Search results for: paramater estimation

Authors: Miguel A. Borrella, Ana P. Fanjul, Suca Munoz, Liliana Herrera

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This paper evaluates the impact of LEADER, a remarkable Community-Led Local Development (CLLD) approach of the European Program for Rural Development applied to rural municipalities of Spain in 2018 and 2019. Using a difference-in-difference estimation strategy and a newly-constructed database, results show that aided municipalities have significantly lower unemployment levels than non-aided municipalities. Results are significant for the decrease in unemployment for both women and people younger than 25 years old, two of the target groups of the policy. Nevertheless, they are larger for male and older workers. Therefore, findings suggest that LEADER 2017-2018 was successful in reducing unemployment in rural areas.

Keywords: community-led local development, ex-post evaluation, LEADER, rural development

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Authors: Siti Nurhidayah Naqiah Abdull Rani, Herlina Abdul Rahim, Rashidah Ghazali, Noramli Abdul Razak

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Near infrared (NIR) spectroscopy has always been of great interest in the food and agriculture industries. The development of prediction models has facilitated the estimation process in recent years. In this study, 110 crude palm oil (CPO) samples were used to build a free fatty acid (FFA) prediction model. 60% of the collected data were used for training purposes and the remaining 40% used for testing. The visible peaks on the NIR spectrum were at 1725 nm and 1760 nm, indicating the existence of the first overtone of C-H bands. Principal component regression (PCR) was applied to the data in order to build this mathematical prediction model. The optimal number of principal components was 10. The results showed R2=0.7147 for the training set and R2=0.6404 for the testing set.

Keywords: palm oil, fatty acid, NIRS, regression

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Authors: Mahmoud Salari

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Corruption and gender inequality are the main topics of interest for both economists and policymakers. This study develops various static and dynamic estimation models to examine the impact of gender inequality in politics and the labor market on corruption using data of 170 countries from 1998 to 2014. This study uses two most reliable corruption indexes, including Corruption Perceptions Index (CPI) and Corruption Control (CC), to evaluate corruption levels across countries. The results indicate that gender inequality in politics has a strong impact on corruption level, and those countries that have larger/smaller gender inequality in their parliaments are faced with higher/lower corruption, respectively. Meanwhile, there is no enough evidence that supports the relationship between gender inequality in the labor market and corruption, and the results indicate that gender inequality in the labor market is not directly linked to the corruption level.

Keywords: corruption, female labor force participation, politics, gender inequality

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Authors: M. A. Ahmed, Sidra A. Shaikh, M. W. Akhtar

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Global and Diffuse Solar radiation on horizontal surface over two cities of Sindh, namely Jacobabad and Rohri were carried out using sunshine hour data of the area to assess the feasibility of solar energy utilization in Sindh province. The result obtained shows a high variation in direct and diffuse component of solar radiation in summer and winter months (80% direct and 20% diffuse). The contribution of diffuse solar radiation is low even in monsoon months i.e. July and August. The appearance of cloud is rare even in monsoon months. The estimated value indicates that this part of Sindh has higher solar potential and solar panels can be used for power generation. The solar energy can be utilized throughout the year in this part of Sindh, Pakistan.

Keywords: solar potential over Sindh, global and diffuse solar radiation, radiation over two cities of Sindh, environmental engineering

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Authors: Yogita Mishra, Arijit Roy, Dhruval Bhavsar

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The study estimates the nitrogen concentration in selected vegetation community’s i.e. chir pine (pinusroxburghii) by using hyperspectral satellite data and also identified the appropriate spectral bands and nitrogen indices. The Short Wave InfraRed reflectance spectrum at 1790 nm and 1680 nm shows the maximum possible absorption by nitrogen in selected species. Among the nitrogen indices, log normalized nitrogen index performed positively and negatively too. The strong positive correlation is taken out from 1510 nm and 760 nm for the pinusroxburghii for leaf nitrogen concentration and leaf nitrogen mass while using NDNI. The regression value of R² developed by using linear equation achieved maximum at 0.7525 for the analysis of satellite image data and R² is maximum at 0.547 for ground truth data for pinusroxburghii respectively.

