Search results for: price elasticity

Authors: Ali Safdari-Vaighani

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Pricing financial contracts on several underlying assets received more and more interest as a demand for complex derivatives. The option pricing under asset price involving jump diffusion processes leads to the partial integral differential equation (PIDEs), which is an extension of the Black-Scholes PDE with a new integral term. The aim of this paper is to show how basket option prices in the jump diffusion models, mainly on the Merton model, can be computed using RBF based approximation methods. For a test problem, the RBF-PU method is applied for numerical solution of partial integral differential equation arising from the two-asset European vanilla put options. The numerical result shows the accuracy and efficiency of the presented method.

Keywords: basket option, jump diffusion, ‎radial basis function, RBF-PUM

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Authors: Mezhoud Samy, Toumi Youcef, Boukendekdji Otmane

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Nowadays, industrial by-products and waste are increasing along with public needs increase. The engineering sector has turned to sustainable development by emphasizing the aspects of environmental and life cycle assessment as an important objective. Among this waste, the remains of the red bricks (DBR) may be an alternative worth checking out, given their availability and abundance at the construction sites. In this context, this work aims to valorize DBR in the concrete road (BR). The incorporation of DBR is carried out by the substitution of the granular fractions of mixtures from noble quarry materials. The experimental plan aims to determine the physico-mechanical performance and environmental performance of manufactured BRs from DBR with a cement content (6.5%) and compared with a control BR without DBR. The studied characteristics are proctor, resistance to compression, resistance to flexural tensile at 7 and 28 days, modulus of elasticity, and total shrinkage. The results of this experimental study showed that the characteristics of recycled aggregates (DBR) are lower than those of natural aggregates but remain acceptable with respect to regulations. Results demonstrate the mechanical performance of BR made from less DBR than the control BR without DBR but remains appreciable and encourage their jobs in the road sector. Recycled aggregates can constitute an interesting economic and ecological alternative but require elementary precautions before any use.

Keywords: life cycle assessment, brick waste, road concrete, performance

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Authors: C. Slim

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Traditional techniques for analyzing time series are based on the notion of stationarity of phenomena under study, but in reality most economic and financial series do not verify this hypothesis, which implies the implementation of specific tools for the detection of such behavior. In this paper, we study nonstationary non-seasonal time series tests in a non-exhaustive manner. We formalize the problem of nonstationary processes with numerical simulations and take stock of their statistical characteristics. The theoretical aspects of some of the most common unit root tests will be discussed. We detail the specification of the tests, showing the advantages and disadvantages of each. The empirical study focuses on the application of these tests to the exchange rate (USD/TND) and the Consumer Price Index (CPI) in Tunisia, in order to compare the Power of these tests with the characteristics of the series.

Keywords: stationarity, unit root tests, economic time series, ADF tests

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Authors: Mohammad Momeenul Islam, U. Johnson Alengaram, Mohd Zamin Jumaat, Iftekhair Ibnul Bashar

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Palm oil industry produces millions of tonnes of industrial wastes and these wastes create huge storage and environmental problems. In order to solve these problems various research works have been performed for past decades. The commonly available wastes are Oil palm shells (OPS) and Palm oil fuel ash (POFA). These materials have already acquired well recognition as alternate of conventional construction materials. OPS has been used as coarse aggregate and compressive strength was found up to 56 MPa for 56-day. It is said that 30 grade Oil Palm shell concrete (OPSC) is possible without adding any cementitious materials. The maximum modulus of elasticity for OPSC was found 18.6 GPa. The Oil palm shell concrete (OPSC) are used in country areas and nearby areas where the palm oil factories are located for houses, road-kerbs, drain blocks, etc. In case of superstructure like beams and slab are also produced by utilizing OPS. Many experimental works have been performed to establish POFA as a substituting binding material in replace of Ordinary Portland cement (OPC). Throughout the research it has been showed that up to 20% of cement by mass can be replaced by POFA. POFA is one of the most enriched pozzolanic materials. The main purpose of this review is to discuss the usage and opportunity of the palm oil industrial wastes as construction materials following the previous experimental research work.

