Search results for: dynamic asset pricing theory

Authors: Dmitry Lukyanov, Sergey Shevchenko, Alexander Kukaev

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Modern MEMS gyroscopes have strengthened their position in motion control systems and have led to the creation of tactical grade sensors (better than 15 deg/h). This was achieved by virtue of the success in micro- and nanotechnology development, cooperation among international experts and the experience gained in the mass production of MEMS gyros. This production is knowledge-intensive, often unique and, therefore, difficult to develop, especially due to the use of 3D-technology. The latter is usually associated with manufacturing of inertial masses and their elastic suspension, which determines the vibration and shock resistance of gyros. Today, consumers developing highly dynamic objects or objects working under extreme conditions require the gyro shock resistance of up to 65 000 g and the measurement range of more than 10 000 deg/s. Such characteristics can be achieved by solid-state gyroscopes (SSG) without inertial masses or elastic suspensions, which, for example, can be constructed with molecular kinetics of bulk or surface acoustic waves (SAW). Excellent effectiveness of this sensors production and a high level of structural integration provides basis for increased accuracy, size reduction and significant drop in total production costs. Existing principles of SAW-based sensors are based on the theory of SAW propagation in rotating coordinate systems. A short introduction to the theory of a gyroscopic (Coriolis) effect in SAW is provided in the report. Nowadays more and more applications require passive and wireless sensors. SAW-based gyros provide an opportunity to create one. Several design concepts incorporating reflective delay lines were proposed in recent years, but faced some criticism. Still, the concept is promising and is being of interest in St. Petersburg Electrotechnical University. Several experimental models were developed and tested to find the minimal configuration of a passive and wireless SAW-based gyro. Structural schemes, potential characteristics and known limitations are stated in the report. Special attention is dedicated to a novel method of a FEM modeling with piezoelectric and gyroscopic effects simultaneously taken into account.

Keywords: FEM simulation, gyroscope, OOFELIE, surface acoustic wave, wireless sensing

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Authors: M. Benlebna, B. Serier, B. Bachir Bouiadjra, S. Khalkhal

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This study focuses on the mechanical behavior of a dental prosthesis subjected to dynamic loads chewing. It covers a three-dimensional analysis by the finite element method, the level of distribution of equivalent stresses induced in the bone between the implants (depending on the number of implants). The studied structure, consisting of a braced, implant and mandibular bone is subjected to dynamic loading of variable amplitude in three directions corrono-apical, mesial-distal and bucco-lingual. These efforts simulate those of mastication. We show that compared to the implantation of a single implant, implantology using two implants promotes the weakening of the bones. This weakness is all the more likely that the implants are located in close proximity to one another.

Keywords: stress, bone, dental implant, distribution, stress levels, dynamic, effort, interaction, prosthesis

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Authors: Shahrokh Barati

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In this paper, we introduced AIDS disease at first, then proposed dynamic model illustrate its progress, after expression of a short history of nonlinear modeling by polynomial phasing systems, we considered the stability conditions of the systems, which contained a huge amount of researches in order to modeling and control of AIDS in dynamic nonlinear form, in this approach using a frame work of control any polynomial phasing modeling system which have been generalized by part of phasing model of T-S, in order to control the system in better way, the stability conditions were achieved based on polynomial functions, then we focused to design the appropriate controller, firstly we considered the equilibrium points of system and their conditions and in order to examine changes in the parameters, we presented polynomial phase model that was the generalized approach rather than previous Takagi Sugeno models, then with using case we evaluated the equations in both open loop and close loop and with helping the controlling feedback, the close loop equations of system were calculated, to simulate nonlinear model of AIDS disease, we used polynomial phasing controller output that was capable to make the parameters of a nonlinear system to follow a sustainable reference model properly.