Keywords: hyperspectral, NDNI, nitrogen concentration, regression value

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Authors: Mohamed Hefnawy, Abdulrahman Al-Majed, Aymen Al-Suwailem

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Enantioseparation of drugs with multiple stereogenic centers is challenging. This study objectives to evaluate the efficiency of different mobilized and/or immobilized polysaccharide-based chiral stationary phases to separate enantiomers of some drugs containing multiple stereogenic centers namely indenolol, nadolol, labetalol. The critical mobile phase variables (composition of organic solvents, acid/base ratios) were carefully studied to compare the retention time and elution order of all isomers. Different chromatographic parameters such as capacity factor (k), selectivity (α) and resolution (Rs) were calculated. Experimental conditions and the possible chiral recognition mechanisms have been discussed.

Keywords: HPLC, polysaccharide columns, enantio-resolution, indenolol, nadolol, labetalol

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Authors: Rabi Mouhcine, Amrouch Mustapha, Mahani Zouhir, Mammass Driss

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In this paper, we present a system for offline recognition cursive Arabic handwritten text based on Hidden Markov Models (HMMs). The system is analytical without explicit segmentation used embedded training to perform and enhance the character models. Extraction features preceded by baseline estimation are statistical and geometric to integrate both the peculiarities of the text and the pixel distribution characteristics in the word image. These features are modelled using hidden Markov models and trained by embedded training. The experiments on images of the benchmark IFN/ENIT database show that the proposed system improves recognition.

Keywords: recognition, handwriting, Arabic text, HMMs, embedded training

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Authors: Muhammad Ahsan

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The effective decommissioning of oil and gas fields and related assets is one of the most important challenges facing the oil and gas industry today and in the future. Decommissioning decisions can no longer be avoided by the operators and the industry as a whole. Decommissioning yields no return on investment and carries significant regulatory liabilities. The main objective of this paper is to provide an approach and mechanism for the estimation of emissions associated with decommissioning of Oil and Gas fields. The model uses gate to gate approach and considers field life from development phase up to asset end life. The model incorporates decommissioning processes which includes; well plugging, plant dismantling, wellhead, and pipeline dismantling, cutting and temporary fabrication, new manufacturing from raw material and recycling of metals. The results of the GHG emissions during decommissioning phase are 2.31x10-2 Kg CO2 Eq. per Mcf of the produced natural gas. Well plug and abandonment evolved to be the most GHG emitting activity with 84.7% of total field decommissioning operational emissions.

Keywords: LCA (life cycle analysis), gas field, decommissioning, emissions

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Authors: Jo-Ann Müller

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The integration-responsiveness (IR) framework presents four distinct internationalization strategies which differ depending on the extent of pressure the company faces for local responsiveness and global integration. This study applies the framework to standards by examining differences in the relative importance of three types of standards depending on the role the subsidiary plays within the corporate group. Hypotheses are tested empirically in a two-stage procedure. First, the subsidiaries are grouped performing cluster analysis. In the second step, the relationship between cluster affiliation and subsidiary strategy is tested using multinomial Probit estimation. While the level of local responsiveness of a firm relates to the relative importance of national and international formal standards, the degree of vertical integration is associated with the application of internal company.

Keywords: FDI, firm-level data, standards, subsidiary strategy

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Authors: Shiming Li, Qingwang Liu, Honggan Wu, Jianbing Zhang

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Plantation forests are useful for timber production, recreation, environmental protection and social development. Stands height is an important parameter for the estimation of forest volume and carbon stocks. Although lidar is suitable technology for the vertical parameters extraction of forests, but high costs make it not suitable for operational inventory. With the development of computer vision and photogrammetry, aerial photos from unmanned aerial system can be used as an alternative solution for height mapping. Structure-from-motion (SfM) photogrammetry technique can be used to extract DSM and DEM information. Canopy height model (CHM) can be achieved by subtraction DEM from DSM. Our result shows that overlapping aerial photos is a potential solution for plantation forests height mapping.

Keywords: forest height mapping, plantation forests, structure-from-motion photogrammetry, UAS

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Authors: Nazima Ellahi, Danish Ramzan

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There is a growing trend among development economists regarding the importance of financial sector for economic development and growth activities. The development thus introduced, helps to promote welfare effects and poverty alleviation. This study is an attempt to find the nature of link between Islamic banking financing and development of output growth for Pakistan. Time series data set has been utilized for a time period ranging from 1990 to 2010. Following the Phillip Perron (PP) and Augmented Dicky Fuller (ADF) test of unit root this study applied Ordinary Least Squares (OLS) method of estimation and found encouraging results in favor of promoting the Islamic banking practices in Pakistan.

