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Smart Grid Standards by Takuro Sato

business cycle, business process, carbon footprint, clean water, cloud computing, data acquisition, decarbonisation, demand response, distributed generation, energy security, factory automation, information retrieval, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Iridium satellite, iterative process, knowledge economy, life extension, linear programming, low earth orbit, market design, MITM: man-in-the-middle, off grid, oil shale / tar sands, packet switching, performance metric, RFC: Request For Comment, RFID, smart cities, smart grid, smart meter, smart transportation, Thomas Davenport

Currently, ISGAN has involved 22 member countries: Australia, Austria, Belgium, Canada, China, Finland, France, Germany, India, Ireland, Italy, Japan, Korea, Mexico, Norway, the Netherlands, Russia, Spain, Sweden, Switzerland, the United Kingdom, and the United States. Demand Response and Smart Grid Coalition (DRSG) Demand Response and Smart Grid Coalition (DRSG) is a trade association that consists of various companies in the areas of demand response, smart meters, and the smart grid technologies. DRSG consists of executive-level members and associate-level members, who provide demand response and Smart Grid technologies and services. The member companies are working together to promote the development and adoption of demand response and Smart Grid technologies. China Electricity Council (CEC) The China Electricity Council (CEC), which was founded in December 1988, is a joint organization of China’s power enterprises and institutions.

TK3105.S25 2014 621.3102′ 18–dc23 2014004867 Typeset in 11/13pt Times by Laserwords Private Limited, Chennai, India 1 2015 Contents About the Authors xi Preface xv Acknowledgments 1 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 2 2.1 2.2 xvii An Overview of the Smart Grid Introduction An Overview of Smart Grid-Related Organizations 1.2.1 SDOs Dealing with the Smart Grid 1.2.2 Technical Consortia, Forums, and Panels Dealing with the Smart Grid 1.2.3 Other Political, Market, and Trade Organizations, Forums, and Alliances Status of the United States (US) 1.3.1 Strategy Development and Planning 1.3.2 Policy and Law Enforcement 1.3.3 Government and Company Pilot Projects Status of the European Union (EU) 1.4.1 Activities of the European Union 1.4.2 Activities of EU Member Countries Status of Japan Status of South Korea Status of China Conclusions References 1 1 3 4 12 15 15 18 19 20 20 22 25 27 28 30 30 Renewable Energy Generation Introduction Renewable Energy Systems and the Smart Grid 2.2.1 Hydroelectric Power 2.2.2 Solar Energy 35 35 37 37 40 9 Contents vi 2.3 2.4 3 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 2.2.3 Wind Energy 2.2.4 Fuel Cell 2.2.5 Geothermal Energy 2.2.6 Biomass Challenges of Renewable Energy Systems 2.3.1 High Capital Cost 2.3.2 Integrating Renewable to the On-Grid 2.3.3 Reliable Supply of Power 2.3.4 Power Transmission 2.3.5 Power Distribution Conclusion References 51 56 60 64 73 73 74 74 74 74 75 75 Power Grid Power Grid Systems An Overview of the Important Key Standards for the Power Grid Communications in the Smart Grid 3.3.1 Communications for Substations: IEC 61850 Standards 3.3.2 Communications for Telecontrol: IEC 60870-5 Standards 3.3.3 Inter-Control Center Communications: IEC 60870-6 Standards Energy Management Systems 3.4.1 Application Program Interface: the IEC 61970 Standards 3.4.2 Software Inter-Application Integration: the IEC 61968 Standards Teleprotection Equipment 3.5.1 An Overview of the IEC 60834 3.5.2 Types of Teleprotection Command Schemes 3.5.3 Requirements for Command Type Teleprotection Systems 3.5.4 Teleprotection System Performance Requirements 3.5.5 Teleprotection System Performance Tests Application Cases of Related Standards in the Power Grid 3.6.1 Case 1: Engineering Process in Smart Substation Automation 3.6.2 Case 2: Information Exchange Services and Service Tracking Analysis of Relationships among Related Standards 3.7.1 IEC 61970 and IEC 61968 3.7.2 IEC 61850 and IEC 61970 3.7.3 IEC 61850 and IEC 60870 3.7.4 TASE.2 and MMS 3.7.5 Latest Progresses of Related Standards Conclusion Appendix 3.A A SED File Example (Extensible Markup Language) References 79 80 81 82 82 88 93 97 97 102 106 106 107 108 108 110 111 111 117 125 125 126 126 127 128 129 129 140 Contents 4 4.1 4.2 4.3 4.4 4.5 5 5.1 5.2 5.3 5.4 vii Smart Storage and Electric Vehicles Introduction Electric Storage 4.2.1 An Overview of Electric Storage 4.2.2 Electric Storage Technologies and Applications 4.2.3 Standardization Projects and Efforts Distributed Energy Resources 4.3.1 An Overview of Distributed Energy Resources 4.3.2 Technologies and Applications 4.3.3 Various Standardization Processes and Projects E-Mobility/Electric Vehicles 4.4.1 Introduction of E-Mobility/Electric Vehicles 4.4.2 The Rise and Fall of Electric Vehicles 4.4.3 Types of Electric Vehicles 4.4.4 Electric Vehicle Batteries 4.4.5 Grid to Vehicle (G2V) and Vehicle to Grid (V2G) Opportunities and Challenges 4.4.6 Standardization of E-Mobility/Electric Vehicles Conclusion References 145 145 146 146 147 151 154 154 155 158 160 160 161 162 164 Smart Energy Consumption Introduction Demand Response 5.2.1 An Overview of Demand Response Technologies 5.2.2 Demand Response Technology and Barriers 5.2.3 Standardization Efforts Related to Demand Response Advanced Metering Infrastructure Standards 5.3.1 The AMI System 5.3.2 The IEC 62056 and ANSI C12 Standards 5.3.3 Metering Standardization Projects and Efforts Smart Home and Building Automation Standards 5.4.1 ISO/IEC Information Technology – Home Electronic System (HES) 5.4.2 ZigBee/HomePlug Smart Energy Profile 2.0 5.4.3 OpenHAN 2.0 5.4.4 Z-Wave 5.4.5 ECHONET 5.4.6 ZigBee Home Automation Public Application Profile 5.4.7 BACnet 5.4.8 LONWORKS 5.4.9 INSTEON 183 183 184 184 185 186 188 189 189 194 197 166 170 178 180 198 207 217 221 224 228 231 233 235 Contents viii 5.4.10 5.4.11 5.4.12 5.5 6 6.1 6.2 6.3 6.4 6.5 7 7.1 7.2 7.3 7.4 7.5 KNX ONE-NET A Comparison of Smart Home and Building Automation Standards Conclusion References 235 238 Communications in the Smart Grid Introduction 6.1.1 Communication Requirements for the Smart Grid 6.1.2 List of Standards Architecture of the Communication System in the Smart Grid 6.2.1 IP in the Smart Grid Wired Communication 6.3.1 Power Line Communication 6.3.2 Optical Communication 6.3.3 Digital Subscriber Line (DSL) and Ethernet Wireless Communication 6.4.1 Introduction 6.4.2 Wireless Very Short Distance Communication 6.4.3 Wireless Personal and Local Area Networks and Related Technologies in the Unlicensed Spectrum 6.4.4 Cellular Networks in the Licensed Spectrum and WiMAX Technology 6.4.5 Satellite Communication Conclusion References 247 247 248 250 256 257 259 259 264 266 268 268 270 Security and Safety for Standardized Smart Grid Networks Introduction Threats and Vulnerabilities of Smart Grids 7.2.1 Network Vulnerabilities 7.2.2 Errors of Communications Communication Network Standards of Smart Grids 7.3.1 Wireless Network Standards 7.3.2 Wired Network Standards and Their Safety Extensions Wireless Network Security Mechanisms in the Smart Grids 7.4.1 An Overview of Security Mechanisms in the Wireless Standardized Smart Grid 7.4.2 Device Joining 7.4.3 Securing Normal Traffic Wired Network Security/Safety Mechanisms in the Smart Grid 7.5.1 An Overview of Security Technologies in the Wired Smart Grid 299 299 300 300 301 302 302 302 303 239 242 242 275 285 291 292 294 303 303 307 309 310 Contents 7.6 7.7 7.8 8 8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8 8.9 9 9.1 9.2 ix 7.5.2 Basic Security Mechanisms of Communication Infrastructure 7.5.3 Principles of Safety Extensions 7.5.4 Security Measures of Safety Extension Typical Standards of Functional Security and Safety 7.6.1 IEC 62351 Standards 7.6.2 IEC 61508 Standards Discussion 7.7.1 Safety versus Security 7.7.2 Security Level 7.7.3 Safety Level 7.7.4 Open Issues Conclusion References 311 312 313 316 316 319 321 321 321 322 322 324 325 Interoperability Introduction 8.1.1 Interoperability and Interchangeability 8.1.2 The Challenges of Network Interoperability 8.1.3 Adding Application Interoperability Interoperability Standards NIST Identified List of Standards to Be Reviewed NIST Interoperability Conceptual Reference Model for the Smart Grid Different Priority Areas Identified for Standardization 8.6.1 Wide-Area Situational Awareness 8.6.2 Demand Response and Consumer Energy Efficiency 8.6.3 Smart Energy Storage 8.6.4 Electric Transportation 8.6.5 Cybersecurity 8.6.6 Network Communications 8.6.7 Advanced Metering Infrastructure 8.6.8 Distribution Grid Management Priority Action Plans Different Layers of Interoperability Conclusion References 329 329 330 330 331 332 333 339 339 340 341 341 342 342 342 343 344 344 344 346 347 348 Integration of Variable Renewable Resources Introduction Challenges of Grid Integration of Intermittent Renewable Systems 9.2.1 Operation of a Conventional Electric Power System 9.2.2 Impact of Adding Intermittent Renewable Systems to the Power Grid 351 351 352 352 354 Contents x 9.3 9.4 9.5 9.6 10 10.1 10.2 10.3 10.4 10.5 Transitioning to Highly Renewable Electricity Grid 9.3.1 Planning Studies Very High Penetration and Grid-Scale Storage 9.4.1 Grid-Matching Analysis – Case of the Israeli Grid 9.4.2 Storage Design and Dispatch – Case of Interconnected Grid List of Standards Related to Integration of Renewable Resources Conclusion and Recommendations References 357 357 363 363 366 374 375 375 Future of the Smart Grid The Premise of the Smart Grid What the Smart Grid Should Deliver?

A broad set of domains are addressed in this project, including regulatory environments, smart metering functions, communication media, protocols, and data formats Part 31-1: Accelerated reliability testing – elevated temperature and humidity Part 32-1: Durability – testing of the stability of metrological characteristics by applying elevated temperature Part 41: Reliability prediction Published 2010– Chapter 5 2011 OPEN meter consortium B B Withdrawn 61107 Chapter 5 ed1.0 (1992) 61107 ed2.0 (1996) National Electrical Published 2009 Chapter 5 Manufactures Association (NEMA) IEC B 62059-41 (2006) 62059-32-1 (2011) 62059-31-1 (2008) List of Standards for the Smart Grid 439 Standard Utility AMI High Level Requirements OpenADR 1.0 OpenADR 2.0 Application or service areas Advanced Metering Infrastructure Demand Response/Load Control Demand Response/Load Control Utility AMI high level requirements: the high level requirements specified by the UtilityAMI are to provide AMI vendors with some general guidelines when designing or developing AMI systems or components OpenADR 1.0 system requirements specification: the OpenADR 1.0 specification was accepted as part of the OASIS energy interoperation (EI) standard, which was developed to define an information and communication model to enable demand response and energy transactions OpenADR 2.0 profile specification: OpenADR 2.0 was developed to define profiles which are specific to DR and DER applications.

pages: 271 words: 79,367

The Switch: How Solar, Storage and New Tech Means Cheap Power for All by Chris Goodall

3D printing, additive manufacturing, decarbonisation, demand response, Elon Musk, energy transition, first square of the chessboard / second half of the chessboard, Haber-Bosch Process, hydrogen economy, Internet of things, M-Pesa, Negawatt, off grid, Peter Thiel, smart meter, standardized shipping container, Tim Cook: Apple, wikimedia commons

