Search results for: short-term electricity price forecast

Authors: Zakariya B. H., Idris M. I., Jungudo M. A.

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High energy consumptions of urban settlements in Nigeria are escalating due to strong population growth and migration as a result of crises. The demand for lighting, heating, ventilation and air conditioning (LHVAC) is becoming higher. Conversely, there is a poor electricity supply to both rural and urban settlement in Nigeria. Generators were mostly used in Nigeria as a source of energy for LHVAC. Energy efficiency can be defined as any measure taken to reduce the amount of energy consumed for heating ventilation and air-conditioning (HVAC), and house hold appliances like computers, stoves, refrigerators, televisions etc. The aim of the study was to minimize energy consumption in building through the integration of energy efficiency and renewable energy in building sector. Some of the energy efficient buildings within the study area were identified, the study covers there major cities of Nigeria namely, Abuja, Kaduna and Lagos city. The cost of investment on the energy efficiency and renewable energy was determined and compared with other fossil energy source for conventional building. Findings revealed that the low energy and energy efficient buildings in Nigeria are cheaper than the conventional ones. Based on the finding of the research, construction stake holders are strongly encouraged to abandon the conventional buildings and consider energy efficiency and renewable energy in buildings.

Keywords: energy, efficiency, LHVAC, sustainable development

Procedia PDF Downloads 579

Authors: Watchareeporn Chaimongkol

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In this paper, we compare the statistical measures accuracy of composite forecasting model to estimate automobile customer demand in Thailand. A modified simple exponential smoothing and autoregressive integrate moving average (ARIMA) forecasting model is built to estimate customer demand of passenger cars, instead of using information of historical sales data. Our model takes into account special characteristic of the Thai automobile market such as sales promotion, advertising and publicity, petrol price, and interest rate for loan. We evaluate our forecasting model by comparing forecasts with actual data using six accuracy measurements, mean absolute percentage error (MAPE), geometric mean absolute error (GMAE), symmetric mean absolute percentage error (sMAPE), mean absolute scaled error (MASE), median relative absolute error (MdRAE), and geometric mean relative absolute error (GMRAE).

Keywords: composite forecasting, simple exponential smoothing model, autoregressive integrate moving average model selection, accuracy measurements

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Authors: Xinyi Xu

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This study conducts a detailed examination of Asian stock markets over the period from 2008 to 2023, with a focus on the dynamics of cointegration and their relevance for long-term investment strategies. Specifically, we assess the co-movement and potential for pairs trading—a strategy where investors take opposing positions on two stocks, indices, or financial instruments that historically move together. For example, we explore the relationship between the Nikkei 225 (N225), Japan’s benchmark stock index, and the Straits Times Index (STI) of Singapore, as well as the relationship between the Korea Composite Stock Price Index (KS11) and the STI. The methodology includes tests for normality, stationarity, cointegration, and the application of Vector Error Correction Modeling (VECM). Our findings reveal significant long-term relationships between these pairs, indicating opportunities for pairs trading strategies. Furthermore, the research underscores the challenges posed by model instability and the influence of major global incidents, which are identified as structural breaks. These findings pave the way for further exploration into the intricacies of financial market dynamics.

Keywords: normality tests, stationarity, cointegration, VECM, pairs trading

Procedia PDF Downloads 55

Authors: M. Feliciano, F. Rodrigues, A. Gonçalves, J. M. R. C. A. Santos, V. Leite

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With the objective of characterizing the profile and performance of energy use by slaughterhouses, surveys and audits were performed in two different facilities located in the northeastern region of Portugal. Energy consumption from multiple energy sources was assessed monthly, along with production and costs, for the same reference year. Gathered data was analyzed to identify and quantify the main consuming processes and to estimate energy efficiency indicators for benchmarking purposes. Main results show differences between the two slaughterhouses concerning energy sources, consumption by source and sector, and global energy efficiency. Electricity is the most used source in both slaughterhouses with a contribution of around 50%, being essentially used for meat processing and refrigeration. Natural gas, in slaughterhouse A, and pellets, in slaughterhouse B, used for heating water take the second place, with a mean contribution of about 45%. On average, a 62 kgoe/t specific energy consumption (SEC) was found, although with differences between slaughterhouses. A prominent negative correlation between SEC and carcass production was found specially in slaughterhouse A. Estimated Specific Energy Cost and Greenhouse Gases Intensity (GHGI) show mean values of about 50 €/t and 1.8 tCO2e/toe, respectively. Main results show that there is a significant margin for improving energy efficiency and therefore lowering costs in this type of non-energy intensive industries.