Keywords: polynomial fuzzy, AIDS, nonlinear AIDS model, fuzzy control systems

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Authors: Shehret Tilvaldyev, Jorge Flores-Garay, Alfredo Villanueva, Erwin Martinez, Lazaro Rico

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The efficiency of modern transportation is severely compromised by the prevalence of turbulent drag. The high level of turbulent skin-friction occurring, e.g., on the surface of an aircraft, automobiles or the carriage of a high-speed train, is responsible for excess fuel consumption and increased carbon emissions. The environmental, political, and economic pressure to improve fuel efficiency and reduce carbon emissions associated with transportation means that reducing turbulent skin-friction drag is a pressing engineering problem. The dynamic pressure of subsonic airflow around solid objects creates lift, but also induces drag force. This paper is presenting the results of laboratory experiments, investigating appearance and magnitude of dynamic pressure in micro scale of subsonic air flow around right cylinder and symmetrical airfoil.

Keywords: airflow, dynamic pressure, micro scale, symmetric object

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Authors: Armin Amindari

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Hermetic compressors are used widely for refrigeration, heat pump, and air conditioning applications. With the improvement of energy conservation and environmental protection requirements, inverter compressors that operates at different speeds have become increasingly attractive in the industry. Although speed change capability is more efficient, passing through resonant frequencies may lead to excessive vibrations. In this work, an integrated vibration control approach based on flexible multi-body dynamics theory is used for optimizing the vibration amplitudes of the compressor at different operating speeds. To examine the compressor vibrations, all the forces and moments exerted on the cylinder block were clarified and minimized using balancers attached to the upper and lower ends of the motor rotor and crankshaft. The vibration response of the system was simulated using Motionview™ software. In addition, mass-spring optimization was adopted to shift the resonant frequencies out of the operating speeds. The modal shapes of the system were studied using Optistruct™ solver. Using this approach, the vibrations were reduced up to 56% through dynamic simulations. The results were in high agreement with various experimental test data. In addition, the vibration resonance problem observed at low speeds was solved by shifting the resonant frequencies through optimization studies.

Keywords: vibration, MBD, compressor, hermetic

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Authors: Olanrewaju Aladeitan, Obiageli Phina Anaghara-Uzor

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Despite the abundance of natural gas deposits in Nigeria and the immense potential, this presents both for the domestic and export oriented revenue, there exists an imbalance in the preference for export as against the development and optimal utilization of natural gas for the domestic industry. Considerable amounts of gas are still being wasted by flaring in the country to this day. Although the government has set in place initiatives to harness gas at the flare and thereby reduce volumes flared, the gas producers would rather direct the gas produced to the export market whereas gas apportioned to the domestic market is often marred by the low domestic gas price which is often discouraging to the gas producers. The exported fraction of gas production no doubt yields healthy revenues for the government and an encouraging return on investment for the gas producers and for this reason export sales remain enticing and preferable to the domestic sale of gas. This export pull impacts negatively if left unchecked, on the domestic market which is in no position to match the price at the international markets. The issue of gas price remains critical to the optimal development of the domestic gas industry, in that it comprises the basis for investment decisions of the producers on the allocation of their scarce resources and to what project to channel their output in order to maximize profit. In order then to rebalance the domestic industry and streamline the market for gas, the Gas Aggregation Company of Nigeria, also known as the Strategic Aggregator was proposed under the Nigerian Gas Master Plan of 2008 and then established pursuant to the National Gas Supply and Pricing Regulations of 2008 to implement the domestic gas supply obligation which focuses on ramping-up gas volumes for domestic utilization by mandatorily requiring each gas producer to dedicate a portion of its gas production for domestic utilization before having recourse to the export market. The 2008 Regulations further stipulate penalties in the event of non-compliance. This study, in the main, assesses the adequacy of the legal framework for the Nigerian Gas Industry, given that the operational laws are structured more for oil than its gas counterpart; examine the legal basis for the Strategic Aggregator in the light of the Domestic Gas Supply and Pricing Policy 2008 and the National Domestic Gas Supply and Pricing Regulations 2008 and makes a case for a review of the pivotal role of the Aggregator in the Nigerian Gas market. In undertaking this assessment, the doctrinal research methodology was adopted. Findings from research conducted reveal the reawakening of the Federal Government to the immense potential of its gas industry as a critical sector of its economy and the need for a sustainable domestic natural gas market. A case for the review of the ownership structure of the Aggregator to comprise a balanced mix of the Federal Government, gas producers and other key stakeholders in order to ensure the effective implementation of the domestic supply obligations becomes all the more imperative.

