Search results for: monetary economics

Authors: Sung Ham, Chanho Song, Jiabin Wu

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Employees are commonly incentivized on both quantity and quality performance and much of the extant literature focuses on demonstrating that multitasking incentives lead to tradeoffs. Alternatively, we consider potential solutions to the tradeoff problem from both a theoretical and an experimental perspective. Across two field experiments from a call center, we find that tradeoffs can be mitigated when incentives are jointly enhanced across tasks, where previous research has suggested that incentives be reduced instead of enhanced. In addition, we also propose and test, in a laboratory setting, the implications of revising the metric used to assess quality. Our results indicate that metrics can be adjusted to align quality and quantity more efficiently. Thus, this alignment has the potential to thwart the classic tradeoff problem. Finally, we validate our findings with an economic experiment that verifies that effort is largely consistent with our theoretical predictions.

Keywords: incentives, multitasking, field experiment, experimental economics

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Authors: Jan Franciszek Jacko

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This investigation presents the principle of methodological rationality of decision making and discusses the impact of an organisation's members' methodologically rational or irrational decisions on its security. This study formulates and partially justifies some research hypotheses regarding the impact. The thinking experiment is used according to Max Weber's ideal types method. Two idealised situations("models") are compared: Model A, whereall decision-makers follow methodologically rational decision-making procedures. Model B, in which these agents follow methodologically irrational decision-making practices. Analysing and comparing the two models will allow the formulation of some research hypotheses regarding the impact of methodologically rational and irrational attitudes of members of an organisation on its security. In addition to the method, phenomenological analyses of rationality and irrationality are applied.

Keywords: methodological rationality, rational decisions, security of organisations, philosophy of economics

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Authors: Djehich Mohamed Yousri

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This research tries to highlight the different stages and developments of financial policy which has evolved significantly in its means and mechanism, goals as well, according to the successful developments of the society, in addition to that, the role of the country has been developed from custody to intervening country, that evolution does not impact only on financial science but it was reflected on financial system concepts, that helped fr transport it from neutral financial policy to intervening policy, since each stage was characterized by a set of characteristics, financial policy considers like reflective mirror to the role of state in all times, when the state has been absent as an organized authority to society, the role of financial policy was weakened and has been limited under the impact of ideology which exists at all time, financial role has was limited until the state intervened in all aspects of life, the state role is also influential in economic, social, and political life, this study highlighting the most important developments of financial policy under successful economic systems.

Keywords: public expenditure, government spending, taxes, revenues public, economics

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Authors: Kaori Narita, Juan de Dios Tena Horrillo, Claudio Detotto

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Decisions on replacement of leaders are of significance and high prevalence in any organization, and concerns many of its stakeholders, whether it is a leader in a political party or a CEO of a firm, as indicated by high media coverage of such events. This merits an investigation into the consequences and implications of a leadership change on the performances and behavior of organizations and their workers. Sport economics provides a fruitful field to explore these issues due to the high frequencies of managerial changes in professional sports clubs and the transparency and regularity of observations of team performance and players’ abilities. Much of the existing research on managerial change focuses on how this affects the performance of an organization. However, there is scarcely attention paid to the consequences of such events on the behavior of individuals within the organization. Changes in behavior and attitudes of a group of workers due to a managerial change could be of great interest in management science, psychology, and operational research. On the other hand, these changes cannot be observed in the final outcome of the organization, as this is affected by many other unobserved shocks, for example, the stress level of workers with the need to deal with a difficult situation. To fill this gap, this study shows the first attempt to evaluate the impact of managerial change on players’ behaviors such as attack intensity, aggressiveness, and efforts. The data used in this study is from the top tier Italian football league (“Serie A”), where an average of 13 within season replacements of head coaches were observed over the period of seasons from 2000/2001 to 2017/18. The preliminary estimation employs Pooled Ordinary Least Square (POLS) and club-season Fixed Effect (FE) in order to assess the marginal effect of having a new manager on the number of shots, corners and red/yellow cards after controlling for a home-field advantage, ex ante abilities and current positions in the league of a team and their opponent. The results from this preliminary estimation suggest that the teams do not show a significant difference in their behaviors before and after the managerial change. To build on these preliminary results, other methods, including propensity score matching and non-linear model estimates, will be used. Moreover, the study will further investigate these issues by considering other measurements of attack intensity, aggressiveness, and efforts, such as possessions, a number of fouls and the athletic performance of players, respectively. Finally, the study is going to investigate whether these results vary over the characteristics of a new head coach, for example, their age and experience as a manager and a player. Thus far, this study suggests that certain behaviours of individuals in an organisation are not immediately affected by a change in leadership. To confirm this preliminary finding and lead to a more solid conclusion, further investigation will be conducted in the aforementioned manner, and the results will be elaborated in the conference.

