Search results for: price elasticity

Authors: R. Bhattu Babajee, Marie Sandrine Estelle Benoit

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The past decades have witnessed a considerable institutional shift towards Central Bank Independence across economies of the world. The motivation behind such a change is the acceptance that increased central bank autonomy has the power of alleviating inflation bias. Hence, studying whether Central Bank Independence acts as a significant factor behind the price stability in the African economies or whether this macroeconomic aim in these countries result from other economic, political or social factors is a pertinent issue. The main research objective of this paper is to assess the relationship between central bank autonomy and inflation in African economies where inflation has proved to be a serious problem. In this optic, we shall measure the degree of CBI in Africa by computing the turnover rates of central banks governors thereby studying whether decisions made by African central banks are affected by external forces. The purpose of this study is to investigate empirically the association between Central Bank Independence (CBI) and inflation for 10 African economies over a period of 17 years, from 1995 to 2012. The sample includes Botswana, Egypt, Ghana, Kenya, Madagascar, Mauritius, Mozambique, Nigeria, South Africa, and Uganda. In contrast to empirical research, we have not been using the usual static panel model for it is associated with potential mis specification arising from the absence of dynamics. To this issue a dynamic panel data model which integrates several control variables has been used. Firstly, the analysis includes dynamic terms to explain the tenacity of inflation. Given the confirmation of inflation inertia, that is very likely in African countries there exists the need for including lagged inflation in the empirical model. Secondly, due to known reverse causality between Central Bank Independence and inflation, the system generalized method of moments (GMM) is employed. With GMM estimators, the presence of unknown forms of heteroskedasticity is admissible as well as auto correlation in the error term. Thirdly, control variables have been used to enhance the efficiency of the model. The main finding of this paper is that central bank independence is negatively associated with inflation even after including control variables.

Keywords: central bank independence, inflation, macroeconomic variables, price stability

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Authors: R. G. Ariyawansa, M. A. N. R. M. Perera

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“House” is a powerful symbol of socio-economic background of individuals and families. In fact, housing provides all types of needs/wants from basic needs to self-actualization needs. This phenomenon can be realized only having analyzed hidden motives of buyers and sellers of the housing market. Hence, the aim of this study is to examine the socio-economic insight of the secondary housing market in Colombo suburbs. This broader aim was achieved via analyzing the general pattern of the secondary housing market, identifying socio-economic motives of sellers of the secondary housing market, and reviewing sellers’ experience of buyer behavior. A purposive sample of 50 sellers from popular residential areas in Colombo such as Maharagama, Kottawa, Piliyandala, Punnipitiya, and Nugegoda was used to collect primary data instead of relevant secondary data from published and unpublished reports. The sample was limited to selling price ranging from Rs15 million to Rs25 million, which apparently falls into middle and upper-middle income houses in the context. Participatory observation and semi-structured interviews were adopted as key data collection tools. Data were descriptively analyzed. This study found that the market is mainly handled by informal agents who are unqualified and unorganized. People such as taxi/tree-wheel drivers, boutique venders, security personals etc. are engaged in housing brokerage as a part time career. Few fulltime and formally organized agents were found but they were also not professionally qualified. As far as housing quality is concerned, it was observed that 90% of houses was poorly maintained and illegally modified. They are situated in poorly maintained neighborhoods as well. Among the observed houses, 2% was moderately maintained and 8% was well maintained and modified. Major socio-economic motives of sellers were “migrating foreign countries for education and employment” (80% and 10% respectively), “family problems” (4%), and “social status” (3%). Other motives were “health” and “environmental/neighborhood problems” (3%). This study further noted that the secondary middle income housing market in the area directly related with the migrants who motivated for education in foreign countries, mainly Australia, UK and USA. As per the literature, families motivated for education tend to migrate Colombo suburbs from remote areas of the country. They are seeking temporary accommodation in lower middle income housing. However, the secondary middle income housing market relates with the migration from Colombo to major global cities. Therefore, final transaction price of this market may depend on migration related dates such as university deadlines, visa and other agreements. Hence, it creates a buyers’ market lowering the selling price. Also it was revealed that the buyers tend to trust more on this market as far as the quality of construction of houses is concerned than brand new houses which are built for selling purpose.

Keywords: informal housing market, hidden motives of buyers and sellers, secondary housing market, socio-economic insight

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Authors: Anne Y. Faxer, Ellen Olausson, Jens Hagman, Ana Magazinius, Jenny J. Stier, Tommy Fransson, Oscar Enerback

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While electric vehicles (both battery electric vehicles and plug-in hybrids) have been on the market for around 6 years, they are still far from mainstream and the knowledge of them is still low among the public. This is likely one of the reasons that Sweden, having one of the highest penetrations of electric vehicles in Europe, still has a long way to go in reaching a fossil free vehicle fleet. Car dealerships are an important medium that connects consumers to vehicles, but somehow, their role in introducing electric vehicles has not yet been thoroughly studied. Research from other domains shows that salespeople can affect customer decisions in their choice of products. The aim of this study is to explore the role of car dealerships when it comes to promoting electric vehicles. The long-term goal is to understand how they could be a key in the effort of achieving a mass introduction of electric vehicles in Sweden. By emulating the customer’s experience, this study investigates the interaction between car salespeople and customers, particularly examining whether they present electric vehicles as viable options. Covert participatory observations were conducted for data collection from four different brands at in total twelve car dealers. The observers worked in pairs and played the role of a customer with needs that could be matched by an electric vehicle. The data was summarized in observation protocols and analyzed using thematic coding. The result shows that only one of twelve salespeople offered an electric vehicle as the first option. When environmental factors were brought up by the observers, the salespeople followed up with lower fuel consumption internal combustion engine vehicles rather than suggesting an electric vehicle. All salespeople possessed at least basic knowledge about electric vehicles but their interest of selling them were low in most cases. One of the reasons could be that the price of electric vehicles is usually higher. This could be inferred from the finding that salespeople tend to have a strong focus on price and economy in their dialogues with customers, regardless which type of car they were selling. In conclusion, the study suggests that car salespeople have the potential to help the market to achieve mass introduction of electric vehicles; however, their potential needs to be exploited further. To encourage salespeople to prioritize electric vehicles in the sales process, right incentives need to be in place.

