Search results for: residual income valuation model

Authors: Qian Zhu, Shidong Nie, Bo Yang, Gang Xiong, Guoxin Dai

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GJ steel is a new type of high-performance structural steel which has been increasingly adopted in practical engineering. Q460GJ structural steel has a nominal yield strength of 460 MPa, which does not decrease significantly with the increase of steel plate thickness like normal structural steel. Thus, Q460GJ structural steel is normally used in medium-walled welded sections. However, research works on the residual stress in GJ steel members are few though it is one of the vital factors that can affect the member and structural behavior. This article aims to investigate the residual stresses in welded I-shaped sections fabricated from Q460GJ structural steel plates by experimental tests. A total of four full scale welded medium-walled I-shaped sections were tested by sectioning method. Both circular curve correction method and straightening measurement method were adopted in this study to obtain the final magnitude and distribution of the longitudinal residual stresses. In addition, this paper also explores the interaction between flanges and webs. And based on the statistical evaluation of the experimental data, a multilayer residual stress model is proposed.

Keywords: Q460GJ structural steel, residual stresses, sectioning method, welded medium-walled I-shaped sections

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Authors: I. Inthanongsone, C. Drebenstedt, J. C. Bongaerts, P. Sontamino

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The major concern in evaluating the value of mining projects related to the deficiency of the traditional discounted cash flow (DCF) method. This method does not take uncertainties into account and, hence it does not allow for an economic assessment of managerial flexibility and operational adaptability, which are increasingly determining long-term corporate success. Such an assessment can be performed with the real options valuation (ROV) approach, since it allows for a comparative evaluation of unforeseen uncertainties in a project life cycle. This paper presents an economic evaluation model for open pit mining projects based on real options valuation approach. Uncertainties in the model are caused by metal prices and cost uncertainties and the system dynamics (SD) modeling method is used to structure and solve the real options model. The model is applied to a case study. It can be shown that that managerial flexibility reacting to uncertainties may create additional value to a mining project in comparison to the outcomes of a DCF method. One important insight for management dealing with uncertainty is seen in choosing the optimal time to exercise strategic options.

Keywords: DCF methods, ROV approach, system dynamics modeling methods, uncertainty

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Authors: M. Gazzah, B. Jaouachi, F. Sakli

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This research focuses on the yarn-to-yarn and metal-to-fabric friction effects on the residual bagging behavior expressed by residual bagging height, volume and recovery of some denim fabrics. The results show, that both residual bagging height and residual bagging volume, which is determined using image analysis method, are significantly affected due to the most influential fabric parameter variations, the weft yarns density and the mean frictional coefficients. After the applied number of fatigue cycles, the findings revealed that the weft yarn rigidity contributes on fabric bagging behavior accurately. Among the tested samples, our results show that the elastic fabrics present a high recovery ability to give low bagging height and volume values.

Keywords: bagging recovery, denim fabric, metal-to-fabric friction, residual bagging height, yarn-to-yarn friction

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Authors: Yong Sun, Vladimir Luzin, Zhen Qian, William J. T. Daniel, Mingxing Zhang, Shichao Ding

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The residual stresses in roll formed products are generally very high and un-predictable. This is due to the occurrence of redundant plastic deformation in roll forming process and it can cause various product defects. Although the residual stresses of a roll formed product consist of longitudinal and transverse residual stresses components, but the longitudinal residual stresses plays a key role to the product defects of a roll formed product and therefore, only the longitudinal residual stresses concerned by the roll forming scholars and engineers. However, how to inspect the residual stresses of a product quickly and economically as a routine operation is still a challenge. This paper introduces a residual stresses measurement method called slope cutting method to study the longitudinal residual stresses through layers geometrically to a roll formed products or a product with similar process such as a rolled sheet. The detailed measuring procedure is given and discussed. The residual stresses variation through the layer can be derived based on the variation of curvature in different layers and steps. The slope cutting method has been explored and validated by experimental study on a roll-formed square tube. The neutron diffraction method is applied to validate the accuracy of the newly proposed layering removal materials results. The two set results agree with each other very well and therefore, the method is expected to be a routine testing method to monitor the quality of a product been formed and that is a great impact to roll forming industry.