Keywords: behaviour, effort, manager characteristics, managerial change, sport economics

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Authors: Hale Kirer Silva Lecuna, Beyza Aydin

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Health is one of the main components of human capital and sustainable development, and it is very important for economic growth. Health economics, which is an indisputable part of the science of economics, has five stages in general. These are health and development, financing of health services, economic regulation in the health, allocation of resources and efficiency of health services. A well-developed and efficient health sector plays a major role by increasing the level of development of countries. The most crucial pillars of the health sector are the hospitals that are divided into public and private. The main purpose of the hospitals is to provide more efficient services. Therefore the aim is to meet patients’ satisfaction by increasing the service quality. Health-related studies in Turkey date back to the Ottoman and Seljuk Empires. In the near past, Turkey applied 'Health Sector Transformation Programs' under different titles between 2003 and 2010. Our aim in this paper is to measure how effective these transformation programs are for the health sector, to see how much they can increase the efficiency of hospitals over the years, to see the return of investments, to make comments and suggestions on the results, and to provide a new reference for the literature. Within this framework, the public and private hospitals in Balıkesir, Bilecik, Bursa, Çanakkale, Edirne, Istanbul, Kirklareli, Kocaeli, Sakarya, Tekirdağ, Yalova will be examined by using Data Envelopment Analysis (DEA) for the years between 2000 and 2019. DEA is a linear programming-based technique, which gives relatively good results in multivariate studies. DEA basically estimates an efficiency frontier and make a comparison. Constant returns to scale and variable returns to scale are two most commonly used DEA methods. Both models are divided into two as input and output-oriented. To analyze the data, the number of personnel, number of specialist physicians, number of practitioners, number of beds, number of examinations will be used as input variables; and the number of surgeries, in-patient ratio, and crude mortality rate as output variables. 11 hospitals belonging to the Marmara region were included in the study. It is seen that these hospitals worked effectively only in 7 provinces (Balıkesir, Bilecik, Bursa, Edirne, İstanbul, Kırklareli, Yalova) for the year 2001 when no transformation program was implemented. After the transformation program was implemented, for example, in 2014 and 2016, 10 hospitals (Balıkesir, Bilecik, Bursa, Çanakkale, Edirne, İstanbul, Kocaeli, Kırklareli, Tekirdağ, Yalova) were found to be effective. In 2015, ineffective results were observed for Sakarya, Tekirdağ and Yalova. However, since these values are closer to 1 after the transformation program, we can say that the transformation program has positive effects. For Sakarya alone, no effective results have been achieved in any year. When we look at the results in general, it shows that the transformation program has a positive effect on the effectiveness of hospitals.

Keywords: data envelopment analysis, efficiency, health sector, Marmara region

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Authors: Beom-Ryeol Choi, Won-Poong Lee, Jin-Young Choi, Young-Hak Shin, Dong-Jun Won

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A Microgrid (MG) has a major role in power system. There are numerous benefits, such as ability to reduce environmental impact and enhance the reliability of a power system. Hence, Multi-MG (MMG) consisted of multiple MGs is being studied intensively. This paper proposes the optimal power exchange of MMG with hierarchical coordination. The whole system architecture consists of two layers: 1) upper layer including MG of MG Center (MoMC) which is in charge of the overall management and coordination and 2) lower layer comprised of several Microgrid-Energy Management Systems (MG-EMSs) which make a decision for own schedule. In order to accomplish the optimal power exchange, the proposed coordination algorithm is applied to MMG system. The objective of this process is to achieve optimal operation for improving economics under the grid-connected operation. The simulation results show how the output of each MG can be changed through coordination algorithm.

