Equilibrium dividend strategies in the dual model with a random time horizon

This paper investigates the dividend problem with non-exponential discounting in a dual model.We assume that the dividends can only be paid at a bounded rate and that the surplus process is killed by an exponential random variable.Since the non-exponential discount function leads to a time inconsistent control problem,we study the equilibrium HJB-equation and give the associated verification theorem.For the case of a mixture of exponential discount functions and exponential gains,we obtain the explicit equilibrium dividend strategy and the corresponding equilibrium value function.Besides,numerical examples are shown to illustrate our results.

Vapor-liquid equilibrium modeling for binary system of R152a/R1234ze(E)

At present,the environment impact of refrigerants has been given attention.The binary mixture R152a/R1234ze(E)is an environmentally friendly refrigerant,which solves problems of poor cooling performance of the R1234ze(E)cycle and flammability of R152a.In order to obtain its basic thermal and physical parameters,it is necessary to carry out vapor-liquid equilibrium(VLE)research,and the cubic equation of states(EOS)is often used in the calculation of the thermodynamic properties of mixtures.In this paper,the VLE predicted models for R152a/R1234ze(E)in the temperature range of 298.15-328.15 K were constructed using Soave-Redlich-Kwong(SRK),Peng-Robinson(PR)equations of state(EOS)combined with van der Waals(vd W),Huron-Vidal(HV)mixing rules,respectively.The equilibrium pressures and vapor-phase mole fractions of the models were obtained by calculation,and all four models presented an extreme correlation with the experimental data.And it can be concluded that the calculated results of the PR+HV model are closer to the experimental data than those of the other three models,with the average absolute deviation of 0.0027 for vapor-phase mole fraction(AAD(ycal))and the average absolute relative deviation of 0.243%for equilibrium pressure(AARD(pcal)),which provides a basis for accurately calculating the thermophysical properties of the mixture R152a/R1234ze(E).

Phase equilibrium data prediction and process optimizationin butadiene extraction process

In response to the lack of reliable physical parameters in the process simulation of the butadiene extraction,a large amount of phase equilibrium data were collected in the context of the actual process of butadiene production by acetonitrile.The accuracy of five prediction methods,UNIFAC(UNIQUAC Functional-group Activity Coefficients),UNIFAC-LL,UNIFAC-LBY,UNIFAC-DMD and COSMO-RS,applied to the butadiene extraction process was verified using partial phase equilibrium data.The results showed that the UNIFAC-DMD method had the highest accuracy in predicting phase equilibrium data for the missing system.COSMO-RS-predicted multiple systems showed good accuracy,and a large number of missing phase equilibrium data were estimated using the UNIFAC-DMD method and COSMO-RS method.The predicted phase equilibrium data were checked for consistency.The NRTL-RK(non-Random Two Liquid-Redlich-Kwong Equation of State)and UNIQUAC thermodynamic models were used to correlate the phase equilibrium data.Industrial device simulations were used to verify the accuracy of the thermodynamic model applied to the butadiene extraction process.The simulation results showed that the average deviations of the simulated results using the correlated thermodynamic model from the actual values were less than 2%compared to that using the commercial simulation software,Aspen Plus and its database.The average deviation was much smaller than that of the simulations using the Aspen Plus database(>10%),indicating that the obtained phase equilibrium data are highly accurate and reliable.The best phase equilibrium data and thermodynamic model parameters for butadiene extraction are provided.This improves the accuracy and reliability of the design,optimization and control of the process,and provides a basis and guarantee for developing a more environmentally friendly and economical butadiene extraction process.

Thermodynamic model for equilibrium solubility of gibbsite in concentrated NaOH solutions

The thermodynamic properties of the most important NaOH-NaAI（OH）4-H20 system in Bayer process for alumina production were investigated. A theoretical model for calculating the equilibrium constant of gibbsite dissolved in sodium hydroxide solution was proposed. New Pitzer model parameters and mixing parameters for the system NaOH-NaAI（OH）4-H20 were yielded and tested in the temperature range of 298.15-373.15 K. The results show that the proposed model for calculating the equilibrium constant of gibbsite dissolution is applicable and accurate. The obtained Pitzer model parameters of β（0）（NaAl（OH）4）、β（1）（NaAl（OH）4）和CΦ（NaAl（OH）4）,Al（OH）4 for NaAI（OH）4, the binary mixing parameter of θ（OH-Al（OH）4-） with OH-, and the ternary mixing parameter of ψ（Na＋OH-Al（OH）4-） for AI（OH）4- with OH- and Na＋ are temperature-dependent. The prediction of the equilibrium solubility of gibbsite dissolved in sodium hydroxide solution was feasible in the temperature range of 298.15-373.15 K.