Keywords: construction materials, oil palm shells (OPS), palm oil fuel ash (POFA), aggregates

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Authors: Lin Yunuo, Seow Xing Quan, Burra Venkata Durga Kumar

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In this modern era, the cloud operating system is the world trend applied in various industries such as business, healthy, etc. In order to deal with the large capacity of requirements in cloud computing, research come up with multi-tenant cloud computing to maximize the benefits of server providers and clients. However, there are still issues in multi-tenant cloud computing especially regarding resource allocation. Issues such as inefficient resource utilization, large latency, lack of scalability and elasticity and poor data isolation had caused inefficient resource allocation in multi-tenant cloud computing. Without a doubt, these issues prevent multitenancy reaches its best condition. In fact, there are multiple studies conducted to determine the optimal resource allocation to solve these problems these days. This article will briefly introduce the cloud operating system, Multi-tenant cloud computing and resource allocation in cloud computing. It then discusses resource allocation in multi-tenant cloud computing and the current challenges it faces. According to the issue ‘ineffective resource utilization’, we will discuss an efficient dynamic scheduling technique for multitenancy, namely Multi-tenant Dynamic Resource Scheduling Model (MTDRSM). Moreover, there also have some recommendations to improve the shortcoming of this model in this paper’s final section.

Keywords: cloud computing, cloud operation system, multitenancy, resource allocation, utilization of cloud resources

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Authors: Funda Kul, İsmail Gür

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Pension scheme providers have to price mortality risk by accurate mortality forecasting method. There are many mortality-forecasting methods constructed and used in literature. The Lee-Carter model is the first model to consider stochastic improvement trends in life expectancy. It is still precisely used. Mortality forecasting is done by mortality index in the Lee-Carter model. It is assumed that mortality index fits ARIMA time series model. In this paper, we propose and use dynamic normal inverse gaussian distribution to modeling mortality indes in the Lee-Carter model. Using population mortality data for Italy, France, and Turkey, the model is forecasting capability is investigated, and a comparative analysis with other models is ensured by some well-known benchmarking criterions.

Keywords: mortality, forecasting, lee-carter model, normal inverse gaussian distribution

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Authors: Ibraheem A. K. Mahameed

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The aim of this study is to identify the risks affecting time performance of building construction projects in the West Bank in Palestine from contractors’ viewpoint. 38 risks that might affect time performance of building construction projects were defined through a detailed literature review. These risks have been classified into 6 groups: project, managerial, consultant, financial, external, and construction items. A questionnaire survey was performed to rank the considered risks in terms of severity and frequency. The analysis of the survey indicated that the top five risks affecting time performance of building construction projects in Palestine are: award project to the lowest price, political situation, poor communication and coordination between construction parties, change orders, and financial status of contractor.

Keywords: delay, time performance, construction, building

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Authors: Chong Wang, Kellem M. Soares, Luis E. Kosteski

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The problem of toughening in brittle materials reinforced by fibers is complex, involving all the mechanical properties of fibers, matrix, the fiber/matrix interface, as well as the geometry of the fiber. An appropriate method applicable to the simulation and analysis of toughening is essential. In this work, we performed simulations and analysis of toughening in brittle matrix reinforced by randomly distributed fibers by means of the discrete elements method. At first, we put forward a mechanical model of the contribution of random fibers to the toughening of composite. Then with numerical programming, we investigated the stress, damage and bridging force in the composite material when a crack appeared in the brittle matrix. From the results obtained, we conclude that: (i) fibers with high strength and low elasticity modulus benefit toughening; (ii) fibers with relatively high elastic modulus compared to the matrix may result in considerable matrix damage (spalling effect); (iii) employment of high-strength synthetic fiber is a good option. The present work makes it possible to optimize the parameters in order to produce advanced ceramic with desired performance. We believe combination of the discrete element method (DEM) with the finite element method (FEM) can increase the versatility and efficiency of the software developed.

Keywords: bridging stress, discrete element method, fiber reinforced composites, toughening

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Authors: Kozik Renata, Leśniak Agnieszka, Plebankiewicz Edyta

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Contracting authorities in the public sector are obligated to apply the principles provided for in the Polish law for the evaluation and selection of contractors. To analyze the methods of contractors, applied in practice by public clients, the notices of contract award results for construction works were analyzed. The analysis shows that the procedure selected more and more often is open to competitive bidding, where the assessment of the competence of contractors is not very precise, as well as non-competitive bidding, i.e. single source procurement. The share of procurement procedures, where the only criterion is price, is increasing. The solution to the problems existing here might be the introduction of one of the forms of pre-selection of contractors. The article also briefly discusses verification systems for companies applying for public contracts used in EU countries.

