Search results for: economics of defence

Authors: Thomas Elliot, Javier Babi Almenar, Benedetto Rugani

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The integration of urban metabolism (UM) with spatially explicit ecosystem service (ES) stocks has the potential to advance sustainable urban development. It will correct the lack of spatially specificity of current urban metabolism models. Furthermore, it will include into UM not only the physical properties of material and energy stocks and flows, but also the implications to the natural capital that provides and maintains human well-being. This paper presents the first stages of a modelling framework by which urban planners can assess spatially the trade-offs of ES flows resulting from urban interventions of different character and scale. This framework allows for a multi-region assessment which takes into account sustainability burdens consequent to an urban planning event occurring elsewhere in the environment. The urban boundary is defined as the Functional Urban Audit (FUA) method to account for trans-administrative ES flows. ES are mapped using CORINE land use within the FUA. These stocks and flows are incorporated into a UM assessment method to demonstrate the transfer and flux of ES arising from different urban planning implementations.

Keywords: ecological economics, ecosystem services, spatial planning, urban metabolism

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Authors: Somesh Kumar Sharma, Sunanad Gupta

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The contribution of aviation to society and economy is undisputedly significant. The aviation industry drives economic and social progress by contributing prominently to tourism, commerce and improved quality of life. Identifying the amount of fuel consumed by an aircraft while moving in both airspace and ground networks is critical to air transport economics. Aviation fuel is a major operating cost parameter of the aviation industry and at the same time it is prone to various constraints. This article aims to develop a model for fuel consumption of aviation product. The paper tailors the information for the fuel consumption optimization in terms of information development, information evaluation and information refinement. The information is evaluated and refined using statistical package R and Factor Analysis which is further validated with neural networking. The study explores three primary dimensions which are finally summarized into 23 influencing variables in contrast to 96 variables available in literature. The 23 variables explored in this study should be considered as highly influencing variables for fuel consumption which will contribute significantly towards fuel optimization.

Keywords: fuel consumption, civil aviation industry, neural networking, optimization

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Authors: Rusmawati Said, N. Kar Yee, Asmaddy Haris

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This study employs a panel data set of ASEAN member states, 17 European Union (EU) countries, 7 American countries and 11 other Asia Pacific countries (China Mainland and Hong Kong SAR are treated as two separated countries) to investigate the role of labour standards in explaining the pattern of bilateral migration flows in ASEAN. Using pooled Ordinary Least Square (OLS) this study found mixed results. The result varies on how indicators were used to measure the level of labour standards in the empirical analysis. In one side, better labour standards (represented by number of strikes and weekly average working hours) promote bilateral migration among the selected countries. On the other side, increase in cases of occupational injuries lead to an increase in bilateral migration, reflecting that worsen in working conditions do not influence the workers’ decision from moving. The finding from this study become important to policy maker as the issues of massive low skilled workers have a significant impact to the role of labour standard in shaping the migration flows.

Keywords: labour standard, migration, ASEAN, economics and financial engineering

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Authors: Kimberly Samaha

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In order to attract new types of investors into the emerging Bio-Economy, new methodologies to analyze investment risk are needed. The Bio-Hub Ecosystem model was developed to address a critical area of concern within the global energy market regarding the use of biomass as a feedstock for power plants. This study looked at repurposing existing biomass-energy plants into Circular Zero-Waste Bio-Hub Ecosystems. A Bio-Hub model that first targets a ‘whole-tree’ approach and then looks at the circular economics of co-hosting diverse industries (wood processing, aquaculture, agriculture) in the vicinity of the Biomass Power Plants facilities. This study modeled the economics and risk strategies of cradle-to-cradle linkages to incorporate the value-chain effects on capital/operational expenditures and investment risk reductions using a proprietary techno-economic model that incorporates investment risk scenarios utilizing the Monte Carlo methodology. The study calculated the sequential increases in profitability for each additional co-host on an operating forestry-based biomass energy plant in West Enfield, Maine. Phase I starts with the base-line of forestry biomass to electricity only and was built up in stages to include co-hosts of a greenhouse and a land-based shrimp farm. Phase I incorporates CO2 and heat waste streams from the operating power plant in an analysis of lowering and stabilizing the operating costs of the agriculture and aquaculture co-hosts. Phase II analysis incorporated a jet-fuel biorefinery and its secondary slip-stream of biochar which would be developed into two additional bio-products: 1) A soil amendment compost for agriculture and 2) A biochar effluent filter for the aquaculture. The second part of the study applied the Monte Carlo risk methodology to illustrate how co-location derisks investment in an integrated Bio-Hub versus individual investments in stand-alone projects of energy, agriculture or aquaculture. The analyzed scenarios compared reductions in both Capital and Operating Expenditures, which stabilizes profits and reduces the investment risk associated with projects in energy, agriculture, and aquaculture. The major findings of this techno-economic modeling using the Monte Carlo technique resulted in the masterplan for the first Bio-Hub to be built in West Enfield, Maine. In 2018, the site was designated as an economic opportunity zone as part of a Federal Program, which allows for Capital Gains tax benefits for investments on the site. Bioenergy facilities are currently at a critical juncture where they have an opportunity to be repurposed into efficient, profitable and socially responsible investments, or be idled and scrapped. The Bio-hub Ecosystems techno-economic analysis model is a critical model to expedite new standards for investments in circular zero-waste projects. Profitable projects will expedite adoption and advance the critical transition from the current ‘take-make-dispose’ paradigm inherent in the energy, forestry and food industries to a more sustainable Bio-Economy paradigm that supports local and rural communities.

