Search results for: price fluctuations

Authors: Silas A. Ihedioha

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In this work; it is considered that an investor’s portfolio is comprised of two assets; a risky stock which price process is driven by the geometric Brownian motion and a risk-free asset with Ornstein-Uhlenbeck Stochastic interest rate of return, where consumption, taxes, transaction costs and dividends are involved. This paper aimed at the optimization of the investor’s expected utility of consumption and terminal return on his investment at the terminal time having power utility preference. Using dynamic optimization procedure of maximum principle, a second order nonlinear partial differential equation (PDE) (the Hamilton-Jacobi-Bellman equation HJB) was obtained from which an ordinary differential equation (ODE) obtained via elimination of variables. The solution to the ODE gave the closed form solution of the investor’s problem. It was found the optimal investment in the risky asset is horizon dependent and a ratio of the total amount available for investment and the relative risk aversion coefficient.

Keywords: optimal, investment, Ornstein-Uhlenbeck, utility maximization, stochastic interest rate, maximum principle

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Authors: Wen-Hsiang Lai, Mei-Wen Chen

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In the face of developing new technologies, identifying potential new technological product and the suitable market is important. Since laser technology is widely applied in many industries, this study explores the technology commercialization of laser technology. According to the literature review and industry analysis, this study discusses the factors influencing the consumer’s purchase intention and tries to find a new market direction to develop the laser technology. This study adopts a new product adoption model as the research framework and uses three variables of ‘Consumer characteristics’, ‘Perception of product attributes’ and ‘External environment’ to discuss the purchase intention of consumers, who are physicians and owners of the medical cosmetics. This study finds that in the major variable of ‘Consumer characteristics’, the sub-variables of ‘Personality’, ‘Knowledge of product’, ‘Perceived risk’ and ‘Motivation’ are significantly related to consumer’s purchase intention. In the major variable of ‘Perception of product attributes’, the sub-variables of ‘Brand’ and ‘Measure of manufacture country’ are the key factors that affect the willingness of consumer’s purchase intention. Finally, in the major variable of ‘External environment’ variable, the sub-variables of ‘Time’ and ‘Price’ have significant impact on consumer’s purchase intention.

Keywords: technology commercialization, new product adoption, consumer’s purchase intention, laser technology

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Authors: Hana Janáčková

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Housing can be sorted as basic needs of households. Purchase of acceptable ownership housing is important investments for most them. For rental housing households must consider the part of rent expenditure paid in the total household income. For this reason, financial considerations of households in this area depend on the government innervations (public administration) in housing - on housing policy. Market system of housing allocation, whether ownership or tenancy, is based on the fact that housing is a scarce good. The allocation of housing is based on demand and supply. The market system of housing can sometimes have a negative impact on some households, the market is unable to satisfy certain groups of the population that are not able or willing to accept market price. For these reasons, there is a more or less regulation of the market. Regulation is both on the demand and supply side, and the state determines the rules of behaviour for all economic entities of the housing market. This article submits results of analysis of selected regulatory interference of the state in the housing market and assesses their implications deforming the market in the selected region of the Czech Republic. The first part describes tools of supports and the second part discusses deformations and analyses their consequences on the demand side of housing market and on supply side.

Keywords: housing, housing market, microeconomic consequences, deformation

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Authors: Syed Towseef Ahmad, Fatima Amin, Pritha Acharya, Anil K. Gupta, Pervez Ahmad

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Glaciers being the sentinels of climate change, are the most visible evidence of global warming. Given the unavailability of observed field-based data, this study has focussed on the use of geospatial techniques to obtain information about the glaciers of Pir-Panjal (PPJ) and the Great Himalayan Regions of Jhelum Basin (GHR). These glaciers need to be monitored in line with the variations in climatic conditions because they significantly contribute to various sectors in the region. The main aim of this study is to map the glaciers in the two adjacent regions (PPJ and GHR) in the north-western Himalayas with different topographies and compare the changes in various glacial attributes during two different time periods (1990-2020). During the last three decades, both PPJ as well as GHR regions have observed deglaciation of around 36 and 26 percent, respectively. The mean elevation of GHR glaciers has increased from 4312 to 4390 masl, while the same for PPJ glaciers has increased from 4085 to 4124 masl during the observation period. Using accumulation area ratio (AAR) method, mean mass balance of -34.52 and -37.6 cm.w.e was recorded for the glaciers of GHR and PPJ, respectively. The difference in areal and mass loss of glaciers in these regions may be due to (i) the smaller size of PPJ glaciers which are all smaller than 1 km² and are thus more responsive to climate change (ii) Higher mean elevation of GHR glaciers (iii) local variations in climatic variables in these glaciated regions. Time series analysis of climate variables indicates that both the mean maximum and minimum temperatures of Qazigund station (Tmax= 19.2, Tmin= 6.4) are comparatively higher than the Pahalgam station (Tmax= 18.8, Tmin= 3.2). Except for precipitation in Qazigund (Slope= - 0.3 mm a⁻¹), each climatic parameter has shown an increasing trend during these three decades, and with the slope of 0.04 and 0.03°c a⁻¹, the positive trend in Tmin (pahalgam) and Tmax (qazigund) are observed to be statistically significant (p≤0.05).