Keywords: certification, contractors selection, open tendering, public investors

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Authors: Jayprakash Yadav, Nivedita Patra

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Polyhydroxybutyrate (PHB) is an interesting material in the field of medical science, pharmaceutical industries, and tissue engineering because of its properties such as biodegradability, biocompatibility, hydrophobicity, and elasticity. PHB is naturally accumulated by several microbes in their cytoplasm during the metabolic process as energy reserve material. PHB can be extracted from cell biomass using halogenated hydrocarbons, chemicals, and enzymes. In this study, a cheaper and non-toxic solvent, acetone, was used for the extraction process. The different parameters like acetone percentage, and solvent pH, process temperature, and incubation periods were optimized using the Response Surface Methodology (RSM). RSM was performed and the determination coefficient (R2) value was found to be 0.8833 from the quadratic regression model with no significant lack of fit. The designed RSM model results indicated that the fitness of the response variable was significant (P-value < 0.0006) and satisfactory to denote the relationship between the responses in terms of PHB recovery and purity with respect to the values of independent variables. Optimum conditions for the maximum PHB recovery and purity were found to be solvent pH 7, extraction temperature - 43 °C, incubation time - 70 minutes, and percentage acetone – 30 % from this study. The maximum predicted PHB recovery was found to be 0.845 g/g biomass dry cell weight and the purity was found to be 97.23 % using the optimized conditions.

Keywords: acetone, PHB, RSM, halogenated hydrocarbons, extraction, bacillus subtilis.

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Authors: Mekdes Getu Chekol, Biniam Tedros Kahsay, Rahwa Berihu Haile

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The main objective of this study is to investigate the marketing strategy practice in the Case of St. George Brewery Factory in Addis Ababa. One of the core activities in a Business Company to stay in business is having a well-developed marketing strategy. It assessed how the marketing strategies were practiced in the company to achieve its goals aligned with segmentation, target market, positioning, and the marketing mix elements to satisfy customer requirements. Using primary and secondary data, the study is conducted by using both qualitative and quantitative approaches. The primary data was collected through open and closed-ended questionnaires. Considering the size of the population is small, the selection of the respondents was carried out by using a census. The finding shows that the company used all the 4 Ps of the marketing mix elements in its marketing strategies and provided quality products at affordable prices by promoting its products by using high and effective advertising mechanisms. The product availability and accessibility are admirable with the practices of both direct and indirect distribution channels. On the other hand, the company has identified its target customers, and the company’s market segmentation practice is geographical location. Communication effectiveness between the marketing department and other departments is very good. The adjusted R2 model explains 61.6% of the marketing strategy practice variance by product, price, promotion, and place. The remaining 38.4% of variation in the dependent variable was explained by other factors not included in this study. The result reveals that all four independent variables, product, price, promotion, and place, have a positive beta sign, proving that predictor variables have a positive effect on that of the predicting dependent variable marketing strategy practice. Even though the marketing strategies of the company are effectively practiced, there are some problems that the company faces while implementing them. These are infrastructure problems, economic problems, intensive competition in the market, shortage of raw materials, seasonality of consumption, socio-cultural problems, and the time and cost of awareness creation for the customers. Finally, the authors suggest that the company better develop a long-range view and try to implement a more structured approach to attain information about potential customers, competitor’s actions, and market intelligence within the industry. In addition, we recommend conducting the study by increasing the sample size and including different marketing factors.

Keywords: marketing strategy, market segmentation, target marketing, market positioning, marketing mix

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Authors: Zainab Atia, Hongwei He, Panagiotis Sarantopoulos

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Over the past few years, firms have witnessed a massive increase in sophisticated algorithmic deployment, which has become quite pervasive in today’s modern society. With the wide availability of data for retailers, the ability to track consumers using algorithmic pricing has become an integral option in online platforms. As more companies are transforming their businesses and relying more on massive technological advancement, pricing algorithmic systems have brought attention and given rise to its wide adoption, with many accompanying benefits and challenges to be found within its usage. With the overall aim of increasing profits by organizations, algorithmic pricing is becoming a sound option by enabling suppliers to cut costs, allowing better services, improving efficiency and product availability, and enhancing overall consumer experiences. The adoption of algorithms in retail has been pioneered and widely used in literature across varied fields, including marketing, computer science, engineering, economics, and public policy. However, what is more, alarming today is the comprehensive understanding and focus of this technology and its associated ethical influence on consumers’ perceptions and behaviours. Indeed, due to algorithmic ethical concerns, consumers are found to be reluctant in some instances to share their personal data with retailers, which reduces their retention and leads to negative consumer outcomes in some instances. This, in its turn, raises the question of whether firms can still manifest the acceptance of such technologies by consumers while minimizing the ethical transgressions accompanied by their deployment. As recent modest research within the area of marketing and consumer behavior, the current research advances the literature on algorithmic pricing, pricing ethics, consumers’ perceptions, and price fairness literature. With its empirical focus, this paper aims to contribute to the literature by applying the distinction of the two common types of algorithmic pricing, dynamic and personalized, while measuring their relative effect on consumers’ behavioural outcomes. From a managerial perspective, this research offers significant implications that pertain to providing a better human-machine interactive environment (whether online or offline) to improve both businesses’ overall performance and consumers’ wellbeing. Therefore, by allowing more transparent pricing systems, businesses can harness their generated ethical strategies, which fosters consumers’ loyalty and extend their post-purchase behaviour. Thus, by defining the correct balance of pricing and right measures, whether using dynamic or personalized (or both), managers can hence approach consumers more ethically while taking their expectations and responses at a critical stance.

