Search results for: fiscal theory of the price level

Authors: Farouk Metiri, Halim Zeghdoudi, Mohamed Riad Remita

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Credibility theory is an experience rating technique in actuarial science which can be seen as one of quantitative tools that allows the insurers to perform experience rating, that is, to adjust future premiums based on past experiences. It is used usually in automobile insurance, worker's compensation premium, and IBNR (incurred but not reported claims to the insurer) where credibility theory can be used to estimate the claim size amount. In this study, we focused on a popular tool in credibility theory which is the Bayesian premium estimator, considering Lindley distribution as a claim distribution. We derive this estimator under entropy loss which is asymmetric and squared error loss which is a symmetric loss function with informative and non-informative priors. In a purely Bayesian setting, the prior distribution represents the insurer’s prior belief about the insured’s risk level after collection of the insured’s data at the end of the period. However, the explicit form of the Bayesian premium in the case when the prior is not a member of the exponential family could be quite difficult to obtain as it involves a number of integrations which are not analytically solvable. The paper finds a solution to this problem by deriving this estimator using numerical approximation (Lindley approximation) which is one of the suitable approximation methods for solving such problems, it approaches the ratio of the integrals as a whole and produces a single numerical result. Simulation study using Monte Carlo method is then performed to evaluate this estimator and mean squared error technique is made to compare the Bayesian premium estimator under the above loss functions.

Keywords: bayesian estimator, credibility theory, entropy loss, monte carlo simulation

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Authors: Badr A. Al-Jehani

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Nowadays, contractor selection is a critical activity of the project owner. Selecting the right contractor is essential to the project manager for the success of the project, and this cab happens by using the proper selecting method. Traditionally, the contractor is being selected based on his offered bid price. This approach focuses only on the price factor and forgetting other essential factors for the success of the project. In this research paper, the Analytic Network Process (ANP) method is used as a decision tool model to select the most appropriate contractor. This decision-making method can help the clients who work in the construction industry to identify contractors who are capable of delivering satisfactory outcomes. Moreover, this research paper provides a case study of selecting the proper contractor among three contractors by using ANP method. The case study identifies and computes the relative weight of the eight criteria and eleven sub-criteria using a questionnaire.

Keywords: contractor selection, project management, decision-making, bidding

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Authors: Daniel Dor

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The research presents a new general theory of language as a socially-constructed communication technology, designed by cultural evolution for a very specific function: the instruction of imagination. As opposed to all the other systems of intentional communication, which provide materials for the interlocutors to experience, language allows speakers to instruct their interlocutors in the process of imagining the intended meaning-instead of experiencing it. It is thus the only system that bridges the experiential gaps between speakers. This is the key to its enormous success.

Keywords: experience, general theory of language, imagination, language as technology, social essence of language

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Authors: Nasiri Ahmadullah, Shimozato Tetsuhiro, Masayuki Tai

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This paper presents the step-by-step procedure for using Elastic Theory to calculate the internal stresses in composite bridge girders prestressed by the Preflexing Technology, called Prebeam in Japan and Preflex beam worldwide. Elastic Theory approaches preflex beams the same way as it does the conventional composite girders. Since preflex beam undergoes different stages of construction, calculations are made using different sectional and material properties. Stresses are calculated in every stage using the properties of the specific section. Stress accumulation gives the available stress in a section of interest. Concrete presence in the section implies prestress loss due to creep and shrinkage, however; more work is required to be done in this field. In addition to the graphical presentation of this application, this paper further discusses important notes of graphical comparison between the results of an experimental-only research carried out on a preflex beam, with the results of simulation based on the elastic theory approach, for an identical beam using Finite Element Modeling (FEM) by the author.