Keywords: roll forming, residual stress, measurement method, neutron diffraction

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Authors: Wale Agbaje

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The aim of this research study is to assess the impact of financial statement fraud on profitability of some selected Nigerian manufacturing firms covering (2002-2016). The specific objectives focused on to ascertain the effect of incorrect asset valuation on return on assets (ROA) and to ascertain the relationship between improper expense recognition and return on assets (ROA). To achieve these objectives, descriptive research design was used for the study while secondary data were collected from the financial reports of the selected firms and website of security and exchange commission. The analysis of covariance (ANCOVA) was used and STATA II econometric method was used in the analysis of the data. Altman model and operating expenses ratio was adopted in the analysis of the financial reports to create a dummy variable for the selected firms from 2002-2016 and validation of the parameters were ascertained using various statistical techniques such as t-test, co-efficient of determination (R2), F-statistics and Wald chi-square. Two hypotheses were formulated and tested using the t-statistics at 5% level of significance. The findings of the analysis revealed that there is a significant relationship between financial statement fraud and profitability in Nigerian manufacturing industry. It was revealed that incorrect assets valuation has a significant positive relationship and so also is the improper expense recognition on return on assets (ROA) which serves as a proxy for profitability. The implication of this is that distortion of asset valuation and expense recognition leads to decreasing profit in the long run in the manufacturing industry. The study therefore recommended that pragmatic policy options need to be taken in the manufacturing industry to effectively manage incorrect asset valuation and improper expense recognition in order to enhance manufacturing industry performance in the country and also stemming of financial statement fraud should be adequately inculcated into the internal control system of manufacturing firms for the effective running of the manufacturing industry in Nigeria.

Keywords: Althman's Model, improper expense recognition, incorrect asset valuation, return on assets

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Authors: M. Sandeep Kumar, Vasu Velagapudi, A. Venugopal

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When machining is carried out on a workpiece, residual stresses are induced in the workpiece due to nonuniform thermal and mechanical loads. These stresses play a vital role in the surface integrity of the final product or the output. Inconel 718 is commonly used in critical structural components of aircraft engines due to its properties at high temperatures. Therefore it is important to keep down the stresses induced due to machining. This can be achieved through proper lubricating conditions. In this work, experiments were carried out to check the influence of the developed nanofluid as cutting fluids on residual stresses developed during the course of machining. The results of MQL/Nanofluids were compared with MQL/Vegetable oil and dry machining lubricating condition. Results indicate the reduction in residual stress with the use of MQL/Nanofluid.

Keywords: nanofluids, MQL, residual stress, Inconel-718

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Authors: Saghar Heidari

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In this paper, we study the valuation problem of European continuous-installment options under Markov-modulated models with a partial differential equation approach. Due to the opportunity for continuing or stopping to pay installments, the valuation problem under regime-switching models can be formulated as coupled partial differential equations (CPDE) with free boundary features. To value the installment options, we express the truncated CPDE as a linear complementarity problem (LCP), then a finite element method is proposed to solve the resulted variational inequality. Under some appropriate assumptions, we establish the stability of the method and illustrate some numerical results to examine the rate of convergence and accuracy of the proposed method for the pricing problem under the regime-switching model.

Keywords: continuous-installment option, European option, regime-switching model, finite element method

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Authors: Simon Huston, Ebraheim Lahbash, Ali Parsa

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The development of the United Arab Emirates (UAE) into a regional trade, tourism, finance and logistics hub has transformed its real estate markets. However, speculative activity and price volatility remain concerns. UAE residential market values (MV) are exposed to fluctuations in capital flows and migration which in turn are affected by geopolitical uncertainty, oil price volatility, and global investment market sentiment. Internally, a complex interplay between administrative boundaries, land tenure, building quality and evolving location characteristics fragments UAE residential property markets. In short, the UAE Residential Valuation System (UAE-RVS) confronts multiple challenges to collect, filter and analyze relevant information in complex and dynamic spatial and capital markets. A robust (RVS) can mitigate the risk of unhelpful volatility, speculative excess or investment mistakes. The research outlines the institutional, ontological, dynamic, and epistemological issues at play. We highlight the importance of system capabilities, valuation standard salience and stakeholders trust.