Keywords: car dealerships, covert participatory observation, customer perspective , electric vehicle, market penetration

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Authors: Sylvain Fauveaux, T. Nowicki

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Lightning protection is nowadays applied worldwide since the advent of international standards. Lightning protection is widely justified by the casualties and damages involved. As a matter of fact, the lightning business is constantly growing as more and more sensible areas need to be protected. However, the worldwide demand of copper materiel is increasing as well, its price too. Furthermore, the most frequently used method of protection is consuming a lot of copper. The copper production is also consuming a large amount of natural and power resources, not to mention the ecologic balance.

Keywords: ESEAT, Lightning protection , natural resources management, NF C 17-102, sustainable development

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Authors: D. Mokatsanyane, J. Jansen Van Rensburg

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This paper analyses the influence and impact of COVID-19 on major agricultural commodity prices in South Africa. According to a World Bank report, the agricultural sector in South Africa has been unable to reduce the domestic food crisis that has been occurring over the past years, hence the increased rate of poverty, which is currently at 55.5 percent as of April 2020. Despite the significance of this sector, empirical findings concluded that the agricultural sector now accounts for 1.88 percent of South Africa's gross domestic product (GDP). Suggesting that the agricultural sector's contribution to the economy has diminished. Despite the low contribution to GDP, this primary sector continues to play an essential role in the economy. Over the past years, multiple factors have contributed to the soaring commodities prices, namely, climate shocks, biofuel demand, demand and supply shocks, the exchange rate, speculation in commodity derivative markets, trade restrictions, and economic growth. The COVID-19 outbursts have currently disturbed the supply and demand of staple crops. To address the disruption, the government has exempted the agricultural sector from closure and restrictions on movement. The spread of COVID-19 has caused turmoil all around the world, but mostly in developing countries. According to Statistic South Africa, South Africa's economy decreased by seven percent in 2020. Consequently, this has arguably made the agricultural sector the most affected sector since slumped economic growth negatively impacts food security, trade, farm livelihood, and greenhouse gas emissions. South Africa is sensitive to the fruitfulness of global food chains. Restrictions in trade, reinforced sanitary control systems, and border controls have influenced food availability and prices internationally. The main objective of this study is to evaluate the behavior of agricultural commodity prices pre-and during-COVID to determine the impact of volatility drivers on these crops. Historical secondary data of spot prices for the top five major commodities, namely white maize, yellow maize, wheat, soybeans, and sunflower seeds, are analysed from 01 January 2017 to 1 September 2021. The timeframe was chosen to capture price fluctuations between pre-COVID-19 (01 January 2017 to 23 March 2020) and during-COVID-19 (24 March 2020 to 01 September 2021). The Generalised Autoregressive Conditional Heteroscedasticity (GARCH) statistical model will be used to measure the influence of price fluctuations. The results reveal that the commodity market has been experiencing volatility at different points. Extremely high volatility is represented during the first quarter of 2020. During this period, there was high uncertainty, and grain prices were very volatile. Despite the influence of COVID-19 on agricultural prices, the demand for these commodities is still existing and decent. During COVID-19, analysis indicates that prices were low and less volatile during the pandemic. The prices and returns of these commodities were low during COVID-19 because of the government's actions to respond to the virus's spread, which collapsed the market demand for food commodities.

Keywords: commodities market, commodity prices, generalised autoregressive conditional heteroscedasticity (GARCH), Price volatility, SAFEX

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Authors: Thapa M., J.P. Dutta, K.R. Pandey, R.R. Kattel

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Nepal is extremely vulnerable to the impact of climate change. To mitigate the climate change effects on agricultural production and productivity a range of adaptive strategies needs to be considered. The study was conducted to assess organic paddy production as a coping strategy to the adverse impact of climate change in Phulbari, VDC of Chitwan district. Altogether, 120 respondents (60 adopters of organic farming and 60 from non adopter) were selected using snowball technique of sampling. Pre- tested interview schedule, direct observation, focus group discussion, key informant interview as well as secondary data were used to collect the required information. Factors determining the adoption of organic farming were found to be age, year of schooling, training, frequency of extension contact, perception about climate change, economically active members and poor. A unit increase in these factors except poor would increase the probability of adoption by 4.1%, 7.5%, 7.8%, 43.1%, 41.8% and 7% respectively. However, for poor, it would decrease the probability of adoption of organic farming by 5.1%. Average organic matter content in the adopters' field was higher (2.7%) than the non-adopters' field (2.5%). The regression result showed that type of farmer, price and area under rice cultivation had positive and significant relationship with income; however dependency ratio had negative relationship. As the year of adoption of organic farming increases, the production of rice decline in the first two years then after goes on increasing but the cost of production goes on decreasing with the year of adoption. The respondents adapted to the changing climate through diversification of crops, use of resistance varieties and following good cropping pattern. Gradually growing consumers' awareness about health, preference towards quality food products are the strong points behind organic farming, whereas lacks of bio-fertilizers, lack of effective extension services, no price differentiation between organic and inorganic products were the weak points. There is need for more training and education to change the attitude of farmers and enhance their confidence about the role of organic farming to cope with climate change impact.

