Search results for: agent-based economic model
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 21961

Search results for: agent-based economic model

20611 Development of Vapor Absorption Refrigeration System for Mini-Bus Car’s Air Conditioning: A Two-Fluid Model

Authors: Yoftahe Nigussie

Abstract:

This research explores the implementation of a vapor absorption refrigeration system (VARS) in mini-bus cars to enhance air conditioning efficiency. The conventional vapor compression refrigeration system (VCRS) in vehicles relies on mechanical work from the engine, leading to increased fuel consumption. The proposed VARS aims to utilize waste heat and exhaust gas from the internal combustion engine to cool the mini-bus cabin, thereby reducing fuel consumption and atmospheric pollution. The project involves two models: Model 1, a two-fluid vapor absorption system (VAS), and Model 2, a three-fluid VAS. Model 1 uses ammonia (NH₃) and water (H₂O) as refrigerants, where water absorbs ammonia rapidly, producing a cooling effect. The absorption cycle operates on the principle that absorbing ammonia in water decreases vapor pressure. The ammonia-water solution undergoes cycles of desorption, condensation, expansion, and absorption, facilitated by a generator, condenser, expansion valve, and absorber. The objectives of this research include reducing atmospheric pollution, minimizing air conditioning maintenance costs, lowering capital costs, enhancing fuel economy, and eliminating the need for a compressor. The comparison between vapor absorption and compression systems reveals advantages such as smoother operation, fewer moving parts, and the ability to work at lower evaporator pressures without affecting the Coefficient of Performance (COP). The proposed VARS demonstrates potential benefits for mini-bus air conditioning systems, providing a sustainable and energy-efficient alternative. By utilizing waste heat and exhaust gas, this system contributes to environmental preservation while addressing economic considerations for vehicle owners. Further research and development in this area could lead to the widespread adoption of vapor absorption technology in automotive air conditioning systems.

Keywords: room, zone, space, thermal resistance

Procedia PDF Downloads 58
20610 An Inquiry into the Usage of Complex Systems Models to Examine the Effects of the Agent Interaction in a Political Economic Environment

Authors: Ujjwall Sai Sunder Uppuluri

Abstract:

Group theory is a powerful tool that researchers can use to provide a structural foundation for their Agent Based Models. These Agent Based models are argued by this paper to be the future of the Social Science Disciplines. More specifically, researchers can use them to apply evolutionary theory to the study of complex social systems. This paper illustrates one such example of how theoretically an Agent Based Model can be formulated from the application of Group Theory, Systems Dynamics, and Evolutionary Biology to analyze the strategies pursued by states to mitigate risk and maximize usage of resources to achieve the objective of economic growth. This example can be applied to other social phenomena and this makes group theory so useful to the analysis of complex systems, because the theory provides the mathematical formulaic proof for validating the complex system models that researchers build and this will be discussed by the paper. The aim of this research, is to also provide researchers with a framework that can be used to model political entities such as states on a 3-dimensional plane. The x-axis representing resources (tangible and intangible) available to them, y the risks, and z the objective. There also exist other states with different constraints pursuing different strategies to climb the mountain. This mountain’s environment is made up of risks the state faces and resource endowments. This mountain is also layered in the sense that it has multiple peaks that must be overcome to reach the tallest peak. A state that sticks to a single strategy or pursues a strategy that is not conducive to the climbing of that specific peak it has reached is not able to continue advancement. To overcome the obstacle in the state’s path, it must innovate. Based on the definition of a group, we can categorize each state as being its own group. Each state is a closed system, one which is made up of micro level agents who have their own vectors and pursue strategies (actions) to achieve some sub objectives. The state also has an identity, the inverse being anarchy and/or inaction. Finally, the agents making up a state interact with each other through competition and collaboration to mitigate risks and achieve sub objectives that fall within the primary objective. Thus, researchers can categorize the state as an organism that reflects the sum of the output of the interactions pursued by agents at the micro level. When states compete, they employ a strategy and that state which has the better strategy (reflected by the strategies pursued by her parts) is able to out-compete her counterpart to acquire some resource, mitigate some risk or fulfil some objective. This paper will attempt to illustrate how group theory combined with evolutionary theory and systems dynamics can allow researchers to model the long run development, evolution, and growth of political entities through the use of a bottom up approach.

Keywords: complex systems, evolutionary theory, group theory, international political economy

Procedia PDF Downloads 117
20609 Joint Modeling of Bottle Use, Daily Milk Intake from Bottles, and Daily Energy Intake in Toddlers

Authors: Yungtai Lo

Abstract:

The current study follows an educational intervention on bottle-weaning to simultaneously evaluate the effect of the bottle-weaning intervention on reducing bottle use, daily milk intake from bottles, and daily energy intake in toddlers aged 11 to 13 months. A shared parameter model and a random effects model are used to jointly model bottle use, daily milk intake from bottles, and daily energy intake. We show in the two joint models that the bottle-weaning intervention promotes bottleweaning, and reduces daily milk intake from bottles in toddlers not off bottles and daily energy intake. We also show that the odds of drinking from a bottle were positively associated with the amount of milk intake from bottles and increased daily milk intake from bottles was associated with increased daily energy intake. The effect of bottle use on daily energy intake is through its effect on increasing daily milk intake from bottles that in turn increases daily energy intake.