Keywords: domestic supply obligations, natural gas, Nigerian gas sector, strategic gas aggregator

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Authors: Jia-Jang Wu

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The objective of this research is to develop a general technique so that one may predict the dynamic behaviour of a three-dimensional scale crane model subjected to time-dependent moving point forces by means of conventional finite element computer packages. To this end, the whole scale crane model is divided into two parts: the stationary framework and the moving substructure. In such a case, the dynamic responses of a scale crane model can be predicted from the forced vibration responses of the stationary framework due to actions of the four time-dependent moving point forces induced by the moving substructure. Since the magnitudes and positions of the moving point forces are dependent on the relative positions between the trolley, moving substructure and the stationary framework, it can be found from the numerical results that the time histories for the moving speeds of the moving substructure and the trolley are the key factors affecting the dynamic responses of the scale crane model.

Keywords: moving load, moving substructure, dynamic responses, forced vibration responses

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Authors: Osama Brinji, Wing Kong Chiu, Graham Tew

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Understanding the stability of rail ballast is one of the most important aspects in the railways. An unstable track may cause some issues such as unnecessary vibration and ultimately loss of track quality. The track foundation plays an important role in the stabilization of the railway. The dynamic response of rail ballast in the vicinity of the rail sleeper can affect the stability of the rail track and this has not been studied in detail. A review of literature showed that most of the works focused on the area under the concrete sleeper. Although there are some theories about the shear (longitudinal) effect of the rail ballast, these have not properly been studied and hence are not well understood. The stability of a rail track will depend on the compactness of the ballast in its vicinity. This paper will try to determine the dynamic response of the ballast to identify its resonant behaviour. This preliminary research is one of several studies that examine the vibration response of the granular materials. The main aim is to use this information for future design of sleepers to ensure that any dynamic response of the sleeper will not compromise the state of compactness of the ballast. This paper will report on the dependence of damping and the natural frequency of the ballast as a function of depth and distance from the point of excitation introduced through a concrete block. The concrete block is used to simulate a sleeper and the ballast is simulated with gravel. In spite of these approximations, the results presented in the paper will show an agreement with theories and the assumptions that are used in study the mechanical behaviour of the rail ballast.

Keywords: ballast, dynamic response, sleeper, stability

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Authors: Chechen Liao, Yi-Jen Huang, Yu-Ting Lu

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This study explores and complements digital aspects. In this study, we construct a research model based on the theory of reasoned action and extend it with the advantages and disadvantages of intangibility (convenience, perceived risk), some characteristics of digital products (price, variety, trialability), and factors related to entertainment (perceived playfulness) to predict what consumers really consider when they buy digital music. Eight hypotheses were tested and supported. Finally, we prove that the theory of reasoned action is still valid in the field of digital products.

Keywords: digital music, digital product, theory of reasoned action

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Authors: Iyd Eqqab Maree, Habil Jurgen Bast

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Vibration control of machines and structures incorporating viscoelastic materials in suitable arrangement is an important aspect of investigation. The use of viscoelastic layers constrained between elastic layers is known to be effective for damping of flexural vibrations of structures over a wide range of frequencies. The energy dissipated in these arrangements is due to shear deformation in the viscoelastic layers, which occurs due to flexural vibration of the structures. Multilayered cantilever sandwich beam like structures can be used in aircrafts and other applications such as robot arms for effective vibration control. These members may experience parametric instability when subjected to time dependant forces. The theory of dynamic stability of elastic systems deals with the study of vibrations induced by pulsating loads that are parametric with respect to certain forms of deformation. The purpose of the present work is to investigate the dynamic stability of a three layered symmetric sandwich beam (Drone Aircraft wings ) subjected to an end periodic axial force . Equations of motion are derived using finite element method (MATLAB software). It is observed that with increase in core thickness parameter fundamental buckling load increases. The fundamental resonant frequency and second mode frequency parameter also increase with increase in core thickness parameter. Fundamental loss factor and second mode loss factor also increase with increase in core thickness parameter. Increase in core thickness parameter enhances the stability of the beam. With increase in core loss factor also the stability of the beam enhances. There is a very good agreement of the experimental results with the theoretical findings.