Keywords: algorithmic pricing, dynamic pricing, personalized pricing, price ethicality

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Authors: Cherish Romina Prajitno, Sunisa Thaichinda

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One indicator of facial aging is wrinkles. Not only that, but wrinkles are a key indicator in our world of facial aesthetics. Wrinkles occur where fault lines develop in aging skin. Nowadays, people are more motivated to keep up their appealing and young appearance. Many individuals are seeking a fast recovery time for their aesthetic procedures and are interested in non-invasive techniques that have a proven track record for successful outcomes. The purpose of this study is to see the efficacy of 100% (pure) grapeseed oil for reducing periorbital wrinkles. This study used the split-face, double-blind method, and this treatment was administered for three months at random to fifteen patients, with the grapeseed oil at one side of the face and the other side with the placebo. The main outcome measure was determined by conducting a comparative analysis of the participants' wrinkle results during each visit using the VIsioscan® VC98. Additionally, we evaluated the skin's elasticity and barrier function using the Cutometer® MP 530 and Tewameter® TM300. Furthermore, we administered a satisfaction score questionnaire to the patients in the 12th week. The findings of the study indicate that grapeseed oil exhibited a noteworthy effect in diminishing the appearance of wrinkles in the periorbital region, enhancing the viscoelastic properties of the periorbital skin, and improving the functionality of the skin barrier in the periorbital area.

Keywords: periorbital wrinkles, pure grapeseed oil, split-face method

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Authors: Erfan Asghari Fesaghandis, Reza Ghaffari Adli, Abbas Kianvash, Hossein Aghajani, Homa Homaie

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NiTi alloys possess magnificent superelastic, shape memory, high strength and biocompatible properties. For improving mechanical properties, foremost, superelasticity behavior, heat treatment process is carried out. In this paper, two different heat treatment methods were undertaken: (1) solid solution, and (2) aging. The effect of each treatment in a constant time is investigated. Five samples were prepared to study the structure and optimize mechanical properties under different time and temperature. For measuring the upper plateau stress, lower plateau stress and residual strain, tensile test is carried out. The samples were aged at two different temperatures to see difference between aging temperatures. The sample aged at 500 °C has a bigger crystallite size and lower amount of Ni which causes the mentioned sample to possess poor pseudo elasticity behaviour than the other aged sample. The sample aged at 460 °C has shown remarkable superelastic properties. The mentioned sample’s higher plateau is 580 MPa with the lowest residual strain (0.17%) while other samples have possessed higher residual strains. X-ray diffraction was used to investigate the produced phases.

Keywords: heat treatment, phase transformation, superelasticity, NiTi alloy

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Authors: Anandkumar Rshindhe

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Patents are considered as good monopoly in India. It is a mechanism by which the inventor is encouraged to do invention and also to make available to the society at large with a new useful technology. Patent system does not provide any protection to the invention itself but to the claims (rights) which the patentee has identified in relation to his invention. Thus the patentee is granted monopoly to the extent of his recognition of his own rights in the form of utilities and all other utilities of invention are for the public. Thus we find both benefit to the inventor and the public at large that is the ultimate consumer. But developing any such technology is not free of cost. Inventors do a lot of investment in the coming out with a new technologies. One such example if of Pharmaceutical industries. These pharmaceutical Industries do lot of research and invest lot of money, time and labour in coming out with these invention. Once invention is done or process identified, in order to protect it, inventors approach Patent system to protect their rights in the form of claim over invention. The patent system takes its own time in giving recognition to the invention as patent. Even after the grant of patent the pharmaceutical companies need to comply with many other legal formalities to launch it as a drug (medicine) in market. Thus major portion in patent term is unproductive to patentee and whatever limited period the patentee gets would be not sufficient to recover the cost involved in invention and as a result price of patented product is raised very much, just to recover the cost of invent. This is ultimately a burden on consumer who is paying more only because the legislature has failed to provide for the delay and loss caused to patentee. This problem can be effectively remedied if Patent Term extension is done. Due to patent term extension, the inventor gets some more time in recovering the cost of invention. Thus the end product is much more cheaper compared to non patent term extension.The basic question here arises is that when the patent period granted to a patentee is only 20 years and out of which a major portion is spent in complying with necessary legal formalities before making the medicine available in market, does the company with the limited period of monopoly recover its investment made for doing research. Further the Indian patent Act has certain provisions making it mandatory on the part of patentee to make its patented invention at reasonable affordable price in India. In the light of above questions whether extending the term of patent would be a proper solution and a necessary requirement to protect the interest of patentee as well as the ultimate consumer. The basic objective of this paper would be to check the implications of Extending the Patent term on Indian Consumers. Whether it provides the benefits to the patentee, consumer or a hardship to the Generic industry and consumer.

