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Focusing on methods for data that are ordered in time, this textbook provides a comprehensive guide to analyzing time series data using modern techniques from data science. It is specifically tailored to economics and finance applications, aiming to provide students with rigorous training. Chapters cover Bayesian approaches, nonparametric smoothing methods, machine learning, and continuous time econometrics. Theoretical and empirical exercises, concise summaries, bolded key terms, and illustrative examples are included throughout to reinforce key concepts and bolster understanding. Ancillary materials include an instructor's manual with solutions and additional exercises, PowerPoint lecture slides, and datasets. With its clear and accessible style, this textbook is an essential tool for advanced undergraduate and graduate students in economics, finance, and statistics.
Learn with confidence with this hands-on undergraduate textbook for CS2 courses. Active-learning and real-world projects underpin each chapter, briefly reviewing programming fundamentals then progressing to core data structures and algorithms topics including recursion, lists, stacks, trees, graphs, sorting, and complexity analysis. Creative projects and applications put theoretical concepts into practice, helping students master the fundamentals. Dedicated project chapters supply further programming practice using real-world, interdisciplinary problems which students can showcase in their own online portfolios. Example Interview Questions sections prepare students for job applications. The pedagogy supports self-directed and skills-based learning with over 250 'Try It Yourself' boxes, many with solutions provided, and over 500 progressively challenging end-of-chapter questions. Written in a clear and engaging style, this textbook is a complete resource for teaching the fundamental skills that today's students need. Instructor resources are available online, including a test bank, solutions manual, and sample code.
Chapter 7 considers structural loading and response of horizontal-axis machines, with some theoretical background and illustrative measurements from different wind turbine types. The chapter begins with a recap on the dynamics of a single degree of freedom system, leading into a discussion of multi-DOF systems and modal analysis. The cyclic loads affecting a wind turbine structure are described including wind shear, tower shadow, and rotationally sampled turbulence. The concepts of stochastic and deterministic loading are explained and the principle of aerodynamic damping illustrated. Qualitative descriptions are given of gyroscopic, centrifugal, and electromechanical loading. The phenomenon of blade edgewise stall vibration is explained, with discussion of mechanical damper solutions. The last part of the chapter draws on an early experimental campaign in which the dynamic loading on a full scale wind turbine was measured and compared with the results of software simulation. Results from the same trials also demonstrate the difference in rotor thrust loading arising from positive and negative pitch control. The chapter concludes with a brief summary of fatigue prediction methods.
Chapter 4 starts with a discussion of imperialism constructed as a fact and as theory. It highlights the major disruptions in East Asian and world history. The prevailing realist, liberal institutionalist, and constructivist theories are not scaled to explain such dramatic transformations of East Asia by Western imperialism. Rather, a historical sociological approach anchored on evolutionary theory is a better fit. Western domination based on the rise of the West in terms of economic, technological, and military power took several centuries to complete. Some East Asian empires were also expanding after 1500. A turning point was Britain’s defeat of China in the Opium War of 1839–1842. After that, East Asian nations engaged earnestly in reform. Some, like Japan, succeeded, while others, like China, failed, resulting in a great divergence among Asian countries. To some extent, much of East Asia still lives in the shadow of that imperialist past.
This chapter is a largely non-technical overview of economic and political aspects of wind energy policy. The cost of wind energy is assessed in terms of Levelised Cost of Energy (LCoE) with equations given in full and simplified form. Using a large database historic installed costs for UK wind both on- and offshore are given, from the earliest projects to the present day. The observed trends are discussed. Operational and balancing costs are outlined, the latter reflecting the intermittency of wind power. LCoE estimates are made for a range of installed costs and output capacity factors at typical discount rates, and compared with current generation prices. The chapter considers the economics of onsite generation with the example of a private business using wind energy to offset demand; the energy displacement and export statistics are extrapolated to compare with a national scenario for 100% renewable electricity generation. The topic of ownership is introduced and examined in the context of the UK’s first community-owned windfarm. The chapter concludes with a brief review of UK renewable energy policy, which originated with legislation to protect the nuclear power industry.
