Search results for: fuel price structure

Authors: Saeed Yazdani, Shahrbanoo Bagheri, Sepideh Nikravesh

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Considering the importance and scarcity of water resources, the efficient management of water resources is of great importance. Adoption of modern irrigation technology is considered to be a key of increasing the efficiency of water used in agriculture. Policy makers have implemented several ways to induce the adoption of new irrigation technology. The empirical studies show that farmers are reluctant to utilize the use of new irrigation methods. This study aims to assess factors affecting on farmer’s decision on the application of water saving technologies with emphasize on crop price variation and water sources. A Logit model was employed to examine the impact of different variables on use of water saving technology. The required data gathered from a sample of 204 farmers in the year 2012. The results indicate that different variables such as crop price variability, water supply source, high-value crops, farm size, income, education, membership in cooperatives have a positive effect and variables such as age and number of plots have a negative impact on the probability of adopting modern water saving technologies.

Keywords: irrigation, water, water saving technology, scarcity

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Authors: Cesar Leines

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The social effects of the pandemic are significant and diverse, most of those effects have widened the gap of economic inequality. Without a doubt, each country faces difficulties associated with the strengths and weaknesses of its own institutions that can address these causes and consequences. Around the world, pricing practices that have no connection to production costs have been used extensively in numerous markets beyond those relating to the supply of essential goods and services, and although it is not unlawful to adjust pricing considering the increased demand of certain products, shortages and disruption of supply chains, illegitimate pricing practices may arise and these tend to transfer wealth from consumers to producers that affect the purchasing power of the former, making people worse off. High prices with no objective justification indicate a poor state of the competitive process in any market and the impact of those underlying competition issues leading to inefficiency is increased when national competition agencies are weak and ineffective in enforcing competition in law and policy. It has been observed that in those countries where competition authorities are perceived as weak or ineffective, price increases of a wide range of products and services were more significant during the pandemic than those price increases observed in countries where the perception of the effectiveness of the competition agency is high. When a perception is created of a highly effective competition authority, one which enforces competition law and its non-enforcement activities result in the fulfillment of its substantive functions of protecting competition as the means to create efficient markets, the price rise observed in markets under its jurisdiction is low. A case study focused on the effectiveness of the national competition agency in Mexico (COFECE) points to institutional weakness as one of the causes leading to excessive pricing. There are many factors that contribute to its low effectiveness and which, in turn, have led to a very significant price hike, potentiated by the pandemic. This paper contributes to the discussion of these factors and proposes different steps that overall help COFECE or any other competition agency to increase the perception of effectiveness for the benefit of the consumers.

Keywords: agency effectiveness, competition, institutional weakness, price gouging

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Authors: Muhammad Jum’at Dasuki

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This study investigates the ethical implications of post-fuel subsidy removal support initiatives in Kwara State, Nigeria, with a focus on the application of Islamic principles. The contentious issue of subsidy removal carries significant social and economic consequences, emphasizing the crucial role of ethical considerations in policy implementation. The research provides a comprehensive background on fuel subsidy removal in Nigeria and its implications. Examining post-fuel subsidy removal palliative measures in Kwara State, the study focuses on design and implementation challenges, ethical considerations, transparency, equity, and public trust. Utilizing a case study approach offers insights and best practices. The methodology includes primary sources through in-depth oral interviews and secondary sources like textbooks and journals, aiming for a holistic understanding of the ethical dimensions of support initiatives within the context of Islamic principles in Kwara State. The objective is to contribute to policy decisions and community development. The study recommends an ethically sound implementation of post-fuel subsidy removal support initiatives, emphasizing transparency, accountability, and inclusivity. It advocates for the inclusiveness of governmental palliatives, reaching both civil servants and common individuals in the state. Continuous distribution during fuel subsidy removal challenges is deemed vital. Additionally, extending free or subsidized transportation beyond higher institutions to the general populace is suggested. Consideration should also be given to reducing governmental hospital bills or providing free health services. The study underscores the importance of Islamic ethics in Nigerian governance and employs a case study approach to assess palliative measures in Kwara State, offering practical insights for policymakers and stakeholders.

Keywords: considerations, ethical, palliative, post-fuel subsidy removal

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Authors: Wojciech J. Nowak, Natalia Maciaszek, Marcin Drajewicz

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A constant requirement to reduce greenhouse gas emissions in combination with the desire to increase gas turbine efficiency results in a continuous trend to increase the operating temperature of gas turbines. An increase in operating temperature will result in lower fuel consumption, and a higher combustion temperature will result in lower pollution release. Moreover, there is a strong trend for hydrogen to be used as an alternative and clean fuel. However, using hydrogen or hydrogen-rich fuel results in a higher combustion temperature, as well as an increase in the water vapor content in the exhaust gases. Commonly used Ni-base alloys have their limits. Moreover, the presence of water vapor worsens the oxidation behavior of Ni-based alloys at a high temperature. Therefore, a new brand of materials is demanded to be used in gas turbines operated with hydrogen-rich fuel. High-entropy alloys (HEAs) seem to be very promising materials to replace commonly used Ni-based alloys. HEAs are the group of materials consisting of at least five main equiatomic elements. These alloys can be doped by other elements in amounts less than 5 at. % in total. Thus, in the present study, NiCoCrAlFe-X alloys are studied in terms of oxidation behavior during exposure to dry and wet atmospheres up to 1000 h. NiCoCrAlFe-X alloys are doped with minor alloying elements in amounts ranging from 1-5 at.%. The effect of the chemical composition on oxidation resistance in dry and wet atmospheres will be shown and discussed.