Keywords: Organic farming, climate change, sustainable development

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Authors: Ergun Guntekin

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Elastic constants of Fir wood (Abies cilicica) have been investigated by means of ultrasound and compression tests. Three modulus of elasticity in principal directions (EL, ER, ET), six Poisson’s ratios (ʋLR, ʋLT, ʋRT, ʋTR, ʋRL, ʋTL) and three shear modules (GLR, GRT, GLT) were determined. 20 x 20 x 60 mm samples were conditioned at 65 % relative humidity and 20ºC before testing. Three longitudinal and six shear wave velocities propagating along the principal axes of anisotropy, and additionally, three quasi-shear wave velocities at 45° angle with respect to the principal axes of anisotropy were measured. 2.27 MHz longitudinal and 1 MHz shear sensors were used for obtaining sound velocities. Stress-strain curves of the samples in compression tests were obtained using bi-axial extensometer in order to calculate elastic constants. Test results indicated that most of the elastic constants determined in the study are within the acceptable range. Although elastic constants determined from ultrasound are usually higher than those determined from compression tests, the values of EL and GLR determined from compression tests were higher in the study. The results of this study can be used in the numerical modeling of elements or systems under load using Fir wood.

Keywords: compression tests, elastic constants, fir wood, ultrasound

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Authors: Krishnakant Bhole, Neerakallu D. Shivakumar, Shakti Singh Chauhan, Sanketh Tonannavar, Rajath S

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Synthesis of natural-based composite materials is state of the art. This work discusses the preparation and characterization of cellulose nanofibers (CNF) extracted from the bamboo pulp using TEMPO-oxidization and high-pressure homogenization methods. Bio-composites are prepared using synthesized CNF and bamboo particles. Nanocellulose prepared is characterized using SEM and XRD for morphological and crystallinity analysis, and the formation of fibers at the nano level is ensured. Composite specimens are fabricated using these natural sources and subjected to tensile and flexural tests to characterize the mechanical properties such as modulus of elasticity (MOE), modulus of rupture (MOR), and interfacial strength. Further, synthesized nanocellulose is used as a binding agent to prepare particleboards using various natural sources like bamboo, areca nut, and banana in the form of fibers. From the results, it can be inferred that nanocellulose prepared from bamboo pulp acts as a binding agent for making bio-composites. Hence, the concept of using matrix and reinforcement derived from natural sources can be used to prepare green composites that are highly degradable.

Keywords: nanocellulose, biocomposite, CNF, bamboo

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Authors: Nor-Edine Abriak, Mahfoud Benzerzour, Mouhamadou Amar, Abdeljalil Zri

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In this work, firstly we have studied the potential of raw sediments and sediments treated with lime or cement for use in a foundation layer and the base layer of a roadway. Secondly, we have examined mineral changes caused by the addition of lime or cement in order to explain the mechanical performance of stabilized sediments. After determining the amount of lime and cement required stabilizing the sediments, the compaction characteristics and Immediate Bearing Capacity (IBI) were studied using the Modified Proctor method. Then, the evolution of the three parameters, which are optimum water content, maximum dry density and IBI, were determined. Mechanical performances can be evaluated through resistance to compression, resistance under traction and the elasticity modulus. The resistances of the formulations treated with ROLAC®645 increase with the amount of ROLAC®645. Traction resistance and the elastic modulus were used to evaluate the potential of the formulations as road construction materials using the classification diagram. The results show that all the other formulations with ROLAC®645 can be used in subgrades and foundation layers for roads.

Keywords: sediment, lime, cement, roadway

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Authors: Maor Farid, Oleg Gendelman

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The following study deals with fluid vibration of a liquid in a partially filled vessel under periodic ground excitation. This external excitation might lead to hidraulic impact applied on the vessel inner walls. In order to model these sloshing dynamic regimes, several equivalent mechanical models were suggested in the literature, such as series of pendula or mass-spring systems that are able to impact the inner tank walls. In the following study, we use the latter methodology, use parameter values documented in literature corresponding to cylindrical tanks and consider structural elasticity of the tank. The hydraulic impulses are modeled by the high-exponent potential function. Additional system parameters are found with the help of Finite-Element (FE) analysis. Model-driven stress assessment method is developed. Finally, vibration mitigation performances of both tuned mass damper (TMD) and nonlinear energy sink (NES) are examined.

Keywords: nonlinear energy sink (NES), reduced-order modelling, liquid sloshing, vibration mitigation, vibro-impact dynamics

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Authors: Rafayel K. Kostanyan

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The opportunities of use of metallic magnesium as a generator of hydrogen gas, as well as thermal and electric energy is presented in the paper. Various schemes of magnesium application are discussed and power characteristics of corresponding devices are presented. Economic estimation of hydrogen price obtained by different methods is made, including the use of magnesium as a source of hydrogen for transportation in comparison with gasoline. Details and prospects of our new inexpensive technology of magnesium production from magnesium hydroxide and magnesium bearing rocks (which are available worldwide and in Armenia) are analyzed. It is estimated the threshold cost of Mg production at which application of this metal in power engineering is economically justified.

