Search results for: electricity price
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 1987

Search results for: electricity price

337 The Post-Crisis Expansion of European Central Bank Powers: Understanding the Legitimate Boundaries of the ECB's Supervisory Independence and Accountability

Authors: Jakub Gren

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The recent transfer of banking supervision to the ECB has expanded its influence as of a non-majoritarian and technocratic policy-shaper in EU supervisory policies. To fulfil the main policy objectives of the Single Supervisory Mechanism, the ECB has been tasked with building a single supervisory approach to supervised banks across the euro area and is now exclusively responsible for direct supervision of the largest ‘significant’ euro area banks and the oversight of the remaining ‘less significant’ banks. This enhanced supranational position of the ECB significantly alters the EU institutional order and creates powerful incentives to actively pursue integrationist agenda by the ECB. However, this drastic shift has a little impact upon adapting the ECB’s new supervisory mandate to the requirements of democratic legitimacy. Whereas the ECB’s strong pre-crisis independence and limited accountability could be reconciled with democratic principles through a clearly articulated price stability mandate, independence and limited accountability in the context of a more complex supervisory mandate is problematic. Hence, in order to ensure the democratic legitimacy of the ECB/SSM’s supervisory policies, the ECB’s supervisory mandate requires both a lower scope of independence and higher accountability requirements. To address this situation, organizational separation (“Chinese Wall”) between the ECB monetary and supervisory arms was introduced. This separation includes different reporting lines and the relocation of the ECB’s monetary function to a new building complex while leaving its supervisory function at the Euro-tower (“Two Towers”). This paper argues that these measures are not sufficient to establish proper checks and balances on the ECB’s powers to pursue euro zone’s wide supervisory policies. As a remedy, this contribution suggests that the ECB’s Treaties-embedded independence, as set out by art. 130 TFEU, designed to carry out its monetary function shall not be fully applicable to its supervisory function. Indeed functional and conditional reading of this provision to ECB supervisory function could enhance the legitimacy of future ECB’s supervisory action.

Keywords: accountability and transparency, democratic governance, financial management, rule of law

Procedia PDF Downloads 185
336 Non-Waste Utilization of Copper Smelting Slags for Production of Demanded Products

Authors: V. D. Povolockiy, V. E. Roshchin, Y. Kapelyushin

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Smelting of copper matte is followed by production of a large amount of slag. This slag mostly contains silicates and can be utilized in a construction industry. In addition to silicates it also contains Fe; if the Fe content is high, the density of the silicate phases increases and such a slag cannot be used as an additive for the concrete. Furthermore, slags obtained during copper matte production contain copper, sulphur, zinc and some other elements. Fe is the element with the highest price in these slags. An extraction of Fe is possible even using the conventional methods, e.g., the addition of slag to the charge materials during production of sinter for the blast furnace smelting. However, in this case, the blast furnace hot metal would accumulate sulphur and copper which is very harmful impurity for the steelmaking. An accumulation of copper by the blast furnace hot metal is unacceptable, as copper cannot be removed during further steelmaking operations having a critical effect on the properties of steel. In present work, the technological scheme for non-waste utilization of the copper smelting slags has been suggested and experimentally confirmed. This scheme includes a solid state reduction of Fe and smelting for the separation of cast iron and slag. During solid state reduction, the zinc vapor was trapped. After the reduction and smelting operations, the cast iron containing copper was used for the production of metal balls with increased mechanical properties allowing their utilization for milling of ore minerals. Such a cast iron could also be applied in the production of special types of steel with copper. The silicate slag freed from Fe might be used as a propping agent in the oil industry, or granulated for application as an additive for concrete in a construction industry. Thereby, the suggested products for a Mini Mill plant with non-waste utilization of the copper smelting slags are cast iron grinding balls for the ore minerals, special types of steel with copper, silicate slag utilized as an additive for the concrete and propping agents for the oil industry.