Keywords: glaciers, climate change, Pir-Panjal, greater Himalayas, mass balance

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Authors: Risdiana, D. Suhendar, S. Pratiwi, W. A. Somantri, T. Saragi

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Superconductor is a promising material for future applications especially for energy saving because of their advantages properties such as zero electrical resistivity when they are cooled down to sufficiently low temperatures. However, the mechanism describing the role of physical properties in superconductor is far from being understood clearly, so that the application of this material for wider benefit in various industries is very limited. Most of superconductors are cuprate compounds, which has CuO2 as a conducting plane in their crystal structures. The study of physical properties through the partially substitution of impurity for Cu in superconducting cuprates has been one of great interests in relation to the mechanism of superconductivity. Different behaviors between the substitution of nonmagnetic impurity and magnetic impurity for Cu are observed. For examples, the superconductivity and Cu-spin fluctuations in the electron-doped system are suppressed through the substitution of magnetic Ni for Cu more markedly than through the substitution of nonmagnetic Zn for Cu, which is contrary to the result in the hole-doped system. Here, we reported the effect of partially substitution of magnetic impurity Fe for Cu to the magnetic and transport properties in electron-doped superconducting cuprates of Eu1.85+yCe0.15-yCu1-yFeyO4+α-δ (ECCFO) with y = 0.01, 0.02, and 0.05, in order to investigate the mechanism of magnetic and transport properties of ECCFO in normal-state. Magnetic properties are investigated by DC magnetic-susceptibility measurements that carried out at low temperatures down to 2 K using a standard SQUID magnetometer in a magnetic field of 5 Oe on field cooling. Transport properties addressed to electron mobility, are extracted from radius of electron localization calculated from temperature dependence of resistivity. For y = 0, temperature dependence of dc magnetic-susceptibility indicated the change of magnetic behavior from paramagnetic to diamagnetic below 15 K. Above 15 K, all samples show paramagnetic behavior with the values of magnetic moment in every volume unit increased with increasing y. Electron mobility decreased with increasing y. Some reasons for these results will be discussed.

Keywords: DC magnetic-susceptibility, electron mobility, Eu1.85+yCe0.15-yCu1-yFeyO4+α-δ, normal state

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Authors: Fu Jinyu, Lin Jinguan

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This paper introduces a novel approach that unifies two types of models: one is the continuous-time jump-diffusion used to model high-frequency data, and the other is discrete-time GQARCH employed to model low-frequency financial data by embedding the discrete GQARCH structure with jumps in the instantaneous volatility process. This model is named “GQARCH-It\^{o} -Jumps mode.” We adopt the realized range-based threshold estimation for high-frequency financial data rather than the realized return-based volatility estimators, which entail the loss of intra-day information of the price movement. Meanwhile, a quasi-likelihood function for the low-frequency GQARCH structure with jumps is developed for the parametric estimate. The asymptotic theories are mainly established for the proposed estimators in the case of finite activity jumps. Moreover, simulation studies are implemented to check the finite sample performance of the proposed methodology. Specifically, it is demonstrated that how our proposed approaches can be practically used on some financial data.

Keywords: It\^{o} process, GQARCH, leverage effects, threshold, realized range-based volatility estimator, quasi-maximum likelihood estimate

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Authors: Jamaa Salih, Francis Edum-Fotwe, Andrew Price

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One of the most critical aspects of the management of road infrastructure is the type and scale of maintenance systems adopted and the consequences of their inadequacy. The performance of road maintenance systems can be assessed by a number of important indicators such as: cost, safety, environmental impact, and level of complaints by users. A review of practice reveals that insufficient level of expenditure or poor management of the road network often has serious consequences for the economic and social life of a country in terms of vehicle operating costs (VOC), travel time costs, accident costs and environmental impact. Despite an increase in the attention paid by global road agencies to the environmental and the road users’ satisfaction, the overwhelming evidence from the available literature agree on the lack of similar levels of attention for the two factors in many developing countries. While many sources agree that the road maintenance backlog is caused by either the shortage of expenditures or lack of proper management or both, it appears that managing the available assets particularly in the developing countries is the main issue. To address this subject, this paper will concentrate on exposing the various issues related to this field.

