Search results for: historical illustrations
1506 Indian Business-Papers in Industrial Revolution 4.0: A Paradigm Shift
Authors: Disha Batra
Abstract:
The Industrial Revolution 4.0 is quite different, and a paradigm shift is underway in the media industry. With the advent of automated journalism and social media platforms, newspaper organizations have changed the way news was gathered and reported. The emergence of the fourth industrial revolution in the early 21st century has made the newspapers to adapt the changing technologies to remain relevant. This paper investigates the content of Indian business-papers in the era of the fourth industrial revolution and how these organizations have emerged in the time of convergence. The study is the content analyses of the top three Indian business dailies as per IRS (Indian Readership Survey) 2017 over a decade. The parametric analysis of the different parameters (source of information, use of illustrations, advertisements, layout, and framing, etc.) have been done in order to come across with the distinct adaptations and modifications by these dailies. The paper significantly dwells upon the thematic analysis of these newspapers in order to explore and find out the coverage given to various sub-themes of EBF (economic, business, and financial) journalism. Further, this study reveals the effect of high-speed algorithm-based trading, the aftermath of the fourth industrial revolution on the creative and investigative aspect of delivering financial stories by these respective newspapers. The study indicates a change heading towards an ongoing paradigm shift in the business newspaper industry with an adequate change in the source of information gathering along with the subtle increase in the coverage of financial news stories over the time.Keywords: business-papers, business news, financial news, industrial revolution 4.0.
Procedia PDF Downloads 1151505 Energy Audit and Renovation Scenarios for a Historical Building in Rome: A Pilot Case Towards the Zero Emission Building Goal
Authors: Domenico Palladino, Nicolandrea Calabrese, Francesca Caffari, Giulia Centi, Francesca Margiotta, Giovanni Murano, Laura Ronchetti, Paolo Signoretti, Lisa Volpe, Silvia Di Turi
Abstract:
The aim to achieve a fully decarbonized building stock by 2050 stands as one of the most challenging issues within the spectrum of energy and climate objectives. Numerous strategies are imperative, particularly emphasizing the reduction and optimization of energy demand. Ensuring the high energy performance of buildings emerges as a top priority, with measures aimed at cutting energy consumptions. Concurrently, it is imperative to decrease greenhouse gas emissions by using renewable energy sources for the on-site energy production, thereby striving for an energy balance leading towards zero-emission buildings. Italy's predominant building stock comprises ancient buildings, many of which hold historical significance and are subject to stringent preservation and conservation regulations. Attaining high levels of energy efficiency and reducing CO2 emissions in such buildings poses a considerable challenge, given their unique characteristics and the imperative to adhere to principles of conservation and restoration. Additionally, conducting a meticulous analysis of these buildings' current state is crucial for accurately quantifying their energy performance and predicting the potential impacts of proposed renovation strategies on energy consumption reduction. Within this framework, the paper presents a pilot case in Rome, outlining a methodological approach for the renovation of historic buildings towards achieving Zero Emission Building (ZEB) objective. The building has a mixed function with offices, a conference hall, and an exposition area. The building envelope is made of historical and precious materials used as cladding which must be preserved. A thorough understanding of the building's current condition serves as a prerequisite for analyzing its energy performance. This involves conducting comprehensive archival research, undertaking on-site diagnostic examinations to characterize the building envelope and its systems, and evaluating actual energy usage data derived from energy bills. Energy simulations and audit are the first step in the analysis with the assessment of the energy performance of the actual current state. Subsequently, different renovation scenarios are proposed, encompassing advanced building techniques, to pinpoint the key actions necessary for improving mechanical systems, automation and control systems, and the integration of renewable energy production. These scenarios entail different levels of renovation, ranging from meeting minimum energy performance goals to achieving the highest possible energy efficiency level. The proposed interventions are meticulously analyzed and compared to ascertain the feasibility of attaining the Zero Emission Building objective. In conclusion, the paper provides valuable insights that can be extrapolated to inform a broader approach towards energy-efficient refurbishment of historical buildings that may have limited potential for renovation in their building envelopes. By adopting a methodical and nuanced approach, it is possible to reconcile the imperative of preserving cultural heritage with the pressing need to transition towards a sustainable, low-carbon future.Keywords: energy conservation and transition, energy efficiency in historical buildings, buildings energy performance, energy retrofitting, zero emission buildings, energy simulation
Procedia PDF Downloads 681504 The Map of Cassini: An Accurate View of Current Border Between Spain and France
Authors: Barbara Polo Martin
Abstract:
During the 18th century, the border between Spain and France underwent various changes, primarily due to territorial agreements, wars, and treaties between the two nations and other European powers. For studying these changes, the Cassini maps remain valuable historical documents, offering a glimpse into the landscape and geography of 18th-century France and its neighboring regions, including the border between Spain and France. However, it's essential to recognize that these maps may not reflect modern political boundaries or territorial changes that have occurred since their creation. The project was initiated by King Louis XV in 1744 and continued by his successor, Louis XVI. The primary objective was to produce accurate maps of France, which would serve various purposes, including military, administrative, and scientific. The Cassini maps were groundbreaking for their time, as they were among the earliest attempts to create topographic maps on a national scale. They covered the entirety of France and were based on meticulous surveying and cartographic techniques. The maps featured precise geographic details, including elevation contours, rivers, roads, forests, and settlements. This study aims to analyze this rich and unknown cartography of France, study the rich place names it offers, as well as the accuracy of delimitations created over time between both empires in a historical way but also through a Geographical Information System. This study will offer a deeper knowledge about the cartography that supposes the beginning of topography in Europe.Keywords: cartography, engineering, borders, Spain, France, Cassini
Procedia PDF Downloads 601503 Rethinking the Role of Umeya Shokichi in the 1911 Revolution: Focusing on His Ties with Sun Yatsen in Hong Kong
Authors: Wai-Ming Ng
Abstract:
Nowadays Umeya Shokichi has been commonly regarded as the symbol of Sino-Japanese friendship and a close friend of Sun Yatsen. The images of Umeya have been largely built on contemporary political needs rather than historical sources. Based on Japanese and Chinese primary sources, this paper will challenge existing views of Umeya Shokichi in regard to his role in the 1911 Revolution and his relationship with Sun Yatsen. The study of Umeya Shokichi is handicapped by the accessibility and creditability of primary sources. Records of Umeya are largely kept in his family collection. Scholars are relatively difficult to get access to these materials. In addition, Umeya’s records can hardly be cross-checked as he is seldom mentioned in the writings of Sun Yatsen, Miyazaki Toten, James Cantlie and others. Heretofore, studies about Umeya are few and most are not critical enough to provide a balanced historical account of Umeya. This article will reexamine the role of Umeya Shokichi in the 1911 Revolution by highlighting his relationship with Sun Yatsen in Hong Kong from 1886 to 1911. It demonstrates that the role of Umeya in the 1911 Revolution and his relationship with Sun Yatsen are exaggerated by Chinese and Japanese officials as well as Umeya’s family members. The fact is that Sun did not play a direct role in the 1911 Revolution, not to mention his sponsors. To Sun, Umeya was perhaps merely one of his many sponsors rather than an intimate friend. This study will be a thought-provoking and iconoclast piece of scholarship based on critical reading of primary sources.Keywords: Umeya Shokichi, Sun Yatsen, 1911 Revolution, Sino-Japanese friendship
