Equivalent Locally Martingale Measure for the Deflator Process on Ordered Banach Algebra

This paper aims at determining the measure of Q under necessary and sufficient conditions. The measure is an equivalent measure for identifying the given P such that the process with respect to P is the deflator locally martingale. The martingale and locally martingale measures will coincide for the deflator process discrete time. We define s-viable, s-price system, and no locally free lunch in ordered Banach algebra and identify that the s-price system C,π is s-viable if and only a character functional ψC≤π exists. We further demonstrate that no locally free lunch is a necessary and sufficient condition for the equivalent martingale measure Q to exist for the deflator process and the subcharacter ϕ∈Γ such that φC=π. This paper proves the existence of more than one condition and that all conditions are equivalent.

Options to Continue the EU ETS for Aviation in a CORSIA-World

From 2021, an increasing percentage of the carbon emission growth in international air transport will be subject to offsetting under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). Presently, it is still unclear if, and how, the existing EU emissions trading scheme (ETS) for aviation will continue. We assess the environmental impacts of different options (not) to continue with the EU ETS for aviation alongside CORSIA, and also discuss resulting monitoring, reporting, and verification (MRV) requirements. Our results indicate that any form of continuation of the EU ETS would have positive environmental effects especially in the early 2020s, when the coverage and environmental impact of CORSIA, which only tackles any post-2020 emission growth in international aviation, will still be low. If, moreover, a certain failure of CORSIA Certified Emission Reductions (CERs) to actually achieve emission reduction elsewhere is assumed, the environmental net benefit of CORSIA will be even lower. From both the policy and economic perspectives, these aspects may further strengthen the need to continue with the EU ETS for aviation. Possible options are to maintain the EU ETS in operation for domestic flights only, as a complement to CORSIA, or to keep it alive even for international flights within the European Economic Area (EEA), replacing CORSIA there as an equivalent measure. Another option to increase the environmental effectiveness of CORSIA, at least to some extent, could be to voluntarily extend it to domestic EEA flights. Administrative-wise, the CORSIA MRV system could be applied to a continued EU ETS to reduce transaction costs and to assure globally similar or even identical MRV standards, e.g., with regard to exemptions and eligible fuel monitoring methods.

Towards optimised and reconstructable sampling inspection of pipe integrity for improved efficiency of non-destructive testing

This work proposes a sampling inspection framework for point measurement non-destructive testing of pipelines to improve its time and cost efficiencies. Remaining pipe wall thickness data from limited dense inspection are modelled with spatial statistics approaches. The spatial dependence in the available data and some subjective requirements provide a reference for selecting a most efficient sampling inspection scheme. With the learned model and the selected sampling scheme, the effort of inspecting the residual part of the same pipeline or cohort will be significantly reduced from dense inspection to sampling inspection, and the full information can be reconstructed from samples while maintaining a reasonable accuracy. The recovered thickness map can be used as an equivalent measure to the dense inspection for subsequent structural analysis for failure risk estimation or remaining life assessment.

Posturographic Tests of Candidates for Military Pilots

One of the many elements of the process of qualifying the candidates for military aircraft pilots is the assessment of the correct functioning of their body balance system, responsible, inter alia, for spatial orientation during a flight. That system continuously controls the spatial position of the center of body mass. To measure that value directly is a complex metrological task. That is why an equivalent measure is used in tests of standing posture stability, i.e. the position of a projection of the center of mass on a supporting plane. Quantitative information determining the characteristics of the body balance system may be obtained in posturographic tests, which include measurement, recording and assessment of the trajectory of a projection of the examined person’s center of body mass. At the preliminary stage, examined were nineteen candidates for fighter pilots (one woman and 18 men), students of the Polish Air Force Academy in Dęblin. Based on the conducted measurements of the body mass center position and the stabilographic tests, the correctness of their balance system performance was assessed. The article discusses the examination methodology, presents measurement results and conclusions.

DOES PERTAINING TO A GLOBAL STRATEGIC ALLIANCE IMPROVE THE BOTTOM LINE?

This study researched whether pertaining to a global strategic alliance brought significant benefits to the ‘bottom line’ of allied airlines. The study used two groups: a group of airlines which had joined one of three global alliances against a control group of airlines which had not joined any alliances. The research compared the net return of those two groups before and after airlines joined their alliances (or equivalent measure), as well as their relative net performance both in the short-term and in a longer term. Results showed a sensible deterioration in net profitability for the alliance group and a perceptible improvement in net profitability for the nonalliance group. The latter also differed from the former in having a positive relative net performance in the short-term.

WAMS COI-Based Phasor Visualization Frame for Power System Area Separation

A methodology of visualization of the power system oscillation among operational areas is proposed based on PMUs measurements. The method is based on the definition of the center of inertia by operational areas based on phasor measurements on generation nodes. This visualization takes measurements of the PMUs in every single operation area and makes a unique equivalent measure which corresponds to phasor-center of inertia of each operational area. In this way, the observation of equivalent phasors by area allows an easy and clear visualization of the behavior of the power system when a contingency occurs allows the selection of adequate control measures.

Measuring the Upstreamness of Production and Trade Flows

We propose two distinct approaches to the measurement of industry upstreamness (or average distance from final use) and show that they yield an equivalent measure. Furthermore, we provide two additional interpretations of this measure, one of them related to the concept of forward linkages. We construct this measure for 426 industries using the 2002 US input-output Tables. We also construct our measure using data from selected countries in the OECD STAN database. Finally, we present an application of our measure that explores the determinants of the average upstreamness of exports at the country level using trade flows for 2002.