Sensitivity analysis for stochastic user equilibrium with elastic demand assignment model

This paper puts forward a rigorous approach for a sensitivity analysis of stochastic user equilibrium with the elastic demand （SUEED） model. First, proof is given for the existence of derivatives of output variables with respect to the perturbation parameters for the SUEED model. Then by taking advantage of the gradient-based method for sensitivity analysis of a general nonlinear program, detailed formulae are developed for calculating the derivatives of designed variables with respect to perturbation parameters at the equilibrium state of the SUEED model. This method is not only applicable for a sensitivity analysis of the logit-type SUEED problem, but also for the probit-type SUEED problem. The application of the proposed method in a numerical example shows that the proposed method can be used to approximate the equilibrium link flow solutions for both logit-type SUEED and probit-type SUEED problems when small perturbations are introduced in the input parameters.

Agricultural Policy Simulation Based on Computable General Equilibrium Model

[Objective] This study aimed to examine the simulated effect of Computable General Equilibrium （CGE）-based agricultural policy simulation system. [Method] The policy simulation platform based on CGE model was constructed by integrating policy simulation, CGE model and Decision Supporting System （DSS）. The scenario analysis method was used to analyze the agricultural subsides policy simulation through empirical analysis. [Result] Farmers were the main beneficiaries of increasing agricultural production subsidies, which increased farmers＇ income and improved the export of agriculture products. The prototype system could solve the problems in actual policy simulation. [Conclusion] The results lay the foundation for the quantitative study on agricultural subsidy policy in China.

Modeling and simulation of turbofan engine based on equilibrium manifold

Because the normal operation of the engine is located near the equilibrium manifold, the method of equilibrium mani fold nonlinear dynamic modeling is adopted for turbofan engine more than the local train modeling. The method studies the sys tem characteristics near the equilibrium manifold. The modeling method can be realized through dynamic and static twostep, and for the specific parameter modeling steps and algorithm are given. The output of the test data is compared with the model output through numerical simulation, to check the model with an additional set of test data. The simulation results show that the model has reached the requirements of engineering accuracy.

Overhanging rock slope by design:An integrated approach using rock mass strength characterisation,large-scale numerical modelling and limit equilibrium methods

Overhanging rock slopes(steeper than 90°) are typically avoided in rock engineering design, particularly where the scale of the slope exceeds the scale of fracturing present in the rock mass. This paper highlights an integrated approach of designing overhanging rock slopes where the relative dimensions of the slope exceed the scale of fracturing and the rock mass failure needs to be considered rather than kinematic release of individual blocks. The key to the method is a simplified limit equilibrium(LE) tool that was used for the support design and analysis of a multi-faceted overhanging rock slope. The overhanging slopes required complex geometries with constantly changing orientations. The overhanging rock varied in height from 30 m to 66 m. Geomechanical modelling combined with discrete fracture network(DFN)representation of the rock mass was used to validate the rock mass strength assumptions and the failure mechanism assumed in the LE model. The advantage of the simplified LE method is that buttress and support design iterations(along with sensitivity analysis of design parameters) can be completed for various cross-sections along the proposed overhanging rock sections in an efficient manner, compared to the more time-intensive, sophisticated methods that were used for the initial validation. The method described presents the development of this design tool and assumptions made for a specific overhanging rock slope design. Other locations will have different geological conditions that can control the potential behaviour of rock slopes, however, the approach presented can be applied as a general guiding design principle for overhanging rock cut slope.

Three Stage Equilibrium Model for Coal Gasification in Entrained Flow Gasifiers Based on Aspen Plus

A three stage equilibrium model is developed for coal gasification in the Texaco type coal gasifiersbased on Aspen Plus to calculate the composition of product gas, carbon conversion, and gasification teml^erature. The model is divided into three stages including pyrolysis and combustion stage, char gas reaction stage, and gas p.hase reaction stage. Part of the water produced in thepyrolysis and combust!on stag.e is assumed to be involved inthe second stage to react with the unburned carbon. Carbon conversion is then estimated in the second stage by steam participation ratio expressed as a function of temperature. And the gas product compositions are calculated from gas phase reactions in the third stage. The simulation results are consistent with published experimental data.

Multiphase equilibrium modeling of oxygen bottom-blown copper smelting process

A computational thermodynamics model for the oxygen bottom-blown copper smelting process(Shuikoushan,SKS process)was established,based on the SKS smelting characteristics and theory of Gibbs free energy minimization.The calculated results of the model show that,under the given stable production condition,the contents of Cu,Fe and S in matte are71.08%,7.15%and17.51%,and the contents of Fe,SiO2and Cu in slag are42.17%,25.05%and3.16%.The calculated fractional distributions of minor elements among gas,slag and matte phases are As82.69%,11.22%,6.09%,Sb16.57%,70.63%,12.80%,Bi68.93%,11.30%,19.77%,Pb19.70%,24.75%,55.55%and Zn17.94%,64.28%,17.79%,respectively.The calculated results of the multiphase equilibrium model agree well with the actual industrial production data,indicating that the credibility of the model is validated.Therefore,the model could be used to monitor and optimize the industrial operations of SKS process.

