Search results for: corridor densification option model

Authors: Dimitrios J. Dimitriou, Maria F. Sartzetaki

Abstract:

Transport is often the key driver for growth, especially for regions providing key opportunities for connectivity between busy areas and mature markets. Even though the benefits of transports are essential, limited research is published regarding the linkage of inland transport systems and other business sectors, the spillover effects on regional economy and the overall contribution to regional development. This paper deals with the determination of the key socioeconomic benefits on regions caused by the upgrade and the modernization of a railway corridor. The analysis framework is following a four-step analysis, providing key messages to planners, managers and decision makers. The provided case study is the upgrade of the railway corridor in North Greece, which is a very sensitive region suffering long time from economic stress. The application results are essential for comparisons with other destinations and provide key messages regarding the relationship of railway and economic development.

Keywords: regional development, economic impact assessment variables, railway infrastructure, strategic planning

Procedia PDF Downloads 309

Authors: Engin Eroğlu, Oktay Yıldız, Necmi Aksoy, Akif Keten, Mehmet Kıvanç Ak, Şeref Keskin, Elif Atmaca, Sertaç Kaya

Abstract:

Nowadays, green spaces in urban areas are under threat and decreasing their percentages in the urban areas because of increasing population, urbanization, migration, and some cultural changes in quality. An important element of the natural landscape water and water-related natural ecosystems are exposed to corruption due to these pressures. A landscape has owned many different types of elements or units, a more dominant structure than other landscapes as good or bad perceptible extent different direction and variable reveals a unique structure and character of the landscape. Whereas landscapes deal with two main groups as urban and rural according to their location on the world, especially intersection areas of urban and rural named semi-urban or semi-rural present variety landscape features. The main components of the landscape are defined as patch-matrix-corridor. The corridors include quite various vegetation types such as riparian, wetland and the others. In urban areas, natural water corridors are an important elements of the diversity of the riparian vegetation cover. In particular, water corridors attract attention with a natural diversity and lack of fragmentation, degradation and artificial results. Thanks to these features, without a doubt, water corridors are the important component of all cities in the world. These corridors not only divide the city into two separate sides, but also assured the ecological connectivity between the two sides of the city. The main objective of this study is to determine the vegetation and habitat features of urban stream corridor according to environmental interactions. Within this context, this study will be realized that 'Asar Suyu' is an important component of the city of Düzce. Moreover, the riparian zone touched contiguous area borders of the city and overlaid the urban development limits of the city, determining of characteristics of the corridor will be carried out as floristic and habitat analysis. Consequently, vegetation structure and habitat features which play an important role between riparian zone vegetation covers and environmental interaction will be determined. This study includes first results of The Scientific and Technological Research Council of Turkey (TUBITAK-116O596; 'Determining of Landscape Character of Urban Water Corridors as Visual and Ecological; A Case Study of Asar Suyu in Duzce').

Keywords: corridor, Duzce, landscape ecology, riparian vegetation

Procedia PDF Downloads 337

Authors: Mohammad Al-Smairan

Abstract:

Jordan has no fossil fuel resources like coal, oil, or natural gas but has plenty of renewable energy resources like solar and wind energy. The potential of solar energy is very good where Jordan is located in the sunbelt area that possesses the highest solar radiation in the world, especially in the Northern hemisphere, while the potential of wind energy is good in the southern part of the country where wind projects are installed. Al al-Bayt University is located in the northern part of the country, where solar energy potential is high and wind energy potential is low. This research was carried out to investigate the best option for renewable energy systems to meet the load demand of the University. By using the SAM simulation model and HOMER Pro simulation model and depending on the results obtained, the stand-alone photovoltaic (PV) system is the best option, which completely matches the renewable energy resources available in the area.

Keywords: PV, wind, hybrid, Al al-Bayt University, Jordan

Procedia PDF Downloads 0

Authors: Md. Mizanur Rahman, Chu Chi Ming, Mohd Suffian Bin Misaran

Abstract:

Chimney is an important part of the industries to remove waste heat from the processes side to the atmosphere. The increased demand of energy helps to restart to think about the efficiency of chimney as well as to find out a valid option to replace forced draft chimney system from industries. In this study natural draft chimney model is air flow rate; exit air temperature and pressure losses are studied through modification with wire mesh screen and compare the results with without wire mesh screen chimney model. The heat load is varies from 0.1 kW to 1kW and three different wire mesh screens that have pore size 0.15 mm2, 0.40 mm2 and 4.0 mm2 respectively are used. The experimental results show that natural draft chimney model with wire mesh screens significantly restored the flow losses compared to the system without wire mesh screen. The natural draft chimney model with 0.40 mm2 pore size wire mesh screen can minimize the draft losses better than others and able to enhance velocity about 54 % exit air temperature about 41% and pressure loss decreased by about 20%. Therefore, it can be decided that the wire mesh screens significantly minimize the draft losses in the natural draft chimney and 0.40 mm2 pore size screen will be a suitable option.

Keywords: natural draft dhimney, wire mesh screen, natural draft flow, mechanical engineering

Procedia PDF Downloads 319

Authors: Tayyaba Azim, Bibi Amina

Abstract:

The increase in the popularity of opinion mining with the rapid growth in the availability of social networks has attracted a lot of opportunities for research in the various domains of Sentiment Analysis and Natural Language Processing (NLP) using Artificial Intelligence approaches. The latest trend allows the public to actively use the internet for analyzing an individual’s opinion and explore the effectiveness of published facts. The main theme of this research is to account the public opinion on the most crucial and extensively discussed development projects, China Pakistan Economic Corridor (CPEC), considered as a game changer due to its promise of bringing economic prosperity to the region. So far, to the best of our knowledge, the theme of CPEC has not been analyzed for sentiment determination through the ML approach. This research aims to demonstrate the use of ML approaches to spontaneously analyze the public sentiment on Twitter tweets particularly about CPEC. Support Vector Machine SVM is used for classification task classifying tweets into positive, negative and neutral classes. Word2vec and TF-IDF features are used with the SVM model, a comparison of the trained model on manually labelled tweets and automatically generated lexicon is performed. The contributions of this work are: Development of a sentiment analysis system for public tweets on CPEC subject, construction of an automatic generation of the lexicon of public tweets on CPEC, different themes are identified among tweets and sentiments are assigned to each theme. It is worth noting that the applications of web mining that empower e-democracy by improving political transparency and public participation in decision making via social media have not been explored and practised in Pakistan region on CPEC yet.

