Search results for: price premium

Authors: Abdul Ganiyu Iddrisu

Abstract:

Digitization is the process of transforming analog material into digital form, especially for storage and use in a computer. Significant development of information and communication technology (ICT) over the past years has encouraged many researchers to investigate its contribution to promoting economic growth, and reducing poverty. Yet compelling empirical evidence on the effects of digitization on economic growth remains weak, particularly in Africa. This is because extant studies that explicitly evaluate digitization and economic growth nexus are mostly reports and desk reviews. This points out an empirical knowledge gap in the literature. Hypothetically, digitization influences financial sector development which in turn influences economic growth. Digitization has changed the financial sector and its operating environment. Obstacles to access to financing, for instance, physical distance, minimum balance requirements, low-income flows among others can be circumvented. Savings have increased, micro-savers have opened bank accounts, and banks are now able to price short-term loans. This has the potential to develop the financial sector, however, empirical evidence on digitization-financial development nexus is dearth. On the other hand, a number of studies maintained that financial sector development greatly influences growth of economies. We therefore argue that financial sector development is one of the transmission mechanisms through which digitization affects economic growth. Employing macro-country-level data from African countries and using fixed effects, random effects and Hausman-Taylor estimation approaches, this paper contributes to the literature by analysing economic growth in Africa focusing on the role of digitization, and financial sector development. First, we assess how digitization influence financial sector development in Africa. From an economic policy perspective, it is important to identify digitization determinants of financial sector development so that action can be taken to reduce the economic shocks associated with financial sector distortions. This nexus is rarely examined empirically in the literature. Secondly, we examine the effect of domestic credit to private sector and stock market capitalization as a percentage of GDP as used to proxy for financial sector development on 2 economic growth. Digitization is represented by the volume of digital/ICT equipment imported and GDP growth is used to proxy economic growth. Finally, we examine the effect of digitization on economic growth in the light of financial sector development. The following key results were found; first, digitalization propels financial sector development in Africa. Second, financial sector development enhances economic growth. Finally, contrary to our expectation, the results also indicate that digitalization conditioned on financial sector development tends to reduce economic growth in Africa. However, results of the net effects suggest that digitalization, overall, improves economic growth in Africa. We, therefore, conclude that, digitalization in Africa does not only develop the financial sector but unconditionally contributes the growth of the continent’s economies.

Keywords: digitalization, economic growth, financial sector development, Africa

Procedia PDF Downloads 103

Authors: Byomakesh Debata, Jitendra Mahakud

Abstract:

The recent financial crisis has been characterized by massive monetary policy interventions by the Central bank, and it has amplified the importance of liquidity for the stability of the stock market. This paper empirically elucidates the actual impact of monetary policy interventions on stock market liquidity covering all National Stock Exchange (NSE) Stocks, which have been traded continuously from 2002 to 2015. The present study employs a multivariate VAR model along with VAR-granger causality test, impulse response functions, block exogeneity test, and variance decomposition to analyze the direction as well as the magnitude of the relationship between monetary policy and market liquidity. Our analysis posits a unidirectional relationship between monetary policy (call money rate, base money growth rate) and aggregate market liquidity (traded value, turnover ratio, Amihud illiquidity ratio, turnover price impact, high-low spread). The impulse response function analysis clearly depicts the influence of monetary policy on stock liquidity for every unit innovation in monetary policy variables. Our results suggest that an expansionary monetary policy increases aggregate stock market liquidity and the reverse is documented during the tightening of monetary policy. To ascertain whether our findings are consistent across all periods, we divided the period of study as pre-crisis (2002 to 2007) and post-crisis period (2007-2015) and ran the same set of models. Interestingly, all liquidity variables are highly significant in the post-crisis period. However, the pre-crisis period has witnessed a moderate predictability of monetary policy. To check the robustness of our results we ran the same set of VAR models with different monetary policy variables and found the similar results. Unlike previous studies, we found most of the liquidity variables are significant throughout the sample period. This reveals the predictability of monetary policy on aggregate market liquidity. This study contributes to the existing body of literature by documenting a strong predictability of monetary policy on stock liquidity in an emerging economy with an order driven market making system like India. Most of the previous studies have been carried out in developing economies with quote driven or hybrid market making system and their results are ambiguous across different periods. From an eclectic sense, this study may be considered as a baseline study to further find out the macroeconomic determinants of liquidity of stocks at individual as well as aggregate level.

Keywords: market liquidity, monetary policy, order driven market, VAR, vector autoregressive model

Procedia PDF Downloads 375

Authors: Kanogkan Leerojanaprapa

Abstract:

Textile and garment industry is used to a major exporting industry of Thailand. According to lacking of the nation's price-competitiveness by stopping the EU's GSP (Generalised Scheme of Preferences) and ‘Nationwide Minimum Wage Policy’ that Thailand’s employers must pay all employees at least 300 baht (about $10) a day, the supply chains of the Thai textile and garment industry is affected and need to be reformed. Therefore, either Thai textile or garment industry will be existed or not would be concerned. This is also challenged for the government to decide which industries should be promoted the future industries of Thailand. Recently Thai government launch The Cluster-based Special Economic Development Zones Policy for promoting business cluster (effect on September 16, 2015). They define a cluster as the concentration of interconnected businesses and related institutions that operate within the same geographic areas and textiles and garment is one of target industrial clusters and 9 provinces are targeted (Bangkok, Kanchanaburi, Nakhon Pathom, Ratchaburi, Samut Sakhon, Chonburi, Chachoengsao, Prachinburi, and Sa Kaeo). The cluster zone are defined to link west-east corridor connected to manufacturing source in Cambodia and Mynmar to Bangkok where are promoted to be design, sourcing, and trading hub. The Thai government will provide tax and non-tax incentives for targeted industries within the clusters and expects these businesses are scattered to where they can get the most benefit which will identify future industrial cluster. This research will show the difference between the current cluster and future cluster following the target provinces of the textile and garment. The current cluster is analysed from secondary data. The four characteristics of the numbers of plants in Spinning, weaving and finishing of textiles, Manufacture of made-up textile articles, except apparel, Manufacture of knitted and crocheted fabrics, and Manufacture of other textiles, not elsewhere classified in particular 77 provinces (in total) are clustered by K-means cluster analysis and Hierarchical Cluster Analysis. In addition, the cluster can be confirmed and showed which variables contribute the most to defined cluster solution with ANOVA test. The results of analysis can identify 22 provinces (which the textile or garment plants are located) into 3 clusters. Plants in cluster 1 tend to be large numbers of plants which is only Bangkok, Next plants in cluster 2 tend to be moderate numbers of plants which are Samut Prakan, Samut Sakhon and Nakhon Pathom. Finally plants in cluster 3 tend to be little numbers of plants which are other 18 provinces. The same methodology can be implemented in other industries for future study.

Keywords: ANOVA, hierarchical cluster analysis, industrial clusters, K -means cluster analysis, textile and garment industry

Procedia PDF Downloads 213

Authors: Berker Bayazit, Gulgun Kayakutlu

Abstract:

The World Energy Outlook shows that energy markets will substantially change within a few forthcoming decades. First, determined action plans according to COP21 and aim of CO₂ emission reduction have already impact on policies of countries. Secondly, swiftly changed technological developments in the field of renewable energy will be influential upon medium and long-term energy generation and consumption behaviors of countries. Furthermore, share of electricity on global energy consumption is to be expected as high as 40 percent in 2040. Electrical vehicles, heat pumps, new electronical devices and digital improvements will be outstanding technologies and innovations will be the testimony of the market modifications. In order to meet highly increasing electricity demand caused by technologies, countries have to make new investments in the field of electricity production, transmission and distribution. Specifically, electricity generation mix becomes vital for both prevention of CO₂ emission and reduction of power prices. Majority of the research and development investments are made in the field of electricity generation. Hence, the prime source diversity and source planning of electricity generation are crucial for improving the wealth of citizen life. Approaches considering the CO₂ emission and total cost of generation, are necessary but not sufficient to evaluate and construct the product mix. On the other hand, employment and positive contribution to macroeconomic values are important factors that have to be taken into consideration. This study aims to constitute new investments in renewable energies (solar, wind, geothermal, biogas and hydropower) between 2018-2023 under 4 different goals. Therefore, a multi-objective programming model is proposed to optimize the goals of minimizing the CO₂ emission, investment amount and electricity sales price while maximizing the total employment and positive contribution to current deficit. In order to avoid the user preference among the goals, Dinkelbach’s algorithm and Guzel’s approach have been combined. The achievements are discussed with comparison to the current policies. Our study shows that new policies like huge capacity allotment might be discussible although obligation for local production is positive. The improvements in grid infrastructure and re-design support for the biogas and geothermal can be recommended.