Keywords: steel cantilever beam, viscoelastic material core, loss factor, transition region, MATLAB R2011a

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Authors: Ebrahim Hassan Kapeel, Ahmed Mohsen Kamel, Hossan Hendy, Yehia Z. Elhalwagy

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Interest in autopilot design has been raised intensely as a result of recent advancements in Unmanned Aerial vehicles (UAVs). Due to the enormous number of applications that UAVs can achieve, the number of applied control theories used for them has increased in recent years. These small fixed-wing UAVs are suffering high non-linearity, sensitivity to disturbances, and coupling effects between their channels. In this work, the nonlinear dynamic inversion (NDI) control lawisdesigned for a nonlinear small fixed-wing UAV model. The NDI is preferable for varied operating conditions, there is no need for a scheduling controller. Moreover, it’s applicable for high angles of attack. For the designed flight controller validation, a nonlinear Modified PI-D controller is performed with our model. A comparative study between both controllers is achieved to evaluate the NDI performance. Simulation results and analysis are proposed to illustrate the effectiveness of the designed controller based on NDI.

Keywords: UAV dynamic model, attitude control, nonlinear PID, dynamic inversion

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Authors: Thomas Smith

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Many hackers worldwide would agree that, had it not been for linear-time theory, the refinement of Byzantine fault tolerance might never have occurred. After years of significant research into extreme programming, we validate the refinement of simulated annealing. Maw, our new framework for unstable theory, is the solution to all of these issues.

Keywords: distributed, software engineering, DNS, DHCP

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Authors: Liav Orgad

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This article challenges one of the most fundamental propositions in the democratic theory that the majority culture is protected merely by the forces of democracy and thus needs no special legal protection. By describing changes in the patterns of migration to Europe, in the face of the European society, and in the world as a whole, the Article demonstrates that the majority culture is no longer automatically protected by the forces of democracy. It claims that the changing reality is not adequately addressed by political theory and human rights law and advances the promotion of a new concept—'cultural majority rights'.

Keywords: European migration, European demography, democratic theory, majority rights, integration

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Authors: Kuan-Chou Chen

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This paper will demonstrate a simulation model of an information security system by using the systems dynamic approach. The relationships in the system model are designed to be simple and functional and do not necessarily represent any particular information security environments. The purpose of the paper aims to develop a generic system dynamic information security system model with implications on information security research. The interrelated and interdependent relationships of five primary sectors in the system dynamic model will be presented in this paper. The integrated information security systems model will include (1) information security characteristics, (2) users, (3) technology, (4) business functions, and (5) policy and management. Environments, attacks, government and social culture will be defined as the external sector. The interactions within each of these sectors will be depicted by system loop map as well. The proposed system dynamic model will not only provide a conceptual framework for information security analysts and designers but also allow information security managers to remove the incongruity between the management of risk incidents and the management of knowledge and further support information security managers and decision makers the foundation for managerial actions and policy decisions.

Keywords: system thinking, information security systems, security management, simulation

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Authors: Mohsin Ali Shaikh, Song Weiguo, Muhammad Kashan Surahio, Usman Shahid, Rehmat Karim

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This study investigated a catastrophic arson fire incident that occurred at a textile garment building in Karachi, Pakistan. Unfortunately, a catastrophic event led to the loss of 262 lives and caused 55 severe injuries. The primary objective is to analyze the aspects of the fire incident and understand the causes of arson fire disasters. The study utilized Fire Dynamic Simulation (F.D.S) was employed to simulate fire propagation, visibility, harmful gas concentration, fire temperature, and numerical results. The analysis report has determined the specific circumstances that created the unpleasant incident in the present study. The significance of the current findings lies in their potential to prevent arson fires, improve fire safety measures, and the development of safety plans in building design. The fire dynamic simulation findings can serve as a theoretical basis for the investigation of arson fires and evacuation planning in textile garment buildings.