Index A Abramovitz, Yosef 64 absorption chilling 146 acetogens 242–3 Actinomyces 215 Africa food production 134 solar power 60–4 see also individual countries AGL 7 agriculture pumping operations 56–7 UK 226–7 Ainsworth, David 197–8, 199 air, carbon capture 249–54 air travel 224–5 algae 244–5 Algenol 245–6 alkanes 223 aluminium 108 American Physical Society 252 amine absorption 250 ammonia 229–30 anaerobic digestion (AD) 5, 131, 132, 135–41 Andasol 117 Andhra Pradesh 54 Apple 66, 67, 108 Arcelor Mittal 155, 243 archaea 234–5 Argonne National Laboratory 194 Arriba 154 artificial photosynthesis 246–9 asphalt 153 Atacama desert 59 Audi 232 Austin, Texas 53 Australia domestic electricity consumption 260 tracking 96 B bacteria 247–9 Bangladesh 16–17 banks funding solar 105, 106–7 interest rates 98–100 solar power predictions 50–1 batteries 5–6, 173, 240 car batteries 190–2 cost declines 44, 173, 176–9, 256 and demand charges 192–3 domestic 57, 171, 181–5 drones 185–7 flow batteries 174, 201–3, 206 grid storage 44, 187–90, 206–7, 219–20 lithium air 198–9 lithium ion 173–96, 199–201, 210 lithium sulphur 197–8 long term targets 194–5 PV plus battery 199–201 and time-of-use-pricing 162 24M 179–80 zinc-air batteries 201, 203–4 Becquerel, Edmond 74 behind the meter schemes 107, 108 Belgium demand response 152 liquid hydrocarbons 243 Bickl, Thomas 85, 86–90 biochar 225 biofuels see liquid fuels biogas Electrochaea 233–6 Tropical Power 134–41 see also carbon dioxide; methane biological methanation 233–8 biomass 13, 14, 15, 131–4, 142–6, 256 power to gas 233–8, 240 storing liquid hydrocarbons 220, 221–7 Tropical Power 135–42 Bishop, Pete 185–9 Bissell, David 200 Bloch, Mathias 181–2 Bloomberg 35, 42, 53, 60, 178 blue-green algae 244–5 Boardman, Brenda 164–5 Boston Consulting Group (BCG) 18, 19, 20, 176, 177, 178–9 BP 12–13 Bradford, Travis 22, 48–50 Brandao, Rafael 60 Brazil biofuels 223 pylon lines 120 solar electricity prices 3, 60 Breakthrough Energy Coalition 214, 244 Britwind 130–1 Bruce, Peter 198–9 Buffett, Warren 177 Burundi 64 Butler, Nick 41–2, 44 BYD 176–7 C Calgary 253 California demand response 156–8 domestic electricity storage 184 grid storage 201 power to gas 233 renewable energy 35 solar power cost 3 time-of-use-pricing 162, 163 CAM (Crassulacean Acid Metabolism) plants 135–41, 142–5 Cambridge Architectural Research 166 Canada air capture of CO2 253 demand response 154 grid batteries 202 time-of-use-pricing 159 carbon dioxide (CO2) air capture 213, 249–54 artificial photosynthesis 248 cement plants 238–40 diesel generators 149 and microbes 213, 215 plants 133, 135, 137 power to gas 232, 233 using to make liquid hydrocarbons 241, 243, 244–5, 246, 256 Carbon Engineering 253 carbon monoxide 241–2, 243 carbon tax 239, 253 cars component manufacturers 127–8 energy usage 11 hydrogen 228 PV film 89–90 see also electric cars Case, Chris 68–71, 73–4, 79–83 cement factories 238–40, 245 Chiang, Yet-Ming 179–80 Chile concentrating solar power 119 pylon lines 120 solar electricity prices 3 solar power 59–60 China coal-fired power stations 35 energy demand 11, 12 liquid hydrocarbons 243 solar power 24, 53–4, 66 and Zimbabwe 64 Chu, Steven 230 CIGS (copper indium gallium selenide) 90 Citibank 51 Climeworks 250–3 Clinton, Hillary 54 Clostridium Autoethanogenum 242–3 coal 40 Germany 46 Nigeria 60–1 coal-fired power stations Chile 59 China 11, 35 cost 122 demand 36–7 in developing world 58 India 55, 56, 58 move away from 7 Coal India Limited 58 Combined Cycle Gas Turbine (CCGT) plants 34–5, 37, 39, 40, 236 Committee on Climate Change (CCC) 47–8 compound growth 30–1 compressed air storage 207–8 concentrating solar power (CSP) 116, 117–21, 256 Connolly, Steve 154 conversion efficiency 73, 76–7, 78–9, 80 Cook, Tim 67 Cool Planet 225–6, 241 Cornwall 104–5, 206 cows 139–40 Crabtree, George 194, 195 Crescent Dunes 118 cyanobacteria 244–5 D demand charges 192–3 demand response 149–55, 166, 232, 237–8 and energy efficiency 163 in the home 156–8 what happens next 158–63 Denmark power to gas 233–4, 235 solar electricity costs 45 wind power 116, 124, 234 Deutsche Bank 51, 59, 176 diesel generators 57, 60, 121, 185, 199 demand response 148–9, 151 Hawaii 161, 199 Dinorwig 205 dispatchable power 199–200 Drax power station 131, 132 drones 185–7 Dubai 52 E Easter Island 133 Easton, Roger L 2 Einstein, Albert 75 Eisenberger, Peter 3, 19–20 electric cars 12, 156, 158, 224–5 batteries 173–8, 195 as grid backup 190–2 electricity 255 cutting power demand in the home 156–8 demand and supply 4, 5, 37–9, 147, 150–1, 215, 216–20 demand charges 192–3 demand response 149–55, 158–63, 166, 232, 237–8 distribution costs 55 domestic consumption 259–60 lighting 164–6 microgrids 62–3 power to gas 231–40 prices 37–8, 107, 257 storage 4–6, 43, 44, 173–254 time-of-use-pricing 158–63 transmission networks 58, 59, 61 see also solar power Electrochaea 233–40 electrolysis 220, 227–30, 231–40, 252–3 electrons 74–6, 78–9, 201 Enbala 154 Energiesprong 167–71 energy demand for 9–13, 144 and power 259–60 energy efficiency and demand response 163 insulation 167–72 lighting 165–6 Engie 7 Enterococcus 215 Entrade 145–6 Eos 203–4 EPR 15 ethanol 223, 243–5 Euphorbia Tirucalli 135, 137 experience curve 18–19, 33 batteries 175, 176–9, 187, 210 inverters 97 photovoltaics 22, 26, 30–1, 33 transistors 31–2 wind power 123 Exxon 3, 19–20 F Facebook 185–7 Farmer, Doyne 33 Fischer-Tropsch process 223, 252 Florida 245–6 flow batteries 174, 201–3, 206 food 132–4 Food and Agricultural Organisation (FAO) 142–3 fossil fuels 27–9, 33–40 see also coal; gas; oil France demand response 152, 155 gas grid 231–2 nuclear power 23 Fraunhofer Institute 3–4, 46–7, 104 Fritts, Charles 74 fullerene 72 G gas 7, 40 grid 231–2 power to gas 6, 213–15, 231–40 see also biogas; methane; syngas gas-fired power stations 150–1 ammonia 229 cost 4, 122 financing 34–5, 36–7, 39, 40, 99 power to gas 236, 238 US 35 gasification 132, 145–6 Gates, Bill 1, 6, 208, 214–15, 244, 255 Gebald, Christoph 252, 253 gene sequencing 18–19 geothermal 59, 108 Germany domestic electricity storage 181–5 electricity demand and supply 215, 217, 218–20, 229–30, 237 electricity price 101, 260 electricity production 260 gas grid 228–9, 231–2 hydrogen 228–9 oil storage 230 power to gas 232 solar power cost 3–4, 46–7 solar power funding 104, 106, 107 wind power 124 Ghent 243 gigawatt hours 260 gigawatts 259, 260 GM 176–7, 198 Google 66, 225 governments 6, 189 solar power tenders 51–3, 54–5, 59, 60 subsidies 50, 107–8, 126 GranBio 223 graphene 187 Greencoat Capital 109 grid integration costs 55–6 grid storage flow and zinc-air batteries 201–4 pumped hydro 205–7 PV plus battery 199–201 South Korea 204 GTM Research 96–7, 193, 201 H Haber Bosch process 229 Hafenbradl, Doris 238–9 Handelsbanken 105 Hawaii 161–2, 184, 199–201 heat pumps 12, 167 heating 12, 167 Heliatek 84–90 Helio100 120–1 heliostats 117–18 Henderson, Bruce 18, 20 Highview Power 208–10 Hinwil 250–1 Hinkley Point 15 Hofstetter, Dominic 233–6 hospitals 148, 149 houses batteries 57, 181–5 heating 12, 167 insulation 167–72 lighting 12, 164–6, 169 Solar House 57–8 see also residential PV installations Hutcheson, Dan 32 hydro-electric power 14, 15, 141–2, 159 pumped hydro 204–7 hydrogen 5, 213–15 conversion to methane 221, 231–40, 256 using electrolysis to generate 212, 220, 227–31, 252–3, 256 Hydrogenics 235 Hymind floating turbines 125–6 I Ibbenbeuren 229 Iceland 108 IKEA 19, 66, 166 Imergy 202 India coal-fired power stations 55–6, 58 solar electricity prices 3 Solar Houses 57–8 solar power 24, 53–8 insulation 167–72 Intel 20 interest rates 98–100, 101–2 International Energy Agency (IEA) 42–3, 45–6 inverters 91–5, 96, 97 investment 4, 100–14, 115, 214 corporate 66–7, 108 Investment and Pensions Europe 102 ITM Power 228–9 J Jelley, Nick 25 Joule Unlimited 244–5 K Kaua’i 199–200 Keith, David 253 Kennedy, Danny 42 Kenya 62–4, 145 Tropical Power 134–42 kilowatt hours 259 kilowatts 259–60 Kisii 62–3 Kiwi Power 149 Klein, Nina 71–3, 74, 85–6 Kohn, Rick 213, 215, 246 KPMG 54–7 L Lafond, Francois 33 Laikipia 135–41 Lancashire County Council 102, 103 Lanzatech 241–4 Lawrence Berkeley Laboratory (LBL) 46, 65 lead 83 learning curve 19, 23 LEDs 165–6, 169 Leggett, Jeremy 50 Lemnacae 139 levelised cost 98–101 LeVine, Steve 180 Liebreich, Michael 178 lighting 12, 164–6, 169 Lightsail 207–8 lignite 46 liquid air storage 208–10 liquid fuels 5, 6, 213–15 from biomass 220, 221–7 using microbes 221, 240–6, 256–7 lithium air batteries 198–9 lithium ion batteries 173–6, 192–5, 210 car batteries 190–2 cost declines 176–9 domestic 181–5 energy density 195 large-scale 185–90, 199–201 lithium supply 195–6 recycling 195, 196 24M 179–80 lithium sulphur batteries 197–8 Louisiana 226 M M-Pesa 63 MacKay, David 259 Madhya Pradesh 54 Manchester 39, 209 Mason, Mike 137–42, 143, 144 megawatts 259 Mermans, Pieter-Jan 38, 149–53, 155 Meteo 91 methane 131, 135, 137, 213–16 power to gas 221, 231–40, 256 methyl ammonium lead halides 80 microbes 212–15 artificial photosynthesis 247–9 making liquid hydrocarbons 221, 240–6, 256 power to gas 233–40 microgrids 62–3 mobile phones 61–2, 63–4, 185 Modi, Narendra 53 Monbiot, George 226 Moody’s 173, 193 Moore, Gordon 20 Moore’s Law 20–1, 32 Morocco 116, 119–20 Moylan, Andy 111–13 multi-junction cells 76–7 Musk, Elon 175 N Naam, Ramez 49–50 Nelson, Jenny 75 Netherlands home improvements 169, 170–1 storage in car batteries 191 Nevada 53, 118 New Mexico 244–5 NexWafe 78, 79 Nigeria 60–2 Nissan 176 Nissan LEAF 156 Nourse, Richard 109, 122 nuclear power stations 6, 15 costs 22–3, 48, 122 O Oahu 161–2 O’Dea, Christopher 103 offshore wind turbines 15, 124–6 Ohl, Russell 75 OhmConnect 156–8 oil, storage 230, 240–1 oil companies 6, 7–8 oligomer cells 84–90 onshore wind turbines 22, 122–5 Ontario 159, 202 Open Energi 153 Opuntia ficus-indica 135, 136, 138 Oregon 7, 223–4, 225 organic molecules 71–3, 74 organic photovoltaics 84–90 Osinbajo, Yemi 60–1 Ouarzazate 119 oversizing 91–5 Oxford Photovoltaics 68, 79–84 Oxis 197–8, 240 oxygen 234 P Palmer, Jason 166 Panasonic 175, 187–9 paper mills 152 passivation 78–9 Peabody Energy 40 peak shaving 193 see also time-of-use-pricing Pencil Cactus 135, 137 pension funds 4, 101–4, 106–7, 109–11, 112 pentacene 71 perovskites 68, 79–84 Peterhead 125–6 petrol 240 photons 74–5 photosynthesis artificial 246–9 CAM plants 135–7 photovoltaics, electricity prices 3, 45, 46, 51–3, 59, 60 photovoltaics (PV) 5–6, 8, 42–3, 74–6, 116, 255–8 and alternative sources of energy 33–40 availability 34, 55–6, 94–5, 211–12 Brazil 60 Burundi 64 capital and levelised costs 98–101 Chile 59–60 corporate investment 65–7 cost declines 1, 2–4, 21–33, 42, 45, 46–51, 123–4, 254 daily curve 90–6, 147, 260–1 experience curve 22, 26, 30–33 films 84–90 financing 4, 98–114 Germany 217, 218–20 grid integration costs 56 India 53–8 Kenya 62–4 Nigeria 60–2 oversizing 91–5 and pension funds 101–4 predictions 41–51 PV plus battery 199–201 S curve 25–6 system costs 96–7 and time-of-use-pricing 160–3 UK 215, 216–17 USA 65 Vanguard 1 2 Zimbabwe 64 see also solar cells; solar farms; solar panels PJM 155, 200–1 plants see biomass potassium hydroxide 253 power 259–60 power purchase agreements (PPAs) 51–3, 65, 101 power to gas (P2G) 231–40, 256 Powerhive East Africa Ltd 62–3 PowerOasis 185–90 Preqin 111–13 Prickly Pear 135, 136, 138 Primus Power 199 private electricity generators 148–9 pumped hydro 204–7 Punjab 54 pyrolysis 225–6 Q quantum dots 73 Quarry Battery 205–7 R Raizen 223 Red Rock Biofuels 223–4, 225, 241 renewable energy 13–15 see also geothermal; hydro-electric power; solar power; wind power residential PV installations investment 66, 100–1, 107, 110–11 PV film 89 storage 181–5 system costs 96–7 REstore 38–9, 149–55, 158 Robertson, Andrew 103, 112 Rombouts, Jan-Willem 151, 152 Roulstone, Tony 23 Rudd, Amber 40 Russia 226 S S curve 25–6 Sabatier reaction 231 Sainsbury’s 66 Schellnhuber, John 41 Schmickler, Arno 168, 170, 171 Schneider Electric 157–8 Scotland carbon-neutral housing 171 drones 186–7 wind power 122 seawater 245–6 second glass problem 43 second half of the chessboard problem 30–1 semiconductors 18 Sermol, Peter 110–11 sewage farms 154 Shao, Vic 193 Shell 7–8, 41, 43, 223 Siemens 235, 243 silicon 68, 73, 75, 76, 84, 87–8, 195 efficiency 78–9 manufacturing techniques 77–9 tandem cells 81–4 Silicor 108 smart meters 157, 159 Smil, Vaclav 255, 257 Snaith, Henry 80, 81 SoCalGas 233 solar cells 69–70 efficiency 74–7, 78–9 from organic molecules 71–3 history 74–6 multi-junction 76–7 oligomers 84–90 passivation 78–9 perovskite 79–84 silicon 76 solar energy 9–10 solar farms Brazil 60 China 66 costs 48–51, 97 electricity prices 3, 45, 46, 51–3, 54, 55, 59, 60 financing 4, 66, 98–114 and hydro-electric dams 141–2 India 54, 55, 57 land needed for 15–18 oversizing 91–5 shading 141 tracking 95–6 US 3 Zimbabwe 64 solar fuels 213–15 Solar Houses 57–8 solar panels Chris Case 68–71, 73–4 cost declines 4, 21–2, 23–4, 49, 73–4, 77–9 daily curve 260–1 efficiency 76–7 history 74–6 lifetime of 114–15 manufacturing volumes 24 organic molecules 71–3 oversizing 91–5 perovskites 68, 79–84 technology improvements 68–97 tracking 91, 95–6 see also solar cells solar power 1–8, 13–14 concentrating solar power 117–21 see also photovoltaics SolarCity 66, 199 SolarReserve 119 Solexel 78, 79 Sonnen 181–5 Sony 179 South Africa blackouts 183 concentrating solar power 119–21 Fischer-Tropsch refineries 223 tracking 96 South Korea 204 Spain 117, 120 Spinetic 127–30 Sporomusa Ovata 247–8 Statoil 125–6 steelworks 242, 243–4, 245 Stellenbosch University 120 storage 4–6, 13, 43, 44, 94, 104, 116, 173, 210 air capture of CO2 249–54 artificial photosynthesis 246–9 compressed and liquid air storage 207–10 concentrating solar power 117–19, 121 as gas or liquids 220–54, 256–7 methane 135 need for long-term storage 216–20 pumped hydro 204–7 and time-of-use-pricing 162 see also batteries subsidies 50, 107–8, 126 SunEdison 54 SunShot 65 Swanson’s Law 21–2, 23–4 Switzerland 250–1 syngas 145, 223–4, 225, 252 system costs 96–7 T Taiwan 243 tandem cells 81–4 Tarmac 153 Telangana 54 terawatt hours 259, 260 terawatts 259 Tesla 127, 175 batteries 5, 176, 177, 178 Gigafactory 175–6, 177, 180 Powerall 162, 175, 181 Texas 123 Thiel, Peter 8, 208 time-of-use-pricing 158–63 tracking 91, 95–6 transistors 20–1, 31–2 trees see biomass Trina Solar 79, 115 Tropical Power 134–42, 145 24M 179–80 U UK biogas 236 biomass 145–6 daily solar power curve 260–1 demand response 152, 153, 154 electricity demand and supply 148, 164–5, 215, 216–18, 237 electricity price 4, 37–8, 101, 260 Energiesprong 170, 171 energy use 11–12 fossil fuel generation demand 36–7 funding 102–7, 108–10 gas-fired power stations 39 government bonds 101–2 insulation 167 land use 16, 17, 226–7 liquid air storage 208–10 nuclear power stations 23 oil storage 230, 240–1 pension funds 102–4, 106–7, 108–10 pumped hydro 205–7 seasonal deficit 211–12 solar costs 45, 47–8, 52 solar power 24, 36 subsidies 50, 108 time-of-use-pricing 159–60, 162 utility companies 7 willow coppicing 136 wind power 4, 15, 122–3, 124, 125–6, 130 Unilever 66, 108 United States (US) batteries 194, 240 biomass refining 223–4, 225–6 blackouts 183 demand charges 193 demand response 155, 156–8 domestic electricity consumption 260 domestic electricity storage 184 electricity price 3, 52–3 energy demand 11 gas-fired power stations 35, 40 government bonds 101–2 land use 17–18 large-scale grid storage 199–201 power to gas 232–3 solar power 24, 33, 54, 65 system costs 97 time-of-use-pricing 161–2 tracking 96 utility companies 7 wind power 33, 122, 123 United States Geological Service (USGS) 196 University of California, Berkeley 247–8 University of Dresden 84 University of New South Wales 79 utility companies 6, 7, 34–6 Utrecht 191 V van Beurden, Ben 41, 43, 258 vanadium 202–3 Vanguard 1 2 vertical wind turbines 127–30 W Wadebridge 160–1 Wales 226–7 Walmart 66, 67, 108 waste water treatment plants demand response 154 power to gas 233, 234–5 wave power 13, 14 weather forecasting 91, 141, 183 Weil, Bill 105–9 Werlte 232 West Country Renewables 104–5 Westmill Solar 102, 103 Williams, Gage 104–5, 106 Willis, Kathy 142 willow coppicing 136 wind power 5, 13, 14–15, 53, 116, 122–6, 256 Chile 59 cost declines 22 Denmark 116, 124, 234 Germany 124, 217, 218–20 UK 215, 216–17, 237 US 33 wind turbines 4, 123–5 Britwind 130–1 Hymind floating turbine 125–6 Spinetic 126–31 vertical turbines 127–30 wood 131, 132 see also biomass Wright, T.P. 19 Y Yang, Peidong 248–9 Z Zimbabwe, solar power 64 zinc-air batteries 201, 203–4 Zurich Federal Institute of Technology 250 ALSO AVAILABLE FROM PROFILE BOOKS Where Do Camels Belong?