Keywords: valuation, property rights, information, institutions, trust, salience

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Authors: Yakubu Abdulai, Kenichi Matsui

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The agricultural industry has faced a variety of challenges in meeting the expanding income demand of the rural population. As a result, rural households must diversify their income sources to meet their income demand. Although income diversification strategies help rural households, it contributes to total household income, and the socio-demographic determinants are not known in the Upper East Region of Ghana. For these reasons, the purpose of this study was to determine the contribution of income diversification strategies to household income and the socio-demographic factors influencing it. We conducted a questionnaire survey among 360 rural households in the Upper East Region of Ghana. We asked about their socio-demographic information, their choice of income diversification strategies, and their remittances through rural-city migration. The questionnaire survey findings demonstrate that the main livelihood income source contributes 22%, and on-farm income diversification contributes the most to household total income (47%), followed by non-farm diversification income (16%) and off-farm diversification income (15%). Calculations from the income diversity index showed that the average income diversification strategy was 0.5 out of 1. The calculation of the income dependence index also showed that the average dependent on a particular source of income was 0.2 out of 1. All the respondents said household members temporarily migrate to contribute to household income through remittances. The results further reveal that their choice of income diversification is influenced by their age, educational background, experience, and farm size. The paper recommends the promotion of rural development policies that increase income-generating activities and educate rural households on how to increase returns from their investment.

Keywords: income diversification, poverty alleviation, rural households, upper east region

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Authors: M. A. Askari, M. A. Nazari, P. Perrier, Y. Payan

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Growth and remodeling of biological structures have gained lots of attention over the past decades. Determining the response of the living tissues to the mechanical loads is necessary for a wide range of developing fields such as, designing of prosthetics and optimized surgery operations. It is a well-known fact that biological structures are never stress-free, even when externally unloaded. The exact origin of these residual stresses is not clear, but theoretically growth and remodeling is one of the main sources. Extracting body organs from medical imaging, does not produce any information regarding the existing residual stresses in that organ. The simplest cause of such stresses is the gravity since an organ grows under its influence from its birth. Ignoring such residual stresses might cause erroneous results in numerical simulations. Accounting for residual stresses due to tissue growth can improve the accuracy of mechanical analysis results. In this paper, we have implemented a computational framework based on fixed-point iteration to determine the residual stresses due to growth. Using nonlinear continuum mechanics and the concept of fictitious configuration we find the unknown stress-free reference configuration which is necessary for mechanical analysis. To illustrate the method, we apply it to a finite element model of healthy human face whose geometry has been extracted from medical images. We have computed the distribution of residual stress in facial tissues, which can overcome the effect of gravity and cause that tissues remain firm. Tissue wrinkles caused by aging could be a consequence of decreasing residual stress and not counteracting the gravity. Considering these stresses has important application in maxillofacial surgery. It helps the surgeons to predict the changes after surgical operations and their consequences.

Keywords: growth, soft tissue, residual stress, finite element method

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Authors: Sara Sousa

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The environmental goods and services have often been neglected in crucial decisions affecting the environment mainly because the difficulty in estimating their economic value, since we are dealing with non-market goods and, thus, without a price associated. Nevertheless, the inexistence of prices does not necessarily mean these goods have no value. The environment is a key element in today's society that seeks to be as sustainable as possible, where the environmental assets have both use and non-use values. To estimate the use value, researchers may apply the revealed preference methods. This paper provides a theoretical review of the main concepts and methodologies on the economic valuation of the environment, with particular emphasis on the revealed preference techniques. Based on a detailed literature review, this study concludes that, despite some inherent limitations, the revealed preference methodologies – travel cost, hedonic price, and averting behaviour – represent essential tools for the researchers who accept the challenge to estimate the use value of environmental goods and services based on the actual individuals` behaviour. The main purpose of this study is to contribute to an increased theoretical information on the economic valuation of environmental assets, allowing researchers and policymakers to improve future decisions regarding the environment.