Keywords: energy, electrodialysis, magnesium, new technology

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Authors: Sheikh Mohammed Rafiul Huque

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Bangladesh since its inception has been an economy that is fuelled by agriculture and agriculture has significant contribution to the GDP of Bangladesh. The agriculture of Bangladesh predominantly and historically dependent on organic sources of raw material though the place has taken in decades by inorganic sources of raw materials due to the high demand of food for rapidly growing of population. Meanwhile, a new market segment, which is niche market, has been evolving in the urban area in favor of organic products, though 71.1% population living in rural areas is dependent mainly on conventional products. The new market segment is search of healthy and safer source of food and they could believe that organic products are the solution of that. In Bangladesh, food adulteration is very common practices among the shop-keepers to extend the shelf life of raw vegetables and fruits. The niche group of city dwellers is aware about the fact and gradually shifting their buying behavior to organic products. A recent survey on organic farming revealed that 16,200 hectares under organic farming in recent time, which was only 2,500 hectares in 2008. This study is focused on consumer awareness of organic products and tried to explore the factors affecting organic food consumption among high income group of people. The hypothesis is developed to explore the effect of gender (GENDER), ability to purchase (ABILITY) and health awareness (HEALTH) on purchase intention (INTENTION). A snowball sampling was administered among the high income group of people in Dhaka city among 150 respondents. In this sampling process the study could identify only those samples who has consume organic products. A Partial Least Square (PLS) method was used to analyze data using path analysis. It was revealed from the analysis that coefficient determination R2 is 0.829 for INTENTION endogenous latent variable. This means that three latent variables (GENDER, ABILITY, and HEALTH) significantly explain 82.9% of the variance in INTENTION of purchasing organic products. Moreover, GENDER solely explains 6.3% and 8.6% variability of ABILITY and HEALTH respectively. The inner model suggests that HEALTH has strongest negative effect on INTENTION (-0.647) followed by ABILITY (0.344) and GENDER (0.246). The hypothesized path relationship between ABILITY->INTENTION, HEALTH->INTENTION and GENDER->INTENTION are statistically significant. Furthermore, the hypothesized path relationship between GENDER->ABILITY (0.262) and GENDER->HEALTH (-0.292) also statistically significant. The purpose of the study is to demonstrate how an organic product producer can improve his participatory guarantee system (PGS) while marketing the products. The study focuses on understanding gender (GENDER), ability (ABILITY) and health (HEALTH) factors while positioning the products (INTENTION) in the mind of the consumer. In this study, the respondents are found to care about high price and ability to purchase variables with loading -0.920 and 0.898. They are good indicators of ability to purchase (ABILITY). The marketers should consider about price of organic comparing to conventional products while marketing, otherwise, that will create negative intention to buy with a loading of -0.939. Meanwhile, it is also revealed that believability of chemical free component in organic products and health awareness affects health (HEALTH) components with high loading -0.941 and 0.682. The study analyzes that low believability of chemical free component and high price of organic products affects intension to buy. The marketers should not overlook this point while targeting the consumers in Bangladesh.

Keywords: health awareness, organic products, purchase ability, purchase intention

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Authors: Jameelah Omolara Yaqub

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One of the main reasons for the existence of central bank is that it is believed that central banks have some influence on private sector decisions which will enable the Central Bank to achieve some of its objectives especially that of stable price and economic growth. By the assumption of the New Keynesian theory that prices are fully flexible in the short run, the central bank can temporarily influence real interest rate and, therefore, have an effect on real output in addition to nominal prices. There is, therefore, the need for the Central Bank to monitor, respond to, and influence private sector decisions appropriately. This thus shows that the Central Bank and the private sector will both affect and be affected by each other implying considerable interdependence between the sectors. The interdependence may be simultaneous or not depending on the level of information, readily available and how sensitive prices are to agents’ expectations about the future. The aim of this paper is, therefore, to determine whether the interdependence between asset prices and monetary policy are simultaneous or not and how important is this relationship. Studies on the effects of monetary policy have largely used VAR models to identify the interdependence but most have found small effects of interaction. Some earlier studies have ignored the possibility of simultaneous interdependence while those that have allowed for simultaneous interdependence used data from developed economies only. This study, therefore, extends the literature by using data from a developing economy where information might not be readily available to influence agents’ expectation. In this study, the direction of relationship among variables of interest will be tested by carrying out the Granger causality test. Thereafter, the interaction between asset prices and monetary policy in Nigeria will be tested. Asset prices will be represented by the NSE index as well as real estate prices while monetary policy will be represented by money supply and the MPR respectively. The VAR model will be used to analyse the relationship between the variables in order to take account of potential simultaneity of interdependence. The study will cover the period between 1980 and 2014 due to data availability. It is believed that the outcome of the research will guide monetary policymakers especially the CBN to effectively influence the private sector decisions and thereby achieve its objectives of price stability and economic growth.