Keywords: Islamic finance, poverty alleviation, economic growth, finance, commerce

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Authors: Jeongim Kang, Moon Hee Kim, Seong Baeg Kim

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This paper proposes a novel e-learning model that is based on a dynamic formative evaluation. On evaluating the existing format of e-learning, conditions regarding repetitive learning to achieve mastery, causes issues for learners to lose tension and become neglectful of learning. The dynamic formative evaluation proposed is able to supplement limitation of the existing approaches. Since a repetitive learning method does not provide a perfect feedback, this paper puts an emphasis on the dynamic formative evaluation that is able to maximize learning achievement. Through the dynamic formative evaluation, the instructor is able to refer to the evaluation result when making estimation about the learner. To show the flow chart of learning, based on the dynamic formative evaluation, the model proves its effectiveness and validity.

Keywords: online learning, dynamic formative evaluation, mastery learning, repetitive learning method, learning achievement

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Authors: Syed Islam, Yiyun Huang, Sebastian Magierowski, Ebrahim Ghafar-Zadeh

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This paper presents system level CMOS solid-state nanopore techniques enhancement for speedup next generation molecular recording and high throughput channels. This discussion also considers optimum number of base-pair (bp) measurements through channel as an important role to enhance potential read accuracy. Effective power consumption estimation offered suitable rangeof multi-channel configuration. Nanopore bp extraction model in statistical method could contribute higher read accuracy with longer read-length (200 < read-length). Nanopore ionic current switching with Time Multiplexing (TM) based multichannel readout system contributed hardware savings.

Keywords: DNA, nanopore, amplifier, ADC, multichannel

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Authors: Katsumi Hirata

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To develop the useful acoustic environmental recognition system, the method of estimating 3D-position of a stationary random acoustic source using bispectral analysis of 4-point detected signals is proposed. The method uses information about amplitude attenuation and propagation delay extracted from amplitude ratios and angles of auto- and cross-bispectra of the detected signals. It is expected that using bispectral analysis affects less influence of Gaussian noises than using conventional power spectral one. In this paper, the basic principle of the method is mentioned first, and its validity and features are considered from results of the fundamental experiments assumed ideal circumstances.

Keywords: 4-point detection, a stationary random acoustic source, auto- and cross-bispectra, estimation of 3D-position

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Authors: Seunghee Park, Junkyeong Kim, Eun-Seok Shin, Sang-Hun Han

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In this study, two kinds of nondestructive evaluation (NDE) techniques (rebound hardness and ultrasonic pulse velocity methods) are investigated for the effective maintenance of underwater concrete structures. A new methodology to estimate the underwater concrete strengths more effectively, named “artificial neural network (ANN) – based concrete strength estimation with the combination of rebound hardness and ultrasonic pulse velocity methods” is proposed and verified throughout a series of experimental works.

Keywords: underwater concrete, rebound hardness, Schmidt hammer, ultrasonic pulse velocity, ultrasonic sensor, artificial neural networks, ANN

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Authors: Majid Zargar, Frank Bullen, Ron Ayers

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One of the important factors in the design of asphalt concrete mixes is the accurate measurement of air voids and their variable distribution. Both can have significant impact on long and short term fatigue and creep behaviour under traffic. While some simple methods exist for overall evaluation of air voids, measuring air void distribution in asphalt concrete is very complex, involving expensive techniques such as X-ray methodologies. The research reported in the paper investigated the use of non-destructive ultrasonic techniques as an alternative to estimate the amount of air voids and their distribution within asphalt samples. Seventy-four Standard AC–14 asphalt samples made with three types of bitumen; Multigrade, PMB and C320 were analysed using ultrasonic techniques. The results have illustrated that ultrasonic testing has the potential of being a rapid, accurate and cost-effective method of estimating air void distribution in asphalt.

Keywords: asphalt concrete, air voids, ultrasonic, mechanical behaviour

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Authors: Tetyana Baydyk, Ernst Kussul, Sandra Bonilla Meza

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There are many articles that attempt to establish the role of different facial fragments in face recognition. Various approaches are used to estimate this role. Frequently, authors calculate the entropy corresponding to the fragment. This approach can only give approximate estimation. In this paper, we propose to use a more direct measure of the importance of different fragments for face recognition. We propose to select a recognition method and a face database and experimentally investigate the recognition rate using different fragments of faces. We present two such experiments in the paper. We selected the PCNC neural classifier as a method for face recognition and parts of the LFW (Labeled Faces in the Wild) face database as training and testing sets. The recognition rate of the best experiment is comparable with the recognition rate obtained using the whole face.