Keywords: economic valuation, environmental goods, revealed preference methods, total economic value

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Authors: Xuemei Yang, Xin Sun, Cheng Fu, Qiong Lan, Chao Han

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Residual stresses, which can be produced during the manufacturing process of plastic bonded explosive (PBX), play an important role in weapon system security and reliability. Residual stresses can and do change in service. This paper mainly studies the influence of vibratory stress relief (VSR) and thermal aging on residual stress of explosives. Firstly, the residual stress relaxation of PBX via different physical condition of VSR, such as vibration time, amplitude and dynamic strain, were studied by drill-hole technique. The result indicated that the vibratory amplitude, time and dynamic strain had a significant influence on the residual stress relief of PBX. The rate of residual stress relief of PBX increases first and then decreases with the increase of dynamic strain, amplitude and time, because the activation energy is too small to make the PBX yield plastic deformation at first. Then the dynamic strain, time and amplitude exceed a certain threshold, the residual stress changes show the same rule and decrease sharply, this sharply drop of residual stress relief rate may have been caused by over vibration. Meanwhile, the comparison between VSR and thermal aging was also studied. The conclusion is that the reduction ratio of residual stress after VSR process with applicable vibratory parameters could be equivalent to 73% of thermal aging with 7 days. In addition, the density attenuation rate, mechanical property, and dimensional stability with 3 months after VSR process was almost the same compared with thermal aging. However, compared with traditional thermal aging, VSR only takes a very short time, which greatly improves the efficiency of aging treatment for explosive materials. Therefore, the VSR could be a potential alternative technique in the industry of residual stress relaxation of PBX explosives.

Keywords: explosives, residual stresses, thermal aging, vibratory stress relief, VSR

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Authors: Wondmnew Derebe

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Increased adoption of modern beehives improves the livelihood of smallholder farmers whose income largely depends on mixed crop-livestock farming. Improved beehives have been disseminated to farmers in many parts of Ethiopia. However, its impact on income is less investigated. Thus, this study estimates how adopting improved beehives impacts rural households' income. Survey data were collected from 350 randomly selected households' and analyzed using an endogenous switching regression model. The result revealed that the adoption of improved beehives is associated with a higher annual income. On average, improved beehive adopters earned about 6,077 (ETB) more money than their counterparts. However, the impact of adoption would have been larger for actual non-adopters, as reflected in the negative transitional heterogeneity effect of 1792 (ETB). The result also indicated that the decision to adopt or not to adopt improved beehives was subjected to individual self-selection. Improved beehive adoption can increase farmers' income and can be used as an alternative poverty reduction strategy.

Keywords: impact, adoption, endogenous switching regression, income, improved

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Authors: Michael Munther, Keivan Davami

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One significant roadblock for additively manufactured (AM) parts is the buildup of residual tensile stresses during the fabrication process. These residual stresses are formed due to the intense localized thermal gradients and high cooling rates that cause non-uniform material expansion/contraction and mismatched strain profiles during powder-bed fusion techniques, such as direct metal laser sintering (DMLS). The residual stresses adversely affect the fatigue life of the AM parts. Moreover, if the residual stresses become higher than the material’s yield strength, they will lead to acute geometric distortion. These are limiting the applications and acceptance of AM components for safety-critical applications. Herein, we discuss laser shock peening method as an advanced technique for the manipulation of the residual stresses in AM parts. An X-ray diffraction technique is used for the measurements of the residual stresses before and after the laser shock peening process. Also, the hardness of the structures is measured using a nanoindentation technique. Maps of nanohardness and modulus are obtained from the nanoindentation, and a correlation is made between the residual stresses and the mechanical properties. The results indicate that laser shock peening is able to induce compressive residual stresses in the structure that mitigate the tensile residual stresses and increase the hardness of AM IN718, a superalloy, almost 20%. No significant changes were observed in the modulus after laser shock peening. The results strongly suggest that laser shock peening can be used as an advanced post-processing technique to optimize the service lives of critical components for various applications.