Keywords: high entropy alloys, oxidation resistance, hydrogen fuel, water vapor

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Authors: Serdar Yaman, Hanzade Haykiri-Acma

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Biomass is a CO₂-neutral fuel that is renewable and sustainable along with having very huge global potential. Efficient use of biomass in power generation and production of biomass-based biofuels can mitigate the greenhouse gasses (GHG) and reduce dependency on fossil fuels. There are also other beneficial effects of biomass energy use such as employment creation and pollutant reduction. However, most of the biomass materials are not capable of competing with fossil fuels in terms of energy content. High moisture content and high volatile matter yields of biomass make it low calorific fuel, and it is very significant concern over fossil fuels. Besides, the density of biomass is generally low, and it brings difficulty in transportation and storage. These negative aspects of biomass can be overcome by thermal pretreatments that upgrade the fuel property of biomass. That is, torrefaction is such a thermal process in which biomass is heated up to 300ºC under non-oxidizing conditions to avoid burning of the material. The treated biomass is called as biochar that has considerably lower contents of moisture, volatile matter, and oxygen compared to the parent biomass. Accordingly, carbon content and the calorific value of biochar increase to the level which is comparable with that of coal. Moreover, hydrophilic nature of untreated biomass that leads decay in the structure is mostly eliminated, and the surface properties of biochar turn into hydrophobic character upon torrefaction. In order to investigate the effectiveness of torrefaction process on biomass properties, several biomass species such as olive milling residue (OMR), Rhododendron (small shrubby tree with bell-shaped flowers), and ash tree (timber tree) were chosen. The fuel properties of these biomasses were analyzed through proximate and ultimate analyses as well as higher heating value (HHV) determination. For this, samples were first chopped and ground to a particle size lower than 250 µm. Then, samples were subjected to torrefaction in a horizontal tube furnace by heating from ambient up to temperatures of 200, 250, and 300ºC at a heating rate of 10ºC/min. The biochars obtained from this process were also tested by the methods applied to the parent biomass species. Improvement in the fuel properties was interpreted. That is, increasing torrefaction temperature led to regular increases in the HHV in OMR, and the highest HHV (6065 kcal/kg) was gained at 300ºC. Whereas, torrefaction at 250ºC was seen optimum for Rhododendron and ash tree since torrefaction at 300ºC had a detrimental effect on HHV. On the other hand, the increase in carbon contents and reduction in oxygen contents were determined. Burning characteristics of the biochars were also studied using thermal analysis technique. For this purpose, TA Instruments SDT Q600 model thermal analyzer was used and the thermogravimetric analysis (TGA), derivative thermogravimetry (DTG), differential scanning calorimetry (DSC), and differential thermal analysis (DTA) curves were compared and interpreted. It was concluded that torrefaction is an efficient method to upgrade the fuel properties of biomass and the biochars from which have superior characteristics compared to the parent biomasses.

Keywords: biochar, biomass, fuel upgrade, torrefaction

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Authors: Thamo Sutharssan, Diogo Montalvao, Wen-Chung Wang, Yong Chen, Claudia Pisac

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A combined heat and power (CHP) system is an efficient and clean way to generate power (electricity). Heat produced by the CHP system can be used for water and space heating. The CHP system which uses hydrogen as fuel produces zero carbon emission. Its’ efficiency can reach more than 80% whereas that of a traditional power station can only reach up to 50% because much of the thermal energy is wasted. The other advantages of CHP systems include that they can decentralize energy generation, improve energy security and sustainability, and significantly reduce the energy cost to the users. This paper presents the economic benefits of using a CHP system in the domestic environment. For this analysis, natural gas is considered as potential fuel as the hydrogen fuel cell based CHP systems are rarely used. UK government incentives for CHP systems are also considered as the added benefit. Results show that CHP requires a significant initial investment in return it can reduce the annual energy bill significantly. Results show that an investment may be paid back in 7 years. After the back period, CHP can run for about 3 years as most of the CHP manufacturers provide 10-year warranty.

Keywords: combined heat and power, clean energy, hydrogen fuel cell, economic analysis of CHP, zero emission

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Authors: M. N. Khajavi, S. Nasiri, E. Farokhi, M. R. Bavir

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Alcohol fuels are renewable, have low pollution and have high octane number; therefore, they are important as fuel in internal combustion engines. Percentage detection of these alcoholic fuels with gasoline is a complicated, time consuming, and expensive process. Nowadays, these processes are done in equipped laboratories, based on international standards. The aim of this research is to determine percentage detection of different fuels based on vibration analysis of engine block signals. By doing, so considerable saving in time and cost can be achieved. Five different fuels consisted of pure gasoline (G) as base fuel and combination of this fuel with different percent of ethanol and methanol are prepared. For example, volumetric combination of pure gasoline with 10 percent ethanol is called E10. By this convention, we made M10 (10% methanol plus 90% pure gasoline), E30 (30% ethanol plus 70% pure gasoline), and M30 (30% Methanol plus 70% pure gasoline) were prepared. To simulate real working condition for this experiment, the vehicle was mounted on a chassis dynamometer and run under 1900 rpm and 30 KW load. To measure the engine block vibration, a three axis accelerometer was mounted between cylinder 2 and 3. After acquisition of vibration signal, eight time feature of these signals were used as inputs to an Adaptive Neuro Fuzzy Inference System (ANFIS). The designed ANFIS was trained for classifying these five different fuels. The results show suitable classification ability of the designed ANFIS network with 96.3 percent of correct classification.