Keywords: energy generation policies, multi-objective linear programming, portfolio planning, renewable energy

Procedia PDF Downloads 245

Authors: Abdul Ganiyu Iddrisu, Bei Chen

Abstract:

Digitization is the process of transforming analog material into digital form, especially for storage and use in a computer. Significant development of information and communication technology (ICT) over the past years has encouraged many researchers to investigate its contribution to promoting economic growth and reducing poverty. Yet the compelling empirical evidence on the effects of digitization on economic growth remains weak, particularly in Africa. This is because extant studies that explicitly evaluate digitization and economic growth nexus are mostly reports and desk reviews. This points out an empirical knowledge gap in the literature. Hypothetically, digitization influences financial sector development which in turn influences economic growth. Digitization has changed the financial sector and its operating environment. Obstacles to access to financing, for instance, physical distance, minimum balance requirements, and low-income flows, among others can be circumvented. Savings have increased, micro-savers have opened bank accounts, and banks are now able to price short-term loans. This has the potential to develop the financial sector. However, empirical evidence on the digitization-financial development nexus is dearth. On the other hand, a number of studies maintained that financial sector development greatly influences growth of economies. We, therefore, argue that financial sector development is one of the transmission mechanisms through which digitization affects economic growth. Employing macro-country-level data from African countries and using fixed effects, random effects and Hausman-Taylor estimation approaches, this paper contributes to the literature by analysing economic growth in Africa, focusing on the role of digitization and financial sector development. First, we assess how digitization influences financial sector development in Africa. From an economic policy perspective, it is important to identify digitization determinants of financial sector development so that action can be taken to reduce the economic shocks associated with financial sector distortions. This nexus is rarely examined empirically in the literature. Secondly, we examine the effect of domestic credit to the private sector and stock market capitalization as a percentage of GDP as used to proxy for financial sector development on economic growth. Digitization is represented by the volume of digital/ICT equipment imported and GDP growth is used to proxy economic growth. Finally, we examine the effect of digitization on economic growth in the light of financial sector development. The following key results were found; first, digitalization propels financial sector development in Africa. Second, financial sector development enhances economic growth. Finally, contrary to our expectation, the results also indicate that digitalization conditioned on financial sector development tends to reduce economic growth in Africa. However, results of the net effects suggest that digitalization, overall, improve economic growth in Africa. We, therefore, conclude that, digitalization in Africa does not only develop the financial sector but unconditionally contributes the growth of the continent’s economies.

Keywords: digitalization, financial sector development, Africa, economic growth

Procedia PDF Downloads 141

Authors: Mayank Mishra

Abstract:

Market Economy can be broadly defined as economic system where supply and demand regulate the economy and in which decisions pertaining to production, consumption, allocation of resources, price and competition are made by collective actions of individuals or organisations with limited government intervention. On the other hand Market Society is one where instead of the economy being embedded in social relations, social relations are embedded in the economy. A market economy becomes a market society when all of land, labour and capital are commodified. This transition also has effect on people’s attitude and values. Such a transition commence impacting the non-material aspect of life such as public education, public health and the like. The inception of neoliberal policies in non-market norms altered the nature of social goods like public health that raised the following questions. What impact would the transition to a market society make on people in terms of accessibility to public health? Is healthcare a commodity that can be subjected to a competitive market place? What kind of private investments are being made in public health and how do private investments alter the nature of a public good like healthcare? This research problem will employ empirical-analytical approach that includes deductive reasoning which will be using the existing concept of market economy and market society as a foundation for the analytical framework and the hypotheses to be examined. The research also intends to inculcate the naturalistic elements of qualitative methodology which refers to studying of real world situations as they unfold. The research will analyse the existing literature available on the subject. Concomitantly the research intends to access the primary literature which includes reports from the World Bank, World Health Organisation (WHO) and the different departments of respective ministries of the countries for the analysis. This paper endeavours to highlight how the issue of commodification of public health would lead to perpetual increase in its inaccessibility leading to stratification of healthcare services where one can avail the better services depending on the extent of one’s ability to pay. Since the fundamental maxim of private investments is to churn out profits, these kinds of trends would pose a detrimental effect on the society at large perpetuating the lacuna between the have and the have-nots.The increasing private investments, both, domestic and foreign, in public health sector are leading to increasing inaccessibility of public health services. Despite the increase in various public health schemes the quality and impact of government public health services are on a continuous decline.

Keywords: commodity, India and Pakistan, market society, public health

Procedia PDF Downloads 314

Authors: Ali Mashayekh, Mahdiye Khorasani, Thomas weyh

Abstract:

The demand for battery electric vehicles (BEV) is steadily increasing, and it can be assumed that electric mobility will dominate the market for individual transportation in the future. Regarding BEVs, the focus of state-of-the-art research and development is on vehicle batteries since their properties primarily determine vehicles' characteristic parameters, such as price, driving range, charging time, and lifetime. State-of-the-art battery packs consist of invariable configurations of battery cells, connected in series and parallel. A promising alternative is battery systems based on multilevel inverters, which can alter the configuration of the battery cells during operation via semiconductor switches. The main benefit of such topologies is that a three-phase AC voltage can be directly generated from the battery pack, and no separate power inverters are required. Therefore, modular battery systems based on different multilevel inverter topologies and reconfigurable battery systems are currently under investigation. Another advantage of the multilevel concept is that the possibility to reconfigure the battery pack allows battery cells with different states of charge (SoC) to be connected in parallel, and thus low-loss balancing can take place between such cells. In contrast, in conventional battery systems, parallel connected (hard-wired) battery cells are discharged via bleeder resistors to keep the individual SoCs of the parallel battery strands balanced, ultimately reducing the vehicle range. Different multilevel inverter topologies and reconfigurable batteries have been described in the available literature that makes the before-mentioned advantages possible. However, what has not yet been described is how an intelligent operating algorithm needs to look like to keep the SoCs of the individual battery strands of a modular battery system with integrated power electronics balanced. Therefore, this paper suggests an SoC balancing approach for Battery Modular Multilevel Management (BM3) converter systems, which can be similarly used for reconfigurable battery systems or other multilevel inverter topologies with parallel connectivity. The here suggested approach attempts to simultaneously utilize all converter modules (bypassing individual modules should be avoided) because the parallel connection of adjacent modules reduces the phase-strand's battery impedance. Furthermore, the presented approach tries to reduce the number of switching events when changing the switching state combination. Thereby, the ohmic battery losses and switching losses are kept as low as possible. Since no power is dissipated in any designated bleeder resistors and no designated active balancing circuitry is required, the suggested approach can be categorized as a proactive balancing approach. To verify the algorithm's validity, simulations are used.

Keywords: battery management system, BEV, battery modular multilevel management (BM3), SoC balancing

Procedia PDF Downloads 120

Authors: Malte Brettel, Niklas Friederichsen, Michael Keller, Marius Rosenberg

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The German manufacturing industry has to withstand an increasing global competition on product quality and production costs. As labor costs are high, several industries have suffered severely under the relocation of production facilities towards aspiring countries, which have managed to close the productivity and quality gap substantially. Established manufacturing companies have recognized that customers are not willing to pay large price premiums for incremental quality improvements. As a consequence, many companies from the German manufacturing industry adjust their production focusing on customized products and fast time to market. Leveraging the advantages of novel production strategies such as Agile Manufacturing and Mass Customization, manufacturing companies transform into integrated networks, in which companies unite their core competencies. Hereby, virtualization of the process- and supply-chain ensures smooth inter-company operations providing real-time access to relevant product and production information for all participating entities. Boundaries of companies deteriorate, as autonomous systems exchange data, gained by embedded systems throughout the entire value chain. By including Cyber-Physical-Systems, advanced communication between machines is tantamount to their dialogue with humans. The increasing utilization of information and communication technology allows digital engineering of products and production processes alike. Modular simulation and modeling techniques allow decentralized units to flexibly alter products and thereby enable rapid product innovation. The present article describes the developments of Industry 4.0 within the literature and reviews the associated research streams. Hereby, we analyze eight scientific journals with regards to the following research fields: Individualized production, end-to-end engineering in a virtual process chain and production networks. We employ cluster analysis to assign sub-topics into the respective research field. To assess the practical implications, we conducted face-to-face interviews with managers from the industry as well as from the consulting business using a structured interview guideline. The results reveal reasons for the adaption and refusal of Industry 4.0 practices from a managerial point of view. Our findings contribute to the upcoming research stream of Industry 4.0 and support decision-makers to assess their need for transformation towards Industry 4.0 practices.