A diesel generator emits a lot of CO2 – often much more than a large conventional power station – so it isn’t a great solution. Much more is required. In the jargon of the industry, we need to implement large scale ‘demand response’ that cuts electricity use when it looks as though supplies are getting tight. Not only will this mean that countries such as the UK don’t have to invest in barely used assets but, importantly from our point of view, variability in electricity supply will be much easier to manage. When the wind isn’t blowing as hard as expected or the clouds come in earlier than forecast, we need ‘demand response’ to kick in to automatically reduce the amounts of power used by electricity users, large and small. That’s where REstore sees its market. REstore: helping systems accommodate more PV Pieter-Jan Mermans flashes with irritation when he talks about some of the press coverage of his business.

If the levels are high enough, it will have permission to turn off the electricity temporarily. If they are not, its system temporarily removes the paper factory from the portfolio of demand response participants. ‘Every business has bottlenecks,’ says Mermans. ‘Every production line has points at which goods are stored, waiting to go through that bottleneck.’ The machines that make those goods can usually be shut down for a half hour at no cost to the business whatsoever. ‘In fact, we help them reduce their electricity bill and they get paid for cutting usage when power is in short supply.’ A couple of months later, another UK demand response coordinator, Open Energi, made a similar point by publicising some of the details of its contract with Tarmac, a leading asphalt producer, to introduce automated management of the electricity demand of its 200 asphalt tanks.

pages: 469 words: 132,438

Taming the Sun: Innovations to Harness Solar Energy and Power the Planet by Varun Sivaram

addicted to oil, Albert Einstein, asset-backed security, autonomous vehicles, bitcoin, blockchain, carbon footprint, cleantech, collateralized debt obligation, Colonization of Mars, decarbonisation, demand response, disruptive innovation, distributed generation, diversified portfolio, Donald Trump, Elon Musk, energy security, energy transition, financial innovation, fixed income, global supply chain, global village, Google Earth, hive mind, hydrogen economy, index fund, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), Internet of things, M-Pesa, market clearing, market design, mass immigration, megacity, mobile money, Negawatt, off grid, oil shock, peer-to-peer lending, performance metric, renewable energy transition, Richard Feynman, ride hailing / ride sharing, Ronald Reagan, Silicon Valley, Silicon Valley startup, smart grid, smart meter, sovereign wealth fund, Tesla Model S, time value of money, undersea cable, wikimedia commons

Stephen Lacey, “Microsoft Says ‘Computational Demand Response’ Could Lower Data Center Emissions 99%,” Greentech Media, June 27, 2013, 41.  Hao Wang, Jianwei Huang, Xiaojun Lin, and Hamed Mohsenian-Rad, “Proactive Demand Response for Data Centers: A Win-Win Solution,” IEEE Transactions on Smart Grid 7, no. 3 (2016): 1584–1596, doi:10.1109/tsg.2015.2501808. 42.  Jamshid Aghaei and Mohammad-Iman Alizadeh, “Demand Response in Smart Electricity Grids Equipped with Renewable Energy Sources: A Review,” Renewable and Sustainable Energy Reviews 18 (2013): 64–72, doi:10.1016/j.rser.2012.09.019. 43.  Farshid Shariatzadeh, Paras Mandal, and Anurag Srivastava, “Demand Response for Sustainable Energy Systems: A Review, Application, and Implementation Strategy,” Renewable and Sustainable Energy Reviews 45 (2015): 343–350, doi: 10.1016/j.rser.2015.01.062. 44.  

And, by using a machine-learning algorithm to predict, based on past records and current weather data, when such renewable generators as solar panels will flood the grid with power, Microsoft can adjust its data centers’ operations to consume that surplus solar power. Rob’s idea was so captivating that I realized that my fingers were freezing only when the end of the lift interrupted our conversation. Graciously, he guided me down the quickest run to the lodge so I could warm up with some hot chocolate. What Rob was proposing was an example of a general strategy called “demand response,” in which customers adjust their power consumption to help the grid balance supply and demand. Demand response has actually been around for decades, although not in nearly as nimble a form as what Microsoft and others are pursuing today. Currently, utilities have various programs in which they pay customers to turn down the air conditioning on a hot summer day when high demand is straining the grid (to cite just one example). In some cases, utilities can directly control customer appliances to crank up the thermostat a few degrees.42 And some large industrial power customers already regulate their demand at a greater scale.

In their vision, a global network of interconnected data centers could shift energy-intensive computation around the world to wherever renewable energy output is strongest at that moment. So when the sun is shining over Europe, U.S. data centers would scale back their power consumption and transmit their data over to Europe to be processed and sent back.50 Thus, demand response on a decentralized grid could give rise to an optical supergrid. That idea is a little far-fetched—and possibly unworkable, given the latency, or delays, that would accumulate from trying to move data around the world to follow the sun. Also, data centers account for only a small (but rapidly growing) fraction of the world’s power consumption. And yet, the core insight—a hybrid approach that would combine the demand response capability of a decentralized grid with the interconnections of a supergrid—is sound. An electrical, not optical, hybrid grid is not so far off, and it might represent the world’s best shot at integrating massive amounts of solar power.

pages: 433 words: 127,171

The Grid: The Fraying Wires Between Americans and Our Energy Future by Gretchen Bakke

addicted to oil, Any sufficiently advanced technology is indistinguishable from magic, autonomous vehicles, back-to-the-land, big-box store, Buckminster Fuller, demand response, dematerialisation, distributed generation, energy security, energy transition, full employment, illegal immigration, indoor plumbing, Internet of things, Kickstarter, laissez-faire capitalism, Menlo Park, Negawatt, new economy, off grid, post-oil, profit motive, Ronald Reagan, self-driving car, Silicon Valley, smart grid, smart meter, the built environment, too big to fail, washing machines reduced drudgery, Whole Earth Catalog

at the same rate as a watt made: Brett Feldman, “All’s Quiet on the DR Front, but a Storm Is Brewing,” Navigant Research Blog, October 7, 2015, See also Katherine Hamilton, “SPEER Releases Report on Benefits of Demand Response,” Advanced Energy Management Alliance, October 29, 2015, “generators to increase supply”: Mooney (2015). He goes on: “In particular, the objection before the Supreme Court is that this scheme of compensation gets FERC into regulating retail electricity markets, the ones that you and I are familiar with, because that’s where we buy our own electricity from power providers. And FERC doesn’t govern those—state public utility commissions do. What’s complicated is that while demand response companies participate and bid into the wholesale markets—governed by FERC—their own clients are companies buying electricity on the retail markets, just like you and me (but generally on a much larger scale).

Within five years of the rollout, the data produced by smart meters was proving essential to the creation of predictive models of electricity use, minute by minute, as well as providing occasional real-time data about peaks and troughs in variable and distributed electricity production. And they were enabling real-time “demand-response,” which is to say that they gave the utility the capacity to ask big electricity consumers to ramp down consumption as a means of balancing the grid. Rather than going offline and using diesel generators to provide backup power for a bit while the utility straightened things out, smart meters can be linked to efficient buildings that automatically deploy grid-scale conservation. At times this is accomplished by something as simple as dimming the lights. Negawatts, in other words, can now be ordered up by the utility and delivered by an Albertsons. Network enough of these power-savers into a flexible, smart piece of software, and you have your platform. This demand-response capacity, called DR in the business, not only brings energy saved into the mix of resources available to grid operators by literally making conservation count, but it is another non-thing slowly taking grid governance by storm.

The Federal Energy Regulatory Commission, the only regulatory body with a mandate to govern our electrical system, felt that a “commitment to reduce demand” should “be compensated the same amount as an equivalent commitment by generators to increase supply.” This was not just about fairness, but also a means of making the grid a more integrative machine. Or, in their words, “paying demand response providers the full value of their contribution to the market would help overcome preexisting barriers to demand-response participation and increase the reliability and competitiveness of wholesale markets.” Legislation can be used to wrench open rather than delimit who participates in our grid, whether as producers of power or of savings. FERC selected the more difficult path, but the one that will force an inclusivity—a technological as well as a financial problem—into the substrate of our grid.

pages: 49 words: 12,968

Industrial Internet by Jon Bruner

autonomous vehicles, barriers to entry, commoditize, computer vision, data acquisition, demand response,, factory automation, Google X / Alphabet X, industrial robot, Internet of things, job automation, loose coupling, natural language processing, performance metric, Silicon Valley, slashdot, smart grid, smart meter, statistical model, web application

Sunil Cherian, founder of Spirae[16], which produces electricity-distribution software, observes: “I’m not interested in electricity. I’m interested in illumination. I’m interested in comfort in the room. The delivery of those services, and who delivers those services, is really the fundamental problem. How do you take a copper infrastructure and transform that into a system that delivers the services or the end results that you’re actually interested in?” Building controls and demand response Buildings — heating them, cooling them, lighting them, filling them with entertainment — make up 74% of U.S. electricity demand[17] and 56% of natural gas usage[18]. Much of that energy is used to heat, cool, light and entertain rooms much more than their occupants need. The industrial internet will connect to building controls to moderate the relationship between people and the buildings they inhabit, balancing the sometimes-conflicting goals of reducing energy usage and keeping occupants comfortable.