Keywords: microgrids, multi-microgrids, power exchange, hierarchical coordination

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Authors: Panudet Saengseedam, Nanthachai Kantanantha

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This paper proposes a linear mixed model (LMM) with spatial effects to forecast rice and cassava yields in Thailand at the same time. A multivariate conditional autoregressive (MCAR) model is assumed to present the spatial effects. A Bayesian method is used for parameter estimation via Gibbs sampling Markov Chain Monte Carlo (MCMC). The model is applied to the rice and cassava yields monthly data which have been extracted from the Office of Agricultural Economics, Ministry of Agriculture and Cooperatives of Thailand. The results show that the proposed model has better performance in most provinces in both fitting part and validation part compared to the simple exponential smoothing and conditional auto regressive models (CAR) from our previous study.

Keywords: Bayesian method, linear mixed model, multivariate conditional autoregressive model, spatial time series

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Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

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Different transportation modes have key operational advantages and disadvantages, providing a variety of different transport options to users and passengers. This paper reviews key variables for the competition between air transport and other transport modes. The aim of this paper is to review the competition between air transport and other transport modes, providing results in terms of perceived cost for the users, for destinations high competitiveness for all transport modes. The competitor analysis variables include the cost and time outputs for each transport option, highlighting the level of competitiveness on high demanded Origin-Destination corridors. The case study presents the output of a such analysis for the OD corridor in Greece that connects the Capital city (Athens) with the second largest city (Thessaloniki) and the different transport modes have been considered (air, train, road). Conventional wisdom is to present an easy to handle tool for planners, managers and decision makers towards pricing policy effectiveness and demand attractiveness, appropriate to use for other similar cases.

Keywords: competitor analysis, transport economics, transport generalized cost, quantitative modelling

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Authors: Krzysztof Malczewski

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Magnetic Resonance Imaging (MRI) reconstruction algorithm using compressed sensing is presented in this paper. It is exhibited that the offered approach improves MR images spatial resolution in circumstances when highly undersampled k-space trajectories are applied. Compressed Sensing (CS) aims at signal and images reconstructing from significantly fewer measurements than were conventionally assumed necessary. Magnetic Resonance Imaging (MRI) is a fundamental medical imaging method struggles with an inherently slow data acquisition process. The use of CS to MRI has the potential for significant scan time reductions, with visible benefits for patients and health care economics. In this study the objective is to combine super-resolution image enhancement algorithm with CS framework benefits to achieve high resolution MR output image. Both methods emphasize on maximizing image sparsity on known sparse transform domain and minimizing fidelity. The presented algorithm considers the cardiac and respiratory movements.

Keywords: super-resolution, MRI, compressed sensing, sparse-sense, image enhancement

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Authors: Sakapas Saengchai

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This research has objective to study and analysis, expending linkage of trading border of Thai-Myanmar and the way of development trading of Thai-Myanmar border. There are advantage of competition in ASEAN Community on collection data and observation, in-depth interview, group conversation and exchange opinion of public agency, entrepreneur and people. Result of study found that main development of border trade is 1) Cross-border service should be development infrastructure of land telecommunication, sea has support economics of cross-border trade, 2) International consumption service should be expand service with Myanmar and India for linkage with entrepreneur and trading from international to Thailand, 3) Establish business for provide service has development cooperation of logistics via Andaman of Thailand, and 4) Mobility personnel, exchange personnel including labor for development potential of border trade has competition advantage.

Keywords: border trade, development, service, ASEAN

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Authors: Arbolino R., Boffardi R., L. De Simone

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The success of a development policy requires the definition of a proper investment planning on behalf of policymakers. Such planning should consider both tangible and intangible features characterizing a territory and, moreover, evaluate both state of place and an ideal situation to be achieved, that represents the final goal of the policy. The aim of this research is to propose a methodological approach to implement this ideal solution or the best solution appliable to the Italian regions. It consists of two steps: the first one is a measure of regional inequality through building a composite indicator for analyzing the level of development and compare the differences among the regions. It is constructed by means of a principal component analysis. Ranking regions according to the scores achieved is useful as benchmark, to identify a best solution towards which other regions should strive. Thus, this distance is measured through a revised Sen index that allows to assign a weight on which calculate the financing resource programming. The results show that this approach is a good instrument to fairly and efficiently allocate public funds, in order to reduce regional inequalities.

