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Quantity vs. Value: Divergent Innovation Outcomes Under Chinese Import Pressure
No full textWe explore the impact of Chinese import competition on innovation in U.S. manufacturing firms. Our analysis uncovers a striking divergence in innovation outcomes: although firms boost their patent output, the economic value and technological significance of these patents decline. More specifically, the firms transition from groundbreaking inventions to a series of incremental advancements aimed at differentiating their product lines. Our findings reconcile two foundational views on competition and innovation-one emphasizing rent erosion and the other innovation stimulation-by showing that competitive pressure can simultaneously encourage more innovation while reducing its economic value
Illiquidity Meets Intelligence: AI-Driven Price Discovery in Corporate Bonds
No full textWe study the contribution of AI-generated reference prices to intraday price discovery in markets with infrequent trading. Using corporate bond transactions and MarketAxess CP+ quotes, we find that CP+ is more informative about future trade prices than the last trade. Regression analysis shows that CP+ quote updates are systematically related to market-wide movements in bond, equity, and options markets, as well as bond-specific non-public information from the RFQ process. CP+ provides broad coverage across bonds and trading days. Its contribution to price discovery exhibits a bell-shaped relationship with liquidity and increases under market uncertainty. Following a trade report, CP+ updates quickly in the direction of the trade. We show that this can limit its contribution during periods driven by large transitory price shocks
Willful Ignorance or Embracing AI to Find Prior Art? USPTO Misses the Mark
Get PDFArtificial intelligence (AI) is frequently in the news. Policymakers and business executives must decide whether it is a revolutionary phenomenon, likely to overturn established enterprises and practices, or if it is a mere modest advancement in decades-old natural language capability over-advertised by Silicon Valley seeking the “next big thing” and hyped by reporters eager for the next byline. The patent office and the patent bar are not immune from the turmoil. The USPTO has issued several policies and inquiries related to the impact of AI on various aspects of patent prosecution. Most recent is a Request for Comments on the impact of AI on patentability determinations, in particular its impact on discovering and disclosing prior art. Until mid-2025, the USPTO had been regrettably defensive in its public statements on the subject. The patent bar, however, in its comments to the USPTO, recognizes the potential of AI technology. Generative AI can bring the patent system closer to achieving its goal of being an engine of innovation and improving public access to inventions. It has the capability to make patent prosecution more ac- curate and more efficient by assessing whether a new application for a patent is anticipated by older references and whether it is obvious to a person of ordinary skill using AI search technology. Examples show the power of generative AI in this context and encourage the patent office to embrace it, rather than keeping its distance
Enhancing Power System Operation: Hydrogen, DC Transmission Systems, and Robust Optimization
Get PDFThe increasing penetration of renewable energy sources (RESs) has brought considerable economic and environmental benefits to power system operations. However, it also introduces several critical challenges that should be addressed to ensure system reliability and efficiency. First, from the generation side, energy curtailment remains a persistent issue due to the random and intermittent nature of RESs. Second, from the transmission side, delivering power from remote RESs (e.g., offshore wind farms) requires substantial infrastructure investment and careful planning. Third, from the operation side, the inherent uncertainty and variability of RES generation create operational difficulties that necessitate advanced mathematical optimization tools for decision-making. Addressing these challenges is essential for the sustainable integration of RESs into modern power systems.
To solve these issues, this dissertation introduces three major techniques, namely hydrogen technologies, back-to-back DC transmission systems (BDTSs), and robust optimization. Chapter 1 first provides a brief introduction to hydrogen technologies, encompassing hydrogen production, storage, transportation, and utilization. Then, two hydrogen applications, 1) behind-the-meter renewable hydrogen systems and 2) multi-period reconfiguration for unbalanced distribution networks with hydrogen injection, are presented. Subsequently, DC transmission systems and uncertainty modeling in power systems are outlined. Finally, a distributionally robust chance-constrained application is proposed.
Chapter 2 introduces a day-ahead optimal scheduling model tailored for electricity-hydrogen systems under renewable uncertainty, with embedded technologies of hydrogen production, storage, and utilization. Three novel ambiguity sets enriched with the moment, Wasserstein distance, and unimodality information are adeptly devised. Building upon these elaborated ambiguity sets, efficient and scalable reformulations of the expected objective function and uncertain constraints are developed, leading to either a tractable mixed-integer second-order cone programming (SOCP) problem or a linear programming (LP) problem.
Chapter 3 formulates a novel BDTS embedded scheduling problem while considering the comprehensive hydrogen model, which incorporates the technologies of hydrogen production, storage, and utilization. In addition, a well-defined Wasserstein-distance-based ambiguity set that harnesses the Gaussian-based nominal distribution is leveraged to capture the renewable output uncertainty. By developing equivalent reformulations of the nonlinear constraints inherent in BDTSs and distributionally robust chance constraints, the concerned model is eventually recast as a mixed-integer SOCP problem.