Keywords: two-part model, semi-continuous variable, joint model, gamma regression, shared parameter model, random effects model

Procedia PDF Downloads 270
20608 Supply Chains Resilience within Machine-Made Rug Producers in Iran

Authors: Malihe Shahidan, Azin Madhi, Meisam Shahbaz

Abstract:

In recent decades, the role of supply chains in sustaining businesses and establishing their superiority in the market has been under focus. The realization of the goals and strategies of a business enterprise is largely dependent on the cooperation of the chain, including suppliers, distributors, retailers, etc. Supply chains can potentially be disrupted by both internal and external factors. In this paper, resilience strategies have been identified and analyzed in three levels: sourcing, producing, and distributing by considering economic depression as a current risk factor for the machine-made rugs industry. In this study, semi-structured interviews for data gathering and thematic analysis for data analysis are applied. Supply chain data has been gathered from seven rug factories before and after the economic depression through semi-structured interviews. The identified strategies were derived from literature review and validated by collecting data from a group of eighteen industry and university experts, and the results were analyzed using statistical tests. Finally, the outsourcing of new products and products in the new market, the development and completion of the product portfolio, the flexibility in the composition and volume of products, the expansion of the market to price-sensitive, direct sales, and disintermediation have been determined as strategies affecting supply chain resilience of machine-made rugs' industry during an economic depression.

Keywords: distribution, economic depression, machine-made rug, outsourcing, production, sourcing, supply chain, supply chain resilience

Procedia PDF Downloads 141
20607 Challenges of Sustainable Marine Fishing in Ghana

Authors: Eric K. W. Aikins

Abstract:

Traditionally, Ghana is a marine fishing country. The fishing industry dominated by artisanal marine fishing helps Ghana to meet its fish and protein requirements. Also, it provides employment for most coastal dwellers that depend on fishing as their main economic enterprise. Nonetheless, the marine fishing industry is confronted with challenges that have contributed to a declining fish production in recent past decade. Bad fishing practices and the general limited knowledge on sustainable management of fisheries resources are the limiting factors that affect sustainable fish production and sustainable marine biodiversity management in Ghana. This paper discusses the challenges and strategies for attaining and maintaining sustainable marine fishing in Ghana as well as the state of marine fishing in Ghana. It concludes that an increase in the level of involvement of local fishers in the management of fisheries resources of the country could help local fishers to employ sustainable fisheries resources exploitation methods that could result in an improvement in the spatio-economic development and wellbeing of affected fishing communities in particular and Ghana in general.

Keywords: pair trawling, sargassum, spatio-economic development, sustainable marine fishing

Procedia PDF Downloads 272
20606 Retirement and Tourism Consumption - Evidence from the Elderly in China

Authors: Sha Fan, Renuka Mahadevan

Abstract:

In recent years, the subject of how retirement influences consumption behaviours has garnered attention in economic research. However, a significant gap persists in our understanding of how retirement precisely impacts tourism consumption patterns among the elderly demographic. To address this gap, this research conducts an in-depth exploration into the multifaceted relationship between retirement and elderly tourism consumption.To achieve this, the study employs regression discontinuity design, using three waves of panel data from China covering a span of six years. This approach aims to identify the causality between retirement and tourism consumption. Furthermore, the study scrutinizes the pathways through which retirement's impact on tourism consumption unfolds. It adopts a dual-pronged perspective, examining the roles played by economic status and the availability of leisure time. The economic dimension underscores the financial adjustments that retirees make as they transition into a new phase of life, impacting their propensity to allocate resources towards tourism activities. Meanwhile, considering leisure time recognizes that retirement often heralds an era of newfound freedom, allowing retirees the luxury to engage in leisurely pursuits like tourism.

Keywords: tourism consumption, retirement, the elderly, regression discontinuity design

Procedia PDF Downloads 53
20605 Renegotiating International Contract Clauses: The Case of Investment Environment Changes in Egypt

Authors: Marwa Zein

Abstract:

The long-term of the contract is one of the major features that distinguish international trade and investment contracts from other internal contracts. This is due to the nature of the contract and the huge works required to be performed from one hand or the desire of the parties to achieve stability in their transactions. However, long-term contracts might expose them to certain events and circumstances that impact the capability of the parties to execute their obligations pursuant to these contracts. During the year 2016, the Egyptian government has taken series of economic decisions which greatly impacted the economic and investment environment. Consequently, many contracts have encountered many problems in their execution due to such changes that greatly influence the performance of their obligation, a matter that necessitated the renegotiation of the conditions of these contracts on the basis of the unpredicted changes that could be listed under the Force Majeure Clause. The principle of fair and equitable treatment in investment placed on an obligation on the Egyptian government to consider the renegotiation of contract clauses based on the new conditions. This paper will discuss the idea of renegotiating international trade and investment contracts in Egypt with reference to the changes the economic environment has witnessed lately.

Keywords: change of circumstances, international contracts, investment contracts, renegotiation

Procedia PDF Downloads 181
20604 Gadjah Mada University Yogyakarta Indonesia as a Potential Destination for Education Tourism

Authors: Henry Prihanto Nugroho

Abstract:

This paper suggests education tourism as an option into developing more sustainable mass tourism. Identifying the potential of education tourism and developing a sustainable packages will have an impact on social economic development in the area. Indonesia especially Yogyakarta can increase their tourism earnings by tapping into this growing market phenomenon. Educational tourism, a growing part in the world tourism market, has attracted great attention because of its direct impact on the community and as an alternative strategy for poverty alleviation. Tourism is considered as one of the main industries and sectors highly contributing to economic development in Indonesia especially in Yogyakarta, this region can be an ideal case for studying the issue of educational tourism in Universitas Gadjah Mada. This paper tries to introduce the educational tourism as an important alternative source of the economy accelerator in the context of Yogyakarta Indonesia. This paper also aims to discuss the education tourism potential at the University of Gadjah Mada, Yogyakarta Indonesia then to create and established an Education Tourism package at Gadjah Mada University. Education Tourism is a means to empower academics, local community, local businesses, and to improve the economic welfare. Methods: Focus group discussions, direct observation, survey and best practice method. Conclusion: There is a positive relationship between attitude, environmental impact, economic impact, and socio-cultural impacts and practice in the field when the potential is seized. The findings incorporate insights into the socio-cultural and economic potential of education tourism and practices related to community development at the University of Gadjah Mada, Yogyakarta Indonesia by creating an Education Tourism Packages that will suit the needs of the tourist. Educational tourism can create sustainable development for local communities, academic society, universities, and stakeholders.