Keywords: bio-economy, investment risk, circular design, economic modelling

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Authors: Mohammad Iqbal Malik

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Economic development of a country depends on its business ethics and values. Islamic teachings provide obvious guidelines in this regard. Mutual understanding, honesty and ethics possess central place in Islamic teachings. These teachings not only prohibit from amalgamation, black-marketing, hoarding and deception but also force to treat a customer amiably. Business ethics are broad spectrum in Islamic society due to these high moral values. One can estimate the importance of business ethics in Islam for economic development in Islamic society is evident by the Hadith of Prophet Muhammad (PBUH) in which He excluded a trader from Muslim community who did not behave in good manners with his clients. In this study we present impact of business ethics on economic development of a Muslim society. This study is based on basic teachings of Quran and Sunnah, Fiqh, Economics and other books. This study explores the behavior of Muslim traders and reveals useful inferences. Policy makers, traders, academia, scholars, and general public may learn lessons from this study with respect to business ethics in Islamic perspective.

Keywords: ethics, business, Islam, economic perspective

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Authors: Akhilesh Mishra, Geeta Rai, Arvind Srivastava, Nalini Tiwari

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A field experiment was conducted during two consecutive Rabi seasons of 2007 and 2008 to study the economics of different bio-fertilizer’s inoculations in fieldpea (cv. Jai) at Chandra Shekhar Azad University of Agriculture and Technology, Kanpur (India). Results indicated that the seed inoculation with Rhizobium + PSB + PGPR improved all the growth; yield attributes and yields of field pea. Fresh and dry weight plant-1, nodules number and dry weight plant-1 were found significantly maximum. Number of grains pod-1, number and weight of pods plant-1 at maturity attributed significantly in increasing the grain yield as well as net return. On pooled basis, maximum net income (Rs.22169 ha-1) was obtained with the use of Rhizobium + PSB + PGPR which was improved by a margin of Rs.1502 (6.77%), 2972 (13.40%), 2672 (12.05%), 5212 (23.51%), 6176 (27.85%), 4666 (21.04%) and 8842/ha (39.88%) over the inoculation of PSB + PGPR, Rhizobium + PGPR, Rhizobium + PSB, PGPR, PSB, Rhizobium and control, respectively. Thus, it can be recommended that to earn the maximum net profit from dwarf field pea, seed should be inoculated with Rhizobium + PSB + PGPR.

Keywords: rhizobium, phosphorus solubilizing bacteria, plant growth promoting rhizobacteria, field pea

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Authors: Deniz Sahin

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Growing concern for the presence and contamination of heavy metals in our water supplies has steadily increased over the last few years. A number of specialized technologies including precipitation, coagulation/flocculation, ion exchange, cementation, electrochemical operations, have been developed for the removal of heavy metals from wastewater. However, these technologies have many limitations in the application, such as high cost, low separation efficiency, Recently, numerous approaches have been investigated to overcome these difficulties and membrane filtration, advanced oxidation technologies (AOPs), and UV irradiation etc. are sufficiently developed to be considered as alternative treatments. Many factors come into play when selecting wastewater treatment technology, such as type of wastewater, operating conditions, economics etc. This study describes these various treatment technologies employed for heavy metal removal. Advantages and disadvantages of these technologies are also compared to highlight their current limitations and future research needs. For example, we investigated the applicability of the ultrafiltration technology for treating of heavy metal ions (e.g., Cu(II), Pb(II), Cd(II), Zn(II)) from synthetic wastewater solutions. Results shown that complete removal of metal ions, could be achieved.