Chapter 1 introduces evolution theory and evolutionary explanation for studies of East Asian international relations and lays out the design of the whole book
This chapter introduces some nonlinear time series models of widespread use in economics and finance. Specifically, we consider structural breaks, GARCH models, and copula models.
The final chapter takes a wider look at wind turbine technology in the context of a potential 100% renewable electricity supply at national or state level. The problem of intermittency is explained, together with the role of overcapacity and wind turbine power density in helping to solve it. A section on energy storage considers the theoretical storage capacity that would be needed at national level to enable wind power to serve all demand, with high level analysis using one year’s data from the UK national grid; a second case study considers the State of Texas again using measured hourly data. The potential to combine solar and wind power is examined for both case studies, in proportions so as to minimise the energy storage requirement. The economics of a wind/solar grid with storage are explored with LCOE analysis, and the results discussed in the context of different storage technologies, with a range of installed costs. The final section examines the sustainability of wind turbine manufacture, decommissioning, and disposal, with examples of new technology to reduce associated CO2 emissions. These include decarbonised steel production, recyclable blades and wood laminate towers.
This chapter gives a more comprehensive treatment of nonparametric methods for estimating density functions and dynamic regression models. We also consider the emerging material on the case where there are many explanatory variables and how selection methods can be used to apply estimation and inference techniques to this case.
Chapter 6 considers wind turbine control, including supervisory control, power limiting, starting and stopping, electrical power quality, and sector management. The importance of accurate yaw control is discussed in terms of energy capture and cyclic loading, and an active yaw system illustrated. The main focus of the chapter is real-time power control, and builds on the aerodynamic and electrical concepts covered previously in Chapters 3–5. The differences between stall and pitch regulation are explained, in the latter case in the context of both constant and variable speed operation. Power measurements from constant-speed and variable-speed pitch controlled machines illustrate the superior accuracy of the latter. Control block diagrams are given for both methods, with qualitative explanation of the principles. The procedure for starting and stopping different wind turbine types is explained, and the advantages of pitch control in this context are illustrated. The chapter includes a short description of sector management, a control strategy based on external factors such as wind speed and direction, and used for noise reduction, shadow flicker prevention, or fatigue mitigation.
Chapter 12 introduces offshore wind power, beginning with a historical overview from the first offshore wind turbine installed in 1990, to the gigawatt-scale arrays now under development. The technologogical progress of both fixed and floating arrays is described. Offshore wind characterisics are discussed and metocean data (including the influences of wind, wave, and currents) described. Wind conditions on- and offshore are compared. Wave characteristics are described in detail, based on linear wave theory and Jonswap spectral characteristics, with simple equations given for significant and maximum wave height, and wave and current velocity profiles. The combined forces on an offshore turbine stuctures are described with a worked example of wind, wave, and current loading on a monopile. Aspects of offshore wind turbine design are discussed, including marinisation, the influence of blade size, and drivetrain architecture, and a short section describes modern offshore installation vessels. The historic performance of offshore arrays is assessed with data for the UK and Danish sectors, and the chapter concludes with a review of environmental impact issues for offshore developments.
This chapter introduces the Bayesian approach. We define the key concepts that are needed to understand Bayesian inference and the comparison with frequentist inference. We show how these concepts can be applied in the linear time series models considered earlier and discuss the modern treatment of vector autoregression models from a Bayesian perspective.
Chapter 8 analyzes East Asian regionalism projects, which demonstrate that the choices of governments and non-state actors constitute the structure of East Asian international relations, albeit within evolutionary constraints. East Asian countries are not integrating in a European Union sense, but their desire for and efforts at regional cooperation remain strong. East Asian regionalism was underdeveloped compared to Europe and some other developing regions, but an economic regionalism open to non-East Asian countries emerged when the Cold War ended. The 1997 Asian Financial Crisis trigged greater East Asian efforts at creating more exclusive economic and financial groups, but East Asia has shifted to mega regionalism since the early 2010s, reflecting growing great power rivalries between Japan, China, and the United States. Other East Asian countries, particularly those in the Association of Southeast Asian Nations (ASEAN), have their own agency and drive the process in more immediate terms.