Keywords: education tourism, Gadjah Mada, sustainable, tourism

Procedia PDF Downloads 385
20603 Rural Women in Serbia: Key Challenges in Enjoyment of Economic and Social Rights

Authors: Mirjana Dokmanovic

Abstract:

In recent years, the disadvantaged and marginalised position of rural women in the Republic of Serbia has been recognised in a number of national strategies and policy papers. A number of measures have been adopted by the government aimed at economic empowerment of rural women and eliminating barriers to accessing decision making and economic and social opportunities. However, their implementation pace is still slow. The aim of the paper is to indicate the necessity of a comprehensive policy approach to eliminating discrimination against rural women that would include policy and financial commitments for enhancing agricultural and rural development as a whole, instead of taking fragmented measures targeting consequences instead of causes. The paper introduces main findings of the study of challenges, constraints, and opportunities of rural women in Serbia to enjoy their economic and social rights. The research methodology included the desk research and the qualitative analysis of the available data, statistics, policy papers, studies, and reports produced by the government, ministries and other governmental bodies, independent human rights bodies, and civil society organizations (CSOs). The findings of the study reveal that rural women are at great risk of poverty, particularly in remote areas, and when getting old or widowed. Young rural women working in agriculture are also in unfavorable position, as they do not have opportunities to enjoy their rights during pregnancy and maternity leave, childcare leave and leave due to the special care of a child. The study indicates that the main causes of their unfavorable position are related to the prevalent patriarchal surrounding and economic and social underdevelopment of rural areas in Serbia. Gender inequalities have been particularly present in accessing land and property rights, inheritance, education, social protection, healthcare, and decision making. Women living in the rural areas are exposed at high risk of discrimination in all spheres of public and private life that undermine their enjoyment of basic economic, social and cultural rights. The vulnerability of rural women to discrimination increases in cases of the intersectionality of other grounds of discrimination, such as disability, ethnicity, age, health condition and sexual discrimination. If they are victims of domestic violence, their experience lack of access to shelters and protection services. Despite the State’s recognition of the marginalized position of rural women, there is still a lack of a comprehensive policy approach to improving the economic and social position of rural women.

Keywords: agricultural and rural development, care economy, discrimination against women, economic and social rights, feminization of poverty, Republic of Serbia, rural women

Procedia PDF Downloads 240
20602 A Numerical Model Simulation for an Updraft Gasifier Using High-Temperature Steam

Authors: T. M. Ismail, M. A. El-Salam

Abstract:

A mathematical model study was carried out to investigate gasification of biomass fuels using high-temperature air and steam as a gasifying agent using high-temperature air up to 1000°C. In this study, a 2D computational fluid dynamics model was developed to study the gasification process in an updraft gasifier, considering drying, pyrolysis, combustion, and gasification reactions. The gas and solid phases were resolved using a Euler−Euler multiphase approach, with exchange terms for the momentum, mass, and energy. The standard k−ε turbulence model was used in the gas phase, and the particle phase was modeled using the kinetic theory of granular flow. The results show that the present model giving a promising way in its capability and sensitivity for the parameter effects that influence the gasification process.

Keywords: computational fluid dynamics, gasification, biomass fuel, fixed bed gasifier

Procedia PDF Downloads 382
20601 Implementing Biogas Technology in Rural Areas of Limpopo: Analysis of Gawula, Mopani District in South Africa

Authors: Thilivhali E. Rasimphi, David Tinarwo

Abstract:

Access to energy is crucial in poverty alleviation, economic growth, education, and agricultural improvement. The best renewable energy source is one which is locally available, affordable, and can easily be used and managed by local communities. The usage of renewable energy technology has the potential to alleviate many of the current problems facing rural areas. To address energy poverty, biogas technology has become an important part of resolving such. This study, therefore, examines the performance of digesters in Gawula village; it also identifies the contributing factors to the adoption and use of the technology. Data was collected using an open-ended questionnaire from biogas users. To evaluate the performance of the digesters, a data envelopment analysis (DEA) non-parametric technique was used, and to identify key factors affecting adoption, a logit model was applied. The reviewed critical barriers to biogas development in the area seem to be a poor institutional framework, poor infrastructure, a lack of technical support, user training on maintenance and operation, and as such, the implemented plants have failed to make the desired impact. Thus most digesters were abandoned. To create awareness amongst rural communities, government involvement is key, and there is a need for national programs. Biogas technology does what few other renewable energy technologies do, which is to integrate waste management and energy. This creates a substantial opportunity for biogas generation and penetration. That is, a promising pathway towards achieving sustainable development through biogas technology.