Keywords: internal combustion engine, vibration signal, fuel composition, classification, ANFIS

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Authors: Abdul Hakim Khan

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The aim of the present paper is to study the Banach Space and Combinatorial Algebraic Structure of R. It is further aimed to study algebraic structure of set of all q-extension of classical formula and function for 0 < q < 1.

Keywords: integral functions, q-extensions, q numbers of metric space, algebraic structure of r and banach space

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Authors: Rafal Sochaczewski, Grzegorz Baranski, Adam Majczak

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This paper presents the bench research results on a CNG injector at steady state. The quantities measured included voltage and current in a solenoid, pressure of gas behind an injector and injector’s flow rate. Accordingly, injector’s operation parameters were determined according to needle’s lift and injection pressure. The discrepancies between the theoretical (electric) and actual time of injection were defined to specify injector’s opening and closing lag times and the uniqueness of these values in successive cycles of gas injection. It has been demonstrated that needle’s lift has got a stronger impact on injector’s operating parameters than injection pressure. With increasing injection pressure, the force increases and closes an injection valve, which adversely affects uniqueness of injector’s operation. The paper also describes the concept of an injector dedicated to direct CNG injection into a combustion chamber in a dual-fuel engine. The injector’s design enables us to replace 80% of diesel fuel in a dual-fuel engine with a maximum power of 85 kW. Minimum injection pressure is 1,4 MPa then. Simultaneously, injector’s characteristics for varied needle’s lifts and injector’s nonlinear operating points were developed. Acknowledgement: This work has been financed by the Polish National Centre for Research and Development, under Grant Agreement No. PBS1/A6/4/2012.

Keywords: CNG injector, diesel engine, direct injection, dual fuel

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Authors: Abdulla Rahil, Rupert Gammon, Neil Brown

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The rapid growth of renewable energy sources and their integration into the grid have been motivated by the depletion of fossil fuels and environmental issues. Unfortunately, the grid is unable to cope with the predicted growth of renewable energy which would lead to its instability. To solve this problem, energy storage devices could be used. Electrolytic hydrogen production from an electrolyser is considered a promising option since it is a clean energy source (zero emissions). Choosing flexible operation of an electrolyser (producing hydrogen during the off-peak electricity period and stopping at other times) could bring about many benefits like reducing the cost of hydrogen and helping to balance the electric systems. This paper investigates the price of hydrogen during flexible operation compared with continuous operation, while serving the customer (hydrogen filling station) without interruption. The optimization algorithm is applied to investigate the hydrogen station in both cases (flexible and continuous operation). Three different scenarios are tested to see whether the off-peak electricity price could enhance the reduction of the hydrogen cost. These scenarios are: Standard tariff (1 tier system) during the day (assumed 12 p/kWh) while still satisfying the demand for hydrogen; using off-peak electricity at a lower price (assumed 5 p/kWh) and shutting down the electrolyser at other times; using lower price electricity at off-peak times and high price electricity at other times. This study looks at Derna city, which is located on the coast of the Mediterranean Sea (32° 46′ 0 N, 22° 38′ 0 E) with a high potential for wind resource. Hourly wind speed data which were collected over 24½ years from 1990 to 2014 were in addition to data on hourly radiation and hourly electricity demand collected over a one-year period, together with the petrol station data.

Keywords: hydrogen filling station off-peak electricity, renewable energy, off-peak electricity, electrolytic hydrogen

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Authors: Yan Wang, Yasushi Asami, Yukio Sadahiro

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In urban area, several landmarks may affect housing price and rents, hedonic analysis should employ distance variables corresponding to each landmarks. Unfortunately, the effects of distances to landmarks on housing prices are generally not consistent with the true price. These distance variables may cause magnitude error in regression, pointing a problem of spatial multicollinearity. In this paper, we provided some approaches for getting the samples with less bias and method on locating the specific sampling area to avoid the multicollinerity problem in two specific landmarks case.

Keywords: landmarks, hedonic regression, distance variables, collinearity, multicollinerity

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Authors: Amir Peyman Soleymani, Jasna Jankovic

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The augmented demand of the clean and renewable energy has necessitated the fuel cell and battery industries to produce more efficient devices at the lower prices, which can be achieved through the improvement of the electrode. Microstructural characterization, as one of the main materials development tools, plays a pivotal role in the production of better clean energy devices. In this study, methods for characterization and studying of the defects and components distribution were performed on the polymer electrolyte membrane fuel cell (PEMFC) and Li-ion battery (LIB) electrodes in 2D and 3D. The particles distribution, porosity, mechanical defects, and component distribution were studied by Scanning Electron Microscope (SEM), SEM-Focused Ion Beam (SEM-FIB), and Scanning Transmission Electron Microscope equipped with Energy Dispersive Spectroscopy (STEM-EDS). The 3D results obtained from X-ray Computed Tomography (XCT) revealed the pathways for electron and ion conductivity and defects progression maps. Computer-aided methods (Avizo) were employed to simulate the properties and performance of the microstructure in the electrodes. The suggestions were provided to improve the performance of PEMFCs and LIBs by adjusting the microstructure and the distribution of the components in the electrodes.