Keywords: machine learning, natural language processing, sentiment analysis, support vector machine, Word2vec

Procedia PDF Downloads 148

Authors: Jagdeep Nayak, Biswajit Paul, Anup Gupta

Abstract:

Characterization of coal refuses to fly ash, and steel slag from steel industries have been performed to develop a mixture of both these materials to enhance strength properties of their utilization in other sectors like mine fill, construction work, etc. A large amount of Linz-Donawitz (LD) slag and fly ash waste are generated from steel and thermal power industries respectively. Management of these wastes is problematic, and their reutilization may provide a sustainable waste management option. LD slag and fly ash mixed in different proportions were tested to analyse the micro structural improvement and hardening rate of the matrix. Mixing of activators such as sodium hydroxide and potassium silicate with silica-alumina of LD slag-fly ash mixture, geopolymeric structure were found to be developed. The effect of geo-polymerization behaviour and subsequent structural rearrangement has been studied using compressibility; shear strength and permeability tests followed by micro-graphical analysis. Densification in the mixture was observed along with an improvement of geotechnical properties due to the addition of LD slag. Due to suitable strength characteristics of these two waste materials as mixture, it can be used in the various construction field or may be used as a filling material in mine voids.

Keywords: LD slag, fly-ash, geopolymer, strength property, compressibility

Procedia PDF Downloads 391

Authors: Ishay Wolf

Abstract:

In this study, the financial position of pension actors in the market during the pension system transition toward a more funded capitalized scheme is explored, mainly via an option benefit model. This is enabled by not considering the economy as a single earning cohort. We analytically demonstrate a socio-economic anomaly in the funded pension system, which is in favor of high earning cohorts on at the expense of low earning cohorts. This anomaly is realized by a lack of insurance and exposure to financial and systemic risks. Furthermore, the anomaly might lead to pension re-reform back to unfunded scheme, mostly due to political pressure. We find that a minimum pension guarantee is a rebalance mechanism to this anomaly, which increases the probability to of the sustainable pension scheme. Specifically, we argue that implementing the guarantee with an intra-generational, risk-sharing mechanism is the most efficient way to reduce the effect of this abnormality. Moreover, we exhibit the convergence process toward implementing minimum pension guarantee in many countries which have capitalized their pension systems during the last three decades, particularly among Latin America and CEE countries.

Keywords: benefits, pension scheme, put option, social security

Procedia PDF Downloads 122

Authors: B. J. Babalola, M. B. Shongwe

Abstract:

Spark Plasma Sintering technique is a novel processing method that produces limited grain growth and highly dense variety of materials; alloys, superalloys, and carbides just to mention a few. However, initial particle size and spark plasma sintering parameters are factors which influence the grain growth and mechanical properties of sintered materials. Ni-Cr alloys are regarded as the most promising alloys for aerospace turbine blades, owing to the fact that they meet the basic requirements of desirable mechanical strength at high temperatures and good resistance to oxidation. The conventional method of producing this alloy often results in excessive grain growth and porosity levels that are detrimental to its mechanical properties. The effect of sintering temperature was evaluated on the microstructure and mechanical properties of the nanostructured Ni-17Cr alloy. Nickel and chromium powder were milled using high energy ball milling independently for 30 hours, milling speed of 400 revs/min and ball to powder ratio (BPR) of 10:1. The milled powders were mixed in the composition of Nickel having 83 wt % and chromium, 17 wt %. This was sintered at varied temperatures from 800°C, 900°C, 1000°C, 1100°C and 1200°C. The structural characteristics such as porosity, grain size, fracture surface and hardness were analyzed by scan electron microscopy and X-ray diffraction, Archimedes densitometry, micro-hardness tester. The corresponding results indicated an increase in the densification and hardness property of the alloy as the temperature increases. The residual porosity of the alloy reduces with respect to the sintering temperature and in contrast, the grain size was enhanced. The study of the mechanical properties, including hardness, densification shows that optimum properties were obtained for the sintering temperature of 1100°C. The advantages of high sinterability of Ni-17Cr alloy using milled powders and microstructural details were discussed.

Keywords: densification, grain growth, milling, nanostructured materials, sintering temperature

Procedia PDF Downloads 402

Authors: Morteza Ghourchi, Meraj Jafari, Atena Soheilazizi

Abstract:

Today, with the globalization of communications and the connection of countries within the framework of the global economy, free zones play the most important role as the engine of global economic development and globalization of countries. In this regard, corridors have a fundamental role in linking countries and free zones physically with each other. One of these corridors is the New Silk Road corridor (One Belt, One Road initiative), which is being built by China to connect with European countries. In connecting this corridor to European countries, Iran and Turkey are among the countries that play an important role in linking China to European countries through this corridor. The New Silk Road corridor, by connecting Iran’s free zones (Sarakhs and Maku) and Turkey’s free zones (Anatolia and Europe), can provide the best opportunity for expanding economic cooperation and regional development between Iran and Turkey. It can also provide economic links between Iran and Turkey with Central Asian countries and especially the port of Khorgos. On the other hand, it can expand Iran-Turkey economic relations more than ever before with Europe in a vast economic network. The research method was descriptive-analytical, using library resources, documents of Iranian free zones, and the Internet. In an interview with Fars News Agency, Mohammad Reza Kalaei, CEO of Sarakhs Free Zone, said that the main goal of Sarakhs Special Economic Zone is to connect Iran with the Middle East and create a transit corridor towards East Asian countries, including Turkey. Also, according to an interview with Hussein Gharousi, CEO of Maku Free Zone, the importance of this region is due to the fact that Maku Free Zone, due to its geographical location and its position on the China-Europe trade route, the East-West corridor, which is the closest point to the European Union through railway and transit routes, and also due to its proximity to Eurasian countries, is an ideal opportunity for industrial and technological companies. Creating a transit corridor towards East Asian countries, including Turkey, is one of the goals of this project Free zones between Iran and Turkey can sign an agreement within the framework of the New Silk Road to expand joint investments and economic cooperation towards regional convergence. The purpose of this research is to develop economic links between Iranian and Turkish free zones along the New Silk Road, which will lead to the expansion and development of regional cooperation between the two countries within the framework of neighboring policies. The findings of this research include the development of economic diplomacy between the Secretariat of the Supreme Council of Free Zones of Iran and the General Directorate of Free Zones of Turkey, the agreement to expand cooperation between the free zones of Sarakhs, Maku, Anatolia, and Europe, holding biennial conferences between Iranian free zones along the New Silk Road with Turkish free zones, creating a joint investment fund between Iran and Turkey in the field of developing free zones along the Silk Road, helping to attract tourism between Iranian and Turkish free zones located along the New Silk Road, improving transit infrastructure and transportation to better connect Iranian free zones to Turkish free zones, communicating with China, and creating joint collaborations between China’s dry ports and its free zones with Iranian and Turkish free zones.

Keywords: network economy, new silk road (one belt, one road initiative), free zones (Sarakhs, Maku, Anatolia, Europe), regional development, neighborhood policies

Procedia PDF Downloads 64

Authors: Matheus Müller, Delma Vidal

Abstract:

The present paper aims to expose two techniques of dewatering for sludge, analyzing its operations and dewatering processes, aiming at improving the conditions of disposal of residues with high liquid content. It describes the field tests performed on two geotextile systems, a closed geotextile tube and an open geotextile drying bed, both of which are submitted to two filling cycles. The sludge used in the filling cycles for the field trials is from the water treatment plant of the Technological Center of Aeronautics – CTA, in São José dos Campos, Brazil. Data about volume and height abatement due to the dewatering and consolidation were collected per time, until it was observed constancy. With the laboratory analysis of the sludge allied to the data collected in the field, it was possible to perform a critical comparative study between the observed and the scientific literature, in this way, this paper expresses the data obtained and compares them with the bibliography. The tests were carried out on three fronts: field tests, including the filling cycles of the systems with the sludge from CTA, taking measurements of filling time per cycle and maximum filling height per cycle, heights against the abatement by dewatering of the systems over time; tests carried out in the laboratory, including the characterization of the sludge and removal of material samples from the systems to ascertain the solids content within the systems per time and; comparing the data obtained in the field and laboratory tests with the scientific literature. Through the study, it was possible to perceive that the process of densification of the material inside a closed system, such as the geotextile tube, occurs faster than the observed in the drying bed system. This process of accelerated densification can be brought about by the pumping pressure of the sludge in its filling and by the confinement of the residue through the permeable geotextile membrane (allowing water to pass through), accelerating the process of densification and dewatering by its own weight after the filling with sludge.

Keywords: consolidation, dewatering, geotextile drying bed, geotextile tube

Procedia PDF Downloads 127

Authors: A. Chateauneuf, M. Mostoufi, D. Vyncke

Abstract:

Monte Carlo (MC) simulation is a technique that provides approximate solutions to a broad range of mathematical problems. A drawback of the method is its high computational cost, especially in a high-dimensional setting, such as estimating the Tail Value-at-Risk for large portfolios or pricing basket options and Asian options. For these types of problems, one can construct an upper bound in the convex order by replacing the copula by the comonotonic copula. This comonotonic upper bound can be computed very quickly, but it gives only a rough approximation. In this paper we introduce the Comonotonic Monte Carlo (CoMC) simulation, by using the comonotonic approximation as a control variate. The CoMC is of broad applicability and numerical results show a remarkable speed improvement. We illustrate the method for estimating Tail Value-at-Risk and pricing basket options and Asian options when the logreturns follow a Black-Scholes model or a variance gamma model.

Keywords: control variate Monte Carlo, comonotonicity, option pricing, scientific computing

Procedia PDF Downloads 515

Authors: Ons Triki, Fathi Abid

Abstract:

The basic objective of this paper is twofold. It resides in designing a model for a contingent convertible lease contract that can ensure the financial stability of a company and recover the losses of the parties to the lease in the event of default. It also aims to compare the convertible lease contract on inefficiencies resulting from the debt-overhang problem and asset substitution with other financing policies. From this perspective, this paper highlights the interaction between investments and financing policies in a dynamic model with existing assets and a growth option where the investment cost is financed by a contingent convertible lease and equity. We explore the impact of the contingent convertible lease on the capital structure. We also check the reliability and effectiveness of the use of the convertible lease contract as a means of financing. Findings show that the rental convertible contract with a sufficiently high conversion ratio has less severe inefficiencies arising from risk-shifting and debt overhang than those entailed by risky debt and pure-equity financing. The problem of underinvestment pointed out by Mauer and Ott (2000) and the problem of overinvestment mentioned by Hackbarth and Mauer (2012) may be reduced under contingent convertible lease financing. Our findings predict that the firm value under contingent convertible lease financing increases globally with asset volatility instead of decreasing with business risk. The study reveals that convertible leasing contracts can stand for a reliable solution to ensure the lessee and quickly recover the counterparties of the lease upon default.