Keywords: meat industry, energy intensity, energy efficiency, GHG emissions

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Authors: Ambra Giovannelli, Erika Maria Archilei

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The amount of the electrical power required by refrigeration systems is relevant worldwide. It is evaluated in the order of 15% of the total electricity production taking refrigeration and air-conditioning into consideration. For this reason, in the last years several energy saving techniques have been proposed to reduce the power demand of such plants. The paper deals with the development of an innovative internal recovery system for cryogenic cooling plants. Such a system consists in a Compressor-Expander Group (CEG) designed on the basis of the automotive turbocharging technology. In particular, the paper is focused on the design of the expander, the critical component of the CEG system. Due to the low volumetric flow entering the expander and the high expansion ratio, a commercial turbocharger expander wheel was strongly modified. It was equipped with a transonic nozzle, designed to have a radially inflow full admission. To verify the performance of such a machine and suggest improvements, two different set of nozzles have been designed and modelled by means of the commercial Ansys-CFX software. steady-state 3D CFD simulations of the second-generation prototype are presented and compared with the initial ones.

Keywords: vapour cCompression systems, energy saving, refrigeration plant, organic fluids, radial turbine

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Authors: Behzad Panahirad, UğUr Atikol

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The current study is based on a combined heat and power system with multi-objectives, driven by biomass. The system consists of a combustion chamber (CC), a single effect absorption cooling system (SEACS), an air conditioning unit (AC), a reheat steam Rankine cycle (RRC), an organic Rankine cycle (ORC) and an electrolyzer. The purpose of this system is to produce hydrogen, electricity, heat, cooling, and air conditioning. All the simulations had been performed by Engineering Equation Solver (EES) software. Pine sawdust is the selected biofuel for the combustion process. The overall utilization factor (εₑₙ) and exergetic efficiency (ψₑₓ) were calculated to be 2.096 and 24.03% respectively. The performed renewable and environmental impact analysis indicated a sustainability index of 1.316 (SI) and a specific CO2 emission of 353.8 kg/MWh. The parametric study is conducted based on the variation of ambient (sink) temperature, biofuel mass flow rate, and boilers outlet temperatures. The parametric simulation showed that the increase in biofuel mass flow rate has a positive effect on the sustainability of the system.

Keywords: biomass, exergy assessment, multi-objective plant, CO₂ emission, irreversibility

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Authors: J. Jayasuriya

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In this research paper, a procedure for installing and assessment of a solar PV plant to generate optimal solar energy SPAV hostel at Vijayawada city was analyzed. The hostel was experiencing power disruption and had a need for an unceasing energy source. The solar panel is one of the best solutions to obtain uninterrupted clean renewable energy for an institutional building as it neither makes din nor pollutes the atmosphere. The electricity usage per month was initially measured to discriminate the energy change. The solar array was installed with its financial and environmental assessment considering recent market prices. All the aspects related to a solar PV plant were considered for the feasibility and efficiency of PV plant near this site i.e., the orientation of the site, the size and shape of the terrace, the sun path were considered while installing panels. Various precautions were taken to intercept the factors which cause interference in energy generation, with respect to temperature, overshadowing, the wiring of panels, pollution etc. The solar panels were frequently installed, monitored and maintained properly to procure optimal energy output. Result obtained with the assessment of the proposed plant and deflation in the electric bill will show the maximal energy that can be generated in a month on that particular site.

