Evaluating Public Sector Research and Development

By Albert N. Link | Go to book overview

produce, maintain, and transfer it will be like that taken at another point in time.

More formally, if data on future benefits (B) and on future costs (C) were available, then the ratio of the present value of future benefits to the ratio of future costs is [∑tBt/(1 + r)t]/[∑tCt/(1 + r)t] for an annual index of time, t, and for an appropriate discount rate, r. If benefits and costs are constant in future years, or if each grows at the same rate, and if the rate of discount is the same for both benefits and costs, then the ratio of the present value of future benefits to the present value of future costs is equal to the benefit-cost ratio at one point in time.


NOTES
1.
This section draws from Ramboz and Martzloff ( 1995).
2.
See Ramboz and Martzloff ( 1995) and Energy Information Administration ( 1994).
3.
A portable standard meter is used primarily as a standard for testing revenue meters. See definition 2.102 and 2.106 in ANSI C12.1-1988.
4.
The term calibration should not be misinterpreted. NIST measures a standard meter against its in-house standard and quantifies the error at various test conditions. NIST does not "tweak" these standard meters to bring them into conformity with the inhouse standard. To do so would lose the historical performance record of the instrument. In contrast, manufacturers and utilities adjust revenue meters if they are out of tolerance. See ANSI C12.1-1988.
5.
NIST also makes available its own transport standard meters through its Measurement Assurance Program (MAP).
6.
See ANSI C12.1- 1988, definitions 8.1.3.3, 8.1.3.4, and 6.1.8.
7.
Some state utility commissions permit measurement limits of error of 2 percent.
8.
Inaccurate watthour revenue meters can create an equity problem between the seller of electricity and the buyer. While equity is an important concern, there is not an aggregate economic loss from meter inaccuracy in the short run because the benefits to one party from mismeasurement are equal to the gains to the other party. In the long run, the issue of systematic bias is moot in states where rates are set on the basis of a fair return on capital. If the revenue meters were systematically biased in favor of the. utility, then the utility's revenues would be higher than permitted on the basis of a fair return on its rate base and consumer rates would be decreased by the regulatory commission. If revenue meters were systematically biased in favor of the consumer, then the utility's revenues would be lower than permitted on the basis of a fair return on its rate base and consumer rates would be increased by the regulatory commission. However, outside conventional economic measurement criteria, consumer psychology and industrial experience teach that when there is concern about inaccuracy there is sufficient public and political concern. It is also important to emphasize that the net revenue gain or loss when power crosses national boarders (e.g, Canada) is not considered.
9.
NIST charges for all of its calibration service.
10.
For example, one individual calculated the economic value in terms of labor effort saved on the production floor to maintain a desired level of uncertainty.

-97-

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Evaluating Public Sector Research and Development
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Tables ix
  • Acknowledgments xi
  • 1 - Public Sector Research and Development: An Introduction 1
  • Notes 5
  • 2 - Evaluation Issues Related to Public Sector Research and Development 7
  • Notes 15
  • 3 - Advanced Technology Program 17
  • Notes 43
  • 4 - Real-Time Control System Architecture 51
  • Notes 59
  • 5 - Conformance Test Program for Sql 61
  • Notes 73
  • 6 - Isdn Technology 75
  • Notes 84
  • 7 - Power and Energy Calibration Services 87
  • Conclusions 97
  • 8 - Electromigration Characterization 99
  • Conclusions 110
  • Notes 111
  • 9 - Optical Fiber Standards 113
  • Notes 127
  • 10 - An Assessment of Public Sector Research and Development 131
  • Bibliography 133
  • Index 141
  • About the Author 145
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