Search results for: hybrid optimization model for electric renewables
20361 Hybrid Concrete Construction (HCC) for Sustainable Infrastructure Development in Nigeria
Authors: Muhammad Bello Ibrahim, M. Auwal Zakari, Aliyu Usman
Abstract:
Hybrid concrete construction (HCC) combines all the benefits of pre-casting with the advantages of cast in-situ construction. Merging the two, as a hybrid structure, results in even greater construction speed, value, and the overall economy. Its variety of uses has gained popularity in the United States and in Europe due to its distinctive benefits. However, the increase of its application in some countries (including Nigeria) has been relatively slow. Several researches have shown that hybrid construction offers an ultra-high performance concrete that offers superior strength, durability and aesthetics with design flexibility and within sustainability credentials, based on the available and economically visible technologies. This paper examines and documents the criterion that will help inform the process of deciding whether or not to adopt hybrid concrete construction (HCC) technology rather than more traditional alternatives. It also the present situation of design, construction and research on hybrid structures.Keywords: hybrid concrete construction, Nigeria, sustainable infrastructure development, design flexibility
Procedia PDF Downloads 54420360 Resistivity Tomography Optimization Based on Parallel Electrode Linear Back Projection Algorithm
Authors: Yiwei Huang, Chunyu Zhao, Jingjing Ding
Abstract:
Electrical Resistivity Tomography has been widely used in the medicine and the geology, such as the imaging of the lung impedance and the analysis of the soil impedance, etc. Linear Back Projection is the core algorithm of Electrical Resistivity Tomography, but the traditional Linear Back Projection can not make full use of the information of the electric field. In this paper, an imaging method of Parallel Electrode Linear Back Projection for Electrical Resistivity Tomography is proposed, which generates the electric field distribution that is not linearly related to the traditional Linear Back Projection, captures the new information and improves the imaging accuracy without increasing the number of electrodes by changing the connection mode of the electrodes. The simulation results show that the accuracy of the image obtained by the inverse operation obtained by the Parallel Electrode Linear Back Projection can be improved by about 20%.Keywords: electrical resistivity tomography, finite element simulation, image optimization, parallel electrode linear back projection
Procedia PDF Downloads 14520359 Mathematical Modelling and AI-Based Degradation Analysis of the Second-Life Lithium-Ion Battery Packs for Stationary Applications
Authors: Farhad Salek, Shahaboddin Resalati
Abstract:
The production of electric vehicles (EVs) featuring lithium-ion battery technology has substantially escalated over the past decade, demonstrating a steady and persistent upward trajectory. The imminent retirement of electric vehicle (EV) batteries after approximately eight years underscores the critical need for their redirection towards recycling, a task complicated by the current inadequacy of recycling infrastructures globally. A potential solution for such concerns involves extending the operational lifespan of electric vehicle (EV) batteries through their utilization in stationary energy storage systems during secondary applications. Such adoptions, however, require addressing the safety concerns associated with batteries’ knee points and thermal runaways. This paper develops an accurate mathematical model representative of the second-life battery packs from a cell-to-pack scale using an equivalent circuit model (ECM) methodology. Neural network algorithms are employed to forecast the degradation parameters based on the EV batteries' aging history to develop a degradation model. The degradation model is integrated with the ECM to reflect the impacts of the cycle aging mechanism on battery parameters during operation. The developed model is tested under real-life load profiles to evaluate the life span of the batteries in various operating conditions. The methodology and the algorithms introduced in this paper can be considered the basis for Battery Management System (BMS) design and techno-economic analysis of such technologies.Keywords: second life battery, electric vehicles, degradation, neural network
Procedia PDF Downloads 5420358 A Multi-Objective Optimization Tool for Dual-Mode Operating Active Magnetic Regenerator Model
Authors: Anna Ouskova Leonteva, Michel Risser, Anne Jeannin-Girardon, Pierre Parrend, Pierre Collet
Abstract:
This paper proposes an efficient optimization tool for an active magnetic regenerator (AMR) model, operating in two modes: magnetic refrigeration system (MRS) and thermo-magnetic generator (TMG). The aim of this optimizer is to improve the design of the AMR by applying a multi-physics multi-scales numerical model as a core of evaluation functions to achieve industrial requirements for refrigeration and energy conservation systems. Based on the multi-objective non-dominated sorting genetic algorithm 3 (NSGA3), it maximizes four different objectives: efficiency and power density for MRS and TMG. The main contribution of this work is in the simultaneously application of a CPU-parallel NSGA3 version to the AMR model in both modes for studying impact of control and design parameters on the performance. The parametric study of the optimization results are presented. The main conclusion is that the common (for TMG and MRS modes) optimal parameters can be found by the proposed tool.Keywords: ecological refrigeration systems, active magnetic regenerator, thermo-magnetic generator, multi-objective evolutionary optimization, industrial optimization problem, real-world application
Procedia PDF Downloads 10720357 Curve Fitting by Cubic Bezier Curves Using Migrating Birds Optimization Algorithm
Authors: Mitat Uysal
Abstract:
A new met heuristic optimization algorithm called as Migrating Birds Optimization is used for curve fitting by rational cubic Bezier Curves. This requires solving a complicated multivariate optimization problem. In this study, the solution of this optimization problem is achieved by Migrating Birds Optimization algorithm that is a powerful met heuristic nature-inspired algorithm well appropriate for optimization. The results of this study show that the proposed method performs very well and being able to fit the data points to cubic Bezier Curves with a high degree of accuracy.Keywords: algorithms, Bezier curves, heuristic optimization, migrating birds optimization
Procedia PDF Downloads 33020356 Radial Basis Surrogate Model Integrated to Evolutionary Algorithm for Solving Computation Intensive Black-Box Problems
Authors: Abdulbaset Saad, Adel Younis, Zuomin Dong
Abstract:
For design optimization with high-dimensional expensive problems, an effective and efficient optimization methodology is desired. This work proposes a series of modification to the Differential Evolution (DE) algorithm for solving computation Intensive Black-Box Problems. The proposed methodology is called Radial Basis Meta-Model Algorithm Assisted Differential Evolutionary (RBF-DE), which is a global optimization algorithm based on the meta-modeling techniques. A meta-modeling assisted DE is proposed to solve computationally expensive optimization problems. The Radial Basis Function (RBF) model is used as a surrogate model to approximate the expensive objective function, while DE employs a mechanism to dynamically select the best performing combination of parameters such as differential rate, cross over probability, and population size. The proposed algorithm is tested on benchmark functions and real life practical applications and problems. The test results demonstrate that the proposed algorithm is promising and performs well compared to other optimization algorithms. The proposed algorithm is capable of converging to acceptable and good solutions in terms of accuracy, number of evaluations, and time needed to converge.Keywords: differential evolution, engineering design, expensive computations, meta-modeling, radial basis function, optimization
Procedia PDF Downloads 39120355 Research on the Aero-Heating Prediction Based on Hybrid Meshes and Hybrid Schemes
Authors: Qiming Zhang, Youda Ye, Qinxue Jiang
Abstract:
Accurate prediction of external flowfield and aero-heating at the wall of hypersonic vehicle is very crucial for the design of aircrafts. Unstructured/hybrid meshes have more powerful advantages than structured meshes in terms of pre-processing, parallel computing and mesh adaptation, so it is imperative to develop high-resolution numerical methods for the calculation of aerothermal environment on unstructured/hybrid meshes. The inviscid flux scheme is one of the most important factors affecting the accuracy of unstructured/ hybrid mesh heat flux calculation. Here, a new hybrid flux scheme is developed and the approach of interface type selection is proposed: i.e. 1) using the exact Riemann scheme solution to calculate the flux on the faces parallel to the wall; 2) employing Sterger-Warming (S-W) scheme to improve the stability of the numerical scheme in other interfaces. The results of the heat flux fit the one observed experimentally and have little dependence on grids, which show great application prospect in unstructured/ hybrid mesh.Keywords: aero-heating prediction, computational fluid dynamics, hybrid meshes, hybrid schemes
Procedia PDF Downloads 23220354 Comparison of Hydrogen and Electrification Perspectives in Decarbonizing the Transport Sector
Authors: Matteo Nicoli, Gianvito Colucci, Valeria Di Cosmo, Daniele Lerede, Laura Savoldi
Abstract:
The transport sector is currently responsible for approximately 1/3 of greenhouse gas emissions in Europe. In the wider context of achieving carbon neutrality of the global energy system, different alternatives are available to decarbonizethe transport sector. In particular, while electricity is already the most consumed energy commodity in rail transport, battery electric vehicles are one of the zero-emissions options on the market for road transportation. On the other hand, hydrogen-based fuel cell vehicles are available for road and non-road vehicles. The European Commission is strongly pushing toward the integration of hydrogen in the energy systems of European countries and its widespread adoption as an energy vector to achieve the Green Deal targets. Furthermore, the Italian government is defining hydrogen-related objectives with the publication of a dedicated Hydrogen Strategy. The adoption of energy system optimization models to study the possible penetration of alternative zero-emitting transport technologies gives the opportunity to perform an overall analysis of the effects that the development of innovative technologies has on the entire energy system and on the supply-side, devoted to the production of energy carriers such as hydrogen and electricity. Using an open-source modeling framework such as TEMOA, this work aims to compare the role of hydrogen and electric vehicles in the decarbonization of the transport sector. The analysis investigates the advantages and disadvantages of adopting the two options, from the economic point of view (costs associated with the two options) and the environmental one (looking at the emissions reduction perspectives). Moreover, an analysis on the profitability of the investments in hydrogen and electric vehicles will be performed. The study investigates the evolution of energy consumption and greenhouse gas emissions in different transportation modes (road, rail, navigation, and aviation) by detailed analysis of the full range of vehicles included in the techno-economic database used in the TEMOA model instance adopted for this work. The transparency of the analysis is guaranteed by the accessibility of the TEMOA models, based on an open-access source code and databases.Keywords: battery electric vehicles, decarbonization, energy system optimization models, fuel cell vehicles, hydrogen, open-source modeling, TEMOA, transport
Procedia PDF Downloads 10120353 A Case-Based Reasoning-Decision Tree Hybrid System for Stock Selection
Authors: Yaojun Wang, Yaoqing Wang
Abstract:
Stock selection is an important decision-making problem. Many machine learning and data mining technologies are employed to build automatic stock-selection system. A profitable stock-selection system should consider the stock’s investment value and the market timing. In this paper, we present a hybrid system including both engage for stock selection. This system uses a case-based reasoning (CBR) model to execute the stock classification, uses a decision-tree model to help with market timing and stock selection. The experiments show that the performance of this hybrid system is better than that of other techniques regarding to the classification accuracy, the average return and the Sharpe ratio.Keywords: case-based reasoning, decision tree, stock selection, machine learning
Procedia PDF Downloads 41220352 Pullout Capacity of Hybrid Anchor Piles
Authors: P. Hari Krishna, V. Ramana Murty
Abstract:
Different types of foundations are subjected to pullout or tensile loads depending on the soil in which they are embedded or due to the structural loads coming on them. In those circumstances, anchors were generally used to resist these loads. This paper presents the field pullout studies on hybrid anchor piles embedded in different types of soils. The pullout capacity and resistance of the hybrid granular anchor piles installed in the native expansive soil which is available in the campus are compared with similar hybrid concrete anchor piles which were installed in similar field conditions.Keywords: expansive soil, hybrid concrete anchor piles, hybrid granular anchor piles, pullout tests
Procedia PDF Downloads 40420351 Stabilization of Displaced Periodic Orbit Using Feedback Linearization Control Scheme
Authors: Arun Kumar Yadav, Badam Singh Kushvah
Abstract:
In the present work, we investigated displaced periodic orbits in the linear order in the circular restricted three-body Sun-Jupiter system, where the third mass-less body utilizes solar electric sail. The electric solar sail is a new space propulsion concept which uses the solar wind momentum for producing thrust, and it is somewhat like to the more well-known solar radiation pressure sail which is often called simply the solar sail. Moreover, we implement the feedback linearization control scheme to perform the stabilization and trajectory tracking for the nonlinear system. Further, we derived periodic orbits analytically in linear order by introducing a first order approximation. These approximate analytic solutions are utilized in a numerical search to determine displaced periodic orbit in the full nonlinear model. We found the displaced periodic orbit for the defined non-linear model and stabilized the model.Keywords: solar electric sail, circular restricted three-body problem (CRTBP), displaced orbit, feedback linearization control