Keywords: Industry 4.0., mass customization, production networks, virtual process-chain

Procedia PDF Downloads 279

Authors: Nasser Alsadoun

Abstract:

Today's companies in Saudi Arabian capital market must comply with strict criteria and adhere to rigid corporate governance rules and continuous disclosure requirements. Unlike other regulators in the region, decision makers of the Capital Market Authority (hereafter CMA) of Saudi Arabia believes that the announcements of economic sanctions and penalties for non-compliance firms will foster more effective regulatory compliance and hence improve the quality of financial reporting. An implied argument put forward by the opponents, however, states that such penalties are unnecessary and stated to be onerous for non-compliance firms. Over that last years, the CMA has publicly announced several economic fines levied on some listed companies for their failing to comply with corporate governance and continuous disclosure regulation clauses, with the amount of fine levied ranges between 50,000 SR to 100,000 SR for each failing. Economic theory suggests that rational investors make decisions based on a cost-benefit principal. The regulatory intervention made by CMA on the announcement of economic sanctions has been costly to the society (economy) hoping that it improves the transparency of financial statements. It is argued, therefore, that threat of regulators and economic sanctions will provide incentives for firms’ managers to report more relevant and reliable accounting information, and the benefit of such announcements is likely to be reflected in the context of the quality of the financial reports. Yet, the economic consequences of the revealed fines announcement for non-compliance firms in Saudi Arabian market have not been examined. Thus, this study attempts to empirically examine whether market participants are pricing the supposed benefits of rigid governance and disclosure rules in the Saudi market. The study employs an event study methodology to assess the impact of CMA economic sanctions announcements on the market price of non-compliance firms. The study also estimates and examines bid–ask spread behavior of violated firms around the CMA announcements. The findings indicate that the CMA fines announcements for failing to comply with governance and disclosure rules do not appear to play any significant role in securities pricing. In addition, tests of bid-ask behavior does not indicate any significant increases in information asymmetry surrounding these announcements. While the CMA has developed many goals to increase the awareness of listed companies with the best governance and disclosure practices, it seems they have to develop more goals to improve market efficiency and increase investors and public awareness.

Keywords: governance and disclosure violations, financial reporting quality, regulatory intervention, market efficiency

Procedia PDF Downloads 307

Authors: Gabriel Fernando Talero Rojas, Vladimir Silva Leal, Camilo Bayona-Roa, Juan Pava, Mauricio Lopez Gomez

Abstract:

The substitution of conventional aviation fuels with biomass-derived alternative fuels is an emerging field of study in the aviation transport, mainly due to its energy consumption, the contribution to the global Greenhouse Gas - GHG emissions and the fossil fuel price fluctuations. Nevertheless, several challenges remain as the biofuel production cost and its degradative effect over the fuel systems that alter the operating safety. Moreover, experimentation on full-scale aeronautic turbines are expensive and complex, leading to most of the research to the testing of small-size turbojets with a major absence of information regarding the effects in the energy performance and the emissions. The main purpose of the current study is to present the results of experimentation in a full-scale military turbojet engine J69-T-25A (presented in Fig. 1) with 640 kW of power rating and using blends of Jet A1 with oil palm biodiesel. The main findings are related to the thrust specific fuel consumption – TSFC, the engine global efficiency – η, the air/fuel ratio – AFR and the volume fractions of O2, CO2, CO, and HC. Two fuels are used in the present study: a commercial Jet A1 and a Colombian palm oil biodiesel. The experimental plan is conducted using the biodiesel volume contents - w_BD from 0 % (B0) to 50 % (B50). The engine operating regimes are set to Idle, Cruise, and Take-off conditions. The turbojet engine J69 is used by the Colombian Air Force and it is installed in a testing bench with the instrumentation that corresponds to the technical manual of the engine. The increment of w_BD from 0 % to 50 % reduces the η near 3,3 % and the thrust force in a 26,6 % at Idle regime. These variations are related to the reduction of the 〖HHV〗_ad of the fuel blend. The evolved CO and HC tend to be reduced in all the operating conditions when increasing w_BD. Furthermore, a reduction of the atomization angle is presented in Fig. 2, indicating a poor atomization in the fuel nozzle injectors when using a higher biodiesel content as the viscosity of fuel blend increases. An evolution of cloudiness is also observed during the shutdown procedure as presented in Fig. 3a, particularly after 20 % of biodiesel content in the fuel blend. This promotes the contamination of some components of the combustion chamber of the J69 engine with soot and unburned matter (Fig. 3). Thus, the substitution of biodiesel content above 20 % is not recommended in order to avoid a significant decrease of η and the thrust force. A more detail examination of the mechanical wearing of the main components of the engine is advised in further studies.

Keywords: aviation, air to fuel ratio, biodiesel, energy performance, fuel atomization, gas turbine

Procedia PDF Downloads 110

Authors: Epaminondas G. Kyriakidis, Theodosis D. Dimitrakos, Constantinos C. Karamatsoukis

Abstract:

The vehicle routing problem (VRP) is a well-known problem in Operations Research and has been widely studied during the last fifty-five years. The context of the VRP is that of delivering products located at a central depot to customers who are scattered in a geographical area and have placed orders for these products. A vehicle or a fleet of vehicles start their routes from the depot and visit the customers in order to satisfy their demands. Special attention has been given to the capacitated VRP in which the vehicles have limited carrying capacity of the goods that must be delivered. In the present work, we present a specific capacitated stochastic vehicle routing problem which has realistic applications to distributions of materials to shops or to healthcare facilities or to military units. A vehicle starts its route from a depot loaded with items of two similar but not identical products. We name these products, product 1 and product 2. The vehicle must deliver the products to N customers according to a predefined sequence. This means that first customer 1 must be serviced, then customer 2 must be serviced, then customer 3 must be serviced and so on. The vehicle has a finite capacity and after servicing all customers it returns to the depot. It is assumed that each customer prefers either product 1 or product 2 with known probabilities. The actual preference of each customer becomes known when the vehicle visits the customer. It is also assumed that the quantity that each customer demands is a random variable with known distribution. The actual demand is revealed upon the vehicle’s arrival at customer’s site. The demand of each customer cannot exceed the vehicle capacity and the vehicle is allowed during its route to return to the depot to restock with quantities of both products. The travel costs between consecutive customers and the travel costs between the customers and the depot are known. If there is shortage for the desired product, it is permitted to deliver the other product at a reduced price. The objective is to find the optimal routing strategy, i.e. the routing strategy that minimizes the expected total cost among all possible strategies. It is possible to find the optimal routing strategy using a suitable stochastic dynamic programming algorithm. It is also possible to prove that the optimal routing strategy has a specific threshold-type structure, i.e. it is characterized by critical numbers. This structural result enables us to construct an efficient special-purpose dynamic programming algorithm that operates only over those routing strategies having this structure. The findings of the present study lead us to the conclusion that the dynamic programming method may be a very useful tool for the solution of specific vehicle routing problems. A problem for future research could be the study of a similar stochastic vehicle routing problem in which the vehicle instead of delivering, it collects products from ordered customers.