The industrial internet will connect to building controls to moderate the relationship between people and the buildings they inhabit, balancing the sometimes-conflicting goals of reducing energy usage and keeping occupants comfortable. Software that sits on top of building controls will build thermal models and learn about occupants’ preferences, then gently manage buildings. At an abstract level, coordinating buildings with their occupants is a familiar problem. “Lots of appliances and other building systems are more or less asynchronous with occupants,” says Mary Ann Piette, director of the Demand Response Research Center at Lawrence Berkeley National Laboratory. Home air conditioners run while we’re at work, offices are cooled to uncomfortably low temperatures, lights stay on when we leave the room. Bringing these under better control will make it possible to form buildings to their occupants. “We have to go from components to systems,” she adds. “That is an IT issue.” Efforts to moderate energy consumption through building controls have sometimes backfired because they’re uncomfortable or inconvenient.

Peak-hour output, which relies on expensive and dirty power plants that can be switched on quickly, is vastly more expensive to produce than the baseline power that comes from always-on sources like nuclear plants, and it consumes large amounts of capital investment than can’t be widely amortized. (In California, for instance, state-wide electricity demand stays below 30,000 megawatts about 80% of the time. For about 20 hours every year, though, it exceeds 47,580 megawatts[20] — capacity that must be built and maintained for use only a few times every summer.) The object of demand response is to flatten the demand curve along the course of each day, week, and year, which in turn means less capacity will be necessary. It’s an example of better controls standing in for machines. Utilities and their customers will both benefit from better connections between buildings and the grid. Advanced meters already improve operations for utilities and help customers understand and reduce their electricity usage; they might eventually become the data interfaces between utilities and their customers.

pages: 391 words: 97,018

Better, Stronger, Faster: The Myth of American Decline . . . And the Rise of a New Economy by Daniel Gross

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, Airbnb, American Society of Civil Engineers: Report Card, asset-backed security, Bakken shale, banking crisis, BRICs, British Empire, business cycle, business process, business process outsourcing, call centre, Carmen Reinhart, clean water, collapse of Lehman Brothers, collateralized debt obligation, commoditize, creative destruction, credit crunch, currency manipulation / currency intervention, demand response, Donald Trump, Frederick Winslow Taylor, high net worth, housing crisis, hydraulic fracturing, If something cannot go on forever, it will stop - Herbert Stein's Law, illegal immigration, index fund, intangible asset, intermodal, inventory management, Kenneth Rogoff, labor-force participation, LNG terminal, low skilled workers, Mark Zuckerberg, Martin Wolf, Maui Hawaii, McMansion, money market fund, mortgage debt, Network effects, new economy, obamacare, oil shale / tar sands, oil shock, peak oil, plutocrats, Plutocrats, price stability, quantitative easing, race to the bottom, reserve currency, reshoring, Richard Florida, rising living standards, risk tolerance, risk/return, Silicon Valley, Silicon Valley startup, six sigma, Skype, sovereign wealth fund, Steve Jobs, superstar cities, the High Line, transit-oriented development, Wall-E, Yogi Berra, zero-sum game, Zipcar

It’s far better to invest in measures that can cut use by 5 or 10 percent at peak periods (90-degree days in August) than to build and maintain a standby power plant that will be called into action for just a few days per year. The concept of encouraging some users to dial down their electrical loads at a time when other users are ramping it up is called “demand response.” In recent years, information and communications technology has enabled much greater use of demand response. Utilities negotiate deals with big users, who agree to dim lights and turn down air-conditioning or heating when asked. They also pay companies like EnerNOC to do it for them. EnerNOC has effectively created a very large virtual power plant by obtaining commitments from companies that let it reach into their systems and dial down energy usage.

It then calculates how buildings can shed load quickly without disrupting operations, by turning off the lights in a rarely used hall, or maybe running air-conditioning a few degrees higher when called upon to do so. There’s no installation cost for the user. EnerNOC shares the payments it gets from the utilities with customers who agree to be part of the plan to reduce usage. When customers actually cut their usage, they receive additional payments. The demand-response model has proved attractive in a recessionary environment of pinched capital spending. EnerNOC’s demand-response program grew from 800 customers with 2,200 sites at the end of 2007 to 4,750 customers at 11,150 sites by September 2011. From the beginning of 2008, when the recession started, to the third quarter of 2011 EnerNOC expanded its ability to supply power nearly sixfold without stringing up a single line. Its “megawatts under management” rose from 1,100 at the end of 2007 to more than 7,000 in September 2011.

That’s equivalent to the energy produced by three and a half nuclear plants, enough to power about 7 million homes. Time and again this plant has been called into action by utilities—300 times in the first three quarters of 2011 and 225 times in the summer alone. On July 22, 2011, EnerNOC’s network “delivered approximately 1,230 megawatts of demand response capacity,” helping to reduce the risk of blackouts and lessening the need for utilities and power users to buy electricity on the spot market. EnerNOC has expanded operations to Canada, New Zealand, and Australia. EnerNOC has a second, smaller line of business that pivots off its main line of demand response. It sells software that analyzes buildings and generates ideas on how to cut energy use. In effect it promises that the service will be free to customers. “We’re guaranteeing that they’ll be able to identify energy savings opportunities worth at least twice what they pay us on an annual basis,” said Healy.

Human Transit: How Clearer Thinking About Public Transit Can Enrich Our Communities and Our Lives by Jarrett Walker

Bay Area Rapid Transit, Berlin Wall, congestion charging, demand response, iterative process, jitney, New Urbanism, peak oil, Peter Calthorpe, place-making, Silicon Valley, transit-oriented development, urban planning

Public transit consists of regularly scheduled vehicle trips, open to all paying passengers, with the capacity to carry multiple passengers whose trips may have different origins, destinations, and purposes. Let’s take this definition apart: • • a “regularly scheduled vehicle trips”: Transit is provided by a vehicle running on a regular schedule or pattern. There is room for variation in routes and schedules. Demand-responsive services, for example, may vary their routing according to customer requests, within set limits. But at its core, transit service must be predictable so that different people can plan around it without coordinating directly with one another. This feature is the crucial difference between transit and other ways of sharing a ride. “open to all paying passengers”: The word public in public transit means “open to the entire public.”

That’s why, in the developed world, transit is dominated by fixed services; on these, transit vehicles follow the same path, at the same time, day after day, so that customers can plan around the pattern. Fixed services are the most efficient form of transit in terms of the ability to carry many passengers for each hour of the driver’s time, so they have come to represent well over 99 percent of transit ridership in the United States. The rest, accounting for less than 1 percent of ridership, are various kinds of flexible or demand-responsive services, where the routing followed by a transit bus or van can change based on customer requests. Although flexible route services are an area of great innovation, they remain limited because they’re intrinsically less efficient. Taking a different route depending on customer requests, as flexible routes do, takes more of the driver’s time for each passenger’s needs. So flexible routes tend to be useful where the overall demand is low, or for specific populations whose needs aren’t met by fixed services, such as some disabled persons.

In fact, the concentration of jobs seems to affect transit ridership even more profoundly than the concentration of residents. In the North American and Australasian context, this makes sense. Even in an era of car-oriented decentralization, high-rise RIDERSHIP OR COVERAGE? | 125 What About Flexible Service? Whenever I explain why Sparseville ridership is always lower than Denseville’s, someone asks: “Would flexible or demand-responsive services do better in Sparseville?” The answer is: “Yes, sometimes, but not nearly enough to raise Sparseville ridership to Denseville levels.” In both low-density suburban and rural areas, flexible services are a useful tool for optimizing performance and meeting hard-to-meet needs, but they don’t let you avoid the service allocation question. For more, see

pages: 104 words: 30,990

The Centrist Manifesto by Charles Wheelan

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, Affordable Care Act / Obamacare, American Society of Civil Engineers: Report Card, Bernie Madoff, Bretton Woods, centre right, clean water, creative destruction, David Brooks, delayed gratification, demand response, Home mortgage interest deduction, housing crisis, income inequality, invisible hand, obamacare, profit maximization, Ralph Nader, rent-seeking, Report Card for America’s Infrastructure, Ronald Reagan, Ronald Reagan: Tear down this wall, stem cell, the scientific method, transcontinental railway, Walter Mischel

We should respect the rights of individuals and, to the extent possible, finesse our deep ideological disagreements on social issues by keeping government out of our private lives. When that is not possible, we should search for pragmatic compromises (e.g., reducing the number of abortions rather than conducting scorched-earth campaigns over every Supreme Court nominee). At the same time, we must demand responsibility from every citizen. A society that offers a meaningful safety net has a right to ask certain things of its citizens in return. It is not okay to drop out of school, or to have a child whom one cannot support financially and emotionally, or to engage in any other behavior with large social costs that redound to the rest of society. This is not a morality judgment; it is economic reality. The only way to build a stable prosperous society is on a foundation of responsible individuals and families.

The NRA stands in the path of that “modicum of responsibility.” The Centrist Party is about wrestling the country away from extremist groups whose views are out of sync with those of most Americans. And behold, the policy I have described is something that most moderate voters could live with. The Centrist gun policy unequivocally supports the rights of law-abiding Americans to have and use guns; it demands responsibility from gun manufacturers, retailers, and owners; and it uses technology to keep weapons out of the wrong hands. Isn’t that better than what we’ve been doing? MORE BROADLY, ISN’T the Centrist approach to social issues a refreshing change to the overheated Democratic and Republican rhetoric? This is an important part of the Centrist Party appeal. On issues like gay marriage and abortion, the Centrists will respect individual rights in ways that are traditionally considered liberal and have therefore been the domain of the Democrats.

pages: 118 words: 35,663

Smart Machines: IBM's Watson and the Era of Cognitive Computing (Columbia Business School Publishing) by John E. Kelly Iii

AI winter, call centre, carbon footprint, crowdsourcing, demand response, discovery of DNA, disruptive innovation, Erik Brynjolfsson, future of work, Geoffrey West, Santa Fe Institute, global supply chain, Internet of things, John von Neumann, Mars Rover, natural language processing, optical character recognition, pattern recognition, planetary scale, RAND corporation, RFID, Richard Feynman, smart grid, smart meter, speech recognition, Turing test, Von Neumann architecture, Watson beat the top human players on Jeopardy!

And you have to understand the current and future demands for those resources. So the way to think about improving the operations of cities is through resource management, matching supply with demand.7 This concept is well known to people in the electric utility business. They create demand-response models with data and analytics that make it possible to manage vast grids with multiple types of supplies and myriad consumers of electricity, as well as variables such as weather and earthquakes. Now, Guru says, we need to create much larger demand-response models for improving the livability and economic vitality of cities. He thinks of these models as cognitive engines for city management. The first step is to continuously gather vast quantities of data of all types about available resources. This would essentially be an evolving digital copy of the city in all its complexity.

pages: 83 words: 23,805

City 2.0: The Habitat of the Future and How to Get There by Ted Books

active transport: walking or cycling, Airbnb, Albert Einstein, big-box store, carbon footprint, cleantech, collaborative consumption, crowdsourcing, demand response, housing crisis, Induced demand, Internet of things, Jane Jacobs, jitney, Kibera, Kickstarter, Kitchen Debate, McMansion, megacity, New Urbanism, openstreetmap, ride hailing / ride sharing, self-driving car, sharing economy, Silicon Valley, smart cities, smart grid, the built environment, The Death and Life of Great American Cities, urban planning, urban renewal, urban sprawl, walkable city, Zipcar

Rebecca Sanborn Stone works to connect citizens, practitioners, and leaders building stronger communities and to provide them with the ideas and resources they need to create change. She is a senior associate at the Orton Family Foundation and lives in Vermont with her husband, two daughters, dogs, cat, chickens, and a big garden. Kent Larson directs the City Science Initiative at the MIT Media Lab, with research focused on transformable urban housing, mobility on demand, responsive technology, and living lab experiments. Larson practiced architecture for 15 years in New York City. His book, Louis I. Kahn: Unbuilt Masterworks, was selected as one of the Ten Best Books in Architecture, 2000, by the New York Times Review of Books. Benjamin de la Peña is associate director for urban development at the Rockefeller Foundation, where he works on issues related to cities, informal settlements, transportation, information technology, and urban science and policy.

pages: 304 words: 90,084

Net Zero: How We Stop Causing Climate Change by Dieter Helm

3D printing, autonomous vehicles, Berlin Wall, blockchain, Boris Johnson, carbon footprint, clean water, congestion charging, coronavirus, COVID-19, Covid-19, decarbonisation, deindustrialization, demand response, Deng Xiaoping, Donald Trump, fixed income, food miles, Francis Fukuyama: the end of history, Haber-Bosch Process, hydrogen economy, Intergovernmental Panel on Climate Change (IPCC), Internet of things, market design, means of production, North Sea oil, off grid, oil shale / tar sands, oil shock, peak oil, planetary scale, price mechanism, quantitative easing, remote working, reshoring, Ronald Reagan, smart meter, South China Sea, sovereign wealth fund, statistical model, Thomas Malthus

It is also at the local level that the opportunities for technical change are perhaps the greatest. Smart meters will provide smart data at the household level, opening up scope to use the data to better optimise the local systems, and offering the possibility of active demand responses. The smart systems may help with the new car-charging requirements. Battery storage can offset the intermittency of local renewables generation, and the network itself may become much more fluid. Instead of automatically adding more cables, perhaps a wind turbine embedded in the local network, plus storage and some active demand response, might be better?[6] Taken together, it is immediately obvious that the current local network owners (distribution network operators) are unlikely to be unbiased about these choices, especially if they have a deep vested interest in protecting and enhancing their assets.