Keywords: environmental impact, performance indicators, road maintenance, users’ satisfaction

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Authors: Aneesh Mathew, Arunab K. S., Atul Kumar Sharma

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The uncontrolled rise in population has led to unplanned, swift, and unsustainable urban expansion, causing detrimental environmental impacts on both local and global ecosystems. This research delves into a comprehensive examination of the Urban Heat Island (UHI) phenomenon in Bengaluru and Hyderabad, India. It centers on the spatial and temporal distribution of UHI and its correlation with air pollutants. Conducted across summer and winter seasons from 2001 to 2021 in Bangalore and Hyderabad, this study discovered that UHI intensity varies seasonally, peaking in summer and decreasing in winter. The annual maximum UHI intensities range between 4.65 °C to 6.69 °C in Bengaluru and 5.74 °C to 6.82 °C in Hyderabad. Bengaluru particularly experiences notable fluctuations in average UHI intensity. Introducing the Urban Thermal Field Variance Index (UTFVI), the study indicates a consistent strong UHI effect in both cities, significantly impacting living conditions. Moreover, hotspot analysis demonstrates a rising trend in UHI-affected areas over the years in Bengaluru and Hyderabad. This research underscores the connection between air pollutant concentrations and land surface temperature (LST), highlighting the necessity of comprehending UHI dynamics for urban environmental management and public health. It contributes to a deeper understanding of UHI patterns in swiftly urbanizing areas, providing insights into the intricate relationship between urbanization, climate, and air quality. These findings serve as crucial guidance for policymakers, urban planners, and researchers, facilitating the development of innovative, sustainable strategies to mitigate the adverse impacts of uncontrolled expansion while promoting the well-being of local communities and the global environment.

Keywords: urban heat island effect, land surface temperature, air pollution, urban thermal field variance index

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Authors: Shyh-Ming Chern, Wei-Ling Lin

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Lignin is a major constituent of woody biomass, and exists abundantly in nature. It is the major byproducts from the paper industry and bioethanol production processes. The byproducts are mainly used for low-valued applications. Instead, lignin can be converted into higher-valued gaseous fuel, thereby helping to curtail the ever-growing price of oil and to slow down the trend of global warming. Although biochemical treatment is capable of converting cellulose into liquid ethanol fuel, it cannot be applied to the conversion of lignin. Alternatively, it is possible to convert lignin into gaseous fuel thermochemically. In the present work, trans-4-hydroxycinnamic acid, a model compound for lignin, which closely resembles the basic building blocks of lignin, is gasified in an autoclave with ethanol at elevated temperatures and pressures, that are above the critical point of ethanol. Ethanol, instead of water, is chosen, because ethanol dissolves trans-4-hydroxycinnamic acid easily and helps to convert it into lighter gaseous species relatively well. The major operating parameters for the gasification reaction include temperature (673-873 K), reaction pressure (5-25 MPa) and feed concentration (0.05-0.3 M). Generally, more than 80% of the reactant, including trans-4-hydroxycinnamic acid and ethanol, were converted into gaseous products at an operating condition of 873 K and 5 MPa.

Keywords: ethanol, gasification, lignin, supercritical

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Authors: B. G. Oguntuase, M. O. Olofinsae

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This study was carried out to assess the contribution of bush meat to Edo people’s livelihood and the consequence of utilization on conservation. Five markets were selected in Ovia Southwest local government area of Edo State, twenty bush meat sellers were selected from each market. Direct observations were made to document the composition of wild animals under sale in the study area. A total of one hundred questionnaires were administered to the respondents. The questionnaires were all retrieved and analyzed using descriptive analysis. The results show that thirteen animal species are being traded in the area. The price for the animal species (whole animal) ranged from N200 to N9,520. Respondents reported that there is a decline in the animal population over time. Between 64% and 95% of the respondents acknowledged population decline in seven of the thirteen animal species available for sale compared to what it used to be some ten years ago. Sales of wild animal species could be regarded as a profitable business in the rural community, supporting livelihood of the community, but could have devastating effect on conservation as already observed in this study if harvesting of wild animals is not regulated on controlled or sustainable basis.

Keywords: conservation, economic benefits, hunting, population, wild animals

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Authors: Seher Arslankaya, Merve Si̇mge Usuk

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Lean manufacturing, which is based on the Toyota Production System, has focused on increasing the performance in various fields by eliminating the waste. By waste elimination, the lead time is reduced significantly and lean manufacturing provides companies with an important privilege under today's competitive conditions. The initial point of lean thinking is the value. This notion create of a specific product with specific properties for which the customer is ready to pay and which satisfies his needs within a specific time frame and at a specific price. Considering this, the final customer determines the value but the manufacturer creates this value of the product. The value stream is the whole set of activities required for each product. These activities may or may not be essential for the value. Through value stream mapping, all employees can see the sources of waste and develop future cases to eliminate it. This study focused on manufacturing to eliminate the waste which created a cost but did not create any value. The study was carried out at the Department of Assembly/Logistics at Toyota Motor Manufacturing Turkey from the automotive industry with a high product mix and variable demands. As a result of the value stream analysis, improvements are planned for the future cases. The process was improved by applying these suggestions.

Keywords: lead time, lean manufacturing, performance improvement, value stream papping

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Authors: Vichada Chokesikarin

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The study aims to determine which factors account for customer satisfaction and to investigate the relationship between entrepreneurial orientation and business success, in particular, context of the information understanding of hostel business in Pranakorn district, Bangkok and the significant element of entrepreneurship in tourism industry. This study covers 352 hostels customers and 61 hostel owners/managers nearby Khao San Road. Data collection methods were used by survey questionnaire and a series of hypotheses were developed from services marketing literature. The findings suggest the customer satisfaction most influenced by image, service quality, room quality and price accordingly. Furthermore the findings revealed that significant relationships exist between entrepreneurial orientation and business success; while competitive aggressiveness was found unrelated. The ECSI model’s generic measuring customer satisfaction was found partially mediate the business success. A reconsideration of other variables applicable should be supported with the model of hostel business. The study provides context and overall view of hostel business while discussing from the entrepreneurial orientation to customer satisfaction, thereby reducing decision risk on hostel investment.