Keywords: additive manufacturing, Inconel 718, laser shock peening, residual stresses

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Authors: Theena Thayalan, K. N. Ramesh Babu

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Machining induced residual stress (RS) is one of the most important surface integrity parameters that characterize the near surface layer of a mechanical component, which plays a crucial role in controlling the performance, especially its fatigue life. Since experimental determination of RS is expensive and time consuming, it would be of great benefit if they could be predicted. In such case, it would be possible to select the cutting parameters required to produce a favorable RS profile. In the present study, an effort has been made to develop a 'two dimensional finite element model (FEM)' to simulate orthogonal cutting process and to predict surface and sub-surface RS using the commercial FEA software DEFORM-2D. The developed finite element model has been validated through experimental investigation of RS. In the experimentation, the orthogonal cutting tests were carried out on AISI 4340 by varying the cutting speed (VC) and uncut chip thickness (f) at three levels and the surface & sub-surface RS has been measured using XRD and Electro polishing techniques. The comparison showed that the RS obtained using developed numerical model is in reasonable agreement with that of experimental data.

Keywords: FEM, machining, residual stress, XRF

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Authors: M. A. Meslem

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For precise geoid determination, we use a reference field to subtract long and medium wavelength of the gravity field from observations data when we use the remove-compute-restore technique. Therefore, a comparison study between considered models should be made in order to select the optimal reference gravity field to be used. In this context, two recent global geopotential models have been selected to perform this comparison study over Northern Algeria. The Earth Gravitational Model (EGM2008) and the Global Gravity Model (GECO) conceived with a combination of the first model with anomalous potential derived from a GOCE satellite-only global model. Free air gravity anomalies in the area under study have been used to compute residual data using both gravity field models and a Digital Terrain Model (DTM) to subtract the residual terrain effect from the gravity observations. Residual data were used to generate local empirical covariance functions and their fitting to the closed form in order to compare their statistical behaviors according to both cases. Finally, height anomalies were computed from both geopotential models and compared to a set of GPS levelled points on benchmarks using least squares adjustment. The result described in details in this paper regarding these two models has pointed out a slight advantage of GECO global model globally through error degree variances comparison and ground-truth evaluation.

Keywords: quasigeoid, gravity aomalies, covariance, GGM

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Authors: Saba Javed, Abdul Majeed Nadeem, Imran Qaiser, Muhammad Asif Kamran, Azka Amin

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This study is designed to determine the poverty status and determinants of income diversification in rural areas of Pakistan using cross sectional data of Pakistan Social and Living Standards Measurement (PSLM) for 2010-2011. The variables used for measuring income diversification are demographic indicators, poverty status, and income of households. Foster-Greer-Thorbecke (FGT) poverty measures show that 43.1% poor and 56.9% non-poor resided in rural areas of Pakistan. A Tobit model was employed to examine the determinants of livelihood diversification among households. The result showed that age, gender, marital status, household size and province have significant impact on income diversification. The data show that non-poor and female headed household with higher family size diversify more as compared to poor, male headed household with small size of family members. The place of residence (province used as proxy for place) also plays important role for income diversification as Sindh Province was found more diversified as compared to Punjab and Khyber Pakhtoon Kha (KPK). It is recommended to improve the ways of income diversification among rural household to reduce poverty among them. This can be done by more investment in education with universal access for poor and remote localities households.

Keywords: poverty, income diversification, rural Pakistan, Tobit regression model, FGT

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Authors: Gholamreza Ghodrati Amiri, Mojtaba Jafarian Abyaneh, Ali Zare Hosseinzadeh

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This paper presents an effective model updating strategy for damage localization and quantification in frames by defining damage detection problem as an optimization issue. A generalized version of the Modal Residual Force (MRF) is employed for presenting a new damage-sensitive cost function. Then, Grey Wolf Optimization (GWO) algorithm is utilized for solving suggested inverse problem and the global extremums are reported as damage detection results. The applicability of the presented method is investigated by studying different damage patterns on the benchmark problem of the IASC-ASCE, as well as a planar shear frame structure. The obtained results emphasize good performance of the method not only in free-noise cases, but also when the input data are contaminated with different levels of noises.

Keywords: frame, grey wolf optimization algorithm, modal residual force, structural damage detection

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Authors: Osamu Takakuwa, Yuta Mano, Hitoshi Soyama

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This paper reveals the interaction between hydrogen and surface stress in austenitic stainless steel by X-ray diffraction stress measurement and thermal desorption analysis before and after being charged with hydrogen. The surface residual stress was varied by surface finishing using several disc polishing agents. The obtained results show that the residual stress near surface had a significant effect on hydrogen absorption behavior, that is, tensile residual stress promoted the hydrogen absorption and compressive one did opposite. Also, hydrogen induced equi-biaxial stress and this stress has a linear correlation with hydrogen content.

