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Coupling of biogas upgrading and power‐to‐X is challenging due to the intermittent cheap energy availability. A system was designed that overcomes the technical challenges in this coupling. This is possible by alternating biogas upgrading and methanol synthesis in a reactor operating both as sorption‐enhanced synthesis reactor and as upgrading unit by pressure swing adsorption. It was observed that this concept is feasible in both fixed‐ and fluidized‐bed reactors, and the potential for economic performance improvement was quantified in approximately 20 % increase of the internal rate of return. [ABSTRACT FROM AUTHOR]

Volatility modeling is crucial in finance, especially when dealing with intraday transaction‐level asset returns. The irregular and high‐frequency nature of the data presents unique challenges. While stochastic volatility (SV) models are widely used for understanding patterns in volatility of daily stock returns which constitute regularly spaced time series, new classes of models must be introduced for analyzing volatility in irregularly spaced intraday data. Specifically these models must accommodate the random gaps between successive transactional events. By modeling the gaps using autoregressive conditional duration (ACD) models, we describe a hierarchical irregular SV autoregressive conditional duration (IR‐SV‐ACD) model for estimating and forecasting intertransaction gaps and the volatility of log‐returns. We carry out the analysis in the Bayesian framework via the Hamiltonian Monte Carlo (HMC) algorithm with No‐U‐turn sampler (NUTS) in R using the cmdstanr package. The fits and forecasts are obtained using Monte Carlo averages based on the posterior samples. We illustrate this approach using simulation studies and real data analysis for intraday prices available at microseconds level of health stocks traded on the New York Stock Exchange (NYSE). The log‐returns and gaps are calculated for the stocks and are used for modeling. [ABSTRACT FROM AUTHOR]

Conservation funding is currently limited; cost‐effective conservation solutions are essential. We suggest that the thousands of field stations worldwide can play key roles at the frontline of biodiversity conservation and have high intrinsic value. We assessed field stations' conservation return on investment and explored the impact of COVID‐19. We surveyed leaders of field stations across tropical regions that host primate research; 157 field stations in 56 countries responded. Respondents reported improved habitat quality and reduced hunting rates at over 80% of field stations and lower operational costs per km2 than protected areas, yet half of those surveyed have less funding now than in 2019. Spatial analyses support field station presence as reducing deforestation. These "earth observatories" provide a high return on investment; we advocate for increased support of field station programs and for governments to support their vital conservation efforts by investing accordingly. [ABSTRACT FROM AUTHOR]

Total factor productivity growth contributed 38% of Indonesia's agricultural output growth from the mid‐1970s to the mid‐2000s. This study uses time series data analysed with an error correction mechanism to examine the contribution that Indonesian publicly funded agricultural research made to this outcome, allowing for other possible determinants of productivity growth, including international agricultural research, extension, government price policy and weather. The results imply a 27% real annual rate of return from a marginal increase in Indonesian agricultural research expenditure. Indonesia's public agricultural research explains virtually all of its agricultural total factor productivity growth between 1975 and 2006. [ABSTRACT FROM AUTHOR]

Several procedures have been recently proposed to test the simplifying assumption for conditional copulas. Instead of considering pointwise conditioning events, we study the constancy of the conditional dependence structure when some covariates belong to general Borel conditioning subsets. We introduce several test statistics based on the equality of conditional Kendall's taus and derive their asymptotic distributions under the null hypothesis. In settings where such conditioning events are not fixed ex ante, we propose a data‐driven procedure to recursively build such relevant subsets. This procedure is based on decision trees that maximize the differences between the conditional Kendall's taus, which correspond to the leaves of the trees. Empirical results for such tests are illustrated in the Supplementary Material. Moreover, a study of the conditional dependence between financial stock returns is presented and highlights specific contagion effects of past returns. The last application deals with conditional dependence between coverage amounts in an insurance dataset. [ABSTRACT FROM AUTHOR]

The study's objective was to investigate how changes in oil prices affect stock market performance. The study's population consisted of selected African countries chosen based on factors like the size of their stock markets and whether or not they import or export oil. The world development indicator (WDI) and the OPEC bulletin or website served as sources for the data. The vector error correction model was used to analyse the collected data. Regarding the impact of oil price fluctuations on the performance of the stock market, the findings of the study were mixed. Oil price fluctuations have a positive impact on stock market performance for countries that import oil. For oil‐trading countries, the impacts were found to differ across examined countries. Oil price fluctuations had a mixed effect on both large and small stock markets. This demonstrates how crucial it is to investigate changes in the price of oil and how they might impact stock market performance, particularly in African countries. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of residential photovoltaic (PV) battery systems in a real test system with the goal of system peak load shaving. In order to encourage residential investors, a levelised feed‐in tariff (LFiT) scheme is introduced. Accordingly, two proposed cases and relevant suggestions are presented to reach a better performance. The profitability of the project is apprised via several economic criteria such as net present value, simple and discount payback period years (PBY and DPBY), internal rate of return (IRR), benefit to cost ratio, net cash flow, and levelised cost of energy. Moreover, different levels of peak shaving subject to customers' participation and the size of the PV‐battery system are also obtained. An actual test system regarding 1‐year recorded data is employed to elevate the precision of results. Obtained results demonstrate that in the current situation in Iran, the PBY is about 5.83 years and the IRR is about 0.43. Meanwhile, the ratio of the LFiT should be about 3.5 to reach the same result as the current circumstances. Finally, a sensitivity analysis on systems' parameters is performed to identify the impact of these parameters on economic indices. [ABSTRACT FROM AUTHOR]

Resilient systems can absorb and recover from disturbances and adapt to changed conditions to maintain system functionality. Uncertainty about the meaning of resilience and the attributes it requires has limited the application of resilience thinking in biosecurity. However, considering increasing pressures from trade, travel and climate change, enhancing the resilience of biosecurity systems is likely to be critical to reduce the impacts of pests and diseases on economies, societies and environments. Here we provide a pathway for resilience thinking into risk management. Based on a literature review we discuss its benefits, develop an operational definition of resilience for biosecurity systems and identify the fundamental attributes that support resilience. We show that resilient biosecurity systems can anticipate disturbances, cope with low‐probability high‐impact events and adapt to new and changing circumstances. The status of biosecurity system resilience can be measured using evaluative rubrics, which give decision‐makers an overall performance rating and insight into system weaknesses. General measures, objective functions and simulation approaches are potential avenues for quantifying biosecurity system resilience in practice. Policy implications: Adopting resilience thinking into biosecurity risk management has the potential to reduce the damages caused by invading pests and diseases. If resilience thinking is used alongside traditional risk analysis, then regulators can more effectively address and prepare for the systemic consequences of high‐impact incursions and outbreaks of pests and diseases, which are unpredictable, low‐probability events. However, the design of resilience‐enhancing measures should be guided by economic principles and consider the rate of return of these measures over time. [ABSTRACT FROM AUTHOR]