Procedia PDF Downloads 2221502 Artificial Intelligence Approach to Water Treatment Processes: Case Study of Daspoort Treatment Plant, South Africa
Authors: Olumuyiwa Ojo, Masengo Ilunga
Abstract:
Artificial neural network (ANN) has broken the bounds of the convention programming, which is actually a function of garbage in garbage out by its ability to mimic the human brain. Its ability to adopt, adapt, adjust, evaluate, learn and recognize the relationship, behavior, and pattern of a series of data set administered to it, is tailored after the human reasoning and learning mechanism. Thus, the study aimed at modeling wastewater treatment process in order to accurately diagnose water control problems for effective treatment. For this study, a stage ANN model development and evaluation methodology were employed. The source data analysis stage involved a statistical analysis of the data used in modeling in the model development stage, candidate ANN architecture development and then evaluated using a historical data set. The model was developed using historical data obtained from Daspoort Wastewater Treatment plant South Africa. The resultant designed dimensions and model for wastewater treatment plant provided good results. Parameters considered were temperature, pH value, colour, turbidity, amount of solids and acidity. Others are total hardness, Ca hardness, Mg hardness, and chloride. This enables the ANN to handle and represent more complex problems that conventional programming is incapable of performing.Keywords: ANN, artificial neural network, wastewater treatment, model, development
Procedia PDF Downloads 1491501 Tradition and Modernity in Translation Studies: The Case of Undergraduate and Graduate Programs at Unicamp, Brazil
Authors: Erica Lima
Abstract:
In Brazil, considering the (little) age of translation studies, it can be argued that the University of Campinas is traditionally an important place for graduate studies in translation. The story is told from the accreditation for the Masters, in 1987, and the Doctoral program, in 1993, within the Graduate Program in Applied Linguistics. Since the beginning, the program boasted cutting-edge research, with theoretical reflections on various aspects, and with different methodological trends. However, on the one hand, the graduate studies development was continuously growing, but on the other, it is not what was observed in the undergraduate degree program. Currently, there are only a few disciplines of Translation Theory and Practice, which does not seem to respond to student aspirations. The objective of this paper is to present the characteristics of the university’s graduate program as something profitable, considering the concern in relating the research to the historical moment in which we are living, with research conducted in a socially compromised environment and committed to the impact that it will cause ethically and socially, as well as to question the undergraduate program paths. The objective is also to discuss and propose changes, considering the limited scope currently achieved. In light of the information age, in which we have an avalanche of information, we believe that the training of translators in the undergraduate degree should be reviewed, with the goal of retracing current paths and following others that are consistent with our historical period, marked by virtual and real, by the shuffling of borders and languages, the need for new language policies, greater inclusion, and more acceptance of others. We conclude that we need new proposals for the development of the translator in an undergraduate program, and also present suggestions to be implemented in the graduate program.Keywords: graduate Brazilian program, undergraduate Brazilian program, translator’s education, Unicamp
Procedia PDF Downloads 3341500 Strategic Analysis of Hospitality Marketing Driven by Culture in Historical City: Comparable Case Studies in Tainan City
Authors: Tsung-Han Lin, Chia-Han Yang
Abstract:
Recently, it’s obvious that many hotels not only provide customized service, but offer local culture to give customers different experiences. Luxury decoration and fancy equipment are not enough anymore. Customers expect that hotels not just as an accommodation, but connecting to their trips. Therefore, culture becomes significant when developing marketing strategy for hotels. Tainan, located in south of Taiwan, is the city full of culture that some hospitality industries promote their hotels exactly base on culture. Historic Tainan (台南; táinán), is a city of ancient monuments, delicious food and, above all, temples: there are more gods worshipped and more festivals and rituals observed in Tainan than in any other place in Taiwan. The oldest and most absorbing parts of Tainan are historic Anping, on the west side of town by the sea, and the cultural zones in the heart of the old city; the latter were created specifically to make things easier for visitors, with city information, signs and maps tailored to each zone and well-marked in English. The Chihkan, Dong-an Fang, Five Canals and Confucius Temple cultural zones contain the richest concentration of sights – reckon on spending at least two days to do them justice. As a result, the study aims to analyze the significance of culture on marketing strategies and C and H two hotels in Tainan city as case studies conducting the comparison of cultural marketing and experience marketing to provide a framework for hotels to develop their marketing strategies.Keywords: cultural marketing, hospitality, historical city, Tainan city
Procedia PDF Downloads 4511499 Visualisation in Health Communication: Taking Weibo Interaction in COVD19 as the Example
Authors: Zicheng Zhang, Linli Zhang
Abstract:
As China's biggest social media platform, Weibo has taken on essential health communication responsibilities during the pandemic. This research takes 105 posters in 15 health-related official Weibo accounts as the analysis objects to explore COVID19 health information communication and visualisation. First, the interaction between the audiences and Weibo, including forwarding, comments, and likes, is statistically analysed. The comments about the information design are extracted manually, and then the sentiment analysis is carried out to verdict audiences' views about the poster's design. The forwarding and comments are quantified as the attention index for a reference to the degree of likes. In addition, this study also designed an evaluation scale based on the standards of Health Literacy Resource by the Centers for Medicare& Medicaid Services (US). Then designers scored all selected posters one by one. Finally, combining the data of the two parts, concluded that: 1. To a certain extent, people think that the posters do not deliver substantive and practical information; 2. Non-knowledge posters(i.e., cartoon posters) gained more Forwarding and Likes, such as Go, Wuhan poster; 3. The analysis of COVID posters is still mainly picture-oriented, mainly about encouraging people to overcome difficulties; 4. Posters for pandemic prevention usually contain more text and fewer illustrations and do not clearly show cultural differences. In conclusion, health communication usually involves a lot of professional knowledge, so visualising that knowledge in an accessible way for the general public is challenging. The relevant posters still have the problems of lack of effective communication, superficial design, and insufficient content accessibility.Keywords: weibo, visualisation, covid posters, poster design
Procedia PDF Downloads 1281498 Improving the Employee Transfer Experience within an Organization
Authors: Drew Fockler
Abstract:
This research examines how to improve an employee’s experience when transferring between departments within an organization. This research includes a historical review of a Canadian retail organization. Based on this historical review, gaps are identified between current and future visions to show where problems with existing training and development practices need to be resolved to reduce front-line employee turnover within an organization. The strategies within this paper support leaders through the LEAD: Listen, Explore, Act and Develop, Change Management Model. The LEAD Change Management Model supports the change process. This research proposes three possible solutions to improve an employee who is transferring between departments. The best solution to resolve the problem of improving an employee moving between departments experience is creating a Training Manager position within the retail store. A Training Manager position could support both employees and leadership with training and development of staff who are moving between departments. Within this research, an implementation plan using the TransX Model was created. The TransX Model is a hybrid of Leader-Member Exchange Theory and Transformational Leadership Theory to facilitate this organizational change within an organization by creating a common vision. Finally, this research provides the next steps as well as future considerations to enhance the training manager role within an organization.Keywords: employee transfers, employee engagement, human resources, employee induction, TransX model, lead change management model
Procedia PDF Downloads 771497 Air Handling Units Power Consumption Using Generalized Additive Model for Anomaly Detection: A Case Study in a Singapore Campus
Authors: Ju Peng Poh, Jun Yu Charles Lee, Jonathan Chew Hoe Khoo
Abstract:
The emergence of digital twin technology, a digital replica of physical world, has improved the real-time access to data from sensors about the performance of buildings. This digital transformation has opened up many opportunities to improve the management of the building by using the data collected to help monitor consumption patterns and energy leakages. One example is the integration of predictive models for anomaly detection. In this paper, we use the GAM (Generalised Additive Model) for the anomaly detection of Air Handling Units (AHU) power consumption pattern. There is ample research work on the use of GAM for the prediction of power consumption at the office building and nation-wide level. However, there is limited illustration of its anomaly detection capabilities, prescriptive analytics case study, and its integration with the latest development of digital twin technology. In this paper, we applied the general GAM modelling framework on the historical data of the AHU power consumption and cooling load of the building between Jan 2018 to Aug 2019 from an education campus in Singapore to train prediction models that, in turn, yield predicted values and ranges. The historical data are seamlessly extracted from the digital twin for modelling purposes. We enhanced the utility of the GAM model by using it to power a real-time anomaly detection system based on the forward predicted ranges. The magnitude of deviation from the upper and lower bounds of the uncertainty intervals is used to inform and identify anomalous data points, all based on historical data, without explicit intervention from domain experts. Notwithstanding, the domain expert fits in through an optional feedback loop through which iterative data cleansing is performed. After an anomalously high or low level of power consumption detected, a set of rule-based conditions are evaluated in real-time to help determine the next course of action for the facilities manager. The performance of GAM is then compared with other approaches to evaluate its effectiveness. Lastly, we discuss the successfully deployment of this approach for the detection of anomalous power consumption pattern and illustrated with real-world use cases.Keywords: anomaly detection, digital twin, generalised additive model, GAM, power consumption, supervised learning
Procedia PDF Downloads 1541496 A Socio-Cultural Approach to Implementing Inclusive Education in South Africa
Authors: Louis Botha
Abstract:
Since the presentation of South Africa’s inclusive education strategy in Education White Paper 6 in 2001, very little has been accomplished in terms of its implementation. The failure to achieve the goals set by this policy document is related to teachers lacking confidence and knowledge about how to enact inclusive education, as well as challenges of inflexible curricula, limited resources in overcrowded classrooms, and so forth. This paper presents a socio-cultural approach to addressing these challenges of implementing inclusive education in the South African context. It takes its departure from the view that inclusive education has been adequately theorized and conceptualized in terms of its philosophical and ethical principles, especially in South African policy and debates. What is missing, however, are carefully theorized, practically implementable research interventions which can address the concerns mentioned above. Drawing on socio-cultural principles of learning and development and on cultural-historical activity theory (CHAT) in particular, this paper argues for the use of formative interventions which introduce appropriately constructed mediational artifacts that have the potential to initiate inclusive practices and pedagogies within South African schools and classrooms. It makes use of Vygotsky’s concept of double stimulation to show how the proposed artifacts could instigate forms of transformative agency which promote the adoption of inclusive cultures of learning and teaching.Keywords: cultural-historical activity theory, double stimulation, formative interventions, transformative agency
Procedia PDF Downloads 2331495 Revival of Old Silk Route and New Maritime Route: An Opportunity for India or Hidden Geopolitics of China
Authors: Geetanjali Sharma
Abstract:
There are always provincial variations which deserve more detailed treatment. Before the arrival of modern era, geography and cultural homogeneity were determining factors of human habitat and migration. Boundaries as if we see them, did not exist earlier. The connectivity of the world was also different as of now. The reinforcement of the old silk route will improve economic cooperation and connectivity between Asian, European and African countries, but obviously, it is designed to improve China’s geopolitical and geostrategic position in the world. The paper is based on the secondary sources of data. Analytical and historical approach has been used to clarify the ties between the old silk routes and new One-Belt-One-Road initiative China. The paper begins with an explanation of the historical background of the old Silk Route, its origin and development, trailed by an analysis of latest declarations by the Chinese leaders to revive it. It also discusses the impacts of this initiative on India’s economy and cultural exchange between associated regions. Lastly, the paper sums up the findings and suggestions for keeping a balance between the security and economic relationship between the countries. It concludes that the silk route is an effort in commencing a ‘grand strategy’ for global trade and cooperation with hidden objectives of China to increase the investment of China in other continents as well. The revival of silk route may prove to be a very helpful in reinforcing cooperation and raising it to a new level of economic establishments. However, China has yet to promote the much-needed political and strategic trust.Keywords: OBOR (One-Belt-One-Road), geopolitics, economic relation, security concerns
Procedia PDF Downloads 2871494 The Applicability of General Catholic Canon Law during the Ongoing Migration Crisis in Hungary
Authors: Lorand Ujhazi
Abstract:
The vast majority of existing canonical studies about migration are focused on examining the general pastoral and legal regulations of the Catholic Church. The weakness of this approach is that it ignores a number of important factors; like the financial, legal and personal circumstances of a particular church or the canonical position of certain organizations which actually look after the immigrants. This paper is a case study, which analyses the current and historical migration related policies and activities of the Catholic Church in Hungary. To achieve this goal the study uses canon law, historical publications, various instructions and communications issued by church superiors, Hungarian and foreign media reports and the relevant Hungarian legislation. The paper first examines how the Hungarian Catholic Church assisted migrants like Armenians fleeing from the Ottoman Empire, Poles escaping during the Second World War, East German and Romanian citizens in the 1980s and refugees from the former Yugoslavia in the 1990s. These events underline the importance of past historical experience in the development of contemporary pastoral and humanitarian policy of the Catholic Church in Hungary. Then the paper turns to the events of the ongoing crisis by describing the unique challenges faced by churches in transit countries like Hungary. Then the research contrasts these findings with the typical responsibilities of churches in countries which are popular destinations for immigrants. The next part of the case study focuses on the changes to the pre-crisis legal and canonical framework which influenced the actions of hierarchical and charity organizations in Hungary. Afterwards, the paper illustrates the dangers of operating in an unclear legal environment, where some charitable activities of the church like a fundraising campaign may be interpreted as a national security risk by state authorities. Then the paper presents the reactions of Hungarian academics to the current migration crisis and finally it offers some proposals how to improve parts of Canon Law which govern immigration. The conclusion of the paper is that during the formulation of the central refugee policy of the Catholic Church decision makers must take into consideration the peculiar circumstances of its particular churches. This approach may prevent disharmony between the existing central regulations, the policy of the Vatican and the operations of the local church organizations.Keywords: canon law, Catholic Church, civil law, Hungary, immigration, national security
Procedia PDF Downloads 3081493 Memorabilia of Suan Sunandha through Interactive User Interface
Authors: Nalinee Sophatsathit
Abstract:
The objectives of memorabilia of Suan Sunandha are to develop a general knowledge presentation about the historical royal garden through interactive graphic simulation technique and to employ high-functionality context in enhancing interactive user navigation. The approach infers non-intrusive display of relevant history in response to situational context. User’s navigation runs through the virtual reality campus, consisting of new and restored buildings. A flash back presentation of information pertaining to the history in the form of photos, paintings, and textual descriptions are displayed along each passing-by building. To keep the presentation lively, graphical simulation is created in a serendipity game play so that the user can both learn and enjoy the educational tour. The benefits of this human-computer interaction development are two folds. First, lively presentation technique and situational context modeling are developed that entail a usable paradigm of knowledge and information presentation combinations. Second, cost effective training and promotion for both internal personnel and public visitors to learn and keep informed of this historical royal garden can be furnished without the need for a dedicated public relations service. Future improvement on graphic simulation and ability based display can extend this work to be more realistic, user-friendly, and informative for all.Keywords: interactive user navigation, high-functionality context, situational context, human-computer interaction
Procedia PDF Downloads 3571492 The Diary of Dracula, by Marin Mincu: Inquiries into a Romanian 'Book of Wisdom' as a Fictional Counterpart for Corpus Hermeticum
Authors: Lucian Vasile Bagiu, Paraschiva Bagiu
Abstract:
The novel written in Italian and published in Italy in 1992 by the Romanian scholar Marin Mincu is meant for the foreign reader, aiming apparently at a better knowledge of the historical character of Vlad the Empalor (Vlad Dracul), within the European cultural, political and historical context of 1463. Throughout the very well written tome, one comes to realize that one of the underlining levels of the fiction is the exposing of various fundamental features of the Romanian culture and civilization. The author of the diary, Dracula, makes mention of Corpus Hermeticum no less than fifteen times, suggesting his own diary is some sort of a philosophical counterpart. The essay focuses on several ‘truths’ and ‘wisdom’ revealed in the fictional teachings of Dracula. The boycott of History by the Romanians is identified as an echo of the philosophical approach of the famous Romanian scholar and writer Lucian Blaga. The orality of the Romanian culture is a landmark opposed to written culture of the Western Europe. The religion of the ancient Dacian God Zalmoxis is seen as the basis for the Romanian existential and/or metaphysical ethnic philosophy (a feature tackled by the famous Romanian historian of religion Mircea Eliade), with a suggestion that Hermes Trismegistus may have written his Corpus Hermeticum being influenced by Zalmoxis. The historical figure of the last Dacian king Decebalus (death 106 AD) is a good pretext for a tantalizing Indo-European suggestion that the prehistoric Thraco-Dacian people may have been the ancestors of the first Romans settled in Latium. The lost diary of the Emperor Trajan The Bello Dacico may have proved that the unknown language of the Dacians was very much alike Latin language (a secret well hidden by the Vatican). The attitude towards death of the Dacians, as described by Herodotus, may have later inspired Pitagora, Socrates, the Eleusinian and Orphic Mysteries, etc. All of these within the Humanistic and Renascentist European context of the epoch, Dracula having a close relationship with scholars such as Nicolaus Cusanus, Cosimo de Medici, Marsilio Ficino, Pope Pius II, etc. Thus The Diary of Dracula turns out as exciting and stupefying as Corpus Hermeticum, a book impossible to assimilate entirely, yet a reference not wise to be ignored.Keywords: Corpus Hermeticum, Dacians, Dracula, Zalmoxis
Procedia PDF Downloads 1591491 Regulating the Ottomans on Turkish Television and the Making of Good Citizens
Authors: Chien Yang Erdem
Abstract:
This paper takes up the proliferating historical dramas and children’s programs featuring the Ottoman-Islamic legacy on Turkish television as a locus where the processes of subjectification take place. A critical analysis of this emergent cultural phenomenon reveals an alliance of neoliberal and neoconservative political rationalities based on which the Turkish media is restructured to transform society. The existing debates have focused on how the Ottoman historical dramas manifest the Justice and Development Party’s (Adalet ve Kalkınma Partisi) neo-Ottomanist ideology and foreign policy. However, this approach tends to overlook the more complex relationship between the media, government, and society. Employing Michel Foucault’s notion of 'technologies of the self,' this paper aims to examine the governing practices that are deployed to regulate the media and to transform individual citizens into governable subjects in contemporary Turkey. First, through a brief discussion of recent development of the Turkish media towards an authoritarian model, the paper suggests that the relation between the Ottoman television drama and the political subject in question cannot be adequately examined without taking into account the force of the market. Second, by focusing on the managerial restructuring of the Turkish Television and Radio Corporation (Türkiye Radyo ve Televizyon Kurumu), the paper aims to illustrate the rationale and process through which the Turkish media sector is transformed into an integral part of the free market where the government becomes a key actor. The paper contends that this new sphere of free market is organized in a way that enables direct interference of the government and divides media practitioners and consumers into opposing categories through their own participation in the media market. On the one hand, a 'free subject' is constituted based on the premise that the market is a sphere where individuals are obliged to exercise their right to freedom (of choice, lifestyle, and expression). On the other hand, this 'free subject' is increasingly subjugated to such disciplinary practices as censorship for being on the wrong side of the government. Finally, the paper examines the relation between the restructured Turkish media market and the proliferation of Ottoman television drama in the 2010s. The study maintains that the reorganization of the media market has produced a condition where private sector is encouraged to take an active role in reviving Turkey’s Ottoman-Islamic cultural heritage and promulgating moral-religious values. Paying specific attention to the controversial case of Magnificent Century (Muhteşem Yüzyıl) in contrast with TRT’s Ottoman historical drama and children’s programs, the paper aims to identify the ways in which individual citizens are directed to conduct themselves as a virtuous citizenry. It is through the double movement between the governing practices associated with the media market and those concerning the making of a 'conservative generation' that a subject of citizenry of new Turkey is constituted.Keywords: neoconservatism, neoliberalism, ottoman historical drama, technologies of the self, Turkish television
