Search results for: price elasticity

Authors: Wannakorn Sangthongngam, Melissa Huerta, Jaewoo Kim, Doyeon Kim

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Continuous glucose monitoring systems are essential for diabetics to avoid health complications but come at a costly price, especially when insurance does not fully cover the diabetic testing kits needed. This paper proposes a noninvasive continuous glucose monitoring system to provide an accessible, low-cost, and painless alternative method of accurate glucose measurements to help improve quality of life. Using a light source with a wavelength of 850nm illuminates the fingertip for the photodetector to detect the transmitted light. Utilizing SeeDevice’s photon-assisted tunneling photodetector (PAT-PD)-based QMOS™ sensor, fluctuations of voltage based on photon absorption in blood cells are comparable to traditional glucose measurements. The performance of the proposed method was validated using 4 test participants’ transmitted voltage readings compared with measurements obtained from the Accu-Chek glucometer. The proposed method was able to successfully measure concentrations from linear regression calculations.

Keywords: continuous glucose monitoring, non-invasive continuous glucose monitoring, NIR, photon-assisted tunneling photodetector, QMOS™, wearable device

Procedia PDF Downloads 98

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

Procedia PDF Downloads 150

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: Kristina Sutiene, Lina Dapkute

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The paper investigates the current demographic trends that exert the sustainability of pension systems in most EU regions. Several drivers usually compose the demographic challenge, coming from the structure and trends of population in the country. As the case of research, three main variables of demographic risk in Lithuania have been singled out and have been used in making up the analysis. Over the last two decades, the country has presented a peculiar demographic situation characterized by pessimistic fertility trends, negative net migration rate and rising life expectancy that make the significant changes in labor-age population. This study, therefore, sets out to assess the relative impact of these risk factors both individually and in aggregate, while assuming economic trends to evolve historically. The evidence is presented using data of pension funds that operate in Lithuania and are financed by defined-contribution plans. To achieve this goal, the discrete-time pension fund’s value model is developed that reflects main operational modalities: contribution income from current participants and new entrants, pension disbursement and administrative expenses; it also fluctuates based on returns from investment activity. Age-structured Leslie population dynamics model has been integrated into the main model to describe the dynamics of fertility, migration and mortality rates upon age. Validation has concluded that Leslie model adequately fits the current population trends in Lithuania. The elasticity of pension system is examined using Loimaranta efficiency as a measure for comparison of plausible long-term developments of demographic risks. With respect to the research question, it was found that demographic risks have different levels of influence on future value of aggregated pension funds: The fertility rates have the highest importance, while mortality rates give only a minor impact. Further studies regarding the role of trying out different economic scenarios in the integrated model would be worthwhile.

Keywords: asset liability modelling, Leslie model, pension funds, population dynamics

Procedia PDF Downloads 269

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

Procedia PDF Downloads 297

Authors: Ozgu Turgut

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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

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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

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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

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Authors: Eiji Okano, Kazuyuki Inagaki

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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: Cem Isik Dogru, Salih Tekin, Kursad Derinkuyu

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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

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Authors: Krasimira N. Zhilkova, Mariya K. Kyulavska, Roza P. Mateva