Keywords: collection of similar products, dynamic programming, stochastic demands, stochastic preferences, vehicle routing problem

Procedia PDF Downloads 267

Authors: Karin M. Granstrom

Abstract:

Paper mills produce wastewater with a high content of organic substances. Treatment usually consists of sedimentation, biological treatment of activated sludge basins, and chemical precipitation. The resulting sludges are currently a waste problem, deposited in landfills or used as low-grade fuels for incineration. There is a growing awareness of the need for energy efficiency and environmentally sound management of sludge. A resource-efficient method would be to digest the wastewater sludges anaerobically to produce biogas, refine the biogas to biomethane for use in the transportation sector, and utilize the resulting digestate for soil improvement. The biomethane yield of pulp and paper wastewater sludge is comparable to that of straw or manure. As a bonus, the digestate has an improved dewaterability compared to the feedstock biosludge. Limitations of this process are predominantly a weak economic viability - necessitating both sufficiently large-scale paper production for the necessary large amounts of produced wastewater sludge, and the resolving of remaining questions on the certifiability of the digestate and thus its sales price. A way to improve the practical and economical feasibility of using paper mill wastewater for biomethane production and soil improvement is to co-digest it with other feedstocks. In this study, pulp and paper sludge were co-digested with (1) silage and manure, (2) municipal sewage sludge, (3) food waste, or (4) microalgae. Biomethane yield analysis was performed in 500 ml batch reactors, using an Automatic Methane Potential Test System at thermophilic temperature, with a 20 days test duration. The results show that (1) the harvesting season of grass silage and manure collection was an important factor for methane production, with spring feedstocks producing much more than autumn feedstock, and pulp mill sludge benefitting the most from co-digestion; (2) pulp and paper mill sludge is a suitable co-substrate to add when a high nitrogen content cause impaired biogas production due to ammonia inhibition; (3) the combination of food waste and paper sludge gave higher methane yield than either of the substrates digested separately; (4) pure microalgae gave the highest methane yield. In conclusion, although pulp and paper mills are an almost untapped resource for biomethane production, their wastewater is a suitable feedstock for such a process. Furthermore, through co-digestion, the pulp and paper mill wastewater and mill sludges can aid biogas production from more nutrient-rich waste streams from other industries. Such co-digestion also enhances the soil improvement properties of the residue digestate.

Keywords: anaerobic, biogas, biomethane, paper, sludge, soil

Procedia PDF Downloads 261

Authors: Namrata Jain, Vishaka Karnad

Abstract:

Fashion has always fascinated people through ages. Indian women’s wear in particular women's western formal wear has gone through transformational phases during the past decade. Increasing number of working women, independence in deciding financial matters, media exposure and awareness of current trends has provided a different dimension to the apparel segment. With globalization and sharing of cultures, in India formal women’s wear is no longer restricted to ethnic outfits like a sari or salwarkameez. Strong western influence has been observed in the process of designing, production and use of western formal wear by working women as consumers. The present study focuses on the psychographics parameters, consumer buying preferences and their relation to the present market scenario. Qualitative and quantitative data was gathered through a observation, consumer survey and study of brands. A questionnaire was prepared and uploaded as a google form to gather primary data from hundred consumer respondents. The respondent samples were drawn through snowball and purposive sampling technique. Consumers’ buying behavior is influenced by various aspects like age group, occupation, income and their personal preferences. Frequency of use, criteria for brand selection, styles of formal wear and motivating factors for purchase of western formals by working women were the other influential factors under consideration. It was observed that higher consumption and more popularity was indicated by women in the age group of 21-30 years. Amongst western formal wear shirts and trousers were noted to be the most preferred in Mumbai. It may be noted that consumers purchased and used branded western formal wear for reasons of comfort and value for money. Past experience in using the product and price were some of the important criteria for brand loyalty but the need for variety lured consumers to look for other brands. Fit of the garment was rated as the most important motivational factor while selecting products for purchase. With the advancement of women’s economic status, self-reliance, women role and image in the society, impulsive buying has increased with increase in consumerism. There is an ever growing demand for innovations in cuts, styles, designs, colors and fabrics. The growing fashion consciousness at the work place has turned women’s formal wear segment into a lucrative and highly evolving market thus providing space for new entrepreneurs to become a part of this developing sector.

Keywords: buying behavior, consumerism, fashion, western formal wear

Procedia PDF Downloads 467

Authors: Jeroen Rotteveel, Zeger De Groot

Abstract:

The small satellite community is more and more aware of the need to start operating responsibly and sustainably in order to secure the use of outer space in the long run. On the technical side, many debris mitigation techniques have been investigated and demonstrated on board small satellites, showing that technically, a lot of things can be done to curb the growth of space debris and operate more responsible. However, in the absence of strict laws and constraints, one cannot help but wonder what the incentive is to incur significant costs (paying for debris mitigation systems and the launch mass of these systems) and to lose performance onboard resource limited small satellites (mass, volume, power)? Many small satellite developers are operating under tight budgets, either from their sponsors (in case of academic and research projects) or from their investors (in case of startups). As long as it is not mandatory to act more responsibly, we might need to consider the implementation of incentives to stimulate developers to accommodate deorbiting modules, etc. ISISPACE joined the NetZeroSpace initiative in 2021 with the aim to play its role in secure the use of low earth orbit for the next decades by facilitating more sustainable use of space. The company is in a good position as both a satellite builder, a rideshare launch provider, and a technology development company. ISISPACE operates under one of the stricter space laws in the world in terms of maximum orbital lifetime and has been active in various debris mitigation and debris removal in-orbit demonstration missions in the past 10 years. ISISPACE proposes to introduce together with launch partners and regulators an incentive scheme for CubeSat developers to baseline debris mitigation systems on board their CubeSats in such a way that is does not impose too many additional costs to the project. Much like incentives to switch to electric cars or install solar panels on your house, such an incentive can help to increase market uptake of behavior or solutions prior to legislation or bans of certain practices. This can be achieved by: Introducing an extended launch volume in CubeSat deployers to accommodate debris mitigation systems without compromising available payload space for the payload of the main mission Not charging the fee for the launch mass for the additional debris mitigation module Whenever possible, find ways to further co-fund the purchase price, or otherwise reduce the cost of flying debris mitigation modules onboard the CubeSats. The paper will outline the framework of such an incentive scheme and provides ISISPACE’s way forward to make this happen in the near future.

Keywords: netZerospace, cubesats, debris mitigation, small satellite community

Procedia PDF Downloads 154

Authors: Vanessa Castro, Liria H. Okuda, Daniela P. Chiebao, Adriana H. C. N. Romaldini, Harumi Hojo, Marina Grandi, Joao Paulo A. Silva, Alessandra F. C. Nassar

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The Biological Institute of Sao Paulo, in partnership with a private company, develops an Animal Health Family Farming Program (Prosaf) to enable communication among smallholder farmers and scientists, on-farm consulting and lectures, solving health questions that will benefit agricultural productivity. In Vale do Paraiba region, a dairy region of Sao Paulo State, southern Brazil, many of these types of farms are found with several milk quality problems. Most of these farms are profit-based business; however, with non-technified cattle rearing systems and uncertain veterinary assistance. Feedback from Prosaf showed that the biggest complaints from farmers were low milk production, sick animals and, mainly, loss of selling price due to a high somatic cell count (SCC) and a total bacterial count (TBC). The aims of this study were to improve milk quality, animal hygiene and herd health status by adjustments into general management practices and introducing techniques of sanitary control and milk monitoring in five dairy farms from Sao Jose do Barreiro municipality, Sao Paulo State, Brazil, to increase their profits. A total of 119 milk samples from 56 animals positive for California Mastitis Test (CMT) were collected. The positive CMT indicates subclinical mastitis, therefore laboratorial exams were performed in the milk (microbiological, biochemical and antibiogram test) detect the presence of Staphylococcus aureus (41.8%), Bacillus sp. (11.8%), Streptococcus sp. (2.1%), nonfermenting, motile and oxidase-negative Gram-negative Bacilli (2.1%) and Enterobacter (2.1%). Antibiograms revealed high resistance to gentamicin and streptomycin, probably due to indiscriminate use of antibiotics without veterinarian prescription. We suggested the improvement of hygiene management in the complete milking and cooling tanks system. Using the results of the laboratory tests, animals were properly treated, and the effects observed were better CMT outcomes, lower SCCs, and TBCs leading to an increase in milk pricing. This study will have a positive impact on the family farmers from Sao Paulo State dairy region by improving their market milk competitiveness.