Modeling of gas-solid flow in a CFB riser based on computational particle fluid dynamics

A three-dimensional model for gas-solid flow in a circulating fluidized bed（CFB） riser was developed based on computational particle fluid dynamics（CPFD）.The model was used to simulate the gas-solid flow behavior inside a circulating fluidized bed riser operating at various superficial gas velocities and solids mass fluxes in two fluidization regimes,a dilute phase transport（DPT） regime and a fast fluidization（FF） regime.The simulation results were evaluated based on comparison with experimental data of solids velocity and holdup,obtained from non-invasive automated radioactive particle tracking and gamma-ray tomography techniques,respectively.The agreement of the predicted solids velocity and holdup with experimental data validated the CPFD model for the CFB riser.The model predicted the main features of the gas-solid flows in the two regimes;the uniform dilute phase in the DPT regime,and the coexistence of the dilute phase in the upper region and the dense phase in the lower region in the FF regime.The clustering and solids back mixing in the FF regime were stronger than those in the DPT regime.

A limit equilibrium fracture zone model to investigate seismicity in coal mines

This paper explores possible synergies between techniques used to minimise seismicity in deep South African gold mines and their applicability to control coal bumps. The paper gives a summary of the techniques used in the deep gold mines and a critical appraisal if these are useful in coal mines. The techniques typically include control of mining rate, preconditioning, optimisation of extraction sequences and centralised blasting. Of particular interest to the coal bump problem is an experimental limit equilibrium fracture zone model implemented in a displacement discontinuity code. This was recently developed for the gold mines to enable the interactive analysis of complex tabular mine layout extraction sequences. The model specifically accommodates energy dissipation computations in the developing fracture zone near the edges of these excavations. This allows the released energy to be used as a surrogate measure of ongoing seismic activity and addresses a number of the weaknesses in the traditional usage of this quantity as a criterion for the design of seismically active layouts. This paper investigates the application of the model to a hypothetical coal longwall layout and the specific problem of coal bumps.

Phase Equilibrium Calculations in Mixtures Containing Caprolactam with a UNIFAC Model

An extended liquid-liquid equilibrium(LLE) UNIFAC model is proposed to describe phase equilibria of mixtures containing caprolactam.In this model,caprolactam is introduced as a new group.New group interaction parameters are calibrated from 156 sets of liquid-liquid equilibrium data.The present model gives satisfactory correlation and prediction in liquid-liquid equilibrium,including quaternary systems containing the mixed solvent of an alcohol and an alkane.The model can be applied to predict caprolactam solubility in water and benzene accurately.Freezing point and vapor-liquid equilibrium of binary systems containing caprolactam are also predicted with the extended LLE UNIFAC model.Satisfactory prediction results are obtained.

Numerical Simulation on Gas-Solid Two-Phase Turbulent Flow in FCC Riser Reactors(Ⅰ) Turbulent Gas-Solid Flow-Reaction Model

Gas-solid two-phase turbulent flows,mass transfer,heat transfer and catalytic cracking reactions areknown to exert interrelated influences in commercial fluid catalytic cracking(FCC)riser reactors.In the presentpaper,a three-dimensional turbulent gas-solid two-phase flow-reaction model for FCC riser reactors was devel-oped.The model took into account the gas-solid two-phase turbulent flows,inter-phase heat transfer,masstransfer,catalytic cracking reactions and their interrelated influence.The k-V-k_P two-phase turbulence modelwas employed and modified for the two-phase turbulent flow patterns with relatively high particle concentration.Boundary conditions for the flow-reaction model were given.Related numerical algorithm was formed and a nu-merical code was drawn up.Numerical modeling for commercial FCC riser reactors could be carried out with thepresented model.