Keywords: asset prices, granger causality, monetary policy rate, Nigeria

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Authors: Shashank Tiwari

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The most common method of drug delivery is the oral solid dosage form, of which tablets and capsules are predominant. The tablet is more widely accepted and used compared to capsules for a number of reasons, such as cost/price, tamper resistance, ease of handling and packaging, ease of identification, and manufacturing efficiency. Over the past several years, the issue of tamper resistance has resulted in the conversion of most over-the-counter (OTC) drugs from capsules to predominantly all tablets.

Keywords: capsule, drug delivery, dosages, solid, tablet

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Authors: Betelhem M. Negede, Maarten Voors, Hugo De Groote, Bart Minten

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Farmers in Ethiopia produce most of their own food during one agricultural season per year. Therefore, they need to use on-farm storage technologies to bridge the lean season and benefit from price arbitrage. Maize stored using traditional storage bags offer no protection from insects and molds, leading to high storage losses. In Ethiopia access to and use of modern storage technologies are still limited, restraining farmers to benefit from local maize price fluctuations. We used a randomized controlled trial among 871 maize farmers to evaluate the impacts of Purdue Improved Crop Storage (PICS) bags, also known as hermetic bags, on storage losses, and especially on behavioral changes with respect to consumption, marketing, and income among maize farmers in Ethiopia. This study builds upon the limited previous experimental research that has tried to understand farmers’ grain storage and post-harvest losses and identify mechanisms behind the persistence of these challenges. Our main hypothesis is that access to PICS bags allows farmers to increase production, storage and maize income. Also delay the length of maize storage, reduce maize post-harvest losses and improve their food security. Our results show that even though farmers received only three PICS bags that represent 10percent of their total maize stored, they delay their length of maize storage for sales by two weeks. However, we find no treatment effect on maize income, suggesting that the arbitrage of two weeks is too small. Also, we do not find any reduction in storage losses due to farmers’ reaction by selling early and by using cheap and readily available but potentially harmful storage chemicals. Looking at the heterogeneity treatment effects between the treatment variable and highland and lowland villages, we find a decrease in the percentage of maize stored by 4 percent in the highland villages. This confirms that location specific factors, such as agro-ecology and proximity to markets are important factors that influence whether and how much of the harvest a farmer stores. These findings highlight the benefits of hermetic storage bags, by allowing farmers to make inter-temporal arbitrage and by reducing potential health risks from storage chemicals. The main policy recommendation that emanates from our study is that postharvest losses reduction throughout the whole value chain is an important pathway to food and income security in Sub-Saharan Africa (SSA). However, future storage loss interventions with hermetic storage technologies should take into account the agro-ecology of the study area and quantify storage losses beyond farmers self-reported losses, such as the count and weigh method. Finally, studies on hermetic storage technologies indicate positive impacts on post-harvest losses and in improving food security, but the adoption and use of these technologies is currently still low in SSA. Therefore, future works on the scaling up of hermetic bags, should consider reasons why farmers only use PICS bags to store grains for consumption, which is usually related to a safety-first approach or due to lack of incentives (higher price from maize not treated with chemicals), and no grain quality check.

Keywords: arbitrage, PICS hermetic bags, post-harvest storage loss, RCT

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Authors: Rocco Lioy, Tom Dusseldorf, Aline Lehnen, Romain Reding

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A study concerning both the rentability and ecological performance of dairy production in Luxembourg was carried out for the years 2017, 2018 and 2019. The data of 100 dairy farms, referring to the Greenhouse gas emissions (ecology) and the profitability (economy) of dairy production, were evaluated, and the average was compared to the corresponding figures of 80 Luxembourgish dairy farms evaluated in the years 2014, 2015 and 2016. The ecological evaluation could confirm that farm efficiency (especially defined as the lowest ratio between used feedstuff and produced milk) is the key driver for significantly reducing the level of emissions in dairy farms. In both farm groups and in the two periods, the efficient farms show almost the same level of emissions per kg ECM (1,17 kg CO2-eq) in comparison with intensive farms (1,13 kg CO2-eq), and at the same time a by far lowest level of emissions related to the production surface (9,9 vs. 13,9 t CO2-eq/ha). Concerning the economic performances, it could be observed that in the years 2017, 2018 and 2019, the intensive farms (we define intensity in the first place in terms of produced milk pro ha) reached a higher profit (incomes minus costs, only consideration for subsidies) than the efficient farms (4,8 vs. 2,6 €-cent/kg ECM), in contradiction with the observation of the years 2014, 2015 and 2015 (1,5 vs. 3,7 €-cent/kg ECM). The most important reason for this divergent behavior was a change in income and cost structure in the considered periods. In the last period (2017, 2018 and 2019), the milk price was considerably higher than in the previous period, and the production costs were lower. This was of advantage for intensive farms, which produce the highest quantity of milk with a high amount of production means. In the period 2014, 2015 and 2016, with lower milk prices but comparable production costs, the advantage was with efficient farms. In conclusion, we expect that in the next future, when especially the production costs will presumably be much higher than in the last years, the profitableness of dairy farming will decrease. In this case, we assume that efficient farms will provide not only an ecologically but also an economically better performance than production-intensive farms. High milk prices and low production costs are no good incentives for carbon-smart farming.

