Search results for: price volatile

Authors: Dinmukhamed T., Vassiliy S.

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This article suggests the idea of fitting clothes and accessories based on augmented reality. A logical data model has been developed, taking into account the decision-making module (colors, style, type, material, popularity, etc.) based on personal data (age, gender, weight, height, leg size, hoist length, geolocation, photogrammetry, number of purchases of certain types of clothing, etc.) and statistical data of the purchase history (number of items, price, size, color, style, etc.). Also, in order to provide information to the user, it is planned to develop an augmented reality system using a QR code. This system of selection and fitting of clothing and accessories based on augmented reality will be used in stores to reduce the time for the buyer to make a decision on the choice of clothes.

Keywords: augmented reality, online store, decision-making module, like QR code, clothing store, queue

Procedia PDF Downloads 137

Authors: P. Priyanka, S. Shruthi, N. Guruprasad

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Health is a common theme in most cultures. In fact all communities have their concepts of health, as part of their culture. Health continues to be a neglected entity. Planning of Human diet should be done very careful by selecting the food items or groups of food items also the composition involved. Low price and good taste of foods are regarded as two major factors for optimal human nutrition. Linear programming techniques have been extensively used for human diet formulation for quiet good number of years. Through the process, we mainly apply “The Simplex Method” which is a very useful statistical tool based on the theorem of Elementary Row Operation from Linear Algebra and also incorporate some other necessary rules set by the Simplex Method to help solve the problem. The study done by us is an attempt to develop a programming model for optimal planning and best use of nutrient ingredients.

Keywords: diet formulation, linear programming, nutrient ingredients, optimization, simplex method

Procedia PDF Downloads 542

Authors: John Knight, Fuchun Li, Yan Xu

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Based on a new method of the nonparametric estimator of the drift function, we propose a consistent test for the parametric specification of the drift function in the short rate diffusion process using observations from a panel of yields. The test statistic is shown to follow an asymptotic normal distribution under the null hypothesis that the parametric drift function is correctly specified, and converges to infinity under the alternative. Taking the daily 7-day European rates as a proxy of the short rate, we use our test to examine whether the drift of the short rate diffusion process is linear or nonlinear, which is an unresolved important issue in the short rate modeling literature. The testing results indicate that none of the drift functions in this literature adequately captures the dynamics of the drift, but nonlinear specification performs better than the linear specification.

Keywords: diffusion process, nonparametric estimation, derivative security price, drift function and volatility function

Procedia PDF Downloads 354

Authors: Veronica Sri Lestari, Asmuddin Natsir, Hasmida Karim, Ian Patrick

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The research aimed at investigating the factors affecting consumers’ willingness to pay for chicken meat from biosecure farms. The research was conducted in Makassar City, South Sulawesi Province, Indonesia. Samples were taken using random sampling technique in two supermarkets namely Lotte Mart and Gelael. Total samples were 50 respondents which comprised the chicken meat consumers. To find out the consumers’ willingness to pay for chicken meat from the biosecure farms, the contingent valuation method was utilized. Data were collected through interviews and questionnaires. Probit Logistic was estimated to examine the factors affecting the consumers’ willingness to pay for at the premium price for chicken meat from the biosecure farms. The research indicates that the education and income affect significantly the consumers’ willingness to pay for chicken meat from the biosecure farms (P < 0.05). The results of the study will be beneficial for the policy makers, producers, consumers and those conducting research.

Keywords: biosecure, chicken, farms, consumer, willingness-to-pay

Procedia PDF Downloads 262

Authors: Narava Manose

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Distillation is a very old separation technology for separating liquid mixtures that can be traced back to the chemists in Alexandria in the first century A. D. Today distillation is the most important industrial separation technology. By the eleventh century, distillation was being used in Italy to produce alcoholic beverages. At that time, distillation was probably a batch process based on the use of just a single stage, the boiler. The word distillation is derived from the Latin word destillare, which means dripping or trickling down. By at least the sixteenth century, it was known that the extent of separation could be improved by providing multiple vapor-liquid contacts (stages) in a so called Rectifactorium. The term rectification is derived from the Latin words rectefacere, meaning to improve. Modern distillation derives its ability to produce almost pure products from the use of multi-stage contacting. Throughout the twentieth century, multistage distillation was by far the most widely used industrial method for separating liquid mixtures of chemical components.The basic principle behind this technique relies on the different boiling temperatures for the various components of the mixture, allowing the separation between the vapor from the most volatile component and the liquid of other(s) component(s). •Developed a simple non-linear model of a binary distillation column using Skogestad equations in Simulink. •We have computed the steady-state operating point around which to base our analysis and controller design. However, the model contains two integrators because the condenser and reboiler levels are not controlled. One particular way of stabilizing the column is the LV-configuration where we use D to control M_D, and B to control M_B; such a model is given in cola_lv.m where we have used two P-controllers with gains equal to 10.