Keywords: heavy metal, treatment methodologies, water, water treatment

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Authors: Deepak Loura

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The most contemporary method of producing horticulture crops both qualitatively and quantitatively is protected cultivation, or greenhouse cultivation, which has gained widespread acceptance in recent decades. Protected farming, commonly referred to as controlled environment agriculture (CEA), is extremely productive, land- and water-wise, as well as environmentally friendly. The technology entails growing horticulture crops in a controlled environment where variables such as temperature, humidity, light, soil, water, fertilizer, etc. are adjusted to achieve optimal output and enable a consistent supply of them even during the off-season. Over the past ten years, protected cultivation of high-value crops and cut flowers has demonstrated remarkable potential. More and more agricultural and horticultural crop production systems are moving to protected environments as a result of the growing demand for high-quality products by global markets. By covering the crop, it is possible to control the macro- and microenvironments, enhancing plant performance and allowing for longer production times, earlier harvests, and higher yields of higher quality. These shielding features alter the environment of the plant while also offering protection from wind, rain, and insects. Protected farming opens up hitherto unexplored opportunities in agriculture as the liberalised economy and improved agricultural technologies advance. Typically, the revenues from fruit, vegetable, and flower crops are 4 to 8 times higher than those from other crops. If any of these high-value crops are cultivated in protected environments like greenhouses, net houses, tunnels, etc., this profit can be multiplied. Vegetable and cut flower post-harvest losses are extremely high (20–0%), however sheltered growing techniques and year-round cropping can greatly minimize post-harvest losses and enhance yield by 5–10 times. Seasonality and weather have a big impact on the production of vegetables and flowers. The variety of their products results in significant price and quality changes for vegetables. For the application of current technology in crop production, achieving a balance between year-round availability of vegetables and flowers with minimal environmental impact and remaining competitive is a significant problem. The future of agriculture will be protected since population growth is reducing the amount of land that may be held. Protected agriculture is a particularly profitable endeavor for tiny landholdings. Small greenhouses, net houses, nurseries, and low tunnel greenhouses can all be built by farmers to increase their income. Protected agriculture is also aided by the rise in biotic and abiotic stress factors. As a result of the greater productivity levels, these technologies are not only opening up opportunities for producers with larger landholdings, but also for those with smaller holdings. Protected cultivation can be thought of as a kind of precise, forward-thinking, parallel agriculture that covers almost all aspects of farming and is rather subject to additional inspection for technical applicability to circumstances, farmer economics, and market economics.

Keywords: protected cultivation, horticulture, greenhouse, vegetable, controlled environment agriculture

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Authors: Muhammad Umair Ahmed, Aftab Shoukat

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Today the global economy has become one of the key strategies in dealing with environmental issues. To allow for a round economy, organizations have begun to work to improve their sustainability management. The contribution of green resource management to the transformation of the global economy has not been investigated. The purpose of the study was to evaluate the effects of green labor management on the global economy, environmental and economic performance, and the organisation's environmental dignity. We strongly evaluate the different roles of the various processes of green personnel management (i.e., green recruitment, training, and engagement green, as well as green performance management and reward) in organizational operations. We are also investigating the leadership role of CEO Ethical. Our outcome will have a positive impact on the performance of the organization. Green Human Resource Management contributes to the evolution of a roundabout economy without the influence of different external factors such as market demand and commitment. Finally, the results of our research will provide a few aspects for future research, both academic and human.