In this article, we evaluate the rate of return to government efforts to promote broadband. Specifically, we estimate the impact of USDA's broadband loan and grant programs on the average payroll per worker using zip code level data from the Zip Code Business Patterns for the period from 1997 to 2007. Our results indicate that two of the smaller broadband programs (the Pilot loan program and the broadband grants program) likely had no effect on local payroll per workers. On the other hand, the largest program in terms of funding and coverage (the current broadband loan program) likely had a positive impact. Our estimate implies that a $1 per capita increase in a particular zip code's one‐time receipt of the current program broadband loan results in a $0.92 increase in payroll per worker annually. Our calculated point estimates of the benefit: cost ratios for this broadband program range from 1.98 to 2.99, depending on assumptions about the time frame over which benefits accrue. However, the confidence intervals are wide enough to include the possibility that the costs outweigh the benefits.(JEL L86, J30, O18) [ABSTRACT FROM AUTHOR]

Recurring summer cyanobacteria blooms in the Baltic Sea has gained academic interests for decades. The harvest of wild cyanobacteria, for example, Nodularia spumigena, during summer blooms in the Baltic Sea has been studied in the past but lacked evaluation for environmental and economic performances. This study provides a first‐hand assessment of environmental and economic performance from an energy perspective, using energy return on investment (EROI) as evaluation method where harvest of biomass and the downstream conversion of biomass to biogas and biofertilizer are considered for Gotland, Sweden. Energy analysis results indicate fuel consumption during harvest and transport operations to be the major energy consumer. Traditional sailing boats have been suggested as an alternative. Overall, when considering only biogas yield and usage of sailing boats, a break‐even EROI of 1 is achieved. When including biofertilizer as product, a breakeven EROI of 1 is also achieved. Depending upon the biomass concentration in the Baltic Sea at the time of harvest, an EROI > 6 is possible, surpassing the economic viability EROI benchmark of 3, indicating the importance of nutrient recovery as the driver for harvest of wild cyanobacteria biomass during blooms in the Baltic Sea. This article met the requirements for a gold‐gold JIE data openness badge described at http://jie.click/badges. [ABSTRACT FROM AUTHOR]

Existing studies have investigated the impact of oil price risk (OPR) on firms' stock returns (FSRs) at the aggregate level; little attention has been devoted to firms' stock returns (FSRs) given the firm's size. This study was designed to investigate the effects of OPR on FSRs while considering the sizes of these firms in Nigeria. A nonlinear autoregressive distributed lag econometric model that captures OPR (positive and negative oil price change) was explored, in which short‐run and long‐run nonlinearities are estimated in both symmetric and asymmetric models. One hundred firms in the Nigeria Stock Exchange were partitioned into four quartiles using their market capitalization. The results showed that a positive OPR increased stock returns in the first quartile, third quartile and fourth quartile while anegative OPR reduced the returns in the first quartile, but the second, third and fourth quartile stock returns gained in the long‐run. Generally, the quartiles responded to asymmetric oil price change. The OPR had differential impacts on stock returns depending on the size of the firm in Nigeria but negative OPR impacts most capitalized firms more. [ABSTRACT FROM AUTHOR]

Background: Students vary in their initial achievement when they enter school and their rate of academic growth as they move through school. These differences have implications for classroom instruction and educational policy. Although previous research has examined initial achievement and growth differences, a gap remains in understanding how initial level of achievement interacts with subsequent growth as children move through school. Aim: Using Vygotsky's zone of proximal development (ZPD) and return on investment as theoretical grounding, this registered report examined how students' initial academic performance relative to their school predicts their subsequent academic achievement. The stage 1 accepted registered report is available at https://osf.io/9zmak/. Specifically, we tracked the achievement of a cohort of students who started at or above their school's mean at the beginning of third grade and tested a range of hypotheses regarding their achievement and growth as well as which students showed the greatest gains from their time in school. Sample: Using a large database of student academic achievement in the United States, this registered report included de‐identified data from all students from fall 2014 to spring 2017 in grades three through five from the ten US states with the highest participation for the Northwest Evaluation Association's Measures of Academic Progress (MAP®) – a computer adaptive test of academic achievement in mathematics and reading. Because the MAP is taken at least twice per school year, up to six scores were included on mathematics and reading achievement for effective samples of approximately 220,000 students. Method: We built separate reading and mathematics three‐level piecewise longitudinal hierarchical linear models (student repeated measures, nested within students, nested within schools) to model student growth from the beginning of third grade to the end of fifth grade (i.e., three academic years and two summers). Results: For both mathematics and reading, average student achievement growth slowed as they progressed from third through fifth grade. From there, the findings diverged. In mathematics, student growth was mostly similar across achievement levels and grades from third through fifth. However, in reading, above‐average students demonstrated slower growth than average students during the school year but faster growth during the summer. Also of note, at the beginning of third grade, the highest achieving students outscored average students in their school by more than 2 years in mathematics and 3 years in reading. Conclusions: Our results may be able to be explained via a ZPD model, which posits development only occurs when students are placed in appropriately challenging environments. In mathematics, the observed pattern of relatively consistent growth across achievement levels suggests average students were just as likely to be in their ZPD as higher achieving students. In reading, as initial achievement increased, student reading growth slowed, which suggests the higher the initial achievement, the less likely students were to be in their ZPD. If a goal of education is for students to learn new things, our results suggest existing school offerings in reading are not meeting that goal equitably for students across the performance spectrum. Differential growth patterns should be considered when designing learning experiences for students who enter with a wide range of prior mastery. [ABSTRACT FROM AUTHOR]

Organisations spend much money on Information Technology (IT) development and maintenance activities with the intention that these activities will create results that enable benefits for the organisations. This paper seeks to understand potential associations between IT development and maintenance activities and the adoption of benefits management practices to realise value for the organization. The aim is also to uncover potential differences between public and private organisations. We surveyed 86 Norwegian public and private organisations, including data collected in similar surveys every five years since 1993. For the period between 1998 and 2018, we observe a stable pattern of IT work distribution. We found that organisations that managed benefits put more effort into advancing functionality for the end‐users than other organisations, and they realised more benefits. This advantage was particularly true for organisations that managed benefits beyond the early stages of the development lifecycle. Private organisations both managed and realised benefits to a larger extent than public organisations. Our findings can enable organisations to be evidence‐based when choosing management practices to achieve a higher return on investments in IT development and maintenance activities. [ABSTRACT FROM AUTHOR]