Keywords: customer satisfaction, ECSI model, entrepreneurial orientation, small hotel, hostel, business performance

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Authors: Snezana Lazic, Zarko Gacevic, Mark Holmes, Ekaterina Chernysheva, Marcus Müller, Peter Veit, Frank Bertram, Juergen Christen, Yasuhiko Arakawa, Enrique Calleja

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The study reports how the pencil-like morphology of a homoepitaxially grown GaN nanowire can be exploited for the fabrication of a thin conformal InGaN nanoshell, hosting nonpolar, semipolar and polar single photon sources (SPSs). All three SPS types exhibit narrow emission lines (FWHM~0.35 - 2 meV) and high degrees of linear optical polarization (P > 70%) in the low-temperature micro-photoluminescence (µ-PL) experiments and are characterized by a pronounced antibunching in the photon correlation measurements (gcorrected(2)(0) < 0.3). The quantum-dot-like exciton localization centers induced by compositional fluctuations within the InGaN nanoshell are identified as the driving mechanism for the single photon emission. As confirmed by the low-temperature transmission electron microscopy combined with cathodoluminescence (TEM-CL) study, the crystal region (i.e. non-polar m-, semi-polar r- and polar c-facets) hosting the single photon emitters strongly affects their emission wavelength, which ranges from ultra-violet for the non-polar to visible for the polar SPSs. The photon emission lifetime is also found to be facet-dependent and varies from sub-nanosecond time scales for the non- and semi-polar SPSs to a few nanoseconds for the polar ones. These differences are mainly attributed to facet-dependent indium content and electric field distribution across the hosting InGaN nanoshell. The hereby reported pencil-like InGaN nanoshell is the first single nanostructure able to host all three types of single photon emitters and is thus a promising building block for tunable quantum light devices integrated into future photonic and optoelectronic circuits.

Keywords: GaN nanowire, InGaN nanoshell, linear polarization, nonpolar, semipolar, polar quantum dots, single-photon sources

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Authors: Siri-Orn Champatong

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This research paper was aimed to examine the relationship between visitors’ attitude towards the service marketing mix and visitors’ frequency of visit to Bangpu Recreation Centre. Based on a large and uncalculated population, the number of samples was calculated according to the formula to obtain a total of 385 samples. In collecting the samples, systematic random sampling was applied and by using of a Likert five-scale questionnaire for, a total of 21 days to collect the needed information. Mean, Standard Deviation, and Pearson’s basic statistical correlations were utilized in analyzing the data. This study discovered a high level of visitors’ attitude product and service of Bangpu Recreation Centre, price, place, promotional activities, people who provided service and physical evidence of the centre. The attitude towards process of service was discovered to be at a medium level. Additionally, the finding of an examination of a relationship between visitors’ attitude towards service marketing mix and visitors’ frequency of visit to Bangpu Recreation Centre presented that product and service, people, physical evidence and process of service provision showed a relationship with the visitors’ frequency of visit to the centre per year.

Keywords: frequency of visit, visitor, service marketing mix, Bangpu Recreation Centre

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Authors: Vesna Lukovic

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Online platforms as new business models play an important role in today’s economy and the functioning of the EU’s internal market. In the travel industry, algorithms used by online platforms for short-stay accommodation provide suggestions and price information to travelers. Those suggestions and recommendations are displayed in search results via recommendation (ranking) systems. There has been a growing consensus that the current legal framework was not sufficient to resolve problems arising from platform practices. In order to enhance the potential of the EU’s Single Market, smaller businesses should be protected, and their rights strengthened vis-à-vis large online platforms. The Regulation (EU) 2019/1150 of the European Parliament and of the Council on promoting fairness and transparency for business users of online intermediation services aims to level the playing field in that respect. This research looks at Airbnb through the lenses of this regulation. The research explores key determinants and finds that although regulation is an important step in the right direction, it is not enough. It does not entail sufficient clarity obligations that would make online platforms an intermediary service which both accommodation providers and travelers could use with ease.