pages: 402 words: 110,972

Nerds on Wall Street: Math, Machines and Wired Markets by David J. Leinweber

AI winter, algorithmic trading, asset allocation, banking crisis, barriers to entry, Big bang: deregulation of the City of London, business cycle, butter production in bangladesh, butterfly effect, buttonwood tree, buy and hold, buy low sell high, capital asset pricing model, citizen journalism, collateralized debt obligation, corporate governance, Craig Reynolds: boids flock, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Danny Hillis, demand response, disintermediation, distributed generation, diversification, diversified portfolio, Emanuel Derman,, experimental economics, financial innovation, fixed income, Gordon Gekko, implied volatility, index arbitrage, index fund, information retrieval, intangible asset, Internet Archive, John Nash: game theory, Kenneth Arrow, load shedding, Long Term Capital Management, Machine translation of "The spirit is willing, but the flesh is weak." to Russian and back, market fragmentation, market microstructure, Mars Rover, Metcalfe’s law, moral hazard, mutually assured destruction, Myron Scholes, natural language processing, negative equity, Network effects, optical character recognition, paper trading, passive investing, pez dispenser, phenotype, prediction markets, quantitative hedge fund, quantitative trading / quantitative finance, QWERTY keyboard, RAND corporation, random walk, Ray Kurzweil, Renaissance Technologies, risk tolerance, risk-adjusted returns, risk/return, Robert Metcalfe, Ronald Reagan, Rubik’s Cube, semantic web, Sharpe ratio, short selling, Silicon Valley, Small Order Execution System, smart grid, smart meter, social web, South Sea Bubble, statistical arbitrage, statistical model, Steve Jobs, Steven Levy, Tacoma Narrows Bridge, the scientific method, The Wisdom of Crowds, time value of money, too big to fail, transaction costs, Turing machine, Upton Sinclair, value at risk, Vernor Vinge, yield curve, Yogi Berra, your tax dollars at work

Source: GridPoint ( 334 Nerds on Wall Str eet GridPoint explains how its simple blue box on the wall addresses all the key issues in our electricity future: The platform applies information technology to the electric grid to enable distributed energy resources to perform the same as central-station generation. During peak periods, utilities efficiently balance supply and demand by discharging stored power from distributed generation assets or reducing customers’ non-essential loads through demand response programs. Additionally, utilities effectively optimize baseload generation assets and relieve stress on transmission and distribution systems. The platform enables utilities to deploy proven technologies, (e.g., load control devices and advanced batteries) while creating a practical path for integrating new technologies (e.g., plug-in hybrid electric vehicles [PHEVs] and fuel cells). For consumers, the platform provides protection from power outages, increases energy efficiency through online energy management, and integrates renewable energy, paving the way for the commercial success of solar and wind energy sources.

Jim Rogers, CEO of Duke Energy, has it spot on: Efficiency programs can deliver at a lower cost than new power plants, we can deploy them faster than new power plants, and they can provide savings over relatively short periods of one to three years, as well as over the longer term. From an environmental perspective, we should view energy efficiency as a basic building block in reducing the industry’s emissions profile. In 2004 alone, efficiency programs in place saved more than 29 million metric tons of carbon equivalent greenhouse gas emissions.10 The Brattle Group attached some numbers: Demand response programs based on advanced metering and dynamic pricing could reduce peak load in the United States by at least 5% over the next few years for a savings of approximately $3 billion per year in electricity costs. The discounted present value of these savings would be $35 billion over the next 20 years.11 Remember the good old days when $35 billion was a large number? With a return to a reality-based view of the world’s problems and their solutions, there are ample opportunities for people with skills in market technology to apply them outside traditional financial markets.

State-Building: Governance and World Order in the 21st Century by Francis Fukuyama

Asian financial crisis, Berlin Wall, Bretton Woods, centre right, corporate governance, demand response, Doha Development Round, European colonialism, failed state, Fall of the Berlin Wall, Francis Fukuyama: the end of history, George Akerlof, Hernando de Soto, information asymmetry, liberal world order, Live Aid, Nick Leeson, Pareto efficiency, Potemkin village, price stability, principal–agent problem, rent-seeking, road to serfdom, Ronald Coase, structural adjustment programs, technology bubble, The Market for Lemons, The Nature of the Firm, transaction costs, Washington Consensus, Westphalian system

Another example of ways in which informal habits affect formal institutions concerns the role of social capital in a government’s relations to its beneficiaries. Holding government agencies accountable to the public is to some extent a matter of institutional design and internal checks and balances, but ultimately, it is the people whom government supposedly serves who are responsible for monitoring its performance and demanding responsive behavior. Society organized into cohesive groups—whether in the form of parent-teacher associations (PTAs), watchdog groups, or advocacy organizations—is much more likely to demand and receive accountability than one consisting of disorganized individuals. On the other hand, civil society can degenerate into rent-seeking interest groups whose goal is not greater accountability but an increase in the scope of government subsidies or the substitution of government for civil society.

Virtual Competition by Ariel Ezrachi, Maurice E. Stucke

Airbnb, Albert Einstein, algorithmic trading, barriers to entry, cloud computing, collaborative economy, commoditize, corporate governance, crony capitalism, crowdsourcing, Daniel Kahneman / Amos Tversky, David Graeber, demand response, disintermediation, disruptive innovation, double helix, Downton Abbey, Erik Brynjolfsson, experimental economics, Firefox, framing effect, Google Chrome, index arbitrage, information asymmetry, interest rate derivative, Internet of things, invisible hand, Jean Tirole, John Markoff, Joseph Schumpeter, Kenneth Arrow, light touch regulation, linked data, loss aversion, Lyft, Mark Zuckerberg, market clearing, market friction, Milgram experiment, multi-sided market, natural language processing, Network effects, new economy, offshore financial centre, pattern recognition, prediction markets, price discrimination, price stability, profit maximization, profit motive, race to the bottom, rent-seeking, Richard Thaler, ride hailing / ride sharing, road to serfdom, Robert Bork, Ronald Reagan, self-driving car, sharing economy, Silicon Valley, Skype, smart cities, smart meter, Snapchat, social graph, Steve Jobs, supply-chain management, telemarketer, The Chicago School, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, Travis Kalanick, turn-by-turn navigation, two-sided market, Uber and Lyft, Uber for X, uber lyft, Watson beat the top human players on Jeopardy!, women in the workforce, yield management

In areas and at times where it became difficult to find a parking space, parking rates increased incrementally “until at least one space is available on each block most of the time;” in areas where parking spaces were plentiful, parking rates decreased “until some of the empty spaces fill.”29 The city also directed “ drivers towards available parking by sending real-time availability to mobile apps and to the website.”30 The city’s pi lot “demand-responsive” pricing program was apparently successful on many levels. It helped improve parking availability and net revenues.31 It decreased drivers’ average search time for a space.32 It also helped reduce greenhouse gas emissions,33 peak period congestion,34 traffic volume,35 vehicle miles traveled,36 and double parking.37 So if one major U.S. city could determine the market-clearing price for parking spaces, does this mark a rebirth for “smarter” price regulation, albeit under a more fashionable and acceptable term, such as data-driven dynamic pricing?

See Tacit collusion Consumer-provided content, superplatforms and revenue from, 233–236, 236f, 241 Consumer surplus, 86, 88; producer welfare surplus competition and, 234 Cookies, data extraction and, 167–170, 316nn28,30, 316n33 Council of Economic Advisers Report, 240, 91, 94, 156, 171–172, 187, 311n38 Credit cards, behavioral discrimination and framing effects, 111 Credit Suisse, 269n9 Currie, David, 116 Data advantage, competitive value of, 20–21, 263n79 Data brokers, 95, 104–105, 124–125, 170 Data extraction. See Extraction and capture strategies; Personal data Deadweight welfare loss, privacy and, 242–244 Decoy products, behavioral discrimination and, 106–107 Deep learning. See Self-learning algorithms Demand-responsive pricing program, 214 350 Index Department of Justice, in U.S.: light touch antitrust policies, 24, 263n2; Messenger collusion scenario and, 39–41; report on competition and monopoly, 224 Deutsche Bank, 269n9 Didi Chuxing, 6, 152 Differential pricing. See Price discrimination Digital Eye collusion scenario, 37, 71–81; enforcement challenges and lack of anticompetitive intent, 77–80; “God View” and real-time data processing, 72–75; self-learning algorithms and autonomous pricing decisions, 74–77, 78 Digitized hand: competitive prices and questions of regulations, 205–217; replacing of invisible hand of competition by, viii, 27, 203 Disconnect app, 179–180, 184–186, 187, 239 Discrimination, blurring with behavioral discrimination, 124–127, 129 “Do Not Track” browser features: Facebook and, 173; Google and, 186; proposed policy for, 172; Target and, 92 Drip pricing, behavioral discrimination and, 109–110 Driverless cars, Frenemy dynamics and Uber, Apple, and Google, 151–155 DuckDuckGo, 157, 200 Dynamic and allocative efficiencies, of online markets, 7–8 Dynamic pricing: hub and spoke collusion scenario, 47–52; online advantages over brick-and-mortar stores, 13–14; price discrimination and, 87–88, 112 Economist, The, 106, 238 Efficiencies, of online markets, 7–8, 50 Efficient markets hypothesis, 207–208.

pages: 160 words: 53,435

Good Prose: The Art of Nonfiction by Tracy Kidder, Richard Todd

Atul Gawande, demand response, In Cold Blood by Truman Capote, Joan Didion, moral hazard, Norman Mailer, Ralph Waldo Emerson, The Bell Curve by Richard Herrnstein and Charles Murray, Yogi Berra

The passage from Orwell and the contemporary code expressed by Kramer—“Truth is in the details of real lives”—represent a spectrum of possibility for a writer. No one should presume to tell anyone where to fit on this spectrum, but one should recognize that it exists. Even those who have been trained in a language of distance and irony toward everything institutional, and especially toward government, must feel from time to time that there is something that justifies thinking in Orwell’s terms—that there is something about one’s own time that demands response. But what response, and how to make it? One can only say it is possible that writers live most fully when their work moves beyond performance, beyond entertainment or information, beyond pleasing audience and editor, when it does all that and yet represents their most important beliefs. * * * *I read the first paragraph and flung the magazine across the room, and picked it up again about twenty years later.

pages: 219 words: 61,334

Brit-Myth: Who Do the British Think They Are? by Chris Rojek

Bob Geldof, British Empire, business climate, colonial rule, deindustrialization, demand response, full employment, Gordon Gekko, Isaac Newton, Khartoum Gordon, Live Aid, Mahatma Gandhi, mass immigration, means of production, post-industrial society, Red Clydeside, sceptred isle, Stephen Hawking, the market place, urban planning, Winter of Discontent

But they are expressed at such a high level of generality that they are more properly described as 202 BRIT-MYTH gestures rather than contractual duties and responsibilities. The Home Office primer that accompanies the citizenship test, ‘Life in the United Kingdom’, is anodyne. It submits that the British offer equal opportunity for everyone to fulfil their talents irrespective of class, colour or creed. In return, they expect and demand responsibility and an acceptance of common standards, rules of behaviour and mutual tolerance. Many of the aspiring citizens will have come from disadvantaged sections of the community where the claim to offer equal opportunity is routinely regarded as an example of British humbug. As a result, the acceptance of common standards and rules is probably practised strategically and tactically as a matter of life politics.

pages: 229 words: 68,426

Everyware: The Dawning Age of Ubiquitous Computing by Adam Greenfield

augmented reality, business process, defense in depth, demand response, demographic transition, facts on the ground, game design, Howard Rheingold, Internet of things, James Dyson, knowledge worker, late capitalism, Marshall McLuhan, new economy, Norbert Wiener, packet switching, pattern recognition, profit motive, QR code, recommendation engine, RFID, Steve Jobs, technoutopianism, the built environment, the scientific method

And we also have abundant reason to believe that governmental regulation of development, by itself, is unlikely to produce the most desirable outcomes. But in the saga of Web standards, we have an object lesson in the power of bottom-up self-regulation to achieve ends in technological development that are both complex and broadly beneficial. So I see a real hope in the idea that a constituency of enlightened developers and empowered users will attend the rise of everyware, demanding responsible and compassionate design of ubiquitous technology. I further hope that the principles I've offered here are a meaningful contribution to the discussion, that they shed some light on what responsible and compassionate everyware might look like. I have one final thought on the question of principles and self-guided development. It's clear that an approach such as the one I've outlined here will require articulate, knowledgeable, energetic, and above all visible advocacy if it has any chance of success.

pages: 224 words: 71,060

A Time to Build: From Family and Community to Congress and the Campus, How Recommitting to Our Institutions Can Revive the American Dream by Yuval Levin

affirmative action, Airbnb, assortative mating, barriers to entry, Bernie Sanders, conceptual framework, David Brooks, demand response, Donald Trump, hiring and firing, Jane Jacobs, Mark Zuckerberg, Menlo Park, Silicon Valley, Snapchat, Steven Pinker, The Death and Life of Great American Cities, the scientific method

Of course, people often fail such tests. We all do. But even then, by imposing the test in the first place and draping an extra layer of responsibility and obligation over our naked humanity, our institutions help to protect the weak and restrain the strong. When we see our social lives as mediated by institutions that structure appropriate ways to do what we do, we are more likely to act responsibly and to demand responsibility of others. This sort of constraint and accountability often is not legally prescribed. It acts on us implicitly—and thus moves us to choose to behave responsibly. After all, in a free society, people cannot be coerced to act well. The constraints imposed by functional institutions therefore don’t only empower us, they also liberate us—they make liberal freedom possible. And they help us to see that liberal freedom is not license.

pages: 278 words: 83,504

Boeing Versus Airbus: The Inside Story of the Greatest International Competition in Business by John Newhouse

Airbus A320, airline deregulation, Bay Area Rapid Transit, Build a better mousetrap, corporate governance, demand response, low cost airline, low cost carrier, MITM: man-in-the-middle, upwardly mobile

Relations between the senior management of legacy carriers and the pilots’ union—the Air Line Pilots Association (known as ALPA)—have worsened since deregulation. Some industry analysts argue that the pilots are largely to blame. Oddly, the salaries of those who fly for the legacy carriers, besides being too high, are based on the size—actually, the weight—of the aircraft they fly. Hence, a pilot who normally flies a four-engine wide-bodied airplane nonstop between two cities set far apart is better paid than one who has the more demanding responsibility of taking off and landing a smaller airplane at sundry airports on a given day or evening. Of course, the pilots do have plenty of leverage. For the airline, a strike means watching its revenue stream dry up as heavily mortgaged aircraft sit idly on the ground. And pilots have other weapons. They can burn high-cost fuel by letting engines idle overlong. They can slow down operations. For example, United Airlines pilots staged a slowdown in the summer of 2000, when weather and air traffic congestion already had put the carrier under heavy pressure.

