The attacks on the World Trade Center in New York, the subway and bus bombings in London, and the suicide bombings in Casablanca are only a few of the examples in which in recent years, terrorists have opted to attack multiple targets at once. Often, their strong determination to attack makes it impossible to completely deter terrorists from attacking altogether, and instead, counterterrorist units must consider how to defend targets effectively to minimize damages. We attempt to model a version of this scenario by presenting a two target sequential game where two players try to attack and defend the targets respectively. The probability of successfully destroying a target is a function of resource allocations from both players, who are also subject to budget constraints. We attempt to find the defender’s strategy that will minimize expected damages by first exploring the attacker’s optimal strategy. We show that the attacker’s decision to attack only one or both targets is dependent on the size of the attacker’s allowed budget relative to other game parameters, and use that information to evaluate the defender’s strategy. We also numerically determine the optimal defender security investment, as well its sensitivity to other game parameters. We conjecture that as the damage and expected reward at a target increases, the defender’s allocation towards that target tends to increase, while an increase in the punishment results in the opposite effect. Such conjectures allow for the creation of a flexible defense policy in the more applicable bigger picture.

We employ the Reuters database to compare execution costs for 2,330 matched-pair securities across the top 7 equity markets in the Dow Jones STOXX Global 1800 Index. This sample encompasses a wide variety of thirteen market design features. In addition, we investigate execution costs well beyond the most heavily traded stocks to include equities in the sixth through tenth deciles of traded value. Our findings indicate that full transparency of the limit order book to investors and a composite of unique NYSE features (but not the presence of the crowd) unequivocally reduce effective spreads. In contrast, a fully transparent limit order book revealed to brokers, the presence of a market maker, or the mixture of execution systems present on the LSE sharply increase effective spreads in both thickly and thinly-traded stocks. The effect of a physical trading floor is statistically significant but relatively small; it increases effective spreads slightly for thickly-traded firms, and reduces them for thinly-traded stocks. The findings for price impact are the same with three exceptions. First, the presence of a trading floor increases costs, dramatically so for thinlytraded stocks. Second, a fully transparent limit order book for brokers raises price impact for thickly traded stocks, but lowers price impacts for thinly traded firms. Third, in thinly-traded stocks, London???s hybrid market decreases price impact, and in thickly-traded stocks, crowd trading on the NYSE and full transparency to investors decrease price impact. Finally, the results for realised spread are essentially the same as those for effective spread, with the exception that the effect of the presence of a trading floor is to reduce realised spreads. Overall, the London Stock Exchange is the highest execution cost market, and the NYSE is the lowest. This research includes a market-specific study of the effect on execution cost of the Liquidity Provider of Euronext Paris. Euronext Paris affords a natural experimental research design because a third of firms have Liquidity Providers and two thirds do not. Results indicate quoted spreads, effective spreads and realized spreads are significantly affected by the presence of a Liquidity Provider, but price impacts are not. On the one hand, this suggests that the thickly-traded stocks where the Liquidity Providers are prohibited have sufficient liquidity in their absence. On the other hand however, liquidity providers on Euronext Paris reduce effective and realised spreads in essentially all stocks. This finding suggests that the limit order book refreshes much more quickly after developing an imbalance of large size orders when Liquidity Providers can facilitate other liquidity suppliers in assessing picking off risk. The Liquidity Provider increases quoted spreads for thickly-traded firms from the first three traded value deciles while reducing quoted spreads for the lower deciles.