Keywords: PEM fuel cells, Li-ion batteries, 2D and 3D imaging, materials characterizations

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Authors: Erfan Memarian, Seyyed Fazayel Alizadeh

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This study aims to evaluate the impacts of the oil and financial markets of the United States on Iran stock exchange and to develop an ARDL model to predict the short and long-term relationship between these markets. In this regard, all 713 weekly data between 28 July 1999 and 20 March 2013 were analyzed by using Microfit4.0 and Eviews7 econometric softwares. The independent variable of the study is the “Price and Yield Index (TEDPIX)” of Tehran Stock Exchange and the independent variables include S & P 500 Index, the US three-month treasury bill rate and West Texas Intermediate oil spot price index. The results show that the West Texas Intermediate oil spot price and the S&P 500 indices have significant positive relationships with Iran's TEDPIX. Also, there exists a significant negative relationship between Iran's TEDPIX and the US three-month Treasury bill rate.

Keywords: TEDPIX; Tehran Stock Exchange; S&P 500 index; USA three-month Treasury bill rate; West Texas Intermediate oil

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Authors: Toral Khalpada, Kanhai Joshi

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Generally, constructions of structures built in India are indeterminate structures. The purpose of this study is to investigate the application of a structure that is proved to be non-economical. The testing practice involves the application of different types of loads on both, determinate and indeterminate structure by computing it on a software system named Staad and also inspecting them practically on the construction site, analyzing the most efficient structure and diagnosing the utilization of the structure which is not so beneficial as compared to other. Redundant structures (indeterminate structure) are found to be more reasonable. All types of loads were applied on the beams of both determinate and indeterminate structures parallelly on the software and the same was done on the site practically which proved that maximum stresses in statically indeterminate structures are generally lower than those in comparable determinate structures. These structures are found to have higher stiffness resulting in lesser deformations so indeterminate structures are economical and are better than determinate structures to use for construction. On the other hand, statically determinate structures have the benefit of not producing stresses because of temperature changes. Therefore, our study tells that indeterminate structure is more beneficial but determinate structure also has used as it can be used in many areas; it can be used for the construction of two hinged arch bridges where two supports are sufficient and where there is no need for expensive indeterminate structure. Further investigation is needed to contrive more implementation of the determinate structure.

Keywords: construction, determinate structure, indeterminate structure, stress

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Authors: Saba Arif, Anam Nadeem, Roman Kalvin, Muzaffar Ali, Burhan Ali, Juntakan Taweekun

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Globally transportation sector accounts for around 25% of energy demand and nearly 62% of oil consumed. Therefore, new energy sources are required to introduce for this huge demand replenishment of depleting conventional energy sources. Currently, biofuels such as Jatropha trees as an energy carrier for transportation sector are being utilized effectively round the globe. However, climate conditions at low altitudes with an average annual temperature above 20 degrees Celsius and rainfall of 300-1000mm are considered the most suitable environment for the efficient growth of Jatropha trees. The current study is providing a theoretical survey-based analysis to investigate the effect of rate of cultivation of jatropha trees on the reduction of fuel prices and its environmental benefits. The resulted study shows that jatropha tree’s 100 kg seeds give 80kg oil and the conversion process cost is very small as 890 PKR. Moreover, the extraction of oil from Jatropha tree is tax-free compared to other fuels. The analysis proved very essential for potential assessment of Jatropha regarding future energy fuel for transportation sector at global level. Additionally, it can be very beneficial for increment in the total amount of transportation fuel in Pakistan.

Keywords: jatropha tree, environmental impact, energy contents, theoretical survey

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Authors: Ririh Rahma Ratinghayu, Jayu Pramudya, Nur Aini Masruroh, Shi-Woei Lin