Keywords: patent term extention, consumer interest, generic drug industry, pharmaceutical industries

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Authors: Ibrahim Mahamid, A. Al-Ghonamy, M. Aichouni

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This study aims at identifying the risk matrix for delay causes in construction projects in Saudi Arabia from consultants’ viewpoint. A questionnaire survey was undertaken of 51 consultants working on construction projects in the Northern Province of Saudi Arabia. 35 delay causes were identified through a literature review. The study concluded that the top delay causes in construction projects in Saudi Arabia from consultants’ perspective are: bid award for lowest price, changes in material types and specifications during construction, contract management, duration of contract period, fluctuation of prices of materials, frequent changes in design, improper planning, inflationary pressure, lack of adequate manpower, long period of design and time of implementation, payments delay, poor labor productivity, and rework.

Keywords: delays, construction, consultants, contributors, risk map

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Authors: Khalid Ali, Manar Jammal

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In order to meet the stringent latency and reliability requirements of the upcoming 5G networks, Open Radio Access Networks (O-RAN) have been proposed. The virtualization of O-RAN has allowed it to be treated as a Network Function Virtualization (NFV) architecture, while its components are considered Virtualized Network Functions (VNFs). Hence, intelligent Machine Learning (ML) based solutions can be utilized to apply different resource management and allocation techniques on O-RAN. However, intelligently allocating resources for O-RAN VNFs can prove challenging due to the dynamicity of traffic in mobile networks. Network providers need to dynamically scale the allocated resources in response to the incoming traffic. Elastically allocating resources can provide a higher level of flexibility in the network in addition to reducing the OPerational EXpenditure (OPEX) and increasing the resources utilization. Most of the existing elastic solutions are reactive in nature, despite the fact that proactive approaches are more agile since they scale instances ahead of time by predicting the incoming traffic. In this work, we propose and evaluate traffic forecasting models based on the ML algorithm. The algorithms aim at predicting future O-RAN traffic by using previous traffic data. Detailed analysis of the traffic data was carried out to validate the quality and applicability of the traffic dataset. Hence, two ML models were proposed and evaluated based on their prediction capabilities.

Keywords: O-RAN, traffic forecasting, NFV, ARIMA, LSTM, elasticity

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Authors: Roman Knizek, Denisa Knizkova, Vladimir Bajzik

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Nowadays there are countless kinds of bedsheets or mattress covers for little children which should stop any liquid getting into the mattress. It is quite easy to wash the cover of the mattress, but it is almost impossible to clean the body of a mattress which is made of latex foam, wool or synthetic materials. Children bedsheets or mattress covers are often made with plastic coating which is not steam or air permeable and therefore is not very hygienic. This is our goal: by laminating a nanofiber membrane to a suitable bedsheet textile material, we can create a bedsheet which is waterproof but at the same time steam permeable and also partially breathable, thanks to the membrane. For the same reason, nanofiber membranes are widely used in outdoor clothing. The comfort properties and durability of the new nano-membrane bedsheet were studied. The following comfort properties were investigated: steam permeability - measured in accordance with Standard ISO 11902 hydrostatic resistances - measured in accordance with Standard ISO 811 and air permeability - measured in accordance with Standard ISO 9237. The durability or more precisely the wash resistance of the nano-membrane bedsheet was also measured by submitting the sheet to 30 washing cycles. The result of our work is a children's bedsheet with a nano-membrane. The nano-membrane is made of polyurethane to keep maximum flexibility and elasticity which are essential for this product. The comfort properties of this new bedsheet are very good especially its steam permeability and hydrostatic resistance.

Keywords: bed sheet, hydrostatic resistance, nanofiber membrane, water vapour permeable

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Authors: Ghazi Faisal Najmuldeen, Wahida Amat-Fadzil, Zulkafli Hassan, Jinan B. Al-Dabbagh

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The objective of this study was to evaluate the optimum fabrication process variables to produce particleboards from oil palm fronds (OPF) particles and empty fruit bunch fiber (EFB). Response surface methodology was employed to analyse the effect of hot press temperature (150–190°C); press time (3–7 minutes) and EFB blending ratio (0–40%) on particleboards modulus of rupture, modulus of elasticity, internal bonding, water absorption and thickness swelling. A Box-Behnken experimental design was carried out to develop statistical models used for the optimisation of the fabrication process variables. All factors were found to be statistically significant on particleboards properties. The statistical analysis indicated that all models showed significant fit with experimental results. The optimum particleboards properties were obtained at optimal fabrication process condition; press temperature; 186°C, press time; 5.7 min and EFB / OPF ratio; 30.4%. Incorporating of oil palm frond and empty fruit bunch to produce particleboards has improved the particleboards properties. The OPF–EFB particleboards fabricated at optimized conditions have satisfied the ANSI A208.1–1999 specification for general purpose particleboards.

