Comparative Economic Performance Research Articles

Thermodynamic and economic performance comparison of biomass gasification oxy-fuel combustion power plant in different gasifying atmospheres using advanced exergy and exergoeconomic approach

Regarding the growing concern about carbon emission and environmental pollution, biomass has received extensive attention as renewable energy because of environmentally friendly and carbon-neutral. To enhance the utilization of biomass energy and reduce carbon emission, a biomass gasification oxy-fuel combustion power system is established. Advanced exergy and exergoeconomic analyses are applied to evaluate the system in different gasifying atmospheres of air, steam, and air/steam. The air, steam, and air/steam systems have exergy destruction of 155.9 MW, 163.2 MW, and 199.5 MW, and exergy efficiency of 43.47%, 49.48%, and 40.17%. The operating cost of the air, steam, and air/steam system is 305556.4 $/h, 393550.0 $/h, and 276284.8 $/h, and the annualized cost is 64.1 M$, 74.7 M$, and 63.9 M$, respectively. The thermodynamic improvement potential is 25.97% for the air system, 32.29% for the steam system, and 24.91% for the air/steam system. The avoidable cost ratios of the three systems are above 70%, suggesting a high cost-saving potential. The results reveal the effects of gasifying agents on the biomass gasification power system. Strategies are proposed for system improvement based on the advanced exergy and exergoeconomic analysis.

Yearly photoelectric/thermal and economic performance comparison between CPV and FPV dual-source heat pump systems in different regions

Traditional flat PV heat pumps has low irradiation density, large PV area, and the PV evaporators are always fixed, causing large area occupation and lots of irradiation missing, which limit the application and system efficiency. To solve the problems, a novel concentrated PV-air dual-source heat pump system (CPV-DSHP) was proposed in the previous paper, but the annual performance and economic comparison with flat PV-DSHP (FPV-DSHP) are still blank, which are extremely concerning to researchers. Besides, the paper also fills related content about the impact of irradiation composition on the system performance and economics, as well as the irradiation comparison on tracking CPV and fixed FPV surface. From the calculation of the validated model, it's found that the CPV-DSHP system could capture 6098 MJ and 2213 MJ more solar energy, and produce 282.21 kWh and 100.16 kWh more electricity in Garze and Hefei in a year. The annual concentration efficiency is 82.73 % in Garze where direct irradiation accounts for 68.89 %, which is only 73.15 % in Hefei with 39.84 %.The COPPVT is annually lifted by 0.40 in Garze. Although the two systems could both get payback in 5∼6 years, the CPV-DSHP only shows economic advantages in places with good direct irradiation conditions like Garze.

A Comparison of Economic Performance Between ISO 9001 Certified and Non-ISO 9001 Certified Food Manufacturing Companies

Only a small group of companies in Peru are certified to the ISO 9001 International Quality Standard, and it is uncertain whether this standard contributes to their financial performance. As a result, the objective of this study was to compare the financial performance of food manufacturing companies certified to ISO 9001 with those that are not. The non-parametric Mann-Whitney U test for median comparison was applied, since the data analyzed did not follow a normal distribution. It was found that there is no statistically significant difference between the financial results of the two groups; however, referring specifically to the asset turnover indicator, companies that have adopted the guidelines of the International Quality Standard, on average, convert their assets into cash more frequently.

Thermodynamic and economic analysis of organic Rankine cycle combined with flash cycle and ejector

Increasing the net output power of the Organic Rankine Cycle (ORC) can increase the possibility of developing low-medium temperature heat sources. It is equally important to effectively control the system's economy. So, subcritical double-pressure ORC combined with flash cycle and ejector (S-EFDPORC) and transcritical ORC combined with flash cycle and ejector (T-EFDPORC) are proposed in present work. The thermodynamic and economic analyses on five proposed systems within the heat source temperature range of 100 °C–200 °C are conducted. The net output power and levelized energy cost (LEC) are treated as optimization objectives in thermodynamic and economic performance comparisons, respectively. The non-dominated sorting and three multi-objective optimization methods (LINMAP, TOPSIS, and Shannon Entropy) are used to perform the multi-objective optimization. The results show that S-EFDPORC and T-EFDPORC can both effectively improve the net output power compared with subcritical double-pressure ORC (S-DPORC) and transcritical double-pressure ORC (T-DPORC), while subcritical ORC combined with flash cycle and ejector (S-EFORC) can only improve the net output power within a certain temperature range. When the optimization objective is the net output power, compared with S-DPORC and T-DPORC, the growth rate of net output power in S-EFORC is more than 20% when the temperature is below 160 °C. When the temperature of the heat source is below 160 °C or above 180 °C, the growth rates of net output power of S-EFDPORC and T-EFDPORC increase more than 25%. When LEC is treated as optimization objective, compared with S-DPORC and T-DPORC, S-EFORC reduces LEC by more than 10%. S-EFDPORC and T-EFDPORC increase the LEC of the system, and the maximum growth rates of LEC are 30% and 60% respectively, resulting in worse economic performance. With three multi-objective optimization methods, both S-EFDPORC and T-EFDPORC can increase net output power, but their economy will deteriorate at most heat source temperatures. Although S-EFORC increase the net output power when the heat source temperature is below than 177 °C, LEC reduces throughout the heat source temperature range.

