIRE PROTECTION RELIABILITY ANALYSIS

WATER MIST FIRE PROTECTION RELIABILITY ANALYSIS WATER MIST FIRE PROTECTION RELIABILITY ANALYSIS Shuzhen Xu Research Risk and Reliabiliy Area FM Global Norwood, Massachuses 262, USA David Fuller Engineering Sandards FM Global Norwood, Massachuses 262,

More information

Relationships between Stock Prices and Accounting Information: A Review of the Residual Income and Ohlson Models. Scott Pirie* and Malcolm Smith**

Relationships between Stock Prices and Accounting Information: A Review of the Residual Income and Ohlson Models. Scott Pirie* and Malcolm Smith** Relaionships beween Sock Prices and Accouning Informaion: A Review of he Residual Income and Ohlson Models Sco Pirie* and Malcolm Smih** * Inernaional Graduae School of Managemen, Universiy of Souh Ausralia

More information

Risk Modelling of Collateralised Lending

Risk Modelling of Collateralised Lending Risk Modelling of Collaeralised Lending Dae: 4-11-2008 Number: 8/18 Inroducion This noe explains how i is possible o handle collaeralised lending wihin Risk Conroller. The approach draws on he faciliies

More information

PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE

PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE Profi Tes Modelling in Life Assurance Using Spreadshees PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE Erik Alm Peer Millingon 2004 Profi Tes Modelling in Life Assurance Using Spreadshees

More information

Can Individual Investors Use Technical Trading Rules to Beat the Asian Markets?

Can Individual Investors Use Technical Trading Rules to Beat the Asian Markets? Can Individual Invesors Use Technical Trading Rules o Bea he Asian Markes? INTRODUCTION In radiional ess of he weak-form of he Efficien Markes Hypohesis, price reurn differences are found o be insufficien

More information

How To Calculate Price Elasiciy Per Capia Per Capi

How To Calculate Price Elasiciy Per Capia Per Capi Price elasiciy of demand for crude oil: esimaes for 23 counries John C.B. Cooper Absrac This paper uses a muliple regression model derived from an adapaion of Nerlove s parial adjusmen model o esimae boh

More information

USE OF EDUCATION TECHNOLOGY IN ENGLISH CLASSES

USE OF EDUCATION TECHNOLOGY IN ENGLISH CLASSES USE OF EDUCATION TECHNOLOGY IN ENGLISH CLASSES Mehme Nuri GÖMLEKSİZ Absrac Using educaion echnology in classes helps eachers realize a beer and more effecive learning. In his sudy 150 English eachers were

More information

MACROECONOMIC FORECASTS AT THE MOF A LOOK INTO THE REAR VIEW MIRROR

MACROECONOMIC FORECASTS AT THE MOF A LOOK INTO THE REAR VIEW MIRROR MACROECONOMIC FORECASTS AT THE MOF A LOOK INTO THE REAR VIEW MIRROR The firs experimenal publicaion, which summarised pas and expeced fuure developmen of basic economic indicaors, was published by he Minisry

More information

DEMAND FORECASTING MODELS

DEMAND FORECASTING MODELS DEMAND FORECASTING MODELS Conens E-2. ELECTRIC BILLED SALES AND CUSTOMER COUNTS Sysem-level Model Couny-level Model Easside King Couny-level Model E-6. ELECTRIC PEAK HOUR LOAD FORECASTING Sysem-level Forecas

More information

IMPACT OF CLIMATE CHANGE ON RESREVIOR OPERATION POLICIES THE CASE OF ASWAN HIGH DAM RESERVOIR

IMPACT OF CLIMATE CHANGE ON RESREVIOR OPERATION POLICIES THE CASE OF ASWAN HIGH DAM RESERVOIR Inernaional Journal of Civil Engineering and Technology (IJCIET) Volume 7, Issue 2, March-April 2016, pp. 107 116, Aricle ID: IJCIET_07_02_008 Available online a hp://www.iaeme.com/ijciet/issues.asp?jtype=ijciet&vtype=7&itype=2

More information

The Greek financial crisis: growing imbalances and sovereign spreads. Heather D. Gibson, Stephan G. Hall and George S. Tavlas

The Greek financial crisis: growing imbalances and sovereign spreads. Heather D. Gibson, Stephan G. Hall and George S. Tavlas The Greek financial crisis: growing imbalances and sovereign spreads Heaher D. Gibson, Sephan G. Hall and George S. Tavlas The enry The enry of Greece ino he Eurozone in 2001 produced a dividend in he

More information

Individual Health Insurance April 30, 2008 Pages 167-170

Individual Health Insurance April 30, 2008 Pages 167-170 Individual Healh Insurance April 30, 2008 Pages 167-170 We have received feedback ha his secion of he e is confusing because some of he defined noaion is inconsisen wih comparable life insurance reserve