Keywords: public economics, inequalities, growth, development

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Authors: Mayuri Roy Choudhury, Deepti Paul

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Many states in the United States are aiming for high renewable energy targets by the year 2045. In order to achieve this goal, they must do transition to Electrical Vehicles (EVS). We first applied the Multi-Level perspective framework to describe the inter-disciplinary complexities associated with the transition to EVs. Thereafter we addressed these complexities by creating an inter-disciplinary policy framework that uses data science algorithms to create evidence-based policies in favor of EVs. Our policy framework uses a systems level approach as it addresses transitions to EVs from a technology, economic, business and social perspective. By Systems-Level we mean approaching a problem from a multi-disciplinary perspective. Our systems-level approach could be a beneficial decision-making tool to a diverse number of stakeholders such as engineers, entrepreneurs, researchers, and policymakers. In addition, it will add value to the literature of electrical vehicles, sustainable energy, energy economics, and management as well as efficient policymaking.

Keywords: transition, electrical vehicles, systems-level, algorithms

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Authors: Svetlana Petrikova, Alexander Yu Kostinskiy

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Management of research evaluation in the Higher School of Economics (HSE) originates from the HSE Academic Fund created in 2004 to facilitate and support academic research and presents its results to international academic community. As the means to inspire the applicants, science projects went through competitive selection process evaluated by the group of experts. Drastic development of HSE, quantity of applied projects for each Academic Fund competition and the need to coordinate the conduct of expert evaluation resulted in founding of the Office for Research Evaluation in 2013. The Office’s primary objective is management of research evaluation of science projects. The standards to conduct the evaluation are defined as follows: - The exercise of the process approach, the unification of the functioning of department. - The uniformity of regulatory, organizational and methodological framework. - The development of proper on-line evaluation system. - The broad involvement of external Russian and international experts, the renouncement of the usage of own employees. - The development of an algorithm to make a correspondence between experts and science projects. - The methodical usage of opened/closed international and Russian databases to extend the expert database. - The transparency of evaluation results – free access to assessment while keeping experts confidentiality. The management of research evaluation of projects is based on the sole standard, organization and financing. The standard way of conducting research evaluation at HSE is based upon Regulations on basic principles for research evaluation at HSE. These Regulations have been developed from the moment of establishment of the Office for Research Evaluation and are based on conventional corporate standards for regulatory document management. The management system of research evaluation is implemented on the process approach basis. Process approach means deployment of work as a process, which is the aggregation of interrelated and interacting activities processing inputs into outputs. Inputs are firstly client asking for the assessment to be conducted, defining the conditions for organizing and carrying of the assessment and secondly the applicant with proper for the competition application; output is assessment given to the client. While exercising process approach to clarify interrelation and interacting main parties or subjects of the assessment are determined and the way for interaction between them forms up. Parties to expert assessment are: - Ordering Party – The department of the university taking the decision to subject a project to expert assessment; - Providing Party – The department of the university authorized to provide such assessment by the Ordering Party; - Performing Party – The legal and natural entities that have expertise in the area of research evaluation. Experts assess projects in accordance with criteria and states of expert opinions approved by the Ordering Party. Objects of assessment generally are applications or HSE competition project reports. Mainly assessments are deployed for internal needs, i.e. the most ordering parties are HSE branches and departments, but assessment can also be conducted for external clients. The financing of research evaluation at HSE is based on the established corporate culture and traditions of HSE.