Keywords: sustainability, green human resource management, circular economy, human capital

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Authors: Abdullah Eqal Al Mazrooei

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In this paper, a nonlinear dynamical system is presented. This system is a bilinear class. The bilinear systems are very important kind of nonlinear systems because they have many applications in real life. They are used in biology, chemistry, manufacturing, engineering, and economics where linear models are ineffective or inadequate. They have also been recently used to analyze and forecast weather conditions. Bilinear systems have three advantages: First, they define many problems which have a great applied importance. Second, they give us approximations to nonlinear systems. Thirdly, they have a rich geometric and algebraic structures, which promises to be a fruitful field of research for scientists and applications. The type of nonlinearity that is treated and analyzed consists of bilinear interaction between the states vectors and the system input. By using some properties of the tensor product, these systems can be transformed to linear systems. But, here we discuss the nonlinearity when the state vector is multiplied by itself. So, this model will be able to handle evolutions according to the Lotka-Volterra models or the Lorenz weather models, thus enabling a wider and more flexible application of such models. Here we apply by using an estimator to estimate temperatures. The results prove the efficiency of the proposed system.

Keywords: Lorenz models, nonlinear systems, nonlinear estimator, state-space model

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Authors: Carla Silva

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Recent development of information and communication technology enables us to acquire, collect, analyse data in various fields of socioeconomic – technological systems. Along with the increase of economic globalization and the evolution of information technology, data mining has become an important approach for economic data analysis. As a result, there has been a critical need for automated approaches to effective and efficient usage of massive amount of educational data, in order to support institutions to a strategic planning and investment decision-making. In this article, we will address data from several different perspectives and define the applied data to sciences. Many believe that 'big data' will transform business, government, and other aspects of the economy. We discuss how new data may impact educational policy and educational research. Large scale administrative data sets and proprietary private sector data can greatly improve the way we measure, track, and describe educational activity and educational impact. We also consider whether the big data predictive modeling tools that have emerged in statistics and computer science may prove useful in educational and furthermore in economics. Finally, we highlight a number of challenges and opportunities for future research.

Keywords: data mining, research analysis, investment decision-making, educational research

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Authors: Aruna Bhat

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Culture can be placed within the social structure that embodies both the creation of social groups, and the manner in which they interact with each other. As many critics have pointed out, culture in the Postmodern context has often been considered a commodity, and indeed it shares many attributes with commercial products. Popular culture follows many patterns of behavior derived from Economics, from the simple principle of supply and demand, to the creation of marketable demographics which fit certain criterion. This trend is exemplary visible in contemporary fiction, especially in contemporary science fiction; Cyberpunk fiction in particular which is an off shoot of pure science fiction. William Gibson is one such author who in his works portrays such a scenario, and in his The Bridge Trilogy he adds another level of interpretation to this state of affairs, by describing a world that is centered on industrialization of a new kind – that focuses around data in the cyberspace. In this new world, data has become the most important commodity, and man has become nothing but a nodal point in a vast ocean of raw data resulting into commodification of each thing including Culture. This paper will attempt to study the presence of above mentioned elements in William Gibson’s The Bridge Trilogy. The theories applied will be Postmodernism and Cultural studies.

Keywords: culture, commodity, cyberpunk, data, postmodern

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Authors: Bailey Hall, Athena Hoppe, Tevyn Kagele, Anna Nichols, Breeanna Messner

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The Spokane Street Medicine (SSM) Program aims to deliver medical care to people experiencing homelessness in Spokane, Washington. Street medicine is designed to function in a non-traditional setting to help deliver healthcare to a largely underserved population. In this analysis, the SSM Program’s medical charts from street and shelter encounters in early 2021 were reviewed in order to identify illness and diseases in people experiencing homelessness in Spokane. More than half of the prescriptions written during these encounters were for either an antibacterial, an antibiotic, or an antifungal. Estimates of the cost to the local healthcare system are included. Initiating treatment for communicable diseases in people experiencing homelessness via street medicine efforts greatly reduces economic costs while improving health outcomes.

Keywords: ethical issues in public health, equity issues in public health, health economics, health disparities, healthcare costs, medical public health, public health ethics, street medicine

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Authors: Chandrashekara Krishnappa, Yogish Huchaiah

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The present work considers the importance of economic feasibility and financial viability of biodiesel production, and its use in the present context of prevailing Indian scenario. For this, costs involved in production of one litre of biodiesel from non-edible Jatropha and Pongamia oils Nano mix are considered. Biodiesel derived from the mix is blended with petrodiesel in various proportions and used in Compression Ignition (CI) Direct Injection (DI) engine. Performance and Emission characteristics were investigated. Optimization of the blends considering experimental results was carried out. To validate the experimental results and optimization, Multi-Functional Criteria Technique (MFCT) is used. Further, value additions in terms of INR due to increase in performance and reduction in emissions are investigated. Cost component of subsidy on petrodiesel is taken into consideration in the calculation of cost of one litre of it. Comparison of costs is with respect to the unit of power generated per litre of COME and petrodiesel. By the analysis it has been concluded that the amount saved with subsidy is INR 1.45 Lakh Crores per year and it is INR1.60 Lakh Crores per year without subsidy for petrodiesel.