Keywords: composite girder, Elastic Theory, preflex beam, prestressing

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Authors: Wen-Shan Lin, Shu-Lu Hsu

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Environmental concern and consumer rights have entailed e-tailers to adopt better strategies to facilitate product returns from customers. As the demand for reverse logistics (RL) continues to grow, little is known about what motivates e-tailers to enhance their RL capabilities and about the role RL capabilities plays in enabling e-tailers to achieve better customer satisfaction and economic performance. Based on resource-based theory and institutional theory, this article proposes that the following factors play a critical role in influencing the RL capability of e-tailers: (a) Financial resource commitment to RL, (b) managerial resource commitment to RL, and (c) institutional pressure to implement RL. Based on the role of these factors, the study provides a framework and propositions that serve to guide future research addressing the link among resources, institutional pressure, and RL capability.

Keywords: reverse logistics, e-tailing, resource-based theory, institutional theory

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Authors: Amina Jibrin Ahmed

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The environment is mankind's natural habitat. Industrial activities over time have taken their toll on it in the form of deterioration and degradation. The petroleum industry is particularly notorious for its negative impact on its host environments. The realization that this poses a threat to sustainability led to the increased awareness and subsequent recognition of the importance of environmental disclosure in financial statements. This paper examines the laws and regulations put in place by the Nigerian Government to mitigate this impact, and the level of compliance by Shell Nigeria, the pioneer and largest oil company in the country. Based on the disclosure made, this paper finds there is indeed a high level of compliance by that company, and voluntary disclosure moreover.

Keywords: environmental accounting, legitimacy theory, environmental impact assessment, environmental disclosure, host communities

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Authors: Yating Yang, Xue Zhang, Chengli Zhao

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In the increasingly interconnected global environment brought about by globalization, it is crucial for countries to timely grasp the development motivations in relevant research fields of other countries and seize development opportunities. Motivation, as the intrinsic driving force behind actions, is abstract in nature, making it difficult to directly measure and evaluate. Drawing on the ideas of social influence network theory, the research motivations of a country can be understood as the driving force behind the development of its science and technology sector, which is simultaneously influenced by both the country itself and other countries/regions. In response to this issue, this paper improves upon Friedkin's social influence network theory and applies it to motivation description, constructing a dynamic alliance network and hostile network centered around the United States and China, as well as a sensitivity matrix, to remotely assess the changes in national research motivations under the influence of international relations. Taking artificial intelligence as a case study, the research reveals that the motivations of most countries/regions are declining, gradually shifting from a neutral attitude to a negative one. The motivation of the United States is hardly influenced by other countries/regions and remains at a high level, while the motivation of China has been consistently increasing in recent years. By comparing the results with real data, it is found that this model can reflect, to some extent, the trends in national motivations.

Keywords: influence network theory, remote assessment, relation matrix, dynamic sensitivity matrix

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Authors: Ishmael Tingbani

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This paper adopts a contingency theory approach to investigate the relationship between working capital management and profitability using data of 225 listed British firms on the London Stock Exchange for the period 2001-2011. The paper employs a panel data analysis on a series of interactive models to estimate this relationship. The findings of the study confirm the relevance of the contingency theory. Evidence from the study suggests that the impact of working capital management on profitability varies and is constrained by organizational contingencies (environment, resources, and management factors) of the firm. These findings have implications for a more balanced and nuanced view of working capital management policy for policy-makers.

Keywords: working capital management, profitability, contingency theory approach, interactive models

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Authors: Mohamed Sharof Mostafa, Atefeh Ahmadi

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Most of traditional single modality psychotherapy and counselling approaches to clients’ problems are based on the application of one therapy in all sessions. Modern developments in these sciences focus on eclectic and integrative interventions to consider all dimensions of an issue and all characteristics of the clients. This paper presents and overview eclectic therapy and its pros and cons. In addition, multiple intelligence theory and its application in eclectic therapy approaches are mentioned.

