Search results for: power market equilibrium model

Authors: M. Yousefi, N. Nasirzadeh

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In this paper, dynamic comparator structure employing two methods for power consumption reduction with applications in low-power high-speed analog-to-digital converters have been presented. The proposed comparator has low consumption thanks to power reduction methods. They have the ability for offset adjustment. The comparator consumes 14.3 μW at 100 MHz which is equal to 11.8 fJ. The comparator has been designed and simulated in 180 nm CMOS. Layouts occupy 210 μm².

Keywords: efficiency, comparator, power, low

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Authors: Yaojun Wang, Yaoqing Wang

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Stock selection is an important decision-making problem. Many machine learning and data mining technologies are employed to build automatic stock-selection system. A profitable stock-selection system should consider the stock’s investment value and the market timing. In this paper, we present a hybrid system including both engage for stock selection. This system uses a case-based reasoning (CBR) model to execute the stock classification, uses a decision-tree model to help with market timing and stock selection. The experiments show that the performance of this hybrid system is better than that of other techniques regarding to the classification accuracy, the average return and the Sharpe ratio.

Keywords: case-based reasoning, decision tree, stock selection, machine learning

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Authors: J. Rhodes, V. Cheng, P. Lok

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The aim of this study is to develop a parsimonious model that explains the effect of different stimulus on a tourist’s intention to visit a new destination. The model consists of destination trust and interest as the mediating variables. The model was tested using two different types of stimulus; both studies empirically supported the proposed model. Furthermore, the first study revealed that advertising has a stronger effect than positive online reviews. The second study found that the peripheral route of the elaboration likelihood model has a stronger influence power than the central route in this context.

Keywords: advertising, electronic word-of-mouth, elaboration likelihood model, intention to visit, trust

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Authors: Woosik Jang, Seung Heon Han, Seung Won Baek

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Natural gas (NG) is an energy resource in a few countries, and most NG producers do business in politically unstable countries. In addition, as 90% of the LNG market is controlled by a small number of international oil companies (IOCs) and national oil companies (NOCs), entry of latecomers into the market is extremely limited. To meet these challenges, project viability needs to be assessed based on limited information from a project screening perspective. However, the early stages of the project have the following difficulties: (1) What are the factors to consider? (2) How many professionals do you need to decide? (3) How to make the best decision with limited information? To address this problem, this study proposes a model for evaluating LNG project viability based on the Dempster-Shafer theory (DST). A total of 11 indicators for analyzing the gas field, reflecting the characteristics of the LNG industry, and 23 indicators for analyzing the market environment, were identified. The proposed model also evaluates the LNG project based on the survey and provides uncertainty of the results based on DST as well as quantified results. Thus, the proposed model is expected to be able to support the decision-making process of the gas field project using quantitative results as a systematic framework, and it was developed as a stand-alone system to improve its usefulness in practice. Consequently, the amount of information and the mathematical approach are expected to improve the quality and opportunity of decision making for LNG projects for enterprises.

Keywords: project screen, energy enterprise, decision support system, Dempster-Shafer theory

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Authors: Wajih Abbassi, Zouhaier Ben Khelifa

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The present research points towards the empirical validation of three options valuation models, the ad-hoc Black-Scholes model as proposed by Berkowitz (2001), the constant elasticity of variance model of Cox and Ross (1976) and the Kou jump-diffusion model (2002). Our empirical analysis has been conducted on a sample of 26,974 options written on three indexes, the S&P 500, Nasdaq 100 and the Russell 2000 that were negotiated during the year 2007 just before the sub-prime crisis. We start by presenting the theoretical foundations of the models of interest. Then we use the technique of trust-region-reflective algorithm to estimate the structural parameters of these models from cross-section of option prices. The empirical analysis shows the superiority of the Kou jump-diffusion model. This superiority arises from the ability of this model to portray the behavior of market participants and to be closest to the true distribution that characterizes the evolution of these indices. Indeed the double-exponential distribution covers three interesting properties that are: the leptokurtic feature, the memory less property and the psychological aspect of market participants. Numerous empirical studies have shown that markets tend to have both overreaction and under reaction over good and bad news respectively. Despite of these advantages there are not many empirical studies based on this model partly because probability distribution and option valuation formula are rather complicated. This paper is the first to have used the technique of nonlinear curve-fitting through the trust-region-reflective algorithm and cross-section options to estimate the structural parameters of the Kou jump-diffusion model.