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This research studies pricing strategy in cooperative setting of hotel duopoly selling perishable product under fixed capacity constraint by using the perspective of managers. In hotel revenue management, competitor’s average room rate and occupancy rate should be taken into manager’s consideration in determining pricing strategy to generate optimum revenue. This information is not provided by business intelligence or available in competitor’s website. Thus, Information Sharing (IS) among players might result in improved performance of pricing strategy. IS is widely adopted in the logistics industry, but IS within hospitality industry has not been well-studied. This research put IS as one of cooperative game schemes, besides Mutual Price Setting (MPS) scheme. In off-peak season, hotel manager arranges pricing strategy to offer promotion package and various kinds of discounts up to 60% of full-price to attract customers. Competitor selling homogenous product will react the same, then triggers a price war. Price war which generates lower revenue may be avoided by creating collaboration in pricing strategy to optimize payoff for both players. In MPS cooperative game, players collaborate to set a room rate applied for both players. Cooperative game may avoid unfavorable players’ payoff caused by price war. Researches on horizontal cooperative game in logistics show better performance and payoff for the players, however, horizontal cooperative game in hotel revenue management has not been demonstrated. This paper aims to develop hotel revenue management models under duopoly cooperative schemes (IS & MPS), which are compared to models under non-cooperative scheme too. Each scheme has five models, Capacity Allocation Model; Demand Model; Revenue Model; Optimal Price Model; and Equilibrium Price Model. Capacity Allocation Model and Demand Model employs self-hotel and competitor’s full and discount price as predictors under non-linear relation. Optimal price is obtained by assuming revenue maximization motive. Equilibrium price is observed by interacting self-hotel’s and competitor’s optimal price under reaction equation. Equilibrium is analyzed using game theory approach. The sequence applies for three schemes. MPS Scheme differently aims to optimize total players’ payoff. The case study in which theoretical models are applied observes two hotels offering homogenous product in Indonesia during a year. The Capacity Allocation, Demand, and Revenue Models are built using multiple regression and statistically tested for validation. Case study data confirms that price behaves within demand model in a non-linear manner. IS Models can represent the actual demand and revenue data better than Non-IS Models. Furthermore, IS enables hotels to earn significantly higher revenue. Thus, duopoly hotel players in general, might have reasonable incentives to share information horizontally. During off-peak season, MPS Models are able to predict the optimal equal price for both hotels. However, Nash equilibrium may not always exist depending on actual payoff of adhering or betraying mutual agreement. To optimize performance, horizontal cooperative game may be chosen over non-cooperative game. Mathematical models can be used to detect collusion among business players. Empirical testing can be used as policy input for market regulator in preventing unethical business practices potentially harming society welfare.

Keywords: horizontal cooperative game theory, hotel revenue management, information sharing, mutual price setting

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Authors: Jesha Faye T. Librea, Leslie Joy L. Diaz

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Fuel-derived rice husk ash (fRHA) is a waste material from industries employing rice husk as a biomass fuel which, on the downside, causes disposal and environmental problems. To mitigate this, the fRHA was evaluated for use in other applications such as a pozzolanic material for the construction industry. In this study, the assessment of the potential of fRHA as pozzolanic supplementary cementitious material was conducted by determining the chemical and physical properties of fRHA according to ASTM C618, evaluating the fineness of the material according to ASTM C430, and determining its pozzolanic activity using Luxan Method. The material was found to have a high amorphous silica content of around 95.82 % with traces of alkaline and carbon impurities. The retained carbon residue is 7.18 %, which is within the limit of the specifications for natural pozzolans indicated in ASTM C618. The fineness of the fRHA is at 88.88 % retained at a 45-micron sieve, which, however, exceeded the limit of 34 %. This large particle size distribution was found to affect the pozzolanic activity of the fRHA. This was shown in the Luxan test, where the fRHA was identified as non-pozzolan due to its low pozzolanic activity index of 0.262. Thus, further processing must be done to the fRHA to pass the required ASTM fineness, have a higher pozzolanic activity index, and fully qualify as a pozzolanic material.

Keywords: rice husk ash, pozzolanic, fuel-derived ash, supplementary cementitious material

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Authors: Layal Mansour

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The aim of this paper is to identify whether oil price volatility or geopolitical risks can predict future financial stress periods or economic recessions in Kuwait. We construct the first Financial Stress Index for Kuwait (FSIK) that includes informative vulnerable indicators of the main financial sectors: the banking sector, the equities market, and the foreign exchange market. The study covers the period from 2000 to 2020, so it includes the two recent most devastating world economic crises with oil price fluctuation: the Covid-19 pandemic crisis and Ukraine-Russia War. All data are taken by the central bank of Kuwait, the World Bank, IMF, DataStream, and from Federal Reserve System St Louis. The variables are computed as the percentage growth rate, then standardized and aggregated into one index using the variance equal weights method, the most frequently used in the literature. The graphical FSIK analysis provides detailed information (by dates) to policymakers on how internal financial stability depends on internal policy and events such as government elections or resignation. It also shows how monetary authorities or internal policymakers’ decisions to relieve personal loans or increase/decrease the public budget trigger internal financial instability. The empirical analysis under vector autoregression (VAR) models shows the dynamic causal relationship between the oil price fluctuation and the Kuwaiti economy, which relies heavily on the oil price. Similarly, using vector autoregression (VAR) models to assess the impact of the global geopolitical risks on Kuwaiti financial stability, results reveal whether Kuwait is confronted with or sheltered from geopolitical risks. The Financial Stress Index serves as a guide for macroprudential regulators in order to understand the weakness of the overall Kuwaiti financial market and economy regardless of the Kuwaiti dinar strength and exchange rate stability. It helps policymakers predict future stress periods and, thus, address alternative cushions to confront future possible financial threats.

Keywords: Kuwait, financial stress index, causality test, VAR, oil price, geopolitical risks

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Authors: Ons Triki, Fathi Abid

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Along with the increase in the use of leasing contracts in corporate finance, multiple studies aim to model the credit risk of the lease in order to cover the losses of the lessor of the asset if the lessee goes bankrupt. In the current research paper, a convertible lease contract is elaborated in a continuous time stochastic universe aiming to ensure the financial stability of the firm and quickly recover the losses of the counterparties to the lease in case of default. This work examines the term structure of the lease rates taking into account the credit default risk and the capital structure of the firm. The interaction between the lessee's capital structure and the equilibrium lease rate has been assessed by applying the competitive lease market argument developed by Grenadier (1996) and the endogenous structural default model set forward by Leland and Toft (1996). The cumulative probability of default was calculated by referring to Leland and Toft (1996) and Yildirim and Huan (2006). Additionally, the link between lessee credit risk and lease rate was addressed so as to explore the impact of convertible lease financing on the term structure of the lease rate, the optimal leverage ratio, the cumulative default probability, and the optimal firm value by applying an endogenous conversion threshold. The numerical analysis is suggestive that the duration structure of lease rates increases with the increase in the degree of the market price of risk. The maximal value of the firm decreases with the effect of the optimal leverage ratio. The results are indicative that the cumulative probability of default increases with the maturity of the lease contract if the volatility of the asset service flows is significant. Introducing the convertible lease contract will increase the optimal value of the firm as a function of asset volatility for a high initial service flow level and a conversion ratio close to 1.