Keywords: cap value addition, economic analysis, MFCT, NACOME, subsidy

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Authors: Kasman, Darmawansyah, Alimin Maidin, Amran Razak

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Background: In decentralization, advocacy is needed to increase the health budget in Parepare District. One of the advocacy methods recommended by the World Bank is the economic loss approach. Methods: This research is observational in the field of health economics that contributes directly to the magnitude of the economic loss of the community and the government and provides advocacy to the executive and legislative to see the harm it causes. Results: The research results show the amount of direct cost, which consists of household expenditure for transport Rp.295,865,500. Indirect Cost of YLD of Rp.14.688.000, and YLL of Rp.28.986.336.00, so the amount of DALY is Rp.43.674.336.000. The total economic loss of Rp.43.970.201.500. These huge economic losses can be prevented by increasing the allocation of health budgets for promotive and preventive efforts and expanding the coverage of health insurance for the community. Conclusion: There is a need to advocate the executive and legislative about the importance of guarantee on public health financing by conducting studies in terms of economic losses so that all strategic alliances believe that health is an investment.

Keywords: advocacy, economic lost, health insurance, economic losses

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Authors: Je-Seok Shin, Wook-Won Kim, Jin-O Kim

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The offshore wind farm needs to be designed carefully considering economics and reliability aspects. There are many decision-making problems for designing entire offshore wind farm, this paper focuses on an inner grid layout which means the connection between wind turbines as well as between wind turbines and an offshore substation. A methodology proposed in this paper determines the connections and the cable type for each connection section using K-clustering, minimum spanning tree and cable selection algorithms. And then, a cost evaluation is performed in terms of investment, power loss and reliability. Through the cost evaluation, an optimal layout of inner grid is determined so as to have the lowest total cost. In order to demonstrate the validity of the methodology, the case study is conducted on 240MW offshore wind farm, and the results show that it is helpful to design optimally offshore wind farm.

Keywords: offshore wind farm, optimal layout, k-clustering algorithm, minimum spanning algorithm, cable type selection, power loss cost, reliability cost

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Authors: Ram Dayal

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Since inception of the modern Olympic Games in 1896 in Athens, Greece, it has undergone a paradigm shift over a period of more than a century. It originated with the purpose of inculcating physical and moral qualities, sense of aesthetics, ethical and spiritual value and educating young people, through the spread of the philosophy of amateurism, which is free from the vices of racial discrimination, any country’s domination, corruption, doping menace and political interference. Now, it has metamorphosed into the arena where only professionalism matters and has been reduced to the show of strength for countries analogous to the cold war. Rather than spirit of sports, the economics of sports is the more relevant underpinning. Changes in medal tally over a period of time and its correlation with the changing geo-political structure have been evaluated quantitatively using regression analyses, which have yielded statistically significant relationship among variables. The present study also tries to explore this shift in Olympic spirit through historical approach, using books, thesis, dissertations, articles, related documents. The present study will help evaluate the Olympic ideals with modern perspective and the need to replace or reinstall the same in order to nurture and rejuvenate the modern Olympic movement.

Keywords: challenges, games, olympic, sports

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Authors: Elnaz Entezar, Reza Ezzati

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In recent decades, trade flows, capital, workforce, technology and information have increased between international borders and the globalization has turned to an undeniable process in international economics. Meanwhile, despite the positive aspects of globalization, the critics of globalization opine that the risks and costs of globalization for developing vulnerable economies and the world's impoverished people are high and significant. In this regard, this study by using the data of KOF Economic Institute and the World Bank for 113 different countries during the period 2002-2012, by taking advantage of panel smooth transition regression, and by taking the gross domestic product as transmission variables discuss the nonlinear relationship between research variables. The results have revealed that globalization in low regime (countries with low GDP) has negative impact whereas in high regime (countries with high GDP) has a positive impact. In spite of the fact that in the early stages of growth, control of corruption has a positive impact on economic growth, after a threshold has a negative impact on economic growth.