Keywords: hydrogen embrittlement, residual stress, surface finishing, stainless steel

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Authors: Ranajoy Bhattcharyya

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We estimate international product cycles as shifting product spaces by using 1976 to 2010 UN Comtrade data on all differentiated tradable products in all countries. We use a product space approach to identify the representative product baskets of high-, middle and low-income countries and then use these baskets to identify the patterns of change in comparative advantage of countries over time. We find evidence of a product cycle in two senses: First, high-, middle- and low-income countries differ in comparative advantage, and high-income products migrate to the middle-income basket. A similar pattern is observed for middle- and low-income countries. Our estimation of the lag shows that middle-income countries tend to quickly take up the products of high-income countries, but low-income countries take a longer time absorbing these products. Thus, the gap between low- and middle-income countries is considerably higher than that between middle- and high-income nations.

Keywords: product cycle, comparative advantage, representative product basket, ex-post data

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Authors: Marjan Majdi, MohammadAli Moradi, Elham Samarikhalaj

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Income distribution is one of the most topics in macro economic theories. There are many categories in economy such as income distribution that have the most influenced by economic policies. Human capital has an impact on economic growth and it has significant effect on income distributions. The results of this study confirm that the effects of oil revenue and human capital on income distribution are negative and significant but the value of the estimated coefficient is too small in a real sample in period time (1969-2006).

Keywords: gini coefficient, human capital, income distribution, oil revenue

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Authors: Chao-xun Liu, Shi-hong Lu

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In spite of its importance to the aerospace and automobile industries, little or no attention has been devoted to the accurate modeling of the ultrasonic shot peening (USP) process. It is therefore the purpose of this study to conduct finite element analysis of the process using a realistic multiple pin impacts model with the explicit solver of ABAQUS. In this paper, we research the effect of several key parameters on the residual stress distribution within the target, including impact velocity, incident angle, friction coefficient between pins and target and impact number of times were investigated. The results reveal that the impact velocity and impact number of times have obvious effect and impacting vertically could produce the most perfect residual stress distribution. Then we compare the results with the date in USP experiment and verify the exactness of the model. The analysis of the multiple pin impacts date reveal the relationships between peening process parameters and peening quality, which are useful for identifying the parameters which need to be controlled and regulated in order to produce a more beneficial compressive residual stress distribution within the target.

Keywords: ultrasonic shot peening, finite element, multiple pins, residual stress, numerical simulation

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Authors: Anto Antony Samy, Atefeh Golbang, Edward Archer, Alistair McIlhagger

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Fused deposition modelling (FDM) is one of the additive manufacturing techniques that has become highly attractive in the industrial and academic sectors. However, parts fabricated through FDM are highly susceptible to geometrical defects such as warpage, shrinkage, and delamination that can severely affect their function. Among the thermoplastic polymer feedstock for FDM, semi-crystalline polymers are highly prone to part distortion due to polymer crystallization. In this study, the influence of FDM processing conditions such as chamber temperature and print bed temperature on the induced thermal residual stress and resulting warpage are investigated using the 3D transient thermal model for a semi-crystalline polymer. The thermo-mechanical properties and the viscoelasticity of the polymer, as well as the crystallization physics, which considers the crystallinity of the polymer, are coupled with the evolving temperature gradient of the print model. From the results, it was observed that increasing the chamber temperature from 25°C to 75°C lead to a decrease of 1.5% residual stress, while decreasing bed temperature from 100°C to 60°C, resulted in a 33% increase in residual stress and a significant rise of 138% in warpage. The simulated warpage data is validated by comparing it with the measured warpage values of the samples using 3D scanning.