Keywords: eclectic therapy, client, multiple intelligence theory, dimensions

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Authors: Raniya Alsharif

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The color theory of good and evil is the association of colors to the omnipresent concept of good and evil, where human behavior and perception can be highly influenced by seeing black and white, making these connotations almost dangerously distinctive where they can be very hard to distinguish. This theory is a human construct that dates back to ancient Egypt and has been used since then in almost all forms of communication and expression, such as art, fashion, literature, and religious manuscripts, helping the implantation of preconceived ideas that influence behavior and society. This is a mixed-methods research that uses both surveys to collect quantitative data related to the theory and a vignette to collect qualitative data by using a scenario where participants aged between 18-25 will style two characters of good and bad characteristics with color contrasting clothes, both yielding results about the nature of the preconceived perceptions associated with ‘black and white’ and ‘good and evil’, illustrating the important role of media and communications in human behavior and subconscious, and also uncover how far this theory goes in the age of social media enlightenment.

Keywords: color perception, interpretivism, thematic analysis, vignettes

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Authors: Sergio Paez Moncaleano, Alvaro Mauricio Montenegro

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This paper presents a novel statistical methodology for measuring and founding constructs in Latent Regression Analysis. This approach uses the qualities of Factor Analysis in binary data with interpretations on Item Response Theory (IRT). In addition, based on the fundamentals of submodel theory and with a convergence of many ideas of IRT, we propose an algorithm not just to solve the dimensionality problem (nowadays an open discussion) but a new research field that promises more fear and realistic qualifications for examiners and a revolution on IRT and educational research. In the end, the methodology is applied to a set of real data set presenting impressive results for the coherence, speed and precision. Acknowledgments: This research was financed by Colciencias through the project: 'Multidimensional Item Response Theory Models for Practical Application in Large Test Designed to Measure Multiple Constructs' and both authors belong to SICS Research Group from Universidad Nacional de Colombia.

Keywords: item response theory, dimensionality, submodel theory, factorial analysis

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Authors: P. Y. Tsyba, O. V. Razina, E. Güdekli, R. Myrzakulov

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In this paper, we consider the equation of motion for the F(R,T) gravity on their property of conformal invariance. It is shown that in the general case such a theory is not conformally invariant. Special cases for the functions v and u, in which the properties of the theory can appear, were studied.

Keywords: conformal invariance, gravity, space-time, metric

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Authors: Doseong Eom, Jeongmin Kim, Kwang Ryel Ryu

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Large exhibition halls require a lot of energy to maintain comfortable atmosphere for the visitors viewing inside. One way of reducing the energy cost is to have thermal energy storage systems installed so that the thermal energy can be stored in the middle of night when the energy price is low and then used later when the price is high. To minimize the overall energy cost, however, we should be able to decide how much energy to save during which time period exactly. If we can foresee future energy load and the corresponding cost, we will be able to make such decisions reasonably. In this paper, we use machine learning technique to obtain models for predicting weather conditions and the number of visitors on hourly basis for the next day. Based on the energy load thus predicted, we build a cost-optimal daily operation plan for the thermal energy storage systems and cooling and heating facilities through simulation-based optimization.

Keywords: building energy management, machine learning, operation planning, simulation-based optimization

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Authors: Jamaa Salih, Francis Edum-Fotwe, Andrew Price

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One of the most critical aspects of the management of road infrastructure is the type and scale of maintenance systems adopted and the consequences of their inadequacy. The performance of road maintenance systems can be assessed by a number of important indicators such as: cost, safety, environmental impact, and level of complaints by users. A review of practice reveals that insufficient level of expenditure or poor management of the road network often has serious consequences for the economic and social life of a country in terms of vehicle operating costs (VOC), travel time costs, accident costs and environmental impact. Despite an increase in the attention paid by global road agencies to the environmental and the road users’ satisfaction, the overwhelming evidence from the available literature agree on the lack of similar levels of attention for the two factors in many developing countries. While many sources agree that the road maintenance backlog is caused by either the shortage of expenditures or lack of proper management or both, it appears that managing the available assets particularly in the developing countries is the main issue. To address this subject, this paper will concentrate on exposing the various issues related to this field.