Keywords: solar efficiency, building sustainability, PV panel, solar energy

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Authors: Zhanara B. Suleimenova, Zhazira K. Saduyeva

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Filamentous fungi are major producers of enzymes that have important applications in the food and beverage industries. The overall objective of this research is a strain improvement technology for efficient industrial enzymes production. The new way of filamentous fungi cultivation method has been developed. Such technology prolong producers’ cultivation period up to 60 days and create the opportunity to obtain enzymes repeatedly in every 2-3 days of fungal cultivation. This method is based on immobilizing enzymes producers with solid support in submerged conditions of growth. Immobilizing has a range of advantages: Decreasing the price of the final product, absence of foreign substances, controlled process of enzyme-genesis, ability of various enzymes simultaneous production, etc. Design of proposed technology gives the opportunity to increase the activity of immobilized cells culture filtrate comparing to free cells, growing in periodic culture conditions. Thus, proposed research focuses on new, more versatile, microorganisms capable of squeezing more end-products as well as proposed cultivation technology led to increased enzymatic productivity by several times.

Keywords: filamentous fungi, immobilization, industrial enzymes production, strain improvement

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Authors: Kanchan Mondal, Dasharath Koulage, Dattatray Manerikar, Asmita Ghate

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This paper presents an additive reliability model using warranty data and Finite Element Analysis (FEA) data. Warranty data for any product gives insight to its underlying issues. This is often used by Reliability Engineers to build prediction model to forecast failure rate of parts. But there is one major limitation in using warranty data for prediction. Warranty periods constitute only a small fraction of total lifetime of a product, most of the time it covers only the infant mortality and useful life zone of a bathtub curve. Predicting with warranty data alone in these cases is not generally provide results with desired accuracy. Failure rate of a mechanical part is driven by random issues initially and wear-out or usage related issues at later stages of the lifetime. For better predictability of failure rate, one need to explore the failure rate behavior at wear out zone of a bathtub curve. Due to cost and time constraints, it is not always possible to test samples till failure, but FEA-Fatigue analysis can provide the failure rate behavior of a part much beyond warranty period in a quicker time and at lesser cost. In this work, the authors proposed an Additive Weibull Model, which make use of both warranty and FEA fatigue analysis data for predicting failure rates. It involves modeling of two data sets of a part, one with existing warranty claims and other with fatigue life data. Hazard rate base Weibull estimation has been used for the modeling the warranty data whereas S-N curved based Weibull parameter estimation is used for FEA data. Two separate Weibull models’ parameters are estimated and combined to form the proposed Additive Weibull Model for prediction.

Keywords: bathtub curve, fatigue, FEA, reliability, warranty, Weibull

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Authors: Ando Leppiman, Kati Kõrbe Kaare, Ott Koppel

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The growing demand for gas has rekindled a debate on gas security of supply due to supply interruptions, increasing gas prices, transportation and distribution bottlenecks and a growing reliance on imports over longer distances. Security of supply is defined mostly as an infrastructure package to satisfy N-1 criteria. In case of Estonia, Finland, Latvia, and Lithuania all the gas infrastructure is built to supply natural gas only from one single supplier, Russia. In 2012, almost 100% of natural gas to the Eastern Baltic Region was supplied by Gazprom. under such circumstances infrastructure N-1 criteria does not guarantee security of supply. In the Eastern Baltic Region, the assessment of risk of gas supply disruption has been worked out by applying the method of risk scenarios. There are various risks to be tackled in Eastern Baltic States in terms of improving security of supply, such as single supplier risk, physical infrastructure risk, regulatory gap, fair price, and competition. The objective of this paper is to evaluate the energy security of the Eastern Baltic Region within the framework of the European Union’s policies and to make recommendations on how to better guarantee the energy security of the region.