Propulsion and photovoltaic charging system parameter computation for an all-electric boat

ABSTRACT The study aims to evaluate system combinations including batteries and electric motors for the all-electric training ship and to develop a shore facility with photovoltaic solar panels for battery charging. To achieve the objectives, the ship’s power requirements were calculated using Savitsky and Wyman methods. Specifications of the propulsion units were decided by utilizing three different driving cycles and a battery discharge simulation for these cycles was ensured. Then, time series analyses forecasted the discharge durations, and lifespans of the batteries. Finally, economic performance comparison and the ranking of the configurations were provided. Results indicate that nominal battery capacities are detected as 21.39, 39.22, and 7.51 kWh, having 4.86, 9.13, and 11.53-hours’ usage range, and payback periods of the configurations are 8.19, 6.88, and 8.05 years for each driving cycle. The configuration designed regarding the third driving cycle is the most feasible according to the multi-criteria decision-making analysis.

Economic evaluation and annual performance analysis of a novel series-coupled PV/T and solar TC with solar direct expansion heat pump system: An experimental and numerical study

Hybrid photovoltaic/thermal (PV/T) systems are proposed to harvest the two renewable forms of energy, thermal and electrical. The PV/T system generates low-temperature thermal and electrical energy, which is usually not much and might meet the demand for residential building heating and hot water. This research presents the economic evaluation and annual energy performance of a novel series-coupled PV/T and a solar thermal collector (TC) with a solar direct expansion heat pump system. A comprehensive approach was developed and utilized to evaluate the quantitative and qualitative performance of the hybrid refrigerant-based PV/T-TC system using the 1st (energy) and 2nd (exergy) laws of thermodynamics. A 0.5234 kW rating heat pump prototype system with a PV/T-TC area of 3.5 m2 was built and tested under the real conditions of Karachi, Pakistan, and a simulation model was developed via MATLAB to predict the annual energy performance. The experimental results show that the PV/T-TC system's mean daily electrical, thermal, overall energy and exergy efficiencies were 14.08%, 60.12%, 74.20%, and 18.12%, respectively. The numerical results reveal that a PV/T-TC assisted solar heat pump system can generate 303.51 kWh of electricity and 3213.12 kWh of thermal energy annually. The annual average COP of the hybrid refrigerant-based PV/T-TC system is 5.68. According to the comparison of economic performance between the PV/T assisted direct-expansion heat pump system and PV/T-TC assisted direct-expansion heat pump system, the hybrid refrigerant-based PV/T-TC assisted direct-expansion heat pump system has a payback period of 5.20 years, whereas the refrigerant-based PV/T assisted direct-expansion heat pump system has a payback period of 7.15 years. The experimental data is consistent with the simulation outcomes, with an average relative error of 3.30%.

Climate Policy Options: A Comparison of Economic Performance

Climate Policy Options: A Comparison of Economic Performance

The economics of sensor-based management of dairy cow suboptimal mobility.