pages: 382 words: 92,138

The Entrepreneurial State: Debunking Public vs. Private Sector Myths by Mariana Mazzucato

"Robert Solow", Apple II, banking crisis, barriers to entry, Bretton Woods, business cycle, California gold rush, call centre, carbon footprint, Carmen Reinhart, cleantech, computer age, creative destruction, credit crunch, David Ricardo: comparative advantage, demand response, deskilling, endogenous growth, energy security, energy transition, eurozone crisis, everywhere but in the productivity statistics, Financial Instability Hypothesis, full employment, G4S, Growth in a Time of Debt, Hyman Minsky, incomplete markets, information retrieval, intangible asset, invisible hand, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, knowledge economy, knowledge worker, natural language processing, new economy, offshore financial centre, Philip Mirowski, popular electronics, profit maximization, Ralph Nader, renewable energy credits, rent-seeking, ride hailing / ride sharing, risk tolerance, shareholder value, Silicon Valley, Silicon Valley ideology, smart grid, Steve Jobs, Steve Wozniak, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, total factor productivity, trickle-down economics, Washington Consensus, William Shockley: the traitorous eight

The ICT revolution that created digitized communications not only created new commercial opportunities (such as through the medium of the Internet), but has provided an invaluable platform for the generation, collection, access and dissemination of knowledge of all forms. Given time and broad deployment, the smart grid could change the way we think about energy, create new commercial opportunities and improve the economics of renewable energy by establishing new tools for optimal energy supply management and demand response. To begin the green industrial revolution and to tackle climate change we are again in need of an active State that takes on the high uncertainty of its early stages, which the business sector fears. Yet, despite the buzz surrounding ‘clean technology’ as the ‘new economic frontier’, and the ‘green revolution’ as the imminent third ‘industrial revolution’, there is in reality little that is truly new about many clean technologies.

pages: 329 words: 95,309

Digital Bank: Strategies for Launching or Becoming a Digital Bank by Chris Skinner

algorithmic trading, AltaVista, Amazon Web Services, Any sufficiently advanced technology is indistinguishable from magic, augmented reality, bank run, Basel III, bitcoin, business cycle, business intelligence, business process, business process outsourcing, buy and hold, call centre, cashless society, clean water, cloud computing, corporate social responsibility, credit crunch, crowdsourcing, cryptocurrency, demand response, disintermediation, don't be evil,, fault tolerance, fiat currency, financial innovation, Google Glasses, high net worth, informal economy, Infrastructure as a Service, Internet of things, Jeff Bezos, Kevin Kelly, Kickstarter, M-Pesa, margin call, mass affluent, MITM: man-in-the-middle, mobile money, Mohammed Bouazizi, new economy, Northern Rock, Occupy movement, Pingit, platform as a service, Ponzi scheme, prediction markets, pre–internet, QR code, quantitative easing, ransomware, reserve currency, RFID, Satoshi Nakamoto, Silicon Valley, smart cities, social intelligence, software as a service, Steve Jobs, strong AI, Stuxnet, trade route, unbanked and underbanked, underbanked, upwardly mobile, We are the 99%, web application, WikiLeaks, Y2K

This is where you need strong leadership in order to be organisationally aligned. You need product, marketing, sales and service, working together in a co-ordinated fashion to allow this to work. A good example is social media. You cannot roll out an app, launch a blog or establish a Facebook presence if you are not committed to interaction and dedication of agents to these areas, as these are now channels just as much as mobile, branch and call centre. Customers will demand responses when you launch these services and will expect interaction. This means that you cannot open these media channels without the right structure to respond. Most banks know that we will eventually be in a position where no physical contact would be required for financial services or servicing, but they also believe that the physical channel needs to remain in place. This may seem strange in that, if banks all believe that remote channels augment and eventually replace physical channels, what is the physical channel there for?

pages: 358 words: 93,969

Climate Change by Joseph Romm

carbon footprint, Climatic Research Unit, decarbonisation, demand response, Douglas Hofstadter, Elon Musk, energy security, energy transition, failed state, hydraulic fracturing, hydrogen economy, Intergovernmental Panel on Climate Change (IPCC), knowledge worker, mass immigration, performance metric, renewable energy transition, ride hailing / ride sharing, Ronald Reagan, Silicon Valley, Silicon Valley startup, the scientific method

There are two primary ways the variability problem is being addressed. First, half or more of this problem is really a “predictability problem.” If we could predict with high accuracy wind availability and solar availability 24 to 36 hours in advance, then electricity operators have many strategies available to them. For instance, operators could plan to bring online a backup plant that otherwise needs several hours to warm up. Or they could use demand response, which is paying commercial, industrial, and even residential customers to reduce electricity demand for a short time given a certain amount of advance warning. In fact, such prediction capability is already being developed. As a 2014 article titled “Smart Wind and Solar Power” in the magazine Technology Review put it, “Big data and artificial intelligence are producing ultra-accurate forecasts that will make it feasible to integrate much more renewable energy into the grid.”

pages: 344 words: 96,690

Groundswell: Winning in a World Transformed by Social Technologies by Charlene Li, Josh Bernoff

business process, call centre, centre right, citizen journalism, crowdsourcing, demand response, Donald Trump, estate planning, Firefox, John Markoff, Kickstarter, knowledge worker, Silicon Valley, skunkworks, social intelligence, Tony Hsieh

He has fifty-five thousand followers and follows zero other people. He never responds here (and for that matter, doesn’t take comments on his very popular blog). Until you get as popular (and insightful) as Seth, you can’t get away with this. More typical are companies like Southwest Airlines (@SouthwestAir, one million followers) that tweet deals and news but also respond to others. Southwest has recognized that, like McDonald’s, its presence will demand responses to service questions, not just tweeting news. On the day we looked, Southwest was tweeting “Ready to celebrate ‘12 Days of LUV?’ We’re giving away a $1,000 SWA Gift Card each day! Read the rules” But it was also responding to people with questions about its planes, its flights, and its promotions. For example, when a twitterer complained that it has “some dirty ass planes,” @SouthwestAir responded by asking which flight number and city, indicating that it cared and would fix the problem.

pages: 431 words: 107,868

The Great Race: The Global Quest for the Car of the Future by Levi Tillemann

Affordable Care Act / Obamacare, Any sufficiently advanced technology is indistinguishable from magic, autonomous vehicles, banking crisis, car-free, carbon footprint, cleantech, creative destruction, decarbonisation, deindustrialization, demand response, Deng Xiaoping, Donald Trump, Elon Musk,, energy security, factory automation, global value chain, hydrogen economy, index card, Intergovernmental Panel on Climate Change (IPCC), joint-stock company, Joseph Schumpeter, Kickstarter, manufacturing employment, market design, megacity, Nixon shock, obamacare, oil shock, Ralph Nader, RFID, rolodex, Ronald Reagan, Rubik’s Cube, self-driving car, shareholder value, Silicon Valley, Silicon Valley startup, skunkworks, smart cities, sovereign wealth fund, special economic zone, Steve Jobs, Tesla Model S, too big to fail, Unsafe at Any Speed, zero-sum game, Zipcar

When the wind is blasting at full tilt, or the sun is blazing, EV batteries could soak up excess energy from the grid. And when there is a shortfall, an EV with an 18- or 24-kilowatt-hour battery (like the Volt or the LEAF) or a larger battery (like Tesla’s 80-kilowatt-hour unit) could feed a few kilowatt-hours back into the system. A less ambitious approach is for electrical utilities to use EVs as a “demand response” mechanism—allowing them to charge EVs when demand is low, and dial back EV charging when demand is high. This could help deal with the cyclical nature of daily electricity demand as well as spikes in renewable generation. For practical purposes, large amounts of EV battery storage connected to renewable energy resources could transform intermittent renewables into so-called baseload capacity—that is, generation that can dispatch electricity consistently, all the time, throughout the day.

pages: 369 words: 105,819

The Dangerous Case of Donald Trump: 27 Psychiatrists and Mental Health Experts Assess a President by Bandy X. Lee

Affordable Care Act / Obamacare, cuban missile crisis, David Brooks, declining real wages, delayed gratification, demand response, Donald Trump, Doomsday Clock, facts on the ground, fear of failure, illegal immigration, impulse control, meta analysis, meta-analysis, national security letter, Ronald Reagan, Skype, Steve Jobs, The Chicago School

While it is beyond the scope of this essay to delve into the social, economic, political, and demographic circumstances that allowed Trump to morph from entertainment persona to leader of the free world, it is important to note aspects of our current technological climate, which combine with Trump’s now-central role as U.S. president and his narcissistically compulsive personality, to keep the American public fixated on his toxic behavior and stuck in a state of chaotic, meaningless crisis. Our ever-increasing use of the Internet demands that we process new information at the speed of the supercomputers that drive it. As Brown University digital media scholar Wendy Chun (2016) observes, “[T]here is an unrelenting stream of updates that demand response, from ever-updating feeds to exploding inboxes. The lack of time to respond, brought about by the inhumanly clocked time of our computers that renders the new old, coupled with the demand for response, makes the Internet compelling.” “I think, therefore I am,” Descartes’s Enlightenment-era definition of human existence, has become, in the twenty-first century, “I post, therefore I am.”

pages: 382 words: 105,166

The Reckoning: Financial Accountability and the Rise and Fall of Nations by Jacob Soll

accounting loophole / creative accounting, bank run, Bonfire of the Vanities, British Empire, collapse of Lehman Brothers, computer age, corporate governance, creative destruction, Credit Default Swap, delayed gratification, demand response, discounted cash flows, double entry bookkeeping, financial independence, Frederick Winslow Taylor, God and Mammon, High speed trading, Honoré de Balzac, inventory management, invisible hand, Isaac Newton, James Watt: steam engine, joint-stock company, Joseph Schumpeter, new economy, New Urbanism, Nick Leeson, Ponzi scheme, Ralph Waldo Emerson, Scientific racism, South Sea Bubble, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, trade route

They taught applied mathematics and other subjects, such as the alphabet, prose instruction, and the catechism.25 The medieval Italian merchants did what the ancient Greeks, Persians, and Romans, the great Asian kingdoms, and the feudal lords could not: Without fanfare or public recognition, they invented double-entry bookkeeping, making the revolutionary leap into the calculation of profit. The only explanation for this is that Italian merchants needed double entry to calculate multipartner firms, equity and profits, and so, in a demand-response process, they developed it. Although we do not know for sure who first did it, Tuscan merchants began developing double-entry bookkeeping. The records are of some debate, but the earliest recognized use of double entry appears in the documents of the ledgers of either the Rinieri Fini brother firm (1296), which traded in fairs across Europe, or the Farolfi merchant house (1299–1300), which traded between Florence and Provence.

pages: 386 words: 116,233

The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime by Mj Demarco

8-hour work day, Albert Einstein, AltaVista, back-to-the-land, Bernie Madoff, bounce rate, business process, butterfly effect, buy and hold, cloud computing, commoditize, dark matter, delayed gratification, demand response, Donald Trump, fear of failure, financial independence, fixed income, housing crisis, Jeff Bezos, job-hopping, Lao Tzu, Mark Zuckerberg, passive income, passive investing, payday loans, Ponzi scheme, price anchoring, Ronald Reagan, upwardly mobile, wealth creators, white picket fence, World Values Survey, zero day

As it turns out, I was correct, and that truth crystallized because I chose to make financial decisions for myself. I didn't rely on the pontificators at CNBC who rapaciously declared that housing was safe. I didn't rely on the mainstream media. I didn't rely on others. I relied on me. I was driving, not hitchhiking. And the beauty of driving is something that escapes most people: responsibility. Wealth Demands Responsibility, Followed by Accountability Responsibility is the forefather to accountability, but one doesn't evidence the other. When you admit responsibility to over drafting your checking account yet do it again next week, you're not accountable. When you admit responsibility to fathering a child out of wedlock, yet continue to engage in that behavior, you're not accountable. When you take responsibility for having your purse stolen but flaunt it on the table in open view, you're not accountable.

A Concise History of Modern India (Cambridge Concise Histories) by Barbara D. Metcalf, Thomas R. Metcalf

affirmative action, Berlin Wall, British Empire, colonial rule, commoditize, demand response, European colonialism, Fall of the Berlin Wall, income inequality, joint-stock company, Khyber Pass, land reform, Mahatma Gandhi, mass immigration, means of production, new economy, Silicon Valley, spice trade, telemarketer, trade route, upwardly mobile, urban planning

One, perhaps surprisingly, is that the upstart warriors, Marathas, Jats, and the like, as coherent social groups with military and governing ideals, were themselves a product of the Mughal context, which recognized them and provided them with military and governing experience. Their successes were a product of Mughal success. A second line of argument is economic. Throughout Asia, the economies of the agrarian empires had been fuelled in the seventeenth century by the influx of specie gained from New World conquest, as Europeans sought valued commodities. Asian economies, including that of the Mughals, were increasingly monetized, and cash-crop production, demand-responsive, expanded. Evidence of the vast extent and 24 A Concise History of Modern India wealth of the empire remain in the dynasty’s monuments, above all those of Shah Jahan. Indian seaborne trade, to be sure, was largely in the hands of Arabs and, from the beginning of the sixteenth century, the Portuguese. English and Dutch trading companies further established themselves in coastal enclaves during the seventeenth century.

Confronting Gun Violence in America by Thomas Gabor

Columbine, demand response, Ferguson, Missouri, income inequality, mandatory minimum, More Guns, Less Crime, RFID, Silicon Valley, urban sprawl

It should be noted that 100 % accuracy is an unrealistic standard as the markings do not need to be readable in every case to be useful at least in some investigations. Nationally syndicated columnist E. J. Dionne of the Washington Post points out that governments at all levels account for about 40 % of gun industry revenues and the federal government alone accounts for 25 % of these revenues. He argues that taxpayers have a right to demand responsibility from an industry that obtains so much of our money. As one of the main customers of the industry, he recommends that the federal government buy weapons only from manufacturers that adopt basic safety measures and implement microstamping technology.111 Recommendation • The federal government should make funds available to enable more research into the development of personalized guns, as well as to assess and refine microstamping technologies. • The federal government, law enforcement agencies, and governments at all levels should only purchase guns from companies that adopt basic gun safety features and implement microstamping technology. • A target date should be set for introducing personalized guns into the market. • National standards should be established to childproof guns (e.g., with loaded chamber indicators and magazine safety locks) and to otherwise enhance public safety by ensuring that guns being manufactured are of high quality.