Keywords: environmental impact, performance indicators, road maintenance, users’ satisfaction

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Authors: José Antonio Núñez

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Sigmund Freud’s Theory of Psychoanalysis was a groundbreaking contribution to the province of the human psyche and behavior. Nowadays, psychoanalytic theory is applied to numerous fields. One of them is literature. Literary criticism has put into practice the basis of Freud’s idea to analyze literary works. This essay is about the analysis of Edgar A. Poe’s short story ‘The Tell-Tale Heart,’ under the lens of Freud’s psychoanalytical perspective. In 1919, it was published ‘Das Unheimliche’ (The Uncanny) by Freud. On this article, the famous Austrian psychoanalyst showed his explanations about what he called ‘the uncanny,’ and its relation to the human unconscious. In this paper, Freud’s famous article has been used to analyze Poe’s short story ‘The Tell-Tale Heart,’ and to find the analogies that exist between Poe’s macabre short story and Freud’s theory of ‘the uncanny.’

Keywords: psychoanalysis, theory of the unconscious, the uncanny, unheimlich

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Authors: Jan Van Uden

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The paper reviews classical agency-theory and its contributions to the analysis of complex business negotiations and gives an approach for the modification of the basic agency-model in order to examine the negotiation specific dimensions of agency-problems. By illustrating fundamental potentials for the modification of agency-theory in context of business negotiations the paper highlights recent empirical research that investigates agent-based negotiations and inter-team constellations. A general theoretical analysis of complex negotiation would be based on a two-level approach. First, the modification of the basic agency-model in order to illustrate the organizational context of business negotiations (i.e., multi-agent issues, common-agencies, multi-period models and the concept of bounded rationality). Second, the application of the modified agency-model on complex business negotiations to identify agency-problems and relating areas of risk in the negotiation process. The paper is placed on the first level of analysis – the modification. The method builds on the one hand on insights from behavior decision research (BRD) and on the other hand on findings from agency-theory as normative directives to the modification of the basic model. Through neoclassical assumptions concerning the fundamental aspects of agency-relationships in business negotiations (i.e., asymmetric information, self-interest, risk preferences and conflict of interests), agency-theory helps to draw solutions on stated worst-case-scenarios taken from the daily negotiation routine. As agency-theory is the only universal approach able to identify trade-offs between certain aspects of economic cooperation, insights obtained provide a deeper understanding of the forces that shape business negotiation complexity. The need for a modification of the basic model is illustrated by highlighting selected issues of business negotiations from agency-theory perspective: Negotiation Teams require a multi-agent approach under the condition that often decision-makers as superior-agents are part of the team. The diversity of competences and decision-making authority is a phenomenon that overrides the assumptions of classical agency-theory and varies greatly in context of certain forms of business negotiations. Further, the basic model is bound to dyadic relationships preceded by the delegation of decision-making authority and builds on a contractual created (vertical) hierarchy. As a result, horizontal dynamics within the negotiation team playing an important role for negotiation success are therefore not considered in the investigation of agency-problems. Also, the trade-off between short-term relationships within the negotiation sphere and the long-term relationships of the corporate sphere calls for a multi-period perspective taking into account the sphere-specific governance-mechanisms already established (i.e., reward and monitoring systems). Within the analysis, the implementation of bounded rationality is closely related to findings from BRD to assess the impact of negotiation behavior on underlying principal-agent-relationships. As empirical findings show, the disclosure and reservation of information to the agent affect his negotiation behavior as well as final negotiation outcomes. Last, in context of business negotiations, asymmetric information is often intended by decision-makers acting as superior-agents or principals which calls for a bilateral risk-approach to agency-relations.

Keywords: business negotiations, agency-theory, negotiation analysis, interteam negotiations

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Authors: Julian Pigott

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This paper introduces the Language Learning as a Means of Drive Engagement (LLMDE) theory, derived from a grounded theory analysis of interviews with Japanese university students. According to LLMDE theory, language learning can be understood as a means of engaging one or more of four self-fulfillment drives: the drive to expand one’s horizons (perspective drive); the drive to make a success of oneself (status drive); the drive to engage in interaction with others (communication drive); and the drive to obtain intellectual and affective stimulation (entertainment drive). While many theories of learner psychology focus on conscious agency, LLMDE theory addresses the role of the unconscious. In addition, supplementary thematic analysis of the data revealed the role of context in mediating drive engagement. Unexpected memorable events, for example, play a key role in instigating and, indirectly, in regulating learning, as do institutional and cultural contexts. Given the apparent importance of such factors beyond the immediate control of the learner, and given the pervasive role of habit and drives, it is argued that the concept of motivation merits theoretical reappraisal. Rather than an underlying force determining language learning success or failure, it can be understood to emerge sporadically in consciousness to promote behavioral change, or to protect habitual behavior from disruption.