More information

Market Liquidity and the Impacts of the Computerized Trading System: Evidence from the Stock Exchange of Thailand

Market Liquidity and the Impacts of the Computerized Trading System: Evidence from the Stock Exchange of Thailand 36 Invesmen Managemen and Financial Innovaions, 4/4 Marke Liquidiy and he Impacs of he Compuerized Trading Sysem: Evidence from he Sock Exchange of Thailand Sorasar Sukcharoensin 1, Pariyada Srisopisawa,

More information

SELF-EVALUATION FOR VIDEO TRACKING SYSTEMS

SELF-EVALUATION FOR VIDEO TRACKING SYSTEMS SELF-EVALUATION FOR VIDEO TRACKING SYSTEMS Hao Wu and Qinfen Zheng Cenre for Auomaion Research Dep. of Elecrical and Compuer Engineering Universiy of Maryland, College Park, MD-20742 {wh2003, qinfen}@cfar.umd.edu

More information

LEVENTE SZÁSZ An MRP-based integer programming model for capacity planning...3

LEVENTE SZÁSZ An MRP-based integer programming model for capacity planning...3 LEVENTE SZÁSZ An MRP-based ineger programming model for capaciy planning...3 MELINDA ANTAL Reurn o schooling in Hungary before and afer he ransiion years...23 LEHEL GYÖRFY ANNAMÁRIA BENYOVSZKI ÁGNES NAGY

More information

Advise on the development of a Learning Technologies Strategy at the Leopold-Franzens-Universität Innsbruck

Advise on the development of a Learning Technologies Strategy at the Leopold-Franzens-Universität Innsbruck Advise on he developmen of a Learning Technologies Sraegy a he Leopold-Franzens-Universiä Innsbruck Prof. Dr. Rob Koper Open Universiy of he Neherlands Educaional Technology Experise Cener Conex - Period

More information

DYNAMIC MODELS FOR VALUATION OF WRONGFUL DEATH PAYMENTS

DYNAMIC MODELS FOR VALUATION OF WRONGFUL DEATH PAYMENTS DYNAMIC MODELS FOR VALUATION OF WRONGFUL DEATH PAYMENTS Hong Mao, Shanghai Second Polyechnic Universiy Krzyszof M. Osaszewski, Illinois Sae Universiy Youyu Zhang, Fudan Universiy ABSTRACT Liigaion, exper

More information

Duration and Convexity ( ) 20 = Bond B has a maturity of 5 years and also has a required rate of return of 10%. Its price is $613.

Duration and Convexity ( ) 20 = Bond B has a maturity of 5 years and also has a required rate of return of 10%. Its price is $613. Graduae School of Business Adminisraion Universiy of Virginia UVA-F-38 Duraion and Convexiy he price of a bond is a funcion of he promised paymens and he marke required rae of reurn. Since he promised

More information

Interactive optimisation modelling using OPTIMISIR to support Melbourne water supply system operation

Interactive optimisation modelling using OPTIMISIR to support Melbourne water supply system operation 19h Inernaional Congress on Modelling and Simulaion, Perh, Ausralia, 12 16 December 2011 hp://mssanz.org.au/modsim2011 Ineracive opimisaion modelling using OPTIMISIR o suppor Melbourne waer supply sysem

More information

GUIDE GOVERNING SMI RISK CONTROL INDICES

GUIDE GOVERNING SMI RISK CONTROL INDICES GUIDE GOVERNING SMI RISK CONTROL IND ICES SIX Swiss Exchange Ld 04/2012 i C O N T E N T S 1. Index srucure... 1 1.1 Concep... 1 1.2 General principles... 1 1.3 Index Commission... 1 1.4 Review of index

More information

Course Outline. Course Coordinator: Dr. Tanu Sharma Assistant Professor Dept. of humanities and Social Sciences Email:tanu.sharma@juit.ac.

Course Outline. Course Coordinator: Dr. Tanu Sharma Assistant Professor Dept. of humanities and Social Sciences Email:tanu.sharma@juit.ac. Course Name : HUMAN RESOURCE MANAGEMENT Course Code: 10B1WPD75 Course Credi: (-0-0) Semeser: VII Course Type: Elecive (All B. Tech. sudens) Deparmen: Humaniies and Social Sciences Course Coordinaor: Dr.