Keywords: utilization of copper slag, cast iron, grinding balls, propping agents

Procedia PDF Downloads 129
335 Opportunities and Challenges for Decarbonizing Steel Production by Creating Markets for ‘Green Steel’ Products

Authors: Hasan Muslemani, Xi Liang, Kathi Kaesehage, Francisco Ascui, Jeffrey Wilson

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The creation of a market for lower-carbon steel products, here called ‘green steel’, has been identified as an important means to support the introduction of breakthrough emission reduction technologies into the steel sector. However, the definition of what ‘green’ entails in the context of steel production, the implications on the competitiveness of green steel products in local and international markets, and the necessary market mechanisms to support their successful market penetration remain poorly explored. This paper addresses this gap by holding semi-structured interviews with international sustainability experts and commercial managers from leading steel trade associations, research institutes and steelmakers. Our findings show that there is an urgent need to establish a set of standards to define what ‘greenness’ means in the steelmaking context; standards that avoid market disruptions, unintended consequences, and opportunities for greenwashing. We also highlight that the introduction of green steel products will have implications on product competitiveness on three different levels: 1) between primary and secondary steelmaking routes, 2) with traditional, lesser green steel, and 3) with other substitutable materials (e.g. cement and plastics). This paper emphasises the need for steelmakers to adopt a transitional approach in deploying different low-carbon technologies, based on their stage of technological maturity, applicability in certain country contexts, capacity to reduce emissions over time, and the ability of the investment community to support their deployment. We further identify market mechanisms to support green steel production, including carbon border adjustments and public procurement, highlighting a need for implementing a combination of complementary policies to ensure the products’ roll-out. The study further shows that the auto industry is a likely candidate for green steel consumption, where a market would be supported by price premiums paid by willing consumers, such as those of high-end luxury vehicles.

Keywords: green steel, decarbonisation, business model innovation, market analysis

Procedia PDF Downloads 108
334 Factors Influencing the Use of Mobile Phone by Smallholder Farmers in Vegetable Marketing in Fogera District

Authors: Molla Tadesse Lakew

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This study was intended to identify the factors influencing the use of mobile phones in vegetable marketing in Fogera district. The use of mobile phones in vegetable marketing and factors influencing mobile phone use were specific objectives of the study. Three kebeles from the Fogera district were selected purposively based on their vegetable production potential. A simple random sampling technique (lottery method) was used to select 153 vegetable producer farmers. Interview schedule and key informants interviews were used to collect primary data. For analyzing the data, descriptive statistics like frequency and percentage, two independent t-tests, and chi-square were used. Furthermore, econometric analysis (binary logistic model) was used to assess the factors influencing mobile phone use for vegetable market information. Contingency coefficient and variance inflation factor were used to check multicollinearity problems between the independent variables. Of 153 respondents, 82 (61.72%) were mobile phone users, while 71 (38.28 %) were mobile phone nonusers. Moreover, the main use of mobile phones in vegetable marketing includes communicating at a distance to save time and minimizing transport costs, getting vegetable marketing price information, identifying markets and buyers to sell the vegetable, deciding when to sell the vegetable, negotiating with buyers for better vegetable prices and for searching of the fast market to avoid from losing of product through perishing. The model result indicated that the level of education, size of land, income, access to credit, and age were significant variables affecting the use of mobile phones in vegetable marketing. It could be recommended to encourage adult education or give training for farmers on how to operate mobile phones and create awareness for the elderly rural farmers as they are able to use the mobile phone for their vegetable marketing. Moreover, farmers should be aware that mobile phones are very important for those who own very small land to get maximum returns from their production. Lastly, providing access to credit and improving and diversifying income sources for the farmers to have mobile phones were recommended to improve the livelihood of farmers.

Keywords: mobile phone, farmers, vegetable marketing, Fogera District

Procedia PDF Downloads 43
333 Life-Cycle Cost and Life-Cycle Assessment of Photovoltaic/Thermal Systems (PV/T) in Swedish Single-Family Houses