Keywords: investigation, fire arson incident, textile garment, fire dynamic simulation (FDS)

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Authors: Varda Gil, Ella Shoval, Tussia Mira

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Teacher mentoring is a complex practical profession whose unique characteristic is the teacher-mentors' commitment to helping teachers link theory with teaching practice in the process of decision-making and in their reflections on teaching. The aim of this research is to examine the way practicing teacher-mentors participating in a teacher mentoring course made the connection between theory and practice. The researchers analyzed 20 final papers submitted by participants in a course to train teacher mentors. The participants were all veteran high-school teachers. The course comprised 112 in-class hours in addition to mentoring novices in the field. The course covered the following topics: The teacher-mentors' perception of their role; formative and summative evaluation of the novices; tutoring strategies and tools; types of learners; and ways of communicating and dealing with novice teachers' resistance to counseling. The course participants were required to write a 4-5 page reflective summary of their field mentoring practice. In addition, they were required to link theories explicitly learned in the course to their practice in the field. A qualitative analysis of the papers led to the creation of the taxonomy of the link between theory and practice relating to four topics: The kinds of links made between theory and practice, the quality of these links, the links made between private teaching theories and official teaching theory, and the qualities of these links. This taxonomy may prove to be a useful tool in the teacher-mentor training processes.

Keywords: taxonomy, teacher-mentors, theory, practice, teacher-mentor training

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Authors: Antonia Tsaknaki

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There are many and divergent views on how the science of translation should be taught in academic institutions or colleges, meaning as an independent study area or as part of Linguistics, Literature or Foreign Languages Departments. A much more debated issue refers to the question of whether translation theory should be included in syllabuses and study programs or the focus should be solely on practicing the profession, that is translating texts. This dissertation examines prevailing views on the significance of translation theory in translation studies in order to design an open course on moodle. Taking into account that there is a remarkable percentage of translation professionals who are self-taught without having any specific studies, the course aims at helping either translation students or professional translators familiarize with concepts, methods and problem-solving strategies that are considered necessary during the process. It is organized in four modules where the learner is guided through a series of topics (register, equivalence, decision-making, level of naturalness, Skopos theory etc); after completing these topics, they are given assignments (further reading) and texts to work on in order to practice the skills obtained. The course does not focus on a specific language pair and therefore is suitable for every individual who needs a theoretical background to boost their performance or for institutions seeking to save classroom time but not at the expense of learners’ skills.

Keywords: MOOCs, moodle, online learning, open courses, translation, translation theory

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Authors: Neeraj Gupta, Jitendra Mahakud

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The banking system plays a major role in the Indian economy. Banking system is the payment gateway of most of the financial transactions. Banking has gone a major transition that is still in progress. Recent banking reforms after liberalization in 1991 have led to the establishment of the foreign banks in the country. The foreign banks are not listed in the Indian stock markets and have increased the competition leading to the capture of the significant share in the revenue from the public sector banks which are still the major players in the Indian banking sector. The performance of the banking sector depends on the internal (bank specific) as well as the external (market specific and macroeconomic) factors. Profitability in banking sector is affected by numerous factors which can be internal or external. The present study examines these internal and external factors which are likely to effect the profitablilty of the Indian banks. The sample consists of a panel dataset of 64 commercial banks in India, consisting of 1088 observations over the years from 1998 to 2016. The GMM dynamic panel estimation given by Arellano and Bond has been used. The study revealed that the variables capital adequacy ratio, deposit, age, labour productivity, non-performing asset, inflation and concentration have significant effect on performance measured.

Keywords: banks in India, bank performance, bank productivity, banking management

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Authors: Abdelsalam Omar

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This paper presents simulation-based case study that indicate the need for accurate dynamic modeling of distance protection relay. In many cases, a static analysis based on current and voltage phasors may be sufficient to assess the performance of distance protection. There are several circumstances under which such a simplified study does not provide the depth of analysis necessary to obtain accurate results, however. This letter present study of the influences of magnetizing inrush and power swing on the performance of distance protection relay. One type of numerical distance protection relay has been investigated: 7SA511. The study has been performed in order to demonstrate the relay response when dynamic model of distance relay is utilized.