Chapter 4 proposes an optimal scheduling model for networked microgrids, embedding three innovative medium-voltage direct current (MVDC) technologies with voltage source converters, namely two-terminal back-to-back MVDC systems (BMSs), three-terminal BMSs, and multi-terminal BMSs. We first formulate their explicit models based on real-world applications, incorporating constraints related to normal operation and power supply modes. Then, we present a day-ahead scheduling model for networked MGs equipped with these BMSs. Finally, we develop tractable reformulations for nonlinear constraints considered in the scheduling model, leading to a mixed-integer LP problem
Fake Parts, Real Threats: Combating the Infiltration of Counterfeit Parts in the Aviation Industry
No full textThis Comment addresses the historic and current-day issue of counterfeit aircraft parts in the aviation industry. Counterfeit parts—also known as fake parts, bogus parts, unapproved parts, and suspected unapproved parts (SUPs)—are any parts that do not conform to the U.S. Federal Aviation Administration’s (FAA) standards and regulations. Given the lackluster availability of public information and coverage over the issue, this Comment aims to bring more attention to the very real threat of fake aircraft parts.
From the beginning of U.S. commercial aviation and the creation of regulations governing aircraft designs and parts, counterfeit parts have plagued the aviation industry. Although various federal actions have been taken to combat the issue, counterfeit parts continue to infiltrate the airplanes we travel on today. As our population grows and air travel becomes even more accessible to the American public, the need to maintain safety in U.S. air transportation grows exponentially. Counterfeit parts in aircraft create significant dangers for aircraft systems, facilities, personnel, and most concerningly, passengers
Misdemeanor Waivers of Counsel
No full textAn initial appearance is often the first—and sometimes the only—courtroom proceeding for misdemeanor defendants. The purpose of this proceeding is to inform arrested people about the chargers and advise them about their constitutional rights so that they can make knowing, intelligent, and voluntary legal decisions, including whether to waive their right to counsel and their right to trial
Measuring the Magnitude and Traits of Local Consumer Demand for Sex Trafficking
Get PDFTransaction Intercept (TI) leverages artificial intelligence to engage individuals responding to online ads for the commercial sexual exploitation of minors. The interactions between TI bots and those clicking on decoy ads generate data, including the number of distinct individuals that respond to ads over any timeframe, the number of active sex buyers identified, the features of the ads and digital personas that buyers have responded to, and the outcome of the interactions. During development, TI has already been deployed in dozens of U.S jurisdictions and collected data allows for cross-site comparisons. The technology was created for law enforcement agencies, and its deployment quickly provides measures of the scope and traits of local consumer-level demand for the sex trafficking of children within any defined jurisdiction. The data resulting from TI are directly relevant for local sex trafficking resource needs assessments and to advocate for effective state laws and policies
Commercial Development Utilizing Faith and Business Innovation
Get PDFIn the evolving landscape of business and commerce, the intersection of faith and business innovation has become a topic of debate, particularly in a world that increasingly values efficiency, scalability, and profit. This dissertation examines the role of spirituality in business leadership. We will explore how Christian values, servant leadership, and heart-mind coherence contribute to a more sustainable, ethical, and community-driven business model. Through the lens of my family’s business, Sam Moon Group, I will explore how faith-based leadership can coexist with success and serve as its very foundation. The early journey of Sam Moon Trading Company, from a small family-run retail business to a diversified real estate and hospitality enterprise, will be studied and analyzed. I hope to provide a meaningful model for others seeking to merge faith and commerce while maintaining ethical integrity and a commitment to the community
Sacrosanct or Sacred: Creating a Theological Framework to Undergird Church Design
Get PDFThis paper aims to ascertain whether a Theology of Architecture—a theological framework for planning and constructing church buildings—can be identified within the Biblical narrative or through the historical practices of ecclesial design. The research begins with an examination of the biblical architecture of the Old Testament, primarily described in narratives rather than corroborated by archaeological evidence. A review of historical periods of ecclesial design follows, aiming to identify phases where ecclesial design exhibited patterns analogous to those found in the Old Testament. The study uncovers a consistent pattern in both testaments wherein architecture represents divine work within specific timeframes and contexts, most prominently exemplified by the Tabernacle and the House Church. Moreover, this study addresses the application of this foundational theology of architecture in light of evolving social, cultural, and religious worldviews in the twenty-first century. It explores how God\u27s early social, cultural, and religious reforms, depicted in prophetic texts, urge the church today to engage with contemporary culture. The research identifies an emerging model of ministry and service that aligns with prophetic perspectives, targeting comprehensive salvation for individuals and communities. This vision aspires to reform modern social, cultural, and religious systems to foster community and human flourishing. The document introduces the role of architects as ministers who comprehend this evolving ecclesial dynamic. These architects can aid the church in creating innovative architecture that reflects current divine work within the community engagement. Examples of outcomes employing this method are provided to demonstrate its practical application