Keywords: contingent convertible lease, growth option, debt overhang, risk-shifting, capital structure

Procedia PDF Downloads 72

Authors: Adewale O. Adegbenjo, Elsie Nsiah-Baafi, Mxolisi B. Shongwe, Mercy Ramakokovhu, Peter A. Olubambi

Abstract:

The sintering step in powder metallurgy (P/M) processes is very sensitive as it determines to a large extent the properties of the final component produced. Spark plasma sintering over the past decade has been extensively used in consolidating a wide range of materials including metallic alloy powders. This novel, non-conventional sintering method has proven to be advantageous offering full densification of materials, high heating rates, low sintering temperatures, and short sintering cycles over conventional sintering methods. Ti6Al4V has been adjudged the most widely used α+β alloy due to its impressive mechanical performance in service environments, especially in the aerospace and automobile industries being a light metal alloy with the capacity for fuel efficiency needed in these industries. The P/M route has been a promising method for the fabrication of parts made from Ti6Al4V alloy due to its cost and material loss reductions and the ability to produce near net and intricate shapes. However, the use of this alloy has been largely limited owing to its relatively poor hardness and wear properties. The effect of sintering temperature on the densification, hardness, and wear behaviors of spark plasma sintered Ti6Al4V powders was investigated in this present study. Sintering of the alloy powders was performed in the 650–850°C temperature range at a constant heating rate, applied pressure and holding time of 100°C/min, 50 MPa and 5 min, respectively. Density measurements were carried out according to Archimedes’ principle and microhardness tests were performed on sectioned as-polished surfaces at a load of 100gf and dwell time of 15 s. Dry sliding wear tests were performed at varied sliding loads of 5, 15, 25 and 35 N using the ball-on-disc tribometer configuration with WC as the counterface material. Microstructural characterization of the sintered samples and wear tracks were carried out using SEM and EDX techniques. The density and hardness characteristics of sintered samples increased with increasing sintering temperature. Near full densification (99.6% of the theoretical density) and Vickers’ micro-indentation hardness of 360 HV were attained at 850°C. The coefficient of friction (COF) and wear depth improved significantly with increased sintering temperature under all the loading conditions examined, except at 25 N indicating better mechanical properties at high sintering temperatures. Worn surface analyses showed the wear mechanism was a synergy of adhesive and abrasive wears, although the former was prevalent.

Keywords: hardness, powder metallurgy, spark plasma sintering, wear

Procedia PDF Downloads 273

Authors: Mohan Kotamrazu

Abstract:

Cyclone Hudhud which battered the city of Visakhapatnam on 12^th October, 2014, damaged many buildings, public amenities and infrastructure facilities along the Visakha- Bheemili coastal corridor. More than half the green cover of the city was wiped out. Majority of the trees along the coastal corridor suffered from complete or partial damage. In order to understand the different ways that trees incurred damage during the cyclone, a damage assessment study was carried out by the author. The areas covered by this study included two university campuses, several parks and residential colonies which bore the brunt of the cyclone. Post disaster attempts have been made to restore many of the trees that have suffered from partial or complete damage from the effects of extreme winds. This paper examines the various ways that trees incurred damage from the cyclone Hudhud and presents some examples of the restoration efforts carried out by educational institutions, public parks and religious institutions of the city of Visakhapatnam in the aftermath of the devastating cyclone.

Keywords: defoliaton, salt spray damage, uprooting and wind throw, restoration

Procedia PDF Downloads 529

Authors: J. O. Ajayi, S. S. Oluyamo, D. B. Agunbiade

Abstract:

In this work, tin oxide thin films (SnO2) were prepared using the spin coating technique. The effects of precursor concentration on the thin film properties were investigated. Tin oxide was synthesized from anhydrous Tin (II) Chloride (SnCl2) dispersed in Methanol and Acetic acid. The metallic oxide (SnO2) films deposited were characterized using the UV Spectrophotometer and the Scanning Electron Microscope (SEM). From the absorption spectra, absorption increases with decrease in precursor concentration. Absorbance in the VIS region is lower than 0 % at higher concentration. The optical transmission spectrum shows that transmission increases as the concentration of precursor decreases and the maximum transmission in visible region is about 90% for films prepared with 0.2 M. Also, there is increase in the reflectance of thin films as concentration of precursor increases. The films have high transparency (more than 85%) and low reflectance (less than 40%) in the VIS region. Investigation showed that the direct band gap value increased from 3.79eV, to 3.82eV as the precursor concentration decreased from 0.6 M to 0.2 M. Average direct bandgap energy for all the tin oxide films was estimated to be 3.80eV. The effect of precursor concentration was directly observed in crystal outgrowth and surface particle densification. They were found to increase proportionately with higher concentration.