Aim: To evaluate labour market outcomes in type 1 or type 2 diabetes. Methods: Individuals with type 1 (n = 431) and type 2 diabetes (n = 4047) were identified in Danish national registers from 1994 to 2011 and compared with individuals without diabetes (n = 101 295). Multi‐state Cox proportional hazards analyses estimated hazard ratios (HR) with 95% confidence intervals (CI) for transitions between work, sickness absence, unemployment and disability pension. Results: We observed significantly higher HR of sickness absence in type 1 diabetes (women: 1.34, 95% CI 1.12–1.62; men: 1.43, 1.01–2.03) and type 2 diabetes (women: 1.46, 95% CI 1.35–1.58; men: 1.64, 1.46–1.85) compared with people without diabetes. HR of unemployment was higher for men with type 1 diabetes (1.25, 95% CI 1.01–1.53) and women with type 2 diabetes (1.09, 95% CI 1.03–1.16) and men with type 2 diabetes (1.17, 95% CI 1.08–1.27). HR of disability pension was higher in type 1 diabetes (women: 1.90, 95% CI 1.46–2.46; men: 2.09, 1.38–3.18) and type 2 diabetes (women: 1.78, 95% CI 1.62–1.96; men: 2.11, 1.86–2.40). Only women with type 2 diabetes were less likely to return to work from sickness absence (HR 0.91, 95% CI 0.86–0.98) or unemployment (0.89, 95% CI 0.85–0.94). We found no significant difference between the two types of diabetes. Hazard ratios for diabetes regarding unemployment, sickness absence while unemployed and disability pension were significantly higher for men than for women. Conclusions: Both type 1 and type 2 diabetes affect labour market outcomes, but future studies should also consider comorbidity and social gradient. What's new?: This is the first study to assess a wide range of labour market outcomes in type 1 and type 2 diabetes mellitus.Individuals with type 1 and type 2 diabetes can have higher risks of long‐term sickness absence, unemployment and disability pension, as well as lower chances of returning to work.The impact of diabetes was significantly higher for men than for women on specific outcomes, but there was no significant difference in the impact of having type 1 and type 2 diabetes.Data did not allow for the evaluation of impact of diabetes‐related comorbidities. [ABSTRACT FROM AUTHOR]

Glycerol is the main by‐product of biodiesel plants, and new technological routes using it as a raw material are being developed due to the increased global production of biofuels. One possible application is in the production of acrylonitrile, a product with several industrial applications. Here, the production process of acrylonitrile using crude glycerol is proposed and analyzed. The process is shown to be economically viable, requiring an operating time of 5 years to achieve a net present value/investment ratio greater than 2 and an internal rate of return greater than 10 % per annum. The new process was found to be competitive compared to the current route (through propylene ammoxidation), supporting the development of new studies on this new route. [ABSTRACT FROM AUTHOR]

Introduction: Tracing patients lost to follow‐up (LTFU) from HIV care is widely practiced, yet we have little knowledge of its causal effect on care engagement. In a prospective, Zambian cohort, we examined the effect of tracing on return to care within 2 years of LTFU. Methods: We traced a stratified, random sample of LTFU patients who had received HIV care between August 2013 and July 2015. LTFU was defined as a gap of >90 days from last scheduled appointment in the routine electronic medical record. Extracting 2 years of follow‐up visit data through 2017, we identified patients who returned. Using random selection for tracing as an instrumental variable (IV), we used conditional two‐stage least squares regression to estimate the local average treatment effect of tracer contact on return. We examined the observational association between tracer contact and return among patient sub‐groups self‐confirmed as disengaged from care. Results: Of the 24,164 LTFU patients enumerated, 4380 were randomly selected for tracing and 1158 were contacted by a tracer within a median of 14.8 months post‐loss. IV analysis found that patients contacted by a tracer because they were randomized to tracing were no more likely to return than those not contacted (adjusted risk difference [aRD]: 3%, 95% CI: –2%, 8%, p = 0.23). Observational data showed that among contacted, disengaged patients, the rate of return was higher in the week following tracer contact (IR 5.74, 95% CI: 3.78–8.71) than in the 2 weeks to 1‐month post‐contact (IR 2.28, 95% CI: 1.40–3.72). There was a greater effect of tracing among patients lost for >6 months compared to those contacted within 3 months of loss. Conclusions: Overall, tracer contact did not causally increase LTFU patient return to HIV care, demonstrating the limited impact of tracing in this program, where contact occurred months after patients were LTFU. However, observational data suggest that tracing may speed return among some LTFU patients genuinely out‐of‐care. Further studies may improve tracing effectiveness by examining the mechanisms underlying the impact of tracing on return to care, the effect of tracing at different times‐since‐loss and using more accurate identification of patients who are truly disengaged to target tracing. [ABSTRACT FROM AUTHOR]

The Energy Return On Investment (EROI) is a recognised indicator for assessing the relevance of an energy project in terms of net energy delivered to society. For woody biomass divergences remain on the right methodology to assess the EROI leading to large variations in the published estimates. This article presents an in‐depth discussion about the EROI of woody biomass in three different forms: woodchips, pellets and liquid fuels. The conceptualisation of EROI is further developed to reach a consistent definition for biomass post‐processed fuels. It considers, on top of the external energy investments, the grey energy associated with the energy used to enrich the fuel. With the proposed methodology, all woodchips have an EROI of the same order of magnitude, between 20 and 37, depending on forestry types, operations and machineries. For secondary residues, the first estimate is 170 if, as co‐products, no energy investment is allocated to the forestry operations and transport. On the basis of a mass allocation for forestry operations and transport, the EROI for secondary residues becomes of the same order of magnitude as that for wood chips. Woodchips can be further post‐processed into pellets or liquid fuels. Pellets have an EROI of 4–7 if the heat is externally supplied and 8–23 if internally supplied (self‐consumption of part of the raw material). Liquid fuels derived from primary wood and residues through gasification and Fischer‐Tropsch synthesis have an EROI between 4 and 16. Fuel enhancement with hydrogen (Power & Biomass to Liquids) impacts negatively the EROI due to the low EROI of hydrogen produced from renewable electricity. However, these fuels offer other advantages such as improved carbon efficiency. A correct estimate of EROI for forestry biomass, as proposed in this work, is a necessary dimension in assessing the suitability of a project. [ABSTRACT FROM AUTHOR]