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The anionic polymerization of -caprolactam (CL) with bifunctional activators has been extensively studied as an effective and beneficial method of improving chemical and impact resistances, elasticity and other mechanical properties of polyamide (PA6). In presence of activators or macroactivators (MAs) also called polymeric activators (PACs) the anionic polymerization of lactams proceeds rapidly at a temperature range of 130-180C, well below the melting point of PA-6 (220C) permitting thus the direct manufacturing of copolymer product together with desired modifications of polyamide properties. Copolymers of PA6 with an elastic polypropylene glycol (PPG) middle block into main chain were successfully synthesized via activated anionic ring opening polymerization (ROP) of CL. Using novel PACs based on PPG polyols (with differ molecular weight) the anionic ROP of CL was realized and investigated in the presence of a basic initiator sodium salt of CL (NaCL). The PACs were synthesized as N-carbamoyllactam derivatives of hydroxyl terminated PPG functionalized with isophorone diisocyanate [IPh, 5-Isocyanato-1-(isocyanatomethyl)-1,3,3-trimethylcyclohexane] and blocked then with CL units via an addition reaction. The block copolymers were analyzed and proved with 1H-NMR and FT-IR spectroscopy. The influence of the CL/PACs ratio in feed, the length of the PPG segments and polymerization conditions on the kinetics of anionic ROP, on average molecular weight, and on the structure of the obtained block copolymers were investigated. The structure and phase behaviour of the copolymers were explored with differential scanning calorimetry, wide-angle X-ray diffraction, thermogravimetric analysis and dynamic mechanical thermal analysis. The crystallinity dependence of PPG content incorporated into copolymers main backbone was estimate. Additionally, the mechanical properties of the obtained copolymers were studied by notched impact test. From the performed investigation in this study could be concluded that using PPG based PACs at the chosen ROP conditions leads to obtaining well-defined PA6-b-PPG-b-PA6 copolymers with improved impact resistance.

Keywords: anionic ring opening polymerization, caprolactam, polyamide copolymers, polypropylene glycol

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Authors: R. Meier, M. Pander

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In accordance with the industry 4.0 concept, manufacturing process steps as well as the materials themselves are going to be more and more digitalized within the next years. The “digital twin” representing the simulated and measured dataset of the (semi-finished) product can be used to control and optimize the individual processing steps and help to reduce costs and expenditure of time in product development, manufacturing, and recycling. In the present work, two material characterization methods based on Lamb waves were evaluated and compared. For demonstration purpose, both methods were shown at a standard industrial product - copper ribbons, often used in photovoltaic modules as well as in high-current microelectronic devices. By numerical approximation of the Rayleigh-Lamb dispersion model on measured phase velocities second order elastic constants (Young’s modulus, Poisson’s ratio) were determined. Furthermore, the effective third order elastic constants were evaluated by applying elastic, “non-destructive”, mechanical stress on the samples. In this way, small microstructural variations due to mechanical preconditioning could be detected for the first time. Both methods were compared with respect to precision and inline application capabilities. Microstructure of the samples was systematically varied by mechanical loading and annealing. Changes in the elastic ultrasound transport properties were correlated with results from microstructural analysis and mechanical testing. In summary, monitoring the elastic material properties of plate-like structures using Lamb waves is valuable for inline and non-destructive material characterization and manufacturing process control. Second order elastic constants analysis is robust over wide environmental and sample conditions, whereas the effective third order elastic constants highly increase the sensitivity with respect to small microstructural changes. Both Lamb wave based characterization methods are fitting perfectly into the industry 4.0 concept.

Keywords: lamb waves, industry 4.0, process control, elasticity, acoustoelasticity, microstructure

Procedia PDF Downloads 227

Authors: Mustofa Mahmud Al Mamun

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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

Authors: Xueying Zhao, Ke Ma, Hui Li, Yu Cao, Fan Yang, Qingwen Xu, Wenbin Liu

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Massively parallel sequencing (MPS) technologies allow high-throughput sequencing analyses with a relatively affordable price and have gradually been applied to forensic casework. MPS technology identifies short tandem repeat (STR) loci based on sequence so that repeat motif variation within STRs can be detected, which may help one to infer the origin of the mutation in some cases. Here, we report on one case with one three-step mismatch (D18S51) in family trios based on both capillary electrophoresis (CE) and MPS typing. The alleles of the alleged father (AF) are [AGAA]₁₇AGAG[AGAA]₃ and [AGAA]₁₅. The mother’s alleles are [AGAA]₁₉ and [AGAA]₉AGGA[AGAA]₃. The questioned child’s (QC) alleles are [AGAA]₁₉ and [AGAA]₁₂. Given that the sequence variants in repeat regions of AF and mother are not observed in QC’s alleles, the QC’s allele [AGAA]₁₂ was likely inherited from the AF’s allele [AGAA]₁₅ by loss of three repeat [AGAA]. Besides, two new alleles of D18S51 in this study, [AGAA]₁₇AGAG[AGAA]₃ and [AGAA]₉AGGA[AGAA]₃, have not been reported before. All the results in this study were verified using Sanger-type sequencing. In summary, the MPS typing method can offer valuable information for forensic genetics research and play a promising role in paternity testing.