Autonomous Driving: How the Driverless Revolution Will Change the World by Andreas Herrmann, Walter Brenner, Rupert Stadler

Airbnb, Airbus A320, augmented reality, autonomous vehicles, blockchain, call centre, carbon footprint, cleantech, computer vision, conceptual framework, connected car, crowdsourcing, cyber-physical system, DARPA: Urban Challenge, data acquisition, demand response, digital map, disruptive innovation, Elon Musk, fault tolerance, fear of failure, global supply chain, industrial cluster, intermodal, Internet of things, Jeff Bezos, Lyft, manufacturing employment, market fundamentalism, Mars Rover, Masdar, megacity, Pearl River Delta, peer-to-peer rental, precision agriculture, QWERTY keyboard, RAND corporation, ride hailing / ride sharing, self-driving car, sensor fusion, sharing economy, Silicon Valley, smart cities, smart grid, smart meter, Steve Jobs, Tesla Model S, Tim Cook: Apple, uber lyft, upwardly mobile, urban planning, Zipcar

A wireless charging infrastructure could be created, initially at certain charging stations (e.g. at parking lots) and later at stoplights, intersections and traffic signs. Furthermore, communications between vehicles and the infrastructure permit two-way charging through vehicle-to-grid interactions from either wired or wireless connections. Here, the car communicates with the power grid to sell demand response services by either returning electricity to the grid or by throttling the charging rate. Since 95 per cent of cars are parked at any given time, the batteries in electric vehicles could be used to let electricity flow from the car to the electric distribution network and back. Twoway charging is not only a potential source of revenue for car owners; it is also a way of storing energy. Table 29.1 illustrates some ways in which autonomous driving outperforms manual driving.

pages: 1,013 words: 302,015

A Classless Society: Britain in the 1990s by Alwyn W. Turner

Berlin Wall, Bob Geldof, Boris Johnson, British Empire, call centre, centre right, deindustrialization, demand response, Desert Island Discs, endogenous growth, Etonian, eurozone crisis, facts on the ground, Fall of the Berlin Wall, falling living standards, first-past-the-post, Francis Fukuyama: the end of history, friendly fire, full employment, global village, greed is good, inflation targeting, lateral thinking, means of production, millennium bug, minimum wage unemployment, moral panic, negative equity, Neil Kinnock, Nelson Mandela, offshore financial centre, old-boy network, period drama, Ronald Reagan, sexual politics, Stephen Hawking, upwardly mobile, Winter of Discontent, women in the workforce

Blair’s rhetoric about the welfare state – that it should provide ‘a hand up, not a hand out’ – was often attributed to the influence of Bill Clinton, but had been foreshadowed by Major too, in a 1991 speech to the Conservative Party’s women’s conference: ‘Our Conservatism is about developing personal independence. It is designed to give people a hand up, not a hand out.’ Similarly, Blair may have borrowed ‘with opportunity must come responsibility’ from Clinton (‘we offer opportunity; we demand responsibility’) for his 1994 conference speech, but it wasn’t a radical break from Major’s speech earlier the same year: ‘our policies are based on individual choice, individual opportunity, individual responsibility.’ It was a theme that both men stressed. Absolutely central to the concept of the Third Way, argued Blair, was the creation of ‘a modern relationship between the responsibilities of the citizen and those of society’, a refusal to be fooled by the false dichotomy between self-interest and the collective good.

To this there was apparently no answer, despite Blair’s longstanding promise to rebuild a spirit of community. And when it came to the roles played by the supermarkets and the oil companies, the necessary questions weren’t even raised. The underlying issue, however, was much the same: ‘just in time’ policies maximised profits, but were dangerously anti-social, leaving the country vulnerable to attack. But by now no one really expected this, or any other, government to demand responsibility or morality from major companies. Whether there was much demand at this point for political action to curb the power of multinational companies was doubtful. A loose coalition of anti-capitalist groups had staged a major protest in November 1999 outside a meeting of the World Trade Organisation in Seattle, but a May Day demonstration in London in 2000 attracted only some 5,000 people. The event turned into a riot during which a McDonald’s restaurant was wrecked, several shops looted, the Cenotaph defaced and – in one of the wittier images to come out of a British demonstration for some time – the statue of Winston Churchill in Parliament Square adorned with a strip of turf, giving him a grass Mohican.

pages: 489 words: 136,195

Underland: A Deep Time Journey by Robert Macfarlane

Albert Einstein, anti-communist, cuban missile crisis, dark matter, demand response, Google Earth, megacity, Minecraft, oil rush, out of africa, planetary scale, precariat, sovereign wealth fund, supervolcano, the built environment, The Spirit Level, uranium enrichment

Imagine yourself as victim, the poem orders its readers. Think yourself into the skin of another human, for then – sunk into a different being – you will surely find yourself unable to inflict suffering. It is as unsettling a text as I know: the vividness of the scene of execution it conjures, the curse it threatens as protection against its own erasure. The poem at once challenges and charges its reader, both forbidding and demanding response. Above all, it is a poem about compassion – about feeling as another feels. To the poem’s author, the darkness of the ‘bottomless pit’ represents the utter failure of empathy that characterized the war in those regions, as it must of necessity characterize war at all times and in all places. ~ Apple trees by the roadside, their fruit yellow as lamps. Steady lift of the land. Wide river valleys, and pale limestone peaks rising higher to either side.

Elixir in Action by Saša Jurić

demand response,, fault tolerance, finite state, general-purpose programming language, place-making, Ruby on Rails, WebSocket

Ideally, this should be possible without a system restart. Distribution—To make a system that never stops, you have to run it on multiple machines. This promotes the overall stability of the system: if a machine is taken down, another one can take over. Furthermore, this gives you the means to scale horizontally — you can address load increase by adding more machines to the system, thus adding work units to support the higher demand. Responsiveness—It goes without saying that a system should always be reasonably fast and responsive. Request handling shouldn’t be drastically prolonged, even if the load increases or unexpected errors happen. In particular, occasional lengthy tasks shouldn’t block the rest of the system or have a significant effect on performance. Live update—In some cases, you may want to push a new version of your software without restarting any servers.

pages: 455 words: 133,322

The Facebook Effect by David Kirkpatrick

Andy Kessler, Burning Man, delayed gratification, demand response, don't be evil, global village, happiness index / gross national happiness, Howard Rheingold, Jeff Bezos, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, Menlo Park, Network effects, Peter Thiel, rolodex, Sand Hill Road, sharing economy, Silicon Valley, Silicon Valley startup, Skype, social graph, social software, social web, Startup school, Steve Ballmer, Steve Jobs, Stewart Brand, the payments system, The Wealth of Nations by Adam Smith, Whole Earth Review, winner-take-all economy, Y Combinator

When there was a request for some special treatment from an advertiser, Saverin would bring it to Zuckerberg and Moskovitz. He frequently met a brick wall. What was the chance his investment was ever going to amount to much if Thefacebook couldn’t be turned into a proper business? Zuckerberg seemed content that there merely be enough money to pay the bills and keep the site operating. Saverin had a difficult job at Thefacebook. Advertisers demand responsiveness. They want recipients of their money to be available if they have a question or problem—usually immediately. It was thus harder for Saverin to set his own hours as Zuckerberg and Moskovitz could. His job, unlike theirs, required interacting with customers. It wasn’t easy to do that and still keep up with his courses at Harvard. But he did share one thing with Zuckerberg—ambivalence about Thefacebook’s likelihood of future success.

pages: 504 words: 143,303

Why We Can't Afford the Rich by Andrew Sayer

accounting loophole / creative accounting, Albert Einstein, anti-globalists, asset-backed security, banking crisis, banks create money, basic income, Boris Johnson, Bretton Woods, British Empire, business cycle, call centre, capital controls, carbon footprint, collective bargaining, corporate raider, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Graeber, David Ricardo: comparative advantage, debt deflation, decarbonisation, declining real wages, deglobalization, deindustrialization, delayed gratification, demand response, don't be evil, Double Irish / Dutch Sandwich,, Etonian, financial innovation, financial intermediation, Fractional reserve banking, full employment, G4S, Goldman Sachs: Vampire Squid, high net worth, income inequality, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, Isaac Newton, James Dyson, job automation, Julian Assange, Kickstarter, labour market flexibility, laissez-faire capitalism, land value tax, low skilled workers, Mark Zuckerberg, market fundamentalism, Martin Wolf, mass immigration, means of production, moral hazard, mortgage debt, negative equity, neoliberal agenda, new economy, New Urbanism, Northern Rock, Occupy movement, offshore financial centre, oil shale / tar sands, patent troll, payday loans, Philip Mirowski, plutocrats, Plutocrats, popular capitalism, predatory finance, price stability, pushing on a string, quantitative easing, race to the bottom, rent-seeking, Ronald Reagan, shareholder value, short selling, sovereign wealth fund, Steve Jobs, The Nature of the Firm, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transfer pricing, trickle-down economics, universal basic income, unpaid internship, upwardly mobile, Washington Consensus, wealth creators, WikiLeaks, Winter of Discontent, working poor, Yom Kippur War, zero-sum game

As the surveys of public opinion on economic inequality show,20 this question concerns many people greatly: everyone, they feel, should contribute what they can, at least while they are young and fit enough to do so, and income should, where possible, be earned by doing something useful. It seems that what people contribute to the economy varies enormously: don’t some work, while others are unemployed? Don’t some do simple, unskilled work that anyone can do, while others do complex, demanding, responsible work? Surely some are not pulling their weight? In fact, aren’t they scrounging – free-riding on others’ labour? Yet, as we shall see, these unequal contributions have little to do with motivation and effort, or even intelligence and merit. All our own work? It’s often hard to assess what is ‘all our own work’. The economy does not consist of self-sufficient Robinson Crusoes, but of people whose work is interdependent through divisions of labour, whether within households, places of employment or between different locations.

pages: 517 words: 147,591

Small Wars, Big Data: The Information Revolution in Modern Conflict by Eli Berman, Joseph H. Felter, Jacob N. Shapiro, Vestal Mcintyre

basic income, call centre, centre right, clean water, crowdsourcing, demand response, drone strike, experimental economics, failed state, George Akerlof, Google Earth, HESCO bastion, income inequality, income per capita, information asymmetry, Internet of things, iterative process, land reform, mandatory minimum, minimum wage unemployment, moral hazard, natural language processing, RAND corporation, randomized controlled trial, Ronald Reagan, school vouchers, statistical model, the scientific method, trade route, unemployed young men, WikiLeaks, World Values Survey

Our own work suggests that voters in developing countries behave much more like rational, forward-thinking actors (such as the father considering sharing tips, depicted in chapter 3) than like irrational, emotionally driven individuals. See Asad Liaqat, Michael Callen, Ali Cheema, Adnan Khan, Farooq Naseer, and Jacob N. Shapiro, “Candidate Connections vs. Party Performance: Evidence on Vote Choice in a Low Information Environment” (working paper, 2017). 13. Shawn Cole, Andrew Healy, and Eric Werker, “Do Voters Demand Responsive Governments? Evidence from Indian Disaster Relief,” Journal of Development Economics 97, no. 2 (2012): 167–81. 14. Egor Lazarev, Anton Sobolev, Irina V. Soboleva, and Boris Sokolov, “Trial by Fire: A Natural Disaster’s Impact on Support for Authorities in Rural Russia,” World Politics 66, no. 4 (2014): 641–68. 15. Ibid., 660–61. 16. Ibid., 664. 17. Jorge Gallego, “Natural Disasters and Clientelism: The Case of Floods and Landslides in Colombia” (Universidad del Rosario Working Paper 178, 2015). 18.

pages: 470 words: 148,444

The World as It Is: A Memoir of the Obama White House by Ben Rhodes

Affordable Care Act / Obamacare, agricultural Revolution, Berlin Wall, Bernie Sanders, Boris Johnson, British Empire, centre right, cuban missile crisis, David Brooks, demand response, different worldview, Dissolution of the Soviet Union, Donald Trump, drone strike, Edward Snowden, eurozone crisis, F. W. de Klerk, Fall of the Berlin Wall, Ferguson, Missouri, illegal immigration, intangible asset, Mahatma Gandhi, Mohammed Bouazizi, Nelson Mandela, Ronald Reagan, Ronald Reagan: Tear down this wall, Silicon Valley, Skype, South China Sea, trickle-down economics, uranium enrichment, WikiLeaks

“Even as the United States grapples with the alarming scale of the human suffering,” it read, “we are immediately confronted with contemplating the potential scenarios our response might trigger or accelerate. These considerations include the Assad regime potentially losing command and control of its stock of chemical weapons or terrorist organizations—especially those tied to al Qaeda—gaining greater control of and maintaining territory.” He listed fourteen detailed questions about various scenarios that could take place in Syria and demanded responses to each of those questions. Boehner also focused on the need for congressional authorization: “It is essential you address on what basis any use of force would be legally justified and how the justification comports with the exclusive authority of congressional authorization under Article I of the Constitution.” After deriding Obama’s response to Syria as weak, Republicans were now making the same warnings about action that we had used to publicly defend our inaction in the past.