Keywords: expert assessment, management of research evaluation, process approach, research evaluation

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Authors: Marcel Kohler

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The effect of trade liberalization on environmental conditions has yielded a great deal of debate in the current energy economics literature. Although research on the relationship between income growth and CO2 emissions is not new in South Africa, few studies address the role that South Africa’s foreign trade plays in this context. This paper undertakes to investigate empirically the impact of South Africa’s foreign trade reforms over the last four decades on its energy consumption and CO2 emissions by taking into account not only the direct effect of trade on each, but also its indirect effect through income induced growth. Using co integration techniques we attempt to disentangle the long and short-run relationship between trade openness, income per capita and energy consumption and CO2 emissions in South Africa. The preliminary results of this study find support for a positive bi-directional relationship between output and CO2 emissions, as well as between trade openness and CO2. This evidence confirms the expectation that as the South African economy opens up to foreign trade and experiences growth in per capita income, the countries CO2 emissions will increase.

Keywords: trade openness, CO2 emissions, cointegration, South Africa

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Authors: Ahmad Rouhani, Masood Jabbari, Sima Honarmand

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This paper introduces a method to optimal design of a hybrid Wind/Photovoltaic/Fuel cell generation system for a typical domestic load that is not located near the electricity grid. In this configuration the combination of a battery, an electrolyser, and a hydrogen storage tank are used as the energy storage system. The aim of this design is minimization of overall cost of generation scheme over 20 years of operation. The Matlab/Simulink is applied for choosing the appropriate structure and the optimization of system sizing. A teaching learning based optimization is used to optimize the cost function. An overall power management strategy is designed for the proposed system to manage power flows among the different energy sources and the storage unit in the system. The results have been analyzed in terms of technics and economics. The simulation results indicate that the proposed hybrid system would be a feasible solution for stand-alone applications at remote locations.

Keywords: hybrid energy system, optimum sizing, power management, TLBO

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Authors: Encarnación Álvarez, Rosa M. García-Fernández, Juan F. Muñoz

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Estimation of a proportion has many applications in economics and social studies. A common application is the estimation of the low income proportion, which gives the proportion of people classified as poor into a population. In this paper, we present this poverty indicator and propose to use the logistic regression estimator for the problem of estimating the low income proportion. Various sampling designs are presented. Assuming a real data set obtained from the European Survey on Income and Living Conditions, Monte Carlo simulation studies are carried out to analyze the empirical performance of the logistic regression estimator under the various sampling designs considered in this paper. Results derived from Monte Carlo simulation studies indicate that the logistic regression estimator can be more accurate than the customary estimator under the various sampling designs considered in this paper. The stratified sampling design can also provide more accurate results.

Keywords: poverty line, risk of poverty, auxiliary variable, ratio method

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Authors: Vithaya Intaraphimol

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This research investigates the effect of financial accounting information and non-financial accounting reports on corporate credibility via strength of board of directors and market environment volatility as moderating effect. Data in this research is collected by questionnaire form non-financial companies listed on the Stock Exchange of Thailand. Multiple regression statistic technique is chosen for analyzing the data. The empirical results find that firms with greater financial accounting information reports and non-financial accounting information reports will gain greater corporate credibility. Therefore, the corporate reporting has the value for the firms. Moreover, the strength of board of directors will positively moderate the financial and non-financial accounting information reports and corporate credibility relationship. Whereas, market environment volatility will negatively moderate the financial and nonfinancial accounting information reports and corporate credibility relationship.

Keywords: corporate credibility, financial and non-financial reports, firms performance, economics

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Authors: Suprihatin Soewarto

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The background of writing this paper is to assess the truth of rejection of some Muslim scholars who develop Islamic economics on the concept of consumer satisfaction and replace it with the concept of maslahah. In the perspective of Islamic law, this rejection attitude needs to be verified in order to know the accuracy of the replacement of this concept of satisfaction with maslahah as part of consumer behavior. This is done so that replacement of rejection of the term satisfaction with maslahah is objective. This objective replacement of the term will surely be more enlightening and more just than the subjective substitution. Therefore the writing of this paper aims to get an answer whether the concept of satisfaction needs to be replaced? is it possible for Islamic law to confirm the theory of consumer satisfaction? The method of writing this paper using the method of literature with a critical analysis approach. The results of this study is an explanation of the similarities and differences of consumer satisfaction theory and consumer theory maslahah according to Islamic law. disclosure of the concept of consumer gratitude according to Islamic law and its implementation in Muslim consumer demand theory.