Keywords: globalization, corruption, panel smooth transition model, economic growth, threshold, economic convergence

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Authors: Seyong Jeong, Jinmo Park, Jinhyoun Park, Boram Kim, Kyoungsoo Ahn

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Energy management in the maritime industry is being required by economics and in conformity with new legislative actions taken by the International Maritime Organization (IMO) and the European Union (EU). In response, the various performance monitoring methodologies and data collection practices have been examined by different stakeholders. While many assorted advancements in operation and technology are applicable, their adoption in the shipping industry stays small. This slow uptake can be considered due to many different barriers such as data analysis problems, misreported data, and feedback problems, etc. This study presents a conceptual design of an energy management system (EMS) and proposes the methodology to resolve the limitations (e.g., data normalization using naval architectural evaluation, management of misrepresented data, and feedback from shore to ship through management of performance analysis history). We expect this system to make even short-term charterers assess the ship performance properly and implement sustainable fleet control.

Keywords: data normalization, energy management system, naval architectural evaluation, ship performance analysis

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Authors: Chatarina Muryani, Sarwono, Sugiyanto Heribentus

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Major part of Grobogan District, Central Java Province, Indonesia, always suffers from drought every year. The drought has implications toward almost all of the community activities, both domestic, agriculture, livestock, and industrial. The aim of this study was to determine (1) the drought distribution area in Grobogan District in 2015; (2) the impact of drought; and (3) the community adaptation toward the drought. The subject of the research was people who were impacted by the drought, purposive sampling technique was used to draw the sample. The data collection method was using field observation and in-depth interview while the data analysis was using descriptive analysis. The results showed that (1) in 2015, there were 14 districts which were affected by the drought and only 5 districts which do not suffer from drought, (2) the drought impacted to the reduction of water for domestic compliance, reduction of agricultural production, reduction of public revenue, (3) community adaptation to meet domestic water need was by making collective deep-wells and building water storages, adaptation in agriculture was done by setting the cropping pattern, while adaptation on economics was by allocating certain amount of funds for the family in anticipation of drought, which was mostly to purchase water.

Keywords: adaptation, distribution, drought, impacts

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Authors: Dewi Hardiningtyas Sugiono

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Concerning towards the quality of air comfort and safety to pedestrians in the University area should be increased as Indonesia economics booming. Hence, the University management needs guidelines of thermal comfort to innovate a new layout building. The objectives of this study is to investigate and then to evaluate the distribution of thermal comfort which is indicated by predicted mean vote (PMV) index at the University of Brawijaya (UB), Malang. The PMV figures are used to evaluate and to redesign the UB layout. The research is started with study literature and early survey to collect all information of building layout and building shape at the University of Brawijaya. The information is used to create a 3D model in CAD software. The model is simulated by Computational Fluid Dynamic (CFD) software to measure the PMV factors of air temperature, relative humidity and air speed in some locations. Validation is done by comparing between PMV value from observation and PMV value from simulation. The resuls of the research shows the most sensitive of microclimatic factors is air temperature surrounding the UB building. Finally, the research is successfully figure out the UB layout and provides further actions to increase the thermal comfort.

Keywords: thermal comfort, heat index (HI), CFD, layout

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Authors: Hanmei Peng, Yiqun Wang, Mao Tan, Zhuocen Dai, Yongxin Su

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Efficient energy management in multi-microgrid distribution systems holds significant importance for enhancing the economic benefits of regional power grids. To better balance conflicts among various stakeholders, a two-stage game-based collaborative optimization approach is proposed in this paper, effectively addressing the realistic scenario involving both competition and collaboration among stakeholders. The first stage, aimed at maximizing individual benefits, involves constructing a non-cooperative tariff game model for the distribution network and surplus microgrid. In the second stage, considering power flow and physical line capacity constraints we establish a cooperative P2P game model for the multi-microgrid distribution system, and the optimization involves employing the Lagrange method of multipliers to handle complex constraints. Simulation results demonstrate that the proposed approach can effectively improve the system economics while harmonizing individual and collective rationality.