Keywords: security of supply, supply routes for natural gas, energy balance, diversified supply options, common regulative package

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Authors: Mudawamah Mudawamah, Muhammad Z. Fadli, Gatot Ciptadi, Aulanni’am

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Canary breeders have spread throughout Indonesian regions for the low-middle society and become an income source for them. The interesting phenomenon of the canary market is the feather colours become one of determining factor for the price. The advantages of this research were contributed to the molecular database as a base of selection and mating for the Indonesia canary breeder. The research method was experiment with the genome obtained from canary blood isolation. The genome did the PCR amplification with PMEL marker followed by sequencing. Canaries were used 24 heads of light and dark colour feathers. Research data analyses used BioEdit and Network 4.6.0.0 software. The results showed that all samples were amplification with PMEL gene with 500 bp fragment length. In base sequence of 40 was found Cytosine(C) in the light colour canaries, while the dark colour canaries was obtained Thymine (T) in same base sequence. Sequence results had 286-415 bp fragment and 10 haplotypes. The conclusions were the PMEL gene (gene of white pigment) was likely to be used PMEL gene to detect molecular genetic variation of dark and light colour feather.

Keywords: canary, haplotype, PMEL, sequence

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Authors: Ebrahim Behrouzian Nejad, Rezvan Alipoor Sabzevari

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Cloud computing systems are large-scale distributed systems, so that they focus more on large scale resource sharing, cooperation of several organizations and their use in new applications. One of the main challenges in this realm is resource allocation. There are many different ways to resource allocation in cloud computing. One of the common methods to resource allocation are economic methods. Among these methods, the auction-based method has greater prominence compared with Fixed-Price method. The double combinatorial auction is one of the proper ways of resource allocation in cloud computing. This method includes two phases: winner determination and resource allocation. In this paper a new method has been presented to determine winner in double combinatorial auction-based resource allocation using Imperialist Competitive Algorithm (ICA). The experimental results show that in our new proposed the number of winner users is higher than genetic algorithm. On other hand, in proposed algorithm, the number of winner providers is higher in genetic algorithm.

Keywords: cloud computing, resource allocation, double auction, winner determination

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Authors: Sirapop Nuannimnoi, Hojjat Baghban, Ching-Yao Huang

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Over the past decade, with the fast development of blockchain technology since the birth of Bitcoin, there has been a massive increase in the usage of Cryptocurrencies. Cryptocurrencies are not seen as an investment opportunity due to the market’s erratic behavior and high price volatility. With the recent success of deep reinforcement learning (DRL), portfolio management can be modeled and automated. In this paper, we propose a novel DRL-based multi-agent system to automatically make proper trading decisions on multiple cryptocurrencies and gain profits in the highly volatile cryptocurrency market. We also extend this multi-agent system with horizontal federated transfer learning for better adapting to the inclusion of new cryptocurrencies in our portfolio; therefore, we can, through the concept of diversification, maximize our profits and minimize the trading risks. Experimental results through multiple simulation scenarios reveal that this proposed algorithmic trading system can offer three promising key advantages over other systems, including maximized profits, minimized risks, and adaptability.

Keywords: cryptocurrency portfolio management, algorithmic trading, federated learning, multi-agent reinforcement learning

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Authors: Lea Lenhardt, Ivana Zeković, Tatjana Dramićanin, Miroslav D. Dramićanin

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Rapid and sensitive analytical technologies for food analysis are needed to respond to the growing public interest in food quality and safety. In this context, fluorescence spectroscopy offers several inherent advantages for the characterization of food products: high sensitivity, low price, objective, relatively fast and non-destructive. The objective of this work was to investigate the potential of fluorescence spectroscopy coupled with multi-way technique for characterization of cereal flours. Fluorescence landscape also known as excitation-emission matrix (EEM) spectroscopy utilizes multiple-color illumination, with the full fluorescence spectrum recorded for each excitation wavelength. EEM was measured on various types of cereal flours (wheat, oat, barley, rye, corn, buckwheat and rice). Obtained spectra were analyzed using PARAllel FACtor analysis (PARAFAC) in order to decompose the spectra and identify underlying fluorescent components. Results of the analysis indicated the presence of four fluorophores in cereal flours. It has been observed that relative concentration of fluorophores varies between different groups of flours. Based on these findings we can conclude that application of PARAFAC analysis on fluorescence data is a good foundation for further qualitative analysis of cereal flours.