Keywords: domestic biogas technology, economic, sustainable, social, rural development

Procedia PDF Downloads 127
20600 Multiphase Flow Model for 3D Numerical Model Using ANSYS for Flow over Stepped Cascade with End Sill

Authors: Dheyaa Wajid Abbood, Hanan Hussien Abood

Abstract:

Stepped cascade has been utilized as a hydraulic structure for years. It has proven to be the least costly aeration system in replenishing dissolved oxygen. Numerical modeling of stepped cascade with end sill is very complicated and challenging because of the high roughness and velocity re circulation regions. Volume of fluid multiphase flow model (VOF) is used .The realizable k-ξ model is chosen to simulate turbulence. The computational results are compared with lab-scale stepped cascade data. The lab –scale model was constructed in the hydraulic laboratory, Al-Mustansiriya University, Iraq. The stepped cascade was 0.23 m wide and consisted of 3 steps each 0.2m high and 0.6 m long with variable end sill. The discharge was varied from 1 to 4 l/s. ANSYS has been employed to simulate the experimental data and their related results. This study shows that ANSYS is able to predict results almost the same as experimental findings in some regions of the structure.

Keywords: stepped cascade weir, aeration, multiphase flow model, ansys

Procedia PDF Downloads 322
20599 Developing an Integrated Seismic Risk Model for Existing Buildings in Northern Algeria

Authors: R. Monteiro, A. Abarca

Abstract:

Large scale seismic risk assessment has become increasingly popular to evaluate the physical vulnerability of a given region to seismic events, by putting together hazard, exposure and vulnerability components. This study, developed within the scope of the EU-funded project ITERATE (Improved Tools for Disaster Risk Mitigation in Algeria), explains the steps and expected results for the development of an integrated seismic risk model for assessment of the vulnerability of residential buildings in Northern Algeria. For this purpose, the model foresees the consideration of an updated seismic hazard model, as well as ad-hoc exposure and physical vulnerability models for local residential buildings. The first results of this endeavor, such as the hazard model and a specific taxonomy to be used for the exposure and fragility components of the model are presented, using as starting point the province of Blida, in Algeria. Specific remarks and conclusions regarding the characteristics of the Northern Algerian in-built are then made based on these results.

Keywords: Northern Algeria, risk, seismic hazard, vulnerability

Procedia PDF Downloads 188
20598 Techno-Economic Analysis of 1,3-Butadiene and ε-Caprolactam Production from C6 Sugars

Authors: Iris Vural Gursel, Jonathan Moncada, Ernst Worrell, Andrea Ramirez

Abstract:

In order to achieve the transition from a fossil to bio-based economy, biomass needs to replace fossil resources in meeting the world’s energy and chemical needs. This calls for development of biorefinery systems allowing cost-efficient conversion of biomass to chemicals. In biorefinery systems, feedstock is converted to key intermediates called platforms which are converted to wide range of marketable products. The C6 sugars platform stands out due to its unique versatility as precursor for multiple valuable products. Among the different potential routes from C6 sugars to bio-based chemicals, 1,3-butadiene and ε-caprolactam appear to be of great interest. Butadiene is an important chemical for the production of synthetic rubbers, while caprolactam is used in production of nylon-6. In this study, ex-ante techno-economic performance of 1,3-butadiene and ε-caprolactam routes from C6 sugars were assessed. The aim is to provide insight from an early stage of development into the potential of these new technologies, and the bottlenecks and key cost-drivers. Two cases for each product line were analyzed to take into consideration the effect of possible changes on the overall performance of both butadiene and caprolactam production. Conceptual process design for the processes was developed using Aspen Plus based on currently available data from laboratory experiments. Then, operating and capital costs were estimated and an economic assessment was carried out using Net Present Value (NPV) as indicator. Finally, sensitivity analyses on processing capacity and prices was done to take into account possible variations. Results indicate that both processes perform similarly from an energy intensity point of view ranging between 34-50 MJ per kg of main product. However, in terms of processing yield (kg of product per kg of C6 sugar), caprolactam shows higher yield by a factor 1.6-3.6 compared to butadiene. For butadiene production, with the economic parameters used in this study, for both cases studied, a negative NPV (-642 and -647 M€) was attained indicating economic infeasibility. For the caprolactam production, one of the cases also showed economic infeasibility (-229 M€), but the case with the higher caprolactam yield resulted in a positive NPV (67 M€). Sensitivity analysis indicated that the economic performance of caprolactam production can be improved with the increase in capacity (higher C6 sugars intake) reflecting benefits of the economies of scale. Furthermore, humins valorization for heat and power production was considered and found to have a positive effect. Butadiene production was found sensitive to the price of feedstock C6 sugars and product butadiene. However, even at 100% variation of the two parameters, butadiene production remained economically infeasible. Overall, the caprolactam production line shows higher economic potential in comparison to that of butadiene. The results are useful in guiding experimental research and providing direction for further development of bio-based chemicals.

Keywords: bio-based chemicals, biorefinery, C6 sugars, economic analysis, process modelling

Procedia PDF Downloads 138
20597 Modelling of Atomic Force Microscopic Nano Robot's Friction Force on Rough Surfaces

Authors: M. Kharazmi, M. Zakeri, M. Packirisamy, J. Faraji

Abstract:

Micro/Nanorobotics or manipulation of nanoparticles by Atomic Force Microscopic (AFM) is one of the most important solutions for controlling the movement of atoms, particles and micro/nano metrics components and assembling of them to design micro/nano-meter tools. Accurate modelling of manipulation requires identification of forces and mechanical knowledge in the Nanoscale which are different from macro world. Due to the importance of the adhesion forces and the interaction of surfaces at the nanoscale several friction models were presented. In this research, friction and normal forces that are applied on the AFM by using of the dynamic bending-torsion model of AFM are obtained based on Hurtado-Kim friction model (HK), Johnson-Kendall-Robert contact model (JKR) and Greenwood-Williamson roughness model (GW). Finally, the effect of standard deviation of asperities height on the normal load, friction force and friction coefficient are studied.