Keywords: anhydrous TIN (II) chloride, densification, NIS- VIS region, spin coating technique

Procedia PDF Downloads 261

Authors: Vijaya Nhaloor, Suja Kumari Leela, Jose Devadasan

Abstract:

Planning of neighbourhood development strategies in Tier 2 Indian city is highly significant when it has also been selected as a Smart city by the Ministry of Urban Development in India. Smart city mission of India proposes the development of infrastructure in a city in an inclusive way. Thiruvananthapuram, the capital city of Kerala state, India, has been selected as the city to conduct the research. The master plan for the city of Thiruvananthapuram envisions it as a Compact city and proposes densification as a tool for development. Densification may adversely affect the quality of life after a tipping point. This may lead to urban decay which in turn directly or indirectly affects the surrounding neighbourhoods also, thus spreading blight areas in the city. The author thinks that density in urban planning is not a well detailed subject in India, with respect to its varied links on infrastructure, quality of life, transportation, scope of vertical planning, affordability etc. Neighbourhoods are vital tissues of an urban area, and their development directly affects the development of the region. The methodology would involve skimming of proactive neighbourhood planning principles compatible with the Smart city mission in India. United Nations proposes sustainability as a way of planning development of a neighbourhood. After defining various terminologies involved, a framework shall be developed to analyse an existing neighbourhood and prepare planning guidelines in a sustainable manner. The framework shall comply with international and national policy guidelines. The research shall explore and identify a neighbourhood with the potential to meet the housing demand from the investment regions nearby and analyse its potential and weakness as per this framework. Later, a set of indicators shall be enlisted to guide the development of the neighbourhood, leading to recommendations that shall serve as a replicable model for the other neighbourhoods in the Smart city.

Keywords: key indicators, neighbourhood planning, sustainability, smart city

Procedia PDF Downloads 149

Authors: Rachid Belhachemi, Pierre Rostan, Alexandra Rostan

Abstract:

This paper develops a discrete-time option pricing model for index options. The model consists of two key ingredients. First, daily stock return innovations are driven by a continuous hidden threshold mixed skew-normal (HTSN) distribution which generates conditional non-normality that is needed to fit daily index return. The most important feature of the HTSN is the inclusion of a latent state variable with a continuum of states, unlike the traditional mixture distributions where the state variable is discrete with little number of states. The HTSN distribution belongs to the class of univariate probability distributions where parameters of the distribution capture the dependence between the variable of interest and the continuous latent state variable (the regime). The distribution has an interpretation in terms of a mixture distribution with time-varying mixing probabilities. It has been shown empirically that this distribution outperforms its main competitor, the mixed normal (MN) distribution, in terms of capturing the stylized facts known for stock returns, namely, volatility clustering, leverage effect, skewness, kurtosis and regime dependence. Second, heteroscedasticity in the model is captured by a threeexogenous-factor GARCH model (GARCHX), where the factors are taken from the principal components analysis of various world indices and presents an application to option pricing. The factors of the GARCHX model are extracted from a matrix of world indices applying principal component analysis (PCA). The empirically determined factors are uncorrelated and represent truly different common components driving the returns. Both factors and the eight parameters inherent to the HTSN distribution aim at capturing the impact of the state of the economy on price levels since distribution parameters have economic interpretations in terms of conditional volatilities and correlations of the returns with the hidden continuous state. The PCA identifies statistically independent factors affecting the random evolution of a given pool of assets -in our paper a pool of international stock indices- and sorting them by order of relative importance. The PCA computes a historical cross asset covariance matrix and identifies principal components representing independent factors. In our paper, factors are used to calibrate the HTSN-GARCHX model and are ultimately responsible for the nature of the distribution of random variables being generated. We benchmark our model to the MN-GARCHX model following the same PCA methodology and the standard Black-Scholes model. We show that our model outperforms the benchmark in terms of RMSE in dollar losses for put and call options, which in turn outperforms the analytical Black-Scholes by capturing the stylized facts known for index returns, namely, volatility clustering, leverage effect, skewness, kurtosis and regime dependence.

Keywords: continuous hidden threshold, factor models, GARCHX models, option pricing, risk-premium

Procedia PDF Downloads 297

Authors: Bhim Kumar Dahal

Abstract:

Transportation network development in the developing country is in rapid pace. The majority of the network belongs to railway and expressway which passes through diverse topography, landform and geological conditions despite the avoidance principle during route selection. Construction of such networks demand many low to high embankment which required improvement in the foundation soil. This paper is mainly focused on the various advanced ground improvement techniques used to improve the soft soil, modelling approach and its predictability for embankments construction. The ground improvement techniques can be broadly classified in to three groups i.e. densification group, drainage and consolidation group and reinforcement group which are discussed with some case studies.  Various methods were used in modelling of the embankments from simple 1-dimensional to complex 3-dimensional model using variety of constitutive models. However, the reliability of the predictions is not found systematically improved with the level of sophistication.  And sometimes the predictions are deviated more than 60% to the monitored value besides using same level of erudition. This deviation is found mainly due to the selection of constitutive model, assumptions made during different stages, deviation in the selection of model parameters and simplification during physical modelling of the ground condition. This deviation can be reduced by using optimization process, optimization tools and sensitivity analysis of the model parameters which will guide to select the appropriate model parameters.

Keywords: cement, improvement, physical properties, strength

Procedia PDF Downloads 174

Authors: Anshu Anshu

Abstract:

In the red corridor famed for the Left Wing Extremism, lies small district of Jamui in Bihar, India. The district lies at 24º20´ N latitude and 86º13´ E longitude, covering an area of 3,122.8 km2 The undulating topography, with widespread forests provides pristine environment for invigorating experience of tourists. Natural landscape in form of forests, wildlife, rivers, and cultural landscape dotted with historical and religious places is highly purposive for tourism. The study is primarily related to the identification of potential ecotourism sites, using Geographic Information System. Data preparation, analysis and finally identification of ecotourism sites is done. Secondary data used is Survey of India Topographical Sheets with R.F.1:50,000 covering the area of Jamui district. District Census Handbook, Census of India, 2011; ERDAS Imagine and Arc View is used for digitization and the creation of DEM’s (Digital Elevation Model) of the district, depicting the relief and topography and generate thematic maps. The thematic maps have been refined using the geo-processing tools. Buffer technique has been used for the accessibility analysis. Finally, all the maps, including the Buffer maps were overlaid to find out the areas which have potential for the development of ecotourism sites in the Jamui district. Spatial data - relief, slopes, settlements, transport network and forests of Jamui District were marked and identified, followed by Buffer Analysis that was used to find out the accessibility of features like roads, railway stations to the sites available for the development of ecotourism destinations. Buffer analysis is also carried out to get the spatial proximity of major river banks, lakes, and dam sites to be selected for promoting sustainable ecotourism. Overlay Analysis is conducted using the geo-processing tools. Digital Terrain Model (DEM) generated and relevant themes like roads, forest areas and settlements were draped on the DEM to make an assessment of the topography and other land uses of district to delineate potential zones of ecotourism development. Development of ecotourism in Jamui faces several challenges. The district lies in the portion of Bihar that is part of ‘red corridor’ of India. The hills and dense forests are the prominent hideouts and training ground for the extremists. It is well known that any kind of political instability, war, acts of violence directly influence the travel propensity and hinders all kind of non-essential travels to these areas. The development of ecotourism in the district can bring change and overall growth in this area with communities getting more involved in economically sustainable activities. It is a known fact that poverty and social exclusion are the main force that pushes people, resorting towards violence. All over the world tourism has been used as a tool to eradicate poverty and generate good will among people. Tourism, in sustainable form should be promoted in the district to integrate local communities in the development process and to distribute fruits of development with equity.

Keywords: buffer analysis, digital elevation model, ecotourism, red corridor

Procedia PDF Downloads 259

Authors: Bangkit Adhi Nugraha, Bambang Suripto

Abstract:

On September 2016 Bank Indonesia (BI) release regulation no.18/18/PBI/2016 that permit bank clients for using the FX option call spread USD/IDR. Basically, this product is a combination between clients buy FX call option (pay premium) and sell FX call option (receive premium) to protect against currency depreciation while also capping the potential upside with cheap premium cost. BI classifies this product as a structured product. The structured product is combination at least two financial instruments, either derivative or non-derivative instruments. The call spread is the first structured product against IDR permitted by BI since 2009 as response the demand increase from Indonesia firms on FX hedging through derivative for protecting market risk their foreign currency asset or liability. The composition of hedging products on Indonesian FX market increase from 35% on 2015 to 40% on 2016, the majority on swap product (FX forward, FX swap, cross currency swap). Swap is formulated by interest rate difference of the two currency pairs. The cost of swap product is 7% for USD/IDR with one year USD/IDR volatility 13%. That cost level makes swap products seem expensive for hedging buyers. Because call spread cost (around 1.5-3%) cheaper than swap, the most Indonesian firms are using NDF FX call spread USD/IDR on offshore with outstanding amount around 10 billion USD. The cheaper cost of call spread is the main advantage for hedging buyers. The problem arises because BI regulation requires the call spread buyer doing the dynamic hedging. That means, if call spread buyer choose strike price 1 and strike price 2 and volatility USD/IDR exchange rate surpass strike price 2, then the call spread buyer must buy another call spread with strike price 1’ (strike price 1’ = strike price 2) and strike price 2’ (strike price 2’ > strike price 1‘). It could make the premium cost of call spread doubled or even more and dismiss the purpose of hedging buyer to find the cheapest hedging cost. It is very crucial for the buyer to choose best optimum strike price before entering into the transaction. To help hedging buyer find the optimum strike price and avoid expensive multiple premium cost, we observe ten years 2005-2015 historical data of USD/IDR volatility to be compared with the price movement of the call spread USD/IDR using Garman–Kohlhagen Model (as a common formula on FX option pricing). We use statistical tools to analysis data correlation, understand nature of call spread price movement over ten years, and determine factors affecting price movement. We select some range of strike price and tenor and calculate the probability of dynamic hedging to occur and how much it’s cost. We found USD/IDR currency pairs is too uncertain and make dynamic hedging riskier and more expensive. We validated this result using one year data and shown small RMS. The study result could be used to understand nature of FX call spread and determine optimum strike price for hedging plan.

Keywords: FX call spread USD/IDR, USD/IDR volatility statistical analysis, Garman–Kohlhagen Model on FX Option USD/IDR, Bank Indonesia Regulation no.18/18/PBI/2016

Procedia PDF Downloads 379

Authors: Hua-Shan Tai, Yu-Ting Zeng

Abstract:

In modern and industrial society, enormous amounts of sludge from various of industries are constantly produced; currently, most of the sludge are treated by landfill and incineration. However, both treatments are not ideal because of the limited land for landfill and the secondary pollution caused by incineration. Consequently, treating industrial sludge appropriately has become an urgent issue of environmental protection. In order to solve the problem of the massive sludge, this study uses textile sludge which is the major source of waste sludge in Taiwan as raw material for torrefaction treatments. To investigate the feasibility of producing biofuels from textile sludge by torrefaction, the experiments were conducted with temperatures at 150, 200, 250, 300, and 350°C, with heating rates of 15, 20, 25 and 30°C/min, and with residence time of 30 and 60 minutes. The results revealed that the mass yields after torrefaction were approximately in the range of 54.9 to 93.4%. The energy densification ratios were approximately in the range of 0.84 to 1.10, and the energy yields were approximately in the range of 45.9 to 98.3%. The volumetric densities were approximately in the range of 0.78 to 1.14, and the volumetric energy densities were approximately in the range of 0.65 to 1.18. To sum up, the optimum energy yield (98.3%) can be reached with terminal temperature at 150 °C, heating rate of 20°C/min, and residence time of 30 minutes, and the mass yield, energy densification ratio as well as volumetric energy density were 92.2%, 1.07, and 1.15, respectively. These results indicated that the solid products after torrefaction are easy to preserve, which not only enhance the quality of the product, but also achieve the purpose of developing the material into fuel.