Keywords: family trios analysis, forensic casework, ion torrent personal genome machine (PGM), massively parallel sequencing (MPS)

Procedia PDF Downloads 302

Authors: Ghada Abo-Zaid

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Introduction: Oil is one of the most income source in Bahrain. Low oil price influence on the economy growth and the investment rate in Bahrain. For example, the economic growth was 3.7% in 2012, and it reduced to 2.9% in 2015. Investment rate was 9.8% in 2012, and it is reduced to be 5.9% and -12.1% in 2014 and 2015, respectively. The inflation rate is increased to the peak point in 2013 with 3.3 %. Objectives: The objectives here are to build statistical models to examine the effect of the interest rate inflation rate on the growth economy in Bahrain from 2000 to 2018. Methods: This study based on 18 years, and the multiple regression model is used for the analysis. All of the missing data are omitted from the analysis. Results: Regression model is used to examine the association between the Growth national product (GNP), the inflation rate, and real interest rate. We found that (i) Increase the real interest rate decrease the GNP. (ii) Increase the inflation rate does not effect on the growth economy in Bahrain since the average of the inflation rate was almost 2%, and this is considered as a low percentage. Conclusion: There is a positive impact of the real interest rate on the GNP in Bahrain. While the inflation rate does not show any negative influence on the GNP as the inflation rate was not large enough to effect negatively on the economy growth rate in Bahrain.

Keywords: growth national product, egypt, regression model, interest rate

Procedia PDF Downloads 167

Authors: Erick Pruchnicki, Nikhil Padhye

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Plates are important engineering structures which have attracted extensive research since the 19th century. The subject of this work is statical analysis of a linearly elastic homogenous plate under small deformations. A 'thin plate' is a three-dimensional structure comprising of a small transverse dimension with respect to a flat mid-surface. The general aim of any plate theory is to deduce a two-dimensional model, in terms of mid-surface quantities, to approximately and accurately describe the plate's deformation in terms of mid-surface quantities. In recent decades, a common starting point for this purpose is to utilize series expansion of a displacement field across the thickness dimension in terms of the thickness parameter (h). These attempts are mathematically consistent in deriving leading-order plate theories based on certain a priori scaling between the thickness and the applied loads; for example, asymptotic methods which are aimed at generating leading-order two-dimensional variational problems by postulating formal asymptotic expansion of the displacement fields. Such methods rigorously generate a hierarchy of two-dimensional models depending on the order of magnitude of the applied load with respect to the plate-thickness. However, in practice, applied loads are external and thus not directly linked or dependent on the geometry/thickness of the plate; thus, rendering any such model (based on a priori scaling) of limited practical utility. In other words, the main limitation of these approaches is that they do not furnish a single plate model for all orders of applied loads. Following analogy of recent efforts of deploying Fourier-series expansion to study convergence of reduced models, we propose two-dimensional model(s) resulting from truncation of the potential energy and rigorously prove the convergence of these two-dimensional plate models to the parent three-dimensional linear elasticity with increasing truncation order of the potential energy.