Keywords: drives, grounded theory, motivation, significant events

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Authors: Violeta Juanico

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While there was a statement made by the RVM Education Ministry Commission that its strength is its Ignacian identity, shaped by the Ignacian spirituality that permeates the school community leading to a more defined RVM school culture, there has been no empirical study made in terms of a clear and convincing conceptual framework on how the RVM Educational mission is lived in the Religious of the Virgin Mary (RVM) learning institutions to the best of author’s knowledge. This dissertation is an attempt to come up with a substantive theory that supports and explains the stakeholders’ experiences with the RVM educational mission in the Philippines. Participants that represent the different stakeholders ranging from students to administrators were interviewed. The expressions and thoughts of the participants were initially coded and analyzed using the Barney Glaser’s original grounded theory methodology to find out how the RVM mission is lived in the field of education.

Keywords: catholic education, grounded theory, lived experience, RVM educational mission

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Authors: Setya Winarno

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Due to abundant Merapi volcanic sand in Yogyakarta City, many local people have utilized it for mass production of concrete blocks through mini plants although their products are low in quality. This paper presents a practice model for quality improvement in this situation in order to supply the current customer interest in good quality of construction material. The method of this research was to investigate a techno economic evaluation through laboratory test and interview. Samples of twenty existing concrete blocks made by local people had only 19.4 kg/cm2 in average compression strength which was lower than the minimum Indonesian standard of 25 kg/cm2. Through repeat testing in laboratory for fulfilling the standard, the concrete mix design of water cement ratio should not be more than 0.64 by weight basis. The proportion of sand as aggregate content should not be more than 9 parts to 1 part by volume of Portland cement. Considering the production cost, the basic price was Rp 1,820 for each concrete block, comparing to Rp 2,000 as a normal competitive market price. At last, the model describes (a) maximum water cement ratio is 0.64, (b) maximum proportion of sand and cement is 1:9, (c) the basic price is about Rp. 1,820.00 and (d) strategies to win the competitive market on mass production of concrete blocks are focus in quality, building relationships with consumer, rapid respond to customer need, continuous innovation by product diversification, promotion in social media, and strict financial management.

Keywords: concrete block, good quality, improvement model, diversification

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Authors: Daniel Mokatsanyane, Johnny Jansen Van Rensburg

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This paper is a concise introduction of the risk management on the water derivatives market. Water, a new commodity in the market, is one of the most important commodity on earth. As important to life and planet as crops, metals, and energy, none of them matters without water. This paper presents a brief overview of water as a tradable commodity via a new first of its kind futures contract on the Nasdaq Veles California Water Index (NQH2O) derivative instrument, TheGeneralised Autoregressive Conditional Heteroscedasticity (GARCH) statistical model will be the used to measure the water price volatility of the instrument and its performance since it’s been traded. describe the main products and illustrate their usage in risk management and also discuss key challenges with modeling and valuation of water as a traded commodity and finally discuss how water derivatives may be taken as an alternative asset investment class.

Keywords: water derivatives, commodity market, nasdaq veles california water Index (NQH2O, water price, risk management

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Authors: Siri-Orn Champatong

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This research paper was aimed to examine the relationship between visitors’ attitude towards the service marketing mix and visitors’ frequency of visit to Bangpu Recreation Centre. Based on a large and uncalculated population, the number of samples was calculated according to the formula to obtain a total of 385 samples. In collecting the samples, systematic random sampling was applied and by using of a Likert five-scale questionnaire for, a total of 21 days to collect the needed information. Mean, Standard Deviation, and Pearson’s basic statistical correlations were utilized in analyzing the data. This study discovered a high level of visitors’ attitude product and service of Bangpu Recreation Centre, price, place, promotional activities, people who provided service and physical evidence of the centre. The attitude towards process of service was discovered to be at a medium level. Additionally, the finding of an examination of a relationship between visitors’ attitude towards service marketing mix and visitors’ frequency of visit to Bangpu Recreation Centre presented that product and service, people, physical evidence and process of service provision showed a relationship with the visitors’ frequency of visit to the centre per year.