Keywords: cooperative game, collaborative optimization, multi-microgrid distribution system, non-cooperative game

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Authors: Riham Barbar

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This paper studies the dynamic effects of charitable giving in a Ramsey model à la Becker and Foias (1994), such that heterogeneity is reduced to two types of agents: rich and poor. It is assumed that rich show a great concern for poor and enjoy giving. The introduction of charitable giving in this paper is inspired from the notion of Zakat (borrowed from the Islamic Economics) and is defined according to the warm-glow of Andreoni (1990). In this framework, we prove the existence of a steady state where only the patient agent holds capital. Furthermore, we show that local indetermincay appears. While moderate values of charitable-giving elasticity makes the appearance of endogenous fluctuations due to self-fulfilling expectations more likely, high values of this elasticity stabilizes endogenous fluctuations, by narrowing down the range of parameter values compatible with local indeterminacy and may rule out expectations-driven fluctuations if it exceeds certain threshold. Finally, cycles of period two emerge. However, charitable-giving makes it less likely for these cycles to emerge.

Keywords: charitable giving, warm-glow, bifurcations, heterogeneous agents, indeterminacy, self-fulfilling expectations, endogenous fluctuations

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Authors: Paul Ojeaga

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Can the level of innovation use drive un-validated business models across regions? To what extent does industrial sector attractiveness drive firm’s success across regions at the time of start-up? This study examines the role of innovation on start-up success in six regions of the world (namely Sub Saharan Africa, the Middle East and North Africa, Latin America, South East Asia Pacific, the European Union and the United States representing North America) using macroeconomic variables. While there have been studies using firm level data, results from such studies are not suitable for national policy decisions. The need to drive a regional innovation policy also begs for an answer, therefore providing room for this study. Results using dynamic panel estimation show that innovation counts in the early infancy stage of new business life cycle. The results are robust even after controlling for time fixed effects and the study present variance-covariance estimation robust standard errors.

Keywords: industrial economics, un-validated business models, scalable models, entrepreneurship

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Authors: G. N. Maheshika, J. A. R. H. Wijerathna, S. H. P. Gunawardena

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Feedstock with high free fatty acids (FFAs) content can be successfully employed for biodiesel synthesis once the high FFA content is reduced to the desired levels. In the present study, the applicability of ferric sulphate as the solid acid catalyst for esterification of FFA in used coconut oil was evaluated at varying catalyst concentration and methanol:oil molar ratios. 1.25, 2.5, 3.75 and 5.0% w/w Fe2(SO4)3 on oil basis was used at methanol:oil ratios of 3:1, 4.5:1, and 6:1 and at the reaction temperature of 60 0C. The FFA reduction increased with the increase in catalyst and methanol:oil molar ratios while the time requirement to reach the esterification equilibrium reduced. Satisfactory results for esterification could be obtained within a small reaction period in the presence of only a small amount of Fe2(SO4)3 catalyst concentration and at low reaction temperature, which then can be subjected for trans-esterification process. At the end of the considering reaction period the solid Fe2(SO4)3 catalyst could be separated from the reaction system. The economics of the Fe2(SO4)3 catalyzed esterification of high FFA content used coconut oil for biodiesel is at favorable conditions.

Keywords: biodiesel, esterification, ferric sulphate, Free fatty acids, used coconut oil

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Authors: A. Benmoussa, M. Bouanini, M. Rebhi

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The mixing and agitation of fluid in stirred tank is one of the most important unit operations for many industries such as chemical, biotechnological, pharmaceutical, petrochemical, cosmetic, and food processing. Therefore, determining the level of mixing and overall behaviour and performance of the mixing tanks are crucial from the product quality and process economics point of views. The most fundamental needs for the analysis of these processes from both a theoretical and industrial perspective is the knowledge of the hydrodynamic behaviour and the flow structure in such tanks. Depending on the purpose of the operation carried out in mixer, the best choice for geometry of the tank and agitator type can vary widely. Initially, a local and global study namely the velocity and power number on a typical agitation system agitated by a mobile-type two-blade straight (d/D=0.5) allowed us to test the reliability of the CFD, the result were compared with those of experimental literature, a very good concordance was observed. The stream function, the velocity profile, the velocity fields and power number are analyzed. It was shown that the hydrodynamics is modified by the curvature of the mobile which plays a key role.