Keywords: modelling, distillation column, control, binary distillation

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Authors: Narong Anurak

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This study aimed to find out the hair-care purchasing behavior at hypermarkets and to investigate two factors, package design and advertising channels, that influenced hair-care purchasing behavior. The subjects of the study consisted of 100 housewives aged between 20-60 who usually shopped at Big C Tiwanon. They were selected by accidental sampling, and were asked to complete a questionnaire. The main findings of the survey were that the majority of respondents regarding their brand selection of hair-care products, they gave priority to the product quality followed by a reasonable price, and fragrance, respectively. Besides, more than half of the respondents had brand loyalty while the rest were attracted by an attractive package design and advertising promotion campaigns. The respondents who were attracted by the package design said that the information on the labels influenced their purchasing decision the most, and television was a medium that best reached them as well.

Keywords: advertising channels, consumer purchasing decisions, hair-care market, package design

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Authors: Brandtner-Hafner Martin

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Biocomposites have established themselves as a sustainable material class in the industry. Their advantages include lower density, lower price, and easier recycling compared to conventional materials. Now there are a variety of ways to measure their technical performance. One possibility is mechanical tests, which are widely used and standardized. However, these provide only very limited insights into damage capacity, which is particularly problematic under cracking conditions. To overcome such shortcomings, experimental tests were performed applying the fracture energetically GF-concept to study the structural safety of the interface under crack opening (mode-I loading). Two different types of biocomposites based on extruded henequen-fibers (NFRP) and wood-particles (WPC) in an HDPE matrix were evaluated. The results show that the fracture energy values obtained are higher than those given in the literature. This suggests that alternatives to previous linear elastic testing methods are needed to perform authentic safety evaluations of green plastics.

Keywords: biocomposites, structural safety, Gғ-concept, fracture analysis

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Authors: Anusha De, Bjorn Van Campenhout

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Faced with imperfect information, economic actors use judgment and perceptions in decision-making. Inaccurate perceptions or false beliefs may result in inefficient value chains, and systematic bias in perceptions may affect inclusiveness. In this paper, perceptions in Ugandan maize supply chains are studied. A random sample of maize farmers where they were asked to rate other value chain actors—agro-input dealers, assembly traders and maize millers—on a set of important attributes such as service quality, price competitiveness, ease of access, and overall reputation. These other value chain actors are tracked and asked to assess themselves on the same attributes. It is observed that input dealers, traders and millers assess themselves more favorably than farmers do. Zooming in on heterogeneity in perceptions related to gender, it is evident that women rate higher than men. The sex of the actor being rated does not affect the rating.

Keywords: gender, input dealers, maize supply chain, perceptions, processors

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Authors: Young Ik Suh, Tywan G. Martin

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Bundling strategy is a common marketing practice today. In the past decades, both academicians and practitioners have increasingly emphasized the strategic importance of bundling in today’s markets. The reason for increased interest in bundling strategy is that they normally believe that it can significantly increase profits on organization’s sales over time and it is convenient for the customer. However, little efforts has been made on ticket bundling and purchase considerations in hedonic and utilitarian options in sport consumer behavior context. Consumers often face choices between utilitarian and hedonic alternatives in decision making. When consumers purchase certain products, they are only interested in the functional dimensions, which are called utilitarian dimensions. On the other hand, others focus more on hedonic features such as fun, excitement, and pleasure. Thus, the current research examines how utilitarian and hedonic consumption can vary in typical ticket purchasing process. The purpose of this research is to understand the following two research themes: (1) the differential effect of discount framing on ticket bundling: utilitarian and hedonic options and (2) moderating effect of team identification on ticket bundling. In order to test the research hypotheses, an experimental study using a two-way ANOVA, 3 (team identification: low, medium, and high) X 2 (discount frame: ticket bundle sales with utilitarian product, and hedonic product), with mixed factorial design will be conducted to determine whether there is a statistical significance between purchasing intentions of two discount frames of ticket bundle sales within different team identification levels. To compare mean differences among the two different settings, we will create two conditions of ticket bundles: (1) offering a discount on a ticket ($5 off) if they would purchase it along with utilitarian product (e.g., iPhone8 case, t-shirt, cap), and (2) offering a discount on a ticket ($5 off) if they would purchase it along with hedonic product (e.g., pizza, drink, fans featured on big screen). The findings of the current ticket bundling study are expected to have many theoretical and practical contributions and implications by extending the research and literature pertaining to the relationship between team identification and sport consumer behavior. Specifically, this study can provide a reliable and valid framework to understanding the role of team identification as a moderator on behavioral intentions such as purchase intentions. From an academic perspective, the study will be the first known attempt to understand consumer reactions toward different discount frames related to ticket bundling. Even though the game ticket itself is the major commodity of sport event attendance and significantly related to teams’ revenue streams, most recent ticket pricing research has been done in terms of economic or cost-oriented pricing and not from a consumer psychological perspective. For sport practitioners, this study will also provide significant implications. The result will imply that sport marketers may need to develop two different ticketing promotions for loyal fan and non-loyal fans. Since loyal fans concern ticket price than tie-in products when they see ticket bundle sales, advertising campaign should be more focused on discounting ticket price.