Keywords: algorithm, online platforms, ranking, consumers, EU regulation

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Authors: Thi Hai Anh Nguyen, Pantea Aria

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Tiki is one of the leading e-commerce companies in Viet Nam. Since the beginning of 2020, COVID-19 has been spreading around the world. Thanks to this pandemic, the Tiki platform has many strengths and has faced many threats. Customer behaviour was forecasted to change during the COVID-19 pandemic. The aim of the investigation is (1) Identifying factors affecting online consumer behaviour of Tiki in Ho Chi Minh City, Vietnam, (2) Measuring the level of impact of these factors, and (3) Recommendations for Tiki to improve its business strategy for the next stage. This research studies eight factors and collected 378 online surveys for analysis. Using SPSS software identified five factors (product, price, reliability, and web design) positively influencing customer behaviour. COVID-19 factor does not impact significantly Tiki’s customer behaviour. This research conducted some qualitative interviews to understand shopping experiences and customers’ expectations. One of these interviews’ main points is that Tiki’s customers have high trust in the Tiki brand and its high-quality products. Based on the results, the Tiki corporation should secure its core value. Tiki’s employees and logistics systems should be well-trained and optimized to improve customer experiences.

Keywords: COVID-19, e-commerce, impact, pandemic, Vietnam

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Authors: K. Cartelier, D. Aime, V. Vernoud, J. Buitink, J. M. Prosperi, K. Gallardo, C. Le Signor

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Legumes can produce protein-rich seeds without nitrogen fertilizer through root symbiosis with nitrogen-fixing rhizobia. Rich in lysine, these proteins are used for human nutrition and animal feed. However, the instability of seed protein yield and quality due to environmental fluctuations limits the wider use of legumes such as pea. Breeding efforts are needed to optimize and stabilize seed nutritional value, which requires to identify the genetic determinism of seed protein plasticity in response to the environment. Towards this goal, we have studied the plasticity of protein content and composition of seeds from a collection of 200 Medicago truncatula ecotypes grown under four controlled conditions (optimal, drought, and winter/spring sowing). A quantitative analysis of one-dimensional protein profiles of these mature seeds was performed and plasticity indices were calculated from each abundant protein band. Genome-Wide Association Studies (GWAS) from these data identified major GWAS hotspots, from which a list of candidate genes was obtained. A Gene Ontology Enrichment Analysis revealed an over-representation of genes involved in several amino acid metabolic pathways. This led us to propose that environmental variations are likely to modulate amino acid balance, thus impacting seed protein composition. The selection of candidate genes for controlling the plasticity of seed protein composition was refined using transcriptomics data from developing Medicago truncatula seeds. The pea orthologs of key genes were identified for functional studies by mean of TILLING (Targeting Induced Local Lesions in Genomes) lines in this crop. We will present how this study highlighted mechanisms that could govern seed protein plasticity, providing new cues towards the stabilization of legume seed quality.

Keywords: GWAS, Medicago truncatula, plasticity, seed, storage proteins

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Authors: Kriti Jain, Sucha Singh Gill

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Subsidies have been a major part of agricultural policies around the world, and more extensively since the green revolution in developing countries, for the sake of attaining higher agricultural productivity and achieving food security. But entrenched subsidies lead to distorted incentives and promote inefficiencies in the agricultural sector, threatening the viability of these very subsidies and sustainability of the agricultural production systems, posing a threat to the livelihood of farmers and laborers dependent on it. This paper analyzes the economic and ecological sustainability implications of prolonged input and output subsidies in agriculture by studying the case of Indian Punjab, an agriculturally developed state responsible for ensuring food security in the country when it was facing a major food crisis. The paper focuses specifically on the environmentally unsustainable cropping pattern changes as a result of Minimum Support Price (MSP) and assured procurement and on the resource use efficiency and cost implications of power subsidy for irrigation in Punjab. The study is based on an analysis of both secondary and primary data sources. Using secondary data, a time series analysis was done to capture the changes in Punjab’s cropping pattern, water table depth, fertilizer consumption, and electrification of agriculture. This has been done to examine the role of price and output support adopted to encourage the adoption of green revolution technology in changing the cropping structure of the state, resulting in increased input use intensities (especially groundwater and fertilizers), which harms the ecological balance and decreases factor productivity. Evaluation of electrification of Punjab agriculture helped evaluate the trend in electricity productivity of agriculture and how free power imposed further pressure on the extant agricultural ecosystem. Using data collected from a primary survey of 320 farmers in Punjab, the extent of wasteful application of groundwater irrigation, water productivity of output, electricity usage, and cost of irrigation driven electricity subsidy to the exchequer were estimated for the dominant cropping pattern amongst farmers. The main findings of the study revealed how because of a subsidy has driven agricultural framework, Punjab has lost area under agro climatically suitable and staple crops and moved towards a paddy-wheat cropping system, that is gnawing away the state’s natural resources like water table has been declining at a significant rate of 25 cms per year since 1975-76, and excessive and imbalanced fertilizer usage has led to declining soil fertility in the state. With electricity-driven tubewells as the major source of irrigation within a regime of free electricity and water-intensive crop cultivation, there is both wasteful application of irrigation water and electricity in the cultivation of paddy crops, burning an unproductive hole in the exchequer’s pocket. There is limited access to both agricultural extension services and water-conserving technology, along with policy imbalance, keeping farmers in an intensive and unsustainable production system. Punjab agriculture is witnessing diminishing returns to factor, which under the business-as-usual scenario, will soon enter the phase of negative returns to factor.

