Strategic capital budgeting: asset replacement under market uncertainty

In this paper the impact of product market uncertainty on the optimal replacement timing of a production facility is studied. The existing production facility can be replaced by a technologically more advanced and thus more cost-effective one. We take into account strategic interactions among the firms competing in the product market by analyzing the problem in a duopolistic setting. We calculate the value of each firm and show that i) a preemptive (simultaneous) replacement occurs when the associated sunk cost is low (high), ii) despite the preemption effect uncertainty always raises the expected time to replace, and iii) the relationship between the probability of optimal replacement within a given time interval and uncertainty is decreasing for long time intervals and humped for short time intervals. Furthermore it is shown that result ii) carries over to the case where firms have to decide about starting production rather than about replacing existing facilities. Correspondence to: Grzegorz PawlinaThis research was undertaken with support from the European Union's Phare ACE Programme 1997. The content of the publication is the sole responsibility of the authors and in no way represents the views of the Commission or its services. The authors would like to thank Kuno Huisman, Enrico Pennings, two anonymous referees, and participants of the Advances in Game Theory Conference in Hilvarenbeek, EFMA 2002 in London, and the Workshop on Recent Topics in Real Options Valuation in Krems for helpful comments.G. Pawlina     

Membrane Systems with Marked Membranes

Membrane computing is a biologically inspired computational paradigm. Motivated by brane calculi we investigate membrane systems which differ from conventional membrane systems by the following features: (1) biomolecules (proteins) can move through the regions of the systems, and can attach onto (and de-attach from) membranes, and (2) membranes can evolve depending on the attached molecules. The evolution of membranes is performed by using rules that are motivated by the operation of pinocytosis (the pino rule) and the operation of cellular dripping (the drip rule) that take place in living cells. We show that such membrane systems are computationally universal. We also show that if only the second feature is used then one can generate at least the family of Parikh images of the languages generated by programmed grammars without appearance checking (which contains non-semilinear sets of vectors). If, moreover, the use of pino/drip rules is non-cooperative (i.e., not dependent on the proteins attached to membranes), then one generates a family of sets of vectors that is strictly included in the family of semilinear sets of vectors. We also consider a number of decision problems concerning reachability of configurations and boundness.     

Contrast Restoration by Adaptive Countershading

The ABSTRACT is to be in fully-justified italicized text, between two horizontal lines, in one-column format, below the author and affiliation information. Use the word “Abstract” as the title, in 9-point Times, boldface type, left-aligned to the text, initially capitalized. The abstract is to be in 9-point, single-spaced type. The abstract may be up to 3 inches (7.62 cm) long. Leave one blank line after the abstract, then add the subject categories according to the ACM Classification Index (see http://www.acm.org/class/1998/ ).     

Instrumental variables for nonlinearity recovering in block-oriented systems driven by correlated signals

The goal of the paper is to identify the Hammerstein-type systems excited and disturbed by correlated random processes. The problem is semi-parametric in the sense that the nonlinear static characteristic is recovered without prior knowledge about the linear dynamic block, i.e. when its order is unknown. The method is based on the instrumental variables technique, with the instruments generated by input inverse filtering. It is proved that, in contrast to the least-squares-based approach, the proposed algorithm leads to an asymptotically unbiased, strongly consistent estimate. Constructive procedures of instrumental variables generation are given for some popular cases.     

Convective cooling optimization of a blade for a supercritical steam turbine

This paper discusses the problem of blade cooling system optimization connected with conjugate heat transfer (CHT) analysis for reliable thermal field prediction within a steam cooled component. Since the full CHT solution, which involves the main flow, blade material and the coolant flow domains is computationally expensive from the point of view of optimization process, it was decided to reduce the problem by fixing the boundary conditions at the blade surface and solving the task for the interior only (both solid material and coolant). Such assumption, on one hand, makes the problem computationally feasible, and on the other, provides more reliable thermal field prediction than it used to be with the empirical relationships.The analysis involves shape optimization of internal cooling passages within an airfoil. The cooling passages are modeled with a set of four Bezier splines joined together to compose a closed contour. Each passage is fed with cooling steam of constant parameters at the inlet. In the present study the airfoil profile is taken as aerodynamically optimal. The search problem is solved with evolutionary algorithm and the final configuration is to be found among the Pareto optimal cooling candidates.     