Keywords: ticket bundling, hedonic, utilitarian, team identification

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Authors: Soheil Mohtaram, Wu Weidong, Yashar Aryanfar

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This research investigates the points with heat recovery potential in a triple-pressure cogeneration combined cycle power plant and determines the amount of waste heat that can be recovered. A modified cycle arrangement is then adopted for accessing thermal potentials. Modeling the energy system is followed by thermodynamic and energetic evaluation, and then the price of the manufactured products is also determined using the Total Revenue Requirement (TRR) method and term economic analysis. The results of optimization are then presented in a Pareto chart diagram by implementing a new model with dual objective functions, which include power cost and produce heat. This model can be utilized to identify the optimal operating point for such power plants based on electricity and heat prices in different regions.

Keywords: heat loss, recycling, unused energy, efficient production, optimization, triple-pressure cogeneration

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Authors: M. A. Badr, A. N. Mohib, M. M. Ibrahim

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The objective of this research is to study the technical and economic performance of wind/diesel/battery (W/D/B) system supplying a remote small gathering of six families using HOMER software package. The electrical energy is to cater for the basic needs for which the daily load pattern is estimated. Net Present Cost (NPC) and Cost of Energy (COE) are used as economic criteria, while the measure of performance is % of power shortage. Technical and economic parameters are defined to estimate the feasibility of the system under study. Optimum system configurations are estimated for two sites. Using HOMER software, the simulation results showed that W/D/B systems are economical for the assumed community sites as the price of generated electricity is about 0.308 $/kWh, without taking external benefits into considerations. W/D/B systems are more economical than W/B or diesel alone systems, as the COE is 0.86 $/kWh for W/B and 0.357 $/kWh for diesel alone.

Keywords: optimum energy systems, remote electrification, renewable energy, wind turbine systems

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Authors: Syed Atif Ali, Farzan Yahya

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This research paper covers the issue of risk management impact on the company performance. Degree of financial leverage (DFL), degree of operating leverage (DOL) and the working capital ratio (WCR) are taken as independent variables which are the representative of risk and the earning price per share (EPS), return on assets (ROA), return on equity (ROE), Sales and Net profits which are the representative of performance. Last 10 years (2004-2013) of Cement sector of Pakistan data is chosen as sample for analyze their relations by multiple regression technique. Through analyses, it is found that WCR impact adequately on the company performance because if company has enough liquidity than it perform its operations smoothly and enhance its performance very well. DFL should be control moderately because enough DFL leads performance of company downward. On the other hand, the DOL should be less because it causes the less profitability for a company from its operations.

Keywords: degree of financial leverage (DFL), degree of operating leverage (DOL), working capital ratio (WCR), earning per share (EPS), return on equity (ROE), return on assets (ROA)

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Authors: Oranso T. Mahlangi, Bhekie B. Mamba

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The occurrence of trace organic compounds (TOrCs) in water has raised health concerns for living organisms. The majority of TorCs, including pharmaceuticals and volatile organic compounds, are poorly monitored, partly due to the high cost of analysis and less strict water quality guidelines in South Africa. Therefore, the removal of TorCs is important to guarantee safe potable water. In this study, ZnO nanoparticles were fabricated in situ in polyethersulfone (PES) polymer solutions. This was followed by membrane synthesis using the phase inversion technique. Techniques such as FTIR, Raman, SEM, AFM, EDS, and contact angle measurements were used to characterize the membranes for several physicochemical properties. The membranes were then evaluated for their efficiency in treating pharmaceutical wastewater and resistance to organic (sodium alginate) and protein (bovine serum albumin) fouling. EDS micrographs revealed uniform distribution of ZnO nanoparticles within the polymer matrix, while SEM images showed uniform fingerlike structures. The addition of ZnO increased membrane roughness as well as hydrophilicity (which in turn improved water fluxes). The membranes poorly rejected monovalent and divalent salts (< 10%), making them resistant to flux decline due to concentration polarization effects. However, the membranes effectively removed carbamazepine, caffeine, sulfamethoxazole, ibuprofen, and naproxen by over 50%. ZnO PES membranes were resistant to organic and protein fouling compared to the neat membrane. ZnO PES ultrafiltration membranes may provide a solution in the reclamation of wastewater.