Procedia PDF Downloads 18420350 Karachi Electric Power Technical and Financial Performance Evaluation after Privatization
Authors: Fawad Azeem
Abstract:
This paper deals with the comparative analysis of Karachi Electric before and after privatization. Technical as well as financial analysis has been done based on the available KE’s stats for last decade. Karachi Electric has evolved as a better entity in terms of its financial and technical achievements. On the other hand, human resources have been seriously affected due to mass firing of employees from the organizations. Study and analysis show that transparent and unbiased privatization practices on institutions like KE that were in serious trouble can upsurge the standards of the institution. Further, for the betterment of the social circle privatization must not affect the employment opportunities.Keywords: Karachi Electric, power, energy, privatization
Procedia PDF Downloads 34720349 Multiobjective Optimization of a Pharmaceutical Formulation Using Regression Method
Authors: J. Satya Eswari, Ch. Venkateswarlu
Abstract:
The formulation of a commercial pharmaceutical product involves several composition factors and response characteristics. When the formulation requires to satisfy multiple response characteristics which are conflicting, an optimal solution requires the need for an efficient multiobjective optimization technique. In this work, a regression is combined with a non-dominated sorting differential evolution (NSDE) involving Naïve & Slow and ε constraint techniques to derive different multiobjective optimization strategies, which are then evaluated by means of a trapidil pharmaceutical formulation. The analysis of the results show the effectiveness of the strategy that combines the regression model and NSDE with the integration of both Naïve & Slow and ε constraint techniques for Pareto optimization of trapidil formulation. With this strategy, the optimal formulation at pH=6.8 is obtained with the decision variables of micro crystalline cellulose, hydroxypropyl methylcellulose and compression pressure. The corresponding response characteristics of rate constant and release order are also noted down. The comparison of these results with the experimental data and with those of other multiple regression model based multiobjective evolutionary optimization strategies signify the better performance for optimal trapidil formulation.Keywords: pharmaceutical formulation, multiple regression model, response surface method, radial basis function network, differential evolution, multiobjective optimization
Procedia PDF Downloads 40120348 Speed Optimization Model for Reducing Fuel Consumption Based on Shipping Log Data
Authors: Ayudhia P. Gusti, Semin
Abstract:
It is known that total operating cost of a vessel is dominated by the cost of fuel consumption. How to reduce the fuel cost of ship so that the operational costs of fuel can be minimized is the question that arises. As the basis of these kinds of problem, sailing speed determination is an important factor to be considered by a shipping company. Optimal speed determination will give a significant influence on the route and berth schedule of ships, which also affect vessel operating costs. The purpose of this paper is to clarify some important issues about ship speed optimization. Sailing speed, displacement, sailing time, and specific fuel consumption were obtained from shipping log data to be further analyzed for modeling the speed optimization. The presented speed optimization model is expected to affect the fuel consumption and to reduce the cost of fuel consumption.Keywords: maritime transportation, reducing fuel, shipping log data, speed optimization
Procedia PDF Downloads 56220347 New Series Input Parallel Output LLC DC/DC Converter with the Input Voltage Balancing Capacitor for the Electric System of Electric Vehicles
Authors: Kang Hyun Yi
Abstract:
This paper presents a new parallel output LLC DC/DC converter for electric vehicle. The electric vehicle has two batteries. One is a high voltage battery for the powertrain of the vehicle and the other is a low voltage battery for the vehicle electric system. The low voltage is charged from the high voltage battery and the high voltage input and the high current output DC/DC converter is needed. Therefore, the new LLC converter with the input voltage compensation is proposed for the high voltage input and the low voltage output DC/DC converter. The proposed circuit has two LLC converters with the series input voltage from the battery for the powertrain and the parallel output low battery voltage for the vehicle electric system because the battery voltage for the powertrain and the electric power for the vehicle become high. Also, the input series voltage compensation capacitor is used for balancing the input current in the two LLC converters. The proposed converter has an equal electric stress of the semiconductor parts and the reactive components, high efficiency and good heat dissipation.Keywords: electric vehicle, LLC DC/DC converter, input voltage balancing, parallel output