We consider the strategic incentives to invest in an environment where suppliers compete with nonexclusive contracts. When trade is nonexclusive, that is, the buyer relates with many suppliers simultaneously, the buyer's investment affects her outside option when excluding a supplier. The buyer's investment allows for cheaper substitution of the trade loss arising from the excluded supplier. In equilibrium, even though each supplier fully appropriates the investment return it receives in isolation, the buyer wants to invest to gain leverage over competing suppliers. Our model uncovers an essential role of nonexclusive contracts because they promote the buyer to invest. [ABSTRACT FROM AUTHOR]

The paper examined commodity price volatility and stock returns on the Ghana Stock Exchange (GSE). Utilising Threshold Generalised Autoregressive Conditional Heteroskedasticity (TGARCH) estimation technique, the study also evaluated the likely leverage effect on the stock market and further interrogated if autocorrelation existed in the daily stock returns series, for how many days and on what day does it disappear by specifying an autoregressive model as a mean equation. The study concludes that changes in commodity prices and their volatilities on the international market exert a significant level of diverse impact on daily stock returns and return volatility on the GSE. For instance, whilst coffee price changes result in reduction in daily stock returns, changes in crude and gold prices result in an increment in returns on the GSE. The study also confirms the existence of autocorrelation in the daily stock returns for up to seven days, fading out on the eighth day as well as the existence of the leverage effect on the GSE. This result should influence investment decisions in respect to trading on the GSE. Observance of changes in price of these key commodities could enhance predictions and lead to the formulation of strategies to maximise revenues on the GSE [ABSTRACT FROM AUTHOR]

The study investigates the effect of stock market volatility on economic growth in Nigeria, accounting for the moderating role globalization (economic, social and political globalization) from 1981 to 2018. Applying the recently developed unit root with structural breaks by Lee and Strazicich test, the Bayer–Hancks and Johansen cointegration tests, the results show that all the variables (real gross domestic product, stock market returns and globalization index) are integrated of order one, and are also cointegrated, suggesting evidence of long‐run relationship. Further, the results of the GARCH(1,1) model indicate that the effect of shocks to SMR volatility are very likely to be permanent than temporary. Regarding the nexus between stock market return and economic growth, the study reveals a positive, inelastic but statistically insignificant effect of stock market returns on economic growth in Nigeria. Also, globalization has a positive, elastic and statistically significant effect on economic growth in Nigeria. The study therefore, recommends collaborations on policy measures that would stabilize and reposition the stock market to continue playing its critical role of galvanizing funds for investment and stimulating economic growth and as well strengthens globalization related policies to achieve economic growth. [ABSTRACT FROM AUTHOR]

What is the return on a Stradivarius? The return equals the capital gain. The return on specific violin sales averages 2.17 percent. The best Stradivariuses were made in the "Golden Period." Prices were significantly higher for Golden Period violins than for the other three periods examined. However, the rate of return was not significantly different for the four periods, with an overall return of 2.18 percent. When other factors (insurance, taxation and user benefits) were taken into account the rate of return varied between 4.7 and 1.2 percent. [ABSTRACT FROM AUTHOR]

During the last few decades, the number of terrorist's attacks has been increased to a great extent in the world, which possibly enhances the fear of investors and influences long‐term investment commitments. It is important to explore how the financial market reacts to terror events in order to dictate the suitable policy recommendations. This study examines whether terrorism exerts a significant effect on stock market returns and volatility by examining the daily time series data for Pakistan from the period Oct 7,1999 to May 31, 2016. The employed econometric techniques in this study are the generalized autoregressive conditional heteroskedasticity (GARCH) and the exponential generalized autoregressive conditional heteroskedasticity (EGARCH) models. The GARCH and EGARCH results confirm that terrorism has a significant effect on both the stock market returns and volatility in Pakistan. In addition, the EGARCH results also conclude that the negative shock (terror news) creates higher volatility as compared to positive shock (good news) in the stock market. The outcomes suggest that terror events significantly affect financial investors in the stock markets. The paper suggests that terror risk is an influential cognitive factor in describing the stock market returns and volatility. Terror must be addressed in order to achieve desirable stability in financial markets. [ABSTRACT FROM AUTHOR]

The Submarine Warfare Federated Tactical Systems (SWFTS) is a rapidly evolving combat system of systems (SoS) product family. Managing the annual baseline updates requires processing thousands of baseline change requests, then coordinating and verifying their implementation. The complexity of this effort, which involves well over ten million source‐lines‐of‐code (SLOC) as well as Commercial‐Off‐the‐Shelf (COTS) and military‐unique hardware, is compounded by being deployed in ten variants. After a feasibility study in 2010 the SWFTS systems engineering and integration program started a transition from traditional requirements database and document‐centric systems engineering (DCSE) to a model‐based systems engineering (MBSE) process. At that time there was little solid evidence in the literature for a positive Return on Investment (ROI) for moving from DCSE to MBSE. Applying MBSE to this program has resulted in measurable monetary and operational benefits. We 1) summarize the DCSE to MBSE transition, 2) describe the accomplishments and observations to date, 3) define the metrics collected, and 4) quantify the achieved ROI. Background on the systems engineering and integration (SE&I) process and an apples‐to‐apples comparison of SE quality and efficiency are provided. The raw SE&I efficiencies of the DCSE and MBSE approaches are documented, along with conclusions showing that the MBSE approach delivers a positive ROI through higher quality SE products at significantly less cost‐per‐change, enables managing more baselines and SoS complexity using constant resources, and reduces the cost of the downstream integration effort. [ABSTRACT FROM AUTHOR]

Focuses on issues concerning on rate of returns. Details on general equilibrium models; Assumptions on pricing policies; Relation between aggregate capital and profit rates.