Keywords: milk, family farming, food quality, antibiogram, profitability

Procedia PDF Downloads 156

Authors: Olusegun F. Adebowale

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Research has confirmed that the emergence of information technology is significantly reflected in the field of psychology and its related disciplines due to its widespread use at reasonable price and its user-friendliness. It is consequently affecting ordinary life in many areas like shopping, advertising, corresponding and educating. Specifically the innovations of computer technology led to several new forms of communication, all with implications and applicability for counselling and psychotherapy practices. This is premise on which online counselling is based. Most institutions of higher learning in Nigeria have established their presence on the Internet and have deployed a variety of applications through ICT. Some are currently attempting to include counselling services in such applications with the belief that many counselling needs of students are likely to be met. This study therefore explored different challenges and preferences students present in online counselling interaction in a given Nigerian university with the view to guide new universities that may want to invest into these areas as to necessary preparations and referral requirements. The study is a mixed method research incorporating qualitative and quantitative methodologies to sample the preferences and concerns students express in online interaction. The sample comprised all the 876 students who visited the university online counselling platform either voluntarily, by invitation or by referral. The instrument for data collection was the online counselling platform of the university 'OAU Online counsellors'. The period of data collection spanned between January 2011 and October 2012. Data were analysed quantitatively (using percentages and Mann-Whitney U test) and qualitatively (using Interpretative Phenomenological Analysis (IPA)). The results showed that the students seem to prefer real-time chatting as their online medium of communicating with the online counsellor. The majority of students resorted to e-mail when their effort to use real-time chatting were becoming thwarted. Also, students preferred to enter into online counselling relationships voluntarily to other modes of entry. The results further showed that the prevalent counselling needs presented by students during online counselling sessions were mainly in the areas of social interaction and academic/educational concerns. Academic concerns were found to be prevalent, in form of course offerings, studentship matters and academic finance matters. The personal/social concerns were in form of students’ welfare, career related concerns and relationship matters. The study concludes students’ preferences include voluntary entry into online counselling, communication by real-time chatting and a specific focus on their academic concerns. It also recommends that all efforts should be made to encourage students’ voluntary entry into online counselling through reliable and stable internet infrastructure that will be able to support real-time chatting.

Keywords: online, counselling, needs, preferences

Procedia PDF Downloads 290

Authors: Kim Sang Hyuck, Y. Park Sung

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The outbreak of national disasters stimulates the decrease of the both internal and domestic tourism demands, causing bad effects on the hospitality industry. The effective and efficient risk management regarding national disasters are being increasingly required from the hospitality industry practitioners and the tourism policymakers. To establish the effective and efficient risk management strategy on national disasters, the most essential prerequisite condition is the correct estimation of national disasters’ effects in terms of the size and duration of the damages occurred from national disaster on hospitality industry. More specifically, the national disasters are twofold: natural disaster and social disaster. In addition, the hospitality industry has consisted of several types of business, such as hotel, restaurant, travel agency, etc. As reasons of the above, it is important to consider how each type of national disasters differently influences on the performance of each type of hospitality industry. Therefore, the purpose of this study is examining the effects of national disaster on hospitality industry in Korea based on the types of national disasters as well as the types of hospitality business. The monthly data was collected from Jan. 2000 to Dec. 2016. The indexes of industrial production for each hospitality industry in Korea were used with the proxy variable for the performance of each hospitality industry. Two national disaster variables (natural disaster and social disaster) were treated as dummy variables. In addition, the exchange rate, industrial production index, and consumer price index were used as control variables in the research model. The impulse response analysis was used to examine the size and duration of the damages occurred from each type of national disaster on each type of hospitality industries. The results of this study show that the natural disaster and the social disaster differently influenced on each type of hospitality industry. More specifically, the performance of airline industry is negatively influenced by the natural disaster at the time of 3 months later from the incidence. However, the negative impacts of social disaster on airline industry occurred not significantly over the time periods. For the hotel industry, both natural disaster and social disaster negatively influence the performance of hotel industry at the time of 5 months and 6 months later, respectively. Also, the negative impact of natural disaster on the performance of restaurant industry occurred at the time of 5 months later, as well as for both 3 months and 6 months later for the social disaster. Finally, both natural disaster and social disaster negatively influence the performance of travel agency at the time of 3 months and 4 months later, respectively. In conclusion, the types of national disasters differently influence the performance of each type of hospitality industry in Korea. These results would provide an important information to establish the effective and efficient risk management strategy for the national disasters.

Keywords: impulse response analysis, Korea, national disaster, performance of hospitality industry

Procedia PDF Downloads 185

Authors: Rangrong Yoksan, Amporn Sane, Nattaporn Khanoonkon, Chanakorn Yokesahachart, Narumol Noivoil, Khanh Minh Dang

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Polylactic acid (PLA) is the most commercially available bio-based and biodegradable plastic at present. PLA has been used in plastic related industries including single-used containers, disposable and environmentally friendly packaging owing to its renewability, compostability, biodegradability, and safety. Although PLA demonstrates reasonably good optical, physical, mechanical, and barrier properties comparable to the existing petroleum-based plastics, its brittleness and mold shrinkage as well as its price are the points to be concerned for the production of rigid and semi-rigid packaging. Blending PLA with other bio-based polymers including thermoplastic starch (TPS) is an alternative not only to achieve a complete bio-based plastic, but also to reduce the brittleness, shrinkage during molding and production cost of the PLA-based products. TPS is a material produced mainly from starch which is cheap, renewable, biodegradable, compostable, and non-toxic. It is commonly prepared by a plasticization of starch under applying heat and shear force. Although glycerol has been reported as one of the most plasticizers used for preparing TPS, its migration caused the surface stickiness of the TPS products. In some cases, mixed plasticizers or natural fibers have been applied to impede the retrogradation of starch or reduce the migration of glycerol. The introduction of fibers into TPS-based materials could reinforce the polymer matrix as well. Therefore, the objective of the present research is to study the effect of starch type (i.e. native starch and phosphate starch), plasticizer type (i.e. glycerol and xylitol with a weight ratio of glycerol to xylitol of 100:0, 75:25, 50:50, 25:75, and 0:100), and fiber content (i.e. in the range of 1-25 % wt) on properties of PLA/TPS blend and composite. PLA/TPS blends and composites were prepared using a twin-screw extruder and then converted into dumbbell-shaped specimens using an injection molding machine. The PLA/TPS blends prepared by using phosphate starch showed higher tensile strength and stiffness than the blends prepared by using the native one. In contrast, the blends from native starch exhibited higher extensibility and heat distortion temperature (HDT) than those from the modified starch. Increasing xylitol content resulted in enhanced tensile strength, stiffness, and water resistance, but decreased extensibility and HDT of the PLA/TPS blend. Tensile properties and hydrophobicity of the blend could be improved by incorporating silane treated-jute fibers.

Keywords: polylactic acid, thermoplastic starch, Jute fiber, composite, blend

Procedia PDF Downloads 424

Authors: Wee Tong Liaw, Elaine Wong Yee Sing

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The main objective and focus of this study are to establish the significance of a sustained health promoting workplace on stock and portfolio returns focusing on companies listed on the Singapore stock exchange, using a two-factor model comprising of the single factor CAPM and a 'health promoting workplace' factor. The 'health promoting workplace' factor represents the excess returns derived between two portfolios of component stocks that, when combined, would represent a top tier stock market index in Singapore, namely the STI index. The first portfolio represents companies that are independently assessed by the Singapore’s Health Award, SHA, to have a sustained and comprehensive health promoting workplace (SHA-STI portfolio) and the second portfolio represents companies that had not been independently assessed (Non-SHA STI portfolio). Since 2001, many companies in Singapore have voluntarily participated in the bi-annual Singapore HEALTH Award initiated by the Health Promotion Board of Singapore (HPB). The Singapore HEALTH Award (SHA), is an industry-wide award and assessment process. SHA assesses and recognizes employers in Singapore for implementing a comprehensive and sustainable health promotion programme at their workplaces. When using a ten year holding period instead of a one year holding period, excess returns in the SHA-STI portfolio over Non-SHA STI portfolio were consistently being observed over all test periods, during 2001 to 2013. In addition, when applied to the SHA-STI portfolio, results from the Two Factor Model consistently revealed higher explanatory powers across all test periods for the portfolio as well as all the individual component stocks in SHA-STI portfolio, than the single factor CAPM model. However, with respect to attaining higher level of achievement in the Singapore Health Award, this study did not show any incentive for selecting listed companies that have achieved a higher level of award. Results from this study would give further insights to investors and fund managers alike who intend to consider health promoting workplace as a risk factor in their stock or portfolio selection process, in particular for investors who have a preference for STI’s component stocks and with a longer investment horizon. Key micro factors like management abilities, business development strategies and production capabilities that meet the needs of market would create the demand for a company’s product(s) or service(s) and consequently contribute to its top line and profitability. Thereafter, the existence of a sustainable health promoting workplace would be a key catalytic factor in sustaining a productive workforce needed to support the continued success of a profitable business.