Procedia PDF Downloads 104520346 Optimal Planning and Design of Hybrid Energy System for Taxila University
Authors: Habib Ur Rahman Habib
Abstract:
Renewable energy resources are being realized as suitable options in hybrid energy planning for on-grid and micro grid. In this paper, operation, planning and optimal design of on-grid distributed energy resources based hybrid system are investigated. The aim is to minimize the cost of the overall energy system keeping in view the environmental emission and minimum penetration of conventional energy resources. Seven grid connected different case studies including diesel only, diesel-renewable based, and renewable based only are designed to perform economic analysis, operational planning and emission. Sensitivity analysis is implemented to investigate the impact of different parameters on the performance of energy resources.Keywords: data management, renewable energy, distributed energy, smart grid, micro-grid, modeling, energy planning, design optimization
Procedia PDF Downloads 45220345 A High-Level Co-Evolutionary Hybrid Algorithm for the Multi-Objective Job Shop Scheduling Problem
Authors: Aydin Teymourifar, Gurkan Ozturk
Abstract:
In this paper, a hybrid distributed algorithm has been suggested for the multi-objective job shop scheduling problem. Many new approaches are used at design steps of the distributed algorithm. Co-evolutionary structure of the algorithm and competition between different communicated hybrid algorithms, which are executed simultaneously, causes to efficient search. Using several machines for distributing the algorithms, at the iteration and solution levels, increases computational speed. The proposed algorithm is able to find the Pareto solutions of the big problems in shorter time than other algorithm in the literature. Apache Spark and Hadoop platforms have been used for the distribution of the algorithm. The suggested algorithm and implementations have been compared with results of the successful algorithms in the literature. Results prove the efficiency and high speed of the algorithm.Keywords: distributed algorithms, Apache Spark, Hadoop, job shop scheduling, multi-objective optimization
Procedia PDF Downloads 35820344 Weak Electric Fields Enhance Growth and Nutritional Quality of Kale
Authors: So-Ra Lee, Myung-Min Oh
Abstract:
Generally, plants growing on the earth are under the influence of natural electric fields and may even require exposure of the electric field to survive. Electric signals have been observed within plants and seem to play an important role on various metabolic processes, but their role is not fully understood. In this study, we attempted to explore the response of plants under external electric fields in kale (Brassica oleracea var. acephala). The plants were hydroponically grown for 28 days in a plant factory. Electric currents at 10, 50 and 100 mA were supplied to nutrient solution for 3 weeks. Additionally, some of the plants were cultivated in a Faraday cage to remove the natural electric field. Kale plants exposed to electric fields had higher fresh weight than the control and plants in Faraday cage. Absence of electric field caused a significant decrease in shoot dry weight and root growth. Leaf area also showed a similar response with shoot fresh weight. Supplying weak electric stimulation enhanced nutritional quality including total phenolic content and antioxidant capacity. This work provides basic information on the effects of electric fields on plants and is a meaningful attempt for developing a new economical technology to increase crop productivity and quality by applying an electric field. This work was supported by Korea Institute of Planning and Evaluation for Technology in Food, Agriculture, Forestry and Fisheries (IPET) through Agriculture, Food and Rural Affairs Research Center Support Program, funded by Ministry of Agriculture, Food and Rural Affairs (MAFRA) (717001-07-02-HD240).Keywords: electroculture, electric signal, faraday cage, electric field
Procedia PDF Downloads 28620343 A Hybrid Model Tree and Logistic Regression Model for Prediction of Soil Shear Strength in Clay
Authors: Ehsan Mehryaar, Seyed Armin Motahari Tabari
Abstract:
Without a doubt, soil shear strength is the most important property of the soil. The majority of fatal and catastrophic geological accidents are related to shear strength failure of the soil. Therefore, its prediction is a matter of high importance. However, acquiring the shear strength is usually a cumbersome task that might need complicated laboratory testing. Therefore, prediction of it based on common and easy to get soil properties can simplify the projects substantially. In this paper, A hybrid model based on the classification and regression tree algorithm and logistic regression is proposed where each leaf of the tree is an independent regression model. A database of 189 points for clay soil, including Moisture content, liquid limit, plastic limit, clay content, and shear strength, is collected. The performance of the developed model compared to the existing models and equations using root mean squared error and coefficient of correlation.Keywords: model tree, CART, logistic regression, soil shear strength
Procedia PDF Downloads 18820342 Topology and Shape Optimization of Macpherson Control Arm under Fatigue Loading
Authors: Abolfazl Hosseinpour, Javad Marzbanrad
Abstract:
In this research, the topology and shape optimization of a Macpherson control arm has been accomplished to achieve lighter weight. Present automotive market demands low cost and light weight component to meet the need of fuel efficient and cost effective vehicle. This in turn gives the rise to more effective use of materials for automotive parts which can reduce the mass of vehicle. Since automotive components are under dynamic loads which cause fatigue damage, considering fatigue criteria seems to be essential in designing automotive components. At first, in order to create severe loading condition for control arm, some rough roads are generated through power spectral density. Then, the most critical loading conditions are obtained through multibody dynamics analysis of a full vehicle model. Then, the topology optimization is performed based on fatigue life criterion using HyperMesh software, which resulted to 50 percent mass reduction. In the next step a CAD model is created using CATIA software and shape optimization is performed to achieve accurate dimensions with less mass.Keywords: topology optimization, shape optimization, fatigue life, MacPherson control arm
Procedia PDF Downloads 31020341 Application the Queuing Theory in the Warehouse Optimization
Authors: Jaroslav Masek, Juraj Camaj, Eva Nedeliakova
Abstract:
The aim of optimization of store management is not only designing the situation of store management itself including its equipment, technology and operation. In optimization of store management we need to consider also synchronizing of technological, transport, store and service operations throughout the whole process of logistic chain in such a way that a natural flow of material from provider to consumer will be achieved the shortest possible way, in the shortest possible time in requested quality and quantity and with minimum costs. The paper deals with the application of the queuing theory for optimization of warehouse processes. The first part refers to common information about the problematic of warehousing and using mathematical methods for logistics chains optimization. The second part refers to preparing a model of a warehouse within queuing theory. The conclusion of the paper includes two examples of using queuing theory in praxis.Keywords: queuing theory, logistics system, mathematical methods, warehouse optimization
Procedia PDF Downloads 58520340 Performance Analysis of a Hybrid Channel for Foglet Assisted Smart Asset Reporting
Authors: Hasan Farahneh
Abstract:
Smart asset management along roadsides and in deserted areas is a topic of deprived attention. We find most of the work in emergency reporting services in intelligent transportation systems (ITS) and rural areas but not much in asset reporting. Currently, available asset management mechanisms are based on scheduled maintenance and do not effectively report any emergency situation in a timely manner. This paper is the continuation of our previous work, in which we proposed the usage of Foglets and VLC link between smart vehicles and road side assets. In this paper, we propose a hybrid communication system for asset management and emergency reporting architecture for smart transportation. We incorporate Foglets along with visible light communication (VLC) and radio frequency (RF) communication. We present the channel model and parameters of a hybrid model to support an intelligent transportation system (ITS) system. Simulations show high improvement in the system performance in terms of communication range and received data. We present a comparative analysis of a hybrid ITS system.Keywords: Internet of Things, Foglets, VLC, RF, smart vehicle, roadside asset management
Procedia PDF Downloads 12720339 Hybrid Genetic Approach for Solving Economic Dispatch Problems with Valve-Point Effect
Authors: Mohamed I. Mahrous, Mohamed G. Ashmawy
Abstract:
Hybrid genetic algorithm (HGA) is proposed in this paper to determine the economic scheduling of electric power generation over a fixed time period under various system and operational constraints. The proposed technique can outperform conventional genetic algorithms (CGAs) in the sense that HGA make it possible to improve both the quality of the solution and reduce the computing expenses. In contrast, any carefully designed GA is only able to balance the exploration and the exploitation of the search effort, which means that an increase in the accuracy of a solution can only occure at the sacrifice of convergent speed, and vice visa. It is unlikely that both of them can be improved simultaneously. The proposed hybrid scheme is developed in such a way that a simple GA is acting as a base level search, which makes a quick decision to direct the search towards the optimal region, and a local search method (pattern search technique) is next employed to do the fine tuning. The aim of the strategy is to achieve the cost reduction within a reasonable computing time. The effectiveness of the proposed hybrid technique is verified on two real public electricity supply systems with 13 and 40 generator units respectively. The simulation results obtained with the HGA for the two real systems are very encouraging with regard to the computational expenses and the cost reduction of power generation.Keywords: genetic algorithms, economic dispatch, pattern search
Procedia PDF Downloads 43620338 Hybrid Equity Warrants Pricing Formulation under Stochastic Dynamics
Authors: Teh Raihana Nazirah Roslan, Siti Zulaiha Ibrahim, Sharmila Karim
Abstract:
A warrant is a financial contract that confers the right but not the obligation, to buy or sell a security at a certain price before expiration. The standard procedure to value equity warrants using call option pricing models such as the Black–Scholes model had been proven to contain many flaws, such as the assumption of constant interest rate and constant volatility. In fact, existing alternative models were found focusing more on demonstrating techniques for pricing, rather than empirical testing. Therefore, a mathematical model for pricing and analyzing equity warrants which comprises stochastic interest rate and stochastic volatility is essential to incorporate the dynamic relationships between the identified variables and illustrate the real market. Here, the aim is to develop dynamic pricing formulations for hybrid equity warrants by incorporating stochastic interest rates from the Cox-Ingersoll-Ross (CIR) model, along with stochastic volatility from the Heston model. The development of the model involves the derivations of stochastic differential equations that govern the model dynamics. The resulting equations which involve Cauchy problem and heat equations are then solved using partial differential equation approaches. The analytical pricing formulas obtained in this study comply with the form of analytical expressions embedded in the Black-Scholes model and other existing pricing models for equity warrants. This facilitates the practicality of this proposed formula for comparison purposes and further empirical study.Keywords: Cox-Ingersoll-Ross model, equity warrants, Heston model, hybrid models, stochastic
Procedia PDF Downloads 12420337 3D Hybrid Multiphysics Lattice Boltzmann Model for Studying the Flow Behavior of Emulsions in Structured Rectangular Microchannels
Authors: Luma Al-Tamimi, Hassan Farhat, Wessam Hasan
Abstract:
A three-dimensional (3D) hybrid quasi-steady thermal lattice Boltzmann model is developed to couple the effects of surfactant, temperature, interfacial tension, and contact angle. This 3D model is an extended scheme of a previously introduced two-dimensional (2D) hybrid lattice Boltzmann model. The 3D model is used to study the combined multi-physics effects on emulsion systems flowing in rectangular microchannels with and without confinements, where the suspended phase is made of droplets, plugs, or a mixture of both. The simulation results show that emulsion systems with plugs as the suspended phase are more efficient than with droplets, whereas mixed systems that form large plugs through coalescence have even greater efficiency. The 3D contact angle model generates matching results to those of the 2D model, which were validated with experiments. Furthermore, the effects of various confinements on adhering single drop systems are investigated for delineating their influence on the power required for transporting the suspended phase through the channel. It is shown that the deeper the constriction is, the lower the system efficiency. Increasing the surfactant concentration or fluid temperature in a channel with confinement carries a substantial positive effect on oil droplet transportation.Keywords: lattice Boltzmann method, thermal, contact angle, surfactants, high viscosity ratio, porous media