Keywords: consumer's gratitude, islamic law, confirmation, satisfaction consumer's

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Authors: Antonio Abatemarco, Francesca Stroffolini

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In the economic literature, Rawls’ Theory of Justice is usually interpreted in a two-stage setting, where a priority to the worst off individual is imposed as a distributive value judgment. In this paper, instead, we model Rawls’ Theory in a three-stage setting, that is, a separating line is drawn between the original position, the educational stage, and the working life. Hence, in this paper, we challenge the common interpretation of Rawls’ Theory of Justice as Fairness by showing that this Theory goes well beyond the definition of a distributive value judgment, in such a way as to embrace efficiency issues as well. In our model, inequalities are shown to be permitted as far as they stimulate a greater effort in education in the population, and so economic growth. To our knowledge, this is the only possibility for the inequality to be ‘bought’ by both the most-, and above all, the least-advantaged individual as suggested by the Difference Principle. Finally, by recalling the old tradition of ‘universal ex-post efficiency’, we show that a unique optimal social contract does not exist behind the veil of ignorance; more precisely, the sole set of potentially Rawls-optimal social contracts can be identified a priori, and partial justice orderings derived accordingly.

Keywords: justice, Rawls, inequality, social contract

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Authors: James Moir

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This paper considers the political controversy in Britain, both pre- and post-EU referendum, concerning claims over welfare benefit tourism and immigration in the UK. These claims were seen to be a significant reason for the vote for Brexit despite evidence to the contrary that benefit tourism was not, and is not, implicated in the migration of East Europeans to the UK. Populist rhetoric is analysed alongside studies that contradict such views. These contentious issues are examined with respect to the agenda set by the United Kingdom Independence Party (UKIP) concerning anti-EU and anti-immigrant sentiment and the notion of cultural differences as the basis for supporting Brexit. The paper also examines the paradoxical claim that East European migrants are taking British jobs and driving down wages. Taken together, it is argued that these two kinds of claims effectively contribute to anti-immigration discourse based on the logic of economics, but also at the same time conceal more irrational fears of adapting to change through the inclusion of others. Such fears are considered as being founded upon a challenge to the stability of totems of national life and identity.

Keywords: benefits, Brexit, immigration, tourism, welfare

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Authors: Hassan S. Naeini, Hashem Mosaddad

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Industrial design as a multidisciplinary science has a vast field in which some different aspects are involved. In this regard, aspects of art, technology and engineering, social and economics are known as the main related fields. Also, state of the art scientific areas and also art based files have been making the new conditions for industrial design discipline. Furthermore, there are some new approaches and branches of industrial design. However, there is not any categorized style for these industrial design sub-groups. Undoubtedly, if there is an appropriate chart for the main industrial design approaches and branches, the related groups such as industrial designers, manufacturers, and industrial design students will have practical ideas to categorize their activities. In this case study, we developed a scientific umbrella for industrial design in which most of current approaches and branches and related association are introduced. For data gathering, some interviews were done among volunteer industrial design lecturers who are teaching at some well-known universities in Iran. Also, according to the inventory of industrial design, theses which are in university libraries, thesis approaches, and titles were assessed. Based on gathered data, we introduced a scientific umbrella for industrial design in which most of related branches and approaches are categorized. In this umbrella, the hierarchy of related branches is highlighted as well.

Keywords: industrial design, art, industrial design approaches, scientific umbrella

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Authors: Mukunda Bastola, Frank Nyame-Asiamah

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Economics explanation for privatisation, drawing on neo-liberal market structures and technical efficiency principles has failed to address social imbalance and, distribute the efficiency benefits accrued from privatisation equitably among service users and different classes of people in society. Stakeholders’ interest, which cover ethical values and changing human needs are ignored due to shareholders’ profit maximising strategy with higher service charges. The consequence of these is that, the existing justifications for privatisation have fallen short of customer quality expectations because the underlying plan-based models fail to account for the nuances of customer expectations. We draw on the theory of deferred action to develop a context-based privatisation model, the deferred-based privatisation model, to explain how privatisation could be strategised for the emergent reality of the wider stakeholders’ interests and everyday quality demands of customers which are unpredictable.