Keywords: trace organic compounds, pharmaceuticals, membrane fouling, wastewater reclamation

Procedia PDF Downloads 127

Authors: Bernhard Widhalm, Cornelia Rieder-Gradinger, Ewald Srebotnik

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Pine wood (Pinus sylvestris L.) is the basic raw material for the production of Oriented Strand Boards (OSB) and the major source of volatile organic compounds, especially terpenes (like α- and β-pinene). To lower the total emission level of OSB, terpene metabolising microorganisms were therefore applied onto pine wood strands for the production of emission-reduced boards. Suitable microorganisms were identified during preliminary tests under laboratory conditions. At first, their terpene degrading potential was investigated in liquid culture, followed by laboratory tests using unsterile pine wood particles and strands. The main focus was laid on an adoptable terpene reduction in a short incubation time. An optimised bacterial mixture of Pseudomonas putida and Pseudomonas fluorescens showed the best results and was therefore used for further experiments on a larger scale. In an industry-compatible testing procedure, pine wood strands were incubated with the bacterial mixture for a period of 2 to 4 days. Incubation time was stopped by drying the strands. OSB were then manufactured from the pre-treated strands and emissions were measured by means of SPME/GC-MS analysis. Bacterial pre-treatment of strands resulted in a reduction of α-pinene- and β-pinene-emissions from OSB by 40% and 70%, respectively, even after only 2 days of incubation. The results of the investigation provide a basis for the application of microbial treatment within the industrial OSB production line, where shortest possible incubation times are required. For this purpose, the performance of the bacterial mixture will have to be further optimised.

Keywords: GC-MS, OSB, Pseudomonas sp., terpene degradation

Procedia PDF Downloads 253

Authors: Suyong Kim

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Recently because of the rise in the price of rare earth magnet, interest of non-rare earth or less-rare earth motor is growing. Especially to achieve the high power density, Spoke-Type BLDC (Brushless Permanent Magnet) Motor with ferrite permanent magnet are spotlighted. But Spoke-Type Ferrite BLDC Motor has much of magnetic flux leakage in the direction of rotor shaft. In order to solve this problem, there are two conventional ways. But conventional ways bring the increases of product cost or the decreases of the power density. Therefore, this paper proposes new Spoke-Type BLDC Rotor shape that has the advantages of both conventional methods. The new shape is consists of a one-piece core. The inside and the outside of the rotor are open alternately. So it can take reduced production cost and high power density.

Keywords: motor, BLDC, spoke, ferrite

Procedia PDF Downloads 552

Authors: Ram Prasad Baral

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A large number of herb materials contain Essential Oils with extensive bioactivities. Acknowledging the importance of plants and its medicinal value, extraction of Essential Oil had been done using Steam Distillation method. In this project, Steam Distillation was used to extract oil from different plant materials like Chamomilla recutita (L.) Rauschert, Artemisia Vulgaris L, Rhododendron anthopogon D. Don, Cymbopogon nardus L, Andropogon nardus, Cinnamomum tamala, Juniperus spp, Cymbopohonflexuosus flexuous, Mantha Arvensia, Nardostachys Jatamansi, Wintergreen Essential Oil, and Valeriana Officinalis. Research has confirmed centuries of practical use of essential oils, and we now know that the 'fragrant pharmacy' contains compounds with an extremely broad range of biochemical effects. Essential oils are so termed as they are believed to represent the very essence of odor and flavor. The recovery of Essential Oil from the raw botanical starting material is very important since the quality of the oil is greatly influenced during this step. There is a variety of methods for obtaining volatile oils from plants. Steam distillation method was found to be one of the promising techniques for the extraction of essential oil from plants as reputable distiller will preserve the original qualities of the plant. The distillation was conducted in Clevenger apparatus in which boiling, condensing, and decantation was done. Analysis of essential oil was done using Gas Chromatography-Mass Spectrometer apparatus, which gives evaluates essential oil qualitatively and quantitatively. The volume of essential oil obtained was changing with respect to temperature and time of heating.