Keywords: jump-diffusion process, Kou model, Leptokurtic feature, trust-region-reflective algorithm, US index options

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Authors: Schehrazad Selmane

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We present a deterministic model which describes the dynamics of tuberculosis in Algerian population where the vaccination program with BCG is in place since 1969 and where the WHO recommendations regarding the DOTS (directly observed treatment, short course) strategy are in application. The impact of an intervention program, targeting recently infected people among all close contacts of active cases and their treatment to prevent endogenous reactivation, on the incidence of tuberculosis, is investigated. We showed that a widespread treatment of latently infected individuals for some years is recommended to shift from higher to lower equilibrium state and thereafter relaxation is recommended.

Keywords: deterministic model, reproduction number, stability, tuberculosis

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Authors: Damien Kunjal, Faeezah Peerbhai

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Despite the increasing popularity of exchange-traded funds (ETFs), ETF investment choices may not always be rational. Excess trading volume, misevaluations of securities, and excess return volatility present in financial markets can be attributed to the influence of the overconfidence bias. Whilst previous research has explored the overconfidence bias in stock markets; this study focuses on trading in ETF markets. Therefore, the objective of this study is to investigate the presence of investor overconfidence in the South African ETF market. Using vector autoregressive models, the lead-lag relationship between market turnover and the market return is examined for the market of South African ETFs tracking domestic benchmarks and for the market of South African ETFs tracking international benchmarks over the period November 2000 till August 2019. Consistent with the overconfidence hypothesis, a positive relationship between current market turnover and lagged market return is found for both markets, even after controlling for market volatility and cross-sectional dispersion. This relationship holds for both market and individual ETF turnover suggesting that investors are overconfident when trading in South African ETFs tracking domestic benchmarks and South African ETFs tracking international benchmarks since trading activity depends on past market returns. Additionally, using the global recession as a structural break, this study finds that investor overconfidence is more pronounced after the global recession suggesting that investors perceive ETFs as risk-reducing assets due to their diversification benefits. Overall, the results of this study indicate that the overconfidence bias has a significant influence on ETF investment choices, therefore, suggesting that the South African ETF market is inefficient since investors’ decisions are based on their biases. As a result, the effect of investor overconfidence can account for the difference between the fair value of ETFs and its current market price. This finding has implications for policymakers whose responsibility is to promote the efficiency of the South African ETF market as well as ETF investors and traders who trade in the South African ETF market.

Keywords: exchange-traded fund, market return, market turnover, overconfidence, trading activity

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Authors: Tajudeen Ojo Ibraheem

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In a world characterized by greed and the lust for power and its attendant trappings, abuse of legal power is nothing new to most of us. Legal abuses of power abound in all fields of human endeavour. Accounts of such abuses dominate the mass media and for the average individual, no single day goes by without his getting to hear about at least one such occurrence. This paper briefly looks at the meaning of legal power, what legal abuse is all about, its causes, and some of its manifestations in the society. Its consequences will also be discussed and some suggestions for reform will be made. In the course of the paper, references will be made to various jurisdictions around the world.