Keywords: atomic force microscopy, contact model, friction coefficient, Greenwood-Williamson model

Procedia PDF Downloads 186
20596 Wind Wave Modeling Using MIKE 21 SW Spectral Model

Authors: Pouya Molana, Zeinab Alimohammadi

Abstract:

Determining wind wave characteristics is essential for implementing projects related to Coastal and Marine engineering such as designing coastal and marine structures, estimating sediment transport rates and coastal erosion rates in order to predict significant wave height (H_s), this study applies the third generation spectral wave model, Mike 21 SW, along with CEM model. For SW model calibration and verification, two data sets of meteorology and wave spectroscopy are used. The model was exposed to time-varying wind power and the results showed that difference ratio mean, standard deviation of difference ratio and correlation coefficient in SW model for H_s parameter are 1.102, 0.279 and 0.983, respectively. Whereas, the difference ratio mean, standard deviation and correlation coefficient in The Choice Experiment Method (CEM) for the same parameter are 0.869, 1.317 and 0.8359, respectively. Comparing these expected results it is revealed that the Choice Experiment Method CEM has more errors in comparison to MIKE 21 SW third generation spectral wave model and higher correlation coefficient does not necessarily mean higher accuracy.

Keywords: MIKE 21 SW, CEM method, significant wave height, difference ratio

Procedia PDF Downloads 385
20595 Social Business Model: Leveraging Business and Social Value of Social Enterprises

Authors: Miriam Borchardt, Agata M. Ritter, Macaliston G. da Silva, Mauricio N. de Carvalho, Giancarlo M. Pereira

Abstract:

This paper aims to analyze the barriers faced by social enterprises and based on that to propose a social business model framework that helps them to leverage their businesses and the social value delivered. A business model for social enterprises should amplify the value perception including social value for the beneficiaries while generating enough profit to escalate the business. Most of the social value beneficiaries are people from the base of the economic pyramid (BOP) or the ones that have specific needs. Because of this, products and services should be affordable to consumers while solving social needs of the beneficiaries. Developing products and services with social value require tie relationship among the social enterprises and universities, public institutions, accelerators, and investors. Despite being focused on social value and contributing to the beneficiaries’ quality of life as well as contributing to the governments that cannot properly guarantee public services and infrastructure to the BOP, many barriers are faced by the social enterprises to escalate their businesses. This is a work in process and five micro- and small-sized social enterprises in Brazil have been studied: (i) one has developed a kit for cervical uterine cancer detection to allow the BOP women to collect their own material and deliver to a laboratory for U$1,00; (ii) other has developed special products without lactose and it is about 70% cheaper than the traditional brands in the market; (iii) the third has developed prosthesis and orthosis to surplus needs that health public system have not done efficiently; (iv) the fourth has produced and commercialized menstrual panties aiming to reduce the consumption of dischargeable ones while saving money to the consumers; (v) the fifth develops and commercializes clothes from fabric wastes in a partnership with BOP artisans. The preliminary results indicate that the main barriers are related to the public system to recognize these products as public money that could be saved if they bought products from these enterprises instead of the multinational pharmaceutical companies, to the traditional distribution system (e.g. pharmacies) that avoid these products because of the low or non-existing profit, to the difficulty buying raw material in small quantities, to leverage investment by the investors, to cultural barriers and taboos. Interesting strategies to reduce the costs have been observed: some enterprises have focused on simplifying products, others have invested in partnerships with local producers and have developed their machines focusing on process efficiency to leverage investment by the investors.

Keywords: base of the pyramid, business model, social business, social business model, social enterprises

Procedia PDF Downloads 85
20594 Superiority of High Frequency Based Volatility Models: Empirical Evidence from an Emerging Market

Authors: Sibel Celik, Hüseyin Ergin

Abstract:

The paper aims to find the best volatility forecasting model for stock markets in Turkey. For this purpose, we compare performance of different volatility models-both traditional GARCH model and high frequency based volatility models- and conclude that both in pre-crisis and crisis period, the performance of high frequency based volatility models are better than traditional GARCH model. The findings of paper are important for policy makers, financial institutions and investors.

Keywords: volatility, GARCH model, realized volatility, high frequency data

Procedia PDF Downloads 474
20593 Leasing Revisited: Mastering the Digital Transformation with Traditional Financing

Authors: Tobias Huttche, Marco Canipa-Valdez, Corinne Mühlebach

Abstract:

This article discusses the role of leasing on the digital transformation process of companies and corresponding economic effects. Based on the traditional mechanisms of leasing, this article focuses in particular on the benefits of leasing as financing instrument with regard to the innovation potential of companies. Practical examples demonstrate how leasing can become an integral part of new business models. Especially, with regard to the digital transformation and corresponding investments in know-how and infrastructure, leasing can play an important role. Furthermore, findings of an empirical survey are presented dealing with the usage of leasing in Switzerland in an international context. The survey shows not only the benefits of leasing against the backdrop of digital transformation but gives guidance on how other countries can benefit from promoting leasing in their legislation and economy. Based on a simulation model for Switzerland, the economic effect of an increase in leasing volume is being calculated. Again, the respective results underline the substantial growth potential. This holds true especially for economies where asset-based lending is rarely used because of a lack of entrepreneurial or private security of the borrower (cash-based financing for developing and emerging countries). Overall, the authors found that leasing using companies are more productive and tend to grow faster than companies using less or none leasing. The positive effects of leasing on emerging digital challenges for companies and entire economies should encourage other countries to facilitate access to leasing as financing instrument by decreasing legal-, tax- and accounting-related requirements in the respective jurisdiction.