Keywords: Chamomilla recutita (L.) Rauschert, Artemisia Vulgaris L, Rhododendron anthopogon D. Don, Cymbopogon nardus L, Andropogon nardus, Cinnamomum tamala, Juniperus spp, Cymbopohonflexuosus flexuous, Mantha

Procedia PDF Downloads 302

Authors: Yuhong Li, Luyu Mao

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Globalization has led to an increasingly interconnected international community and transmitted risks to every corner of the world through the chain of globalization. Security risks arising from international conflicts seem inescapable. Some countries have begun to build their capacity to deal with the globalization of security risks. They establish disembedding security mechanisms that transcend spatial or temporal boundaries and promote security cooperation with countries or regions that are not geographically close. This paper proposes four hypotheses of the phenomenon of "risks and security disembedding" in the post-Cold War international society and uses them to explain The United Kingdom’s behavior in the Bosnian War and the Russo-Ukrainian War. In the Bosnian War, confident in its own security and focused on maintaining European stability, The UK has therefore chosen to be cautious in its use of force in international frameworks such as the EU and to maintain a very limited intervention in Bosnia and Herzegovina's affairs. In contrast, the failure of the EU and NATO’s security mechanism in the Russo-Ukrainian war heightened Britain's anxiety, and the volatile international situation led it to show a strong tendency towards security disembedding, choosing to conclude security communities with extra-territorial states. Analysis suggests that security mechanisms are also the starting point of conflict and that countries will rely more on disembedding mechanisms to counteract the global security risks. The current mechanism of security disembedding occurs as a result of the global proliferation of security perceptions as a symbolic token and the recognition of an expert system of security mechanisms formed by states with similar security perceptions.

Keywords: disembedding mechanism, bosnia war, the russian-ukrainian war, british security strategy

Procedia PDF Downloads 67

Authors: Shu Tao

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Based on a global fuel consumption data product (PKU-FUEL-2007) compiled recently and a series of databases for emission factors of various sources, global emission inventories of a number of greenhouse gases and air pollutants, including CO2, CO, SO2, NOx, primary particulate matter (total, PM 10, and PM 2.5), black carbon, organic carbon, mercury, volatile organic carbons, and polycyclic aromatic hydrocarbons, from combustion sources have been developed. The inventories feather high spatial and sectorial resolutions. The spatial resolution of the inventories are 0.1 by 0.1 degree, based on a sub-national disaggregation approach to reduce spatial bias due to uneven distribution of per person fuel consumption within countries. The finely resolved inventories provide critical information for chemical transport modeling and exposure modeling. Emissions from more than 60 sources in energy, industry, agriculture, residential, transportation, and wildfire sectors were quantified in this study. With the detailed sectorial information, the inventories become an important tool for policy makers. For residential sector, a set of models were developed to simulate temporal variation of fuel consumption, consequently pollutant emissions. The models can be used to characterize seasonal as well as inter-annual variations in the emissions in history and to predict future changes. The models can even be used to quantify net change of fuel consumption and pollutant emissions due to climate change. The inventories has been used for model ambient air quality, population exposure, and even health effects. A few examples of the applications are discussed.

Keywords: air pollutants, combustion, emission inventory, sectorial information

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Authors: Arjmand Khaliq, Pemra Sohaib

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There is increasing trend of use of smart devices in the present age. The growth of computing techniques and advancement in hardware has also brought the use of sensors and smart devices to a high degree during the course of time. So use of smart devices for control, management communication and optimization has become very popular. This paper gives proposed methodology which involves sensing and switching unite for load, two way communications between utility company and smart phones of consumers using cellular techniques and price signaling resulting active participation of user in energy management .The goal of this proposed control methodology is active participation of user in energy management with accommodation of renewable energy resource. This will provide load adjustment according to consumer’s choice, increased security and reliability for consumer, switching of load according to consumer need and monitoring and management of energy.

Keywords: cellular networks, energy management, renewable energy source, smart grid technology

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Authors: Nur Ashida Salim, Muhammad Murtadha Othman, Ismail Musirin, Mohd Salleh Serwan

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Over the past few decades, the power system industry in many developing and developed countries has gone through a restructuring process of the industry where they are moving towards a deregulated power industry. This situation will lead to competition among the generation and distribution companies to achieve a certain objective which is to provide quality and efficient production of electric energy, which will reduce the price of electricity. Therefore it is important to obtain an accurate value of the Available Transfer Capability (ATC) and Transmission Reliability Margin (TRM) in order to ensure the effective power transfer between areas during the occurrence of uncertainties in the system. In this paper, the TRM and ATC is determined by taking into consideration the uncertainties of the system operating condition and system cascading collapse by applying the bootstrap technique. A case study of the IEEE RTS-79 is employed to verify the robustness of the technique proposed in the determination of TRM and ATC.