Keywords: convertible lease contract, lease rate, credit-risk, capital structure, default probability

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Authors: Yohanna Panshak

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The impact of macroeconomic instability on economic growth and prosperity has been at forefront in many discourses among researchers and policy makers and has generated a lot of controversies over the years. This has generated series of research efforts towards understanding the remote causes of this phenomenon; its nature, determinants and how it can be targeted and mitigated. While others have opined that the root cause of macroeconomic flux in Nigeria is attributed to Oil-Price volatility, others viewed the issue as resulting from some constellation of structural constraints both within and outside the shores of the country. Research works of scholars such as [Akpan (2009), Aliyu (2009), Olomola (2006), etc] argue that oil volatility can determine economic growth or has the potential of doing so. On the contrary, [Darby (1982), Cerralo (2005) etc] share the opinion that it can slow down growth. The earlier argument rest on the understanding that for a net balance of oil exporting economies, price upbeat directly increases real national income through higher export earnings, whereas, the latter allude to the case of net-oil importing countries (which experience price rises, increased input costs, reduced non-oil demand, low investment, fall in tax revenues and ultimately an increase in budget deficit which will further reduce welfare level). Therefore, assessing the precise impact of oil price volatility on virtually any economy is a function of whether it is an oil-exporting or importing nation. Research on oil price volatility and its outcome on the growth of the Nigerian economy are evolving and in a march towards resolving Nigeria’s macroeconomic instability as long as oil revenue still remain the mainstay and driver of socio-economic engineering. Recently, a major importer of Nigeria’s oil- United States made a historic breakthrough in more efficient source of energy for her economy with the capacity of serving significant part of the world. This undoubtedly suggests a threat to the exchange earnings of the country. The need to understand fluctuation in its major export commodity is critical. This paper leans on the Renaissance growth theory with greater focus on theoretical work of Lee (1998); a leading proponent of this school who makes a clear cut of difference between oil price changes and oil price volatility. Based on the above background, the research seeks to empirically examine the impact oil-price volatility on government expenditure using quarterly time series data spanning 1986:1 to 2014:4. Vector Auto Regression (VAR) econometric approach shall be used. The structural properties of the model shall be tested using Augmented Dickey-Fuller and Phillips-Perron. Relevant diagnostics tests of heteroscedasticity, serial correlation and normality shall also be carried out. Policy recommendation shall be offered on the empirical findings and believes it assist policy makers not only in Nigeria but the world-over.

Keywords: oil-price, volatility, prosperity, budget, expenditure

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Authors: Mukesh Kumar, Mahendra Pal Sharma

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Depleting fossil fuel resources coupled with serious environmental degradation has led to the search for alternative resources for biodiesel production as a substitute of Petro-diesel. Currently, edible, non-edible oils and microalgal plant species are cultivated for biodiesel production. Looking at the demerits of edible and non-edible oil resources, the focus is being given to grow microalgal species having high oil productivities, less maturity time and less land requirement. Out of various microalgal species, Chlorella protothecoides is considered as the most promising species for biodiesel production owing to high oil content (58 %), faster growth rate (24–48 h) and high biomass productivity (1214 mg/l/day). The present paper reports the results of optimization of reaction parameters of transesterification process as well as the kinetics of transesterification with 97% yield of biodiesel. The measurement of fuel quality of microalgal biodiesel shows that the biodiesel exhibit very good oxidation stability (O.S) of 7 hrs, more than ASTM D6751 (3 hrs) and EN 14112 (6 hrs) specifications. The CP and PP of 0 and -3 °C are finding as per ASTM D 2500-11 and ASTM D 97-12 standards. These results show that the microalgal biodiesel does not need any enhancement in O.S & CFP and hence can be recommended to be directly used as MB100 or its blends into diesel engine operation. Further, scope is available for the production of binary blends using poor quality biodiesel for engine operation.

Keywords: fuel quality, methyl ester yield, microalgae, transesterification

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Authors: Jayakrishnan U.

