The Impact of Employment on Parental Coresidence

We examine the extent to which parents use housing and shared living arrangements as a form of risk‐sharing for their adult children, using detailed data on children and parents in the Health and Retirement Study for 1998–2012. On average, a young man moving from full‐time to nonemployment raises the likelihood of coresiding with a parent by 1.5 percentage points; moving from full‐time employment to being part‐time employed raises the likelihood of coresiding with a parent by 2 percentage points. The implied elasticity of parental coresidence with respect to the son's income is ‐1.1; for daughters, the elasticity is ‐0.5.     

Sparse Signals in the Cross‐Section of Returns

This paper applies the Least Absolute Shrinkage and Selection Operator (LASSO) to make rolling one‐minute‐ahead return forecasts using the entire cross‐section of lagged returns as candidate predictors. The LASSO increases both out‐of‐sample fit and forecast‐implied Sharpe ratios. This out‐of‐sample success comes from identifying predictors that are unexpected, short‐lived, and sparse. Although the LASSO uses a statistical rule rather than economic intuition to identify predictors, the predictors it identifies are nevertheless associated with economically meaningful events: the LASSO tends to identify as predictors stocks with news about fundamentals.     

Benchmark simulation Model no 2 in Matlab-simulink: towards plant-wide WWTP control strategy evaluation.

In this paper, implementation of the Benchmark Simulation Model No 2 (BSM2) within Matlab-Simulink is presented. The BSM2 is developed for plant-wide WWTP control strategy evaluation on a long-term basis. It consists of a pre-treatment process, an activated sludge process and sludge treatment processes. Extended evaluation criteria are proposed for plant-wide control strategy assessment. Default open-loop and closed-loop strategies are also proposed to be used as references with which to compare other control strategies. Simulations indicate that the BM2 is an appropriate tool for plant-wide control strategy evaluation.     

Enhanced sludge conditioning by enzyme pre-treatment: comparison of laboratory and pilot scale dewatering results.

The effect of enzyme pre-treatment on dewaterability of anaerobically digested sludge was investigated at both laboratory and pilot scale. Our results revealed a significant increase in cake solid content (27% cake solids compared to 18% without enzyme pre-treatment), using an enzyme dose of only 20 mg/L. In order to assess practical application, enzyme pre-treatment was applied at the Wilmington, Delaware (U.S.) wastewater treatment plant, using a pilot-scale centrifuge. However, the efficiency reached in laboratory scale could not be obtained in pilot scale, where the final cake solids content did not exceed 20%. Centrifuge and belt filter press (simulated by Crown Press) dewatering were compared in terms of the process efficiencies in the absence and presence of enzyme pre-treatment. Possible factors that might cause the differences were tested by experimental and statistical comparisons. Results indicated that the higher shear applied in centrifugation is responsible for the lack of improved cake solids. The network strength of sludge determined by rheological measurements revealed that enzymatic treatment weakens the gel structure of the sludge floc through the hydrolysis of extracellular polymeric substances; this allows improved dewatering by filtration processes, but leads to floc deterioration when subjected to high shear during centrifugation.     

Dewatered alum sludge: a potential adsorbent for phosphorus removal.

Alum sludge refers to the by-product from the processing of drinking water in water treatment works. In this study, groups of batch experiments were designed to identify the characteristics of dewatered alum sludge for phosphorus adsorption. Air-dried alum sludge (moisture content 10.2%), which was collected from a water treatment works in Dublin, was subjected to artificial P-rich wastewater adsorption tests using KH2PO4 as a model P source. Adsorption behaviours were investigated as a function of amount and particle size of alum sludge, pH of solution and adsorption time. The results have shown that pH plays a major role not only in the adsorption process but also in the adsorption capacity. With regard to adsorption capacity, this study reveals the Langmuir adsorption isotherm being the best fit with experimental data (R2 = 0.98-0.99). The maximum adsorption capacities range from 0.7 to 3.5 mg-P/g when the pH of the synthetic P solution was varied from 9.0 to 4.3, accordingly. The outcome of this study indicated that alum sludge is suitable for use as an adsorbent for removal of phosphate from wastewater.     

Membrane separation of indigenous noroviruses from sewage sludge and treated wastewater.

In this study, feasibility of membrane separation for the removal of indigenous noroviruses (NVs) is evaluated. The indigenous NV gene was never detected from ultrafiltration (UF) permeates of sewage sludge and treated wastewater. Indigenous NV gene was also not detected from permeates of sewage sludge and treated wastewater by microfiltration (MF) with a pore size of 0.1 microm (MF0.1). Even though the pore size of MF (0.1 microm) was much larger than the diameter of virus particle (approximately 30-40nm), more than 4-log10 reduction value (LRV) at maximum was achieved by membrane separation with MF0.1. NV genes were often detected from permeates of sewage sludge and treated wastewater by MF with a pore size of 0.45 microm (MF0.45), although the maximum log10 reduction values were more than 3.59 for sewage sludge and more than 2.90 for treated wastewater. It is important to verify factors determining the removal efficiency of viruses with MF membranes.     

EDITORIAL: TAX REFORM AND SIMPLIFICATION

Major tax reform to simplify the UK tax system is possible. Merging income taxes, social security taxes and corporation tax into only a single flat-rate of tax on all incomes would be a radical start. Avoiding taxes on income and expenditure which are 'too high' requires major reductions in government spending, mainly on the welfare state. Given the political will, over a period of years we really can hugely improve the UK tax system.     

Lake Chivero: A management case study

Lake Chivero in Zimbabwe was shown to be hypereutrophic. Historical data showed that the eutrophication process had been arrested in the late 1970s. However, a combination of poor planning, multiplicity of jurisdiction, mismatch between rate of urbanization and waste management investment, recent changes in the local climate and a permissive, immature political system that called for no public accountability resulted in environmental management breakdown leading to hypereutrophication of the lake. The case of Lake Chivero is presented as an example of a wider global issue regarding the status of environmental management in competition with other priorities in emerging democracies.