Authors: Arefeh Hesaraki

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The application of photovoltaic-thermal hybrids (PVT), which delivers both electricity and heat simultaneously from the same system, has become more popular during the past few years. This study addresses techno-economic and environmental impacts assessment of photovoltaic/thermal systems combined with a ground-source heat pump (GSHP) for three single-family houses located in Stockholm, Sweden. Three case studies were: (1) A renovated building built in 1936, (2) A renovated building built in 1973, and (3) A new building built-in 2013. Two simulation programs of SimaPro 9.1 and IDA Indoor Climate and Energy 4.8 (IDA ICE) were applied to analyze environmental impacts and energy usage, respectively. The cost-effectiveness of the system was evaluated using net present value (NPV), internal rate of return (IRR), and discounted payback time (DPBT) methods. In addition to cost payback time, the studied PVT system was evaluated using the energy payback time (EPBT) method. EPBT presents the time that is needed for the installed system to generate the same amount of energy which was utilized during the whole lifecycle (fabrication, installation, transportation, and end-of-life) of the system itself. Energy calculation by IDA ICE showed that a 5 m² PVT was sufficient to create a balance between the maximum heat production and the domestic hot water consumption during the summer months for all three case studies. The techno-economic analysis revealed that combining a 5 m² PVT with GSHP in the second case study possess the smallest DPBT and the highest NPV and IRR among the three case studies. It means that DPBTs (IRR) were 10.8 years (6%), 12.6 years (4%), and 13.8 years (3%) for the second, first, and the third case study, respectively. Moreover, environmental assessment of embodied energy during cradle- to- grave life cycle of the studied PVT, including fabrication, delivery of energy and raw materials, manufacture process, installation, transportation, operation phase, and end of life, revealed approximately two years of EPBT in all cases.

Keywords: life-cycle cost, life-cycle assessment, photovoltaic/thermal, IDA ICE, net present value

Procedia PDF Downloads 91
332 Analysis and Design of Offshore Met Mast Supported on Jacket Substructure

Authors: Manu Manu, Pardha J. Saradhi, Ramana M. V. Murthy

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Wind Energy is accepted as one of the most developed, cost effective and proven renewable energy technologies to meet increasing electricity demands in a sustainable manner. Preliminary assessment studies along Indian Coastline by Ministry of New and Renewable Energy have indicated prospects for development of offshore wind power along Tamil Nadu Coast, India. The commercial viability of a wind project mainly depends on wind characteristics on site. Hence, it is internationally recommended to perform site-specific wind resource assessment based on two years’ wind profile as a part of the feasibility study. Conventionally, guy wire met mast are used onshore for the collection of wind profile. Installation of similar structure in offshore requires complex marine spread and are very expensive. In the present study, an attempt is made to develop 120 m long lattice tower supported on the jacket, piled to the seabed at Rameshwaram, Tamil Nadu, India. Offshore met-masts are subjected to combined wind and hydrodynamic loads, and these lateral loads should be safely transferred to soil. The wind loads are estimated based on gust factor method, and the hydrodynamic loads are estimated by Morison’s equation along with suitable wave theory. The soil is modeled as three nonlinear orthogonal springs based on API standards. The structure configuration and optimum member sizes are obtained for extreme cyclone events. The dynamic behavior of mast under coupled wind and wave loads is also studied. The static responses of a mast with jacket type offshore platform have been studied using a frame model in SESAM. It is found from the study that the maximum displacement at the top of the mast for the random wave is 0.003 m and that of the tower for wind is 0.08 m during the steady state. The dynamic analysis results indicate that the structure is safe against coupled wind and wave loading.

Keywords: offshore wind, mast, static, aerodynamic load, hydrodynamic load

Procedia PDF Downloads 186
331 Continuous-Time Convertible Lease Pricing and Firm Value

Authors: Ons Triki, Fathi Abid

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Along with the increase in the use of leasing contracts in corporate finance, multiple studies aim to model the credit risk of the lease in order to cover the losses of the lessor of the asset if the lessee goes bankrupt. In the current research paper, a convertible lease contract is elaborated in a continuous time stochastic universe aiming to ensure the financial stability of the firm and quickly recover the losses of the counterparties to the lease in case of default. This work examines the term structure of the lease rates taking into account the credit default risk and the capital structure of the firm. The interaction between the lessee's capital structure and the equilibrium lease rate has been assessed by applying the competitive lease market argument developed by Grenadier (1996) and the endogenous structural default model set forward by Leland and Toft (1996). The cumulative probability of default was calculated by referring to Leland and Toft (1996) and Yildirim and Huan (2006). Additionally, the link between lessee credit risk and lease rate was addressed so as to explore the impact of convertible lease financing on the term structure of the lease rate, the optimal leverage ratio, the cumulative default probability, and the optimal firm value by applying an endogenous conversion threshold. The numerical analysis is suggestive that the duration structure of lease rates increases with the increase in the degree of the market price of risk. The maximal value of the firm decreases with the effect of the optimal leverage ratio. The results are indicative that the cumulative probability of default increases with the maturity of the lease contract if the volatility of the asset service flows is significant. Introducing the convertible lease contract will increase the optimal value of the firm as a function of asset volatility for a high initial service flow level and a conversion ratio close to 1.