Keywords: finite element analysis, fused deposition modelling, residual stress, warpage

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Authors: Tracy Smith-Carrier

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In 1995, the World Health Organization declared that poverty was the biggest killer and the greatest cause of suffering in the world. Income is certainly a key social determinant of health, the lack of which causes innumerable health and mental health conditions. In seeking to provide relief from financial hardship for residents within their populace, states in the Global North have largely turned to the non-profit and charitable sector. The stigma and shame of accessing charity is a significant barrier for many, but what is more problematic is that the embrace of the charitable model has let governments off the hook from responding to their international human rights obligations. Although states are signatories to various human rights treaties and conventions internationally, many of these laws have not been implemented domestically. This presentation explores the limits of the charitable model in addressing poverty in countries of the Global North. Unlike in the ages passed, when poverty was thought to be an individual problem, we now know that poverty is largely systemic in nature. In this presentation, we will identify the structural determinants of poverty, outline why people are reticent to access charitable programs and services and how income security is reproduced through the charitable model, and discuss evidence-informed solutions, such as a basic income guarantee, to move beyond the charitable model in favour of a rights-based justice model. To move beyond charity, we must demand that governments recognize our fundamental human rights and address poverty and hunger using a justice model based on substantive human rights.

Keywords: basic income, charity, poverty, income security, hunger, food security, social justice, human rights

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Authors: Achim Kampker, Christoph Deutskens, Heiner Hans Heimes, Mathias Ordung, Felix Optehostert

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In the past years electric mobility became part of a public discussion. The trend to fully electrified vehicles instead of vehicles fueled with fossil energy has notably gained momentum. Today nearly every big car manufacturer produces and sells fully electrified vehicles, but electrified vehicles are still not as competitive as conventional powered vehicles. As the traction battery states the largest cost driver, lowering its price is a crucial objective. In addition to improvements in product and production processes a non-negligible, but widely underestimated cost driver of production can be found in logistics, since the production technology is not continuous yet and neither are the logistics systems. This paper presents an approach to evaluate cost factors on different designs of load carrier systems. Due to numerous interdependencies, the combination of costs factors for a particular scenario is not transparent. This is effecting actions for cost reduction negatively, but still cost reduction is one of the major goals for simultaneous engineering processes. Therefore a concurrent and phase appropriate cost valuation method is necessary to serve cost transparency. In this paper the four phases of this cost valuation method are defined and explained, which based upon a new approach integrating the logistics development process in to the integrated product and process development.

Keywords: research and development, technology and innovation, lithium-ion-battery production, load carrier development process, cost valuation method

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Authors: Qian Zhao, Shi-Qi Liu, Bo Guo, Zhi-Jun Cheng, Xiao-Yue Wu

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Cold standby redundancy is considered to be an effective mechanism for improving system reliability and is widely used in industrial engineering. However, because of the complexity of the reliability structure, there is little literature studying on the residual life of cold standby system consisting of complex components. In this paper, a simulation method is presented to predict the residual life of k-out-of-n cold standby system. In practical cases, failure information of a system is either unknown, partly unknown or completely known. Our proposed method is designed to deal with the three scenarios, respectively. Differences between the procedures are analyzed. Finally, numerical examples are used to validate the proposed simulation method.

Keywords: cold standby system, k-out-of-n, residual life, simulation sampling

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Authors: Dayron Camilo Bermudez Mendoza

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Road transportation is a significant source of externalities, notably in terms of environmental degradation and the emission of pollutants. These emissions adversely affect public health, attributable to criteria pollutants like particulate matter (PM2.5 and PM10) and carbon monoxide (CO), and also contribute to climate change through the release of greenhouse gases, such as carbon dioxide (CO2). It is, therefore, crucial to quantify the emissions from mobile sources and develop a methodological framework for their economic valuation, aiding in the assessment of associated costs and informing policy decisions. The forthcoming congress will shed light on the externalities of transportation in Bogotá, showcasing methodologies and findings from the construction of emission inventories and their spatial analysis within the city. This research focuses on the economic valuation of emissions from mobile sources in Bogotá, employing methods like hedonic pricing and contingent valuation. Conducted within the urban confines of Bogotá, the study leverages demographic, transportation, and emission data sourced from the Mobility Survey, official emission inventories, and tailored estimates and measurements. The use of hedonic pricing and contingent valuation methodologies facilitates the estimation of the influence of transportation emissions on real estate values and gauges the willingness of Bogotá's residents to invest in reducing these emissions. The findings are anticipated to be instrumental in the formulation and execution of public policies aimed at emission reduction and air quality enhancement. In compiling the emission inventory, innovative data sources were identified to determine activity factors, including information from automotive diagnostic centers and used vehicle sales websites. The COPERT model was utilized to ascertain emission factors, requiring diverse inputs such as data from the national transit registry (RUNT), OpenStreetMap road network details, climatological data from the IDEAM portal, and Google API for speed analysis. Spatial disaggregation employed GIS tools and publicly available official spatial data. The development of the valuation methodology involved an exhaustive systematic review, utilizing platforms like the EVRI (Environmental Valuation Reference Inventory) portal and other relevant sources. The contingent valuation method was implemented via surveys in various public settings across the city, using a referendum-style approach for a sample of 400 residents. For the hedonic price valuation, an extensive database was developed, integrating data from several official sources and basing analyses on the per-square meter property values in each city block. The upcoming conference anticipates the presentation and publication of these results, embodying a multidisciplinary knowledge integration and culminating in a master's thesis.