Keywords: empty fruit bunch fiber, oil palm fronds, particleboards, response surface methodology

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Authors: Evgeniia V. Mekhonoshina, Vladimir Ya. Modorskii, Vasilii Yu. Petrov

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At present, vibrations of rotors of gas transmittal unit evade sustainable forecasting. This paper describes elastic oscillation modes in resilient supports and rotor impellers modeled during computational experiments with regard to interference in the system of gas-dynamic flow and compressor rotor. Verification of aeroelastic approach was done on model problem of interaction between supersonic jet in shock tube with deformed plate. ANSYS 15.0 engineering analysis system was used as a modeling tool of numerical simulation in this paper. Finite volume method for gas dynamics and finite elements method for assessment of the strain stress state (SSS) components were used as research methods. Rotation speed and material’s elasticity modulus varied during calculations, and SSS components and gas-dynamic parameters in the dynamic system of gas-dynamic flow and compressor rotor were evaluated. The analysis of time dependence demonstrated that gas-dynamic parameters near the rotor blades oscillate at 200 Hz, and SSS parameters at the upper blade edge oscillate four times higher, i.e. with blade frequency. It has been detected that vibration amplitudes correction in the test points at magnetic bearings by aeroelasticity may correspond up to 50%, and about -π/4 for phases.

Keywords: Centrifugal compressor, aeroelasticity, interdisciplinary calculation, oscillation phase displacement, vibration, nonstationarity

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Authors: Alev Atak

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We study the endogeneity in the cryptocurrency market over the branching ratio of the Hawkes process and evaluate the movement of self-excitability in the financial markets. We consider a semi-parametric self-exciting point process regression model where the excitation function is assumed to be smooth and decreasing but otherwise unspecified, and the baseline intensity is assumed to be a linear function of the regressors. We apply the empirical analysis to the three largest crypto assets, i.e. Bitcoin - Ethereum - Ripple, and provide a comparison with other financial assets such as SP500, Gold, and the volatility index VIX observed from January 2015 to December 2020. The results depict variable and high levels of endogeneity in the basket of cryptocurrencies under investigation, underlining the evidence of a significant role of endogenous feedback mechanisms in the price formation process.

Keywords: hawkes process, cryptocurrency, endogeneity, reflexivity

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Authors: Dhara Shah, Chandrakant Shah

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As everyone knows, fly ash is a residual material we get upon energy production using coal. It has found numerous advantages for use in the concrete industry like improved workability, increased ultimate strength, reduced bleeding, reduced permeability, better finish and reduced heat of hydration. Types of fly ash depend on the type of coal and the coal combustion process. It is a pozzolanic material and has mainly two classes, F and C, based on the chemical composition. The fly ash used for this experimental work contains significant amount of lime and would be categorized as type F fly ash. Generally all types of fly ash have particle size less than 0.075mm. The fineness and lime content of fly ash are very important as they will affect the air content and water demand of the concrete, thereby affecting the durability and strength of the concrete. The present work has been done to optimize the use of fly ash to produce concrete with improved results and added benefits. A series of tests are carried out, analyzed and compared with concrete manufactured using only Portland cement as a binder. The present study is carried out for concrete mix with replacement of cement with different proportions of fly ash. Two concrete mixes M25 and M30 were studied with six replacements of cement with fly ash i.e. 40%, 45%, 50%, 55%, 60% and 65% for 7-day, 14-day, 28-day, 56-day and 90-day. Study focused on compressive strength, split tensile strength, modulus of elasticity and modulus of rupture of concrete. Study clearly revealed that cement replacement by any proportion of fly ash failed to achieve early strength. Replacement of 40% and 45% succeeded in achieving required flexural strength for M25 and M30 grade of concrete.

Keywords: processed fly ash, engineering properties of concrete, pozzolanic, lime content

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Authors: Muhammad Mustafizur Rahaman

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Social business is a new concept in the field of Business Economics and Capitalist Economy. It has increased the importance in economic and social development in emerging economies. Professor Muhammad Yunus is the founding father of the notion. While conventional business underscores profit maximization as a core business principle, social business calls for addressing social problems at the expense of profit. This underlying principle gives social business advantageous position over conventional businesses to serve those who live at the bottom of the pyramid. It also poses grave challenges to the social business because social business sacrifices profit at one hand and seeks financial sustainability on the other. For the sake of its financial sustainability, the social business might increase the price of its product or service which might lower its social impact, thus, makes the business self-defeating. Therefore, social business should be more innovative in every business process including production, marketing, and management. Otherwise, the business is unlikely to be driven out from the society.