Keywords: face recognition, labeled faces in the wild (LFW) database, random local descriptor (RLD), random features

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Authors: Vajiheh Javani

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The study aims to examine brand image in Iran's professional Football League (2014-2015). The study was descriptive survey one. A sample of Iranian professional football league fans (N=911) responded four items questionnaire. A structural equation model (SEM) test with maximum likelihood estimation was performed to test the relationships among the research variables. The analyses of data showed three dimensions of brand image influenced on fan’s brand loyalty of which the attitude was the most important. Benefits and attributes were placed in the second and third rank respectively. According to results, brand image plays a pivotal role between Iranian fans brand loyalty. Create an attractive and desirable brand image in the fans mind increases brand loyalty. Moreover due to, revenue and profits increase through ticket sales and products of club and also attract more sponsors.

Keywords: brand management, sport industry, brand image, fans

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Authors: Mahdi Fakoor, Seyed Mohammad Navid Ghoreishi

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Investigation of fracture of wood components can prevent from catastrophic failures. Created fracture process zone (FPZ) in crack tip vicinity has important effect on failure of cracked composite materials. In this paper, a failure criterion for fracture investigation of cracked wood specimens under mixed mode I/II loading is presented. This criterion is based on maximum strain energy release rate and material nonlinearity in the vicinity of crack tip due to presence of microcracks. Verification of results with available experimental data proves the coincidence of the proposed criterion with the nature of fracture of wood. To simplify the estimation of nonlinear properties of FPZ, a damage factor is also introduced for engineering and application purposes.

Keywords: fracture criterion, mixed mode loading, damage zone, micro cracks

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Authors: I. Nižetić Kosović, T. Jagušt

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Lately, with the increasing number of location-based applications, demand for highly accurate and reliable indoor localization became urgent. This is a challenging problem, due to the measurement variance which is the consequence of various factors like obstacles, equipment properties and environmental changes in complex nature of indoor environments. In this paper we propose low-cost custom-setup infrastructure solution and localization algorithm based on the Weighted Centroid Localization (WCL) method. Localization accuracy is increased by several enhancements: calibration of RSSI values gained from wireless nodes, repetitive measurements of RSSI to exclude deviating values from the position estimation, and by considering orientation of the device according to the wireless nodes. We conducted several experiments to evaluate the proposed algorithm. High accuracy of ~1m was achieved.

Keywords: indoor environment, received signal strength indicator, weighted centroid localization, wireless localization

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Authors: Z. Bayat

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A quantitative structure–property relationship (QSPR) study was performed to develop models those relate the structures of 65 Kovats retention index (RI) of adamantane derivatives. Molecular descriptors derived solely from 3D structures of the molecular compounds. The usefulness of the quantum chemical descriptors, calculated at the level of the DFT theories using 6-311+G** basis set for QSAR study of adamantane derivatives was examined. The use of descriptors calculated only from molecular structure eliminates the need to experimental determination of properties for use in the correlation and allows for the estimation of RI for molecules not yet synthesized. The prediction results are in good agreement with the experimental value. A multi-parametric equation containing maximum Four descriptors at B3LYP/6-31+G** method with good statistical qualities (R2train=0.913, Ftrain=97.67, R2test=0.770, Ftest=3.21, Q2LOO=0.895, R2adj=0.904, Q2LGO=0.844) was obtained by Multiple Linear Regression using stepwise method.

Keywords: DFT, adamantane, QSAR, Kovat

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Authors: Shahzad Yousaf, Imran Shafi

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This paper presents a new method for calculation of pressure loss coefficients by use of the artificial neural network (ANN) in tee junctions. Geometry and flow parameters are feed into ANN as the inputs for purpose of training the network. Efficacy of the network is demonstrated by comparison of the experimental and ANN based calculated data of pressure loss coefficients for combining flows in a tee junction. Reynolds numbers ranging from 200 to 14000 and discharge ratios varying from minimum to maximum flow for calculation of pressure loss coefficients have been used. Pressure loss coefficients calculated using ANN are compared to the models from literature used in junction flows. The results achieved after the application of ANN agrees reasonably to the experimental values.