Keywords: cropping pattern, electrification, subsidy, sustainability

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Authors: Zubier Arfan, Paul Johnson

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The electronification of financial markets and the rise of algorithmic trading has sparked a lot of interest from the mathematical community, for the market making-problem in particular. The research presented in this short paper solves the classic stochastic control problem in order to derive the strategy for a market-maker. It also shows how to calibrate and simulate the strategy with real limit order book data for back-testing. The ambiguity of limit-order priority in back-testing is dealt with by considering optimistic and pessimistic priority scenarios. The model, although it does outperform a naive strategy, assumes constant volatility, therefore, is not best suited to the LOB data. The Heston model is introduced to describe the price and variance process of the asset. The Trader's constant absolute risk aversion utility function is optimised by numerically solving a 3-dimensional Hamilton-Jacobi-Bellman partial differential equation to find the optimal limit order quotes. The results show that the stochastic volatility market-making model is more suitable for a risk-averse trader and is also less sensitive to calibration error than the constant volatility model.

Keywords: market-making, market-microsctrucure, stochastic volatility, quantitative trading

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Authors: Jipeng Yan, Xingchen Yang, Xiaowei Zhou, Mengxing Tang, Honghai Liu

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Shear elastic modulus of skeletal muscles can be obtained by shear wave elastography (SWE) and has been linearly related to muscle force. However, SWE is currently implemented using array probes. Price and volumes of these probes and their driving equipment prevent SWE from being used in wearable human-machine interfaces (HMI). Moreover, beamforming processing for array probes reduces the real-time performance. To achieve SWE by wearable HMIs, a customized three-element probe is adopted in this work, with one element for acoustic radiation force generation and the others for shear wave tracking. In-phase quadrature demodulation and 2D autocorrelation are adopted to estimate velocities of tissues on the sound beams of the latter two elements. Shear wave speeds are calculated by phase shift between the tissue velocities. Three agar phantoms with different elasticities were made by changing the weights of agar. Values of the shear elastic modulus of the phantoms were measured as 8.98, 23.06 and 36.74 kPa at a depth of 7.5 mm respectively. This work verifies the feasibility of measuring shear elastic modulus by wearable devices.

Keywords: shear elastic modulus, skeletal muscle, ultrasound, wearable human-machine interface

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Authors: Samual Ayeni, A. S. Akinbani

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At present when the price of petroleum is going down beyond bearable level, there is a need to diversify the economy towards arable crop production since Nigeria is an agrarian country. Yam plays prominent role in solving the problem of hunger in Nigeria. There is scarcity of information on the effect of fertilizers in increasing the yield of yam and maintaining soil properties in South Western Nigeria. This study was therefore set up to determine fertilizer effect on properties and yield of yam. The experiment was conducted at Adeyemi College of Education Teaching and Research Farm to compare the effect of organic, Organomineral and mineral fertilizers on yield of yam. Ten treatments were used 10t/ha Wood Ash, 10t/ha Cattle Dung, 10t/ha Poultry Manure, 10t/ha Manufactured Organic, 10t/ha Organomineral Fertilizer, 400kg/ha NPK, 400kg/ha SSP, 400kg/ha Urea and control with treatment. The treatments were laid out in a Randomized Complete Block Design (RCBD) and replicated three times. Compared with control, Organomineral fertilizer significantly (P < 0.05) increased the soil moisture content, poultry manure, wood ash significantly decreased (< 0.05) the bulk density. Application of 10t/ha Organomineral fertilizer recorded the highest increase in the yield of yam among the treatments.

Keywords: organomineral fertilizer, organic fertilizer, SSP, bulk density

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Authors: Shobhit Mittal

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Headcount budgeting stands as a pivotal element in organizational financial management, extending beyond traditional budgeting to encompass strategic resource allocation for workforce-related expenses. This process is integral to maintaining financial stability and fostering a productive workforce, requiring a comprehensive analysis of factors such as market trends, business growth projections, and evolving workforce skill requirements. It demands a collaborative approach, primarily involving Human Resources (HR) and finance departments, to align workforce planning with an organization's financial capabilities and strategic objectives. The dynamic nature of headcount budgeting necessitates continuous monitoring and adjustment in response to economic fluctuations, business strategy shifts, technological advancements, and market dynamics. Its significance in talent management is also highlighted, aligning financial planning with talent acquisition and retention strategies to ensure a competitive edge in the market. The consequences of incorrect headcount budgeting are explored, showing how it can lead to financial strain, operational inefficiencies, and hindered strategic objectives. Examining case studies like IBM's strategic workforce rebalancing and Microsoft's shift for long-term success, the importance of aligning headcount budgeting with organizational goals is underscored. These examples illustrate that effective headcount budgeting transcends its role as a financial tool, emerging as a strategic element crucial for an organization's success. This necessitates continuous refinement and adaptation to align with evolving business goals and market conditions, highlighting its role as a key driver in organizational success and sustainability.