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A concept of adding two strokes to a four stroke Otto or Diesel engine cycle presented here for the waste heat recovery in a four stroke internal combustion engine. Four stroke Diesel cycle and Otto cycle engines have very low thermal efficiency due to high amount of energy loss in exhaust and also on the cooling of the engine. It is estimated about 35 percent of fuel energy is lost in exhaust of engine and 30 percent in cooling of engine. So by modifying a four-stroke Otto or Diesel engine by adding two-stroke heat recovery steam cycle is presented here. Water injection is used to get an additional power stroke by partial compression of the exhaust gases at the end of third stroke in a four stroke I.C.Engine. It is the conversion of a four-stroke cycle to a six-stroke cycle. By taking a four stroke petrol engine of known dimensions, an ideal thermodynamic model is used to analyse and calculate the events of exhaust gas compression and following two strokes of water injection. By changing the exhaust valve closing timing during exhaust stroke and analysing it on various points, an optimum amount of exhaust gas re-compression and amount of water injection can be found for maximizing efficiency and fuel economy. It is achieved by changing the exhaust valve timing and finding an optimum amount of exhaust re-compression, maximizing the net mean effective pressure of the steam expansion stroke (MEPsteam). Specific fuel consumption of the engine also decreases increasing the fuel economy. The valve closing timings for maximum MEPsteam is limited by either 1 bar or dew point temperature of expansion gas or moisture mixture to avoid moisture formation. By modifying the four-stroke Otto or Diesel cycle by adding two water injection stroke has the potential to significantly increase the engine efficiency and fuel economy.

Keywords: internal combustion engine, engine efficiency, six-stroke cycle, water injection, specific fuel consumption

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Authors: Adam Majczak, Grzegorz Barański, Marcin Szlachetka

Abstract:

Environmental considerations necessitate the search for new energy sources. One of the available solutions is a partial replacement of diesel fuel by compressed natural gas (CNG) in the compression ignition engines. This type of the engines is used mainly in vans and trucks. These units are also gaining more and more popularity in the passenger car market. In Europe, this part of the market share reaches 50%. Diesel engines are also used in industry in such vehicles as ship or locomotives. Diesel engines have higher emissions of nitrogen oxides in comparison to spark ignition engines. This can be currently limited by optimizing the combustion process and the use of additional systems such as exhaust gas recirculation or AdBlue technology. As a result of the combustion process of diesel fuel also particulate matter (PM) that are harmful to the human health are emitted. Their emission is limited by the use of a particulate filter. One of the method for toxic components emission reduction may be the use of liquid gas fuel such as propane and butane (LPG) or compressed natural gas (CNG). In addition to the environmental aspects, there are also economic reasons for the use of gaseous fuels to power diesel engines. A total or partial replacement of diesel gas is possible. Depending on the used technology and the percentage of diesel fuel replacement, it is possible to reduce the content of nitrogen oxides in the exhaust gas even by 30%, particulate matter (PM) by 95 % carbon monoxide and by 20%, in relation to original diesel fuel. The research object is prototype gas injector designed for direct injection of compressed natural gas (CNG) in compression ignition engines. The construction of the injector allows for it positioning in the glow plug socket, so that the gas is injected directly into the combustion chamber. The cycle analysis of the four-cylinder Andoria ADCR engine with a capacity of 2.6 dm3 for different crankshaft rotational speeds allowed to determine the necessary time for fuel injection. Because of that, it was possible to determine the required mass flow rate of the injector, for replacing as much of the original fuel by gaseous fuel. To ensure a high value of flow inside the injector, supply pressure equal to 1 MPa was applied. High gas supply pressure requires high value of valve opening forces. For this purpose, an injector with hydraulic control system, using a liquid under pressure for the opening process was designed. On the basis of air pressure measurements in the flow line after the injector, the analysis of opening and closing of the valve was made. Measurements of outflow mass of the injector were also carried out. The results showed that the designed injector meets the requirements necessary to supply ADCR engine by the CNG fuel.

Keywords: CNG, diesel engine, gas flow, gas injector

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Authors: Farrukh Jamil, Ala'A H. Al-Muhtaseb, Lamya Al-Haj, Mohab A. Al-Hinai

Abstract:

Environmental problems and the security of energy supply have motivated the attention in the expansion of alternatives for fossil based fuels. Biomass has been recognized as a capable resource because it is plentifully available and in principle carbon dioxide neutral. Present study focuses on utilization date seeds oil for synthesizing high value fuels formulations such as green diesel and jet fuel. The hydrodeoxygenation of date seeds oil occurred to be highly efficient at following operating conditions temperature 300°C pressure 10bar with continuous stirring at 500 rpm. Products characterization revealed the efficiency of hydrodeoxygenation by formation of linear hydrocarbons (paraffin) in larger fraction. Based on the type of components in product oil it was calculated that maximum fraction lies within the range of green diesel 72.78 % then jet fuel 28.25 % by using Pt/C catalyst. It can be concluded that waste date seeds oil has potential to be used for obtaining high value products.

Keywords: date seeds, hydrodeoxygenation, paraffin, deoxygenation

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Authors: Radhika Ramanchi

Abstract:

The oil market during 2014-2015 in India with large price fluctuations is very confusing to individual investor. The drop in oil prices supported stocks of some oil marketing companies (OMCs) like Bharat Petroleum Corporation, Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation etc their shares rose 84.74%, 128.63% and 59.16%, respectively. Lower oil prices, and lower current account, a smaller subsidy burden are the reasons for outperformance. On the other hand, lower crude prices giving downward pressure on upstream companies like Oil and Natural Gas Corp. Ltd (ONGC) and Reliance Petroleum (RIL) Oil India Ltd (OIL). Not having clarity on a subsidy sharing mechanism is the reason for downward trend on these stocks. Shares of ONGC and RIL have underperformed so far in 2015. When the oil price fall profits of the companies will effect, generate less money and may cut their dividends in Long run. In this situation this paper objective is to study investment strategies in oil marketing companies, by applying CAPM and Security Market Line.