Keywords: convertible lease contract, lease rate, credit-risk, capital structure, default probability

Procedia PDF Downloads 55
330 Real Time Detection of Application Layer DDos Attack Using Log Based Collaborative Intrusion Detection System

Authors: Farheen Tabassum, Shoab Ahmed Khan

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The brutality of attacks on networks and decisive infrastructures are on the climb over recent years and appears to continue to do so. Distributed Denial of service attack is the most prevalent and easy attack on the availability of a service due to the easy availability of large botnet computers at cheap price and the general lack of protection against these attacks. Application layer DDoS attack is DDoS attack that is targeted on wed server, application server or database server. These types of attacks are much more sophisticated and challenging as they get around most conventional network security devices because attack traffic often impersonate normal traffic and cannot be recognized by network layer anomalies. Conventional techniques of single-hosted security systems are becoming gradually less effective in the face of such complicated and synchronized multi-front attacks. In order to protect from such attacks and intrusion, corporation among all network devices is essential. To overcome this issue, a collaborative intrusion detection system (CIDS) is proposed in which multiple network devices share valuable information to identify attacks, as a single device might not be capable to sense any malevolent action on its own. So it helps us to take decision after analyzing the information collected from different sources. This novel attack detection technique helps to detect seemingly benign packets that target the availability of the critical infrastructure, and the proposed solution methodology shall enable the incident response teams to detect and react to DDoS attacks at the earliest stage to ensure that the uptime of the service remain unaffected. Experimental evaluation shows that the proposed collaborative detection approach is much more effective and efficient than the previous approaches.

Keywords: Distributed Denial-of-Service (DDoS), Collaborative Intrusion Detection System (CIDS), Slowloris, OSSIM (Open Source Security Information Management tool), OSSEC HIDS

Procedia PDF Downloads 337
329 Development of PVA/polypyrrole Scaffolds by Supercritical CO₂ for Its Application in Biomedicine

Authors: Antonio Montes, Antonio Cozar, Clara Pereyra, Diego Valor, Enrique Martinez de la Ossa

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Tissues and organs can be damaged because of traumatism, congenital illnesses, or cancer and the traditional therapeutic alternatives, such as surgery, cannot usually completely repair the damaged tissues. Tissue engineering allows regeneration of the patient's tissues, reducing the problems caused by the traditional methods. Scaffolds, polymeric structures with interconnected porosity, can be promoted the proliferation and adhesion of the patient’s cells in the damaged area. Furthermore, by means of impregnation of the scaffold with beneficial active substances, tissue regeneration can be induced through a drug delivery process. The objective of the work is the fabrication of a PVA scaffold coated with Gallic Acid and polypyrrole through a one-step foaming and impregnation process using the SSI technique (Supercritical Solvent Impregnation). In this technique, supercritical CO₂ penetrates into the polymer chains producing the plasticization of the polymer. In the depressurization step a CO₂ cellular nucleation and growing to take place to an interconnected porous structure of the polymer. The foaming process using supercritical CO₂ as solvent and expansion agent presents advantages compared to the traditional scaffolds’ fabrication methods, such as the polymer’s high solubility in the solvent or the possibility of carrying out the process at a low temperature, avoiding the inactivation of the active substance. In this sense, the supercritical CO₂ avoids the use of organic solvents and reduces the solvent residues in the final product. Moreover, this process does not require long processing time that could cause the stratification of substance inside the scaffold reducing the therapeutic efficiency of the formulation. An experimental design has been carried out to optimize the SSI technique operating conditions, as well as a study of the morphological characteristics of the scaffold for its use in tissue engineerings, such as porosity, conductivity or the release profiles of the active substance. It has been proved that the obtained scaffolds are partially porous, conductors of electricity and are able to release Gallic Acid in the long term.