Keywords: frequency of visit, visitor, service marketing mix, Bangpu Recreation Centre

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Authors: Subhash Chandra Sharma, Mohammad Soleimani

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Selection of the correct lubricant for the top of rail application is a complex process. In this paper, the selection of the proper lubricant for a Top-Of-Rail (TOR) lubrication system based on graph theory and matrix approach has been developed. Attributes influencing the selection process and their influence on each other has been represented through a digraph and an equivalent matrix. A matrix function which is called the Permanent Function is derived. By substituting the level of inherent contribution of the influencing parameters and their influence on each other qualitatively, a criterion called Suitability Index is derived. Based on these indices, lubricants can be ranked for their suitability. The proposed model can be useful for maintenance engineers in selecting the best lubricant for a TOR application. The proposed methodology is illustrated step–by-step through an example.

Keywords: lubricant selection, top of rail lubrication, graph-theory, Ranking of lubricants

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Authors: Monique de Ritter, Annemieke Roobeek

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This study takes a holistic multi-layered systems approach on entrepreneurship, innovation, and sustainability. Concretely we looked how mission driven entrepreneurs (level 1) employ new business models and launch innovative products and/or ideas in their enterprises, which are (level 2) operating in entrepreneurial ecosystems (level 3), and how these in turn may generate higher level sustainable change (level 4). We employed a qualitative grounded research approach in which our aim is to contribute to theory. Fourteen in-depth semi-structured interviews were conducted with mission driven entrepreneurs in the Netherlands in which their individual drives, business models, and ecosystems were discussed. Interview transcripts were systematically coded and analysed and the ecosystems were visually mapped. Most important patterns include 1) entrepreneurs have a clear sustainable mission and regard this mission as de raison d’être of their enterprise; 2) entrepreneurs employ new business models with a focus on collaboration for innovation; the business model supports or enhances the sustainable mission of the enterprise, 3) entrepreneurs collaborate in ecosystems in which a) they also regard suppliers as partners for innovation and clients as ambassadors for the sustainable mission, b) would like to improve their relationships with financial institutions as they are in the entrepreneurs’ perspective often lagging behind with their innovative ideas and models, c) they collaborate for knowledge and innovation with several parties, d) personal informal connections are very important, and e) in which the higher sustainable mission is not a point of competition but of collaboration.

Keywords: sustainability, entrepreneurship, innovation, ecosystem, business models

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Authors: Ognjen Vukovic

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Chern-Simons equation represents the cornerstone of quantum physics. The question that is often asked is if the aforementioned equation can be successfully applied to the interaction in international financial markets. By analysing the time series in financial theory, it is proved that Chern-Simons equation can be successfully applied to financial time-series. The aforementioned statement is based on one important premise and that is that the financial time series follow the fractional Brownian motion. All variants of Chern-Simons equation and theory are applied and analysed. Financial theory time series movement is, firstly, topologically analysed. The main idea is that exchange rate represents two-dimensional projections of three-dimensional Brownian motion movement. Main principles of knot theory and topology are applied to financial time series and setting is created so the Chern-Simons equation can be applied. As Chern-Simons equation is based on small particles, it is multiplied by the magnifying factor to mimic the real world movement. Afterwards, the following equation is optimised using Solver. The equation is applied to n financial time series in order to see if it can capture the interaction between financial time series and consequently explain it. The aforementioned equation represents a novel approach to financial time series analysis and hopefully it will direct further research.

