Airline industry deregulation and changes in systematic risk

Deregulation of U.S. Airline Industry may have lowered systematic risk because pricing freedom and route flexibility improved airline management reaction to various economic conditions. Reduced systematic risk offers lower cost of equity capital for the industry as a whole as well as for individual carriers. Previous research has had mixed results in identifying a relationship between deregulation and airline industry cost of capital. This study plots airline industry Beta coefficients across the years 1963 to 1987 and clears up previously conflicting research findings. Beta coefficients had been falling since the fuel crisis of 1974 and continued to fall through 1980. Fluctuations since deregulation have been relatively minor and systematic risk has leveled off at a significantly lower value than before deregulation. Studies which concentrate on the fluctuation in Beta since 1978 are dependent on the exact time period of analysis, and their conclusions that deregulation raised or lowered systematic risk are likewise suspect. A broader view of systematic risk changes in the deregulatory era shows airline Betas peaking from 1971 to 1973 and a gradual decrease as deregulation was being discussed, implemented, and legally mandated. This gradual decline from 1974 to 1980 may be attributed to such factors as fuel prices, interest rates, general inflation as well as deregulation. In any case systematic risk of the U.S. Airline industry has been lower since deregulation than in decades before.     

Dense network traffic models,Travel time reliability and traffic management. I: General introduction

This paper is the first of a pair of papers discussing two main themes concerning dense network modelling. These themes are: (1) the changing nature of traffic management technology and the underlying objectives behind traffic management practice, and (2) the use of measures of network reliability in models, especially as an element of the evaluation of alternative network configurations. This paper considers the role and function of dense network models, and their relationships with other transport network models on the basis of the hierarchical view of models. It then explores the peculiar characteristics of dense network models and provides examples of typical models. Changing needs for modelling capabilities, in terms of the evolution of traffic management technology and practice are discussed, pointing the way to future model developments. The companion paper develops the second theme through the definition and application of a set of network reliability indices that may be applied to different trip movements.     

Law enforcement in the ocean

The combating of the present great variety of criminal activities occurring at sea mainly involves measures to be taken on land, in particular in ports.However, also actual enforcement at sea will continue to play an essential (complementary) role. This article surveys the rules of international law governing law enforcement measures at sea. These rules are complex, because distinctions have to be made between the various jurisdictional zones at sea and between the positions of the flag state, the coastal state and the port state. Traditionally, ships in the high seas (all sea areas beyond a narrow band of territorial sea) were under the exclusive jurisdiction of the flag state. In an increasing number of situations, the coastal state now has law enforcement authority over foreign ships in expanded areas up to 200 nautical miles offshore. But apart from these situations, flag state jurisdiction still prevails beyond the territorial sea. This makes effective law enforcement difficult. In practice, many obstacles can be overcome by making more effective use of the authority of the port state, and by concluding new international agreements providing for specific enforcement systems.     

An analysis of the pricing system in the Greek-Italian coastal routes

Price discrimination is practiced by oligopolistic coastal shipping companies in the 'unregulated' Greece-Italy routes in the year 2002. Investigation has been carried out 'per route'—in a doctoral thesis—instead of 'per market' which was the so-far erroneous approach of shipping economists. This is so for a host of differentiating factors play a considerable and non-negligible role (like geography, distance, demand, seasonality and others). Service—and price-discrimination—in coastal shipping is affected also by the predetermined ship design which thus is a special feature—but not exclusively—in coastal shipping. Companies in the Adriatic Sea try to extract the greater possible value of the user's willingness to pay, peak and off-peak, group and ungrouped, for social groups (clubs, families and students). Marketing and economics interfere in a complicated—far from the nice world of theory—situation, where maximization of revenue and profit, capacity utilization, intense seasonality and high fixed cost (common and joint costs as well) are a few of the factors that interplay. This paper can be considered as a case study for applied pricing. Excess capacity is also a strategic factor affecting pricing. It is our opinion that the analysis here gives for the first time a complete theoretical and practical account—based on the price lists of the companies—of the pricing policy of the ferry boats running in the Adriatic Sea belonging to coastal shipping companies connecting Italy with Greece and Greece with the European Union (EU). We believe this work to be useful for maritime Europe.     

Real-Time Fuzzy Obstacle Avoidance Using Directional Visual Perception

This paper presents a novel vision-based obstacle avoidance approach for the Autonomous Mobile Robot (AMR) with a PanTilt-Zoom (PTZ) camera as its only sensing modality. The approach combines the morphological closing operation based on Sobel Edge Detection Operation and the (μ-kσ) thresholding technique to detect obstacles to soften the various lighting and ground floor effects. Both the morphology method and thresholding technique are computationaUy simple. The processing speed of the algorithm is fast enough to avoid some active obstacles. In addition, this approach takes into account the history obstacle effects on the current state. Fuzzy logic is used to control the behaviors of AMR as it navigates in the environment. All behaviors run concurrendy and generate motor response solely based on vision perception. A priority based on subsumption coordinator selects the most appropriate response to direct the AMR away from obstacles. Validation of the proposed approach is done on a Pioneer 1 mobile robot.     

大功率多流制机车牵引变流器的比较

欧洲铁路的显著特点是供电电流制式范围较广.为使电力机车运行灵活且在不同制式交界处暂停时间较短,有必要使用多流制机车.比较了多流制变流器的各种方案,并介绍了基于最新的大功率IGBT技术的一种很有价值的方案.     

An introduction to airport APM systems

The purpose of this paper is to provide an introduction to the nature and purpose of airport automated people mover (APM) systems. Our objective is to provide a convenient research tool for persons seeking an introduction to the airport APM industry. Included are illustrations of typical system designs; a listing of existing airport APM systems, including a tabular presentation of selected data; an organization and discussion of the history and evolution of the existing systems; and a status report on current developments in the APM industry.