More information

Hotel Room Demand Forecasting via Observed Reservation Information

Hotel Room Demand Forecasting via Observed Reservation Information Proceedings of he Asia Pacific Indusrial Engineering & Managemen Sysems Conference 0 V. Kachivichyanuul, H.T. Luong, and R. Piaaso Eds. Hoel Room Demand Forecasing via Observed Reservaion Informaion aragain

More information

LIFE INSURANCE WITH STOCHASTIC INTEREST RATE. L. Noviyanti a, M. Syamsuddin b

LIFE INSURANCE WITH STOCHASTIC INTEREST RATE. L. Noviyanti a, M. Syamsuddin b LIFE ISURACE WITH STOCHASTIC ITEREST RATE L. oviyani a, M. Syamsuddin b a Deparmen of Saisics, Universias Padjadjaran, Bandung, Indonesia b Deparmen of Mahemaics, Insiu Teknologi Bandung, Indonesia Absrac.

More information

Chapter 8: Regression with Lagged Explanatory Variables

Chapter 8: Regression with Lagged Explanatory Variables Chaper 8: Regression wih Lagged Explanaory Variables Time series daa: Y for =1,..,T End goal: Regression model relaing a dependen variable o explanaory variables. Wih ime series new issues arise: 1. One

More information

Forecasting, Ordering and Stock- Holding for Erratic Demand

Forecasting, Ordering and Stock- Holding for Erratic Demand ISF 2002 23 rd o 26 h June 2002 Forecasing, Ordering and Sock- Holding for Erraic Demand Andrew Eaves Lancaser Universiy / Andalus Soluions Limied Inroducion Erraic and slow-moving demand Demand classificaion

More information

Market Analysis and Models of Investment. Product Development and Whole Life Cycle Costing

Market Analysis and Models of Investment. Product Development and Whole Life Cycle Costing The Universiy of Liverpool School of Archiecure and Building Engineering WINDS PROJECT COURSE SYNTHESIS SECTION 3 UNIT 11 Marke Analysis and Models of Invesmen. Produc Developmen and Whole Life Cycle Cosing

More information

The naive method discussed in Lecture 1 uses the most recent observations to forecast future values. That is, Y ˆ t + 1

The naive method discussed in Lecture 1 uses the most recent observations to forecast future values. That is, Y ˆ t + 1 Business Condiions & Forecasing Exponenial Smoohing LECTURE 2 MOVING AVERAGES AND EXPONENTIAL SMOOTHING OVERVIEW This lecure inroduces ime-series smoohing forecasing mehods. Various models are discussed,

More information

Hedging with Forwards and Futures

Hedging with Forwards and Futures Hedging wih orwards and uures Hedging in mos cases is sraighforward. You plan o buy 10,000 barrels of oil in six monhs and you wish o eliminae he price risk. If you ake he buy-side of a forward/fuures

More information

The Application of Multi Shifts and Break Windows in Employees Scheduling

The Application of Multi Shifts and Break Windows in Employees Scheduling The Applicaion of Muli Shifs and Brea Windows in Employees Scheduling Evy Herowai Indusrial Engineering Deparmen, Universiy of Surabaya, Indonesia Absrac. One mehod for increasing company s performance

More information

Segmentation, Probability of Default and Basel II Capital Measures. for Credit Card Portfolios

Segmentation, Probability of Default and Basel II Capital Measures. for Credit Card Portfolios Segmenaion, Probabiliy of Defaul and Basel II Capial Measures for Credi Card Porfolios Draf: Aug 3, 2007 *Work compleed while a Federal Reserve Bank of Philadelphia Dennis Ash Federal Reserve Bank of Philadelphia

More information

SPEC model selection algorithm for ARCH models: an options pricing evaluation framework

SPEC model selection algorithm for ARCH models: an options pricing evaluation framework Applied Financial Economics Leers, 2008, 4, 419 423 SEC model selecion algorihm for ARCH models: an opions pricing evaluaion framework Savros Degiannakis a, * and Evdokia Xekalaki a,b a Deparmen of Saisics,

More information

NYWEA Asset Management Task Force White Paper

NYWEA Asset Management Task Force White Paper The New York Waer Environmen Associaion, Inc. The Waer Qualiy Professionals 525 Plum Sree Suie 102 Syracuse, New York 13204 (315) 422-7811 Fax: 422-3851 www.nywea.org e-mail: pcr@nywea.org NYWEA Asse Task

More information

Description of the CBOE S&P 500 BuyWrite Index (BXM SM )

Description of the CBOE S&P 500 BuyWrite Index (BXM SM ) Descripion of he CBOE S&P 500 BuyWrie Index (BXM SM ) Inroducion. The CBOE S&P 500 BuyWrie Index (BXM) is a benchmark index designed o rack he performance of a hypoheical buy-wrie sraegy on he S&P 500

More information

Capital Budgeting and Initial Cash Outlay (ICO) Uncertainty

Capital Budgeting and Initial Cash Outlay (ICO) Uncertainty Financial Decisions, Summer 006, Aricle Capial Budgeing and Iniial Cash Oulay (ICO) Uncerainy Michael C. Ehrhard and John M. Wachowicz, Jr. * * The Paul and Beverly Casagna Professor of Finance and Professor