Keywords: Brownian motion, Chern-Simons theory, financial time series, econophysics

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Authors: Ahmad Dahlan Salleh, Nik Abdul Rahim Nik Abdul Ghani, Muhamad Firdaus M. Hatta

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Risk management has implications on pricing, governance arrangements, business practices and strategy. Nowadays, home financing contract offers more in the risk transfer form to increase bank profit. This is parallel with Islamic jurisprudence method al-Kharaj bi al-thaman (gain accompanies liability for loss) and al-ghurm bil ghunm (gain is justified with risk) that determine the matching between risk transfer and returns. Malaysian financing trend is to buy house. Besides, exists transparency lacking risk transfer issues to the clients because of not been informed clearly. Terms and conditions of each financing also do not reflect clearly that the risk has been transferred to the client, justifying a determination price been made. The assumption on risk occurrence is also inaccurate as each risk is different with the type of financing contract. This makes the Islamic Financial Services Act 2013 in providing standards that transparent and consistent can be used by Islamic financial institution less effective. This study examines how far the level of the risk and obligation incurred by bank and client under various Islamic home financing contract. This research is qualitative by using two methods, document analysis, and semi-structured interviews. Document analysis from literature review to identify profile, themes and risk transfer element in home financing from Islamic jurisprudence perspective. This study finds that need to create a risk transfer parameter by banks which are consistent with risk transfer theory according to Islamic jurisprudence. This study has potential to assist the authority in Islamic finance such as The Central Bank of Malaysia (Bank Negara Malaysia) in regulating Islamic banking industry so that the risk transfer valuation in home financing contract based on home financing good practice and determined risk limits.

Keywords: risk transfer, home financing contract, Sharia compliant, Malaysia

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Authors: Tzuli Lin

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This paper aims to explore that the EU and Member State (UK) converges on cultural diplomacy to constitute an influential European external relations. It will address the development of EU cultural diplomacy and practice at Member state level. It also discusses the EU and Member States suffering in cultural resource overlapped. In contrast to the literature on the EU external relations, studies of the cultural dimension are rare. Thus, this paper will utilise the broad policy papers to explore how the cultural diversity among the Member States and the EU has a constructive progress at European level but not at Member State level. It can be argued that cultural component is the pivotal strategy for the stagnated EU external relations since the Euro crisis. The EU recognises that if it wants to promote the trade relations from the inside of Europe to outside, it requires the broad culture context among its traditional diplomacy, which brings the cultural component into a significant role. Even though in the area of Member State level, they share the fundamental value and idea, it does not elaborate Member States regarding the EU as a representative of European cultural diplomacy. In theory and practice, the discourse of Normative Power Europe (NPE) can be the analytic framework to construct the research of cultural diplomacy in Europe. NPE is an idea of the EU’s global role and spreading its norms to others. Moreover, Member States’ national interest has supreme priority rather than the EU. Therefore, this paper will utilise the UK as a case study to explore that cultural diplomacy shows fragmentation at European level. In the result, this paper will illustrate that the EU and the UK have mutual recognised each other as a partner not a leader.

Keywords: EU cultural diplomacy, cultural policy, cultural diversity, normative power

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Authors: Tom D. Gedeon, Ujala Rampaul

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The evaluation of electronic consumer goods are most often done from the perspective of analysing the latest models, comparing their advantages and disadvantages with respect to price. This style of evaluation is often performed by one or a few product experts on a wide range of features that may not be applicable to each user. We instead used a scenario-based approach to evaluate a number of e-readers. The setting is similar to a user who is interested in a new product or technology and has allocated a limited budget. We evaluate the quality and usability of e-readers available within that budget range. This is based on the assumption of a rational market which prices older second hand devices the same as functionally equivalent new devices. We describe our evaluation and comparison of four branded eReaders, as the initial stage of a larger project. The scenario has a range of tasks approximating a busy person who does not bother to read the manual. We found that navigation within books to be the most significant differentiator between the eReaders in our scenario based evaluation process.