Horticultural production is a source of livelihood for many smallholder farmers in Kenya. However, the potential is hampered by high postharvest losses estimated at 40%–50% in fruit and vegetables. The losses are attributed to various factors including postharvest handling, lack of storage technologies, lack of processing facilities, and poor market access. Consequently, some farmer groups have resorted to aggregation of their mangoes and engagement in small scale processing of mangoes into shelf stable products that cannot be marketed widely. In order to bridge the lack of capacity of smallholder farmers, the University of Nairobi's postharvest project with support from the Rockefeller Foundation's YieldWise Initiative seeks to upgrade two fruit aggregation centers by creating awareness and providing existing, applicable, and proven postharvest loss reduction technologies such as tunnel solar driers, brick coolers, charcoal, and CoolbotTM cold storage technologies. However, the potential economic impact of the proposed investment is not known. Hence, this study aimed at assessing the potential economic returns to investment in postharvest loss reduction technologies among smallholder mango farmers in Embu County of Kenya. A critical overview on methods employed in analyzing returns to investment in agricultural technologies has been provided. The economic surplus model was used to estimate the potential benefits of the investment. Using the cost–benefit analysis (CBA) approach, a maximum adoption rate of 10% over 10 years, and a 10% discount rate, it was found that the investment was worthwhile. The NPV was US $ 1.3 billion. The IRR and BCR were 28% and 4.29, respectively. Sensitivity analyses showed that the investment is viable at higher adoption and lower discount rates indicating the need to promote the technologies even under more difficult macroeconomic conditions. [ABSTRACT FROM AUTHOR]

The aim of the present paper was to evaluate the return to work and return to driving of a cohort of patients undergoing arthroscopic subacromial decompressions ± arthroscopic acromioclavicular joint excision. Arthroscopic subacromial decompressions ± arthroscopic acromioclavicular joint excision were performed in 68 patients between February 2000 and November 2000. All patients had symptoms of subacromial impingement ± acromioclavicular joint arthrosis for more than 6 months that had not settled with conservative treatment. All had positive local anaesthetic injection tests. All patients were followed up at 3 weeks and 3 months postoperatively. Their Constant−Murley score was measured preoperatively and at 3 weeks and 3 months postoperatively. Patients were asked to record when they had returned to work and when they had returned to driving. Only one non-manual worker did not return to work within 6 weeks. Eighty-five per cent of manual workers returned to manual work within 3 months. Fifty-one patients held driving licences. The average time to return to driving was 28.9 days. Average preoperative Constant−Murley scores were 47.5 (20−67). At 3 weeks postoperation average Constant−Murley scores were 66.8 (40−92), and at 3 months 76.5 (48−99). [ABSTRACT FROM AUTHOR]

Background and objectives The identification of factors leading to high or low return rates among volunteer blood donors is increasingly important to maintain sufficient blood supply. A particular focus on young donors is an essential component of blood bank donor retention strategy. By means of large databases, our aim was to predict the donation frequency pattern of young donors using a random forest model, to potentially improve donor retention and increase donation frequency. Materials and methods Random forests are an ensemble learning method for classification and regression designed to produce accurate predictions that do not overfit the data. They consist of a large number of independent decision trees that operate as an ensemble and classify data into groups in a sequential manner, using time-specific cut-offs to differentiate groups into branches. Since a large number of trees are grown, prediction of donation behaviour in young donors will be made with limited generalization errors. Results The final dataset analysed was composed of 81 986 donors aged 18-24 at the last donation. The model correctly predicts more than 91% of the donation frequencies, with an overall error rate of 8.16% and specific error rates of 4.6% and 12.3% for 'unreturned donor' and 'returned donor' groups, respectively. The best predictive variables used in the model appear to be the number of contacts used by the marketing department, the donors' age, the number of adverse effects during donation, the donors' status and the ethnicity. Conclusion Our results provide relevant information for interpreting donor behaviour and could contribute to the improvement of initiatives by blood services to increase donation return rate. [ABSTRACT FROM AUTHOR]

Given the palpable fear generated by the threat of COVID‐19 pandemic and the bearish sentiments of stock investors, this study represents one of the first efforts towards testing the effect of COVID‐19 on the stock market returns‐inflation relationship. Specifically, the study investigates the stock market returns–inflation nexus by controlling for the effect of COVID‐19 pandemic in Nigeria from February 27, 2020 to April 30, 2020. Using the estimation procedures based on the generalized autoregressive conditional heteroskedasticity type models (GARCH (1,1), the GJR‐GARCH), and the accounting innovation tests, our results show that COVID‐19 increases volatility and distorts the positive relationship between inflation and stock market returns, which tends to negate the Fisher's hypothesis. In addition, the results reveal that the negative effects of COVID‐19 on the market returns and its disruption to the stock market returns—inflation relationship may not die away rapidly considering that the duration of the pandemic is unknown. Further, these findings are validated by the innovation accounting tests. Therefore, the study presents to policymakers the consequences of COVID‐19 and the urgent need to strengthen the market through collaborative efforts. [ABSTRACT FROM AUTHOR]

Effects of tracking devices on survival are generally considered to be small. However, most studies to date have been conducted over a time‐period of only one year, neglecting the possible accumulation of negative effects and consequently stronger negative impacts on survival when the individuals have carried the tracking devices for longer periods. We studied the effects of geolocators in a closely monitored and colour‐ringed southern dunlin Calidris alpina schinzii population breeding in Finland. Our capture–recapture data spans 2002–2018 and includes individual histories of 338 colour‐ringed breeding adult dunlins (the term 'recapture' includes resightings of colour‐ringed and individually recognizable birds). These data include 53 adults that were fitted with leg‐flag mounted geolocators in 2013–2014. We followed their fates together with other colour‐ringed birds not equipped with geolocators until 2018. Geolocators were removed within 1–2 years of attachment or were not removed at all, which allowed us to examine whether carrying a geolocator reduces survival and whether the reduction in survival becomes stronger when geolocators are carried for more than one year. We fit multi‐state open population capture–recapture models to the encounter history data. When assessing geolocator effects, we accounted for recapture probabilities, time since marking, and sex and year effects on survival. We found that carrying a geolocator reduced survival, which contrasts with many studies that examined return rates after one year. Importantly, survival declined with the time the individual had carried a geolocator, suggesting that the negative effects accumulate over time. Hence, the longer monitoring of birds carrying a geolocator may explain the difference from previous studies. Despite their larger mass, females tended to be more strongly affected by geolocators than males. Our results warrant caution in conducting tracking studies and suggest that short‐term studies examining return rates may not reveal all possible effects of tracking devices on survival. [ABSTRACT FROM AUTHOR]

Summary: This work presents a scale‐up and feasibility study for the establishment of supercritical CO2 extraction plants to produce grape seeds oil. The scale‐up factors are determined using experimental and modelling results based on seeds from six grape cultivars over 2 harvest years. The purchased cost of the production plant is estimated using 'the six‐tenth rule' from the cost of a pilot scale unit. The results indicate that, at the current minimum retail selling price of extra virgin grape seeds oil, the proposed project is technically viable and economically feasible with a breakeven point of US$ 7.46 per kg‐oil and rate of return on investment of 28%. [ABSTRACT FROM AUTHOR]