Keywords: plate theory, Fourier-series expansion, convergence result, Legendre polynomials

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Authors: Fisaha Asmelash

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The processing of textiles to achieve a desired handle is a crucial aspect of finishing technology. Softeners can enhance the properties of textiles, such as softness, smoothness, elasticity, hydrophilicity, antistatic properties, and soil release properties, depending on the chemical nature used. However, human skin is sensitive to rough textiles, making softeners increasingly important. Although synthetic softeners are available, they are often expensive and can cause allergic reactions on human skin. This paper aims to extract a natural softener from Ricinus communis and produce an eco-friendly and user-friendly alternative due to its 100% herbal and organic nature. Crushed Ricinus communis seeds were soaked in a mechanical oil extractor for one hour with a 100g cotton fabric sample. The defatted cake or residue obtained after the extraction of oil from the seeds, also known as Ricinus communis meal, was obtained by filtering the raffinate and then dried at 1030c for four hours before being stored under laboratory conditions for the softening process. The softener was applied directly to 100% cotton fabric using the padding process, and the fabric was tested for stiffness, crease recovery, and drape ability. The effect of different concentrations of finishing agents on fabric stiffness, crease recovery, and drape ability was also analyzed. The results showed that the change in fabric softness depends on the concentration of the finish used. As the concentration of the finish was increased, there was a decrease in bending length and drape coefficient. Fabrics with a high concentration of softener showed a maximum decrease in drape coefficient and stiffness, comparable to commercial softeners such as silicon. The highest decrease in drape coefficient was found to be comparable with commercial softeners, silicon. Maximum increases in crease recovery were seen in fabrics treated with Ricinus communis softener at a concentration of 30gpl. From the results, the extracted softener proved to be effective in the treatment of 100% cotton fabric

Keywords: ricinus communis, crease recovery, drapability, softeners, stiffness

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Authors: Ebrahim Sabermaash Eshghi, Donna Sandsmark

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In changing modern economic conditions of the world, one the most important issues facing managers of firms, is increasing the sales and profitability through sales of newly developed products. This is while purpose of decreasing unnecessary costs is one of the most essential programs of smart managers for more implementation with new conditions in current business. In modern life, condition of misgiving is dominant in all of the industries. Accordingly, in this research, influence of different aspects of presenting products to the market is investigated. This study is done through a Quantitative-Qualitative (Interviews and Questionnaire) approach. In sum, 103 of informed managers and experts of Pars-Khazar Company have been examined through census. Validity of measurement tools was approved through judgments of experts. Reliability of tools was gained through Cronbach's alpha coefficient in size of 0.930 and in sum, validity and reliability of tools were approved generally. Results of regression test revealed that the influence of all aspects of product introduction supported the performance of product, positively and significantly. In addition that influence of two new factors raised from the interview, namely Human Resource Management and Management of product’s pre-test on performance of products was approved.

Keywords: introducing products, performance, home appliances, price, advertisement, production

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Authors: O. Mowla, E. Kennedy, M. Stockenhuber

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Finding alternative renewable resources of energy has attracted the attentions in consequence of limitation of the traditional fossil fuel resources, increasing of crude oil price and environmental concern over greenhouse gas emissions. Biodiesel (or Fatty Acid Methyl Esters (FAME)), an alternative energy source, is synthesised from renewable sources such as vegetable oils and animal fats and can be produced from waste oils. FAME can be produced via hydroesterification of oils. The process involves two stages. In the first stage of this process, fatty acids and glycerol are being obtained by hydrolysis of the feed stock oil. In the second stage, the recovered fatty acids are then esterified with an alcohol to methyl esters. The presence of a catalyst accelerates the rate of the hydroesterification reaction of oils. The overarching aim of this study is to find the effect of using zeolite as a catalyst in the heterogeneous hydroesterification of soybean oil. Both stages of the catalytic hydroesterification of soybean oil had been conducted at atmospheric and high-pressure conditions using reflux glass reactor and Parr reactor, respectively. The effect of operating parameters such as temperature and reaction time on the overall yield of biodiesel formation was also investigated.