Keywords: asset pricing model, company's performance, stock returns, financial risk factor, sustained health promoting workplace

Procedia PDF Downloads 169

Authors: Begzod Nishanov, Farhod Karimov

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Globalization and the internet have completely changed the way in which businesses operate as well as has equipped customers with endless potential. Today, consumers’ product choice is not only affected by branding, price and quality of the product, but also by the country-of-origin information. Precisely, ‘Made In’ label is considered as one of the driving factors which directly impact on consumers’ preferences. Generally, it is obvious that products manufactured in less developed countries are considered to be of lower quality and riskier compared to the products made in developed countries. In this regard, it is worth to note that this phenomenon is mainly applicable to western developed countries. However, there is a lack of empirical research on underlying the influence of country-of-origin phenomenon in emerging economies such as Uzbekistan. Today, Uzbek market is being dominated by growing number of foreign made products. Uzbek manufacturers are facing intense competition not only from local producers but also from the availability of foreign goods suppliers. Consequently, consumers are given wider choice of products than ever before. In this regard, it is important to define the importance of country-of-origin information in order to understand Uzbek consumers’ preference. The methodology of the research is formulated based on the methodology of previous papers. A total 527 online questionnaires were completed. Data analysis was conducted using factor analysis and analysis of variance test (ANOVA). Findings of the research support the view that Uzbek consumers attach great importance to the country-of-origin information of products. Precisely, it can be stated that Uzbek people perceive product quality by its ‘Made in...’ label, especially when buying high involvement goods such as car or refrigerator. Another findings of the paper show that products manufactured in developed countries including Germany, Japan and USA are found to be of high quality, while products manufactured in less developed countries are considered to be of lower quality. Marketers can use this information for segmentation purposes. For example, products manufactured in less developed countries can be targeted for low-to-middle income families while goods manufactured in developed countries can be targeted for higher income families. In conclusion, it can be stated that perceived product quality of products that are made in Uzbekistan has slightly increased since 18 years. It implies that nowadays products under ‘Made in Uzbekistan’ label is continually becoming available to many consumers in foreign markets, especially among Commonwealth of Independent States (CIS) countries. Therefore, conducting further research to explore the phenomenon of country-of-origin information and perceived product quality in emerging markets is of paramount importance.

Keywords: country-of-origin, consumer behavior, product evaluation, perceived quality

Procedia PDF Downloads 263

Authors: Szymon Kuczynski, Krystian Liszka, Mariusz Laciak, Andrii Oliinyk, Adam Szurlej

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The history of gaseous fuel use in the motive power of vehicles dates back to the second half of the nineteenth century, and thus the beginnings of the automotive industry. The engines were powered by coal gas and became the prototype for internal combustion engines built so far. It can thus be considered that this construction gave rise to the automotive industry. As the socio-economic development advances, so does the number of motor vehicles. Although, due to technological progress in recent decades, the emissions generated by internal combustion engines of cars have been reduced, a sharp increase in the number of cars and the rapidly growing traffic are an important source of air pollution and a major cause of acoustic threat, in particular in large urban agglomerations. One of the solutions, in terms of reducing exhaust emissions and improving air quality, is a more extensive use of alternative fuels: CNG, LNG, electricity and hydrogen. In the case of electricity use for transport, it should be noted that the environmental outcome depends on the structure of electricity generation. The paper shows selected regulations affecting the use of alternative fuels for transport (including Directive 2014/94/EU) and its dynamics between 2000 and 2015 in Poland and selected EU countries. The paper also gives a focus on the impact of alternative fuels on the environment by comparing the volume of individual emissions (compared to the emissions from conventional fuels: petrol and diesel oil). Bearing in mind that the extent of various alternative fuel use is determined in first place by economic conditions, the article describes the price relationships between alternative and conventional fuels in Poland and selected EU countries. It is pointed out that although Poland has a wealth of experience in using methane alternative fuels for transport, one of the main barriers to their development in Poland is the extensive use of LPG. In addition, a poorly developed network of CNG stations in Poland, which does not allow easy transport, especially in the northern part of the country, is a serious problem to a further development of CNG use as fuel for transport. An interesting solution to this problem seems to be the use of home CNG filling stations: Home Refuelling Appliance (HRA, refuelling time 8-10 hours) and Home Refuelling Station (HRS, refuelling time 8-10 minutes). The team is working on HRA and HRS technologies. The article also highlights the impact of alternative fuel use on energy security by reducing reliance on imports of crude oil and petroleum products.

Keywords: alternative fuels, CNG (Compressed Natural Gas), CNG stations, LNG (Liquefied Natural Gas), NGVs (Natural Gas Vehicles), pollutant emissions

Procedia PDF Downloads 229

Authors: William Sigvardsson, Christoffer Alenius, Jenny Lindblom, Andreas Johansson, Marcus Sandberg

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This article covers a study focusing on a subarctic greenhouse located in Nikkala, Sweden. Through a visit and the creation of a CFD model, the study investigates the differences in energy demand with high pressure sodium (HPS) lights and light emitting diode (LED) lights in combination with an air-carried and water-carried heating system accordingly. Through an IDA ICE model, the impact of insulating the parts of the greenhouse without active cultivation was also investigated. This, with the purpose of comparing the current system in the greenhouse to state-of-the-art alternatives and evaluating if an investment in either a water-carried heating system in combination with LED lights and insulating the non-cultivating parts of the greenhouse could be considered profitable. Operating a greenhouse in the harsh subarctic climate found in the northern parts of Sweden is not an easy task and especially if the operation is year-round. With an average temperature of under -5 °C from November through January, efficient growing techniques are a must to ensure a profitable business. Today the most crucial parts of a greenhouse are the heating system, lighting system, dehumidifying measures, as well as thermal screen, and the impact of a poorly designed system in a sub-arctic could be devastating as the margins are slim. The greenhouse studied uses a pellet burner to power their air- carried heating system which is used. The simulations found the resulting savings amounted to just under 14 800 SEK monthly or 18 % of the total cost of energy by implementing the water-carrying heating system in combination with the LED lamps. Given this, a payback period of 3-9 years could be expected given different scenarios, including specific time periods, financial aids, and the resale price of the current system. The insulation of the non-cultivating parts of the greenhouse was found to have possible savings of 25 300 SEK annually or 46 % of the current heat demand resulting in a payback period of just over 1-2 years. Given the possible energy savings, a reduction in emitted CO2 equivalents of almost 1,9 tonnes could be achieved annually. It was concluded that relatively inexpensive investments in modern greenhouse equipment could make a significant contribution to reducing the energy consumption of the greenhouse resulting in a more competitive business environment for sub-arctic greenhouse owners. New parts of the greenhouse should be built with the water-carried heating system in combination with state-of-the-art LED lights, and all parts which are not housing active cultivation should be insulated. If the greenhouse in Nikkala is eligible for financial aid or finds a resale value in the current system, an investment should be made in a new water-carried heating system in combination with LED lights.