Keywords: Cash-Based financing, digital transformation, financing instruments, growth, innovation, leasing

Procedia PDF Downloads 243
20592 Application of the Tripartite Model to the Link between Non-Suicidal Self-Injury and Suicidal Risk

Authors: Ashley Wei-Ting Wang, Wen-Yau Hsu

Abstract:

Objectives: The current study applies and expands the Tripartite Model to elaborate the link between non-suicidal self-injury (NSSI) and suicidal behavior. We propose a structural model of NSSI and suicidal risk, in which negative affect (NA) predicts both anxiety and depression, positive affect (PA) predicts depression only, anxiety is linked to NSSI, and depression is linked to suicidal risk. Method: Four hundreds and eighty seven undergraduates participated. Data were collected by administering self-report questionnaires. We performed hierarchical regression and structural equation modeling to test the proposed structural model. Results: The results largely support the proposed structural model, with one exception: anxiety was strongly associated with NSSI and to a lesser extent with suicidal risk. Conclusions: We conclude that the co-occurrence of NSSI and suicidal risk is due to NA and anxiety, and suicidal risk can be differentiated by depression. Further theoretical and practical implications are discussed.

Keywords: non-suicidal self-injury, suicidal risk, anxiety, depression, the tripartite model, hierarchical relationship

Procedia PDF Downloads 452
20591 Liquid Waste Management in Cluster Development

Authors: Abheyjit Singh, Kulwant Singh

Abstract:

There is a gradual depletion of the water table in the earth's crust, and it is required to converse and reduce the scarcity of water. This is only done by rainwater harvesting, recycling of water and by judicially consumption/utilization of water and adopting unique treatment measures. Domestic waste is generated in residential areas, commercial settings, and institutions. Waste, in general, is unwanted, undesirable, and nevertheless an inevitable and inherent product of social, economic, and cultural life. In a cluster, a need-based system is formed where the project is designed for systematic analysis, collection of sewage from the cluster, treating it and then recycling it for multifarious work. The liquid waste may consist of Sanitary sewage/ Domestic waste, Industrial waste, Storm waste, or Mixed Waste. The sewage contains both suspended and dissolved particles, and the total amount of organic material is related to the strength of the sewage. The untreated domestic sanitary sewage has a BOD (Biochemical Oxygen Demand) of 200 mg/l. TSS (Total Suspended Solids) about 240 mg/l. Industrial Waste may have BOD and TSS values much higher than those of sanitary sewage. Another type of impurities of wastewater is plant nutrients, especially when there are compounds of nitrogen N phosphorus P in the sewage; raw sanitary contains approx. 35 mg/l Nitrogen and 10 mg/l of Phosphorus. Finally, the pathogen in the waste is expected to be proportional to the concentration of facial coliform bacteria. The coliform concentration in raw sanitary sewage is roughly 1 billion per liter. The system of sewage disposal technique has been universally applied to all conditions, which are the nature of soil formation, Availability of land, Quantity of Sewage to be disposed of, The degree of treatment and the relative cost of disposal technique. The adopted Thappar Model (India) has the following designed parameters consisting of a Screen Chamber, a Digestion Tank, a Skimming Tank, a Stabilization Tank, an Oxidation Pond and a Water Storage Pond. The screening Chamber is used to remove plastic and other solids, The Digestion Tank is designed as an anaerobic tank having a retention period of 8 hours, The Skimming Tank has an outlet that is kept 1 meter below the surface anaerobic condition at the bottom and also help in organic solid remover, Stabilization Tank is designed as primary settling tank, Oxidation Pond is a facultative pond having a depth of 1.5 meter, Storage Pond is designed as per the requirement. The cost of the Thappar model is Rs. 185 Lakh per 3,000 to 4,000 population, and the Area required is 1.5 Acre. The complete structure will linning as per the requirement. The annual maintenance will be Rs. 5 lakh per year. The project is useful for water conservation, silage water for irrigation, decrease of BOD and there will be no longer damage to community assets and economic loss to the farmer community by inundation. There will be a healthy and clean environment in the community.

Keywords: collection, treatment, utilization, economic

Procedia PDF Downloads 63
20590 Valuation of Caps and Floors in a LIBOR Market Model with Markov Jump Risks

Authors: Shih-Kuei Lin

Abstract:

The characterization of the arbitrage-free dynamics of interest rates is developed in this study under the presence of Markov jump risks, when the term structure of the interest rates is modeled through simple forward rates. We consider Markov jump risks by allowing randomness in jump sizes, independence between jump sizes and jump times. The Markov jump diffusion model is used to capture empirical phenomena and to accurately describe interest jump risks in a financial market. We derive the arbitrage-free model of simple forward rates under the spot measure. Moreover, the analytical pricing formulas for a cap and a floor are derived under the forward measure when the jump size follows a lognormal distribution. In our empirical analysis, we find that the LIBOR market model with Markov jump risk better accounts for changes from/to different states and different rates.

Keywords: arbitrage-free, cap and floor, Markov jump diffusion model, simple forward rate model, volatility smile, EM algorithm

Procedia PDF Downloads 407
20589 An Adjusted Network Information Criterion for Model Selection in Statistical Neural Network Models

Authors: Christopher Godwin Udomboso, Angela Unna Chukwu, Isaac Kwame Dontwi

Abstract:

In selecting a Statistical Neural Network model, the Network Information Criterion (NIC) has been observed to be sample biased, because it does not account for sample sizes. The selection of a model from a set of fitted candidate models requires objective data-driven criteria. In this paper, we derived and investigated the Adjusted Network Information Criterion (ANIC), based on Kullback’s symmetric divergence, which has been designed to be an asymptotically unbiased estimator of the expected Kullback-Leibler information of a fitted model. The analyses show that on a general note, the ANIC improves model selection in more sample sizes than does the NIC.