Keywords: scaffold, foaming, supercritical, PVA, polypyrrole, gallic acid

Procedia PDF Downloads 157
328 A Framework for an Automated Decision Support System for Selecting Safety-Conscious Contractors

Authors: Rawan A. Abdelrazeq, Ahmed M. Khalafallah, Nabil A. Kartam

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Selection of competent contractors for construction projects is usually accomplished through competitive bidding or negotiated contracting in which the contract bid price is the basic criterion for selection. The evaluation of contractor’s safety performance is still not a typical criterion in the selection process, despite the existence of various safety prequalification procedures. There is a critical need for practical and automated systems that enable owners and decision makers to evaluate contractor safety performance, among other important contractor selection criteria. These systems should ultimately favor safety-conscious contractors to be selected by the virtue of their past good safety records and current safety programs. This paper presents an exploratory sequential mixed-methods approach to develop a framework for an automated decision support system that evaluates contractor safety performance based on a multitude of indicators and metrics that have been identified through a comprehensive review of construction safety research, and a survey distributed to domain experts. The framework is developed in three phases: (1) determining the indicators that depict contractor current and past safety performance; (2) soliciting input from construction safety experts regarding the identified indicators, their metrics, and relative significance; and (3) designing a decision support system using relational database models to integrate the identified indicators and metrics into a system that assesses and rates the safety performance of contractors. The proposed automated system is expected to hold several advantages including: (1) reducing the likelihood of selecting contractors with poor safety records; (2) enhancing the odds of completing the project safely; and (3) encouraging contractors to exert more efforts to improve their safety performance and practices in order to increase their bid winning opportunities which can lead to significant safety improvements in the construction industry. This should prove useful to decision makers and researchers, alike, and should help improve the safety record of the construction industry.

Keywords: construction safety, contractor selection, decision support system, relational database

Procedia PDF Downloads 255
327 The Social Impact of Green Buildings

Authors: Elise Machline

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Policy instruments have been developed worldwide to reduce the energy demand of buildings. Two types of such instruments have been green building rating systems and energy efficiency standards for buildings -such as Green Star (Australia), LEED (United States, Leadership in Energy and Environmental Design), Energy Star (United States), and BREEAM (United Kingdom, Building Research Establishment Environmental Assessment Method). The popularity of the idea of sustainable development has allowed the actors to consider the potential value generated by the environmental performance of buildings, labeled “green value” in the literature. Sustainable performances of buildings are expected to improve their attractiveness, increasing their value. A growing number of empirical studies demonstrate that green buildings yield rental/sale premia, as well as higher occupancy rates and thus higher asset values. The results suggest that green buildings are not affordable to all and that their construction tends to have a gentrifying effect. An increasing number of countries are institutionalizing green strategies for affordable housing. In that sense, making green buildings affordable to all will depend on government policies. That research aims to investigate whether green building fosters inequality in Israel, under the banner of sustainability. The method is comparison (of the market value). This method involves comparing the green buildings sale prices with non-certified buildings of the same type that have undergone recent transactions. The “market value” is deduced from those sources by analogy. The results show that, in Israel, green building projects are usually addressed to the middle to upper classes. The green apartment’s sale premium is about 19% (comparing to non-certified dwelling). There is a link between energy and/or environmental performance and the financial value of the dwellings. Moreover, price differential is much higher than the value of energy savings. This perpetuates socio-spatial and socio-economic inequality as well as ecological vulnerability for the poor and other socially marginal groups. Moreover, there are no green affordable housings and the authorities do not subsidy green building or retrofitting.

Keywords: green building, gentrification, social housing, green value, green building certification

Procedia PDF Downloads 395
326 The Survey of Sea Cucumber Fisheries in QESHM Island Coasts: Persian Gulf

Authors: Majid Afkhami, Maryam Ehsanpour, Rastin Afkhami

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Sea cucumbers are aquatic animals with a wide variety useful for human health. Sea cucumbers are from the aquatic creatures that have many important and useful properties known for human health. Increasing demand for beche-de-mer along with steady price increases have led to worldwide intensification of sea cucumber harvesting. The rearing of sea cucumber with shrimp controls the environmental pollution results from extra enriched nutritious built on the pond bottom. These animals eat detritus and with devouring of organic materials on the surface, not only do they make the environment clean, but also they cause the fast growth of shrimp and themselves. Holothuria scabra is a main species for producing of Beche-de-mer and more exploited in tropical region of the world. The wall of body is used in the process of beche-de-mer production that forms the 56% of the whole body. Holothuria scabra (sandfish) is an aspidochirote holothurian widely distributed in coastal regions throughout the Indo-Pacific region. H. scabra is often found on inner reef flats and near estuaries, half buried in the silt sand during the day and emerging at night to feed. In this study upon to information from local fishermen's in Qeshm island, we Providing some data about fishing methods, processing and distribution in the Qeshm island coastline. Comparative study of fishing status with another part of the world determined that the status of sea cucumber stocks in Qeshm Island is suitable. For preventing of over exploited of sandy sea cucumber capture prohibition should be continue. In this study, 7 explotide sites are recognized, the target size for fishermen's was more than 20 cm and sandy cucumber was the target species in Qeshm Island. In this area the fishing operation was only done by scuba diving and has been done only by men's. Although in another countries women's have an important role in sea cucumber fishing operation. In the coast around Qeshm island it is found in Hmoon, Tolla, kovei, Ramchah, Messen, and Hengam. The maximum length and weight was recorded 35 cm and 1080 gr, respectively.