Procedia PDF Downloads 17120336 Hybrid Quasi-Steady Thermal Lattice Boltzmann Model for Studying the Behavior of Oil in Water Emulsions Used in Machining Tool Cooling and Lubrication
Authors: W. Hasan, H. Farhat, A. Alhilo, L. Tamimi
Abstract:
Oil in water (O/W) emulsions are utilized extensively for cooling and lubricating cutting tools during parts machining. A robust Lattice Boltzmann (LBM) thermal-surfactants model, which provides a useful platform for exploring complex emulsions’ characteristics under variety of flow conditions, is used here for the study of the fluid behavior during conventional tools cooling. The transient thermal capabilities of the model are employed for simulating the effects of the flow conditions of O/W emulsions on the cooling of cutting tools. The model results show that the temperature outcome is slightly affected by reversing the direction of upper plate (workpiece). On the other hand, an important increase in effective viscosity is seen which supports better lubrication during the work.Keywords: hybrid lattice Boltzmann method, Gunstensen model, thermal, surfactant-covered droplet, Marangoni stress
Procedia PDF Downloads 29720335 Bearing Behavior of a Hybrid Monopile Foundation for Offshore Wind Turbines
Authors: Zicheng Wang
Abstract:
Offshore wind energy provides a huge potential for the expansion of renewable energies to the coastal countries. High demands are required concerning the shape and type of foundations for offshore wind turbines (OWTs) to find an economically, technically and environmentally-friendly optimal solution. A promising foundation concept is the hybrid foundation system, which consists of a steel plate attached to the outer side of a hollow steel pipe pile. In this study, the bearing behavior of a large diameter foundation is analyzed using a 3-dimensional finite element (FE) model. Non-linear plastic soil behavior is considered. The results of the numerical simulations are compared to highlight the priority of the hybrid foundation to the conventional monopile foundation.Keywords: hybrid foundation system, mechanical parameters, plastic soil behaviors, numerical simulations
Procedia PDF Downloads 11220334 Integrated Simulation and Optimization for Carbon Capture and Storage System
Authors: Taekyoon Park, Seokgoo Lee, Sungho Kim, Ung Lee, Jong Min Lee, Chonghun Han
Abstract:
CO2 capture and storage/sequestration (CCS) is a key technology for addressing the global warming issue. This paper proposes an integrated model for the whole chain of CCS, from a power plant to a reservoir. The integrated model is further utilized to determine optimal operating conditions and study responses to various changes in input variables.Keywords: CCS, caron dioxide, carbon capture and storage, simulation, optimization
Procedia PDF Downloads 34220333 An Explorative Research on the Electric and Electronic Officers Employment: Turkish Flagged Ship's Perspective
Authors: Mehmet Yahsi, Ozkan Ugurlu, Ercan Yuksekyildiz
Abstract:
Assistant department among the electric and electronic officers on ships, has an important place for the maintenance of electric and electronic devices. From this perspective, ships must be employed with a sufficient number of assistant department. In this study, in order to research on the Turkish-flagged ships electric and electronic officers employment; Our national manning regulation compared with international regulations. The data used in this study were collected via visiting of the ships. 3000 gross tonnage and above engaged in international voyages 181 Turkish-flagged ship’s crew lists were compared with Minimum Safety Manning Certificates. According to the findings; employment rate, %54 electric and electronic officers. According to the results of the study; Turkish-flagged ships, although it is not obliged to electric and electronic officers, were employed on ships.Keywords: manning, electric officer, electronic officer, minimum safety manning certificate
Procedia PDF Downloads 42720332 Hybrid Stainless Steel Girder for Bridge Construction
Authors: Tetsuya Yabuki, Yasunori Arizumi, Tetsuhiro Shimozato, Samy Guezouli, Hiroaki Matsusita, Masayuki Tai
Abstract:
The main object of this paper is to present the research results of the development of a hybrid stainless steel girder system for bridge construction undertaken at University of Ryukyu. In order to prevent the corrosion damage and reduce the fabrication costs, a hybrid stainless steel girder in bridge construction is developed, the stainless steel girder of which is stiffened and braced by structural carbon steel materials. It is verified analytically and experimentally that the ultimate strength of the hybrid stainless steel girder is equal to or greater than that of conventional carbon steel girder. The benefit of the life-cycle cost of the hybrid stainless steel girder is also shown.Keywords: smart structure, hybrid stainless steel members, ultimate strength, steel bridge, corrosion prevention
Procedia PDF Downloads 372