More information

TSG-RAN Working Group 1 (Radio Layer 1) meeting #3 Nynashamn, Sweden 22 nd 26 th March 1999

TSG-RAN Working Group 1 (Radio Layer 1) meeting #3 Nynashamn, Sweden 22 nd 26 th March 1999 TSG-RAN Working Group 1 (Radio Layer 1) meeing #3 Nynashamn, Sweden 22 nd 26 h March 1999 RAN TSGW1#3(99)196 Agenda Iem: 9.1 Source: Tile: Documen for: Moorola Macro-diversiy for he PRACH Discussion/Decision

More information

Single-machine Scheduling with Periodic Maintenance and both Preemptive and. Non-preemptive jobs in Remanufacturing System 1

Single-machine Scheduling with Periodic Maintenance and both Preemptive and. Non-preemptive jobs in Remanufacturing System 1 Absrac number: 05-0407 Single-machine Scheduling wih Periodic Mainenance and boh Preempive and Non-preempive jobs in Remanufacuring Sysem Liu Biyu hen Weida (School of Economics and Managemen Souheas Universiy

More information

UNDERSTANDING THE DEATH BENEFIT SWITCH OPTION IN UNIVERSAL LIFE POLICIES. Nadine Gatzert

UNDERSTANDING THE DEATH BENEFIT SWITCH OPTION IN UNIVERSAL LIFE POLICIES. Nadine Gatzert UNDERSTANDING THE DEATH BENEFIT SWITCH OPTION IN UNIVERSAL LIFE POLICIES Nadine Gazer Conac (has changed since iniial submission): Chair for Insurance Managemen Universiy of Erlangen-Nuremberg Lange Gasse

More information

policies are investigated through the entire product life cycle of a remanufacturable product. Benefiting from the MDP analysis, the optimal or

policies are investigated through the entire product life cycle of a remanufacturable product. Benefiting from the MDP analysis, the optimal or ABSTRACT AHISKA, SEMRA SEBNEM. Invenory Opimizaion in a One Produc Recoverable Manufacuring Sysem. (Under he direcion of Dr. Russell E. King and Dr. Thom J. Hodgson.) Environmenal regulaions or he necessiy

More information

Principal components of stock market dynamics. Methodology and applications in brief (to be updated ) Andrei Bouzaev, bouzaev@ya.

Principal components of stock market dynamics. Methodology and applications in brief (to be updated ) Andrei Bouzaev, bouzaev@ya. Principal componens of sock marke dynamics Mehodology and applicaions in brief o be updaed Andrei Bouzaev, bouzaev@ya.ru Why principal componens are needed Objecives undersand he evidence of more han one

More information

Journal Of Business & Economics Research September 2005 Volume 3, Number 9

Journal Of Business & Economics Research September 2005 Volume 3, Number 9 Opion Pricing And Mone Carlo Simulaions George M. Jabbour, (Email: jabbour@gwu.edu), George Washingon Universiy Yi-Kang Liu, (yikang@gwu.edu), George Washingon Universiy ABSTRACT The advanage of Mone Carlo

More information

Premium Income of Indian Life Insurance Industry

Premium Income of Indian Life Insurance Industry Premium Income of Indian Life Insurance Indusry A Toal Facor Produciviy Approach Ram Praap Sinha* Subsequen o he passage of he Insurance Regulaory and Developmen Auhoriy (IRDA) Ac, 1999, he life insurance

More information

DOES TRADING VOLUME INFLUENCE GARCH EFFECTS? SOME EVIDENCE FROM THE GREEK MARKET WITH SPECIAL REFERENCE TO BANKING SECTOR

DOES TRADING VOLUME INFLUENCE GARCH EFFECTS? SOME EVIDENCE FROM THE GREEK MARKET WITH SPECIAL REFERENCE TO BANKING SECTOR Invesmen Managemen and Financial Innovaions, Volume 4, Issue 3, 7 33 DOES TRADING VOLUME INFLUENCE GARCH EFFECTS? SOME EVIDENCE FROM THE GREEK MARKET WITH SPECIAL REFERENCE TO BANKING SECTOR Ahanasios

More information

Financial Prequalification for a Contractor by using a Dynamic Threshold Cash Flow Based Model

Financial Prequalification for a Contractor by using a Dynamic Threshold Cash Flow Based Model Financial Prequalicaion for a Conracor by using a Dynamic Threshold Cash Flow Based Model Wen-Haw Huang, Hsien-Hsing Liao, Hui-Ping Tserng, and Shu-Yi Lee indusry, undersanding he variaion of cash flow