Keywords: biofuel, biomass energy, textile sludge, torrefaction

Procedia PDF Downloads 321

Authors: Guillaume Leduc

Abstract:

In this paper, we describe a broad setting under which the error of the approximation can be quantified, controlled, and for which convergence occurs at a speed of n⁻¹ for European and American options. We describe how knowledge of the error allows for arbitrarily fast acceleration of the convergence.

Keywords: random walk approximation, European and American options, rate of convergence, option pricing

Procedia PDF Downloads 463

Authors: Conrad Weber

Abstract:

The modelling of railway noise over large projects areas can be very time consuming in terms of preparing the noise models and calculation time. An open-source GIS program has been utilised to assist with the modelling of operational noise levels for 675km of railway corridor. A range of GIS algorithms were utilised to break up the noise model area into manageable calculation sizes. GIS was utilised to prepare and filter a range of noise modelling inputs, including building files, land uses and ground terrain. A spreadsheet was utilised to manage the accuracy of key input parameters, including train speeds, train types, curve corrections, bridge corrections and engine notch settings. GIS was utilised to present the final noise modelling results. This paper explains the noise modelling process and how the spreadsheet and GIS were utilised to accurately model this massive project efficiently.

Keywords: noise, modeling, GIS, rail

Procedia PDF Downloads 122

Authors: Jinlu Sun, Shouxiang Lu, Siuming Lo

Abstract:

Large passenger ship, especially luxury cruise, is one of the most prevalent means of marine transportation and tourism nowadays. In case of an accident, an effective evacuation would be the ultimate way to minimize the consequence. Ship heeling and trim has a considerable influence on passenger walking speed and posture during ship evacuation. To investigate passenger movement pattern under the combined effect of ship heeling and trim, a ship corridor simulator was developed. Both fast and freely individual walking experiments by male and female experimental subjects under heeling and trim conditions were conducted and recorded therein. It is found that routes of experimental subjects would change due to the heeling and trim angles, although they always walk along the right side because of cultural factors. Experimental subjects would also change their posture to adapt the combined heeling and trim conditions, such as leaning forward, adopting larger arm swaying, shorter and more frequent steps. While for individual walking speed, the speed would decrease with the increasing heeling and trim angles. But the maximum individual walking speed is achieved at heeling angle of 0° with trim angle ranging from -15° to -5 °, instead of on level ground, which may be attributable to the effect of the gravitational acceleration. Female is approximately 10% slower than male due to the discrepancy in physical quality. Besides, individual walking speed shows similar trends in both fast and freely walking modes, and the speed value in freely walking mode is about 78% of that in fast walking mode under each experimental condition. Furthermore, to designate the movement pattern of passengers in heeling and trim conditions, a model of the walking speed reduction was proposed. This work would provide guidance on the development of evacuation models and the design of evacuation facilities on board.

Keywords: evacuation, heeling, individual walking speed, ship corridor simulator, trim

Procedia PDF Downloads 257

Authors: Salah Alrabeei, Mohammad Yousuf

Abstract:

The goal of option pricing theory is to help the investors to manage their money, enhance returns and control their financial future by theoretically valuing their options. Modeling option pricing by Black-School models with jumps guarantees to consider the market movement. However, only numerical methods can solve this model. Furthermore, not all the numerical methods are efficient to solve these models because they have nonsmoothing payoffs or discontinuous derivatives at the exercise price. In this paper, the exponential time differencing (ETD) method is applied for solving partial integrodifferential equations arising in pricing European options under Merton’s and Kou’s jump-diffusion models. Fast Fourier Transform (FFT) algorithm is used as a matrix-vector multiplication solver, which reduces the complexity from O(M2) into O(M logM). A partial fraction form of Pad`e schemes is used to overcome the complexity of inverting polynomial of matrices. These two tools guarantee to get efficient and accurate numerical solutions. We construct a parallel and easy to implement a version of the numerical scheme. Numerical experiments are given to show how fast and accurate is our scheme.

Keywords: Integral differential equations, , L-stable methods, pricing European options, Jump–diffusion model

Procedia PDF Downloads 151

Authors: Chenhao Zhu

Abstract:

Quantitative mapping is playing a growing role in guiding urban planning, such as using a heat map created by CFX, CFD2000, or Envi-met, to adjust the master plan. However, there is no effective quantitative link between the mappings and planning formation. So, in many cases, the decision-making is still based on the planner's subjective interpretation and understanding of these mappings, which limits the improvement of scientific and accuracy brought by the quantitative mapping. Therefore, in this paper, an effort has been made to give a methodology of building a parametric link between the mapping and planning formation. A parametric planning process based on radiant mapping has been proposed for creating an urban green system. In the first step, a script is written in Grasshopper to build a road network and form the block, while the Ladybug Plug-in is used to conduct a radiant analysis in the form of mapping. Then, the research creatively transforms the radiant mapping from a polygon into a data point matrix, because polygon is hard to engage in the design formation. Next, another script is created to select the main green spaces from the road network based on the criteria of radiant intensity and connect the green spaces' central points to generate a green corridor. After that, a control parameter is introduced to adjust the corridor's form based on the radiant intensity. Finally, a green system containing greenspace and green corridor is generated under the quantitative control of the data matrix. The designer only needs to modify the control parameter according to the relevant research results and actual conditions to realize the optimization of the green system. This method can also be applied to much other mapping-based analysis, such as wind environment analysis, thermal environment analysis, and even environmental sensitivity analysis. The parameterized link between the mapping and planning will bring about a more accurate, objective, and scientific planning.