Keywords: biodiesel, heterogeneous catalytic hydroesterification, soybean oil, zeolite

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Authors: Gabriela Tutuanu

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The economic, social and environmental undesirable impact of the existing development pattern pushes to the adoption and use of a new development paradigm that of sustainable development. This paper intends to substantiate how the marketing can help the sustainable development. It begins with the subjects of sustainable development and sustainable marketing as they are discussed in literature. The sustainable development is a three dimensional concept which embeds the economic dimension, the social dimension and the environmental dimension that ask to have in view the simultaneous pursuit of economic prosperity, social equity and environmental quality. A major challenge to achieve these goals at business level and to integrate all three dimensions of sustainability is the sustainable marketing. The sustainable marketing is a relationship marketing that aims at building lasting relationships with the social and natural environment on a long-term thinking and futurity and this philosophy allows helping all three dimensions of sustainability. As marketing solutions that could contribute to the sustainable development. We advance the stimulation of sustainable demand, the constant innovation and improvement of sustainable products, the design and use of customized communication, a multichannel distribution network and the sale of sustainable products and services at fair prices. Their implementation will increase the economic, social and environmental sustainability at a large extent in the future if they are supported by political, governmental and legal authorities.

Keywords: sustainable development, sustainable marketing, sustainable demand, sustainable product, credible communication, multi-channel distribution network, fair price

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Authors: Nofiu A. Musa, Olubola Babalola

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The study explored the effect of ICT on the accuracy of Preliminary Cost Estimates (PCEs) prepared by quantity surveying consulting firms in Nigeria for building projects, with a view to determining the desirability of the adoption and use of the technological innovation for preliminary estimating. Thus, data pertinent to the study were obtained through questionnaire survey conducted on a sample of one hundred and eight (108) quantity surveying firms selected from the list of registered firms compiled by the Nigerian Institute of Quantity Surveyors (NIQS), Lagos State Chapter through systematic random sampling. The data obtained were analyzed with SPSS version 17 using student’s t-tests at 5% significance level. The results obtained revealed that the mean bias and co-efficient of variation of the PCEs of the firms are significantly less at post ICT adoption period than the pre ICT adoption period, F < 0.05 in each case. The paper concluded that the adoption and use of the Technological Innovation (ICT) has significantly improved the accuracy of the Preliminary Cost Estimates (PCEs) of building projects, hence, it is desirable.

Keywords: accepted tender price, accuracy, bias, building projects, consistency, information and communications technology, preliminary cost estimates

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Authors: Anna Crivellari, Valerio Cozzani

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Even though most of the electricity produced in the entire world still comes from fossil fuels, new policies are being implemented in order to promote a more sustainable use of energy sources. Offshore renewable resources have become increasingly attractive thanks to the huge entity of power potentially obtained. However, the intermittent nature of renewables often limits the capacity of the systems and creates mismatches between supply and demand. Hydrogen is foreseen to be a promising vector to store and transport large amounts of excess renewable power by using existing oil and gas infrastructure. In this work, an offshore hybrid energy system integrating wind energy conversion with hydrogen production was conceptually defined and applied to offshore gas platforms. A techno-economic analysis was performed by considering two different locations for the installation of the innovative power system, i.e., the North Sea and the Adriatic Sea. The water depth, the distance of the platform from the onshore gas grid, the hydrogen selling price and the green financial incentive were some of the main factors taken into account in the comparison. The results indicated that the use of well-defined indicators allows to capture specifically different cost and revenue features of the analyzed systems, as well as to evaluate their competitiveness in the actual and future energy market.

Keywords: cost analysis, energy efficiency assessment, hydrogen production, offshore wind energy

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Authors: Pratham Baheti, Rohan Sanghi, Aditya Gupta

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In the largely populated city of New Delhi, India, there are a lot of people that travel by two-wheelers. Majority of the people wear helmets while traveling and know how important it is to wear helmets for their safety. Still, the number of deaths because of road accidents involving two-wheelers is significant. We had conducted a survey by traveling within and in the outskirts of Delhi so as to see the variation in data and in the opinion of people towards helmet being a safety device rather than to escape the traffic police. We conducted a survey at traffic junctions and crossings of all the stakeholders and collected feedback on the Helmet scenario in India. According to the survey, the possible reason for these deaths is that the people, being unaware of helmet safety standards (ISI standards for helmets), buy helmets with fake ISI mark from unauthorized helmet sellers for a cheap price. Also, for the people who do not wear a helmet at all or wear a helmet just because it is a law, the reasons that they do not want to wear a helmet is heavyweight, lack of ventilation, inconvenience due to a strap, and hair problems. To address all these problems, we are designing a helmet with reduced weight and also working on the Helmet’s retention system and ventilation. We plan to provide this product at a cheap cost whilst maintaining the ISI standards so that a larger section of the population would be able to afford the helmet.