Procedia PDF Downloads 1421490 Life Stage Customer Segmentation by Fine-Tuning Large Language Models
Authors: Nikita Katyal, Shaurya Uppal
Abstract:
This paper tackles the significant challenge of accurately classifying customers within a retailer’s customer base. Accurate classification is essential for developing targeted marketing strategies that effectively engage this important demographic. To address this issue, we propose a method that utilizes Large Language Models (LLMs). By employing LLMs, we analyze the metadata associated with product purchases derived from historical data to identify key product categories that act as distinguishing factors. These categories, such as baby food, eldercare products, or family-sized packages, offer valuable insights into the likely household composition of customers, including families with babies, families with kids/teenagers, families with pets, households caring for elders, or mixed households. We segment high-confidence customers into distinct categories by integrating historical purchase behavior with LLM-powered product classification. This paper asserts that life stage segmentation can significantly enhance e-commerce businesses’ ability to target the appropriate customers with tailored products and campaigns, thereby augmenting sales and improving customer retention. Additionally, the paper details the data sources, model architecture, and evaluation metrics employed for the segmentation task.Keywords: LLMs, segmentation, product tags, fine-tuning, target segments, marketing communication
Procedia PDF Downloads 231489 On the Relationship between the Concepts of "[New] Social Democracy" and "Democratic Socialism"
Authors: Gintaras Mitrulevičius
Abstract:
This text, which is based on the conference report, seeks to briefly examine the relationship between the concepts of social democracy and democratic socialism, drawing attention to the essential aspects of its development and, in particular, discussing the contradictions in the relationship between these concepts in the modern period. In the preparation of this text, such research methods as historical, historical-comparative methods were used, as well as methods of analyzing, synthesizing, and generalizing texts. The history of the use of terms in social democracy and democratic socialism shows that these terms were used alternately and almost synonymously. At the end of the 20th century, traditional social democracy was transformed into the so-called "new social democracy." Many of the new social democrats do not consider themselves democratic socialists and avoid the historically characteristic identification of social democracy with democratic socialism. It has become quite popular to believe that social democracy is a separate ideology from democratic socialism. Or that it has become a variant of the ideology of liberalism. This is a testimony to the crisis of ideological self-awareness of social democracy. Since the beginning of the 21st century, social democracy has also experienced a growing crisis of electoral support. This, among other things, led to her slight shift to the left. In this context, some social democrats are once again talking about democratic socialism. The rise of the ideas of democratic socialism in the United States was catalyzed by Bernie Sanders. But the proponents of democratic socialism in the United States have different concepts of democratic socialism. In modern Europe, democratic socialism is also spoken of by leftists of non-social democratic origin, whose understanding is different from that of democratic socialism inherent in classical social democracy. Some political scientists also single out the concepts in question. Analysis of the problem shows that there are currently several concepts of democratic socialism on the spectrum of the political left, both social-democratic and non-social-democratic.Keywords: democratic socializm, socializm, social democracy, new social democracy, political ideologies
Procedia PDF Downloads 1131488 Integrated Coastal Management for the Sustainable Development of Coastal Cities: The Case of El-Mina, Tripoli, Lebanon
Authors: G. Ghamrawi, Y. Abunnasr, M. Fawaz, S. Yazigi
Abstract:
Coastal cities are constantly exposed to environmental degradation and economic regression fueled by rapid and uncontrolled urban growth as well as continuous resource depletion. This is the case of the City of Mina in Tripoli (Lebanon), where lack of awareness to preserve social, ecological, and historical assets, coupled with the increasing development pressures, are threatening the socioeconomic status of the city residents, the quality of life and accessibility to the coast. To address these challenges, a holistic coastal urban design and planning approach was developed to analyze the environmental, political, legal, and socioeconomic context of the city. This approach aims to investigate the potential of balancing urban development with the protection and enhancement of cultural, ecological, and environmental assets under an integrated coastal zone management approach (ICZM). The analysis of Mina's different sectors adopted several tools that include direct field observation, interviews with stakeholders, analysis of available data, historical maps, and previously proposed projects. The findings from the analysis were mapped and graphically represented, allowing the recognition of character zones that become the design intervention units. Consequently, the thesis proposes an urban, city-scale intervention that identifies 6 different character zones (the historical fishing port, Abdul Wahab island, the abandoned Port Said, Hammam el Makloub, the sand beach, and the new developable area) and proposes context-specific design interventions that capitalize on the main characteristics of each zone. Moreover, the intervention builds on the institutional framework of ICZM as well as other studies previously conducted for the coast and adopts nature-based solutions with hybrid systems for providing better environmental design solutions for developing the coast. This enables the realization of an all-inclusive, well-connected shoreline with easy and free access towards the sea; a developed shoreline with an active local economy, and an improved urban environment.Keywords: blue green infrastructure, coastal cities, hybrid solutions, integrated coastal zone management, sustainable development, urban planning
Procedia PDF Downloads 1561487 Assessment of the Remains in Historic Urban Area Based on Spatial Prototype: Case Study on Jingmen City, China
Authors: Guangtong Xu, Yi He
Abstract:
Like most historic and cultural cities in China, the historic urban area of Jingmen city is facing a typical spatial problem of fragmentation and fuzzification. This study focuses on exploring a method for evaluating the existing values of historic urban area based on spatial prototype, a concept introduced into urban morphology from 'Archetype' in architectural typology. As the spatial elements and built-up relationship of historic city, spatial prototype has habitual structural characteristics and formal modulus. It is the inherent logic and order rules behind the scattered historic environment, providing a clue to understand the spatial characteristics and a basis for guiding the construction and conservation in historic urban areas. Three criteria, the resolution of historical elements, the completeness of historical structure and the renewal potential of associated land, were selected to construct the integrated assessment system. These three dimensions are linked to the spatial prototype and its constituent elements, as well as the transformation relationship in ancient and present day. The results showed that historic urban areas have changed from a holistic city to different existing types dominated by their historic structure elements. It is necessary to improve the pertinence of planning strategies and develop diversified management measures in the conservation scope of historic urban area. Moreover, a constructive-conservation strategy should be put forward to enhance the integrity of historic urban area based on the trace of spatial prototype and evaluation results.Keywords: constructive conservation, existing value, historic urban area, spatial prototype