Keywords: strategic planning, fiscal budget, headcount planning, resource allocation, financial management, decision-making, operational efficiency, risk management, headcount budget

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Authors: Chien Y. Lin, Jung Y. Huang, Leu-Wei Lo

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A growing body of data reveals that the membrane cholesterol molecules can alter the signaling pathways of living cells. However, the understanding about how membrane cholesterol modulates receptor proteins is still lacking. Single-molecule tracking can effectively probe into the microscopic environments and thermal fluctuations of receptor proteins in a living cell. In this study we applies single-molecule optical tracking on ligand-induced dimerization process of EGFRs in the plasma membranes of two cancer cell lines (HeLa and A431) and one normal endothelial cell line (MCF12A). We tracked individual EGFR and dual receptors, diffusing in a correlated manner in the plasma membranes of live cells. We developed an energetic model by integrating the generalized Langevin equation with the Cahn-Hilliard equation to help extracting important information from single-molecule trajectories. From the study, we discovered that ligand-bound EGFRs move from non-raft areas into lipid raft domains. This ligand-induced motion is a common behavior in both cancer and normal cells. By manipulating the total amount of membrane cholesterol with methyl-β-cyclodextrin and the local concentration of membrane cholesterol with nystatin, we further found that the amount of cholesterol can affect the stability of EGFR dimers. The EGFR dimers in the plasma membrane of normal cells are more sensitive to the local concentration changes of cholesterol than EGFR dimers in the cancer cells. Our method successfully captures dynamic interactions of receptors at the single-molecule level and provides insight into the functional architecture of both the diffusing EGFR molecules and their local cellular environment.

Keywords: membrane proteins, single-molecule tracking, Cahn-Hilliard equation, EGFR dimers

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Authors: Ozgu Turgut

Abstract:

Water scarcity is a problem for many regions which requires immediate action, and solutions cannot be postponed for a long time. It is known that farming consumes a significant portion of usable water. Although in recent years, the efforts to make the transition to dripping or spring watering systems instead of using surface watering started to pay off. It is also known that this transition is not necessarily translated into an increase in the capacity dedicated to other water consumption channels such as city water or power usage. In order to control and allocate the water resource more purposefully, new watering systems have to be used with monitoring abilities that can limit the usage capacity for each farm. In this study, a decision support model which relies on a bi-objective stochastic linear optimization is proposed, which takes crop yield and price volatility into account. The model generates annual planting plans as well as water usage limits for each farmer in the region while taking the total value (i.e., profit) of the overall harvest. The mathematical model is solved using the L-shaped method optimally. The decision support model can be especially useful for regional administrations to plan next year's planting and water incomes and expenses. That is why not only a single optimum but also a set of representative solutions from the Pareto set is generated with the proposed approach.

Keywords: decision support, farming, water, tactical planning, optimization, stochastic, pareto

Procedia PDF Downloads 74

Authors: Prompassorn Chunhabunyatip

Abstract:

The objectives of this research were to study the factors affecting the participation of local people and the obstacles and recommendations towards local people’s participation in illuminated boat procession culture. The study looked at both qualitative, and quantitative data were collected by in-depth interview and analyzed by the descriptive approach. The 296 samplings were a local community who participated in constructing the illuminated boat in each community for 14 communities. The results of this study showed that the factor that encourages local people’s participation in illuminated both procession is the awareness of an importance of cultural uniqueness in the local. The problems and obstacles to the participation in illuminated boat procession include the resources for constructing illuminated both such as bamboos are run out of and price increasing, lack of proper cooperation between local people and government officers and conflict in interests between in local government office. So, the result of this study recommended that the government officers should be taken into account about community participation in the illuminated boat procession culture because without local people, the uniqueness culture of Nakhon Phanom Province would not exist and they would not reach the sustainable tourism goal.

Keywords: illuminated both culture, community participation, sustainable tourism management, Nakhon Phanom province

Procedia PDF Downloads 359

Authors: Keith Dominic T. Li

Abstract:

The soaring prices of residential properties in Hong Kong has become a social problem that even the middle class is having dif?iculties in purchasing homes. In making policies to curb the prices, it is important to determine the factors that contribute to the property in?lation. Many researches attribute this in?lation to macroeconomic factors especially the interest rate. However, it is important to remember that Hong Kong is under a Currency Board system which makes its interest rate exogenously determined. This research aims to show the signi?icance of the money supply on Hong Kong residential property prices in post-1997 Asian Financial Crisis period. Using money supply data, macroeconomic fundamentals, and demographic variables from 2000Q1 to 2013Q2, the factors contributed to residential property price in?lation are estimated to calculate the share of each explanatory variable in disparity. It is found that the Hong Kong property market is mainly driven by investment and that the in?lation on Hong Kong residential property prices can explained by the increase in the Hang Seng Index and in the money supply M2.