Suboptimal mobility (SOM) is a costly health condition in dairy production. Current SOM management is based on visual SOM detection by farm staff. This often leads to cows with severe SOM being detected and promptly treated, whereas the detection and subsequent treatment of cows with mild SOM is delayed or nonexistent resulting in prolonged cases of mild SOM being treated only at half-year routine hoof trimming. Using automatic SOM detection sensors may improve early detection of mild SOM allowing for improved SOM management. However, the economic value of these sensors used for sensor-based SOM management are not well known. The objective of this study was to evaluate the added economic value of automatic SOM detection sensors. A recently developed bioeconomic simulation model was extended to simulate a farm without and with automatic SOM detection sensors and farm economic performance comparisons were drawn. Moreover, for the farm with sensors, novel sensor-based SOM management strategies were designed. Within these sensor based-management strategies multiple scenarios with different sensor performance in terms of sensitivity, specificity, and mobility score detection were simulated. A new alert prioritization method was also introduced. Results from this study provide insights on the economic tradeoffs in production losses and additional labor costs for the different sensor-based management strategies, sensor performances, and alert prioritization. Simulations show that the added economic value of automatic SOM detection sensors are sensitive to the sensor-based management strategies, sensor performance, and the introduced alert prioritization method. Thirty-nine of the 80 simulated scenarios obtained a positive mean net economic sensor effect: the highest was €6,360 per year (€51/cow per yr). Based on evidence from our scenarios we suggest that twice-yearly routine hoof trimming with the addition of automatic SOM detection sensors should be replaced with cow specific hoof trimmer treatments following SOM detection by the sensor. Earlier detection and subsequent treatment of mild SOM resulted in economic gains when the alert prioritization method was introduced. Implementing automatic SOM detection sensor systems allows for many options to alter SOM management where improvements in farm economic performance can be achieved in combination with improved cow mobility. The implications for future research are discussed.

Molten salt electrolysis and room temperature ionic liquid electrochemical processes for refining rare earth metals: Environmental and economic performance comparison

Circularizing end of life products such as electronic waste can open a new source for rare earth elements (REEs) that will decrease the demand pressure on conventional virgin production. The last step to produce REEs consists of a refining process to convert rare earth oxide (REO) to REE metal. One promising technology is processing REO via a room temperature ionic liquid, which is characterized by low energy requirements in contrast to existing REEs extraction processes. In this work, life cycle and techno-economic assessments are performed and compared against molten salt electrolysis. The results show that both processes have advantages and disadvantages in terms of environmental performance, and that they are similarly competitive in terms of economic performance. A breakeven analysis suggests that future research should focus on coupling the production of REOs with the refining processes to attempt to lower REO cost and make them economically feasible in the U.S.

Energy and economic performance comparison of heat pump and power cycle in low grade waste heat recovery

For the sake of making an appropriate choice for the reuse of low grade waste heat, the mechanical heat pump, steam turbine (ST), and organic Rankine cycle (ORC) are modeled by Aspen Plus. The working conditions of 100–150 °C waste heat temperatures, as well as 10–30 °C heat pump temperature lifts are simulated and calculated. The price ratio of electricity to heat is introduced as an important economic variable. The energy and economic performance of the three technologies in low grade waste heat recovery are compared and analyzed based on the exergy efficiency and annual revenue. The results indicate that in terms of the exergy efficiency, the mechanical heat pump is always the best choice. From the perspective of the annual revenue, the mechanical heat pump is the best choice in most cases. The chance that the annual revenue of the ORC and ST is greater than that of the mechanical heat pump arises only when the price ratio of electricity to heat is greater than 5. As for the payback period, all the cycles can meet the requirements of enterprises. A guide of the selection of waste heat recovery technology based on economics is drawn.

Thermo-economic performance enhancement in batch evaporation process via mechanical vapor recompression system coupled with steam accumulator

Energy consumption in batch evaporation process has aroused widespread concern around the world. In this investigation, a mechanical vapor recompression system coupled with steam accumulator (MVR-SA) was proposed to reduce the start-up time and enhance energy efficiency during the batch evaporation process. Mathematical models were established considering the first and second laws of thermodynamics and relevant economic theory. Performance analysis was carried out from energy, exergy and economic viewpoints. Experimental results showed that the MVR-SA system could achieve distinctly faster intermittent start-up than conventional MVR. Energy efficiency ratio was experimentally obtained as 6.25, the input exergy, output exergy, exergy destruction and exergy efficiency were 21.7 kW, 2.04 kW, 19.66 kW and 9.4%, respectively. Simulated results indicated that increasing the heat transfer temperature difference of heat exchanger and liquid level height of steam accumulator, or decreasing evaporation pressure, could increase the system input exergy and exergy destruction, which reduced the system exergy efficiency. The optimum compression ratio and heat transfer temperature difference were obtained to achieve the minimum total cost considering annual investment, operation and environmental costs. Finally, an economic performance comparison confirmed greater superiority for the novel MVR-SA compared to conventional single effect system in the batch evaporation fields.

