Economic value function

The properties of fillers which induence a given end use are many. The overall value of a filler is a complex function of intrinsic material characteristics, eg, tme density, melting point, crystal habit, and chemical composition and of process-dependent factors, eg, particle-si2e distribution, surface chemistry, purity, and bulk density. Fillers impart performance or economic value to the compositions of which they are part. These values, often called functional properties, vary according to the nature of the appHcation. A quantification of the functional properties per unit cost in many cases provides a vaUd criterion for filler comparison and selection. The following are summaries of key filler properties and values. 

Negative externalities arise when an action by an individual or a group implies harmful effects on others such as unintended dispersion of chemicals to land, air and water air pollution effects on health forest growth or fish reproduction. When negative externalities are generated they should be internalized into the market economy. By internalizing the externalities the economic value of environmental impacts are allocated to the pollution sources and included in the economics of the activities causing the problem. This would also allow for the market to function properly and thereby reach a socially optimal level of environmental impacts. 

Basically, economic valuation is performed by two different main methods. You either observe indirect statements of economic value = Reveal preferences. Or you ask individuals for their economic value = State preferences. One important aspect to have in mind is that valuation is performed to identify demand for resources and services for which there is no functioning market [18]. 

The economic values in the objective function are treated and structured from an operations research perspective as variables calculated bottom up considering underlying volume decision variables. These result variables are integrated in the model to make the objective function more readable and easier to communicate to stakeholders such as planners, top-management, marketing and/or controlling. 

To compute this value requires survivor functions for relevant time periods as well as values for v(f). The survivor functions were computed from male and female life tables available for 1982 and 1997 from Statistics Canada. Economic values for additional life years were computed based on Murphy and Topel (2005) and converted to Canadian dollars using the average per capita ratios of Canadian to U.S. income for 1994-2003. These income-adjusted life year values were then multiplied by 1.267 the purchasing power parity (PPP) rate between Canada and the United States in 2004, expressed in 2004 dollars. 

Fig. 10.1 Economic value of a parcel of land in the Amazon as a function of distance from markets where products from that parcel could be sold. Reprinted from Fig. 2.4 in Schneider, 1995, with permission of The World Bank.

As the many beneficial functions provided by the ecosystem become better understood, and as the nonmarket benefits the ecosystem bestowed upon humans become more widely appreciated, significant research attention has begun to focus on the economic value associated with ecosystem services (Costanza et al., 1997 Daily, 1997). 

In the first initial search, the objective function, given by Eq. (9-1) is searched over the independent variables kXl k2 at some arbitrarily selected value of Lx/D in the same manner as described in procedure 1. In this first initial search, D is taken as a dependent variable. After the minimum number of stages N has been found by this search, a second initial search is made with the total number of stages fixed at this value of N. In the second initial search, the economic objective function given by Eq. (9-15) is searched over kx, Lx /D with k2 and D being dependent. Note k2 = N - 2, and D depends upon the fixed value of N. 

In the formulation of a typical problem of this type, consider again the complex column shown in Fig. 9-2, and suppose that the purity specifications or constraints are taken to be (bh/dh)L, (bjd u, (wr/dr)L, and (ws/ds)LI. Then the problem to be solved consists of finding the number of plates ku k2, and k5 and the corresponding values of the operating variables Lx/D, D, and W that minimize the operating costs and capital costs per mole of the most valuable product (D, , or W). When the purity constraints are included in the objective function, the problem to be solved may be stated as follows. The economic objective function... 

These published studies have recognised wool and meat as the co-products for sheep production systems of interest. However, sheep systems in some regions also provide milk with high economic value for human food. It is also recognised that sheep can provide other functions that can potentially be accounted for, thereby reducing the environmental impacts allocated to wool. For example, RipoU-Bosch et al. (2013) studied sheep systems in Spain and noted that the benefits of sheep to ecosystem services (e.g. conservation of biodiversity and landscapes) were important in extensive mid-high altitude natural/seminatural areas and allocated up to one-half of total GHG emissions to these ecosystem services based on an economic approach. 

The main goal of inspection is to ensure the functionality of workpieces, products, and testing devices and thus ensuring economical value of products. As such, the main objective of inspection in the field of Precisirai Engineering and Metrology is to quantify the dimensional characteristics of compcments by means of measurements and to compare the results of those measurements with the product specifications (ISO 8015 2011). 

