Prices are macro-observables! Stylized facts from evolutionary finance

Prices are macro-observables of a financial market that result from the trading actions of a huge number of individual investors. Major stylized facts of empirical asset returns concern (i) non-Gaussian distribution of empirical asset returns and (ii) volatility clustering, i.e., the slow decay of auto- correlations of absolute returns. We propose a model for the aggregate dynamics of the market which is generated by the coupling of a ‘slow’ and a ‘fast’ dynamical component, where the ‘fast’ component can be seen as a perturbation of the ‘slow’ one. Statistical properties of price changes in this model are estimated by simulation; sample size is 4 × 10⁶. It is shown that increasing the decoupling of these two dynamical levels generates a crossover in the distribution of log returns from a concave Gaussian-like distribution to a convex, truncated Levy-like one. For a sufficiently large degree of dynamic decoupling, the return trails exhibit pronounced volatility clustering.     

Removal of As(V) Ions from Solution by Akaganeite bgr-FeO(OH) Nanocrystals

The original method is developed for producing the new inorganic sorption material of akaganeite bgr-FeO(OH). The material in question is characterized relative to arsenic contained in aqua. The possibility is established for removing arsenate ions from water by contemporary physicochemical methods.     

Femtosecond laser pulse energy tunneling in the range of forbidden frequencies of a one-dimensional photonic crystal

The results of computer simulations demonstrate the possibility of light energy transmission through band gaps of a one-dimensional photonic crystal with fluctuating lengths of individual layers. In the case of weak (±5%) fluctuations, the light pulse energy partly penetrates in depth a photonic crystal. If fluctuations of the layer length are strong (±20%), the light pulse energy can be partly transmitted through the crystal.     

Heat Transfer Analysis for Gas-to-Liquids Transportation Through Trans Alaska Pipeline

Gas-to-liquids (GTL) technology involves the conversion of natural gas to liquid hydrocarbons. In this article, theoretical studies have been presented to determine the feasibility of transporting GTL products through the Trans-Alaska Pipeline System (TAPS). To successfully transport GTL through TAPS, heat loss along the route must be carefully determined. This study presents heat transfer and fluid dynamic calculations to evaluate this feasibility. Because of heat loss, the fluid temperature decreases in the direction of flow and this affects the fluid properties, which in turn influence convection coefficient and pumping power requirements. The temperature and heat loss distribution along the pipeline at different locations have been calculated. Fairly good agreement with measured oil temperatures is observed. The powers required to pump crude oil and GTL individually, against various losses have been calculated. Two GTL transportation modes have been considered; one as a pure stream of GTL and the second as a commingled mixture with crude oil. These results show that the pumping power and heat loss for GTL are less than that of the crude oil for the same volumetric flow rate. Therefore, GTL can be transported through TAPS using existing equipment at pump stations.     

Distributed Transmit Antenna Selection (DTAS) Under Performance or Energy Consumption Constraints

Motivated by the transmit antenna selection (TAS) concept, used in Multiple-Input-Multiple-Output systems, we argue for distributed transmit antenna selection (DTAS), which corresponds to a method of selecting a subset of available relays in cooperative diversity systems. Assuming amplify and forward relays, the proposed selection method represents a low-complexity tool for determining the optimum relaying set. Two optimization problems are studied: the error probability minimization subject to total energy consumption constraints, and the dual one, the total energy consumption minimization under error performance constraints. Numerical examples verify the advantage of the proposed method in adapting the number of relaying terminals to the desired performance-consumption tradeoff.     

Modified CMA based blind multiuser equaliser with decision directed scheme

A modified constant modulus (CM) algorithm based blind multiuser equaliser with a decision directed (DD) scheme is developed that does not require any mutual decorrelation and is suitable for downlink direct sequence code division multiple access systems. The performance of the proposed time domain adaptive equaliser is evaluated with respect to usual parameters and is found to perform better than the concurrent CM algorithm and DD scheme.     

Interval based MINLP superstructure synthesis of mass exchange networks

A new simultaneous synthesis approach for mass exchange networks (MENs) is presented. The technique is adapted from the interval based mixed integer non-linear program (MINLP) superstructure (IBMS) synthesis of heat exchanger networks (HENs). The superstructure interval boundary compositions are defined by the supply and target compositions of either the rich or lean set of streams. Each rich and lean stream in the superstructure has the potential of exchanging mass with streams of opposite kind in each interval based on mass transfer feasibility. The model harnesses the strengths of the stagewise superstructure and the pinch technology methods for mass exchange network synthesis (MENS). The IBMS approach simultaneously trades-off the capital and operating costs for MENs. The superstructure composition interval defining approach introduced in this paper enforces the mixing of split streams at equal compositions, hence there is no need to include mixing equations in the model. Fixing the interval boundaries helps to eliminate the complexities involved in initialisations, thus the region of search for the optimum solution is reduced. The IBMS model is applied to MENS problems involving continuous contact and staged columns. It is also extended to problems involving multiple mass separating agents (MSAs) and regeneration. The results obtained compare well with those in the literature.     

Comparative Study of Rubidium and Cesium as Promoters in Carbon-supported Ruthenium Catalysts for Ammonia Synthesis

Sibunit-supported Ru-catalysts promoted with cesium or rubidium compounds have been comparatively studied with XPS. The cesium promoter interacts both with support and with active component. The absence of the promoter–support interaction in the case of rubidium provides a stronger interaction between promoter and active component compared to the cesium-based catalysts. These differences in the promoter–support and promoter–metal interactions are exhibited when a sequence of ruthenium and alkali introduction are changed.