Keywords: innovativeness, self-defeat, social business, social problem

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Authors: Sulaiman Yunus

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The need for modeling response to urban fire disaster cannot be over emphasized, as recurrent fire outbreaks have gutted most cities of the world. This necessitated the need for a prompt and efficient response system in order to mitigate the impact of the disaster. Promptness, as a function of time, is seen to be the fundamental determinant for efficiency of a response system and magnitude of a fire disaster. Delay, as a result of several factors, is one of the major determinants of promptgness of a response system and also the magnitude of a fire disaster. Response Delay Model (RDM) intends to bridge the gap in urban fire disaster response system through incorporating and synchronizing the delay moments in measuring the overall efficiency of a response system and determining the magnitude of a fire disaster. The model identified two delay moments (pre-notification and Intra-reflex sequence delay) that can be elastic and collectively plays a significant role in influencing the efficiency of a response system. Due to variation in the elasticity of the delay moments, the model provides for measuring the length of delays in order to arrive at a standard average delay moment for different parts of the world, putting into consideration geographic location, level of preparedness and awareness, technological advancement, socio-economic and environmental factors. It is recommended that participatory researches should be embarked on locally and globally to determine standard average delay moments within each phase of the system so as to enable determining the efficiency of response systems and predicting fire disaster magnitudes.

Keywords: delay moment, fire disaster, reflex sequence, response, response delay moment

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Authors: B. F. Nteumagne, E. Pindza, E. Mare

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We apply Lie symmetries analysis to price and hedge options in the fractional Brownian framework. The reputation of Lie groups is well spread in the area of Mathematical sciences and lately, in Finance. In the presence of transactions costs and under fractional Brownian motions, analytical solutions become difficult to obtain. Lie symmetries analysis allows us to simplify the problem and obtain new analytical solution. In this paper, we investigate the use of symmetries to reduce the partial differential equation obtained and obtain the analytical solution. We then proposed a hedging procedure and calibration technique for these types of options, and test the model on real market data. We show the robustness of our methodology by its application to the pricing of digital options.

Keywords: fractional brownian model, symmetry, transaction cost, option pricing

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Authors: Abadou Yacine, Faid Hayette

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Significant investigations were performed on the use and impact on physical properties along with the mechanical strength of the recycled and reused E-glass waste powder. However, it has been modelled how recycled display e-waste glass may affect the characteristics and qualities of dune sand mortar. To be involved in this field, an investigation has been done with the substitution of dune sand for recycled E-glass waste and constant water-cement ratios. The linear relationship between the dune sand mortar and E-glass mortar mix % contributes to the model's reliability. The experimental data was exposed to regression analysis using JMP Statistics software. The regression model with one predictor presented the general form of the equation for the prediction of the five properties' characteristics of dune sand mortar from the substitution ratio of E-waste glass and curing age. The results illustrate that curing a long-term process produced an E-glass waste mortar specimen with the highest compressive strength of 68 MPa in the laboratory environment. Anova analysis indicated that the curing at long-term has the utmost importance on the sorptivity level and ultrasonic pulse velocity loss. Furthermore, the E-glass waste powder percentage has the utmost importance on the compressive strength and improvement in dynamic elasticity modulus. Besides, a significant enhancement of radiation-shielding applications.

Keywords: ANOVA analysis, E-glass waste, durability and sustainability, radiation-shielding

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Authors: Seetanah Boopen, R. V. Sannassee

Abstract:

The objective of the present study is two-fold. Firstly, to assess the impact of air access liberalization on tourism demand for Mauritius and secondly to analyses the dual impact of the interplay between air access liberalization and marketing promotion efforts on tourism demand. Using an Autoregressive Distributed Lag model, the results suggest that air access liberalization is an important ingredient, albeit to a lesser extent as compared to other classical explanatory variables, of tourism demand. The results also highlight the fact that Mauritius is perceived as a luxurious destination and tourists are deemed price sensitive. Moreover, our dynamic approach interestingly confirms the presence of repeat tourism in the island. Finally, the findings also uncover the positive impact of the interplay between air access liberalization and marketing promotion efforts on fostering tourism demand.