Keywords: cereals, fluors, fluorescence, PARAFAC

Procedia PDF Downloads 664

Authors: B. S. So, Y. H. Yoon, J. O. Jung, K. S. Bae

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Metal Injection Molding (MIM) is a technology that combines powder metallurgy and injection molding. Particularly, it is widely applied to the manufacture of precision mobile parts and automobile turbocharger parts because compact precision parts with complicated three-dimensional shapes that are difficult to machining are formed into a large number of finished products. The swing valve is a valve that adjusts the boost pressure of the turbocharger. Since the head portion is exposed to the harsh temperature condition of about 900 degrees in the gasoline GDI engine, it is necessary to use Inconel material with excellent heat resistance and abrasion resistance, resulting in high manufacturing cost. In this study, we developed a swing valve using a metal powder injection molding based hybrid material (Inconel 713C material with heat resistance is applied to the head part, and HK30 material with low price is applied to the rest of the body part). For this purpose, the process conditions of the metal injection molding were optimized to minimize the internal defects, and the effectiveness was confirmed by the fracture strength and fatigue test.

Keywords: hybrid metal injection molding, swing valve, turbocharger, double injection

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Authors: Kanchan J. Kakade, S. A. Annadate

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This paper presents design and development of underground coal mine monitoring using mbed arm cortex controller and ZigBee communication. Coal mine is a special type of mine which is dangerous in nature. Safety is the most important feature of a coal industry for proper functioning. It’s not only for employees and workers but also for environment and nation. Many coal producing countries in the world face phenomenal frequently occurred accidents in coal mines viz, gas explosion, flood, and fire breaking out during coal mines exploitation. Thus, such emissions of various gases from coal mines are necessary to detect with the help of robot. Coal is a combustible, sedimentary, organic rock, which is made up of mainly carbon, hydrogen and oxygen. Coal Mine Detection Robot mainly detects mash gas and carbon monoxide. The mash gas is the kind of the mixed gas which mainly make up of methane in the underground of the coal mine shaft, and sometimes it abbreviate to methane. It is formed from vegetation, which has been fused between other rock layers and altered by the combined effects of heat and pressure over millions of years to form coal beds. Coal has many important uses worldwide. The most significant uses of coal are in electricity generation, steel production, cement manufacturing and as a liquid fuel.

Keywords: Zigbee communication, various sensors, hazardous gases, mbed arm cortex M3 core controller

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Authors: Hoda Dehghani, Zahra Dehghani

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Considering the obvious growth and variety of veterinary biological product and increase consumption and also the price, it is necessary to establish the rules and serious monitoring of this products which are less expensive than the original products. The scope of this research is the study of comparing the registration criteria and procedures of veterinary biological drugs in the world's leading agencies such as EMA, FDA, and WHO. For this, purpose the rules and regulations for registration of these drugs in prestigious organizations such as the FDA, EMA and WHO were examined and compared with the existing legislation in Iran. Studies show that EMA is the forefront of the compilation and registration of drugs in the world. China is a one of the greatest country in the development of drugs and establishes very closely guidelines with creditable global guidelines, and Now, is the first country to implement the rules codified in the Far East and followed by china, India and, South Korea and Taiwan have taken incorporate the industry's top ranking in Asia. At now, Asia by creating appropriate indicators not only as a powerful center in the field of drug delivery but also as a competitor to the United States is a major source of drug discovery and creation of innovation. the activities such as clinical trials and pharmaceutical investment is the speed of technology on the continent.

Keywords: veterinary biological product, regulation of registration, biological products, regularity authorities

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Authors: Thiago Ribeiro De Alencar, Jacyro Gramulia Junior, Patricia Teixeira Leite Asano

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The area of the electricity sector that deals with energy needs by the hydropower and thermoelectric in a coordinated way is called Planning Operating Hydrothermal Power Systems. The aim of this area is to find a political operative to provide electrical power to the system in a specified period with minimization of operating cost. This article proposes a computational tool for solving the planning problem. In addition, this article will be introducing a methodology to find new transfer points between reservoirs increasing energy production in hydroelectric power plants cascade systems. The computational tool proposed in this article applies: i) genetic algorithms to optimize the water transfer and operation of hydroelectric plants systems; and ii) Ant Colony algorithm to find the trajectory with the least energy pumping for the construction of pipes transfer between reservoirs considering the topography of the region. The computational tool has a database consisting of 35 hydropower plants and 41 reservoirs, which are part of the southeastern Brazilian system, which has been implemented in an individualized way.