Keywords: abuse, legal, power, society

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Authors: Rafael Alvarenga, Hubert Herbaux, Laurent Linguet

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The uncertainty concerning the power production of intermittent renewable energy is one of the main barriers to the integration of such assets into the power grid. Efforts have thus been made to develop methods to quantify this uncertainty, allowing producers to ensure more reliable and profitable engagements related to their future power delivery. Even though a diversity of probabilistic approaches was proposed in the literature giving promising results, the added value of adopting such methods for scheduling intermittent power plants is still unclear. In this study, the profits obtained by a decision-making model used to optimally schedule an existing PV power plant connected to batteries are compared when the model is fed with deterministic and probabilistic forecasts generated with two of the most recent methods proposed in the literature. Moreover, deterministic forecasts with different accuracy levels were used in the experiments, testing the utility and the capability of probabilistic methods of modeling the progressively increasing uncertainty. Even though probabilistic approaches are unquestionably developed in the recent literature, the results obtained through a study case show that deterministic forecasts still provide the best performance if accurate, ensuring a gain of 14% on final profits compared to the average performance of probabilistic models conditioned to the same forecasts. When the accuracy of deterministic forecasts progressively decreases, probabilistic approaches start to become competitive options until they completely outperform deterministic forecasts when these are very inaccurate, generating 73% more profits in the case considered compared to the deterministic approach.

Keywords: PV power forecasting, uncertainty quantification, optimal scheduling, power systems

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Authors: Tapas Goswami, Debabrata Goswami

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We have studied the changes in ground state recovery dynamics of IR 144 dye using degenerate transient absorption spectroscopy technique when going from homogeneous solution phase to heterogeneous partially miscible liquid/liquid interface. Towards this aim, we set up a partially miscible liquid/liquid interface in which dye is insoluble in one solvent carbon tetrachloride (CCl₄) layer and soluble in other solvent dimethyl sulphoxide (DMSO). A gradual increase in ground state recovery time of the dye molecule is observed from homogenous bulk solution to more heterogeneous environment interface layer. In the bulk solution charge distribution of dye molecule is in equilibrium with polar DMSO solvent molecule. Near the interface micro transportation of non-polar solvent, CCl₄ disturbs the solvent equilibrium in DMSO layer and it relaxes to a new equilibrium state corresponding to a new charge distribution of dye with a heterogeneous mixture of polar and non-polar solvent. In this experiment, we have measured the time required for the dye molecule to relax to the new equilibrium state in different heterogeneous environment. As a result, dye remains longer time in the excited state such that even it can populate more triplet state. The present study of ground state recovery dynamics of a cyanine dye molecule in different solvent environment provides the important characteristics of effect of solvation on excited life time of a dye molecule.

Keywords: excited state, ground state recovery, solvation, transient absorption

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Authors: Amar Omeiri

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This paper presents a three-phase shunt active power filter for current harmonics suppression and reactive power compensation using the supply current as reference. The proposed APF has a simple control circuit; it consists of detecting the supply current instead of the load current. The advantages of this APF are simplicity of control circuits and low implementation cost. The simulation results show that the proposed APF can compensate the reactive power and suppress current harmonics with two types of non-linear loads.

Keywords: active power filter, current harmonics and reactive power compensation, PWM inverter, Total Harmonic Distortion, power quality

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Authors: Min Kyung An

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In Wireless Sensor Networks which consist of tiny wireless sensor nodes with limited battery power, one of the most fundamental applications is data aggregation which collects nearby environmental conditions and aggregates the data to a designated destination, called a sink node. Important issues concerning the data aggregation are time efficiency and energy consumption due to its limited energy, and therefore, the related problem, named Minimum Latency Aggregation Scheduling (MLAS), has been the focus of many researchers. Its objective is to compute the minimum latency schedule, that is, to compute a schedule with the minimum number of timeslots, such that the sink node can receive the aggregated data from all the other nodes without any collision or interference. For the problem, the two interference models, the graph model and the more realistic physical interference model known as Signal-to-Interference-Noise-Ratio (SINR), have been adopted with different power models, uniform-power and non-uniform power (with power control or without power control), and different antenna models, omni-directional antenna and directional antenna models. In this survey article, as the problem has proven to be NP-hard, we present and compare several state-of-the-art approximation algorithms in various models on the basis of latency as its performance measure.