More information

ANALYSIS AND COMPARISONS OF SOME SOLUTION CONCEPTS FOR STOCHASTIC PROGRAMMING PROBLEMS

ANALYSIS AND COMPARISONS OF SOME SOLUTION CONCEPTS FOR STOCHASTIC PROGRAMMING PROBLEMS ANALYSIS AND COMPARISONS OF SOME SOLUTION CONCEPTS FOR STOCHASTIC PROGRAMMING PROBLEMS R. Caballero, E. Cerdá, M. M. Muñoz and L. Rey () Deparmen of Applied Economics (Mahemaics), Universiy of Málaga,

More information

INTRODUCTION TO FORECASTING

INTRODUCTION TO FORECASTING INTRODUCTION TO FORECASTING INTRODUCTION: Wha is a forecas? Why do managers need o forecas? A forecas is an esimae of uncerain fuure evens (lierally, o "cas forward" by exrapolaing from pas and curren

More information

PolicyCore. Putting Innovation and Customer Service at the Core of Your Policy Administration and Underwriting

PolicyCore. Putting Innovation and Customer Service at the Core of Your Policy Administration and Underwriting PolicyCore Puing Innovaion and Cusomer Service a he Core of Your Policy Adminisraion and Underwriing As new echnologies emerge and cusomer expecaions escalae, P&C insurers are seeing opporuniies o grow

More information

The Interest Rate Risk of Mortgage Loan Portfolio of Banks

The Interest Rate Risk of Mortgage Loan Portfolio of Banks The Ineres Rae Risk of Morgage Loan Porfolio of Banks A Case Sudy of he Hong Kong Marke Jim Wong Hong Kong Moneary Auhoriy Paper presened a he Exper Forum on Advanced Techniques on Sress Tesing: Applicaions

More information

Analysis of Pricing and Efficiency Control Strategy between Internet Retailer and Conventional Retailer

Analysis of Pricing and Efficiency Control Strategy between Internet Retailer and Conventional Retailer Recen Advances in Business Managemen and Markeing Analysis of Pricing and Efficiency Conrol Sraegy beween Inerne Reailer and Convenional Reailer HYUG RAE CHO 1, SUG MOO BAE and JOG HU PARK 3 Deparmen of

More information

Modeling Tourist Arrivals Using Time Series Analysis: Evidence From Australia

Modeling Tourist Arrivals Using Time Series Analysis: Evidence From Australia Journal of Mahemaics and Saisics 8 (3): 348-360, 2012 ISSN 1549-3644 2012 Science Publicaions Modeling Touris Arrivals Using Time Series Analysis: Evidence From Ausralia 1 Gurudeo AnandTularam, 2 Vicor

More information

SHB Gas Oil. Index Rules v1.3 Version as of 1 January 2013

SHB Gas Oil. Index Rules v1.3 Version as of 1 January 2013 SHB Gas Oil Index Rules v1.3 Version as of 1 January 2013 1. Index Descripions The SHB Gasoil index (he Index ) measures he reurn from changes in he price of fuures conracs, which are rolled on a regular

More information

BALANCE OF PAYMENTS. First quarter 2008. Balance of payments

BALANCE OF PAYMENTS. First quarter 2008. Balance of payments BALANCE OF PAYMENTS DATE: 2008-05-30 PUBLISHER: Balance of Paymens and Financial Markes (BFM) Lena Finn + 46 8 506 944 09, lena.finn@scb.se Camilla Bergeling +46 8 506 942 06, camilla.bergeling@scb.se

More information

Load Prediction Using Hybrid Model for Computational Grid

Load Prediction Using Hybrid Model for Computational Grid Load Predicion Using Hybrid Model for Compuaional Grid Yongwei Wu, Yulai Yuan, Guangwen Yang 3, Weimin Zheng 4 Deparmen of Compuer Science and Technology, Tsinghua Universiy, Beijing 00084, China, 3, 4

More information

Time-Series Forecasting Model for Automobile Sales in Thailand

Time-Series Forecasting Model for Automobile Sales in Thailand การประช มว ชาการด านการว จ ยด าเน นงานแห งชาต ประจ าป 255 ว นท 24 25 กรกฎาคม พ.ศ. 255 Time-Series Forecasing Model for Auomobile Sales in Thailand Taweesin Apiwaanachai and Jua Pichilamken 2 Absrac Invenory

More information

Impact of scripless trading on business practices of Sub-brokers.