Carbon materials modified by plasma treatment as electrodes for supercapacitors

The carbon material was modified by RF plasma with various reactive gases: O₂, Ar and CO₂. Physicochemical properties of the final carbon products were characterized using different techniques such as gas adsorption method and XPS. Plasma modified materials enriched in oxygen functionalities were investigated as electrodes for supercapacitors in acidic medium. The electrochemical measurements have been carried out using cyclic voltammetry, galvanostatic charge/discharge and impedance spectroscopy. The electrochemical measurements have confirmed that capacity characteristics are closely connected with a type of plasma exposition. Modification processes have an influence on the kind and amount of surface functional groups in the carbon matrix. The moderate increase of capacity of carbon materials modified by plasma has been observed using symmetric two-electrode systems. Whereas investigations made in three-electrode system proved that the suitable selection of plasma modification parameters allows to obtain promising negative and positive electrode materials for supercapacitor application.     

Gas phase aluminizing of TiAl intermetallics

The aim of this study was the microstructural characterization of aluminide diffusion coatings deposited on Ti48Al2Cr2Nb and Ti46Al7Nb alloys. The coatings' deposition process was prepared using out of pack method. The X-ray diffraction phase analysis from the surface of coatings indicated that TiAl₂ phase dominates in the coating. The thickness of aluminide coating was about 10 μm.     

Anti‐corrosion additive for concrete

The Building Research Institute in Warsaw has developed an organic concrete additive, known as Dikszopt, which is derived from tanning oak extract. Tests, mostly in the laboratory but some in application trials, show that it has a remarkable ability to protect reinforcing steel against corrosion, notably in carbonized concrete. It also appears to improve the consistency of the concrete mix and retard the setting time, as discussed in this article from the Institute.     

Calcium Ions Regulate K+ Uptake into Brain Mitochondria: The Evidence for a Novel Potassium Channel

The mitochondrial response to changes of cytosolic calcium concentration has a strong impact on neuronal cell metabolism and viability. We observed that Ca²⁺ additions to isolated rat brain mitochondria induced in potassium ion containing media a mitochondrial membrane potential depolarization and an accompanying increase of mitochondrial respiration. These Ca²⁺ effects can be blocked by iberiotoxin and charybdotoxin, well known inhibitors of large conductance potassium channel (BK_Ca channel). Furthermore, NS1619 – a BK_Ca channel opener – induced potassium ion–specific effects on brain mitochondria similar to those induced by Ca²⁺. These findings suggest the presence of a calcium-activated, large conductance potassium channel (sensitive to charybdotoxin and NS1619), which was confirmed by reconstitution of the mitochondrial inner membrane into planar lipid bilayers. The conductance of the reconstituted channel was 265 pS under gradient (50/450 mM KCl) conditions. Its reversal potential was equal to 50 mV, which proved that the examined channel was cation-selective. We also observed immunoreactivity of anti-β₄ subunit (of the BK_Ca channel) antibodies with ~26 kDa proteins of rat brain mitochondria. Immunohistochemical analysis confirmed the predominant occurrence of β₄ subunit in neuronal mitochondria. We hypothesize that the mitochondrial BK_Ca channel represents a calcium sensor, which can contribute to neuronal signal transduction and survival.     

Numerical modelling of radiative heat transfer in an internal indirect reforming-type SOFC

The present paper describes numerical modelling of the radiative heat transfer process in the module chamber of an internal indirect reforming-type SOFC. The ability to do internal reforming is one of the characteristics of high-temperature fuel cells, SOFC. As in any high-temperature system, radiative heat transfer is important. In this article, heat transfer between the fuel reformer surface and all other surfaces facing the reformer surfaces is modelled. Governing equations for radiative heat transfer are described using Hottel's zone method. The resulting radiation–conduction conjugate heat transfer problems are numerically solved with a combination of Gauss–Seidel and Newton–Raphson methods. The steam reforming reaction occurring inside the fuel reformer is described using Achenbach model. The obtained results indicate that, for the development of effective indirect internal reforming, the position of the reformer in the module chamber and emissivity of the surfaces of the reformer, cell and other elements in the SOFC module all play a key role.