Keywords: economic valuation, transport economics, pollutant emissions, urban transportation, sustainable mobility

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Authors: Navid Zarif Karimi, Giangiacomo Minak, Parnian Kianfar

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Drilling is one of the most frequently used machining process for glass fiber reinforced polymer composites due to the need for structural joining. In drilling of composite laminates, interlaminar cracking, or delamination, has a detrimental effect on the compressive strength of these materials. The delamination can be controlled by adopting proper drilling condition. In this paper, the effect of feed rate, cutting speed and drill point angle on delamination and residual compressive strength of drilled GFRPs is studied. The objective is to find optimal conditions for maximum residual compressive strength.

Keywords: composite material, delamination, drilling, residual compressive strength

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Authors: Wajih Abbassi, Zouhaier Ben Khelifa

Abstract:

The present research points towards the empirical validation of three options valuation models, the ad-hoc Black-Scholes model as proposed by Berkowitz (2001), the constant elasticity of variance model of Cox and Ross (1976) and the Kou jump-diffusion model (2002). Our empirical analysis has been conducted on a sample of 26,974 options written on three indexes, the S&P 500, Nasdaq 100 and the Russell 2000 that were negotiated during the year 2007 just before the sub-prime crisis. We start by presenting the theoretical foundations of the models of interest. Then we use the technique of trust-region-reflective algorithm to estimate the structural parameters of these models from cross-section of option prices. The empirical analysis shows the superiority of the Kou jump-diffusion model. This superiority arises from the ability of this model to portray the behavior of market participants and to be closest to the true distribution that characterizes the evolution of these indices. Indeed the double-exponential distribution covers three interesting properties that are: the leptokurtic feature, the memory less property and the psychological aspect of market participants. Numerous empirical studies have shown that markets tend to have both overreaction and under reaction over good and bad news respectively. Despite of these advantages there are not many empirical studies based on this model partly because probability distribution and option valuation formula are rather complicated. This paper is the first to have used the technique of nonlinear curve-fitting through the trust-region-reflective algorithm and cross-section options to estimate the structural parameters of the Kou jump-diffusion model.

Keywords: jump-diffusion process, Kou model, Leptokurtic feature, trust-region-reflective algorithm, US index options

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Authors: Matteo Bonaventura, Giancarlo Giudici

Abstract:

This paper analyses the valuation process of companies listed on the Italian Exchange in the period 2000-2009 at their Initial Public Offering (IPO). One the most common valuation techniques declared in the IPO prospectus to determine the offer price is the Discounted Cash Flow (DCF) method. We develop a ‘reverse engineering’ model to discover the short term profitability implied in the offer prices. We show that there is a significant optimistic bias in the estimation of future profitability compared to ex-post actual realization and the mean forecast error is substantially large. Yet we show that such error characterizes also the estimations carried out by analysts evaluating non-IPO companies. The forecast error is larger the faster has been the recent growth of the company, the higher is the leverage of the IPO firm, the more companies issued equity on the market. IPO companies generally exhibit better operating performance before the listing, with respect to comparable listed companies, while after the flotation they do not perform significantly different in term of return on invested capital. Pre-IPO book building activity plays a significant role in partially reducing the forecast error and revising expectations, while the market price of the first day of trading does not contain information for further reducing forecast errors.

Keywords: initial public offerings, DCF, book building, post-IPO profitability drop

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