Keywords: statistical neural network, network information criterion, adjusted network, information criterion, transfer function

Procedia PDF Downloads 546
20588 Non-Convex Multi Objective Economic Dispatch Using Ramp Rate Biogeography Based Optimization

Authors: Susanta Kumar Gachhayat, S. K. Dash

Abstract:

Multi objective non-convex economic dispatch problems of a thermal power plant are of grave concern for deciding the cost of generation and reduction of emission level for diminishing the global warming level for improving green-house effect. This paper deals with ramp rate constraints for achieving better inequality constraints so as to incorporate valve point loading for cost of generation in thermal power plant through ramp rate biogeography based optimization involving mutation and migration. Through 50 out of 100 trials, the cost function and emission objective function were found to have outperformed other classical methods such as lambda iteration method, quadratic programming method and many heuristic methods like particle swarm optimization method, weight improved particle swarm optimization method, constriction factor based particle swarm optimization method, moderate random particle swarm optimization method etc. Ramp rate biogeography based optimization applications prove quite advantageous in solving non convex multi objective economic dispatch problems subjected to nonlinear loads that pollute the source giving rise to third harmonic distortions and other such disturbances.

Keywords: economic load dispatch, ELD, biogeography-based optimization, BBO, ramp rate biogeography-based optimization, RRBBO, valve-point loading, VPL

Procedia PDF Downloads 364
20587 The Impact of Water Resources on Economic and Social Development in Kuwait

Authors: Obaid Alotaibi

Abstract:

The geographical location of the State of Kuwait contributed significantly to the suffering of Kuwait in the past, due to the scarcity of natural water resources and the inability of the State's financial resources to provide other water resources to meet the needs of the population. The problem of water scarcity in Kuwait remained until the beginning of the second half of the twentieth century, as the country's economic conditions revived with the emergence and export of oil; which was clearly reflected in the steady growth of the population. To cope with this population, increase, it was necessary to expand the various development programs to include all sectors of the state. The process of development and urbanization could not start without finding solutions to the problem of water shortage in Kuwait. The only option for officials to meet the needs of the population and the different sectors of water development is the desalination of seawater. This process necessitated the establishment of six desalination plants along the coast of Kuwait and extended freshwater arteries to reach everywhere on the land. However, this does not mean that the problem of water shortage has been completely solved. The desalination plants are not meeting the country's future water needs, especially considering the increasing population growth. These stations are nearing completion and they need to be replaced, renovation and maintenance, require significant expenses. Therefore, it was necessary for scientific research to address the issue of water in Kuwait, whether in the field of development of existing resources or in the field of rationalization of consumption and protection of available resources. The study focused on how to address the increasing demand for water resulting from population increase, the impact of water on economic and social development, the prospects of water resources in Kuwait and its ability to meet the needs of the country by 2030.

Keywords: economic, development, Kuwait, social, water resources

Procedia PDF Downloads 107
20586 Lewis Turning Point in China: Interviewing Perceptions of Fertility Policies by Unmarried Female Millennials

Authors: Yunqi Wang

Abstract:

Benefiting from the demographic dividend, China has enjoyed export-led economic growth since 1978. While Lewis's model marks the structural transformation from the low-wage 'subsistence' sector to the 'modern sector' as the end of labour surplus, the Chinese government seems eager to extend such benefit by promoting a series of fertility encouragement policies, contrasting to its firm and strict birth control since last century. Based on a Attride-Stirling’s thematic analysis of interviews with unmarried female millennials in China, this paper argues that the young female generation responded to current fertility policies negatively, where the policy ineffectiveness and irresponsiveness have further worsened their marriage and childbirth reluctance. Instead of focusing on changes in wage level, this research contributes a qualitative perspective to the existing theoretical debate on the Lewis turning point, implying an inevitable end of demographic dividend in China. Highlighting the greater focus on female consciousness among the younger generation, it also suggests a policy orientation towards resolving outdated social norms to accommodate the rising female consciousness since millennials will become the childbirth mainstay in forthcoming years.

Keywords: lewis model, fertility policy, demographic dividend, one-child policy

Procedia PDF Downloads 103
20585 Causal Modeling of the Glucose-Insulin System in Type-I Diabetic Patients

Authors: J. Fernandez, N. Aguilar, R. Fernandez de Canete, J. C. Ramos-Diaz

Abstract:

In this paper, a simulation model of the glucose-insulin system for a patient undergoing diabetes Type 1 is developed by using a causal modeling approach under system dynamics. The OpenModelica simulation environment has been employed to build the so called causal model, while the glucose-insulin model parameters were adjusted to fit recorded mean data of a diabetic patient database. Model results under different conditions of a three-meal glucose and exogenous insulin ingestion patterns have been obtained. This simulation model can be useful to evaluate glucose-insulin performance in several circumstances, including insulin infusion algorithms in open-loop and decision support systems in closed-loop.

Keywords: causal modeling, diabetes, glucose-insulin system, diabetes, causal modeling, OpenModelica software

Procedia PDF Downloads 314
20584 A Mathematical Optimization Model for Locating and Fortifying Capacitated Warehouses under Risk of Failure

Authors: Tareq Oshan

Abstract:

Facility location and size decisions are important to any company because they affect profitability and success. However, warehouses are exposed to various risks of failure that affect their activity. This paper presents a mixed-integer non-linear mathematical model that can be used to determine optimal warehouse locations and sizes, which warehouses to fortify, and which branches should be assigned to specific warehouses when there is a risk of warehouse failure. Every branch is assigned to a fortified primary warehouse or a nonfortified primary warehouse and a fortified backup warehouse. The standard method and an introduced method, based on the average probabilities, for linearizing this mathematical model were used. A Canadian case study was used to demonstrate the developed mathematical model, followed by some sensitivity analysis.