Keywords: privatisation, service quality, shareholders, deferred action, deferred-based privatisation model

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Authors: Irina Rönnqvist

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The world is constantly changing; therefore previous views or cultural patterns and programs formed by the “old world” cannot be suitable for solving actual problems. Indeed, reformation of an education system is unlikely to be effective without understanding of the processes that emerge in the field of employment. There is a problem in overcoming of the negative trends that determine imbalance of needs of the qualified work force and preparation of professionals by an education system. At the contemporary stage of economics the processes occurring in the field of labor and employment reproduce the picture of economic development of the country that cannot be imagined without the factor of labor mobility (e.g. migration). On the one hand, adult education has a significant impact on multifaceted development of economy. On the other hand, Sweden has one of the world's most generous asylum reception systems and the most liberal labor migration policy among the OECD countries. This effect affects the increased productivity. The focus of this essay is on problems of education and employment concerning social inclusion of migrants in working life in Sweden.

Keywords: migration, adaptation, formal learning, informal learning, Sweden

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Authors: L. Q. Yuan, J. Yang, A. Siddiqui

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A new regression uncertainty analysis methodology was applied to determine the uncertainties of the critical heat flux (CHF) power correlation for an advanced 43-element bundle design, which was developed by Canadian Nuclear Laboratories (CNL) to achieve improved economics, resource utilization and energy sustainability. The new methodology is considered more appropriate than the traditional methodology in the assessment of the experimental uncertainty associated with regressions. The methodology was first assessed using both the Monte Carlo Method (MCM) and the Taylor Series Method (TSM) for a simple linear regression model, and then extended successfully to a non-linear CHF power regression model (CHF power as a function of inlet temperature, outlet pressure and mass flow rate). The regression uncertainty assessed by MCM agrees well with that by TSM. An equation to evaluate the CHF power regression uncertainty was developed and expressed as a function of independent variables that determine the CHF power.

Keywords: CHF experiment, CHF correlation, regression uncertainty, Monte Carlo Method, Taylor Series Method

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Authors: Risanda Alirastra Budiantoro, Riesanda Najmi Sasmita, Sri Herianingrum

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Allah has given the guidance in the form of Islam for Muslim to take and lead all the aspects of life including the economic activity. The Islamic economic system is believed to be the answer to the economic problems that exist at this time. The goal is to achieve falah in kaffah by not doing some economic activities that are in violation as prescribed by Islam. An example for this is riba. Discourse on riba can be said ‘classical’ both in the development of Islamic thought and in Islamic civilization because riba often occurs in all aspects of public life, especially economic transactions (in Islam called muamalah). Riba is an additional retrieval, either in a sale and purchase transaction or lending in a false or contrary to the principle of muamalah in Islam. Prohibition of riba is obtained from various sources by the Qur'an and Hadith Rasulullah SAW, so the scholars firmly and clearly defined the prohibition of riba because there are exploitative elements that can harm the others. So, this study is aimed to identify Islamic economic system and the prohibition of riba in historical perspective. From the results of this study, it is expected to be a good reference for the reader to understand the Islamic economic system and riba in the future.

Keywords: economics system, riba, historical perspective, economy

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Authors: Wang Xue, Fan Liwei

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The trust and use of social network platforms by users are instrumental factors that contribute to the platform’s sustainable development. Studying the influential factors of the use of social network platforms is beneficial for developing and maintaining a large user base. This study constructed an extended unified theory of acceptance and use of technology (UTAUT2) moderating model with perceived privacy risks to analyze the factors affecting the trust and use of social network platforms. 444 participants completed our 35 surveys, and we verified the survey results by structural equation model. Empirical results reveal the influencing factors that affect the trust and use of social network platforms, and the extended UTAUT2 model with perceived privacy risks increases the applicability of UTAUT2 in social network scenarios. Social networking platforms can increase their use rate by increasing the economics, functionality, entertainment, and privacy security of the platform.