Keywords: ant colony system, genetic algorithms, hydroelectric, hydrothermal systems, optimization, water transfer between rivers

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Authors: K. D. R. Jagath-Kumara, D. D. Dias

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The sea waves carry thousands of GWs of power globally. Although there are a number of different approaches to harness offshore energy, they are likely to be expensive, practically challenging and vulnerable to storms. Therefore, this paper considers using the near shore waves for generating mechanical and electrical power. It introduces two new approaches, the wave manipulation and using a variable duct turbine, for intercepting very wide wave fronts and coping with the fluctuations of the wave height and the sea level, respectively. The first approach effectively allows capturing much more energy yet with a much narrower turbine rotor. The second approach allows using a rotor with a smaller radius but captures energy of higher wave fronts at higher sea levels yet preventing it from totally submerging. To illustrate the effectiveness of the approach, the paper contains a description and the simulation results of a scale model of a wave manipulator. Then, it includes the results of testing a physical model of the manipulator and a single duct, axial flow turbine, in a wave flume in the laboratory. The paper also includes comparisons of theoretical predictions, simulation results and wave flume tests with respect to the incident energy, loss in wave manipulation, minimal loss, brake torque and the angular velocity.

Keywords: near-shore sea waves, renewable energy, wave energy conversion, wave manipulation

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Authors: Randy Price, Harbir Antil, Rainald Löhner, Fumiya Togashi

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Chemically reacting flows are common in engineering applications such as hypersonic flow, combustion, explosions, manufacturing process, and environmental assessments. The number of reactions in combustion simulations can exceed 100, making a large number of flow and combustion problems beyond the capabilities of current supercomputers. Motivated by this, deep neural networks (DNNs) will be introduced with the goal of eventually replacing the existing chemistry software packages with DNNs. The DNNs used in this paper are motivated by the Residual Neural Network (ResNet) architecture. In the continuum limit, ResNets become an optimization problem constrained by an ODE. Such a feature allows the use of ODE control techniques to enhance the DNNs. In this work, DNNs are constructed, which update the species un at the nᵗʰ timestep to uⁿ⁺¹ at the n+1ᵗʰ timestep. Parallel DNNs are trained for each species, taking in uⁿ as input and outputting one component of uⁿ⁺¹. These DNNs are applied to multiple species and reactions common in chemically reacting flows such as H₂-O₂ reactions. Experimental results show that the DNNs are able to accurately replicate the dynamics in various situations and in the presence of errors.

Keywords: chemical reacting flows, computational fluid dynamics, ODEs, residual neural networks, ResNets

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Authors: Pranee Tridhoskul

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This research paper is aimed to examine a relationship between the service marketing mix and customers’ frequency of use of service at Mercedes Benz Auto Repair Centres under Thonburi Group, Thailand. Based on 2,267 customers who used the service of Thonburi Group’s Auto Repair Centres as the population, the sampling of this research was a total of 340 samples, by use of Probability Sampling Technique. Systematic Random Sampling was applied by use of questionnaire in collecting the data at Thonburi Group’s Auto Repair Centres. Mean and Pearson’s basic statistical correlations were utilized in analyzing the data. The study discovered a medium level of customers’ perception towards product and service of Thonburi Group’s Auto Repair Centres, price, place or distribution channel and promotion. People who provided service were perceived also at a medium level, whereas the physical evidence and service process were perceived at a high level. Furthermore, there appeared a correlation between the physical evidence and service process, and customers’ frequency of use of automobile service per year.