pages: 654 words: 191,864

Thinking, Fast and Slow by Daniel Kahneman

Albert Einstein, Atul Gawande, availability heuristic, Bayesian statistics, Black Swan, Cass Sunstein, Checklist Manifesto, choice architecture, cognitive bias, complexity theory, correlation coefficient, correlation does not imply causation, Daniel Kahneman / Amos Tversky, delayed gratification, demand response, endowment effect, experimental economics, experimental subject, Exxon Valdez, feminist movement, framing effect, hedonic treadmill, hindsight bias, index card, information asymmetry, job satisfaction, John von Neumann, Kenneth Arrow, libertarian paternalism, loss aversion, medical residency, mental accounting, meta analysis, meta-analysis, nudge unit, pattern recognition, Paul Samuelson, pre–internet, price anchoring, quantitative trading / quantitative finance, random walk, Richard Thaler, risk tolerance, Robert Metcalfe, Ronald Reagan, Shai Danziger, Supply of New York City Cabdrivers, The Chicago School, The Wisdom of Crowds, Thomas Bayes, transaction costs, union organizing, Walter Mischel, Yom Kippur War

riskless and risky decisions: A review of the price of risk, based on “international data from 16 different countries during over 100 years,” yielded an estimate of 2.3, “in striking agreement with estimates obtained in the very different methodology of laboratory experiments of individual decision-making”: Moshe Levy, “Loss Aversion and the Price of Risk,” Quantitative Finance 10 (2010): 1009–22. effect of price increases: Miles O. Bidwel, Bruce X. Wang, and J. Douglas Zona, “An Analysis of Asymmetric Demand Response to Price Changes: The Case of Local Telephone Calls,” Journal of Regulatory Economics 8 (1995): 285–98. Bruce G. S. Hardie, Eric J. Johnson, and Peter S. Fader, “Modeling Loss Aversion and Reference Dependence Effects on Brand Choice,” Marketing Science 12 (1993): 378–94. illustrate the power of these concepts: Colin Camerer, “Three Cheers—Psychological, Theoretical, Empirical—for Loss Aversion,” Journal of Marketing Research 42 (2005): 129–33.

pages: 602 words: 177,874

Thank You for Being Late: An Optimist's Guide to Thriving in the Age of Accelerations by Thomas L. Friedman

3D printing, additive manufacturing, affirmative action, Airbnb, AltaVista, Amazon Web Services, autonomous vehicles, Ayatollah Khomeini, barriers to entry, Berlin Wall, Bernie Sanders, bitcoin, blockchain, Bob Noyce, business cycle, business process, call centre, centre right, Chris Wanstrath, Clayton Christensen, clean water, cloud computing, corporate social responsibility, creative destruction, crowdsourcing, David Brooks, demand response, demographic dividend, demographic transition, Deng Xiaoping, Donald Trump, Erik Brynjolfsson, failed state, Fall of the Berlin Wall, Ferguson, Missouri, first square of the chessboard / second half of the chessboard, Flash crash, game design, gig economy, global pandemic, global supply chain, illegal immigration, immigration reform, income inequality, indoor plumbing, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invention of the steam engine, inventory management, Irwin Jacobs: Qualcomm, Jeff Bezos, job automation, John Markoff, John von Neumann, Khan Academy, Kickstarter, knowledge economy, knowledge worker, land tenure, linear programming, Live Aid, low skilled workers, Lyft, Marc Andreessen, Mark Zuckerberg, mass immigration, Maui Hawaii, Menlo Park, Mikhail Gorbachev, mutually assured destruction, Nelson Mandela, pattern recognition, planetary scale, pull request, Ralph Waldo Emerson, ransomware, Ray Kurzweil, Richard Florida, ride hailing / ride sharing, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, shareholder value, sharing economy, Silicon Valley, Skype, smart cities, South China Sea, Steve Jobs, supercomputer in your pocket, TaskRabbit, The Rise and Fall of American Growth, Thomas L Friedman, transaction costs, Transnistria, uber lyft, undersea cable, urban decay, urban planning, Watson beat the top human players on Jeopardy!, WikiLeaks, women in the workforce, Y2K, Yogi Berra, zero-sum game

., before employees arrive, and when the wind is generating the most electricity. Buildings are good storehouses of cooling. So that stored cooling keeps the building comfortable most of the day. As a result, the amount of wind power that utility generates, rather than being insufficient, perfectly matches the demand—without having to worry about storing it on batteries or needing to call in coal-generated power. An incredibly complex demand-response challenge was solved at a cost of … zero—just by bringing intelligence to all the machines and optimizing the whole system. All the complexity was abstracted away by the software, and it is starting to happen everywhere today. Show Me the Money But if these transformations are real, why is it taking so long for them to show up in the productivity figures, as economists define them—the ratio of the output of goods and services to the labor hours devoted to the production of that output?

In the Age of the Smart Machine by Shoshana Zuboff

affirmative action, American ideology, blue-collar work, collective bargaining, computer age, Computer Numeric Control, conceptual framework, data acquisition, demand response, deskilling, factory automation, Ford paid five dollars a day, fudge factor, future of work, industrial robot, information retrieval, interchangeable parts, job automation, lateral thinking, linked data, Marshall McLuhan, means of production, old-boy network, optical character recognition, Panopticon Jeremy Bentham, post-industrial society, RAND corporation, Shoshana Zuboff, social web, The Wealth of Nations by Adam Smith, Thorstein Veblen, union organizing, zero-sum game

They simply stopped performing some of the tasks for which they had formal responsibility. They keep giving us more responsibility, and they don't pay us more. So what we are doing is just chopping off some of the duties at the bottom of the job. This has meant that things are getting more sloppy around here. People are just not doing part of their jobs. A second adaptation was to challenge the notion that exposure to data demands responsiveness. Piney Wood's managers began to notice that in the most adversarial areas of the plant, operators had devel- oped a new method of expressing their discontent. Why resort to the machine-breaking tactics of an earlier century when it was so much more elegant to simply ignore data? We are exposing them to all this data now, which means more re- sponsibility because you can't ignore it. But in one module, the oper- ators are digging their heels in.

pages: 649 words: 185,618

The Zionist Ideas: Visions for the Jewish Homeland—Then, Now, Tomorrow by Gil Troy

affirmative action, Albert Einstein, demand response, different worldview, European colonialism, financial independence, ghettoisation, Mahatma Gandhi, mass immigration, Nelson Mandela, one-state solution, Silicon Valley, union organizing, urban planning, Yom Kippur War, young professional, zero-sum game

When no tribe is a minority, no side can escape bearing responsibility for the destiny and the future of the State of Israel, and of Israeli society in general. So, no tribe is exempt from proposing solutions to deal with the challenge of defending the security of the state; from facing the economic challenges, or maintaining the international status of Israel as a member of the family of nations. Partnership demands responsibility. The third pillar is equity and equality. In order to ensure the partnership between us, we must ensure that no citizen is discriminated against, nor favored, simply because they belong to a specific sector. . . . In order to create a strong basis for the partnership between us, we will have to ensure an accessible “Israeli dream” that can be realized by each and every young person, judged only on the basis of their talents, and not according to their ethnic or social origins.

pages: 636 words: 202,284

Piracy : The Intellectual Property Wars from Gutenberg to Gates by Adrian Johns

active measures, banking crisis, Berlin Wall, British Empire, Buckminster Fuller, business intelligence, commoditize, Corn Laws, demand response, distributed generation, Douglas Engelbart, Douglas Engelbart, Edmond Halley, Ernest Rutherford, Fellow of the Royal Society, full employment, Hacker Ethic, Howard Rheingold, informal economy, invention of the printing press, Isaac Newton, James Watt: steam engine, John Harrison: Longitude, Marshall McLuhan, Mont Pelerin Society, new economy, New Journalism, Norbert Wiener, pirate software, Republic of Letters, Richard Stallman, road to serfdom, Ronald Coase, software patent, South Sea Bubble, Steven Levy, Stewart Brand, Ted Nelson, the scientific method, traveling salesman, Whole Earth Catalog

The story of piracy has two major implications in this context. The first derives from the point that intellectual property exists only insofar as it is recognized, defended, and acted upon. That is, it is a practical matter. It takes shape not only through the stipulation of laws and treaties, but also through the actions societies take to put those laws and treaties into effect in homes, offices, factories, and colleges. Challenges demand responses, and the roles of intellectual property in everyday life reflect the history of their interaction. But in recent years the character of that interaction has changed. As piracy has grown and diversified, so a counterindustry has emerged, dedicated to combating it. The coherence and scope of this industry are relatively new and remarkable. In previous centuries, particular groups or industries mounted efforts against piracy; but they did not generally regard them as fronts in one common cause.

pages: 1,088 words: 228,743

Expected Returns: An Investor's Guide to Harvesting Market Rewards by Antti Ilmanen

Andrei Shleifer, asset allocation, asset-backed security, availability heuristic, backtesting, balance sheet recession, bank run, banking crisis, barriers to entry, Bernie Madoff, Black Swan, Bretton Woods, business cycle, buy and hold, buy low sell high, capital asset pricing model, capital controls, Carmen Reinhart, central bank independence, collateralized debt obligation, commoditize, commodity trading advisor, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, debt deflation, deglobalization, delta neutral, demand response, discounted cash flows, disintermediation, diversification, diversified portfolio, dividend-yielding stocks, equity premium, Eugene Fama: efficient market hypothesis, fiat currency, financial deregulation, financial innovation, financial intermediation, fixed income, Flash crash, framing effect, frictionless, frictionless market, G4S, George Akerlof, global reserve currency, Google Earth, high net worth, hindsight bias, Hyman Minsky, implied volatility, income inequality, incomplete markets, index fund, inflation targeting, information asymmetry, interest rate swap, invisible hand, Kenneth Rogoff, laissez-faire capitalism, law of one price, London Interbank Offered Rate, Long Term Capital Management, loss aversion, margin call, market bubble, market clearing, market friction, market fundamentalism, market microstructure, mental accounting, merger arbitrage, mittelstand, moral hazard, Myron Scholes, negative equity, New Journalism, oil shock, p-value, passive investing, Paul Samuelson, performance metric, Ponzi scheme, prediction markets, price anchoring, price stability, principal–agent problem, private sector deleveraging, purchasing power parity, quantitative easing, quantitative trading / quantitative finance, random walk, reserve currency, Richard Thaler, risk tolerance, risk-adjusted returns, risk/return, riskless arbitrage, Robert Shiller, Robert Shiller, savings glut, selection bias, Sharpe ratio, short selling, sovereign wealth fund, statistical arbitrage, statistical model, stochastic volatility, stocks for the long run, survivorship bias, systematic trading, The Great Moderation, The Myth of the Rational Market, too big to fail, transaction costs, tulip mania, value at risk, volatility arbitrage, volatility smile, working-age population, Y2K, yield curve, zero-coupon bond, zero-sum game

Besides irrational sentiment (animal spirits, the cycle of fear and greed) and extrapolation of recent performance, as well as feedback loops between the real economy and financial markets, here are several rational and purely financial mechanisms that boost procyclicality:• time-varying risk premia due to wealth-dependent risk aversion or risk (falling wealth, and rising volatilities and/or correlations, raise required returns with the result that today’s asset prices need to fall); • leverage/loss/margin spirals (losses prompt financial intermediaries to shrink their own balance sheets, while margin calls due to losses, higher “haircuts”, and investor redemptions force hedge funds and other levered customers to reduce positions, with the result that selling pressure pushes risky assets even lower); • liquidity spirals (waning trust and worsening funding conditions cause forced liquidations; a synchronous rush for the exit causes market liquidity to potentially dry up); • risk control spirals (VaR-based risk management, stop-loss rules, portfolio insurance strategies, and mark-to-market accounting combined with regulatory and rating pressures lead to risk reduction when market prices fall and measured volatilities and/or correlations rise). Recent research emphasizes the interactions between these various mechanisms as well as the central role of financial intermediaries and their funding constraints. Higher volatility pushes haircuts higher and thereby hurts funding liquidity. The wealth effect makes the demand responses of leveraged investors for risky assets upward sloping and their supply responses amidst meltdowns downward sloping. Higher leverage expands the economy’s risk-bearing capacity, procyclicality, and systemic risks. Position unwinds can suddenly transform stabilizing arbitrageurs (liquidity suppliers) into destabilizing liquidators (liquidity demanders). Combining leverage and illiquid assets is particularly dangerous because, when credit conditions tighten, distressed selling of crowded positions is more likely to occur at fire sale prices.

Scotland Travel Guide by Lonely Planet

agricultural Revolution, British Empire, carbon footprint, clean water, demand response, European colonialism, James Watt: steam engine, land reform, North Sea oil, oil shale / tar sands, Piper Alpha, place-making, smart cities, The Wealth of Nations by Adam Smith, upwardly mobile, urban decay, urban sprawl

The Trossachs first gained popularity as a tourist destination in the early 19th century, when curious visitors came from all over Britain drawn by the romantic language of Walter Scott’s poem Lady of the Lake , inspired by Loch Katrine, and Rob Roy , about the derring-do of the region’s most famous son. In summer the Trossachs can be overburdened with coach tours, but many of these are day-trippers − peaceful, long evenings gazing at the reflections in the nearest loch are still possible. It’s worth timing your visit not to coincide with a weekend. TROSSACHS TRANSPORT In a bid to cut public transport costs, ‘Demand Responsive Transport’ (DRT) was being brought to the Trossachs when we researched this guide. Sounds complex, but basically it means you get a taxi to where you want to go, for the price of a bus (eg 10 miles for £3.30). Taxis run Monday to Saturday and need to be booked in advance; call or text 0844-567 5670 between 7am and 7pm Monday to Saturday, or book online at ABERFOYLE & AROUND POP 576 Crawling with visitors on most weekends and dominated by a huge car park, little Aberfoyle is a fairly uninteresting place, easily overwhelmed by day-trippers.

The Sum of All Fears by Tom Clancy

accounting loophole / creative accounting, airport security, Benoit Mandelbrot, British Empire, colonial exploitation, complexity theory, cuban missile crisis, demand response, financial independence, index card, mandelbrot fractal, trade route, uranium enrichment

Jack grunted in his chair and reached for his wine. "It's just how things go, babe. There are rules for this sort of thing just as there are for opera. You have to follow the formula. Besides, it is a major - hell, a colossal development. Peace is breaking out again." "When are you leaving?" Cathy asked. "Soon," Jack replied. "Of course, there is a price we must pay for this, but history demands responsibility from those who forge it," Fowler said on the TV. "It is our task to guarantee the peace. We must send American men and women to protect the State of Israel. We are sworn to defend that small and courageous country against all enemies." "What enemies are they?" Cathy asked. "Syria isn't happy with the treaty as yet. Neither is Iran. As far as Lebanon goes, well, there isn't any Lebanon in any real sense of the word.