Keywords: perceived privacy risk, social network, trust, use, UTAUT2 model

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Authors: Ho Wen Hui, Azwina Wati Abdull Manaf, Asfarina Kartika Mohd Shakri

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The global trend of Fintech had taken the Malaysian shore by storm in recent years, thus making the studies and observations of its impacts more critical than ever. Additionally, Fintech has grown to become an unavoidable subject in the Islamic Banking and Finance (IBF) industry. In relation to that, this paper seeks to analyze the development of Fintech parallel with the IBF industry and its connection to Islamic economics. While the scarcity of studies on this area is apparent, it is found that there is a need to regulate the development of the Fintech Industry and its effects while analyzing the ramifications and positive effects of Fintech towards parties involved in IBF industry. This paper objectively studies the phenomenon of Islamic Fintech around the world as a whole as well as more specifically in Malaysia. The paper will then explore on the existing regulatory instruments in Malaysia, study their boundaries as well as limitations and contribute on possible reform to regulate Islamic Fintech in this jurisdiction. It is aimed that this paper will prompt and encourage more thorough studies to be conducted on the topic of Fintech which would subsequently contribute to a positive growth of the IBF industry worldwide.

Keywords: financial technology, FinTech, Islamic banking & finance, regulation

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Authors: Nur Azemah Aminludin, Osman Mohd Tahir

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A dynamic landscape development is important for providing healthy ecosystem which supports all life. Nowadays, many initiatives towards sustainable development have been published. They lead to better living and more efficient use of natural resources in sustaining long-term ecological, economics and social benefits. To date, many assessment tools related to built environment have been established and practiced in this region, which mostly has the purpose assessing the environment performance of buildings. Hence, an assessment tool focusing on the sustainable landscape development itself is a necessity. This paper reviews the assessment criteria and indicators that are suitable for sustainable landscape development practices. The local and global assessment tools for landscape development are investigated, analyzed and discussed critically. Consideration also is given to the integration of the assessment tools with the surrounding environmental, social, and economical aspects. In addition, the assessment criteria and indicators for assessing the landscape development in Malaysia are also reviewed and discussed. In conclusion, this paper reviews, analyzes and discusses on available local and global landscape development assessment tools for sustainability.

Keywords: assessment tool, sustainable landscape development, assessment criteria, assessment indicator

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Authors: P. Kanakasabapathy, S. Radhika

Abstract:

In the competitive electricity market environment, the profit of the pumped-storage plant in the energy market can be maximized by operating it as a generator, when market clearing price is high and as a pump, to pump water from lower reservoir to upper reservoir, when the price is low. An optimal self-scheduling plan has been developed for a pumped-storage plant, carried out on weekly basis in order to maximize the profit of the plant, keeping into account of all the major uncertainties such as the sudden ancillary service delivery request and the price forecasting errors. For a pumped storage power plant to operate in a real time market successive self-scheduling has to be done by considering the forecast of the day-ahead market and the modified reservoir storage due to the ancillary service request of the previous day. Sliding Window Technique has been used for successive self-scheduling to ensure profit for the plant.

Keywords: ancillary services, BPSO, power system economics, self-scheduling, sliding window technique

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Authors: Javier Parra-Domínguez, Juan Manuel Corchado

Abstract:

At present, public efficiency is a concept that intends to maximize return on public investment focus on minimizing the use of resources and maximizing the outputs. The concept takes into account statistical criteria drawn up according to techniques such as DEA (Data Envelopment Analysis). The purpose of the current work is to consider, more precisely, the theoretical application of CBR (Case-Based Reasoning) from economics and computer science, as a preliminary step to improving the efficiency of law enforcement agencies (public sector). With the aim of increasing the efficiency of the public sector, we have entered into a phase whose main objective is the implementation of new technologies. Our main conclusion is that the application of computer techniques, such as CBR, has become key to the efficiency of the public sector, which continues to require economic valuation based on methodologies such as DEA. As a theoretical result and conclusion, the incorporation of CBR systems will reduce the number of inputs and increase, theoretically, the number of outputs generated based on previous computer knowledge.

Keywords: case-based reasoning, knowledge, police, public efficiency

Procedia PDF Downloads 123