Keywords: efficiency, intensity, dairy, emissions, prices, costs

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Authors: Nangialai Yousufzai, Eysosiyas Etana, Ikuo Sugiyama

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Kabul population has been growing continually since 2001 and reaching six million in 2025 due to the rapid inflow from the neighboring countries. As a result of the population growth, lack of living facilities supported by infrastructure services is becoming serious in social and economic aspects. However, about 70% of the city is still occupied illegally and the government has little information on the infrastructure demands. To improve this situation, land readjustment is one of the powerful development tools, because land readjustment does not need a high governmental budget of itself. Instead, the method needs cooperation between stakeholders such as landowners, developers and a local government. So it is becoming crucial for both government and citizens to implement land readjustment for providing tidy urban areas with enough public services to realize more livable city as a whole. On the contrary, the traditional land readjustment tends to spend a long time until now to get consensus on the new plan between stakeholders. One of the reasons is that individual land area (land parcel) is decreased due to the contribution to public such as roads/parks/squares for improving the urban environment. The second reason is that the new plan is difficult for dwellers to imagine new life after the readjustment. Because the paper-based plan is made by an authority not for dwellers but for specialists to precede the project. This paper aims to shorten the time to realize quick consensus between stakeholders. The first improvement is utilizing questionnaire(s) to assess the demand and preference of the landowners. The second one is utilizing 3D model for dwellers to visualize the new environment easily after the readjustment. In additions, the 3D model is reflecting the demand and preference of the resident so that they could select a land parcel according to their sense value of life. The above-mentioned two improvements are carried out after evaluating total land prices of the new plans to select for maximizing the project value. The land price forecasting formula is derived from the current market ones in Kabul. Finally, it is stressed that the rapid consensus-building of land readjustment utilizing ICT and open data analysis is essential to redevelop slums and illegal occupied areas in Kabul.

Keywords: land readjustment, consensus building, land price formula, 3D simulation

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Authors: Inna Kornienko, Svetlana Guryeva, Anatoly Shekhter, Elena Petersen

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Transplantation is an effective treatment option for patients suffering from different end-stage diseases. However, it is plagued by a constant shortage of donor organs and the subsequent need of a lifelong immunosuppressive therapy for the patient. Currently some researchers look towards using of pig organs to replace human organs for transplantation since the matrix derived from porcine organs is a convenient substitute for the human matrix. As an initial step to create a new ex vivo tissue engineered model, optimized protocols have been created to obtain organ-specific acellular matrices and evaluated their potential as tissue engineered scaffolds for culture of normal cells and tumor cell lines. These protocols include decellularization by perfusion in a bioreactor system and immersion-agitation on an orbital shaker with use of various detergents (SDS, Triton X-100) and freezing. Complete decellularization – in terms of residual DNA amount – is an important predictor of probability of immune rejection of materials of natural origin. However, the signs of cellular material may still remain within the matrix even after harsh decellularization protocols. In this regard, the matrices obtained from tissues of low-immunogenic pigs with α3Galactosyl-tranferase gene knock out (GalT-KO) may be a promising alternative to native animal sources. The research included a study of induced effect of frozen and fresh fragments of GalT-KO skin on healing of full-thickness plane wounds in 80 rats. Commercially available wound dressings (Ksenoderm, Hyamatrix and Alloderm) as well as allogenic skin were used as a positive control and untreated wounds were analyzed as a negative control. The results were evaluated on the 4th day after grafting, which corresponds to the time of start of normal wound epithelization. It has been shown that a non-specific immune response in models treated with GalT-Ko pig skin was milder than in all the control groups. Research has been performed to measure technical skin characteristics: stiffness and elasticity properties, corneometry, tevametry, and cutometry. These metrics enabled the evaluation of hydratation level, corneous layer husking level, as well as skin elasticity and micro- and macro-landscape. These preliminary data may contribute to development of personalized transplantable organs from GalT-Ko pigs with significantly limited potential of immune rejection. By applying growth factors to a decellularized skin sample it is possible to achieve various regenerative effects based on the particular situation. In this particular research BMP2 and Heparin-binding EGF-like growth factor have been used. Ideally, a bioengineered organ must be biocompatible, non-immunogenic and support cell growth. Porcine organs are attractive for xenotransplantation if severe immunologic concerns can be bypassed. The results indicate that genetically modified pig tissues with knock-outed α3Galactosyl-tranferase gene may be used for production of low-immunogenic matrix suitable for transplantation.

Keywords: decellularization, low-immunogenic, matrix, scaffolds, transplants

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Authors: Qiuling Xie, Shanliang Zhu, Zongdi Sun

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In this paper, we analyzed the correlation relationship among PM2.5 from other five Air Quality Indices (AQIs) based on the grey relational degree, and built a multivariate nonlinear regression equation model of PM2.5 and the five monitoring indexes. For the optimal control problem of PM2.5, we took the partial large Cauchy distribution of membership equation as satisfaction function. We established a nonlinear programming model with the goal of maximum performance to price ratio. And the optimal control scheme is given.

Keywords: grey relational degree, multiple linear regression, membership function, nonlinear programming

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Authors: A. Goodarzian, A. Ghasemipanah, R. Ziaie Moayed, H. Niroumand

Abstract:

The problem of soil stabilization has been one of the important issues in geotechnical engineering. Nowadays, nanomaterials have revolutionized many industries. In this research, improvement of the Kerman fine-grained soil by nanozeolite and nanobentonite additives separately has been investigated using Atterberg Limits and unconfined compression test. In unconfined compression test, the samples were prepared with 3, 5 and 7% nano additives, with 1, 7 and 28 days curing time with strain control method. Finally, the effect of different percentages of nanozeolite and nanobentonite on the geotechnical behavior and characteristics of Kerman fine-grained soil was investigated. The results showed that with increasing the amount of nanozeolite and also nanobentonite to fine-grained soil, the soil exhibits more compression strength. So that by adding 7% nanozeolite and nanobentonite with 1 day curing, the unconfined compression strength is 1.18 and 2.1 times higher than the unstabilized soil. In addition, the failure strain decreases in samples containing nanozeolite, whereas it increases in the presence of nanobentonite. Increasing the percentage of nanozeolite and nanobentonite also increased the elasticity modulus of soil.