Water scarcity threatens human life and it is likely to be a main concern in the next century. In this work, a novel multigeneration system (MGS) is introduced and assessed with energy, exergy, and economic analyses. This MGS includes a gas cycle, multieffect distillation, an absorption refrigeration cycle, a heat recovery steam generator, and electrodialysis. Electrodialysis is integrated into this configuration to produce sodium hydroxide and hydrogen chloride from brine to prevent its release to the environment with harmful impacts. The other products are electricity, cooling, and demineralized water. For the evaluation of the proposed system, one computer code is provided in engineering equation solver software. For physical properties calculation, the library of this software is used. The MGS produces 614.7 GWh of electrical energy, 87.44 GWh of cooling, 12.47 million m3 of demineralized water, and 0.092 and 0.084 billion kg of sodium hydroxide and hydrogen chloride over a year. Energy and exergy evaluations demonstrate that the MGS energy and exergy efficiencies are 31.3% and 18.7%, respectively. The highest and lowest value of exergy destruction rate is associated with the combustion chamber and pump, respectively. The economic evaluation indicates that the net present value of this proposed system is 3.8 billion US$, while the internal rate of return and payback period, respectively, are 0.49 and 2.1 years. [ABSTRACT FROM AUTHOR]

Objective: Determining the current return rates of blood donors and their related factors. Background: Understanding the current pattern of blood donors' return rates and also their motivations will be beneficial when there is a need to implement measures to encourage new blood donors and retain existing ones. Methods: This cross‐sectional study was conducted on 4200 blood donors in Shiraz, Iran, from 26 November 2010 to 26 December 2010. Blood donors' return rate and its related factors were investigated in a 7‐year follow up. Results: The overall return rates of blood donors indicated a significant yearly decline of 51.2%, 45.1%, 37.6%, 38.8%, 28.7%, 22.7% and 22.1% over a 7‐year follow up. The return rates for first‐time donors declined annually by 30%, 25%, 21%, 18.5%, 15.2%,12.3% and 11.8% (P ≤.05). Return rates were higher among male, older, low‐educated, Rh‐negative and regular donors. Blood donations for altruistic reasons and religious reasons were higher in regular and older donors (P <.001); donation for positive effects on their health and free access to screening tests and curiosity was higher in first‐time donors and females (P <.001). The most frequent deterrents were lack of time (42.7%), unsuitable condition (37.6%) and difficult access to donation sites (26.2%). Conclusion: Designing new strategies to retain donors, advertisement, appreciation methods and providing convenient conditions for donation are needed to increase the return rates, particularly in young, highly educated, female and first‐time donors. [ABSTRACT FROM AUTHOR]

Summary: The role of government involvement in firms has received a lot of attention in the last few decades. Government involvement could result in a 'supporting hand' and a 'grabbing hand'. This paper investigates how government control influences the financial performance of Chinese listed firms. We use a panel data set of firms publicly traded on the stock exchanges of Shanghai and Shenzhen over the period 2009‐2013. Our dataset includes 5501 firm‐year observations. Our results suggest that government control of firms, measured by the shareholdings that are directly and indirectly controlled by the government, is negatively related with firms' financial performance. More specifically, the return on assets, the return on equity and the market‐to‐book ratio are, on average, 1.3%, 2.0% and 8.2% lower for government‐controlled firms. Both central and local government control is undermining firm performance. These findings provide support for the 'grabbing hand' theory of the government. Our results also suggest that the negative effect of government control becomes stronger when firm profitability is higher. Firms with a poor financial performance benefit from government control, which supports the 'supporting hand' theory of the government. [ABSTRACT FROM AUTHOR]

Background: Regular blood donors are the cornerstone of blood safety. Understanding the donors' behavior to donate blood improves blood donor retention programs. The purpose of this study is to evaluate the return rate of first-time blood donors following different interventions to identify effective ways to retain first-time donors.Study Design and Methods: The study was conducted on 1356 first-time blood donors at four main blood centers in Iran. The donors were randomly assigned based on different interventions (phone calls, educational letter, emotional letter, incentive, motivational meeting, and no intervention) to six groups. The return rate of donors was defined as a second attempt to donate within 6 months after the first donation. Return rate and 95% confidence intervals (CIs) were calculated and compared among different groups.Results: A total of 394 (29%) donors returned within 6 months for a second donation (95% CI, 0.26-0.31). The return rate in the emotional letter group, educational letter, phone reminder, incentives, motivational meeting, and control groups was 36% (95% CI, 0.31-0.42), 33.2% (95% CI, 0.27-0.38), 31.5% (95% CI, 0.25-0.37), 30% (95% CI, 0.22-0.38), 22% (95% CI, 0.17-0.27) and 22.1% (95% CI, 0.17-0.27), respectively.Conclusions: This study provides evidence supporting the fact that more first-time blood donors can be motivated to donate again by implementing targeted interventions. It demonstrates that emotional letters, educational letters, and phone reminders were effective in improving the return rate of first-time donors. [ABSTRACT FROM AUTHOR]

We document novel facts about the relationship between aggregate growth and firm dynamics using a large set of countries. We argue that firm employment patterns are not necessarily informative about cross‐country differences in aggregate growth because they are induced by changes in the productivity of a firm relative to others. In contrast, aggregate growth is linked to average firm‐level productivity growth and firm age. We formalize this intuition through a tractable model of endogenous aggregate growth and firm dynamics where firms realize positive returns to investment with some probability. We find that cross‐country disparities in this probability can account for two‐thirds of the variation in aggregate growth. [ABSTRACT FROM AUTHOR]

Abstract: Background: The Institute of Medicine has called for approaches to help maximize the return on investments (ROI) in cancer clinical trials. Value of Research (VOR) is a health economics technique that estimates ROI and can inform research prioritization. Our objective was to evaluate the impact of using VOR analyses on the clinical trial proposal review process within the SWOG cancer clinical trials consortium. Methods: We used a previously developed minimal modeling approach to calculate VOR estimates for 9 phase II/III SWOG proposals between February 2015 and December 2016. Estimates were presented to executive committee (EC) members (N = 12) who determine which studies are sent to the National Cancer Institute for funding consideration. EC members scored proposals from 1 (best) to 5 based on scientific merit and potential impact before and after receiving VOR estimates. EC members were surveyed to assess research priorities, proposal evaluation process satisfaction, and the VOR process. Results: Value of Research estimates ranged from −$2.1B to $16.46B per proposal. Following review of VOR results, the EC changed their score for eight of nine proposals. Proposal rankings were different in pre‐ vs postscores (P value: 0.03). Respondents had mixed views of the ultimate utility of VOR for their decisions with most supporting (42%) or neutral (41%) to the idea of adding VOR to the evaluation process. Conclusions: The findings from this pilot study indicate use of VOR analyses may be a useful adjunct to inform proposal reviews within NCI Cooperative Clinical Trials groups. [ABSTRACT FROM AUTHOR]