Vapor-Liquid Equilibrium Prediction of Ammonia-Ionic Liquid Working Pairs of Absorption Cycle Using UNIFAC Model

On the basis of reported experimental vapor-liquid equilibrium （VLE） data of NH3-1-ethyl-3-methylimidazolium acetate （NH3-[Emim]Ac）, NH3-1-butyl-3-methylimidazolium tetrafluoroborate （NH3-[Bmim][BF4]）, NH3-1,3-dimethylimidazolium dimethyl phosphate （NH3-[Mmim]DMP） and NH3-1-ethyl-3-methylimidazolium ethylsulfate （NH3-[Emim]EtOSO3） binary systems, the interaction parameters of 14 new groups have been regressed by means of the UNIFAC model. To validate the reliability of the method, these parameters have been used to calculate the VLE data with the average relative deviation of pressures of less than 9.35%. The infinite dilution activity coefficient （ γ1∞ ） and the absorption potential （ φ1 ） are important evaluation criterions of the affinity between working pair species of the absorption cycle. The UNIFAC model is implemented to predict the values of and φ1 of t6 sets of NH3-ionic liquid （1L） systems. The work found that the φ1 gradually increases following the impact order： φ1（[Cnmim][BF4]）〈φ1（[Cnmim]EtOSO3）〈φ1（[Cnmim]DMP）〈φ1（[Cnmim]Ac） （n= 1, 2, 3, … ） at a given cation of IL species and constant temperature, and φ1（[Mmim]X）〈φ1（[Emim]X）〈φ1（[Pmim]X）〈 φ1（[Bmim]X）（X= Ac, [BF4], DMP or EtOSO3） at a given anion of IL species and constant temperature. Furthermore, the φ1 gradually increases with increasing temperature. Then, it could be concluded that the working pair NH3-[BmimlAc has the best potential research value relatively.

A mixed stochastic user equilibrium model considering influence of advanced traveller information systems in degradable transport network

Advanced traveler information systems （ATIS） can not only improve drivers＇ accessibility to the more accurate route travel time information, but also can improve drivers＇ adaptability to the stochastic network capacity degradations. In this paper, a mixed stochastic user equilibrium model was proposed to describe the interactive route choice behaviors between ATIS equipped and unequipped drivers on a degradable transport network. In the proposed model the information accessibility of equipped drivers was reflected by lower degree of uncertainty in their stochastic equilibrium flow distributions, and their behavioral adaptability was captured by multiple equilibrium behaviors over the stochastic network state set. The mixed equilibrium model was formulated as a fixed point problem defined in the mixed route flows, and its solution was achieved by executing an iterative algorithm. Numerical experiments were provided to verify the properties of the mixed network equilibrium model and the efficiency of the iterative algorithm.

Typical Equilibrium Beach Profile Models and Their Significances from Different Segments of A Headland-Bay Beach

This study introduces three typical models on equilibrium beach profile, and discusses the application limitations of these models. Then this study examines the selections for applying these models on different coastal segments of a headland-bay beach in west Guangdong, South China, and explores the physical significances of those parameters in the models. The results indicate that：（1） Bodge＇s model is more in line with the equilibrium beach profile of the tangential or transitional segment, whereas Lee＇s model is more consistent with the shadow profile;（2） most of the parameters in three models have clear physical significances in accordance with the actual characteristics of this headland-bay beach; and（3） both the selections for the equilibrium beach profile from different segments and significances of most of the parameters in three models are in essence correlated with the morphodynamic states at various coastal locations.

Intensity Allocation Criteria of Carbon Emissions Permits and Regional Economic Development in China——Based on a 30-Province/Autonomous Region Computable General Equilibrium Model

The intensity allocation criteria of carbon emissions permits and its influence on China＇s regional development are analyzed through the 30-province/autonomous region computable general equilibrium （CGE） model. Simulation results show that： industrial intensity criteria without taking regional economic development into account deepen the unbalance of regional economic development; regional intensity criteria without taking industrial properties into account exert little negative impact on regional harmonious development, but relatively high negative influence on high-carbon emission industries. The two-step allocation scheme that the central government allocates emissions permits to provincial governments based on regional economic development and then provincial governments allocate emissions permits to emission resources or entities based on industrial properties is a feasible and operable choice.

An Extension of One-Period Nash Equilibrium Model in Non-Life Insurance Markets

This paper deals with an extension of the one-period model in non-life insurance markets (cf. [1]) by using a transition probability matrix depending on some economic factors. We introduce a multi-period model and in each period the solvency constraints will be updated. Moreover, the model has the inactive state including some uninsured population. Similar results on the existence of premium equilibrium and sensitivity analysis for this model are presented and illustrated by numerical results.

Fiscal Policy Effect Analysis Based on Agents Response Equilibrium (ARE) Model

Agents response equilibrium (ARE) model has been taken advantage of to build a multi-agent system for analyzing fiscal policy effect. Through establishing various types of economic entities and endowing them with abilities to react and make decision, the whole system will evolve to new conditions in response to policy change. Compared with different scenarios, it can be concluded that when raising taxation ratio, sectoral scale will shrink to some extent. But supported by government expenditure, certain sectors could be kept in comparatively larger production scale.