Keywords: real estate, Hong Kong, property market, monetary economics, monetary policy

Procedia PDF Downloads 533

Authors: Eiji Okano, Kazuyuki Inagaki

Abstract:

We revisit Uribe's `Fiscal Theory of Sovereign Risk' advocating that there is a trade-off between stabilizing inflation and suppressing default. We develop a class of dynamic stochastic general equilibrium (DSGE) model with nominal rigidities and compare two de facto inflation stabilization policies, optimal monetary policy and optimal monetary and fiscal policy with the minimizing interest rate spread policy which completely suppress the default. Under the optimal monetary and fiscal policy, not only the nominal interest rate but also the tax rate work to minimize welfare costs through stabilizing inflation. Under the optimal monetary both inflation and output gap are completely stabilized although those are fluctuating under the optimal monetary policy. In addition, volatility in the default rate under the optimal monetary policy is considerably lower than one under the optimal monetary policy. Thus, there is not the SI-SD trade-off. In addition, while the minimizing interest rate spread policy makes inflation rate severely volatile, the optimal monetary and fiscal policy stabilize both the inflation and the default. A trade-off between stabilizing inflation and suppressing default is not so severe what pointed out by Uribe.

Keywords: sovereign risk, optimal monetary policy, fiscal theory of the price level, DSGE

Procedia PDF Downloads 321

Authors: D. A. S. Gamage, B. F. A. Basnayake, W. A. J. M. De Costa

Abstract:

Agriculture plays an important and strategic role in the performance of Sri Lankan national economy. Rice is the staple food of Sri Lankans thus; rice cultivation is the major agricultural activity of the country. In Sri Lanka, out of the total rice production, a considerable amount of rice straw and rice husk goes wasted. Hence, there is a great potential of production of quality compost and rice husk charcoal. The concept of making rice straw compost and rice husk charcoal is practicable in Sri Lanka, where more than 40% of the farmers are engaged in rice cultivation. The application of inorganic nitrogen fertilizer has become a burden to the country. Rice husk charcoal as a coating material to retain N fertilizer is a suitable solution to gradually release nitrogenous compounds. Objective of this study was to produce rice husk charcoal coated urea as a slow releasing fertilizer with rice straw compost and to compare the leaching losses of nitrogen, phosphorus and potassium using leaching columns. Leaching column studies were prepared using 1.2 m tall PVC pipes with a diameter of 15 cm and a sampling port was attached to the bottom end of the column-cap. Leachates (100 ml/leaching column) were obtained from two sets of (each set has four leaching columns) leaching columns. The sampling was done once a week for 3 month period. Rice husk charcoal coated urea can potentially be used as a slow releasing nitrogen fertilizer which reduces leaching losses of urea. It also helps reduce the phosphate and potassium leaching. The cyclic effect of phosphate release is an important finding which could be the central issue in defining microbial behavior in soils. The fluctuations of phosphate may have cyclic effects of 28 days. In addition, rice straw compost and rice husk charcoal coating is less costly and contribute to mitigate pollution of water bodies by inorganic fertilizers.

Keywords: leaching, mitigate, rice husk charcoal, slow releasing fertilizer

Procedia PDF Downloads 326

Authors: Cem Isik Dogru, Salih Tekin, Kursad Derinkuyu

Abstract:

Electric vehicle (EV) carsharing is an alternative method to tackle urban transportation problems. This method can be applied by several options. One of the options is the one-way carsharing, which allow an EV to be taken at a designated location and leaving it on another specified location customer desires. Although it may increase users’ satisfaction, the issues, namely, demand dissatisfaction, relocation of EVs and charging schedules, must be dealt with. Also, excessive electricity has to be stored in batteries of EVs. To cope with aforementioned issues, two-step mixed integer programming (MIP) model is proposed. In first step, the integer programming model is used to determine amount of electricity to be sold to the grid in terms of time periods for extra profit. Determined amounts are provided from the batteries of EVs. Also, this step works in day-ahead electricity markets with forecast of periodical electricity prices. In second step, other MIP model optimizes daily operations of one-way carsharing: charging-discharging schedules, relocation of EVs to serve more demand and renting to maximize the profit of EV fleet owner. Due to complexity of the models, heuristic methods are introduced to attain a feasible solution and different price information scenarios are compared.

Keywords: electric vehicles, forecasting, mixed integer programming, one-way carsharing

Procedia PDF Downloads 130

Authors: Mustofa Mahmud Al Mamun

Abstract:

Government spending, one of the major components of gross domestic product (GDP), is composed of government consumption, investment, and transfer payments. A change in government spending during recessionary periods can generate an increase in GDP greater than the increase in spending. This is called the "multiplier effect". Accurate estimation of government spending multiplier is important because fiscal policy has been used to stimulate a flagging economy. Many recent studies have focused on identifying parts of the economy that responds more to a stimulus under a variety of circumstances. This paper used the US dataset from 1966 to 2020 and local projection method assuming standard identification strategy to estimate the multipliers. The model includes important macroaggregates and controls for forecasted government spending, interest rate, consumer price index (CPI), export, import, and level of public debt. Investment multipliers are found to be positive and larger than the consumption multipliers. Consumption multipliers are either negative or not significantly different than zero. Results do not vary across the business cycle. However, the consumption multiplier estimated from pre-1980 data is positive.

Keywords: business cycle, consumption multipliers, forecasted government spending, investment multipliers, local projection method, zero lower bound

Procedia PDF Downloads 232