Keywords: agitated tanks, curved blade agitator, laminar flow, CFD modelling

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Authors: O. John Makinde

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A total of 60 crossbred weaned rabbits with an average initial body weight of 650 ±2.00 g were used to study the effects of dietary inclusion of graded levels of Ensiled sweet potato vines (ESPV) based diets on growth performance. Four experimental diets were formulated such that ESPV was included at the graded levels of 0, 10, 20 and 30 % in diets 1, 2, 3 and 4 respectively. The rabbits were randomly assigned into 4 treatments with 15 rabbits per treatment; each treatment was replicated thrice (5 rabbits per replicate) in a completely randomised design. The rabbits were managed based on standard experimental procedures. Feed and water were given ad libitum. Results of growth performance were not significantly different (p > 0.05) for final weight, total weight gain, total feed intake, feed conversion ratio and mortality. Carcass characteristics were not significantly (p > 0.05) affected by the treatments. The economics of production showed that diet with 30 % ESPV had the least cost/kg diets. It was concluded that ESPV can be included up to 30 % in growing rabbit diets without adverse effect on their performance, blood indices and cost of production.

Keywords: ensiled, sweet potato vines, performance, rabbits, Oryctolagus cuniculus

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Authors: Onur Arugaslan, Ajay Samant, Devrim Yaman

Abstract:

Financial advisors and investors seek new assets which could potentially increase portfolio returns and decrease portfolio risk. Cryptocurrencies represent a relatively new asset class which could serve in both these roles. There has been very little research done in the area of the risk/return tradeoff in a portfolio consisting of fixed income assets, stocks, and cryptocurrency. The objective of this study is a rigorous examination of this issue. The data used in the study are the monthly returns on 4-week US Treasury Bills, S&P Investment Grade Corporate Bond Index, Bitcoin and the S&P 500 Stock Index. The methodology used in the study is the application Modern Portfolio Theory to evaluate the risk-adjusted returns of portfolios with varying combinations of these assets, using Sharpe, Treynor and Jensen Indexes, as well as the Sortino and Modigliani measures. The results of the study would include the ranking of various investment portfolios based on their risk/return characteristics. The conclusions of the study would include objective empirical inference for investors who are interested in including cryptocurrency in their asset portfolios but are unsure of the risk/return implications.

Keywords: financial economics, portfolio diversification, fixed income securities, cryptocurrency, stock indexes

Procedia PDF Downloads 73

Authors: Mohammad Ali Hasanzadeh, Thierry Vanelslander, Eddy Van De Voorde

Abstract:

Nowadays maritime transport is a key element in international trade and global supply chain. Economies of scale in transporting goods are one of the most attractive elements of using ships. Without maritime transport, almost no globalization of economics can be imagined. Within maritime transport, ports are the interface between lands and see. Even though using ships help cargo owners to have a competitive margin but an accident in port during loading or unloading or even moving cargoes within the terminal can diminish such margin. Statistics shows that due to the high-speed notion of activities within ports, collision accidents are the most common type of accidents. To mitigate such accidents, the appropriate risk exposures have to be defined and calculate, later on risk probabilities can be determined for each type of accident, i.e. fatal, severe, moderate and minor ones. Having such risk probabilities help managers to define the effectiveness of each collision risk control option. This research defined travelled distance as main collision risk exposure in container terminals, taking all the related items into consideration, it was calculated for Shahid Rajae container terminals. Following this finding, collision risk probabilities were computed.

Keywords: collision accident, container terminal, maritime transport, risk exposure

Procedia PDF Downloads 385

Authors: C. Bamrungbutr, J. Sillitoe

Abstract:

Maritime transportation has been a crucial part of world economics. Recently, researchers have put effort into studying the mechanisms of how a regional port, in the shadow of a nearby predominant port, can compete and grow. However, limited research has focused on the competition issues for a shadow port which is a capital city port. This study will thus focus on this question of the growth of a capital city port which is under the shadow of the adjacent capital city port by using the two capital city ports of Thailand; Bangkok port (the former main port) and Laem Chabang port (the current main port). For this work, a framework of opportunity capture will be used, and five groups of port development experts (government, council, logistics provider, academia and industry) will be interviewed. The responses will be analysed using the noticing, collecting and thinking model. The resulting analysis will be appropriate for use in developing guidelines for the future management of a range of shadow ports established in a capital city, enabling them to operate in a competitive environment more effectively. The resultant growth of these ports will be a significant factor in increasing the competitiveness of a nation’s maritime transport industry and eventually lead to a boost in the national economy.

Keywords: shadow port, Bangkok Port, Laem Chabang Port, port competition

Procedia PDF Downloads 173