Keywords: distance protection, magnitizing inrush, power swing, dynamic model of protection relays, simulatio

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Authors: Elizabeth Hartney, Keith Borkowsky, Jo Axe, Doug Hamilton

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The aim of this research is to develop a grounded theory of educational leadership development, using an approach to initiating and maintaining professional growth in school principals and vice principals termed generative dialogue. The research was conducted in a relatively affluent, urban school district in Western Canada. Generative dialogue interviews were conducted by a team of consultants, and anonymous data in the form of handwritten notes were voluntarily submitted to the research team. The data were transcribed and analyzed using grounded theory. The results indicate that a key focus of educational leadership development is focused on navigating relationships within the school setting and that the generative dialogue process is helpful for principals and vice principals to explore how they might do this. Applicability and limitations of the study are addressed.

Keywords: generative dialogue, school principals, grounded theory, leadership development

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Authors: O. J. Olaniran, P. E. D. Love, D. J. Edwards, O. Olatunji, J. Matthews

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Cost overruns are a persistent problem in oil and gas megaprojects. Whilst the extant literature is filled with studies on incidents and causes of cost overruns, underlying theories to explain their emergence in oil and gas megaprojects are few. Yet, a way to contain the syndrome of cost overruns is to understand the bases of ‘how and why’ they occur. Such knowledge will also help to develop pragmatic techniques for better overall management of oil and gas megaprojects. The aim of this paper is to explain the development of cost overruns in hydrocarbon megaprojects through the perspective of chaos theory. The underlying principles of chaos theory and its implications for cost overruns are examined and practical recommendations proposed. In addition, directions for future research in this fertile area provided.

Keywords: chaos theory, oil and gas, cost overruns, megaprojects

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Authors: Hsiao Hsun Yuan

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Internal marketing was proposed in 1970s. The theory of the concept has continually changed over the past forty years. This study discussed the following themes: the definition and implication of internal marketing, the progress of its development, and the evolution of its theoretical model. Moreover, the study systematically organized the strategies of the internal marketing theory adopted on enterprise and how they were put into practice. It also compared the empirical studies focusing on how the existent theories influenced the important variables of internal marketing. The results of this study are expected to serve as references for future exploration of the boundary and studies aiming at how internal marketing is applied to different types of enterprises.

Keywords: corporate responsibility, employee organizational performance, internal marketing, internal customer

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Authors: Che Hsiu Chen, Kuo Wei Tseng, Zih Jian Huang, Hon Wen Cheng

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A typical warm-up contains both stretching exercises and jogging. The static stretching prior to training or competition may cause detrimental effects to athletic performance. However, it is unclear whether different types of dynamic stretching exercises had different acute effects on knee flexors stiffness, flexibility, and strength. The purpose of this study was to analyze the knee flexors stiffness, flexibility, and strength gains after dynamic straight leg raise (DSLR) and dynamic modified toe-touch (MTT) stretching. Sixteen healthy university active men (height 176.27 ± 4.03 cm; weight 72.27 ± 8.90 kg; age 22.09 ± 2.31 years). After 5 minutes (8km/h) of running subjects performed 2 randomly ordered stretching protocols: DSLR and MTT stretching protocols. There were a total of six, 30 seconds bouts of dynamic stretching (15 repetitions) with 30seconds rest between bouts. The outcome measures were maximal voluntary isokinetic concentric hamstring strength (60°/s), muscle flexibility test by passive straight leg raise (PSLR), active straight leg raise (ASLR), and muscle stiffness using ultrasound Acoustic Radiation Forced Impulse (ARFI) elastography before and immediately after stretching. The muscle stiffness and concentric strength decreased significantly (p < .05), the flexibility no significant change after DSLR protocol (p > .05). The concentric strength decreased significantly (p < .05), the flexibility and muscle stiffness no significant change after MTT protocol (p > .05), whereas no significant differences were found for the DSLR and MTT. Our findings suggest that dynamic stretching (30s x 6 bouts) resulted in change in muscle stiffness or may be induced slack in the musculotendinous unit thereby, reducing force production. Therefore, 30s x 6 bouts of dynamic stretching adversely affects efforts of hamstring muscle maximal concentric strength.