Keywords: available transfer capability, bootstrap technique, cascading collapse, transmission reliability margin

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Authors: Cristina Giosuè, Federica Biondo, Sergio Vitale

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In the last years, the consumers' awareness for environmental concerns has been increasing, and seafood eco-labels are considered as a possible instrument to improve both seafood markets and sustainable fishing management. In this direction, the aim of this study was to carry out a meta-analysis on consumers’ willingness to pay (WTP) for eco-labeled wild seafood, by a meta-regression. Therefore, only papers published on ISI journals were searched on “Web of Knowledge” and “SciVerse Scopus” platforms, using the combinations of the following key words: seafood, ecolabel, eco-label, willingness, WTP and premium. The dataset was built considering: paper’s and survey’s codes, year of publication, first author’s nationality, species’ taxa and family, sample size, survey’s continent and country, data collection (where and how), gender and age of consumers, brand and ΔWTP. From analysis the interest on eco labeled seafood emerged clearly, in particular in developed countries. In general, consumers declared greater willingness to pay than that actually applied for eco-label products, with difference related to taxa and brand.

Keywords: eco label, meta regression, seafood, willingness to pay

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Authors: Dharmit Viroja, Prerakkumar Shah, Rajanikant Gajera, Ruchit Shah

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With present scenario of aging oil and gas fields with high water cuts, volatile oil prices and increasing greenhouse gas emission, the need for alleviating such issues has necessitated for oil and gas industry to make the maximum out of available assets, infrastructure and reserves in mother Earth. Study undertaken emphasizes on utilizing Geothermal Energy under specific reservoir conditions for Enhanced oil Recovery (EOR) to boost up production. Allied benefits of this process include mitigation of electricity problem in remote fields and controlled CO-emission. Utilization of this energy for EOR and increasing economic life of field could surely be rewarding. A new way to value oil lands would be considered if geothermal co-production is integrated in the field development program. Temperature profile of co-produced fluid across its journey is a pivotal issue which has been studied. Geo pressured reservoirs resulting from trapped brine under an impermeable bed is also a frontier for exploitation. Hot geothermal fluid is a by-product of large number of oil and gas wells, historically this hot water has been seen as an inconvenience; however, it can be looked at as a useful resource. The production of hot fluids from abandoned and co-production of hot fluids from producing wells has potential to prolong life of oil and gas fields. The study encompasses various factors which are required for use of this technology and application of this process across various phases of oil and gas value chain. Interdisciplinary approach in oil and gas value chain has shown potential for economic production of estimated oil and gas reserves.

Keywords: enhanced oil recovery, geo-pressured reservoirs, geothermal energy, oil and gas value chain

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Authors: F. Gökgöz, M. E. Atmaca

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Electricity has an indispensable role in human daily life, technological development and economy. It is a special product or service that should be instantaneously generated and consumed. Sources of the world are limited so that effective and efficient use of them is very important not only for human life and environment but also for technological and economic development. Competitive electricity market is one of the important way that provides suitable platform for effective and efficient use of electricity. Besides benefits, it brings along some risks that should be carefully managed by a market player like Electricity Generation Company. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Value at Risk methods for case studies. Performance of optimal electricity sale solutions are measured and the portfolio performance has been evaluated via Sharpe-Ratio, and compared with conventional approach. Biennial historical electricity price data of Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: electricity market, portfolio optimization, risk management, value at risk

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Authors: Phillip Minnaar, Neil Jolly, Louisa Beukes, Santiago Benito-Saez

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Dovyalis caffra is a tree found on the African continent. Limited information exists on the effect of acetous fermentation on the phytochemicals of Kei-apple fruit. The phytochemical content of vinegars is derived from compounds present in the fruit the vinegar is made of. Kei-apple fruit juice was co-inoculated with Schizosaccharomyces pombe and Saccharomyces cerevisiae to induce alcoholic fermentation (AF). Acetous fermentation followed AF, using an acetic acid bacteria consortium as an inoculant. Juice had the lowest pH and highest total acidity (TA). The wine had the highest pH and vinegars lowest TA. Total soluble solids and L-malic acid decreased during AF and acetous fermentation. Volatile acidity concentration was not different among vinegars. Gallic, syringic, caffeic, p-coumaric, and chlorogenic acids increased during acetous fermentation, whereas ferulic, sinapic, and protocatechuic acids decreased. Chlorogenic acid was the most abundant phenolic acid in both wines and vinegars. It is evident from this investigation that Kei-apple vinegar is a source of plant-derived phenolics, which evolved through fermentation. However, the AAB selection showed minimal performance with respect to VA production. Acetic acid bacteria selection for acetous fermentation should be reconsidered, and the reasons for the decrease of certain phenolic acids during acetous fermentation needs to be investigated.