Keywords: artificial neural networks, combining flow, pressure loss coefficients, solar collector tee junctions

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Authors: Daniel Hristov

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The paper describes the principle of operation, simulation and physical validation of method for simultaneous acquisition of gain and phase states of multiple antenna elements and the corresponding feed lines across a Phased Array Antenna (PAA). The derived values for gain and phase are used for PAA-calibration. The method utilizes the Rotating-Element Electric- Field Vector (REV) principle currently used for gain and phase state estimation of single antenna element across an active antenna aperture. A significant reduction of procedure execution time is achieved with simultaneous setting of different phase delays to multiple phase shifters, followed by a single power measurement. The initial gain and phase states are calculated using spectral and correlation analysis of the measured power series.

Keywords: antenna, antenna arrays, calibration, phase measurement, power measurement

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Authors: Atbin Mahabbati, Jason Beringer, Matthias Leopold

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To address the global challenges of climate and environmental changes, there is a need for quantifying and reducing uncertainties in environmental data, including observations of carbon, water, and energy. Global eddy covariance flux tower networks (FLUXNET), and their regional counterparts (i.e., OzFlux, AmeriFlux, China Flux, etc.) were established in the late 1990s and early 2000s to address the demand. Despite the capability of eddy covariance in validating process modelling analyses, field surveys and remote sensing assessments, there are some serious concerns regarding the challenges associated with the technique, e.g. data gaps and uncertainties. To address these concerns, this research has developed an ensemble model to fill the data gaps of CO₂ flux to avoid the limitations of using a single algorithm, and therefore, provide less error and decline the uncertainties associated with the gap-filling process. In this study, the data of five towers in the OzFlux Network (Alice Springs Mulga, Calperum, Gingin, Howard Springs and Tumbarumba) during 2013 were used to develop an ensemble machine learning model, using five feedforward neural networks (FFNN) with different structures combined with an eXtreme Gradient Boosting (XGB) algorithm. The former methods, FFNN, provided the primary estimations in the first layer, while the later, XGB, used the outputs of the first layer as its input to provide the final estimations of CO₂ flux. The introduced model showed slight superiority over each single FFNN and the XGB, while each of these two methods was used individually, overall RMSE: 2.64, 2.91, and 3.54 g C m⁻² yr⁻¹ respectively (3.54 provided by the best FFNN). The most significant improvement happened to the estimation of the extreme diurnal values (during midday and sunrise), as well as nocturnal estimations, which is generally considered as one of the most challenging parts of CO₂ flux gap-filling. The towers, as well as seasonality, showed different levels of sensitivity to improvements provided by the ensemble model. For instance, Tumbarumba showed more sensitivity compared to Calperum, where the differences between the Ensemble model on the one hand and the FFNNs and XGB, on the other hand, were the least of all 5 sites. Besides, the performance difference between the ensemble model and its components individually were more significant during the warm season (Jan, Feb, Mar, Oct, Nov, and Dec) compared to the cold season (Apr, May, Jun, Jul, Aug, and Sep) due to the higher amount of photosynthesis of plants, which led to a larger range of CO₂ exchange. In conclusion, the introduced ensemble model slightly improved the accuracy of CO₂ flux gap-filling and robustness of the model. Therefore, using ensemble machine learning models is potentially capable of improving data estimation and regression outcome when it seems to be no more room for improvement while using a single algorithm.

Keywords: carbon flux, Eddy covariance, extreme gradient boosting, gap-filling comparison, hybrid model, OzFlux network

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Authors: Ioana Neamtu

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This paper investigates the potential for demand-side management for the system price in the Nordic electricity market and the price effects of introducing wind-power into the system. The model proposed accounts for the micro-structure of the Nordic electricity market by modeling each hour individually, while still accounting for the relationship between the hours within a day. This flexibility allows us to explore the differences between peak and shoulder demand hours. Preliminary results show potential for demand response management, as indicated by the price elasticity of demand as well as a small but statistically significant decrease in price, given by the wind power penetration. Moreover, our study shows that these effects are stronger during day-time and peak hours,compared to night-time and shoulder hours.