Keywords: energy efficiency, sub-arctic greenhouses, energy measures, greenhouse climate control, greenhouse technology, CFD

Procedia PDF Downloads 76

Authors: H. Hruschka

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This paper presents the first comparison of the performance of the restricted Boltzmann machine and the deep belief net on binary market basket data relative to binary factor analysis and the two best-known topic models, namely Dirichlet allocation and the correlated topic model. This comparison shows that the restricted Boltzmann machine and the deep belief net are superior to both binary factor analysis and topic models. Managerial implications that differ between the investigated models are treated as well. The restricted Boltzmann machine is defined as joint Boltzmann distribution of hidden variables and observed variables (purchases). It comprises one layer of observed variables and one layer of hidden variables. Note that variables of the same layer are not connected. The comparison also includes deep belief nets with three layers. The first layer is a restricted Boltzmann machine based on category purchases. Hidden variables of the first layer are used as input variables by the second-layer restricted Boltzmann machine which then generates second-layer hidden variables. Finally, in the third layer hidden variables are related to purchases. A public data set is analyzed which contains one month of real-world point-of-sale transactions in a typical local grocery outlet. It consists of 9,835 market baskets referring to 169 product categories. This data set is randomly split into two halves. One half is used for estimation, the other serves as holdout data. Each model is evaluated by the log likelihood for the holdout data. Performance of the topic models is disappointing as the holdout log likelihood of the correlated topic model – which is better than Dirichlet allocation - is lower by more than 25,000 compared to the best binary factor analysis model. On the other hand, binary factor analysis on its own is clearly surpassed by both the restricted Boltzmann machine and the deep belief net whose holdout log likelihoods are higher by more than 23,000. Overall, the deep belief net performs best. We also interpret hidden variables discovered by binary factor analysis, the restricted Boltzmann machine and the deep belief net. Hidden variables characterized by the product categories to which they are related differ strongly between these three models. To derive managerial implications we assess the effect of promoting each category on total basket size, i.e., the number of purchased product categories, due to each category's interdependence with all the other categories. The investigated models lead to very different implications as they disagree about which categories are associated with higher basket size increases due to a promotion. Of course, recommendations based on better performing models should be preferred. The impressive performance advantages of the restricted Boltzmann machine and the deep belief net suggest continuing research by appropriate extensions. To include predictors, especially marketing variables such as price, seems to be an obvious next step. It might also be feasible to take a more detailed perspective by considering purchases of brands instead of purchases of product categories.

Keywords: binary factor analysis, deep belief net, market basket analysis, restricted Boltzmann machine, topic models

Procedia PDF Downloads 202

Authors: Siddhartha Khare, Nitish Kr Boro, Omm Animesh Mishra

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Recent food price hikes may signal the end of an era of predictable global grain crop plenty due to climate change, population expansion, and dietary changes. Food consumption will treble in 20 years, requiring enormous production expenditures. Climate and the atmosphere changed owing to rainfall and seasonal cycles in the past decade. India's tropical agricultural relies on evapotranspiration and monsoons. In places with limited resources, the global environmental change affects agricultural productivity and farmers' capacity to adjust to changing moisture patterns. Motivated by these difficulties, satellite remote sensing might be combined with near-surface imaging data (smartphones, UAVs, and PhenoCams) to enable phenological monitoring and fast evaluations of field-level consequences of extreme weather events on smallholder agriculture output. To accomplish this technique, we must digitally map all communities agricultural boundaries and crop kinds. With the improvement of satellite remote sensing technologies, a geo-referenced database may be created for rural Indian agriculture fields. Using AI, we can design digital agricultural solutions for individual farms. Main objective is to Geo-enable each farm along with their seasonal crop information by combining Artificial Intelligence (AI) with satellite and near-surface data and then prepare long term crop monitoring through in-depth field analysis and scanning of fields with satellite derived vegetation indices. We developed an AI based algorithm to understand the timelapse based growth of vegetation using PhenoCam or Smartphone based images. We developed an android platform where user can collect images of their fields based on the android application. These images will be sent to our local server, and then further AI based processing will be done at our server. We are creating digital boundaries of individual farms and connecting these farms with our smart phone application to collect information about farmers and their crops in each season. We are extracting satellite-based information for each farm from Google earth engine APIs and merging this data with our data of tested crops from our app according to their farm’s locations and create a database which will provide the data of quality of crops from their location.

Keywords: artificial intelligence, satellite remote sensing, crop monitoring, android and web application

Procedia PDF Downloads 100

Authors: Z. A. Ahmad Noor Syukri, A. J. Nawal Aswan, S. V. Wong

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The motorcycle has become one of the most common type of vehicles used on the road, particularly in the Asia region, including Malaysia, due to its size-convenience and affordable price. This study focuses only on crashes involving motorcycles with passenger cars consisting 43 real world crashes obtained from in-depth crash investigation process from June 2016 till July 2017. The study collected and analyzed vehicle and site parameters obtained during crash investigation and injury information acquired from the patient-treating hospital. The investigation team, consisting of two personnel, is stationed at the Emergency Department of the treatment facility, and was dispatched to the crash scene once receiving notification of the related crashes. The injury information retrieved was coded according to the level of severity using the Abbreviated Injury Scale (AIS) and classified into different body regions. The data revealed that weekend crashes were significantly higher for the night time period and the crash occurrence was the highest during morning hours (commuting to work period) for weekdays. Bad weather conditions play a minimal effect towards the occurrence of motorcycle – passenger vehicle crashes and nearly 90% involved motorcycles with single riders. Riders up to 25 years old are heavily involved in crashes with passenger vehicles (60%), followed by 26-55 year age group with 35%. Male riders were dominant in each of the age segments. The majority of the crashes involved side impacts, followed by rear impacts and cars outnumbered the rest of the passenger vehicle types in terms of crash involvement with motorcycles. The investigation data also revealed that passenger vehicles were the most at-fault counterpart (62%) when involved in crashes with motorcycles and most of the crashes involved situations whereby both of the vehicles are travelling in the same direction and one of the vehicles is in a turning maneuver. More than 80% of the involved motorcycle riders had sustained yellow severity level during triage process. The study also found that nearly 30% of the riders sustained injuries to the lower extremities, while MAIS level 3 injuries were recorded for all body regions except for thorax region. The result showed that crashes in which the motorcycles were found to be at fault were more likely to occur during night and raining conditions. These types of crashes were also found to be more likely to involve other types of passenger vehicles rather than cars and possess higher likelihood in resulting higher ISS (>6) value to the involved rider. To reduce motorcycle fatalities, it first has to understand the characteristics concerned and focus may be given on crashes involving passenger vehicles as the most dominant crash partner on Malaysian roads.

Keywords: motorcycle crash, passenger vehicle, in-depth crash investigation, injury mechanism

Procedia PDF Downloads 324

Authors: Dewan Ahsan

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Denmark is well ahead in generating electricity from renewable sources. The offshore wind sector is playing the pivotal role to achieve this target. Though there is a rapid growth of offshore wind sector in Denmark, still there is a dearth of synchronization in OHS (occupational health and safety) regulation and standards. Therefore, this paper attempts to ascertain: i) what are the major challenges of the company specific OHS standards? ii) why does the offshore wind industry need a standardized OHS management system? and iii) who can play the key role in this process? To achieve these objectives, this research applies the interview and survey techniques. This study has identified several key challenges in OHS management system which are; gaps in coordination and communication among the stakeholders, gaps in incident reporting systems, absence of a harmonized OHS standard and blame culture. Furthermore, this research has identified eleven key stakeholders who are actively involve with the offshore wind business in Denmark. As noticed, the relationships among these stakeholders are very complex specially between operators and sub-contractors. The respondent technicians are concerned with the compliance of various third-party OHS standards (e.g. ISO 31000, ISO 29400, Good practice guidelines by G+) which are applying by various offshore companies. On top of these standards, operators also impose their own OHS standards. From the technicians point of angle, many of these standards are not even specific for the offshore wind sector. So, it is a big challenge for the technicians and sub-contractors to comply with different company specific standards which also elevate the price of their services offer to the operators. For instance, when a sub-contractor is competing for a bidding, it must fulfill a number of OHS requirements (which demands many extra documantions) set by the individual operator and/the turbine supplier. According to sub-contractors’ point of view these extra works consume too much time to prepare the bidding documents and they also need to train their employees to pass the specific OHS certification courses to accomplish the demand for individual clients and individual project. The sub-contractors argued that in many cases these extra documentations and OHS certificates are inessential to ensure the quality service. So, a standardized OHS management procedure (which could be applicable for all the clients) can easily solve this problem. In conclusion, this study highlights that i) development of a harmonized OHS standard applicable for all the operators and turbine suppliers, ii) encouragement of technicians’ active participation in the OHS management, iii) development of a good safety leadership, and, iv) sharing of experiences among the stakeholders (specially operators-operators-sub contractors) are the most vital strategies to overcome the existing challenges and to achieve the goal of 'zero accident/harm' in the offshore wind industry.