Keywords: data aggregation, convergecast, gathering, approximation, interference, omni-directional, directional

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Authors: Rida B. Arieby, Hameed N. Hameed

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In this work, tensile tests on high density polyethylene have been carried out under various constant strain rate and strain rate jump tests. The dependency of the true stress and specially the variation of volume strain have been investigated, the volume strain due to the phenomena of damage was determined in real time during the tests by an optical extensometer called Videotraction. A modified constitutive equations, including strain rate and damage effects, are proposed, such a model is based on a non-equilibrium thermodynamic approach called (DNLR). The ability of the model to predict the complex nonlinear response of this polymer is examined by comparing the model simulation with the available experimental data, which demonstrate that this model can represent the deformation behavior of the polymer reasonably well.

Keywords: strain rate jump tests, volume strain, high density polyethylene, large strain, thermodynamics approach

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Authors: Oral Lacin, Turan Calban, Fatih Sevim, Taner Celik

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In this study, Pb²⁺ uptake by the hydroxyapatite nanopowders (n-Hap) from aqueous solutions was investigated by using batch adsorption techniques. The adsorption equilibrium studies were carried out as a function of contact time, adsorbent dosage, pH, temperature, and initial Pb²⁺ concentration. The results showed that the equilibrium time of adsorption was achieved within 60 min, and the effective pH was selected to be 5 (natural pH). The maximum adsorption capacity of Pb²⁺ on n-Hap was found as 565 mg.g^-1. It is believed that the results obtained for adsorption may provide a background for the detailed mechanism investigations and the pilot and industrial scale applications.

Keywords: nanopowders, hydroxyapatite, heavy metals, adsorption

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Authors: Farhana Arefeen Mila, Luis Emilio Morales, Nam Hoang, Sujana Adapa, Garry Griffith

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This study investigates the existence of price transmission asymmetries and imperfections among the coastal and freshwater fish species in Bangladesh. Using a Structural Vector Autoregression (SVAR) model, we explore how price changes in one fish species impact the prices of others in the retail market. Monthly data from the Department of Agricultural Marketing (DAM) covering the period from 2012 to 2023 was analyzed. Price series were detrended using the Hodrick-Prescott filter, and unit root tests confirmed stationarity after detrending. The findings indicate that there are significant interdependencies and asymmetries in price transmission, particularly the strong influence of Hilsha on the broader fish market. Hilsha’s price shocks generate immediate responses across other species, reflecting its cultural and economic importance. Silver Pomfret demonstrates some independence but is still affected by broader market fluctuations, particularly those involving Hilsha. Meanwhile, Rohu and Catla exhibit high interdependence, where price changes in one species closely impact the other, underscoring their substitutable nature in consumer preferences. These findings emphasize the need for joint interventions and market monitoring to stabilize prices effectively. Stakeholders are encouraged to monitor Hilsha’s market, consider coordinated interventions for Rohu and Catla, and establish data-sharing partnerships to enhance market stability. Additionally, promoting consumer awareness of price trends and sustainable practices can further support market resilience and long-term sustainability in the fisheries sector.

Keywords: price transmission, cross commodity, fish, Bangladesh, CCF, SVAR, IRF

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Authors: Thamir K. Ibrahim, M. M. Rahman, Marwah Noori Mohammed

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This study deals with modeling and performance enhancements of a gas-turbine combined cycle power plant. A clean and safe energy is the greatest challenges to meet the requirements of the green environment. These requirements have given way the long-time governing authority of steam turbine (ST) in the world power generation, and the gas turbine (GT) will replace it. Therefore, it is necessary to predict the characteristics of the GT system and optimize its operating strategy by developing a simulation system. The integrated model and simulation code for exploiting the performance of gas turbine power plant are developed utilizing MATLAB code. The performance code for heavy-duty GT and CCGT power plants are validated with the real power plant of Baiji GT and MARAFIQ CCGT plants the results have been satisfactory. A new technology of correlation was considered for all types of simulation data; whose coefficient of determination (R2) was calculated as 0.9825. Some of the latest launched correlations were checked on the Baiji GT plant and apply error analysis. The GT performance was judged by particular parameters opted from the simulation model and also utilized Adaptive Neuro-Fuzzy System (ANFIS) an advanced new optimization technology. The best thermal efficiency and power output attained were about 56% and 345MW respectively. Thus, the operation conditions and ambient temperature are strongly influenced on the overall performance of the GT. The optimum efficiency and power are found at higher turbine inlet temperatures. It can be comprehended that the developed models are powerful tools for estimating the overall performance of the GT plants.