Impact of scripless trading on business practices of Sub-brokers. Impac of scripless rading on business pracices of Sub-brokers. For furher deails, please conac: Mr. T. Koshy Vice Presiden Naional Securiies Deposiory Ld. Tradeworld, 5 h Floor, Kamala Mills Compound,

More information

Research on Inventory Sharing and Pricing Strategy of Multichannel Retailer with Channel Preference in Internet Environment

Research on Inventory Sharing and Pricing Strategy of Multichannel Retailer with Channel Preference in Internet Environment Vol. 7, No. 6 (04), pp. 365-374 hp://dx.doi.org/0.457/ijhi.04.7.6.3 Research on Invenory Sharing and Pricing Sraegy of Mulichannel Reailer wih Channel Preference in Inerne Environmen Hanzong Li College

More information

Information technology and economic growth in Canada and the U.S.

Information technology and economic growth in Canada and the U.S. Canada U.S. Economic Growh Informaion echnology and economic growh in Canada and he U.S. Informaion and communicaion echnology was he larges conribuor o growh wihin capial services for boh Canada and he

More information

Quantity Surveyors career potential as construction project managers

Quantity Surveyors career potential as construction project managers December, 2. 6. 2013 Quaniy Surveyors career poenial as consrucion projec managers Michelle Burger Deparmen of Consrucion Economics Universiy of Preoria Preoria, Souh Africa michelle.burger@up.ac.za Absrac

More information

4. International Parity Conditions

4. International Parity Conditions 4. Inernaional ariy ondiions 4.1 urchasing ower ariy he urchasing ower ariy ( heory is one of he early heories of exchange rae deerminaion. his heory is based on he concep ha he demand for a counry's currency

More information

Setting Accuracy Targets for. Short-Term Judgemental Sales Forecasting

Setting Accuracy Targets for. Short-Term Judgemental Sales Forecasting Seing Accuracy Targes for Shor-Term Judgemenal Sales Forecasing Derek W. Bunn London Business School Sussex Place, Regen s Park London NW1 4SA, UK Tel: +44 (0)171 262 5050 Fax: +44(0)171 724 7875 Email:

More information

A Guide to Valuing Natural Resources Wealth

A Guide to Valuing Natural Resources Wealth A Guide o Valuing Naural esources Wealh Policy and Economics Team Environmen Deparmen, World Bank For quesions: Giovanni ua, grua@worldbank.org Conens: Basic framework Sub-soil asses Fores (imber asses)

More information

Module 3 Design for Strength. Version 2 ME, IIT Kharagpur

Module 3 Design for Strength. Version 2 ME, IIT Kharagpur Module 3 Design for Srengh Lesson 2 Sress Concenraion Insrucional Objecives A he end of his lesson, he sudens should be able o undersand Sress concenraion and he facors responsible. Deerminaion of sress

More information

GoRA. For more information on genetics and on Rheumatoid Arthritis: Genetics of Rheumatoid Arthritis. Published work referred to in the results:

GoRA. For more information on genetics and on Rheumatoid Arthritis: Genetics of Rheumatoid Arthritis. Published work referred to in the results: For more informaion on geneics and on Rheumaoid Arhriis: Published work referred o in he resuls: The geneics revoluion and he assaul on rheumaoid arhriis. A review by Michael Seldin, Crisopher Amos, Ryk

More information

Software Exclusivity and the Scope of Indirect Network Effects in the U.S. Home Video Game Market

Software Exclusivity and the Scope of Indirect Network Effects in the U.S. Home Video Game Market Sofware Exclusiviy and he Scope of Indirec Nework Effecs in he U.S. Home Video Game Marke Kenneh S. Cors Roman School of Managemen, Universiy of Torono Mara Lederman Roman School of Managemen, Universiy

More information

Idealistic characteristics of Islamic Azad University masters - Islamshahr Branch from Students Perspective

Idealistic characteristics of Islamic Azad University masters - Islamshahr Branch from Students Perspective Available online a www.pelagiaresearchlibrary.com European Journal Experimenal Biology, 202, 2 (5):88789 ISSN: 2248 925 CODEN (USA): EJEBAU Idealisic characerisics Islamic Azad Universiy masers Islamshahr

More information

Improving timeliness of industrial short-term statistics using time series analysis

Improving timeliness of industrial short-term statistics using time series analysis Improving imeliness of indusrial shor-erm saisics using ime series analysis Discussion paper 04005 Frank Aelen The views expressed in his paper are hose of he auhors and do no necessarily reflec he policies

More information

PRACTICES AND ISSUES IN OPERATIONAL RISK MODELING UNDER BASEL II

PRACTICES AND ISSUES IN OPERATIONAL RISK MODELING UNDER BASEL II Lihuanian Mahemaical Journal, Vol. 51, No. 2, April, 2011, pp. 180 193 PRACTICES AND ISSUES IN OPERATIONAL RISK MODELING UNDER BASEL II Paul Embrechs and Marius Hofer 1 RiskLab, Deparmen of Mahemaics,

More information

This is the author s version of a work that was submitted/accepted for publication in the following source:

This is the author s version of a work that was submitted/accepted for publication in the following source: This is he auhor s version of a work ha was submied/acceped for publicaion in he following source: Debnah, Ashim Kumar & Chin, Hoong Chor (2006) Analysis of marine conflics. In Proceedings of he 19h KKCNN

More information

VALUE BASED FINANCIAL PERFORMANCE MEASURES: AN EVALUATION OF RELATIVE AND INCREMENTAL INFORMATION CONTENT

VALUE BASED FINANCIAL PERFORMANCE MEASURES: AN EVALUATION OF RELATIVE AND INCREMENTAL INFORMATION CONTENT VALUE BASED FINANCIAL PERFORMANCE MEASURES: AN EVALUATION OF RELATIVE AND INCREMENTAL INFORMATION CONTENT Pierre Erasmus Absrac Value-based (VB) financial performance measures are ofen advanced as improvemens

More information

Exploring Imputation Techniques for Missing Data in Transportation Management Systems

Exploring Imputation Techniques for Missing Data in Transportation Management Systems Exploring Impuaion Techniques for Missing Daa in Transporaion Managemen Sysems Brian L. Smih Assisan Professor Universiy of Virginia Deparmen of Civil Engineering P. O. Box 400742 Charloesville, VA 22904-4742

More information

STRUCTURING EQUITY INVESTMENT IN PPP PROJECTS Deepak. K. Sharma 1 and Qingbin Cui 2

STRUCTURING EQUITY INVESTMENT IN PPP PROJECTS Deepak. K. Sharma 1 and Qingbin Cui 2 ABSTRACT STRUCTURING EQUITY INVESTMENT IN PPP PROJECTS Deepak. K. Sharma 1 and Qingbin Cui 2 Earlier sudies have esablished guidelines o opimize he capial srucure of a privaized projec. However, in he

More information

Journal of Financial and Strategic Decisions Volume 12 Number 1 Spring 1999

Journal of Financial and Strategic Decisions Volume 12 Number 1 Spring 1999 Journal of Financial and Sraegic Decisions Volume 12 Number 1 Spring 1999 THE LEAD-LAG RELATIONSHIP BETWEEN THE OPTION AND STOCK MARKETS PRIOR TO SUBSTANTIAL EARNINGS SURPRISES AND THE EFFECT OF SECURITIES

More information

Nikkei Stock Average Volatility Index Real-time Version Index Guidebook

Nikkei Stock Average Volatility Index Real-time Version Index Guidebook Nikkei Sock Average Volailiy Index Real-ime Version Index Guidebook Nikkei Inc. Wih he modificaion of he mehodology of he Nikkei Sock Average Volailiy Index as Nikkei Inc. (Nikkei) sars calculaing and

More information

DETC2010-28889 A SYSTEMATIC METHODOLOGY FOR ACCURATE DESIGN-STAGE ESTIMATION OF ENERGY CONSUMPTION FOR INJECTION MOLDED PARTS

DETC2010-28889 A SYSTEMATIC METHODOLOGY FOR ACCURATE DESIGN-STAGE ESTIMATION OF ENERGY CONSUMPTION FOR INJECTION MOLDED PARTS Proceedings of he ASME 2010 Inernaional Design Engineering Technical Conferences & Compuers and Informaion in Engineering Conference IDETC/CIE 2010 Augus 15-18, 2010, Monreal, Quebec, Canada DETC2010-28889

More information

Information Theoretic Evaluation of Change Prediction Models for Large-Scale Software

Information Theoretic Evaluation of Change Prediction Models for Large-Scale Software Informaion Theoreic Evaluaion of Change Predicion Models for Large-Scale Sofware Mina Askari School of Compuer Science Universiy of Waerloo Waerloo, Canada maskari@uwaerloo.ca Ric Hol School of Compuer

More information

Price Controls and Banking in Emissions Trading: An Experimental Evaluation

Price Controls and Banking in Emissions Trading: An Experimental Evaluation This version: March 2014 Price Conrols and Banking in Emissions Trading: An Experimenal Evaluaion John K. Sranlund Deparmen of Resource Economics Universiy of Massachuses-Amhers James J. Murphy Deparmen

More information

Contrarian insider trading and earnings management around seasoned equity offerings; SEOs

Contrarian insider trading and earnings management around seasoned equity offerings; SEOs Journal of Finance and Accounancy Conrarian insider rading and earnings managemen around seasoned equiy offerings; SEOs ABSTRACT Lorea Baryeh Towson Universiy This sudy aemps o resolve he differences in

More information

Model of an Integrated Procurement-Production System for Food Products Incorporating Quality Loss during Storage Time