Keywords: structural model, GMM estimation, system of equations, electricity market

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Authors: A. A. Hussen, I. N. Jleta

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Micro-electromechanical system (MEMS) accelerometers and gyroscopes are suitable for the inertial navigation system (INS) of many applications due to the low price, small dimensions and light weight. The main disadvantage in a comparison with classic sensors is a worse long term stability. The estimation accuracy is mostly affected by the time-dependent growth of inertial sensor errors, especially the stochastic errors. In order to eliminate negative effect of these random errors, they must be accurately modeled. Where the key is the successful implementation that depends on how well the noise statistics of the inertial sensors is selected. In this paper, the Allan variance technique will be used in modeling the stochastic errors of the inertial sensors. By performing a simple operation on the entire length of data, a characteristic curve is obtained whose inspection provides a systematic characterization of various random errors contained in the inertial-sensor output data.

Keywords: Allan variance, accelerometer, gyroscope, stochastic errors

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Authors: A. G. Kovalenko, Y. N. Amirgaliyev, A. U. Kalizhanova, L. S. Balgabayeva, A. H. Kozbakova, Z. S. Aitkulov

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It is known that statistical information on operation of the compound multisite system is often far from the description of actual state of the system and does not allow drawing any conclusions about the correctness of its operation. For example, from the world practice of operation of systems of water supply, water disposal, it is known that total measurements at consumers and at suppliers differ between 40-60%. It is connected with mathematical measure of inaccuracy as well as ineffective running of corresponding systems. Analysis of widely-distributed systems is more difficult, in which subjects, which are self-maintained in decision-making, carry out economic interaction in production, act of purchase and sale, resale and consumption. This work analyzed mathematical models of sellers, consumers, arbitragers and the models of their interaction in the provision of dispersed single-product market of perfect competition. On the basis of these models, the methods, allowing estimation of every subject’s operating options and systems as a whole are given.

Keywords: dispersed systems, models, hydraulic network, algorithms

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Authors: Naushad Mamode Khan

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The Com-Poisson (CMP) model is one of the most popular discrete generalized linear models (GLMS) that handles both equi-, over- and under-dispersed data. In longitudinal context, an integer-valued autoregressive (INAR(1)) process that incorporates covariate specification has been developed to model longitudinal CMP counts. However, the joint likelihood CMP function is difficult to specify and thus restricts the likelihood based estimating methodology. The joint generalized quasilikelihood approach (GQL-I) was instead considered but is rather computationally intensive and may not even estimate the regression effects due to a complex and frequently ill conditioned covariance structure. This paper proposes a new GQL approach for estimating the regression parameters (GQLIII) that are based on a single score vector representation. The performance of GQL-III is compared with GQL-I and separate marginal GQLs (GQL-II) through some simulation experiments and is proved to yield equally efficient estimates as GQL-I and is far more computationally stable.

Keywords: longitudinal, com-Poisson, ill-conditioned, INAR(1), GLMS, GQL

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Authors: Shokrya Saleh A. Alshqaq, Abdullah Ali H. Ahmadini

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The Schwarz information criterion (SIC) is a popular tool for selecting the best variables in regression datasets. However, SIC is defined using an unbounded estimator, namely, the least-squares (LS), which is highly sensitive to outlying observations, especially bad leverage points. A method for robust variable selection based on SIC for linear regression models is thus needed. This study investigates the robustness properties of SIC by deriving its influence function and proposes a robust SIC based on the MM-estimation scale. The aim of this study is to produce a criterion that can effectively select accurate models in the presence of vertical outliers and high leverage points. The advantages of the proposed robust SIC is demonstrated through a simulation study and an analysis of a real dataset.

Keywords: influence function, robust variable selection, robust regression, Schwarz information criterion

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Authors: Piotr Fiszeder, Marcin Fałdziński, Peter Molnár

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The dynamic conditional correlation model of Engle (2002) is one of the most popular multivariate volatility models. However, this model is based solely on closing prices. It has been documented in the literature that the high and low price of the day can be used in an efficient volatility estimation. We, therefore, suggest a model which incorporates high and low prices into the dynamic conditional correlation framework. Empirical evaluation of this model is conducted on three datasets: currencies, stocks, and commodity exchange-traded funds. The utilisation of realized variances and covariances as proxies for true variances and covariances allows us to reach a strong conclusion that our model outperforms not only the standard dynamic conditional correlation model but also a competing range-based dynamic conditional correlation model.

Keywords: volatility, DCC model, high and low prices, range-based models, covariance forecasting

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