Keywords: gas turbine, optimization, ANFIS, performance, operating conditions

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Authors: Oded Hochman

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We first show that current measures of welfare changes in the whole economy do not apply to an economy with cities. In addition, since such measures are defined over a partial equilibrium, they capture only partially the effect of a welfare change. We then define a unique and additive measure that we term the modified economic surplus (mES) which fully captures the welfare effects caused by a change in the price of a nationally traded good. We show that the price change causes, on the one hand a change of land rents in the economy and, on the other hand, an equal change of mES that can be estimated by measuring areas in the price-quantity national demand and supply plane. We construct for each city a cost function from which we derive a city’s and, after aggregation, an economy-wide demand and supply functions of nationwide prices and of either the unearned incomes (Marshalian functions) or the utility levels (compensated functions).

Keywords: city cost function, welfare measures, modified compensated variation, modified economic surplus, unearned income function, differential land rents, city size

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Authors: Beril Tuğrul

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Electrical energy is the most important form of energy and electrical power plants have highest impact factor in energy policy. This study is in relation with evaluation of various power plants including fossil fuels, nuclear and renewable energy based power plants. The power plants evaluated with regard to their overall impact that considered for establishing of the plants. Both positive and negative impacts of power plant operation are compared view of different arguments. Then calculate the impact factor by using variation linear extrapolation for each argument. With this study, power plants assessed with the different point of view and clarified objectively.

Keywords:

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Authors: Muhammad Fanseem E. M., Rama Satya Satish Kumar, Indrajeet Bhausaheb Bhavar, Deepak M.

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Keeping the right balance of electricity between the supply and demand sides of the grid is one of the most important objectives of electrical grid operation. Power generation and demand forecasting are the core of power management and generation scheduling. Large, centralized producing units were used in the construction of conventional power systems in the past. A certain level of balance was possible since the generation kept up with the power demand. However, integrating renewable energy sources into power networks has proven to be a difficult challenge due to its intermittent nature. The power imbalance caused by rising demands and peak loads is negatively affecting power quality and dependability. Demand side management and demand response were one of the solutions, keeping generation the same but altering or rescheduling or shedding completely the load or demand. However, shedding the load or rescheduling is not an efficient way. There comes the significance of virtual power plants. The virtual power plant integrates distributed generation, dispatchable load, and distributed energy storage organically by using complementing control approaches and communication technologies. This would eventually increase the utilization rate and financial advantages of distributed energy resources. Most of the writing on virtual power plant models ignored technical limitations, and modeling was done in favor of a financial or commercial viewpoint. Therefore, this paper aims to address the modeling intricacies of VPPs and their technical limitations, shedding light on a holistic understanding of this innovative power management approach.

Keywords: cost optimization, distributed energy resources, dynamic modeling, model quality tests, power system modeling

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Authors: F. Gökgöz, M. E. Atmaca

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Electricity plays an indispensable role in human life and the economy. It is a unique product or service that must be balanced instantaneously, as electricity is not stored, generation and consumption should be proportional. Effective and efficient use of electricity is very important not only for society, but also for the environment. A competitive electricity market is one of the best ways to provide a suitable platform for effective and efficient use of electricity. On the other hand, it carries some risks that should be carefully managed by the market players. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Markowitz’s Mean-variance, Down-side and Semi-variance methods for a case study. Performance of optimal electricity sale solutions are measured and evaluated via Sharpe-Ratio, and the optimal portfolio solutions are improved. Two years of historical weekdays’ price data of the Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: electricity market, portfolio optimization, risk management in electricity market, sharpe ratio