Keywords: acetic acid bacteria, acetous fermentation, liquid chromatography, phenolic acids

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Authors: Gladie Lui

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The global credit crisis of 2008 aroused renewed interest in the effectiveness of corporate governance mechanisms to safeguard investor interests. In this paper, we measure the effect of the crisis from 2008 to 2009 on the stock performance of 976 Hong Kong-listed companies and examine its link to corporate governance mechanisms. It is evident that the crisis and the economic downturn affected different industries. Empirical results show that firms with an independent board and a high concentration of ownership and management ownership had lower abnormal stock returns, but a lower price volatility during the global financial crisis. These results highlight that no single corporate governance mechanism is fit for all types of financial crises and time frames. To strengthen investors’ confidence in the ability of companies to deal with such swift financial catastrophes, companies should enhance the dynamism and responsiveness of their governance mechanisms in times of turbulence.

Keywords: board of directors, capital market, corporate governance, financial crisis

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Authors: Asegid Belay Kebede, Getachew Biru Worku

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The Earth and its inhabitants have faced an existential threat as a result of severe manmade actions. Global warming and climate change have been the most apparent manifestations of this threat throughout the world, with increasingly intense heat waves, temperature rises, flooding, sea-level rise, ice sheet melting, and so on. One of the major contributors to this disaster is the ever-increasing production and consumption of energy, which is still primarily fossil-based and emits billions of tons of hazardous GHG. The transportation industry is recognized as the biggest actor in terms of emissions, accounting for 24% of direct CO2 emissions and being one of the few worldwide sectors where CO2 emissions are still growing. Rail transportation, which includes all from light rail transit to high-speed rail services, is regarded as one of the most efficient modes of transportation, accounting for 9% of total passenger travel and 7% of total freight transit. Nonetheless, there is still room for improvement in the transportation sector, which might be done by incorporating alternative and/or renewable energy sources. As a result of these rapidly changing global energy situations and rapidly dwindling fossil fuel supplies, we were driven to analyze the possibility of renewable energy sources for traction applications. Even a small achievement in energy conservation or harnessing might significantly influence the total railway system and have the potential to transform the railway sector like never before. As a result, the paper begins by assessing the potential for photovoltaic (PV) power generation on train rooftops and existing infrastructure such as railway depots, passenger stations, traction substation rooftops, and accessible land along rail lines. As a result, a method based on a Google Earth system (using Helioscopes software) is developed to assess the PV potential along rail lines and on train station roofs. As an example, the Addis Ababa light rail transit system (AA-LRTS) is utilized. The case study examines the electricity-generating potential and economic performance of photovoltaics installed on AALRTS. As a consequence, the overall capacity of solar systems on all stations, including train rooftops, reaches 72.6 MWh per day, with an annual power output of 10.6 GWh. Throughout a 25-year lifespan, the overall CO2 emission reduction and total profit from PV-AA-LRTS can reach 180,000 tons and 892 million Ethiopian birrs, respectively. The PV-AA-LRTS has a 200% return on investment. All PV stations have a payback time of less than 13 years, and the price of solar-generated power is less than $0.08/kWh, which can compete with the benchmark price of coal-fired electricity. Our findings indicate that PV-AA-LRTS has tremendous potential, with both energy and economic advantages.

Keywords: sustainable development, global warming, energy crisis, photovoltaic energy conversion, techno-economic analysis, transportation system, light rail transit

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Authors: Manan Aslam, Shafqat Rasool

Abstract:

This paper attempts to examine impact of major factors affecting marketed surplus of seed cotton in district Khanewal (Punjab) using primary source of data. A representative sample of 40 cotton farmers was selected using stratified random sampling technique. The impact of major factors on marketed surplus of seed cotton growers was estimated by employing double log form of regression analysis. The value of adjusted R2 was 0.64 whereas the F-value was 10.81. The findings of analysis revealed that experience of farmers, education of farmers, area under cotton crop and distance from wholesale market were the significant variables affecting marketed surplus of cotton whereas the variables (marketing cost and sale price) showed insignificant impact. The study suggests improving prevalent marketing practices to increase volume of marketed surplus of cotton in district Khanewal.