Keywords: supply chain network design, fortified warehouse, mixed-integer mathematical model, warehouse failure risk

Procedia PDF Downloads 234
20583 Enhancing Project Management Performance in Prefabricated Building Construction under Uncertainty: A Comprehensive Approach

Authors: Niyongabo Elyse

Abstract:

Prefabricated building construction is a pioneering approach that combines design, production, and assembly to attain energy efficiency, environmental sustainability, and economic feasibility. Despite continuous development in the industry in China, the low technical maturity of standardized design, factory production, and construction assembly introduces uncertainties affecting prefabricated component production and on-site assembly processes. This research focuses on enhancing project management performance under uncertainty to help enterprises navigate these challenges and optimize project resources. The study introduces a perspective on how uncertain factors influence the implementation of prefabricated building construction projects. It proposes a theoretical model considering project process management ability, adaptability to uncertain environments, and collaboration ability of project participants. The impact of uncertain factors is demonstrated through case studies and quantitative analysis, revealing constraints on implementation time, cost, quality, and safety. To address uncertainties in prefabricated component production scheduling, a fuzzy model is presented, expressing processing times in interval values. The model utilizes a cooperative co-evolution evolution algorithm (CCEA) to optimize scheduling, demonstrated through a real case study showcasing reduced project duration and minimized effects of processing time disturbances. Additionally, the research addresses on-site assembly construction scheduling, considering the relationship between task processing times and assigned resources. A multi-objective model with fuzzy activity durations is proposed, employing a hybrid cooperative co-evolution evolution algorithm (HCCEA) to optimize project scheduling. Results from real case studies indicate improved project performance in terms of duration, cost, and resilience to processing time delays and resource changes. The study also introduces a multistage dynamic process control model, utilizing IoT technology for real-time monitoring during component production and construction assembly. This approach dynamically adjusts schedules when constraints arise, leading to enhanced project management performance, as demonstrated in a real prefabricated housing project. Key contributions include a fuzzy prefabricated components production scheduling model, a multi-objective multi-mode resource-constrained construction project scheduling model with fuzzy activity durations, a multi-stage dynamic process control model, and a cooperative co-evolution evolution algorithm. The integrated mathematical model addresses the complexity of prefabricated building construction project management, providing a theoretical foundation for practical decision-making in the field.

Keywords: prefabricated construction, project management performance, uncertainty, fuzzy scheduling

Procedia PDF Downloads 36
20582 Three-Stage Least Squared Models of a Station-Level Subway Ridership: Incorporating an Analysis on Integrated Transit Network Topology Measures

Authors: Jungyeol Hong, Dongjoo Park

Abstract:

The urban transit system is a critical part of a solution to the economic, energy, and environmental challenges. Furthermore, it ultimately contributes the improvement of people’s quality of lives. For taking these kinds of advantages, the city of Seoul has tried to construct an integrated transit system including both subway and buses. The effort led to the fact that approximately 6.9 million citizens use the integrated transit system every day for their trips. Diagnosing the current transit network is a significant task to provide more convenient and pleasant transit environment. Therefore, the critical objective of this study is to establish a methodological framework for the analysis of an integrated bus-subway network and to examine the relationship between subway ridership and parameters such as network topology measures, bus demand, and a variety of commercial business facilities. Regarding a statistical approach to estimate subway ridership at a station level, many previous studies relied on Ordinary Least Square regression, but there was lack of studies considering the endogeneity issues which might show in the subway ridership prediction model. This study focused on both discovering the impacts of integrated transit network topology measures and endogenous effect of bus demand on subway ridership. It could ultimately contribute to developing more accurate subway ridership estimation accounting for its statistical bias. The spatial scope of the study covers Seoul city in South Korea, and it includes 243 subway stations and 10,120 bus stops with the temporal scope set during twenty-four hours with one-hour interval time panels each. The subway and bus ridership information in detail was collected from the Seoul Smart Card data in 2015 and 2016. First, integrated subway-bus network topology measures which have characteristics regarding connectivity, centrality, transitivity, and reciprocity were estimated based on the complex network theory. The results of integrated transit network topology analysis were compared to subway-only network topology. Also, the non-recursive approach which is Three-Stage Least Square was applied to develop the daily subway ridership model as capturing the endogeneity between bus and subway demands. Independent variables included roadway geometry, commercial business characteristics, social-economic characteristics, safety index, transit facility attributes, and dummies for seasons and time zone. Consequently, it was found that network topology measures were significant size effect. Especially, centrality measures showed that the elasticity was a change of 4.88% for closeness centrality, 24.48% for betweenness centrality while the elasticity of bus ridership was 8.85%. Moreover, it was proved that bus demand and subway ridership were endogenous in a non-recursive manner as showing that predicted bus ridership and predicted subway ridership is statistically significant in OLS regression models. Therefore, it shows that three-stage least square model appears to be a plausible model for efficient subway ridership estimation. It is expected that the proposed approach provides a reliable guideline that can be used as part of the spectrum of tools for evaluating a city-wide integrated transit network.

Keywords: integrated transit system, network topology measures, three-stage least squared, endogeneity, subway ridership

Procedia PDF Downloads 161