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Authors: Roghieh A. Biroon, Zoleikha Abdollahi

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The recent growth of renewables, e.g., solar panels, batteries, and electric vehicles (EVs) in residential and small commercial sectors, has potential impacts on the stability and operation of power grids. Considering approximately 50 percent share of the residential and the commercial sectors in the electricity demand market, the significance of these impacts, and the necessity of addressing them are more highlighted. Utilities and power system operators should manage the renewable electricity sources integration with power systems in such a way to extract the most possible advantages for the power systems. The most common effect of high penetration level of the renewables is the reverse power flow in the distribution feeders when the customers generate more power than their needs. The reverse power flow causes voltage rise and thermal issues in the power grids. To overcome the voltage rise issues in the distribution system, several techniques have been proposed including reducing transformers short circuit resistance and feeder impedance, installing autotransformers/voltage regulators along the line, absorbing the reactive power by distributed generators (DGs), and limiting the PV and battery sizes. In this study, we consider a medium-scale battery energy storage to manage the power energy and address the aforementioned issues on voltage deviation and power loss increase. We propose an optimization algorithm to find the optimum size and location for the battery. The optimization for the battery location and size is so that the battery maintains the feeder voltage deviation and power loss at a certain desired level. Moreover, the proposed optimization algorithm controls the charging/discharging profile of the battery to absorb the negative power flow from residential and commercial customers in the feeder during the peak time and sell the power back to the system during the off-peak time. The proposed battery regulates the voltage problem in the distribution system while it also can play frequency regulation role in islanded microgrids. This battery can be regulated and controlled by the utilities or a third-party ancillary service provider for the utilities to reduce the power system loss and regulate the distribution feeder voltage and frequency in standard level.

Keywords: ancillary services, battery, distribution system and optimization

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Authors: Moshe Mello, Hilary Rutto, Tumisang Seodigeng

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The adsorptive ability of different carbon materials, tire char (TC), demineralized tire char (DTC), activated tire char (ATC) and Aldrich supplied commercial activated carbon (CAC) was studied for desulfurization of tire pyrolytic oil (TPO). TPO with an initial sulfur content of 7767.7 ppmw was used in this present study. Preparation of ATC was achieved by chemical treatment of raw TC using a potassium hydroxide (KOH) solution and subsequent activation at 800°C in the presence of nitrogen. The thermal behavior of TC, surface microstructure, and the surface functional groups of the carbon materials was investigated using TGA, SEM, and FTIR, respectively. Adsorptive desulfurization of TPO using the carbon materials was performed and they performed in the order of CAC>ATC>DTC>TC. Adsorption kinetics were studied, and pseudo-first order kinetic model displayed a better fit compared to pseudo-second order model. For isotherm studies, the Freundlich isotherm model fitted to the equilibrium data better than the Langmuir isotherm model.

Keywords: ATC, desulfurization, pyrolysis, tire, TPO

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Authors: Shumaila Ehtisham

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In Statistical Distribution Theory, considering an additional parameter to classical distributions is a usual practice. In this study, a new distribution referred to as α-Power Pareto distribution is introduced by including an extra parameter. Several properties of the proposed distribution including explicit expressions for the moment generating function, mode, quantiles, entropies and order statistics are obtained. Unknown parameters have been estimated by using maximum likelihood estimation technique. Two real datasets have been considered to examine the usefulness of the proposed distribution. It has been observed that α-Power Pareto distribution outperforms while compared to different variants of Pareto distribution on the basis of model selection criteria.

Keywords: α-power transformation, maximum likelihood estimation, moment generating function, Pareto distribution

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Authors: C. Asarkaya, S. Z. Siretioglu Girgin

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Turkish migrants constitute the largest group among people with migration background living in Germany. Turkish women’s labor market participation is of significant importance for their social and economic integration to the German society. This paper thus aims to investigate their labor market positions. Turkish migrant women participate less in the labor market compared to men, and are responsible for most of the housework, child care, and elderly care. This is due to their traditional roles in the family, educational level, insufficient knowledge of German language, and insufficient professional experience. We strongly recommend that wide-reaching integration policies for women are formulated, so as to encourage participation of not only migrant women but also their husbands, fathers and/or brothers, and natives.

