Asset management innovation for rigid pavements

Plate Bearing Tests for Design of Flexible and Rigid Pavements

SYNOPSIS This paper presents the results of a study of pavement design based on the plate bearing list. The report supplements previous papers on pavement design, particularly the study reported in 1952 on the use of the triaxial test for design of flexible pavements. A series of tests was conducted on a test section of the Joint Highway Research Project Test Road. These tests were conducted by...

Stochastic Control for Asset Management

An investor is often faced with the investment situation in which he/she has to decide how to allocate his/her limited funds optimally among different assets to maximize his/her expected utility over the holding period. To this end, this study sets up a dynamic model driven by three assets to characterize the stochastic nature of the securities market and uses stochastic control to derive an ex...

Financial Innovation and Asset Price Volatility

We compare asset prices in an overlapping generations model for incomplete and complete markets. Individuals within a generational cohort have heterogeneous beliefs about future states of the economy and thus would like to make bets against each other. In the incomplete-markets economy, agents cannot make such bets. Asset price volatility is very small. The situation changes dramatically when m...

The Demographics of Innovation and Asset Returns

We study asset-pricing implications of innovation in a general-equilibrium overlappinggenerations economy. Innovation increases the competitive pressure on existing firms and workers, reducing the profits of existing firms and eroding the human capital of older workers. Due to the lack of inter-generational risk sharing, innovation creates a systematic risk factor, which we call “displacement r...

Effect of Concrete Strength and Stiffness Characterization on Predictions of Mechanistic–Empirical Performance for Rigid Pavements