Keywords: sport injury, ultrasound, eccentric exercise, performance

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Authors: Chia-li Wang

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The surge of service and commerce platforms, such as e-commerce and internet-of-things, have rapidly changed our lives. How to avoid the congestion and get the job done in the platform is now a common problem that many people encounter every day. This requires platform users to make decisions about when to enter the platform. To that end, we investigate the strategic entering time of a simple platform containing random numbers of buyers and sellers of some item. Upon a trade, the buyer and the seller gain respective profits, yet they pay the cost of waiting in the platform. To maximize their expected payoffs from trading, both buyers and sellers can choose their entering times. This creates an interesting and practical framework of a game that is played among buyers, among sellers, and between them. That is, a strategy employed by a player is not only against players of its type but also a response to those of the other type, and, thus, a strategy profile is composed of strategies of buyers and sellers. The players' best response, the Nash equilibrium (NE) strategy profile, is derived by a pair of differential equations, which, in turn, are used to establish its existence and uniqueness. More importantly, its structure sheds valuable insights of how the entering strategy of one side (buyers or sellers) is affected by the entering behavior of the other side. These results provide a base for the study of dynamic pricing for stochastic demand-supply imbalances. Finally, comparisons between the social welfares (the sum of the payoffs incurred by individual participants) obtained by the optimal strategy and by the NE strategy are conducted for showing the efficiency loss relative to the socially optimal solution. That should help to manage the platform better.

Keywords: double-sided queue, non-cooperative game, nash equilibrium, price of anarchy

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Authors: Louis Hickman

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Stakeholder theory is a powerful conception of the firm based on the notion that a primary focus on shareholders is inadequate and, in fact, detrimental to the long-term health of the firm. As such it represents a departure from prevalent business school teachings with their focus on accounting and cost controls. Herein, it is argued that stakeholder theory can be better conceptualized as a critical theory, or one which represents a fundamental change in business behavior and can transform the behavior of businesses if accepted. By arguing that financial interests underdetermine the success of the firm, stakeholder theory further democratizes business by endorsing an increased awareness of the importance of non-shareholder stakeholders. Stakeholder theory requires new, non-financial, measures of success that provide a new consciousness for management and businesses when conceiving their actions and place in society. Thereby, stakeholder theory can show individuals through self-reflection that the capitalist impulses to generate wealth cannot act as primary drivers of business behavior, but rather, that we would choose to support interests outside ourselves if we made the decision in free discussion. This is due to the false consciousness embedded in our capitalism that the firm’s finances are the foremost concern of modern organizations at the expense of other goals. A focus on non-shareholder stakeholders in addition to shareholders generates greater benefits for society by improving the state of customers, employees, suppliers, the community, and shareholders alike. These positive effects generate further positive gains in well-being for stakeholders and translate into increased health for the future firm. Additionally, shareholders are the only stakeholder group that does not provide long-term firm value since there are not always communities with qualified employees, suppliers capable of providing the quality of product needed, or persons with purchasing power for all conceivable products. Therefore, the firm’s long-term health is benefited most greatly by improving the greatest possible parts of the society in which it inhabits, rather than solely the shareholder.

Keywords: capitalism, critical theory, self-reflection, stakeholder theory

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Authors: Nasrin Akter, Prem Chhetri, Shams Rahman

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The present study tested Ajzen’s Theory of Planned Behavior (TPB) model to explain the formation of business customers’ intention to use 3PL services in Bangladesh. The findings show that the TPB model has a good fit to the data. Based on theoretical support and suggested modification indices, a refined TPB model was developed afterwards which provides a better predictive power for intention. Consistent with the theory, the results of a structural equation analysis revealed that the intention to use 3PL services is predicted by attitude and subjective norms but not by perceived behavioral control. Further investigation indicated that the paths between (attitude and intention) and (subjective norms and intention) did not statistically differ between 3PL user and non-user. Findings of this research provide an evidence base to formulate business strategies to increase the use of 3PL services in Bangladesh to enhance productivity and to gain economic efficiency.