Keywords: safety, survey, ISI marks, stakeholders, helmet

Procedia PDF Downloads 279

Authors: Slim Amami

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A model is developed to prevent the risks related to climate conditions in the agricultural sector. It will determine the yearly optimum premium to be paid by a farmer in order to reach his required turnover. The model is mainly based on both climatic stability and 'soft' responses of usually grown species to average climate variations at the same place and inside a safety ball which can be determined from past meteorological data. This allows the use of linear regression expression for dependence of production result in terms of driving meteorological parameters, main ones of which are daily average sunlight, rainfall and temperature. By a simple best parameter fit from the expert table drawn with professionals, optimal representation of yearly production is deduced from records of previous years, and yearly payback is evaluated from minimum yearly produced turnover. Optimal premium is then deduced, and gives the producer a useful bound for negotiating an offer by insurance companies to effectively protect their harvest. The application to wheat production in the French Oise department illustrates the reliability of the present model with as low as 6% difference between predicted and real data. The model can be adapted to almost every agricultural field by changing state parameters and calibrating their associated coefficients.

Keywords: agriculture, database, meteorological factors, production model, optimal price

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Authors: Gopi Kerekere Rangaraju, Madhu Puttegowda

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Natural fibres composites include coir, jute, bagasse, cotton, bamboo, and hemp. Natural fibers come from plants. These fibers contain lingo cellulose in nature. Natural fibers are eco-friendly; lightweight, strong, renewable, cheap, and biodegradable. The natural fibers can be used to reinforce both thermosetting and thermoplastic matrices. Thermosetting resins such as epoxy, polyester, polyurethane, and phenolic are commonly used composites requiring higher performance applications. They provide sufficient mechanical properties, in particular, stiffness and strength at acceptably low-price levels. Recent advances in natural fibers development are genetic engineering. The composites science offers significant opportunities for improved materials from renewable resources with enhanced support for global sustainability. Natural fibers composites are attractive to industry because of their low density and ecological advantages over conventional composites. These composites are gaining importance due to their non-carcinogenic and bio-degradable nature. Natural fibers composites are a very costeffective material, especially in building and construction, packaging, automobile and railway coach interiors, and storage devices. These composites are potential candidates for the replacement of high- cost glass fibers for low load bearing applications. Natural fibers have the advantages of low density, low cost, and biodegradability

Keywords: PMC, basalt, coir, carbon fibers

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Authors: Salah Alrabeei, Mohammad Yousuf

Abstract:

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

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

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Authors: Abeer Amayri, Akif A. Bulgak

Abstract:

Due to today’s globalization as well as outsourcing practices of the companies, the Supply Chain (SC) performances have become more dependent on the efficient movement of material among places that are geographically dispersed, where there is more chance for disruptions. One such disruption is the quality and delivery uncertainties of outsourcing. These uncertainties could lead the products to be unsafe and, as is the case in a number of recent examples, companies may have to end up in recalling their products. As a result of these problems, there is a need to develop a methodology for selecting suppliers globally in view of risks associated with low quality and late delivery. Accordingly, we developed a two-stage stochastic model that captures the risks associated with uncertainty in quality and delivery as well as a solution procedure for the model. The stochastic model developed simultaneously optimizes supplier selection and purchase quantities under price discounts over a time horizon. In particular, our target is the study of global organizations with multiple sites and multiple overseas suppliers, where the pricing is offered in suppliers’ local currencies. Our proposed methodology is applied to a case study for a US automotive company having two assembly plants and four potential global suppliers to illustrate how the proposed model works in practice.