Model of an Integrated Procurement-Production System for Food Products Incorporating Quality Loss during Storage Time Model of an Inegraed rocuremen-roducion Sysem for Food roducs Incorporaing Qualiy Loss during Sorage ime Gusi Fauza, Yousef Amer, and Sang-Heon Lee Absrac Research on procuremen-producion sysems for deerioraing

More information

cooking trajectory boiling water B (t) microwave 0 2 4 6 8 101214161820 time t (mins)

cooking trajectory boiling water B (t) microwave 0 2 4 6 8 101214161820 time t (mins) Alligaor egg wih calculus We have a large alligaor egg jus ou of he fridge (1 ) which we need o hea o 9. Now here are wo accepable mehods for heaing alligaor eggs, one is o immerse hem in boiling waer

More information

Forestry profitability panel dataset

Forestry profitability panel dataset Foresry profiabiliy panel daase Wei Zhang, Mou Research Daa Documenaion Mou Economic and Public Policy Research Dae accessed/creaed: Augus 2010 Mou Ref ID: U9970 Suggesed Ciaion: Zhang, Wei. "Foresry Profiabiliy

More information

Chapter 8 Student Lecture Notes 8-1

Chapter 8 Student Lecture Notes 8-1 Chaper Suden Lecure Noes - Chaper Goals QM: Business Saisics Chaper Analyzing and Forecasing -Series Daa Afer compleing his chaper, you should be able o: Idenify he componens presen in a ime series Develop

More information

INTERNATIONAL MONETARY FUND AND THE WORLD BANK. Developing a Medium-Term Debt Management Strategy (MTDS) Guidance Note for Country Authorities

INTERNATIONAL MONETARY FUND AND THE WORLD BANK. Developing a Medium-Term Debt Management Strategy (MTDS) Guidance Note for Country Authorities INTERNATIONAL MONETARY FUND AND THE WORLD BANK Developing a Medium-Term Deb Managemen Sraegy (MTDS) Guidance Noe for Counry Auhoriies Prepared by he Saff of he IMF and World Bank March 3, 2009 Conens Page

More information

11/6/2013. Chapter 14: Dynamic AD-AS. Introduction. Introduction. Keeping track of time. The model s elements

11/6/2013. Chapter 14: Dynamic AD-AS. Introduction. Introduction. Keeping track of time. The model s elements Inroducion Chaper 14: Dynamic D-S dynamic model of aggregae and aggregae supply gives us more insigh ino how he economy works in he shor run. I is a simplified version of a DSGE model, used in cuing-edge

More information

Markit Excess Return Credit Indices Guide for price based indices

Markit Excess Return Credit Indices Guide for price based indices Marki Excess Reurn Credi Indices Guide for price based indices Sepember 2011 Marki Excess Reurn Credi Indices Guide for price based indices Conens Inroducion...3 Index Calculaion Mehodology...4 Semi-annual

More information

Working Paper No. 482. Net Intergenerational Transfers from an Increase in Social Security Benefits

Working Paper No. 482. Net Intergenerational Transfers from an Increase in Social Security Benefits Working Paper No. 482 Ne Inergeneraional Transfers from an Increase in Social Securiy Benefis By Li Gan Texas A&M and NBER Guan Gong Shanghai Universiy of Finance and Economics Michael Hurd RAND Corporaion

More information

Explaining long-term trends in groundwater hydrographs

Explaining long-term trends in groundwater hydrographs 18 h World IMACS / MODSIM Congress, Cairns, Ausralia 13-17 July 2009 hp://mssanz.org.au/modsim09 Explaining long-erm rends in groundwaer hydrographs Ferdowsian, R. 1 and D.J. Pannell 2 1 Deparmen of Agriculure

More information

Market Efficiency or Not? The Behaviour of China s Stock Prices in Response to the Announcement of Bonus Issues

Market Efficiency or Not? The Behaviour of China s Stock Prices in Response to the Announcement of Bonus Issues Discussion Paper No. 0120 Marke Efficiency or No? The Behaviour of China s Sock Prices in Response o he Announcemen of Bonus Issues Michelle L. Barnes and Shiguang Ma May 2001 Adelaide Universiy SA 5005,

More information

A New Type of Combination Forecasting Method Based on PLS

A New Type of Combination Forecasting Method Based on PLS American Journal of Operaions Research, 2012, 2, 408-416 hp://dx.doi.org/10.4236/ajor.2012.23049 Published Online Sepember 2012 (hp://www.scirp.org/journal/ajor) A New Type of Combinaion Forecasing Mehod

More information

Grant Application Format

Grant Application Format Gran Applicaion Forma Organizaions applying for Gran are requesed o submi his applicaion along wih he projec proposal o: The Program Manager Coca-Cola India Foundaion Enkay Towers, Udyog Vihar Phase V

More information