Keywords: green energy, offshore, safety, Denmark

Procedia PDF Downloads 215

Authors: Khin Thandar Soe, Mark Stephen Pulham

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Ballistic building materials play a crucial role in ensuring the safety of the occupants within protective structures. Traditional options like Ordinary Portland Cement (OPC)-based walls, including reinforced concrete walls, precast concrete walls, masonry walls, and concrete blocks, are frequently employed for ballistic protection, but they have several drawbacks such as being thick, heavy, costly, and challenging to construct. On the other hand, glass and composite materials offer lightweight and easier construction alternatives, but they come with a high price tag. There has been no reported test data on magnesium-based ballistic wall panels or modular wall systems so far. This paper presents groundbreaking small arms test data related to the development of the world’s first magnesia cement ballistic wall panels and modular wall system. Non-hydraulic magnesia cement exhibits several superior properties, such as lighter weight, flexibility, acoustics, and fire performance, compared to the traditional Portland Cement. However, magnesia cement is hydrophilic and may degrade in prolonged contact with water. In this research, modified magnesia cement for water resistant and durability from UBIQ Technology is applied. The specimens are made of a modified magnesia cement formula and prepared in the Laboratory of UBIQ Technology Pty Ltd. The specimens vary in thickness, and the tests cover various small arms threats in compliance with standards AS/NZS2343 and UL752 and are performed up to the maximum threat level of Classification R2 (NATO) and UL-Level 8(NATO) by the Accredited Test Centre, BMT (Ballistic and Mechanical Testing, VIC, Australia). In addition, the results of the test conducted on the specimens subjected to the small 12mm diameter steel ball projectile impact generated by a gas gun are also presented and discussed in this paper. Gas gun tests were performed in UNSW@ADFA, Canberra, Australia. The tested results of the magnesia panels and wall systems are compared with one of concrete and other wall panels documented in the literature. The conclusion drawn is that magnesia panels and wall systems exhibit several advantages over traditional OPC-based wall systems, and they include being lighter, thinner, and easier to construct, all while providing equivalent protection against threats. This makes magnesia cement-based materials a compelling choice of application where efficiency and performance are critical to create a protective environment.

Keywords: ballistics, small arms, gas gun, projectile, impact, wall panels, modular, magnesia cement

Procedia PDF Downloads 77

Authors: Rui Brito

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This contribution regards a literature review of inventory management that is a relevant topic for the firms, due to its important use of capital with implications in firm’s profitability within the complexity of a more competitive and globalized world. Firms look for small inventories in order to reduce holding costs, namely opportunity cost, warehousing and handling costs, deterioration and being out of style, but larger inventories are required by some reasons, such as customer service, ordering cost, transportation cost, supplier’s payment to reduce unit costs or to take advantage of price increase in the near future, and equipment setup cost. Thus, management shall address a trade-off between small inventories and larger inventories. This literature review concerns three types of inventory (spare parts, safety stock, and vendor) whose management usually is beyond the scope of logistics. The applied methodology consisted of an online search of databases regarding scientific documents in English, namely Elsevier, Springer, Emerald, Wiley, and Taylor & Francis, but excluding books except if edited, using search engines, such as Google Scholar and B-on. The search was based on three keywords/strings (themes) which had to be included just as in the article title, suggesting themes were very relevant to the researchers. The whole search period was between 2009 and 2018 with the aim of collecting between twenty and forty studies considered relevant within each of the key words/strings specified. Documents were sorted by relevance and to prevent the exclusion of the more recent articles, based on lower quantity of citations partially due to less time to be cited in new research articles, the search period was divided into two sub-periods (2009-2015 and 2016-2018). The number of surveyed articles by theme showed a variation from 40 to 200 and the number of citations of those articles showed a wider variation from 3 to 216. Selected articles from the three themes were analyzed and the first seven of the first sub-period and the first three of the second sub-period with more citations were read in full to make a synopsis of each article. Overall, the findings show that the majority of article types were models, namely mathematical, although with different sub-types for each theme. Almost all articles suggest further studies, with some mentioning it for their own author(s), which widen the diversity of the previous research. Identified research gaps concern the use of surveys to know which are the models more used by firms, the reasons for not using the models with more performance and accuracy, and which are the satisfaction levels with the outcomes of the inventories management and its effect on the improvement of the firm’s overall performance. The review ends with the limitations and contributions of the study.

Keywords: inventory management, safety stock, spare parts inventory, vendor managed inventory

Procedia PDF Downloads 96

Authors: Natnael Debalklie Teshome

Abstract:

The purpose of the study was to empirically investigate the impacts of export performance and its volatility on economic growth in the Ethiopian economy. To do so, time-series data of the sample period from 1974/75 – 2017/18 were collected from databases and annual reports of IMF, WB, NBE, MoFED, UNCTD, and EEA. The extended Cobb-Douglas production function of the neoclassical growth model framed under the endogenous growth theory was used to consider both the performance and instability aspects of export. First, the unit root test was conducted using ADF and PP tests, and data were found in stationery with a mix of I(0) and I(1). Then, the bound test and Wald test were employed, and results showed that there exists long-run co-integration among study variables. All the diagnostic test results also reveal that the model fulfills the criteria of the best-fitted model. Therefore, the ARDL model and VECM were applied to estimate the long-run and short-run parameters, while the Granger causality test was used to test the causality between study variables. The empirical findings of the study reveal that only export and coefficient of variation had significant positive and negative impacts on RGDP in the long run, respectively, while other variables were found to have an insignificant impact on the economic growth of Ethiopia. In the short run, except for gross capital formation and coefficients of variation, which have a highly significant positive impact, all other variables have a strongly significant negative impact on RGDP. This shows exports had a strong, significant impact in both the short-run and long-run periods. However, its positive and statistically significant impact is observed only in the long run. Similarly, there was a highly significant export fluctuation in both periods, while significant commodity concentration (CCI) was observed only in the short run. Moreover, the Granger causality test reveals that unidirectional causality running from export performance to RGDP exists in the long run and from both export and RGDP to CCI in the short run. Therefore, the export-led growth strategy should be sustained and strengthened. In addition, boosting the industrial sector is vital to bring structural transformation. Hence, the government has to give different incentive schemes and supportive measures to exporters to extract the spillover effects of exports. Greater emphasis on price-oriented diversification and specialization on major primary products that the country has a comparative advantage should also be given to reduce value-based instability in the export earnings of the country. The government should also strive to increase capital formation and human capital development via enhancing investments in technology and quality of education to accelerate the economic growth of the country.

Keywords: export, economic growth, export diversification, instability, co-integration, granger causality, Ethiopian economy

Procedia PDF Downloads 79

Authors: Martin Pellon Consunji

Abstract:

Due to the rise in popularity of Bitcoin and other crypto assets as a store of wealth and speculative investment, there is an ever-growing demand for automated trading tools, such as bots, in order to gain an advantage over the market. Traditionally, trading in the stock market was done by professionals with years of training who understood patterns and exploited market opportunities in order to gain a profit. However, nowadays a larger portion of market participants are at minimum aided by market-data processing bots, which can generally generate more stable signals than the average human trader. The rise in trading bot usage can be accredited to the inherent advantages that bots have over humans in terms of processing large amounts of data, lack of emotions of fear or greed, and predicting market prices using past data and artificial intelligence, hence a growing number of approaches have been brought forward to tackle this task. However, the general limitation of these approaches can still be broken down to the fact that limited historical data doesn’t always determine the future, and that a lot of market participants are still human emotion-driven traders. Moreover, developing markets such as those of the cryptocurrency space have even less historical data to interpret than most other well-established markets. Due to this, some human traders have gone back to the tried-and-tested traditional technical analysis tools for exploiting market patterns and simplifying the broader spectrum of data that is involved in making market predictions. This paper proposes a method which uses neuro evolution techniques on both sentimental data and, the more traditionally human-consumed, technical analysis data in order to gain a more accurate forecast of future market behavior and account for the way both automated bots and human traders affect the market prices of Bitcoin and other cryptocurrencies. This study’s approach uses evolutionary algorithms to automatically develop increasingly improved populations of bots which, by using the latest inflows of market analysis and sentimental data, evolve to efficiently predict future market price movements. The effectiveness of the approach is validated by testing the system in a simulated historical trading scenario, a real Bitcoin market live trading scenario, and testing its robustness in other cryptocurrency and stock market scenarios. Experimental results during a 30-day period show that this method outperformed the buy and hold strategy by over 260% in terms of net profits, even when taking into consideration standard trading fees.

Keywords: neuro-evolution, Bitcoin, trading bots, artificial neural networks, technical analysis, evolutionary algorithms

Procedia PDF Downloads 124