This study analyses the expected changes in survivors' pensions resulting from the permanent rules of the 2019 pension reform in Brazil. Actuarial annuities are used for representative worker profiles. The dispersion in the replacement rate values decreases, except for the highest income level. The rates needed to finance survivors' pensions decrease relatively more than do the rates for old‐age pensions. The internal rates of return significantly decrease. There is a heterogeneous change in the distributive aspects of the pension system. The reform shall affect the adequacy and intragenerational equity of old‐age and survivors' pensions. [ABSTRACT FROM AUTHOR]

Many mandatory defined contribution systems provide a rate of return guarantee. The guarantees provided have generally been backed by a sequential combination of two or more of six different financing sources. Those sources are (1) reserve funds established within the pension fund, using investment earnings on the fund; (2) reserve funds established using funds provided by the owners of the pension fund management companies; (3) a defined benefit plan associated with the defined contribution plan; (4) central guarantee funds financed by contributions from pension funds; (5) funds provided by employers; and (6) the government. Nearly all the guarantees are first backed by a limited liability guarantee derived from investment earnings that would otherwise accrue to workers. In some instances, the guarantee may be funded by employers. Then they are backed by a guarantee financed by capital market institutions — pension fund managers directly or a central guarantee fund. Lastly, they are backed by an unfunded governmental guarantee with unlimited liability that is contingent on the insufficiency of private sector guarantees. [ABSTRACT FROM AUTHOR]

Presents information on a study that examined whether wine is an alternative investment to stocks and bonds. Calculation of the rate of return to investment in wine; Cost associated with investing in wine rather than in financial assets; Conclusion.

Since the last two decades, hydrodynamic cavitation has been introduced as one of the most efficient approaches to intensify transesterification. However, the number of industrial biodiesel plants utilizing this process is still minimal. One primary reason is the lack of information on both its economic and environmental impacts. In this study, a simulation‐based model was developed using Aspen HYSYS V8.4 for comparing flow‐through hydrodynamic cavitation with conventional mechanical stirring in terms of total capital investment, total product cost, net present value, modified internal rate of return, materials, and energy consumption. The two plants operated 7920 hours per year and produced 100 tons of biodiesel per day from fresh sunflower oil. The results showed that total capital investment and total product cost for hydrodynamic cavitation were roughly 65% and 10% lower than those for the mechanical stirring process, respectively. While the net present value was negative for the mechanical stirring, a positive net present value and a modified internal rate of return of 25.61% were obtained in the hydrodynamic cavitation process. Performing sensitivity analysis using the Box‐Behnken design and response surface methodology revealed that net present value was most affected by the linear term of the sunflower oil price. It was also found that hydrodynamic cavitation could significantly reduce materials and energy consumption, owing to higher reactor yield and lower alcohol and catalyst consumption. [ABSTRACT FROM AUTHOR]

An introduction is presented in which the authors discuss various reports within the journal on topics including the use of the EQUIPTMOD economic modelling tool to assess the return on investment of various tobacco control practices, as well as the economic and health aspects of smoking cessation.

Abstract: Background and aims: Modelling return on investment (ROI) from smoking cessation interventions requires estimates of their costs and benefits. This paper describes a standardized method developed to source both economic costs of tobacco smoking and costs of implementing cessation interventions for a Europe‐wide ROI model [European study on Quantifying Utility of Investment in Protection from Tobacco model (EQUIPTMOD)]. Design: Focused search of administrative and published data. A standardized checklist was developed in order to ensure consistency in methods of data collection. Setting and participants: Adult population (15+ years) in Hungary, Netherlands, Germany, Spain and England. For passive smoking‐related costs, child population (0–15 years) was also included. Measurements: Costs of treating smoking‐attributable diseases; productivity losses due to smoking‐attributable absenteeism; and costs of implementing smoking cessation interventions. Findings: Annual costs (per case) of treating smoking attributable lung cancer were between €5074 (Hungary) and €52 106 (Germany); coronary heart disease between €1521 (Spain) and €3955 (Netherlands); chronic obstructive pulmonary disease between €1280 (England) and €4199 (Spain); stroke between €1829 (Hungary) and €14 880 (Netherlands). Costs (per recipient) of smoking cessation medications were estimated to be: for standard duration of varenicline between €225 (England) and €465 (Hungary); for bupropion between €25 (Hungary) and €220 (Germany). Costs (per recipient) of providing behavioural support were also wide‐ranging: one‐to‐one behavioural support between €34 (Hungary) and €474 (Netherlands); and group‐based behavioural support between €12 (Hungary) and €257 (Germany). The costs (per recipient) of delivering brief physician advice were: €24 (England); €9 (Germany); €4 (Hungary); €33 (Netherlands); and €27 (Spain). Conclusions: Costs of treating smoking‐attributable diseases as well as the costs of implementing smoking cessation interventions vary substantially across Hungary, Netherlands, Germany, Spain and England. Estimates for the costs of these diseases and interventions can contribute to return on investment estimates in support of national or regional policy decisions. [ABSTRACT FROM AUTHOR]

SOLOW and NUTI have argued that a neo-Classical general equilibrium model, based on intertemporal substitution in production and consumption, is free of the 'Cambridge' difficulties that arise from ambiguity in the concept of capital. In particular both hold that the rate of profit at which two methods of production are equi-profitable always equals the rate of discount that makes the gain in future consumption from switching from one method to another equal to the consumption foregone in order to make the switch. But 'intertemporal substitution' is not examined in detail; it is left in the Black Box. When the structure of production is brought into the open, two quite different concepts of the 'rate of return' emerge, neither of which, in general, equals the switching rate of profit, except in the special case of a Stationary State, with only one capital good. When a market socialist setting is considered, the rate of return will again be different, but here also two distinct concepts can be defined. The conclusion must be that it is hopeless to try to interpret the rate of profit as an efficient price in an intertemporal allocation problem. [ABSTRACT FROM AUTHOR]