Keywords: nanoparticles, soil improvement, clayey soil, unconfined compression stress

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Authors: Mia Françoise

Abstract:

This report aims to develop a strategy for assisting short-term investors to benefit from the current economic climate in South Africa by utilizing technical analysis techniques and predictive analytics. As part of this research, value investing and technical analysis principles will be combined to maximize returns for South African investors while optimizing volatility. As an emerging market, South Africa offers many opportunities for high growth in sectors where other developed countries cannot grow at the same rate. Investing in South African companies with significant growth potential can be extremely rewarding. Although the risk involved is more significant in countries with less developed markets and infrastructure, there is more room for growth in these countries. According to recent research, the offshore market is expected to outperform the local market over the long term; however, short-term investments in the local market will likely be more profitable, as the Johannesburg Stock Exchange is predicted to outperform the S&P500 over the short term. The instabilities in the economy contribute to increased market volatility, which can benefit investors if appropriately utilized. Price prediction and portfolio optimization comprise the two primary components of this methodology. As part of this process, statistics and other predictive modeling techniques will be used to predict the future performance of stocks listed on the Johannesburg Stock Exchange. Following predictive data analysis, Modern Portfolio Theory, based on Markowitz's Mean-Variance Theorem, will be applied to optimize the allocation of assets within an investment portfolio. By combining different assets within an investment portfolio, this optimization method produces a portfolio with an optimal ratio of expected risk to expected return. This methodology aims to provide a short-term investment with a stock portfolio that offers the best risk-to-return profile for stocks listed on the JSE by combining price prediction and portfolio optimization.

Keywords: financial stocks, optimized asset allocation, prediction modelling, South Africa

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Authors: Aly Audu Fada

Abstract:

The mono-economic structure of Nigerian economy has made it depend on oil for so many years. Apart from the negative effect of its exploitation, relying solely on oil as the major source of revenue for peddling the ship of development is myopic. The crumbling oil price in the world market is one proof of the dangers of this over-dependence. This paper highlights the consequences of the oil-driven economy and explores the various opportunities that are accessible in tourism through a contextual analysis. It is recommended that those at the helm of affairs should initiate collaboration between the public and private sectors to explore and harness the rich tourism resources naturally dispersed across the country to achieve the objectives of economic transformation agenda of the Federal Government.

Keywords: diversifying, economic, tourism, oil

Procedia PDF Downloads 393

Authors: Punit Kumar, Niraj Kumar

Abstract:

The traction behavior of lubricants with the linear pressure-viscosity response in EHL line contacts is investigated numerically for smooth as well as rough surfaces. The analysis involves the simultaneous solution of Reynolds, elasticity and energy equations along with the computation of lubricant properties and surface temperatures. The temperature modified Doolittle-Tait equations are used to calculate viscosity and density as functions of fluid pressure and temperature, while Carreau model is used to describe the lubricant rheology. The surface roughness is assumed to be sinusoidal and it is present on the nearly stationary surface in near-pure sliding EHL conjunction. The linear P-V oil is found to yield much lower traction coefficients and slightly thicker EHL films as compared to the synthetic oil for a given set of dimensionless speed and load parameters. Besides, the increase in traction coefficient attributed to surface roughness is much lower for the former case. The present analysis emphasizes the importance of employing realistic pressure-viscosity response for accurate prediction of EHL traction.

Keywords: EHL, linear pressure-viscosity, surface roughness, traction, water/glycol

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Authors: Liang-Chien Lee, Chih-Hsiang Chang, Ying-Shu Tseng

Abstract:

Comparing with prior studies mainly focused on the effect of a certain event (it may be the initial announcement of bad news or the repeated announcements of identical bad news) on stock price, the aim of this study is to explore how investors react to subsequent bad news with identical content. Empirical results show that as a result of behavioral pitfalls, investors underreact to the initial announcement of the bad news (i.e., unknown bad news) and overreact to the repeated announcements of the identical bad news (i.e., known bad news).

Keywords: subsequent bad news, behavioral finance, Investors’ misreaction, behavioral pitfalls

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Authors: Matt S. Van Deren, Michael Papenfus

Abstract:

Seattle is one of the hundreds of cities in the United States that relies on a combined sewer system to collect and convey municipal wastewater. By design, these systems convey all wastewater, including industrial and commercial wastewater, human sewage, and stormwater runoff, through a single network of pipes. Serious problems arise for combined sewer systems during heavy precipitation events when treatment plants and storage facilities are unable to accommodate the influx of wastewater needing treatment, causing the sewer system to overflow into local waterways through sewer outfalls. CSOs (Combined Sewer Overflows) pose a serious threat to human and environmental health. Principal pollutants found in CSO discharge include microbial pathogens, comprising of bacteria, viruses, parasites, oxygen-depleting substances, suspended solids, chemicals or chemical mixtures, and excess nutrients, primarily nitrogen and phosphorus. While concentrations of these pollutants can vary between overflow events, CSOs have the potential to spread disease and waterborne illnesses, contaminate drinking water supplies, disrupt aquatic life, and effect a waterbody’s designated use. This paper estimates the economic impact of CSOs on residential property values. Using residential property sales data from Seattle, Washington, this paper employs a hedonic valuation model that controls for housing and neighborhood characteristics, as well as spatial and temporal effects, to predict a consumer’s willingness to pay for improved water quality near their homes. Initial results indicate that a 100,000-gallon decrease in the average annual overflow discharged from a sewer outfall within 300 meters of a home is associated with a 0.053% increase in the property’s sale price. For the average home in the sample, the price increase is estimated to be $18,860.23. These findings reveal some of the important economic benefits of improving water quality by reducing the frequency and severity of combined sewer overflows.