Keywords: seed cotton, marketed surplus, double log regression analysis

Procedia PDF Downloads 288

Authors: Pi Hsia Liang

Abstract:

The rise of Facebook, Twitter, and other social networks significantly changes in interconnections between people, enhancing the process of information dissemination and amplify the influence of that information. Therefore, to develop informational efficiency or signaling equilibrium type of information environment among social networks, without adverse selection effects, becomes an important issue. Thus, someone may post a piece of intentional information in relation to personal interest for trying to create marginal influence. Therefore, economists are seeking to establish theories of informational efficiency under social network environment in order to resolve adverse selection issues. Reputation could be one of the important factors in the process of creating informational efficiency. Additionally, investors how to process green information, or information of corporate social responsibility is a very important study. This study essentially employs experimental study for examining how investors use stock relevant green information in Facebook and various Taiwan local networks. Facebook, and blogs of Money DJ, Technews and cnYES, respectively, are the primary sites for this examination that also allow to differentiate effects between Facebook and other local social networks. Questionnaire is developed for such an experimental testing. Note that questionnaire allows this study to group, for example, decision frequency and length of time duration focusing on social networks that are used for discriminating investor type and competence of informed investor. This study selects 500 investors that can be separated into two respective 250 samples as the control group and 250 samples in such an experimental. The quantity of sample investor sufficiently results in statistic significance of this experimental study. The empirical results of this study can be used for explaining how financial information in relation to corporate social responsibility would be disseminated in social websites. Therefore, we can lead to better interpretation of price/earnings relationship type of study and empirical studies of green information usefulness or informational efficiency Note that the above mentioned empirical studies did not exist any social network and annual report of corporate social responsibility. This study expects to find the results that both network degree and network cluster significantly affected green information dissemination frequency. In other words, investors with more connections and with high clustered connections might exert a greater influence on their green information dissemination process. The preferred users of financial social networks could make better stock decision that could amplify effects of green information. In addition, Facebook would be more influential than other local Taiwan financial social networks, although Facebook is not a specialized financial social network. In other words, the popularity and reputation effects of Facebook significantly contribute to usefulness of green information and influence of green information. Third, it has a better chance to find rumor or cheating information in local Taiwan financial social networks than Facebook. In other words, Facebook possesses reputation effect, or a better informational efficiency. Or, even though Taiwan local financial social networks have marginal informational effects on stock price, because of shortage of informational efficiency or monitoring system, information could be a tool for those whom owning superior information.

Keywords: network effect on financial services, informational efficiency theory, social networks, social websites

Procedia PDF Downloads 225

Authors: A. T. Siacara, A. T. Beck, M. M. Futai

Abstract:

This paper shows how accurately and efficiently reliability analyses of geotechnical installations can be performed by directly coupling geotechnical software with a reliability solver. An earth slope is used as the study object. The limit equilibrium method of Morgenstern-Price is used to calculate factors of safety and find the critical slip surface. The deterministic software package Seep/W and Slope/W is coupled with the StRAnD reliability software. Reliability indexes of critical probabilistic surfaces are evaluated by the first-order reliability methods (FORM). By means of sensitivity analysis, the effective cohesion (c') is found to be the most relevant uncertain geotechnical parameter for slope equilibrium. The slope was tested using different geometries, taking into account unsaturated soil properties. Finally, a critical slip surface, identified in terms of minimum factor of safety, is shown here not to be the critical surface in terms of reliability index.

Keywords: slope, unsaturated, reliability, safety, seepage

Procedia PDF Downloads 130

Authors: Ganatsios Vassilios, Terpou Antonia, Maria Kanellaki, Bekatorou Argyro, Athanasios Koutinas

Abstract:

In this study, a new fermentation technology is proposed with potential application in home wine-making. Delignified cellulosic material was used to preserve Tubular Cellulose (TC), an effective fermentation support material in high osmotic pressure, low temperature, and alcohol concentration. The psychrotolerant yeast strain Saccharomyces cerevisiae AXAZ-1 was immobilized on TC to preserve a novel home wine making biocatalyst (HWB) and the entrapment was examined by SEM. Various concentrations of HWB was added in high-density grape must and the mixture was dried immediately. The dried mixture was stored for various time intervals and its fermentation examined after addition of potable water. The percentage of added water was also examined to succeed high alcohol and residual sugar concentration. The effect of low temperature (1-10 oC) on fermentation kinetics was studied revealing the ability of HBW on low-temperature sweet wine making. Sweet wines SPME GC-MS analysis revealed the promotion effect of TC on volatile by-products formation in comparison with free cells. Kinetics results and aromatic profile of final product encouraged the efforts of high-quality sweet wine making in domestic refrigerator and potential marketable opportunities are also assessed and discussed.

Keywords: tubular cellulose, sweet wine, Saccharomyces cerevisiae AXAZ-1, residual sugar concentration

Procedia PDF Downloads 352