This thesis reports on a study examining the direct and indirect costs to volunteer carers of providing a fostering service in Australia. The study highlights the current difficulties in carer recruitment and retention, the increases in the challenging and complex needs of the children coming into care, and the growing professionalism of fostering. The study uses a budgetary approach to estimate the direct costs of fostered children. In-depth interviews and focus groups with carers are instrumental in providing a range of perspectives that assist our understanding of how the direct costs of fostered children are different from (higher than) the costs of other children. The study found the costs of fostered children were 40 per cent higher than the costs of children not in care. The thesis indicates that, to maintain and retain a volunteer workforce, an adequate carer remuneration system to meet the direct costs of fostered children is critical. To examine the indirect costs of fostering, the study uses a multi-method approach providing a monetary value of the opportunity costs (foregone earnings model) and time costs (proxy good or market replacement model) for foster carers. The emotional and psychological dimensions of fostering are also examined, though no monetary value is assigned to these costs. Carers??? vivid and contrasting stories from the interviews explain how ???money??? fits with carer motivation and fostering???s more professional role, how carers perceive the nature of fostering (job or parenting), and whether carers should be paid to foster. Revelations of fostering???s emotional and time dimensions and restricted employment opportunities (indirect costs) highlight the impact fostering has on carers and their families. The study found that the indirect costs of fostered children were around four times the value of the direct costs. In light of the growing professionalism of contemporary foster care, difficulties in carer recruitment/retention, and the demanding nature of fostering, the thesis examines whether carers should be paid for the service they provide (compensation for indirect costs). Using a number of theoretical concepts developed by feminist economists and social theorists on paying for caring labour, the thesis found support for the contention that altruism (???love???) and carer pay (???money???) are not incompatible, and ambiguities and tensions for foster mothers around money and love can be resolved. Studies of countries where carers receive a wage component as part of their remuneration package provide insights into wage levels, perceived adequacy of the wage, and the impact of wages on carer recruitment/retention. The study found that, due to the profoundly gendered nature of fostering, the compensatory aspects of remuneration (fee/wage or salary) are generally poor. The implications for government welfare spending of paying Australian carers are discussed, and the savings to governments of using a volunteer workforce are demonstrated.

We employ the Reuters database to compare execution costs for 2,330 matched-pair securities across the top 7 equity markets in the Dow Jones STOXX Global 1800 Index. This sample encompasses a wide variety of thirteen market design features. In addition, we investigate execution costs well beyond the most heavily traded stocks to include equities in the sixth through tenth deciles of traded value. Our findings indicate that full transparency of the limit order book to investors and a composite of unique NYSE features (but not the presence of the crowd) unequivocally reduce effective spreads. In contrast, a fully transparent limit order book revealed to brokers, the presence of a market maker, or the mixture of execution systems present on the LSE sharply increase effective spreads in both thickly and thinly-traded stocks. The effect of a physical trading floor is statistically significant but relatively small; it increases effective spreads slightly for thickly-traded firms, and reduces them for thinly-traded stocks. The findings for price impact are the same with three exceptions. First, the presence of a trading floor increases costs, dramatically so for thinlytraded stocks. Second, a fully transparent limit order book for brokers raises price impact for thickly traded stocks, but lowers price impacts for thinly traded firms. Third, in thinly-traded stocks, London???s hybrid market decreases price impact, and in thickly-traded stocks, crowd trading on the NYSE and full transparency to investors decrease price impact. Finally, the results for realised spread are essentially the same as those for effective spread, with the exception that the effect of the presence of a trading floor is to reduce realised spreads. Overall, the London Stock Exchange is the highest execution cost market, and the NYSE is the lowest. This research includes a market-specific study of the effect on execution cost of the Liquidity Provider of Euronext Paris. Euronext Paris affords a natural experimental research design because a third of firms have Liquidity Providers and two thirds do not. Results indicate quoted spreads, effective spreads and realized spreads are significantly affected by the presence of a Liquidity Provider, but price impacts are not. On the one hand, this suggests that the thickly-traded stocks where the Liquidity Providers are prohibited have sufficient liquidity in their absence. On the other hand however, liquidity providers on Euronext Paris reduce effective and realised spreads in essentially all stocks. This finding suggests that the limit order book refreshes much more quickly after developing an imbalance of large size orders when Liquidity Providers can facilitate other liquidity suppliers in assessing picking off risk. The Liquidity Provider increases quoted spreads for thickly-traded firms from the first three traded value deciles while reducing quoted spreads for the lower deciles.

