In Japan, the turning point for its housing and stock prices at the beginning of the 1990s coincided with the turning point for its middle-aged-to-younger population ratio. In the United States, the financial crisis in 2007 also coincided with the turning point for the same ratio. Were these mere coincidences or was there a causal relationship between the middle-aged-to-younger population ratios and asset prices? In this study, the author proposed two models, namely the income and investment channels, and six hypotheses. The empirical evidence from 18 Organisation for Economic Co-operation and Development (OECD) countries from 1970 to 2010 showed that the middle-aged-to-younger population ratio influenced stock prices through both the income and investment channels and the housing prices mainly through the income channel. The income model suggested that the growth in the middle-aged-to-younger population ratio increased the average national income and, hence, asset prices. The investment model allowed individuals to take advantage of this trend in asset appreciation by saving and investing. As a result, asset prices went up. These discoveries might help us understand the causal relationship between the middle-aged-to-younger population ratio and asset prices and, in the long run, the co-movement of stock and housing prices. / published_or_final_version / Real Estate and Construction / Master / Master of Philosophy

The water sector is responsible for a significant portion of energy use. Energy is required for water treatment, water distribution, wastewater collection and wastewater treatment. There is significant benefit to water utilities that can be gained by understanding how much energy, what type of energy, and at what time of day energy is being used. The Austin Water Utility (AWU) is a useful testbed for examining the energy use for each specific step of the process due to the availability of data and the fact that the majority of Texas (both in terms of population and land area) is serviced by a single electric grid. This research examines the type and quantity of energy used by AWU. From an electricity supply perspective, electric utilities work year round to ensure that there is enough electricity in their generation portfolios to meet the high loads that their customers demand, and to assure that the electric distribution grid is capable of providing the transmission requirements of that electricity. System peak demand is the largest amount of electricity consumed by a utility's customers at any given time. Therefore electric utilities, such as Austin Energy, create and market their energy efficiency programs to help reduce this peak and avoid the need to build new generation capacity which can be expensive. Because AWU is one of Austin Energy's largest customers, AWU's ability to shift its energy use from on-peak to mid-peak and off-peak time periods can contribute towards reducing the peak, and can help avoid the need for new generation capacity. This analysis finds that AWU can reduce its electricity demand during peak periods by making use of reservoir capacity, i.e. by filling its reservoirs prior to peak time and draining them during peak periods. This proposed pumping schedule could save AWU up to 29% of its monthly electricity costs under current Austin Energy time-of-use rate (as opposed to flat rate) structures at the specific pump station analyzed as part of this research. Together, state-wide water utilities provide even more opportunities for the interconnected Electric Reliability Council of Texas' (ERCOTs) grid that are also evaluated in this research. / text

Not available / text

Not available / text

Not available / text

The dissertation consists of three essays. In the first essay, I analyze the dynamic interactions in a decentralized distribution channel, composed of a manufacturer and a retailer, to launch an innovative durable product (IDP) whose underlying retail demand is influenced by word-of-mouth from past adopters and follows a Bass-type diffusion process. The word-of-mouth influence creates a trade-off between immediate and future sales/ profits, resulting in a multi-period dynamic supply chain coordination problem. The analysis shows that the manufacturer and retailer may have conflicts regarding their trade-offs and preferences between immediate and future profits. I characterize equilibrium pricing strategies and the resulting sales and profit trajectories. Surprisingly, I find that the manufacturer, and sometimes even the retailer, is better off with a myopic retailer strategy in some cases. Furthermore, I propose that revenue sharing contracts can coordinate the IDP supply chain throughout the entire planning horizon. In the second essay, I extend the demand model by considering the impact of shelf space allocation on the retail demand of an IDP. I assume the retail demand to be an increasing and concave function of the merchandise displayed on the shelf. I include a linear cost of shelf space in the retailer's objective function. I characterize the optimal dynamic shelf space allocation and retail pricing policies for the retailer and wholesale pricing policies for the manufacturer. I find that a myopic retailer allocates the constant amount of shelf-space to the IDP over the selling horizon, whereas the shelf space allocated to the IDP by a far-sighted retailer varies over time. Consistent with the first essay, the manufacturer and the retailer have conflict over the retailer's profitability strategy. In the third essay, I review the Stackelberg differential game models that study such issues in dynamic environments as production and inventory policies, outsourcing decisions, channel coordination, and competitive advertising. I introduce the basic concepts of the basics of the Stackelberg differential games. I focus on the models that derive the Stackelberg equilibria in the area of supply chain management and marketing channels.

No description available.

For many species, distribution and abundance is driven by a trade-off between abiotic and biotic stress tolerance (i.e. physical stress versus competition or predation stress). This trade- off may be caused by metabolic rate differences in species such that slow metabolic rates increase abiotic tolerance but decrease biotic tolerance. I investigated how metabolic rate differences were responsible for an abiotic-biotic tolerance trade-off in brown mudfish (Neochanna apoda) and banded kokopu (Galaxias fasciatus), that drives the allopatric distribution of these fish in podocarp swamp-forest pools. Brown mudfish and banded kokopu distribution across 65 forest pools in Saltwater forest, Westland National Park, New Zealand was almost completely allopatric. Mudfish were restricted to pools with extreme abiotic stress including hypoxia, acidity and droughts because of kokopu predation in benign pools. This meant the mudfish realised niche was only a small fraction of their large fundamental niche, which was the largest out of sixteen freshwater fish species surveyed in South Island West Coast habitats. Thus mudfish had a large fundamental to realised niche ratio because of strong physiological stress tolerance but poor biotic stress tolerance compared to other fish. A low metabolic capacity in mudfish compared to kokopu in terms of resting and maximum metabolic rates and aerobic scope explained the strong mudfish tolerance to extreme abiotic stress, but also their sensitivity to biotic stress by more powerful kokopu in benign pools, and hence their allopatric distribution with kokopu. Despite being restricted to extreme physical stress, mudfish populations were, in fact, more dense than those of kokopu, because of low individual mudfish resting metabolic rates, which would cause resources to be divided over more individuals. Distribution and abundance in mudfish and kokopu were therefore driven by an abiotic-biotic tolerance trade-off caused by a physiological trade-off between having slow or fast metabolic rates, respectively. The negative relationship between species resting metabolic rates and their tolerance to abiotic stress provides a way of estimating the impact of human induced environmental change that can either increase or decrease habitat harshness. Thus species with low metabolic rates, like mudfish, will be negatively affected by human induced environmental change that removes abiotic habitat stress and replaces it with benign conditions. My evidence shows that extreme stressors provide a protective habitat supporting high mudfish biomass with significant conservation value that should be maintained for the long-term persistence of mudfish populations.

By far the most popular method to account for dependencies in the transportation network analysis literature is the use of the multivariate normal (MVN) distribution. While in certain cases there is some theoretical underpinning for the MVN assumption, in others there is none. This can lead to misleading results: results do not only depend on whether dependence is modeled, but also how dependence is modeled. When assuming the MVN distribution, one is limiting oneself to a specific set of dependency structures, which can substantially limit validity of results. In this report an existing, more flexible, correlation-based approach (where just marginal distributions and their correlations are specified) is proposed, and it is demonstrated that, in simulation studies, such an approach is a generalization of the MVN assumption. The need for such generalization is particularly critical in the transportation network modeling literature, where oftentimes there exists no or insufficient data to estimate probability distributions, so that sensitivity analyses assuming different dependence structures could be extremely valuable. However, the proposed method has its own drawbacks. For example, it is again not able to exhaust all possible dependence forms and it relies on some not-so-known properties of the correlation coefficient. / text

Not available / text