Keywords: parametric link, mapping, urban green system, radiant intensity, planning strategy, grasshopper

Procedia PDF Downloads 142

Authors: Komal Niazi, He Guoqiang

Abstract:

This paper is focused on ‘CPEC (China Pakistan Economic Corridor) a changing mechanism in Pakistan’. China Pakistan Economic Corridor (CPEC) activity under OBOR (One Belt One Road (OBOR) CPEC is a piece of the bigger umbrella and goes for giving another hallway of exchange for China and Pakistan and is relied upon to profit the entire of South Asian area. But this study reveals that significance of acculturation can never be overemphasized in the investigation of diverse impacts and the routes people groups of various ethnic personalities figure out how to adjust and acknowledge the social attributes of a larger part group in a multiethnic culture. This study also deals with the effects of acculturation which can be seen at multiple levels through CPEC for both Pakistani and Chinese people, who were working on this project. China and Pakistan exchanged the cultural and social patterns with each other. Probably the most perceptible gathering level impacts of cultural assimilation regularly incorporate changes in sustenance (food), clothing, and language. At the individual level, the procedure of cultural assimilation alludes to the socialization procedure by which the Pakistani local people and Chinese who were working in Pakistan adopted values, traditions, attitudes, states of mind, and practices. But China has imposed discourse through economic power and language. CPEC dominates Pakistan’s poor area’s and changes their living, social and cultural values. People also claimed this acculturation was a great threat to their cultural values and religious beliefs. Main findings of the study clearly ascertained that research was to find out the conceptual understanding of people about the acculturation process through CPEC. At the cultural level, aggregate activities and social organizations end up plainly adjusted, and at the behavioral level, there are changes in a person's day by day behavioral collection and some of the time in experienced anxiety. Anthropological data methods were used to collect data, like snowball and judgmental sampling, case studied methods.

Keywords: CPEC, acculturation process, language discourse, social norms, cultural values, religious beliefs

Procedia PDF Downloads 292

Authors: Sajjad Hassanpour, Vicente A. González, Yang Zou, Jiamou Liu

Abstract:

Earthquakes pose a significant threat to both structural and non-structural elements in buildings, putting human lives at risk. Effective post-earthquake evacuation is critical for ensuring the safety of building occupants. However, current design practices often neglect the integration of post-earthquake evacuation considerations into the early-stage architectural design process. To address this gap, this paper presents a novel automated internal architectural layout generation tool that optimizes post-earthquake evacuation performance. The tool takes an initial plain floor plan as input, along with specific requirements from the user/architect, such as minimum room dimensions, corridor width, and exit lengths. Based on these inputs, firstly, the tool randomly generates different architectural layouts. Secondly, the human post-earthquake evacuation behaviour will be thoroughly assessed for each generated layout using the advanced Agent-Based Building Earthquake Evacuation Simulation (AB2E2S) model. The AB2E2S prototype is a post-earthquake evacuation simulation tool that incorporates variables related to earthquake intensity, architectural layout, and human factors. It leverages a hierarchical agent-based simulation approach, incorporating reinforcement learning to mimic human behaviour during evacuation. The model evaluates different layout options and provides feedback on evacuation flow, time, and possible casualties due to earthquake non-structural damage. By integrating the AB2E2S model into the automated layout generation tool, architects and designers can obtain optimized architectural layouts that prioritize post-earthquake evacuation performance. Through the use of the tool, architects and designers can explore various design alternatives, considering different minimum room requirements, corridor widths, and exit lengths. This approach ensures that evacuation considerations are embedded in the early stages of the design process. In conclusion, this research presents an innovative automated internal architectural layout generation tool that integrates post-earthquake evacuation simulation. By incorporating evacuation considerations into the early-stage design process, architects and designers can optimize building layouts for improved post-earthquake evacuation performance. This tool empowers professionals to create resilient designs that prioritize the safety of building occupants in the face of seismic events.

Keywords: agent-based simulation, automation in design, architectural layout, post-earthquake evacuation behavior

Procedia PDF Downloads 104

Authors: Dchieche Amina, Aboulaich Rajae

Abstract:

In this work, we will modelize Waad Bil Mourabaha contract. This islamic contract provides the right to buy goods at a future date with a Mourabaha. Waad is a promise of sale or purchase of goods, declared in a unilateral way. In spite of the divergence between some schools of Islamic law about the Waad, this contract will allow us to study sophisticated and interesting contract: Waad Bil Mourabaha that can be used for hedging. In order to price Waad Bil Mourabaha contract, we will use an adapted Black and Scholes model using the Shariah compliant assumptions.

Keywords: Islamic finance, Black-Scholes model, call option, risks, hedging

Procedia PDF Downloads 507

Authors: Namrata Ghosh, Sapan Tiwari

Abstract:

Public transport service plays an important role in people's transportation needs in urban areas. Bus Rapid Transit System (BRTS) is a transport service that provides passengers with a quick and efficient mode of transport. It is developed by changing the existing infrastructure, vehicles, route, or by developing a new dedicated corridor for the bus route. This dedicated lanes transport passengers to their destination quickly and efficiently and flexible in meeting demand. However, with rapid urbanization and increasing population density in Indian cities, traffic congestion has become a significant issue. In a few Indian cities, the BRTS concept is implemented to address the issue of traffic congestion that eventually resulted in less road congestion. The research aims to provide a literature review on the overall outlook of the BRTS system and its practical implementation in mass urban transit. First, it reflects a literature review on the concept of the BRTS system in both developed and developing countries. Afterward, comparative analysis of BRTS, hindrances associated with the permanent integrated system, and the need for establishing the Bus Rapid Transit System in Indian cities is demonstrated. The research concludes with some recommendations that could help in improving the loopholes in the existing system.

Keywords: bus rapid transit system(BRTS), dedicated corridor, public transport, traffic congestion

Procedia PDF Downloads 285