A comparative study of model approximation methods applied to economic MPC

AbstractEconomic model predictive control (EMPC) has attracted significant attention in recent years and is recognized as a promising advanced process control method for next‐generation smart manufacturing. It has the potential to not only improve economic performance but also significantly increase computational complexity. Model approximation has been a standard approach for reducing computational complexity in process control. In this work, we perform a study on three types of representative model approximation methods applied to EMPC, including model reduction based on available first‐principle models (e.g., proper orthogonal decomposition), system identification based on input–output data (e.g., subspace identification) that results in an explicitly expressed mathematical model, and neural networks based on input–output data. A representative algorithm from each model approximation method is considered. Two processes that are very different in dynamic nature and complexity were selected as benchmark processes for computational complexity and economic performance comparison, namely, an alkylation process and a wastewater treatment plant. The strengths and drawbacks of each method are summarized according to the simulation results, with future research direction regarding control‐oriented model approximation proposed at the end.

Thermo-economic assessments of pumped-thermal electricity storage systems employing sensible heat storage materials

Three distinct pumped-thermal electricity storage (PTES) system variants based on currently available sensible heat storage materials are presented: (i) Joule-Brayton PTES systems with solid thermal reservoirs; (ii) Joule-Brayton PTES systems with liquid thermal stores; and (iii) transcritical Rankine PTES systems with liquid thermal stores. Parametric design optimisation is performed for each PTES system variant considering various system configurations, working fluids and storage media from a thermodynamic perspective. The results show that amongst the investigated systems, the recuperative transcritical Rankine PTES system with CO2 as the working fluid and Therminol VP-1 as the storage material achieves the highest roundtrip efficiency of 68%. Further to the optimal thermodynamic performance of these system, their corresponding capital costs are also evaluated. The economic performance comparisons of selected optimal PTES designs reveal that the recuperative transcritical Rankine PTES system with CO2 and Therminol VP-1 exhibits the lowest capital cost of 209 M$ for the given power capacity (50 MW) and discharge duration (6 h). The influences of the power capacity and discharge duration are also investigated, with results showing that the lowest power and energy capital costs are 3790 $/kW (discharge duration of 2 h) and 396 $/kWh (discharge duration of 12 h), respectively.

Regional suitability of heating tower heat pumps based on technical and economic performance maps

Heating tower heat pump (HTHP) technology is evolving rapidly owing to its good performance in summer and frost-free operation in winter. However, a lack of comprehensive comparisons between the HTHP and conventional methods, such as the air-source heat pump (ASHP), and the chiller and boiler, significantly limits its applications. To solve this problem, this paper analyzes the technological and economic performance of these three types of systems at 353 locations over China. The principle of energy saving and potential of the HTHP are presented, based on which a comparison of economic performance is conducted by considering the efficiency of energy conversion and cost of the three systems. The results show that the HTHP is superior to the ASHP at most locations in China, with a 10% to 20% higher annual performance factor (APF). For locations in southwest China, this improvement is less than 10% owing to the large regeneration penalty in winter, and minor differences between dry-bulb and wet-bulb temperatures in summer. The APF of the HTHP is 10% to 23% higher than the chiller and boiler system in the hot summer and cold winter zone as well as the cold zone. However, the HTHP exhibits no advantage over this system in the severe cold zone because of the low efficiency of the heat pump in winter, or in the hot summer and warm winter zone owing to the small heating load. The results are used to develop technical and economic performance maps to guide the application of the HTHP in different climatic regions.

Comparison of Economic Performance of Lead-Acid and Li-Ion Batteries in Standalone Photovoltaic Energy Systems

Standalone renewable energy systems usually incorporate batteries to get a steady energy supply. Currently, Li-ion batteries are gradually displacing lead-acid ones. In practice, the choice is made without previous comparison of its profitability in each case. This work compares the economic performance of both types of battery, in five real case studies with different demand profiles. For each case, two sets of simulations are carried out. In one of the sets, the energy demand is supplied by a standalone photovoltaic system and, in the other one, by a standalone hybrid photovoltaic-diesel system. Through optimization processes, the economic optimum solutions are obtained. In addition, sensitivity analyses on various parameters have been carried out, seeking the influence in favor of one or another type of battery. The results show that if the type of battery is changed, to achieve the economic optimum the entire system must be resized. In some cases, the economic optimum is reached with Li-ion and in others with lead-acid batteries, depending on the demand profiles. Thus, both types of batteries can be profitable options in standalone energy systems, with a greater tendency to lead-acid in fully photovoltaic systems and to Li-ion in hybrids. The price reductions that would make Li-ion the only choice is quantified.