Procedia PDF Downloads 1691486 Loss Quantification Archaeological Sites in Watershed Due to the Use and Occupation of Land
Authors: Elissandro Voigt Beier, Cristiano Poleto
Abstract:
The main objective of the research is to assess the loss through the quantification of material culture (archaeological fragments) in rural areas, sites explored economically by machining on seasonal crops, and also permanent, in a hydrographic subsystem Camaquã River in the state of Rio Grande do Sul, Brazil. The study area consists of different micro basins and differs in area, ranging between 1,000 m² and 10,000 m², respectively the largest and the smallest, all with a large number of occurrences and outcrop locations of archaeological material and high density in intense farm environment. In the first stage of the research aimed to identify the dispersion of points of archaeological material through field survey through plot points by the Global Positioning System (GPS), within each river basin, was made use of concise bibliography on the topic in the region, helping theoretically in understanding the old landscaping with preferences of occupation for reasons of ancient historical people through the settlements relating to the practice observed in the field. The mapping was followed by the cartographic development in the region through the development of cartographic products of the land elevation, consequently were created cartographic products were to contribute to the understanding of the distribution of the absolute materials; the definition and scope of the material dispersed; and as a result of human activities the development of revolving letter by mechanization of in situ material, it was also necessary for the preparation of materials found density maps, linking natural environments conducive to ancient historical occupation with the current human occupation. The third stage of the project it is for the systematic collection of archaeological material without alteration or interference in the subsurface of the indigenous settlements, thus, the material was prepared and treated in the laboratory to remove soil excesses, cleaning through previous communication methodology, measurement and quantification. Approximately 15,000 were identified archaeological fragments belonging to different periods of ancient history of the region, all collected outside of its environmental and historical context and it also has quite changed and modified. The material was identified and cataloged considering features such as object weight, size, type of material (lithic, ceramic, bone, Historical porcelain and their true association with the ancient history) and it was disregarded its principles as individual lithology of the object and functionality same. As observed preliminary results, we can point out the change of materials by heavy mechanization and consequent soil disturbance processes, and these processes generate loading of archaeological materials. Therefore, as a next step will be sought, an estimate of potential losses through a mathematical model. It is expected by this process, to reach a reliable model of high accuracy which can be applied to an archeological site of lower density without encountering a significant error.Keywords: degradation of heritage, quantification in archaeology, watershed, use and occupation of land
Procedia PDF Downloads 2771485 Value Relevance of Good Governance: A Study on Listed Companies in the UK
Authors: Ashiqul Amin Khan, Mohsin Ul Amin Khan
Abstract:
The aim of this research is to find the relationship between good governance and shareholder wealth maximisation. The concept of good governance has become more objective in nature over time through various regulations, professionalisation, and practices. This has led to a number of methods for scoring and ranking corporate governance practices. Since shareholder wealth maximisation remains the key corporate goal for managers and governors alike, the effect of good governance in increasing the value of corporations is commented to be an important aspect. In measuring the value relevance of good governance, statistical measures of various yields of listed companies in the UK have been used in this research. Yields reflect required returns on investments from different investment tenets. Historical yields, calculated using historical fundamental data of such companies, reflect expected yields to a great extent. These yields, in turn, reflect the expected risk premium and growth associated with the stocks of the companies. Using fundamental data, the yields have been adjusted to reflect the risk premium required by the investors along various value paradigms. Good governance should naturally lead to lower required risk premium since good corporate governance provided assurance to the investors in terms of sustainability of future performance and desired financial conduct. This, in turn, increases the wealth of stockholders. The findings of this research confirm such nature of the relationship between good governance and value of the company in the long run.Keywords: corporate governance, good governance practices, short-termism, shareholder value relevance, wealth maximisation, yield
Procedia PDF Downloads 3651484 Translation as a Cultural Medium: Understanding the Mauritian Culture and History through an English Translation
Authors: Pooja Booluck
Abstract:
This project seeks to translate a chapter in Le Silence des Chagos by Shenaz Patel a Mauritian author whose work has never been translated before. The chapter discusses the attempt of the protagonist to return to her home country Diego Garcia after her deportation. The English translation will offer an historical account to the target audience of the deportation of Chagossians to Mauritius during the 1970s. The target audience comprises of English-speaking translation scholars translation students and African literature scholars. In light of making the cultural elements of Mauritian culture accessible the translation will maintain the cultural items such as food and oral discourses in Creole so as to preserve the authenticity of the source culture. In order to better comprehend the cultural elements mentioned the target reader will be provided with detailed footnotes explaining the cultural and historical references. This translation will also address the importance of folkloric songs in Mauritius and its intergenerational function in Mauritian communities which will also remain in Creole. While such an approach will help to preserve the meaning of the source text the borrowing technique and the foreignizing method will be employed which will in turn help the reader in becoming more familiar with the Mauritian community. Translating a text from French to English while maintaining certain words or discourses in a minority language such as Creole bears certain challenges: How does the translator ensure the comprehensibility of the reader? Are there any translation losses? What are the choices of the translator?Keywords: Chagos archipelagos in Exile, English translation, Le Silence des Chagos, Mauritian culture and history
Procedia PDF Downloads 3171483 A Data Driven Methodological Approach to Economic Pre-Evaluation of Reuse Projects of Ancient Urban Centers
Authors: Pietro D'Ambrosio, Roberta D'Ambrosio
Abstract:
The upgrading of the architectural and urban heritage of the urban historic centers almost always involves the planning for the reuse and refunctionalization of the structures. Such interventions have complexities linked to the need to take into account the urban and social context in which the structure and its intrinsic characteristics such as historical and artistic value are inserted. To these, of course, we have to add the need to make a preliminary estimate of recovery costs and more generally to assess the economic and financial sustainability of the whole project of re-socialization. Particular difficulties are encountered during the pre-assessment of costs since it is often impossible to perform analytical surveys and structural tests for both structural conditions and obvious cost and time constraints. The methodology proposed in this work, based on a multidisciplinary and data-driven approach, is aimed at obtaining, at very low cost, reasonably priced economic evaluations of the interventions to be carried out. In addition, the specific features of the approach used, derived from the predictive analysis techniques typically applied in complex IT domains (big data analytics), allow to obtain as a result indirectly the evaluation process of a shared database that can be used on a generalized basis to estimate such other projects. This makes the methodology particularly indicated in those cases where it is expected to intervene massively across entire areas of historical city centers. The methodology has been partially tested during a study aimed at assessing the feasibility of a project for the reuse of the monumental complex of San Massimo, located in the historic center of Salerno, and is being further investigated.Keywords: evaluation, methodology, restoration, reuse
Procedia PDF Downloads 1871482 Flood Risk Assessment for Agricultural Production in a Tropical River Delta Considering Climate Change
Authors: Chandranath Chatterjee, Amina Khatun, Bhabagrahi Sahoo
Abstract:
With the changing climate, precipitation events are intensified in the tropical river basins. Since these river basins are significantly influenced by the monsoonal rainfall pattern, critical impacts are observed on the agricultural practices in the downstream river reaches. This study analyses the crop damage and associated flood risk in terms of net benefit in the paddy-dominated tropical Indian delta of the Mahanadi River. The Mahanadi River basin lies in eastern part of the Indian sub-continent and is greatly affected by the southwest monsoon rainfall extending from the month of June to September. This river delta is highly flood-prone and has suffered from recurring high floods, especially after the 2000s. In this study, the lumped conceptual model, Nedbør Afstrømnings Model (NAM) from the suite of MIKE models, is used for rainfall-runoff modeling. The NAM model is laterally integrated with the MIKE11-Hydrodynamic (HD) model to route the runoffs up to the head of the delta region. To obtain the precipitation-derived future projected discharges at the head of the delta, nine Global Climate Models (GCMs), namely, BCC-CSM1.1(m), GFDL-CM3, GFDL-ESM2G, HadGEM2-AO, IPSL-CM5A-LR, IPSL-CM5A-MR, MIROC5, MIROC-ESM-CHEM and NorESM1-M, available in the Coupled Model Intercomparison Project-Phase 5 (CMIP5) archive are considered. These nine GCMs are previously found to best-capture the Indian Summer Monsoon rainfall. Based on the performance of the nine GCMs in reproducing the historical discharge pattern, three GCMs (HadGEM2-AO, IPSL-CM5A-MR and MIROC-ESM-CHEM) are selected. A higher Taylor Skill Score is considered as the GCM selection criteria. Thereafter, the 10-year return period design flood is estimated using L-moments based flood frequency analysis for the historical and three future projected periods (2010-2039, 2040-2069 and 2070-2099) under Representative Concentration Pathways (RCP) 4.5 and 8.5. A non-dimensional hydrograph analysis is performed to obtain the hydrographs for the historical/projected 10-year return period design floods. These hydrographs are forced into the calibrated and validated coupled 1D-2D hydrodynamic model, MIKE FLOOD, to simulate the flood inundation in the delta region. Historical and projected flood risk is defined based on the information about the flood inundation simulated by the MIKE FLOOD model and the inundation depth-damage-duration relationship of a normal rice variety cultivated in the river delta. In general, flood risk is expected to increase in all the future projected time periods as compared to the historical episode. Further, in comparison to the 2010s (2010-2039), an increased flood risk in the 2040s (2040-2069) is shown by all the three selected GCMs. However, the flood risk then declines in the 2070s as we move towards the end of the century (2070-2099). The methodology adopted herein for flood risk assessment is one of its kind and may be implemented in any world-river basin. The results obtained from this study can help in future flood preparedness by implementing suitable flood adaptation strategies.Keywords: flood frequency analysis, flood risk, global climate models (GCMs), paddy cultivation
Procedia PDF Downloads 751481 Inspiring Woman: The Emotional Intelligence Leadership of Khadijah Bint Khuwaylid
Authors: Eman S. Soliman, Sana Hawamdeh, Najmus S. Mahfooz
Abstract:
Purpose: The purpose of this paper was to examine various components of applied emotional intelligence as demonstrated in the leadership style of Khadijah Bint Khuwaylid in pre and post-Islamic society. Methodology: The research used a qualitative research method, specifically historical and ethnographic techniques. Data collection included both primary and secondary sources. Data from sources were analyzed to document the use of emotional intelligent leadership behaviors throughout Khadijah Bint Khuwaylid leadership experience from 596 A.D. to 621 A.D. Findings: Demonstration of four cornerstones of emotional intelligence which are self-awareness, self-management, social awareness and relationship management. Apply them on khadejah Bint Khuwaylid leadership style reveal that she possess main behavioral competences in the form of emotionally self-aware, self-.confidence, adaptability, empathy and influence. Conclusions: Khadijah Bint Khuwaylid serves as a historical model of effective leadership that included the use of emotional intelligence in her leadership behavior. The inclusion of the effective portion of the brain created a successful leadership style that can be learned by present day and future leadership. The recommendations for future leaders are to include the use of emotionally self-aware and self-confidence, adaptability, empathy and influence as components of leadership. This will then demonstrate in a leadership a basic knowledge and understanding of feelings, the keenness to be emotionally open with others, the ability to prototype beliefs and values, and the use of emotions in future communications, vision and progress.Keywords: emotional intelligence, leadership, Khadijah Bint Khuwaylid, women
Procedia PDF Downloads 2761480 Preliminary Studies of Transient Stability for the 380 kV Connection West-Central of Saudi Electricity Company
Authors: S. Raja Mohamed, M. H Shwehdi, D. Devaraj
Abstract:
This paper is to present and discuss the new planned 380 kV transmission line performance under steady and transient states. Dynamic modeling and analysis of such inter-tie, which is, proposed to transfer energy from west to south and vice versa will be demonstrated and discussed. The west-central-south inter-tie links Al-Aula-Zaba-Tabuk-Tubajal-Jawf-Hail. It is essential to investigate the transient over-voltage to assure steady and stable transmission over such inter-tie. Saudi Electricity Company (SEC) has been improving its grid to make the whole country as an interconnected system. Already east, central and west were interconnected, yet mostly each is fed with its local generation. The SEC is planning to establish many inter-ties to strengthen the transient stability of its grid. The paper studies one of the important links of 380 kV, 220 km between Tabouk and Tubarjal, which is a step towards connecting the West with the South region. Modeling and analysis using some softwares will be utilized under different scenarios. Adoption of methods to stabilize and increase its power transmission are also discussed. Improvement of power system transients has been controlled by FACTS elements such the Static Var Compensators (SVC) receiving a wide interest since many technical studies have proven their effects on damping system oscillations and stability enhancement. Illustrations of the transient at each main generating or load bus will be checked in all inter-tie links. A brief review of possible means to solve the transient over-voltage problem using different FACTS element modeling will be discussed.Keywords: transient stability, static var compensator, central-west interconnected system, damping controller, Saudi Electricity Company