Keywords: service marketing mix, behavior, Mercedes Auto Service Centre, frequency of use

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Authors: Lubica Hikkerova, Jean-Michel Sahut

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This article aims to better understand how a natural park, with a touristic vocation, can benefit from its sustainable development approach to enhance the customer experience. For this aim, we analyze, on the one hand, the interactions between the different stakeholders in this sustainable tourism offer, their ways of cooperating to build this offer and, on the other hand, the perceptions of customers. To serve this purpose, two complementary qualitative methodologies have been conducted. As part of a systemic approach, a first study, through group discussions, was conducted with three categories of participants: (I) customers, (II) representatives of the park, communities, tourism offices and associations and 3-service providers in the park. For the second study, semi-directive interviews were realized with park managers and customers. Two levels of contributions have been found. First, we have demonstrated the value of a systemic approach to understanding sustainable tourism. Then, we developed, in the empirical part, a model of causal loops that allowed us to identify the various factors of the offer that decided potential tourists to visit the park and their impact on customer experience. The complementarity of this approach with semi-directive interviews with all the stakeholders enabled us to issue recommendations to improve the customer experience.

Keywords: sustainable tourism, systematic approach, price, park

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Authors: Silas A. Ihedioha

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

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

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Authors: Van-Dycke Sarpong Asare, Vincent Adongo

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Field measurement of subsurface seismic p-wave velocities was undertaken through seismic refraction tomography. The aim of this work is to obtain a model of the shallow subsurface material elastic properties relevant for geotechnical site characterization. The survey area is at Pwalugu in Northern Ghana, where a multipurpose dam, for electricity generation, irrigation, and potable water delivery, is being planned. A 24-channel seismograph and 24, 10 Hz electromagnetic geophones, deployed 5 m apart constituted the acquisition hardware. Eleven (2-D) seismic refraction profiles, nine of which ran almost perpendicular and two parallel to the White Volta at Pwalugu, were acquired. The refraction tomograms of the thirteen profiles revealed a subsurface model consisting of one minor and one major acoustic impedance boundaries – the top dry/loose sand and the variably weathered sandstone contact, and the overburden-sandstones bedrock contact respectively. The p-wave velocities and by inference, with a priori values of poison ratios, the s-wave velocities, assisted in characterizing the geotechnical conditions of the proposed site and also in evaluating the dynamic properties such as the maximum shear modulus, the bulk modulus, and the Young modulus.

Keywords: tomography, characterization, consolidated, Pwalugu and seismograph

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Authors: Rachita Lal

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Solar energy is a clean energy source. Because it is readily available in India and has many potential decentralized uses, urban local authorities may use it in various ways to manage the energy needs in the territory under their control. Apart from these and other services for which people pay a substantial number of money, urban local councils play a crucial role in administering essential services like water supply, street lighting, and health care. ULBs may contribute considerably to the transition to solar energy, both for their benefit and simultaneously for several additional direct and indirect advantages at multiple levels. The research primarily focuses on using clean energy management to reduce urban areas' reliance on traditional (electricity) energy. A technique for estimating the rooftop solar power potential using GIS (Geographical Information System) is described. Given that the combustion of fossil fuels produces 75% of India's power, meeting the country's energy needs through renewable energy sources is a step toward sustainable development and combating climate change. The study will further help in categorization, phasing, and understanding the demand and supply and thus calculating the cumulative benefits. The main objectives are to study the consumption of conventional energy in the study area and to identify the potential areas where solar photovoltaic intervention can be installed.