Thermodynamic performance assessment of ammonia/ionic liquid based half-effect absorption refrigeration cycle

The potential of ammonia/ionic liquids half-effect absorption refrigeration cycle (ARC) has been investigated. The thermodynamic model of the half-effect ARC and the property models of ammonia/ionic liquid working pairs have been established with verified accuracy. In addition, the thermodynamic and economic performance comparisons between the four ammonia/ionic liquid working pairs and ammonia/water in the half-effect ARC cycle are conducted. With coefficient of performance (COP) and solution circulation ratio as key performance indicators in this paper, the results reveal that, in general, the COP of the four ammonia/ionic liquid working pairs is higher than that of the ammonia/water, and there exists an optimum generation temperature for the cycle to achieve the highest COP. With the cooling capacity per unit UA, the cycle's economic performance is studied. Under the typical operating conditions, the COP of working pairs with [emim][BF4] has the highest value (0.342), followed by [dema][Ac] (0.330), [dmim][DMP] (0.300) and [emim][SCN] with the lowest value (0.293). And the cooling capacity per unit UA of ammonia/[emim][BF4] has the highest value. Moreover, compared to the other candidates, ammonia/[emim][BF4] performs best under most operating conditions and can be recommended as a reasonable working pair for the half-effect ARC.

Institutional diversity and economic performance

Definition and role of institutions. Institutions are diverse: examples from OECD countries. Does institutional diversity matter for comparative economic performance? The problem of measurement. Do institutions tend to converge or diversify further? What are the driving forces? What did we learn from institution building in transition economies? Need for a better understanding of interactions between institutions and policies. The OECD work andexperience. Conclusion: the need for a vision.

THE ROLE OF CAPITAL AND PRODUCTIVITY IN ACCOUNTING FOR INCOME DIFFERENCES SINCE 1913

AbstractThis paper studies the proximate determinants of differences in output per worker across countries since 1913. We provide a new long‐term perspective by developing a novel dataset with information on produced capital for 33 countries that covers most of the global income distribution. Using development accounting analysis, we find a large shift in the proximate determinants of cross‐country income inequality during the 20th century. The contribution of produced capital to cross‐country income variation declined from 29% to 11%, while that for productivity rose from 47% to 72%. Thus, the current predominant role of productivity in accounting for income differences is quite exceptional from a historical perspective. We draw on these findings to review various strands of the literature and offer some hypothesis about the rising relative importance of TFP for comparative economic performance. We conclude that differences in technological adoption rates and efficiency are the primer drivers of the decreasing relative importance of capital deepening for cross‐country income inequality, rather than factor input mismeasurement.

Secession with Natural Resources

Abstract We look at the formation of new Indian states in 2001 to uncover the effects of political secession on the comparative economic performance of natural resource rich and natural resource poor areas. Resource rich constituencies fared comparatively worse within new states that inherited a relatively larger proportion of natural resources. We argue that these patterns reflect how political reorganisation affected the quality of state governance of natural resources. We describe a model of collusion between state politicians and resource rent recipients that can account for the relationships we see in the data between natural resource abundance and post-break-up local outcomes.

The comparative financial and economic performance of protected areas in the Greater Kruger National Park, South Africa: functional diversity and resilience in the socio-economics of a landscape-scale reserve network

Economic contributions of park-tourism are rarely documented for individual parks in developing countries or made relevant to management or governance concerns. If economic monitoring is to aid management, economic studies of tourism are a useful starting point but traditionally yield only narrow metrics or are applied only to public parks despite many parks being connected to private or communal reserves. We evaluated a network of private and public reserves – the Greater Kruger National Park (GKNP) – comparing economic contributions of member reserves while also attributing a range of values in financial, social and political domains to different components of the system, thus enabling integration of results with resilience-oriented management frameworks and decision-making processes. We show that the diversity of management units corresponds with a diversity of values that we argue underpins institutional resilience. Although private reserves constitute only 12% of the land area, visitor spending there is responsible for over 60% of employment, tax and GDP contributions. The national park is less commercialized but accounts for almost all domestic visits by maintaining affordable access, performing a vital political and social function. However, weak community and joint-governance undermines resilience and limits the ability of stakeholders to act on economic monitoring data.