Keywords: petrol industry, price fluctuations, sharp single index model, SML, Markowitz model

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Authors: Madhujit Deb, G. R. K. Sastry, R. S. Panua, Rahul Banerjee, P. K. Bose

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The present work attempts to investigate the combustion, performance and emission characteristics of an existing single-cylinder four-stroke compression-ignition engine operated in dual-fuel mode with hydrogen as an alternative fuel. Environmental concerns and limited amount of petroleum fuels have caused interests in the development of alternative fuels like hydrogen for internal combustion (IC) engines. In this experimental investigation, a diesel engine is made to run using hydrogen in dual fuel mode with diesel, where hydrogen is introduced into the intake manifold using an LPG-CNG injector and pilot diesel is injected using diesel injectors. A Timed Manifold Injection (TMI) system has been developed to vary the injection strategies. The optimized timing for the injection of hydrogen was 100 CA after top dead center (ATDC). From the study it was observed that with increasing hydrogen rate, enhancement in brake thermal efficiency (BTHE) of the engine has been observed with reduction in brake specific energy consumption (BSEC). Furthermore, Soot contents decrease with an increase in indicated specific NOx emissions with the enhancement of hydrogen flow rate.

Keywords: diesel engine, hydrogen, BTHE, BSEC, soot, NOx

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Authors: Mazouz Halima, Belghachi Abdrahmane

Abstract:

Effects of electron irradiation-induced deep level defects have been studied on both n/p and p/n indium phosphide solar cells with very thin emitters. The simulation results show that n/p structure offers a somewhat better short circuit current but the p/n structure offers improved circuit voltage, not only before electron irradiation, but also after 1MeV electron irradiation with 5.1015 fluence. The simulation also shows that n/p solar cell structure is more resistant than that of p/n structure.

Keywords: InP solar cell, p/n and n/p structure, electron irradiation, output parameters

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Authors: Lei Liu

Abstract:

This paper concerns on a special phenomenon of rocketing of bride’s price in rural China after the rural-urban labor migration nowadays. It provides a brief overview of three major prospective on marriage exchange, especially impose the local marriage market due to the post-migration economic environments. Then the author highlights on several factors that influence the rocketing raise of rural marriage gifts using both the primary data from census 2010 and the interviews from the field study, such as one-child policy and the unbalanced sex ratio with the familiar context parents used different strategies in raising their sons and daughters so as to best hold their own interests, causing inequality between females and males. Then this was broken by the independence of rural women and the phenomenon of cross-regional marriage after the free mobility of labor resource between rural areas and urban areas which gives women equal rights to choose their spouses together with some publicly policies that accelerate the decline of patriarchy. In the end, the author spells out a framework of migration influence on rural marriage for some theoretical and policy implications of the findings.

Keywords: rural-urban migration, gender stratification, rural China, bride price, marriage

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Authors: Bundit Pungnirund

Abstract:

This research aimed to study the relationship between marketing mix attitudes, motivation of buying decision and tendency of consumer decision making in buying the condominiums in Thailand. This study employed by survey and quantitative research. The questionnaire was used to collect the data from 400 sampled of customers who interested in buying condominium in Bangkok. The descriptive statistics and Pearson’s correlation coefficient analysis were used to analyze data. The research found that marketing mixed factors in terms of product and price were related to buying decision making tendency in terms of price and room size. Marketing mixed factors in terms of price, place and promotion were related to buying decision making tendency in term of word of mouth. Consumers’ buying motivation in terms of social acceptance, self-esteemed and self-actualization were related to buying decision making tendency in term of room size. In addition, motivation in self-esteemed was related to buying decision making tendency within a year.

Keywords: condominium, marketing mix, motivation, tendency of consumer decision making

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Authors: Arnab Adhikari, Arnab Bisi

Abstract:

Since the inception, the fashion apparel supply chain is facing the problem of high demand uncertainty. Often the demand volatility compels the corresponding supply chain member to incur substantial holding cost and opportunity cost in case of the overproduction and the underproduction scenario, respectively. It leads to an uncoordinated fashion apparel supply chain. There exist several scholarly works to achieve coordination in the fashion apparel supply chain by employing the different contracts such as the buyback contract, the revenue sharing contract, the option contract, and so on. Specially, the application of option contract in the apparel industry becomes prevalent with the changing global scenario. Exploration of existing literature related to the option contract reveals that most of the research works concentrate on the one direction demand adjustment i.e. either to match the demand upwards or downwards. Here, we present a holistic approach to coordinate a dyadic fashion apparel supply chain comprising one manufacturer and one retailer with the help of bidirectional option contract. We show a combination of wholesale price contract and bidirectional option contract can coordinate the under expanded supply chain. We also propose a framework that captures the variation of the apparel retailer’s order quantity and the apparel manufacturer’s production quantity with the changing exercise price for the different ranges of the option price. We analytically explore that corresponding cost parameters of the supply chain members along with the nature of demand distribution play an instrumental role in the coordination as well as the retailer’s ordering decision.

Keywords: fashion apparel supply chain, supply chain coordination, wholesale price contract, bidirectional option contract

Procedia PDF Downloads 441