Keywords: global supply chains, quality, stochastic programming, supplier selection

Procedia PDF Downloads 458

Authors: Jia Yin Tan, Daniel Rambei, Kate Mann, Samuel price, Ahmed Aboelela

Abstract:

Introduction: Breastfeeding is a complex process, influenced by various factors. Tongue-tie may lead to breastfeeding difficulties due to an inability to suck effectively, causing sore nipples and poor infant weight gain. In the UK, most frenotomies on infants are performed by doctors, nurses, health visitors or midwives. Objectives: Evaluation of safety and efficacy of a multispecialty nurse-led rapid access tongue-tie service at Sheffield Children’s Hospital, run jointly by the ENT and paediatric surgery departments. Methodology: A retrospective observational study, including all patients attending the ENT and paediatric surgery nurse-led tongue tie clinics between 1/10/2021 and 30/09/2022. Results: During the study period there were 1135 referrals for frenotomy, with a mean of 15 days between referral to clinic episode. 86.8% of referred patients underwent frenotomy, with a complication rate of 0.1% and revision rate of 5.4%. Conclusions: Our findings suggest that our rapid access nurse-led outpatient tongue tie service is safe and efficacious, with low complication and revision rates. This suggests a potential for developing a community-based service, allowing safe and effective care closer to home.

Keywords: tongue tie, frenotomy, cost, nurse-led

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Authors: Diana López-Soto, Soumaya Yacout, Francisco Ángel-Bello

Abstract:

Although inventories are considered as stocks of money sitting on shelve, they are needed in order to secure a constant and continuous production. Therefore, companies need to have control over the amount of inventory in order to find the balance between excessive and shortage of inventory. The classification of items according to certain criteria such as the price, the usage rate and the lead time before arrival allows any company to concentrate its investment in inventory according to certain ranking or priority of items. This makes the decision making process for inventory management easier and more justifiable. The purpose of this paper is to present a new approach for the classification of new items based on the already existing criteria. This approach is called the Logical Analysis of Data (LAD). It is used in this paper to assist the process of ABC items classification based on multiple criteria. LAD is a data mining technique based on Boolean theory that is used for pattern recognition. This technique has been tested in medicine, industry, credit risk analysis, and engineering with remarkable results. An application on ABC inventory classification is presented for the first time, and the results are compared with those obtained when using the well-known AHP technique and the ANN technique. The results show that LAD presented very good classification accuracy.

Keywords: ABC multi-criteria inventory classification, inventory management, multi-class LAD model, multi-criteria classification

Procedia PDF Downloads 881

Authors: I. Djefour, M. Saidi, I. Tlemsani, S. Toubal

Abstract:

Lignin is a molecule derived from wood and also generated as waste from the paper industry. With a view to its valorization and protection of the environment, we are interested in its use as a superplasticizer-type adjuvant in mortars and concretes to improve their mechanical strengths. The additives of the concrete have a very strong influence on the properties of the fresh and / or hardened concrete. This study examines the development and use of industrial waste and lignin extracted from a renewable natural source (wood) in cementitious materials. The use of these resources is known at present as a definite resurgence of interest in the development of building materials. Physicomechanical characteristics of mortars are determined by optimization quantity of the natural superplasticizer. The results show that the mechanical strengths of mortars based on natural adjuvant have improved by 20% (64 MPa) for a W/C ratio = 0.4, and the amount of natural adjuvant of dry extract needed is 40 times smaller than commercial adjuvant. This study has a scientific impact (improving the performance of the mortar with an increase in compactness and reduction of the quantity of water), ecological use of the lignin waste generated by the paper industry) and economic reduction of the cost price necessary to elaboration of self-compacting mortars and concretes).

Keywords: biopolymer (lignin), industrial waste, mechanical resistances, self compacting mortars (SCM)

Procedia PDF Downloads 166