Keywords: Bangladesh, intention, third-party logistics, Theory of Planned Behavior

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Authors: R. Ziaie Moayed, A. Mahigir

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Stone column technique has been successfully employed to improve the load-settlement characteristics of foundations. A series of finite element numerical analyses of harmonic dynamic loading have been conducted on strengthened raft footing to study the effects of single and group stone columns on settlement of circular footings. The settlement of circular raft footing that improved by single and group of stone columns are studied under harmonic dynamic loading. This loading is caused by heavy machinery foundations. A detailed numerical investigation on behavior of single column and group of stone columns is carried out by varying parameters like weight of machinery, loading frequency and period. The result implies that presence of single and group of stone columns enhanced dynamic behavior of the footing so that the maximum and residual settlement of footing significantly decreased. 

Keywords: finite element analysis, harmonic loading, settlement, stone column

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Authors: Ana M. Prieto del Pino

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As is well known, UN Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances (1988) was a landmark regarding the seizure of proceeds of crime. Depriving criminals of the profits from their activity became a priority at an international level in the fight against organised crime. Enabling confiscation of proceeds of illicit traffic in narcotic drugs and psychotropic substances, criminalising money laundering and confiscating the proceeds thereof are the three measures taken in order to achieve that purpose. The beginning of 21st century brought the declaration of war on corruption and on the illicit enjoyment of the profits thereof onto the international scene. According to the UN Convention against Transnational Organised Crime (2000), States Parties should adopt the necessary measures to enable the confiscation of proceeds of crime derived from offences (or property of equivalent value) and property, equipment and other instrumentalities used in offences covered by that Convention. The UN Convention against Corruption (2003) states asset recovery explicitly as a fundamental principle and sets forth measures aiming at the direct recovery of property through international cooperation in confiscation. Furthermore, European legislation has made many significant strides forward in less than twenty years concerning money laundering, confiscation, and asset recovery. Crime does not pay, let there be no doubt about it. Nevertheless, we must be very careful not to sing out of tune with individual rights and legal guarantees. On the one hand, innocent individuals and businesses must be protected, since they should not pay for the guilty ones’ faults. On the other hand, the rule of law must be preserved and not be tossed aside regarding those who have carried out criminal activities. An in-depth analysis of judicial decisions on money laundering and confiscation of proceeds of crime issued by European national courts and by the European Court of Human Rights in the last decade has been carried out from a human rights, legal guarantees and criminal law basic principles’ perspective. The undertaken study has revealed the violation of the right to property, of the proportionality principle legal and the infringement of basic principles of states’ domestic substantive and procedural criminal law systems. The most relevant ones have to do with the punishment of money laundering committed through negligence, non-conviction based confiscation and a too-far reaching interpretation of the notion of ‘proceeds of crime’. Almost everything in life has a bright and a dark side. Confiscation of criminal proceeds and asset recovery are not an exception to this rule.

Keywords: confiscation, human rights, money laundering, organized crime

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Authors: S. Kaira, S. Mohamed, A. Rahman

Abstract:

Traditionally, highway infrastructure projects are initiated based on their economic benefits, thereafter environmental, social and governance impacts are addressed discretely for the selected project from a set of pre-determined alternatives. When opting for cost-benefit analysis (CBA), multi-criteria decision-making (MCDM) has been used as the default assessment tool. But this tool has been critiqued as it does not mimic the real-world dynamic environment. Indeed, it is because of the fact that public sector projects like highways have to experience intense exposure to dynamic environments. Therefore, it is essential to appreciate the impacts of various dynamic factors (factors that change or progress with the system) on project performance. Thus, this paper presents various sustainability assessment tools that have been globally developed to determine sustainability performance of infrastructure projects during the design, procurement and commissioning phase. Indeed, identification of the current gaps in the available assessment methods provides a potential to add prominent part of knowledge in the field of ‘road project development systems and procedures’ that are generally used by road agencies.

Keywords: dynamic impact factors, micro and macro factors, sustainability assessment framework, sustainability performance

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Authors: Hafiza Rizwana Kausar

Abstract:

In this paper, we formulate the wave equation in modified theories, particularly in f(R) theory, scalar-tensor theory, and metric palatine f(X) theory. We solve the wave equation in each case and try to find maximum possible solutions in the form polarization modes. It is found that modified theories present at most six modes however the mentioned metric theories allow four polarization modes, two of which are tensor in nature and other two are scalars.

Keywords: gravitational waves, modified theories, polariozation modes, scalar tensor theories

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