Environmental objectives are normally not well defined because economic objective functions normally involve profitability measures, whereas the value of reduced pollution is not easily quantified by economic measures. As a consequence, design teams often formulate mixed objective functions that attempt to express environmental improvements in financial terms. In other cases, the team may settle for the optimization of an economic objective function, subject to bounds on the concentrations of the solutes in the waste streams. It is important to assess whether the constraints are hard (not allowed to be violated) or soft (capable of being violated under unusual circumstances). Emphasis must be placed on the formulation of each constraint and the extent to which it must be honored. 

When the same process is used on a waste stream of (necessarily) unknown composition, separation efficiencies cannot be measured directly. With the possible exception of comingling between HDPE and impact-modified forms of PP, the separations are quite sharp. The recovered polymers are functionally pure and have good economic value. Dissolution times are somewhat faster than for virgin pellets due to the thin cross-sections typical of plastics packaging. 

The proof is long and rich in technical and economic subtleties but the main idea is simple and intuitive Because the agent s utility is additively separable and exponential and because the agent has access to frictionless capital markets, it follows that the principal can redistribute her payments to the agent across periods so that the agent s value function is equal to the reservation utility w 1 — a)Wt)] in each period t and state Xt-. There-... 

To economize on notation, we absorb the type information into the value function itself That is agents types will be their value functions and they are free to report any non-negative value function they like. We continue to let F be the space of feasible allocations. 

Maximizing the objective function Z under these constrants with proper limits of the operating parameters will change the related parameters to the values under which economical value Z will be maximal. In this case, the operating parameters achieve optimal values, which can be used either as set points for the closed-loop or open-loop control. 

The objective function (economic value) representing the economic operating margin for the column is shown in Figure 14.2, which is defined as the difference between the value of products (top butane product and pentane bottom pentane product) and costs of feed and energy. The value function features two discontinuities. The first, which occurs when the composition of the bottom product is about 1 % butane, corresponds to a change in the top product from off-spec to on-spec. The second discontinuity occurs when the bottom product becomes off-spec at 5% butane. 

Keeping in mind the importance of chitosan, as well as its economic value as an industrial product, we must pay attention to its key physical parameter, i.e., turbidity. Depending on source, a marked difference is observed in aqueous solutions of chitosan and its derivatives in terms of their turbidity [33]. Turbid aqueous solutions of chitosan and chitosan-derived products greatly lose their commercial value. Such chitosan cannot be used as a commercial product and in some cases may have to be discarded. Therefore, the selection of source plays a pivotal role in the production of chitin and chitosan. Shepherd et al. [20] reported the production of chitosan from New Zealand Arrow squid Notodarus sloani) pens as well as the evaluation of the functional properties of this squid chitosan compared with chitosan extracted from crustacean sources. Squid pen chitin and chitosan were visibly cleaner than chitin and chitosan obtained from crab and crayfish. In addition, due to the lower mineral content of squid pen as compared to cmstacean shells, the demineralization process can be skipped to extract chitin, which also makes the production cheaper. As shown in Table 4, the squid pen chitosan is similar in... 

Hydrogenolysis. This reaction also involves the C—C bond breaking and the formation of C-H bonds, but with all the steps catalyzed by the metal function. This is a very similar reaction to the hydrocracking, but the product distribution is different. The main difference is that the C—C bond rupture on the metal produce methane as one of the major products, whereas the acid-catalyze C—C bond breaking practically does not form methane. Methane has a very low economical value. The hydrogenolysis is undesirable because consumes hydrogen and is highly exothermic. 

The ability to perform olefin metathesis reactions in water is potentially of interest, not only for the environmental concerns or the economic value of using water as a solvent but also for the ability to manipulate and further functionalize molecules of biological importance where aqueous environments are required. This is an important area of research, and it has been the focus of literature reviews [16,100]. As we saw for the case of the supported Ru catalysts described above, the advent of the well-defined catalyst systems also helped to define research in this field. Related strategies to those presented above have been employed to manipulate the catalyst architecture for the purpose of increasing the effectiveness of olefin metathesis catalysis in water. 

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