Concession, project financing and public-private partnership schemes are investment projects that are generally submitted to valuation criteria based on discounted cash flow analysis. The theoretical ...basis of these valuation criteria are now at issue. Pursuant to recent advances in relational contracting economics and behavioural finance, joint investment projects can be considered as special relational environments where the project's returns improve on alternative replacement opportunities. This article seeks to bridge the gap between new theories and widely used valuation techniques by providing a generalized approach to investment valuation. This article suggests reasonable valuation criteria that fit these new theoretical developments, including an endogenous optimal duration function that may be integrated into the project's contractual agreement.
The DARWIN observatory is a proposed next-generation experiment with 40 tonnes of liquid xenon as an active target in a time projection chamber. To study challenges related to the construction and ...operation of a multi-tonne scale detector, we have designed and constructed a vertical, full-scale demonstrator for the DARWIN experiment at the University of Zurich. Here, we present the first results from a several-months run with
343
kg
of xenon and electron drift lifetime and transport measurements with a
53
cm
tall purity monitor immersed in the cryogenic liquid. After
88
days
of continuous purification, the electron lifetime reached a value of
(
664
±
23
)
μ
s
. We measured the drift velocity of electrons for electric fields in the range (25–75) V/cm, and found values consistent with previous measurements. We also calculated the longitudinal diffusion constant of the electron cloud in the same field range, and compared with previous data, as well as with predictions from an empirical model.
Abstract
The DARWIN observatory is a proposed next-generation experiment to search for particle dark matter and for the neutrinoless double beta decay of
$$^{136}$$
136
Xe. Out of its 50 t total ...natural xenon inventory, 40 t will be the active target of a time projection chamber which thus contains about 3.6 t of
$$^{136}$$
136
Xe. Here, we show that its projected half-life sensitivity is
$$2.4\times {10}^{27}\,{\hbox {year}}$$
2.4
×
10
27
year
, using a fiducial volume of 5 t of natural xenon and 10 year of operation with a background rate of less than 0.2 events/(t
$$\cdot $$
·
year) in the energy region of interest. This sensitivity is based on a detailed Monte Carlo simulation study of the background and event topologies in the large, homogeneous target. DARWIN will be comparable in its science reach to dedicated double beta decay experiments using xenon enriched in
$$^{136}$$
136
Xe.
For the first time, a small dual-phase (liquid/gas) xenon time projection chamber was equipped with a top array of silicon photomultipliers for light and charge readout. Here we describe the ...instrument in detail, as well as the data processing and the event position reconstruction algorithms. We obtain a spatial resolution of
∼
1.5
mm
in the horizontal plane. To characterise the detector performance, we show calibration data with internal
83
m
Kr
and
37
Ar
sources, and we detail the production of the latter as well as its introduction into the system. We finally compare the observed light and charge yields down to electronic recoil energies of
2.82
keV
to predictions based on NEST v2.0.
'Why discuss accounting in Socio-Economic Review?'
'Because accounting constructs socio-economic reality.'
'How?!'
'Theoretically speaking, there should be many ways of doing "account-ing" - an act ...of explaining business realities to multiple stakeholders of socio-economies. Practically speaking, however, the current trend is to use "Fair Value Accounting" which is considered to be useful particularly for investors, and this is now being globally standardized.'
'What are the impacts of such new accounting on wider stakeholders and on the socio-economy at large?'
'Many aspects of our life may have been undemocratically administrated without being noticed, because the Fair Value Accounting is presumed to be fair, while it is not.'
In order to promote discussions over how our socio-economies should be accounted for, this paper introduces, in a reader-friendly manner, problems of the International Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS)
1
, and calls for diverse perspectives of future research.
For the first time, a small dual-phase (liquid/gas) xenon time projection chamber was equipped with a top array of silicon photomultipliers for light and charge readout. Here we describe the ...instrument in detail, as well as the data processing and the event position reconstruction algorithms. We obtain a spatial resolution of Formula omitted in the horizontal plane. To characterise the detector performance, we show calibration data with internal Formula omitted and Formula omitted sources, and we detail the production of the latter as well as its introduction into the system. We finally compare the observed light and charge yields down to electronic recoil energies of Formula omitted to predictions based on NEST v2.0.
We detail the sensitivity of the proposed liquid xenon DARWIN observatory to solar neutrinos via elastic electron scattering. We find that DARWIN will have the potential to measure the fluxes of five ...solar neutrino components:
pp
,
7
Be,
13
N,
15
O and
pep
. The precision of the
13
N,
15
O and
pep
components is hindered by the double-beta decay of
136
Xe and, thus, would benefit from a depleted target. A high-statistics observation of
pp
neutrinos would allow us to infer the values of the electroweak mixing angle,
sin
2
θ
w
, and the electron-type neutrino survival probability,
P
ee
, in the electron recoil energy region from a few keV up to 200 keV for the first time, with relative precision of 5% and 4%, respectively, with 10 live years of data and a 30 tonne fiducial volume. An observation of
pp
and
7
Be neutrinos would constrain the neutrino-inferred solar luminosity down to 0.2%. A combination of all flux measurements would distinguish between the high- (GS98) and low-metallicity (AGS09) solar models with 2.1–2.5
σ
significance, independent of external measurements from other experiments or a measurement of
8
B neutrinos through coherent elastic neutrino-nucleus scattering in DARWIN. Finally, we demonstrate that with a depleted target DARWIN may be sensitive to the neutrino capture process of
131
Xe.
Abstract For the first time, a small dual-phase (liquid/gas) xenon time projection chamber was equipped with a top array of silicon photomultipliers for light and charge readout. Here we describe the ...instrument in detail, as well as the data processing and the event position reconstruction algorithms. We obtain a spatial resolution of $$\sim 1.5\,\text {mm}$$ ∼1.5mm in the horizontal plane. To characterise the detector performance, we show calibration data with internal $$^{83\text {m}}\hbox {Kr}$$ 83mKr and $$^{37}\hbox {Ar}$$ 37Ar sources, and we detail the production of the latter as well as its introduction into the system. We finally compare the observed light and charge yields down to electronic recoil energies of $$2.82\,\text {keV}$$ 2.82keV to predictions based on NEST v2.0.
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