Ecuador imports most of its chemicals for industrial use. Ecuador underutilizes its 19 million t year–1 of waste biomass, so there is potential to produce chemicals from it using biochemical or thermochemical pathways. This study performs a techno‐economic analysis with ASPEN Hysys to quantify the feasibility of a dedicated acetic acid production facility from biomass in Pichincha, Ecuador. Using sensitivity analysis and considering financial metrics such as the internal rate of return, minimum selling price, and net present value, it determines that the project is not feasible if the size of the plant targets only 10% of the Ecuadorian market. On the other hand, the project becomes feasible when the capacity factor of the plant increases to 360 t year–1 of acetic acid with a project lifespan of 10 years or more, as is expected when economies of scale reduce production costs. Minimum selling prices for acetic acid of 1.98 and 0.22 USD kg–1 were obtained considering a project lifespan of 10 and 20 years, respectively. The price for a product with the same characteristics in the local market is 23.50 USD kg–1. These values allow a price for acetic acid to be defined between 1.98 and 23.50 USD kg–1 for a 10‐year lifespan, and between 0.22 and 23.50 USD kg–1 for a 20‐year lifespan. The key factors affecting the project's outcome, identified from the sensitivity analysis, are plant service factors, production yields, and co‐product prices. © 2021 Society of Chemical Industry and John Wiley & Sons, Ltd [ABSTRACT FROM AUTHOR]

Among different engineering projects, there are ones intended to improve the energy‐saving properties of buildings. Both new and much older buildings undergoing refurbishment can be involved. Broadly understood energy‐saving projects increasingly often entail renewable energy installations. Every implementation of such an investment project needs to be preceded by an assessment of its economic efficiency. Although the literature provides examples of methods which can serve this purpose, a coherent methodological approach seems lacking. In this article, the author proposes methodology based on several simple and compound methods combined into a schematic assessment procedure. The methodology is presented as applied in a case of typical photovoltaic roof installation to generate electricity for a single‐family house. The assessment procedure consists of a few steps leading from a preliminary to a more detailed appraisal. The first stage is an analysis of the projected cash flows, which in this case demonstrated that the payback would appear after 9 years. Next, a more precise evaluation showed that the payback period in this investment could be expected after 7.8 years. The following stages of calculations take into account the time value of money, having included a discount rate (discount rate 5%, the planned investment would be profitable). The next step, where the aim was to compute the internal rate of return, showed at what threshold value of the discount rate the investment would continue to yield profit (The IRR = 11.43%). It is extremely valuable information as it reveals the safety margin for the investment. The methodology discussed in this paper, which consists of a complex approach to an assessment of investments, especially in renewable energy sources, can yield much better outcomes than evaluations based on single methods, applied separately. [ABSTRACT FROM AUTHOR]

The biodiesel production catalyzed by naturally derived catalysts such as calcium oxide (CaO) and sulfonated carbon catalysts achieved high biodiesel yield at moderate operating conditions. However, very few studies were conducted to evaluate the economic feasibility of industrial‐scale production of biodiesel catalyzed by both green catalysts of CaO and sulfonated carbon catalysts. The current study aims to assess the technical competency and economic feasibility of industrial‐scale production of biodiesel catalyzed by two processes 1.) CaO catalyst and 2.) sulfonated carbon catalyst. Process simulations via Aspen Hysys were carried out to perform material and energy balances for both process configurations designed earlier with respect to the base catalyst (CaO) and acid catalyst (sulfonated carbon) used. Economic analysis was initiated after the equipment sizing and costing had been carried out. Total capital investment, total manufacturing cost, and key performances of the rate of return, payback time, breakeven point, and net profit after‐tax rate were calculated for each process. Based on the economic analysis, the computed return on investment (ROI) is 105.36%, and it has a low payback period of 0.94 year to offset its original investment. The discounted cumulative profit (NPV) analysis shows that breakeven was achieved in the 3rd year. On the other hand, for the plant that utilizes sulfonated carbon in the transesterification reaction, the computed ROI is 14.02% with a payback period of 7.13 years, and the breakeven was achieved in the 9th year. In conclusion, the manufacturing plant of transesterification reaction catalyzed by CaO catalyst appeared as the most promising pathway either technically or economically. [ABSTRACT FROM AUTHOR]

In conservation, as in most other subjects, there is a division of expenditure into problem identification, solution testing, and practice. However, research concentrates on problem identification rather than solution testing. We calculate the return on the investment of research (a PhD thesis) examining the effectiveness of conservation interventions for birds of prey in three European countries. We show that the economic return from investing in a PhD thesis could be substantial, in the order of hundreds of thousands euros over 10 years or a return on investment of between 292% and 326% over that period. We derived the values of return on investment by first setting a common biological target (the total number of raptor fledglings produced per year). We then compared overall costs in achieving such target via the wide implementation of the results from the thesis (i.e., allocating resources to the most effective intervention) versus a business as usual scenario. We identify other theses that also show considerable benefits in improving effectiveness. We suggest that further research examining effectiveness would be cost-effective in improving practice. [ABSTRACT FROM AUTHOR]

Using the data of 20 major Organization for Economic Co-operation and Development countries over time, this article documents new evidence on real equity and real currency prices: higher real returns in the home equity market relative to its foreign counterparts are generally associated with real home currency depreciation at monthly frequency, but this negative correlation breaks down or even reverses during times of relatively higher aggregate economic uncertainty or volatility. This article also argues that a long-run risks-type model with time-varying liquidity risk in stock markets can provide one plausible explanation for the time-varying correlation structure. ( JEL E43, F31, G12, G15) [ABSTRACT FROM AUTHOR]

Indonesia and Malaysia are net importers of animal feed products to meet the demand of their domestic livestock industries. These countries are also the largest producers and exporters of palm kernel cake (PKC), an animal feed waste by‐product from the palm industry that is used primarily as a ruminant feed. Prior work demonstrated that the bioethanol process can convert the gluco‐mannan fiber in PKC into ethanol and a high‐protein animal feed. We used Microsoft Excel to develop a bioethanol process model for PKC by adapting the well developed corn ethanol process used in the USA. The PKC biorefinery model, using PKC's composition and specialized enzymes to produce fermentable glucose and mannose, projects that 1 kg of PKC can produce 0.58 kg of high‐protein animal feed and 0.20 kg of ethanol, with some residual palm kernel oil. The model estimated an increase in crude protein content from 17% in the PKC to 27% in the high‐protein animal feed. A comprehensive technoeconomic assessment using the results of the process model indicates that a PKC bioethanol factory converting 100 000 Mg year–1 of PKC would cost USD 55 million and generate a 23% project internal rate of return (IRR). © 2021 Society of Chemical Industry and John Wiley & Sons, Ltd [ABSTRACT FROM AUTHOR]

Comprehensive data are essential to answer questions from prospective students, parents, and private and public entities about the cost of college and students' return on investment, as well as to demonstrate how colleges and universities are helping to prepare the future workforce. An evolutionary data-collection process, efforts to improve the distribution of results, and implications will be discussed to inform public research universities hoping to begin or refine a first-destination survey. [ABSTRACT FROM AUTHOR]