We employ the Reuters database to compare execution costs for 2,330 matched-pair securities across the top 7 equity markets in the Dow Jones STOXX Global 1800 Index. This sample encompasses a wide variety of thirteen market design features. In addition, we investigate execution costs well beyond the most heavily traded stocks to include equities in the sixth through tenth deciles of traded value. Our findings indicate that full transparency of the limit order book to investors and a composite of unique NYSE features (but not the presence of the crowd) unequivocally reduce effective spreads. In contrast, a fully transparent limit order book revealed to brokers, the presence of a market maker, or the mixture of execution systems present on the LSE sharply increase effective spreads in both thickly and thinly-traded stocks. The effect of a physical trading floor is statistically significant but relatively small; it increases effective spreads slightly for thickly-traded firms, and reduces them for thinly-traded stocks. The findings for price impact are the same with three exceptions. First, the presence of a trading floor increases costs, dramatically so for thinlytraded stocks. Second, a fully transparent limit order book for brokers raises price impact for thickly traded stocks, but lowers price impacts for thinly traded firms. Third, in thinly-traded stocks, London???s hybrid market decreases price impact, and in thickly-traded stocks, crowd trading on the NYSE and full transparency to investors decrease price impact. Finally, the results for realised spread are essentially the same as those for effective spread, with the exception that the effect of the presence of a trading floor is to reduce realised spreads. Overall, the London Stock Exchange is the highest execution cost market, and the NYSE is the lowest. This research includes a market-specific study of the effect on execution cost of the Liquidity Provider of Euronext Paris. Euronext Paris affords a natural experimental research design because a third of firms have Liquidity Providers and two thirds do not. Results indicate quoted spreads, effective spreads and realized spreads are significantly affected by the presence of a Liquidity Provider, but price impacts are not. On the one hand, this suggests that the thickly-traded stocks where the Liquidity Providers are prohibited have sufficient liquidity in their absence. On the other hand however, liquidity providers on Euronext Paris reduce effective and realised spreads in essentially all stocks. This finding suggests that the limit order book refreshes much more quickly after developing an imbalance of large size orders when Liquidity Providers can facilitate other liquidity suppliers in assessing picking off risk. The Liquidity Provider increases quoted spreads for thickly-traded firms from the first three traded value deciles while reducing quoted spreads for the lower deciles.

Thesis (Ph. D.)--Ohio State University, 1984. / Includes bibliographical references (leaves 146-149). Available online via OhioLINK's ETD Center.

A survey performed over existing two pilot-scale and two full-scale RO desalination facilities to study the current status of boron rejection showed a highest rejection 85% leading to permeate boron concentration of 0.52 mg/L, and recent studies predicted a cost increase due to incorporation of boron reduction systems. Mathematical models were developed to study the process performance and related cost implications. The deterministic process model was verified with pilot-scale experiment performed using a single spiral wound module and was later modified to represent the full-scale design options available to meet the required water quality criteria. Then the selected full-scale design options were simulated to predict their performance in terms of recovery and boron rejection. For cost analysis, to account for uncertainty probability models were developed for stochastic inputs to the cost estimation model and were used with operating parameters from the full-scale simulations to determine the expected total cost of water produced. Later, a sensitivity analysis was performed to observe the effect of change in uncertainty of inputs. Further, the applications of the deterministic process model are suggested.

Ashe Juniper (Juniperus ashei) is native to the Edwards Plateau in central Texas. In the past 150 years, however, this species has rapidly increased in abundance within its range. Reduced fire frequency and increased livestock grazing, are two factors attributed to the rapid rate of juniper encroachment. While the losses associated with brush encroachment are recognized, many ranchers lack the funds necessary to implement management practices to reduce juniper densities on their property. The high cost associated with clearing brush has led to the creation of cost-share programs, which help offset the expenses incurred by participating landowners. The Leon River Restoration Project (LRRP), implemented on private lands within Coryell and Hamilton Counties, Texas, is one such cost-share program. Funding for the LRRP is received through non-programmatic sources, in the form of grants, from various state and federal organizations and agencies. The Natural Resources Conservation Service (NRCS) provides a second source of funding through the Environmental Quality Incentives Program (EQIP). Participants contracted through LRRP funds receive 85% cost-share benefits, up to a maximum of $15,000. Landowners participating in the LRRP under EQIP funds receive 50% cost-share incentives, up to a maximum of $250,000. The purpose of this study was to record changes that occurred on land enrolled in the LRRP, following juniper removal, and the economic benefits recognized by this work. Thirty landowners scheduled to participate in the LRRP were interviewed in 2003, prior to juniper control work. In 2006, 23 of the original 30 landowners participated in a second interview, following their completion of brush removal work. Changes attributed to juniper removal were recorded during these post-clearing interviews. Stocking rate changes were used as the basis for measuring economic benefits recognized by the clearing efforts. Changes in hunting or grazing lease rates resulting from juniper clearing were also used to monitor economic benefits of the brushwork. A second component of the study tested for differences in landowner satisfaction between LRRP participants enrolled under LRRP funds, and those contracted under EQIP funds. Importanceperformance matrixes were created to display satisfaction differences.

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