Keywords: eReader, scenario based, price comparison, Kindle, Kobo, Nook, Sony, technology adoption

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Authors: Mahmood Dehqan, Peyman Peyvasteh

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In recent years there has been a growing interest in issues concerning the impact of sociocultural theory (SCT) of learning on different aspects of second/foreign language learning. This study aimed to find the possible effects of sociocultural teaching techniques on reading strategy of EFL learners. Indeed, the present research compared the impact of peer and teacher scaffolding on EFL learners’ reading strategy use across two proficiency levels. To this end, a pre-test post-test quasi-experimental research design was used and two instruments were utilized to collect the data: Nelson English language test and reading strategy questionnaire. Ninety five university students participated in this study were divided into two groups of teacher and peer scaffolding. Teacher scaffolding group received scaffolded help from the teacher based on three mechanisms of effective help within ZPD: graduated, contingent, dialogic. In contrast, learners of peer scaffolding group were unleashed from the teacher-fronted classroom as they were asked to carry out the reading comprehension tasks with the feedback they provided for each other. Results obtained from ANOVA revealed that teacher scaffolding group outperformed the peer scaffolding group in terms of reading strategy use. It means teacher’s scaffolded help provided within the learners’ ZPD led to better reading strategy improvement compared with the peer scaffolded help. However, the interaction effect between proficiency factor and teaching technique was non-significant, leading to the conclusion that strategy use of the learners was not affected by their proficiency level in either teacher or peer scaffolding groups.

Keywords: peer scaffolding, proficiency level, reading strategy, sociocultural theory, teacher scaffolding

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Authors: Mike Tsionas

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The paper develops new indices of financial stability based on an explicit model of expected utility maximization by financial institutions subject to the classical technology restrictions of neoclassical production theory. The model can be estimated using standard econometric techniques, like GMM for dynamic panel data and latent factor analysis for the estimation of co-variance matrices. An explicit functional form for the utility function is not needed and we show how measures of risk aversion and prudence (downside risk aversion) can be derived and estimated from the model. The model is estimated using data for Eurozone countries and we focus particularly on (i) the use of the modeling approach as an “early warning mechanism”, (ii) the bank- and country-specific estimates of risk aversion and prudence (downside risk aversion), and (iii) the derivation of a generalized measure of risk that relies on loan-price uncertainty.

Keywords: financial stability, banking, expected utility maximization, sub-prime crisis, financial crisis, eurozone, PIIGS

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Authors: Nichole Patricia Pedrina, Karl Jasper Sumande, Alice Joan Ferrer

Abstract:

Nogas Island situated in the municipality of Anini-y in the province of Antique is endowed with natural resources especially a thriving marine ecosystem that attracts tourists all year round. But despite its beauty and emerging popularity, the island and its surrounding waters remain vulnerable to degradation brought about by anthropocentric activities. An emphasis on the protection and conservation is paramount in order to ensure environmental sustainability over time. This study was conducted in order to determine the willingness-to-pay (WTP) of the local residents of Anini-y, Antique for the conservation of Nogas Island and its surrounding waters. The Contingent Valuation Method (CVM) was used to determine the WTP of the study participants. In addition, the study also described the socio-demographic and economic characteristics, the level of awareness, knowledge and attitude towards the conservation and the reasons for the willingness to pay off the residents for the conservation of the island and its surrounding waters. A pilot-tested interview schedule was used to collect data from 320 randomly selected study participants in 8 barangays in the municipality of Anini-y from January to December 2017. Binary logit regression was conducted in order to identify factors affecting the study participants’ WTP. The results revealed that 54.69 percent of the study participants were willing to pay (with adjustment to the level of certainty) for the conservation program. The sex, monthly household income, randomly assigned bid price and the knowledge index were the variables that affected the willingness-to-pay of the study participants for both with and without adjustment to the level of certainty. The monthly mean WTP of the study participants with and without adjustment to the level of certainty were P115 and P104.5, respectively. This study can serve as a guide for the municipality of Anini-y in creating a policy or program that aims to conserve and protect Nogas Island and its surrounding waters.

Keywords: economic valuation, environmental conservation, total economic value, willingness to pay

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