Keywords: benefits, hedonic, Seattle, sewer

Procedia PDF Downloads 177

Authors: Robert Bušić, Ivana Miličević, Larisa Šargač

Abstract:

The construction industry generates a large amount of waste, which poses a challenge for disposal and often requires significant areas for landfill. Therefore, recycling construction waste has become imperative. This study focuses on investigating the use of locally available recycled concrete as a substitute for traditional aggregates and analyzing the impact of this change on the mechanical and durability properties of concrete. The research begins with the crushing of locally available waste concrete, followed by sieving and sorting the aggregate into different fractions. Four concrete mix designs were created, with one serving as a reference mixture without recycled aggregate, while the remaining three mixes included recycled aggregate in varying proportions. The experimental part includes testing the key properties of concrete in both fresh and hardened states, including slump and flow tests, compressive strength, static modulus of elasticity, and shrinkage of the concrete, with the aim of assessing the impact of locally available recycled aggregate on concrete properties. By using experimental testing methods, the results were compared with conventional concrete, providing deeper insights into the potential advantages and disadvantages of using locally available recycled concrete in various construction projects.

Keywords: concrete, durability, recycled aggregate, sustainability

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Authors: Abdurrahim Bolukbasi, Hassan Athari, Dogan Ciloglu

Abstract:

The modeling lung respiratory system which has complex anatomy and biophysics presents several challenges including tissue-driven flow patterns and wall motion. Also, the lung pulmonary system because of that they stretch and recoil with each breath, has not static walls and structures. The direct relationship between air flow and tissue motion in the lung structures naturally prefers an FSI simulation technique. Therefore, in order to toward the realistic simulation of pulmonary breathing mechanics the development of a coupled FSI computational model is an important step. A simple but physiologically-relevant three dimensional deep long geometry is designed and fluid-structure interaction (FSI) coupling technique is utilized for simulating the deformation of the lung parenchyma tissue which produces airflow fields. The real understanding of respiratory tissue system as a complex phenomenon have been investigated with respect to respiratory patterns, fluid dynamics and tissue visco-elasticity and tidal breathing period.

Keywords: lung deformation and mechanics; Tissue mechanics; Viscoelasticity; Fluid-structure interactions; ANSYS

Procedia PDF Downloads 322

Authors: Ergun Guntekin

Abstract:

This study investigated elastic constants of scots pine (Pinus sylvestris L.) grown in Turkey by means of ultrasonic waves. Three Young’s modulus, three shear modulus and six Poisson ratios were determined at constant moisture content (12 %). Three longitudinal and six shear wave velocities propagating along the principal axes of anisotropy, and additionally, three quasi-shear wave velocities at 45° with respect to the principal axes of anisotropy were measured using EPOCH 650 ultrasonic flaw detector. The measured average longitudinal wave velocities for the sapwood in L, R, T directions were 4795, 1713 and 1117 m/s, respectively. The measured average shear wave velocities ranged from 682 to 1382 m/s. The measured quasi-shear wave velocities varied between 642 and 1280 m/s. The calculated average modulus of elasticity values for the sapwood in L, R, T directions were 11913, 1565 and 663 N/mm2, respectively. The calculated shear modulus in LR, LT and RT planes were 1031, 541, 415 N/mm2. Comparing with available literature, the predicted elastic constants are acceptable.

Keywords: elastic constants, prediction, Scots pine, ultrasound

Procedia PDF Downloads 279

Authors: Liaqat Ali, Furqan Ahmad

Abstract:

The heat losses should be controlled during the high temperature processes from energy conservation point of view. For this purpose, refractories with low thermal conductivity, high porosity and good mechanical strength along with low price are desirable. In this work, various combinations of naturally occurring, locally available, cheap raw materials, namely, clay, rice husk and saw dust were used. Locally produced insulating firebricks (IFBs) cannot be used at higher than a few hundred °C and possess low strength as well. Various process parameters were studied and the refractories with desirable properties were produced, which can be used up to 1200 °C.

Keywords: firebricks, mechanical strength, thermal conductivity, refractory bricks

Procedia PDF Downloads 328

Authors: Waqar Ahmad Bajwa

Abstract:

In the land market, there are two kinds of government intervention. First one is the control of development and second is the supply of land. In the both intervention Government has a lot of benefits. In development control the government designation of conservation areas and the effects of growth controls which may increase the price of land. On other hand Government also apply charge fee on land. The second type of intervention is to increase the supply of land, either by direct action or indirect action, as in the Pakistan, by obligatory purchase or important domain.

Keywords: supply of control, control of development, charge fee, land control

Procedia PDF Downloads 264