Keywords: air access liberalization, ARDL, SIDS, time series

Procedia PDF Downloads 305

Authors: Getachew T. Sedebo, Stephan V. Joubert, Michael Y. Shatalov

Abstract:

Conventional configuration of the vibratory disc gyroscope is based on in-plane non-axisymmetric vibrations of the disc with a prescribed circumferential wave number. Due to the Bryan's effect, the vibrating pattern of the disc becomes sensitive to the axial component of inertial rotation of the disc. Rotation of the vibrating pattern relative to the disc is proportional to the inertial angular rate and is measured by sensors. In the present paper, the authors investigate a possibility of making a 3D sensor on the basis of both in-plane and bending vibrations of the disc resonator. We derive equations of motion for the disc vibratory gyroscope, where both in-plane and bending vibrations are considered. Hamiltonian variational principle is used in setting up equations of motion and the corresponding boundary conditions. The theory of thin shells with the linear elasticity principles is used in formulating the problem and also the disc is assumed to be isotropic and obeys Hooke's Law. The governing equation for a specific mode is converted to an ODE to determine the eigenfunction. The resulting ODE has exact solution as a linear combination of Bessel and Neumann functions. We demonstrate how to obtain an explicit solution and hence the eigenvalues and corresponding eigenfunctions for annular disc with fixed inner boundary and free outer boundary. Finally, the characteristics equations are obtained and the corresponding eigenvalues are calculated. The eigenvalues are used for the calculation of tuning conditions of the 3D disc vibratory gyroscope.

Keywords: Bryan’s effect, bending vibrations, disc gyroscope, eigenfunctions, eigenvalues, tuning conditions

Procedia PDF Downloads 316

Authors: Marina Chavleishvili

Abstract:

Introduction: Today, the study of monopolies, including natural monopolies, is topical. In real life, pure monopolies are natural monopolies. Natural monopolies are used widely and are regulated by the state. In particular, the prices and rates are regulated. The paper considers the problems associated with the operation of natural monopolies in Georgia, in particular, their microeconomic analysis, pricing mechanisms, and legal mechanisms of their operation. The analysis was carried out on the example of the power industry. The rates of natural monopolies in Georgia are controlled by the Georgian National Energy and Water Supply Regulation Commission. The paper analyzes the positive role and importance of the regulatory body and the issues of improving the legislative base that will support the efficient operation of the branch. Methodology: In order to highlight natural monopolies market tendencies, the domestic and international markets are studied. An analysis of monopolies is carried out based on the endogenous and exogenous factors that determine the condition of companies, as well as the strategies chosen by firms to increase the market share. According to the productivity-based competitiveness assessment scheme, the segmentation opportunities, business environment, resources, and geographical location of monopolist companies are revealed. Main Findings: As a result of the analysis, certain assessments and conclusions were made. Natural monopolies are quite a complex and versatile economic element, and it is important to specify and duly control their frame conditions. It is important to determine the pricing policy of natural monopolies. The rates should be transparent, should show the level of life in the country, and should correspond to the incomes. The analysis confirmed the significance of the role of the Antimonopoly Service in the efficient management of natural monopolies. The law should adapt to reality and should be applied only to regulate the market. The present-day differential electricity tariffs varying depending on the consumed electrical power need revision. The effects of the electricity price discrimination are important, segmentation in different seasons in particular. Consumers use more electricity in winter than in summer, which is associated with extra capacities and maintenance costs. If the price of electricity in winter is higher than in summer, the electricity consumption will decrease in winter. The consumers will start to consume the electricity more economically, what will allow reducing extra capacities. Conclusion: Thus, the practical realization of the views given in the paper will contribute to the efficient operation of natural monopolies. Consequently, their activity will be oriented not on the reduction but on the increase of increments of the consumers or producers. Overall, the optimal management of the given fields will allow for improving the well-being throughout the country. In the article, conclusions are made, and the recommendations are developed to deliver effective policies and regulations toward the natural monopolies in Georgia.

Keywords: monopolies, natural monopolies, regulation, antimonopoly service

Procedia PDF Downloads 83

Authors: Nabila Louai, Fouad Khaldi, Houria Benharchache

Abstract:

In this paper, the case of meeting a household’s electrical energy demand with hybrid systems has been examined. The objective is to study technological feasibility and economic viability of the electrification project by a hybrid system (PV/ wind) of a residential home located in Batna-Algeria and to reduce the emissions from traditional power by using renewable energy. An autonomous hybrid wind/photovoltaic (PV)/battery power system and a PV/Wind grid connected system, has been carried out using Hybrid Optimization Model for Electric Renewable (HOMER) simulation software. As a result, it has been found that electricity from the grid can be supplied at a lower price than electricity from renewable energy at this moment.

Keywords: batna, household, hybrid system, renewable energy, techno-economy

Procedia PDF Downloads 593