Procedia PDF Downloads 6091479 Variables, Annotation, and Metadata Schemas for Early Modern Greek
Authors: Eleni Karantzola, Athanasios Karasimos, Vasiliki Makri, Ioanna Skouvara
Abstract:
Historical linguistics unveils the historical depth of languages and traces variation and change by analyzing linguistic variables over time. This field of linguistics usually deals with a closed data set that can only be expanded by the (re)discovery of previously unknown manuscripts or editions. In some cases, it is possible to use (almost) the entire closed corpus of a language for research, as is the case with the Thesaurus Linguae Graecae digital library for Ancient Greek, which contains most of the extant ancient Greek literature. However, concerning ‘dynamic’ periods when the production and circulation of texts in printed as well as manuscript form have not been fully mapped, representative samples and corpora of texts are needed. Such material and tools are utterly lacking for Early Modern Greek (16th-18th c.). In this study, the principles of the creation of EMoGReC, a pilot representative corpus of Early Modern Greek (16th-18th c.) are presented. Its design follows the fundamental principles of historical corpora. The selection of texts aims to create a representative and balanced corpus that gives insight into diachronic, diatopic and diaphasic variation. The pilot sample includes data derived from fully machine-readable vernacular texts, which belong to 4-5 different textual genres and come from different geographical areas. We develop a hierarchical linguistic annotation scheme, further customized to fit the characteristics of our text corpus. Regarding variables and their variants, we use as a point of departure the bundle of twenty-four features (or categories of features) for prose demotic texts of the 16th c. Tags are introduced bearing the variants [+old/archaic] or [+novel/vernacular]. On the other hand, further phenomena that are underway (cf. The Cambridge Grammar of Medieval and Early Modern Greek) are selected for tagging. The annotated texts are enriched with metalinguistic and sociolinguistic metadata to provide a testbed for the development of the first comprehensive set of tools for the Greek language of that period. Based on a relational management system with interconnection of data, annotations, and their metadata, the EMoGReC database aspires to join a state-of-the-art technological ecosystem for the research of observed language variation and change using advanced computational approaches.Keywords: early modern Greek, variation and change, representative corpus, diachronic variables.
Procedia PDF Downloads 671478 A Study for Area-level Mosquito Abundance Prediction by Using Supervised Machine Learning Point-level Predictor
Authors: Theoktisti Makridou, Konstantinos Tsaprailis, George Arvanitakis, Charalampos Kontoes
Abstract:
In the literature, the data-driven approaches for mosquito abundance prediction relaying on supervised machine learning models that get trained with historical in-situ measurements. The counterpart of this approach is once the model gets trained on pointlevel (specific x,y coordinates) measurements, the predictions of the model refer again to point-level. These point-level predictions reduce the applicability of those solutions once a lot of early warning and mitigation actions applications need predictions for an area level, such as a municipality, village, etc... In this study, we apply a data-driven predictive model, which relies on public-open satellite Earth Observation and geospatial data and gets trained with historical point-level in-Situ measurements of mosquito abundance. Then we propose a methodology to extract information from a point-level predictive model to a broader area-level prediction. Our methodology relies on the randomly spatial sampling of the area of interest (similar to the Poisson hardcore process), obtaining the EO and geomorphological information for each sample, doing the point-wise prediction for each sample, and aggregating the predictions to represent the average mosquito abundance of the area. We quantify the performance of the transformation from the pointlevel to the area-level predictions, and we analyze it in order to understand which parameters have a positive or negative impact on it. The goal of this study is to propose a methodology that predicts the mosquito abundance of a given area by relying on point-level prediction and to provide qualitative insights regarding the expected performance of the area-level prediction. We applied our methodology to historical data (of Culex pipiens) of two areas of interest (Veneto region of Italy and Central Macedonia of Greece). In both cases, the results were consistent. The mean mosquito abundance of a given area can be estimated with similar accuracy to the point-level predictor, sometimes even better. The density of the samples that we use to represent one area has a positive effect on the performance in contrast to the actual number of sampling points which is not informative at all regarding the performance without the size of the area. Additionally, we saw that the distance between the sampling points and the real in-situ measurements that were used for training did not strongly affect the performance.Keywords: mosquito abundance, supervised machine learning, culex pipiens, spatial sampling, west nile virus, earth observation data
Procedia PDF Downloads 1481477 Market Solvency Capital Requirement Minimization: How Non-linear Solvers Provide Portfolios Complying with Solvency II Regulation
Authors: Abraham Castellanos, Christophe Durville, Sophie Echenim
Abstract:
In this article, a portfolio optimization problem is performed in a Solvency II context: it illustrates how advanced optimization techniques can help to tackle complex operational pain points around the monitoring, control, and stability of Solvency Capital Requirement (SCR). The market SCR of a portfolio is calculated as a combination of SCR sub-modules. These sub-modules are the results of stress-tests on interest rate, equity, property, credit and FX factors, as well as concentration on counter-parties. The market SCR is non convex and non differentiable, which does not make it a natural optimization criteria candidate. In the SCR formulation, correlations between sub-modules are fixed, whereas risk-driven portfolio allocation is usually driven by the dynamics of the actual correlations. Implementing a portfolio construction approach that is efficient on both a regulatory and economic standpoint is not straightforward. Moreover, the challenge for insurance portfolio managers is not only to achieve a minimal SCR to reduce non-invested capital but also to ensure stability of the SCR. Some optimizations have already been performed in the literature, simplifying the standard formula into a quadratic function. But to our knowledge, it is the first time that the standard formula of the market SCR is used in an optimization problem. Two solvers are combined: a bundle algorithm for convex non- differentiable problems, and a BFGS (Broyden-Fletcher-Goldfarb- Shanno)-SQP (Sequential Quadratic Programming) algorithm, to cope with non-convex cases. A market SCR minimization is then performed with historical data. This approach results in significant reduction of the capital requirement, compared to a classical Markowitz approach based on the historical volatility. A comparative analysis of different optimization models (equi-risk-contribution portfolio, minimizing volatility portfolio and minimizing value-at-risk portfolio) is performed and the impact of these strategies on risk measures including market SCR and its sub-modules is evaluated. A lack of diversification of market SCR is observed, specially for equities. This was expected since the market SCR strongly penalizes this type of financial instrument. It was shown that this direct effect of the regulation can be attenuated by implementing constraints in the optimization process or minimizing the market SCR together with the historical volatility, proving the interest of having a portfolio construction approach that can incorporate such features. The present results are further explained by the Market SCR modelling.Keywords: financial risk, numerical optimization, portfolio management, solvency capital requirement
Procedia PDF Downloads 117