Keywords: empowerment, Germany, labor market, migration, Turkish, women

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Authors: Peng Lu, Liu Ting

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Because of the difficulty of financing from the external capital market, the reorganization and merger of private enterprises have formed a family group, seeking the help of the internal capital market to alleviate the capital demand. However, the inefficiency of the internal capital market can damage the effect it should have played, and even hinder the development of enterprises. This paper takes the "Tomorrow Group" as the research object to carry on the case analysis. After using the improved cash flow sensitivity coefficient to measure the efficiency of the internal capital market of Tomorrow Group, the inefficiency phenomenon is found. Then the analysis reveals that the reasons for its inefficiency include that the pyramidal equity structure is conducive to control, the separation of cash flow rights and control rights, the concentration of equity leads to poor balance, the abandonment of real industries and information asymmetry.

Keywords: tomorrow group, internal capital market, related-party transactions, Baotou tomorrow technology Co., LTD

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Authors: Shivani Yadav

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The paper will first elaborate on the concept of soft power as formulated by Joseph Nye, who argues that soft power is as important as hard power in international politics as it replaces coercion with non-coercive forms of co-optation and attraction. The central tenet of the paper is to extrapolate the continued relevance of soft power in international relations in the 21st century. It is argued that the relevance of soft power, in concurrence with hard power, is on the rise in the international system. This is found to be emanating out of two factors. First, the state-centric practice of international relations has expanded to allow other actors to participate in policymaking. This has led to the resources for power generation to become varied, largely move away from the control of governments, and to produce both hard and soft power attributes. Second, as the currency of coercive power seems to be devaluing in global politics, the role of intangible factors like soft power is getting more important in policymaking. The paper will then go on to elaborate on the critiques of the formulation of soft power from various perspectives, as well as the defenses to these critiques presented by soft power proponents. The paper will reflect on the continued relevance of soft power in international politics by giving the example of India, and how soft power has continued to serve its policy objectives over the years. It is observed that even as India is recognized as a rising superpower today, yet it has made a continuous effort in cultivating its soft power resources, which have proven to be its assets in furthering its foreign policy interests. In conclusion, the paper makes the point that soft power, in conjunction with hard power, will shape international politics in the coming times.

Keywords: foreign policy, India’s soft power, international politics, smart power, soft power

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Authors: Lamia Bourdache, Amar Djema

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The effect of non-Newtonian property (power law index n) on traveling waves of thin layer of power law fluid flowing over an inclined plane is investigated. For this, a simplified second-order two-equation model (SM) is used. The complete model is second-order four-equation (CM). It is derived by combining the weighted residual integral method and the lubrication theory. This is due to the fact that at the beginning of the instability waves, a very small number of waves is observed. Using a suitable set of test functions, second order terms are eliminated from the calculus so that the model is still accurate to the second order approximation. Linear, spatial, and temporal stabilities are studied. For travelling waves, a particular type of wave form that is steady in a moving frame, i.e., that travels at a constant celerity without changing its shape is studied. This type of solutions which are characterized by their celerity exists under suitable conditions, when the widening due to dispersion is balanced exactly by the narrowing effect due to the nonlinearity. Changing the parameter of celerity in some range allows exploring the entire spectrum of asymptotic behavior of these traveling waves. The (SM) model is converted into a three dimensional dynamical system. The result is that the model exhibits bifurcation scenarios such as heteroclinic, homoclinic, Hopf, and period-doubling bifurcations for different values of the power law index n. The influence of the non-Newtonian parameter on the nonlinear development of these travelling waves is discussed. It is found at the end that the qualitative characters of bifurcation scenarios are insensitive to the variation of the power law index.