Keywords: solar energy, GIS, clean energy management, sustainable development

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Authors: Firsan Nova

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The average Indonesian watches 5.5 hours of TV a day. With a population of 242 million people and a Free-to-Air (FTA) TV penetration rate of 56%, that equates to 745 million hours of television watched each day. With such potential, it is no wonder that many companies are now attempting to get into the Pay TV market. Research firm Media Partner Asia has forecast in its study that the number of Indonesian pay-television subscribers will climb from 2.4 million in 2012 to 8.7 million by 2020, with penetration scaling up from 7 percent to 21 percent. Key drivers of market growth, the study says, include macro trends built around higher disposable income and a rising middle class, with leading players continuing to invest significantly in sales, distribution and content. New entrants, in the meantime, will boost overall prospects. This study aims to examine and analyze the effect of Market Attractiveness and the Core Competence on Value Creation and Competitive Advantage and its impact to Business Performance in the pay TV industry in Indonesia. The study using strategic management science approach with the census method in which all members of the population are as sample. Verification method is used to examine the relationship between variables. The unit of analysis in this research is all Indonesian Pay TV business units totaling 19 business units. The unit of observation is the director and managers of each business unit. Hypothesis testing is performed by using statistical Partial Least Square (PLS). The conclusion of the study shows that the market attractiveness affects business performance through value creation and competitive advantage. The appropriate value creation comes from the company ability to optimize its core competence and exploit market attractiveness. Value creation affects competitive advantage. The competitive advantage can be determined based on the company's ability to create value for customers and the competitive advantage has an impact on business performance.

Keywords: market attractiveness, core competence, value creation, competitive advantage, business performance

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Authors: Ekow A. Kwofie, Emmanuel K. Anto, Godfred Mensah

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In this paper, CYME Distribution software has been used to assess the impacts of solar Photovoltaic (PV) distributed generation (DG) plant on the Electricity Company of Ghana (ECG) 33 kV sub-transmission network at different PV penetration levels. As ECG begins to encourage DG PV interconnections within its network, there has been the need to assess the impacts on the sub-transmission losses and voltage contribution. In Tema, a city in Accra - Ghana, ECG has a 33 kV sub-transmission network made up of 20 No. 33 kV buses that was modeled. Three different locations were chosen: The source bus, a bus along the sub-transmission radial network and a bus at the tail end to determine the optimal location for DG PV interconnection. The optimal location was determined based on sub-transmission technical losses and voltage impact. PV capacities at different penetration levels were modeled at each location and simulations performed to determine the optimal PV penetration level. Interconnection at a bus along (or in the middle of) the sub-transmission network offered the highest benefits at an optimal PV penetration level of 80%. At that location, the maximum voltage improvement of 0.789% on the neighboring 33 kV buses and maximum loss reduction of 6.033% over the base case scenario were recorded. Hence, the optimal location for DG PV integration within the 33 kV sub-transmission utility network is at a bus along the sub-transmission radial network.

Keywords: distributed generation photovoltaic (DG PV), optimal location, penetration level, sub–transmission network

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Authors: Michele Catalano, Jacopo Di Domenico, Luca Riccetti, Andrea Teglio

Abstract:

We develop a data-driven agent based model (ABM) for the Italian economy. We calibrate the model for the initial condition and parameters. As a preliminary step, we replicate the Monte-Carlo simulation for the Austrian economy. Then, we evaluate the dynamic properties of the model: the long-run equilibrium and the allocative efficiency in terms of disequilibrium patterns arising in the search and matching process for final goods, capital, intermediate goods, and credit markets. In this perspective, we use a randomized initial condition approach. We perform a robustness analysis perturbing the system for different parameter setups. We explore the empirical properties of the model using a rolling window forecast exercise from 2010 to 2022 to observe the model’s forecasting ability in the wake of the COVID-19 pandemic. We perform an analysis of the properties of the model with a different number of agents, that is, with different scales of the model compared to the real economy. The model generally displays transient dynamics that properly fit macroeconomic data regarding forecasting ability. We stress the model with a large set of shocks, namely interest policy, fiscal policy, and exogenous factors, such as external foreign demand for export. In this way, we can explore the most exposed sectors of the economy. Finally, we modify the technology mix of the various sectors and, consequently, the underlying input-output sectoral interdependence to stress the economy and observe the long-run projections. In this way, we can include in the model the generation of endogenous crisis due to the implied structural change, technological unemployment, and potential lack of aggregate demand creating the condition for cyclical endogenous crises reproduced in this artificial economy.

Keywords: agent-based models, behavioral macro, macroeconomic forecasting, micro data

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Authors: Wen-Hsiang Lai, Mei-Wen Chen

Abstract:

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

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

Procedia PDF Downloads 192

Authors: Hana Janáčková

Abstract:

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

Keywords: housing, housing market, microeconomic consequences, deformation

Procedia PDF Downloads 397