Keywords: inclined plane, nonlinear stability, non-Newtonian, thin film

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Authors: Yasser Mahmoudi, Nader Karimi

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The present work examines analytically the effect internal heat generation on temperature fields in a channel partially-filled with a porous under local thermal non-equilibrium condition. The Darcy-Brinkman model is used to represent the fluid transport through the porous material. Two fundamental models (models A and B) represent the thermal boundary conditions at the interface between the porous medium and the clear region. The governing equations of the problem are manipulated, and for each interface model, exact solutions for the solid and fluid temperature fields are developed. These solutions incorporate the porous material thickness, Biot number, fluid to solid thermal conductivity ratio Darcy number, as the non-dimensional energy terms in fluid and solid as parameters. Results show that considering any of the two models and under zero or negative heat generation (heat sink) and for any Darcy number, an increase in the porous thickness increases the amount of heat flux transferred to the porous region. The obtained results are applicable to the analysis of complex porous media incorporating internal heat generation, such as heat transfer enhancement (THE), tumor ablation in biological tissues and porous radiant burners (PRBs).

Keywords: porous media, local thermal non-equilibrium, forced convection, heat transfer, exact solution, internal heat generation

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Authors: Paule Olivia Akotto

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The recent literature suggests spending between 50%-85% of oil rents. However, there are not yet clear guidelines for allocating this windfall in the public investment system, while most of the resource-rich countries fail to improve their intergenerational mobility. We study a design of the optimal spending system in Senegal, a low-income developing country featuring newly discovered oil fields and low intergenerational mobility. We build a dynamic general equilibrium model in which rural and urban (Dakar and other urban centers henceforth OUC) households face different health, education, and employment opportunities based on their location, affecting their intergenerational mobility. The model captures the relationship between oil rents, public investment, and multidimensional inequality of opportunity. The government invests oil rents in three broad sectors: health and education, road and industries, and agriculture. Through endogenous productivity externality and human capital accumulation, our model generates the predominant position of Dakar and OUC households in terms of access to health, education, and employment in line with Senegal data. Rural households are worse off in all dimensions. We compute the optimal spending policy under two sets of simulation scenarios. Under the current Senegal public investment strategy, which weighs more health and education investments, we find that the reform maximizing the decline in inequality of opportunity between households, frontloads investment during the first eight years of the oil exploitation and spends the perpetual value of oil wealth thereafter. We will then identify the marginal winners and losers associated with this policy and its redistributive implications. Under our second set of scenarios, we will test whether the Senegalese economy can reach better equality of opportunity outcomes under this frontloading reform, by allowing the sectoral shares of investment to vary. The trade-off will be between cutting human capital investment in favor of agricultural and productive infrastructure or increasing the former. We will characterize the optimal policy by specifying where the higher weight should be. We expect that the optimal policy of the second set strictly dominates in terms of equality of opportunity, the optimal policy computed under the current investment strategy. Finally, we will quantify this optimal policy's aggregate and distributional effects on poverty, well-being, and gender earning gaps.

Keywords: developing countries, general equilibrium, inequality of opportunity, oil rents

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Authors: Tarik Bazgour, Cedric Heuchenne, Danielle Sougne

Abstract:

We examine time variation in the market beta of portfolios sorted on quality, liquidity level and liquidity beta characteristics across stock market phases. Using US stock market data for the period 1970-2010, we find, first, the US stock market was driven by four regimes. Second, during the crisis regime, low (high) quality, high (low) liquidity beta and illiquid (liquid) stocks exhibit an increase (a decrease) in their market betas. This finding is consistent with the flight-to-quality and liquidity phenomena. Third, we document the same pattern across stocks when the market volatility is low. We argue that, during low volatility times, investors shift their portfolios towards low quality and illiquid stocks to seek portfolio gains. The pattern observed in the tranquil regime can be, therefore, explained by a flight-to-low-quality and to illiquidity. Finally, our results reveal that liquidity level is more important than liquidity beta during the crisis regime.

Keywords: financial crises, quality, liquidity, liquidity risk, regime-switching models

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