Keywords: sea cucumber, Holothuria scabra, fishing status, Qeshm Island

Procedia PDF Downloads 420
325 High-Pressure Steam Turbine for Medium-Scale Concentrated Solar Power Plants

Authors: Ambra Giovannelli, Coriolano Salvini

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Many efforts have been spent in the design and development of Concentrated Solar Power (CPS) Plants worldwide. Most of them are for on-grid electricity generation and they are large plants which can benefit from the economies of scale. Nevertheless, several potential applications for Small and Medium-Scale CSP plants can be relevant in the industrial sector as well as for off-grid purposes (i.e. in rural contexts). In a wide range of industrial processes, CSP technologies can be used for heat generation replacing conventional primary sources. For such market, proven technologies (usually hybrid solutions) already exist: more than 100 installations, especially in developing countries, are in operation and performance can be verified. On the other hand, concerning off-grid applications, solar technologies are not so mature. Even if the market offers a potential deployment of such systems, especially in countries where the access to grid is strongly limited, optimized solutions have not been developed yet. In this context, steam power plants can be taken into consideration for medium scale installations, due to the recent results achieved with direct steam generation systems based on paraboloidal dish or Fresnel lens solar concentrators. Steam at 4.0-4.5 MPa and 500°C can be produced directly by means of innovative solar receivers (some prototypes already exist). Although it could seem a promising technology, presently, steam turbines commercially available do not cover the required cycle specifications. In particular, while low-pressure turbines already exist on the market, high-pressure groups, necessary for the abovementioned applications, are not available. The present paper deals with the preliminary design of a high-pressure steam turbine group for a medium-scale CSP plant (200-1000 kWe). Such a group is arranged in a single geared package composed of four radial expander wheels. Such wheels have been chosen on the basis of automotive turbocharging technology and then modified to take the new requirements into account. Results related to the preliminary geometry selection and to the analysis of the high-pressure turbine group performance are reported and widely discussed.

Keywords: concentrated solar power (CSP) plants, steam turbine, radial turbine, medium-scale power plants

Procedia PDF Downloads 195
324 Investigation of the Working Processes in Thermocompressor Operating on Cryogenic Working Fluid

Authors: Evgeny V. Blagin, Aleksandr I. Dovgjallo, Dmitry A. Uglanov

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This article deals with research of the working process in the thermocompressor which operates on cryogenic working fluid. Thermocompressor is device suited for the conversation of heat energy directly to the potential energy of pressure. Suggested thermocompressor is suited for operation during liquid natural gas (LNG) re-gasification and is placed after evaporator. Such application of thermocompressor allows using of the LNG cold energy for rising of working fluid pressure, which then can be used for electricity generation or another purpose. Thermocompressor consists of two chambers divided by the regenerative heat exchanger. Calculation algorithm for unsteady calculation of thermocompressor working process was suggested. The results of this investigation are to change of thermocompressor’s chambers temperature and pressure during the working cycle. These distributions help to find out the parameters, which significantly influence thermocompressor efficiency. These parameters include regenerative heat exchanger coefficient of the performance (COP) dead volume of the chambers, working frequency of the thermocompressor etc. Exergy analysis was performed to estimate thermocompressor efficiency. Cryogenic thermocompressor operated on nitrogen working fluid was chosen as a prototype. Calculation of the temperature and pressure change was performed with taking into account heat fluxes through regenerator and thermocompressor walls. Temperature of the cold chamber significantly differs from the results of steady calculation, which is caused by friction of the working fluid in regenerator and heat fluxes from the hot chamber. The rise of the cold chamber temperature leads to decreasing of thermocompressor delivery volume. Temperature of hot chamber differs negligibly because losses due to heat fluxes to a cold chamber are compensated by the friction of the working fluid in the regenerator. Optimal working frequency was selected. Main results of the investigation: -theoretical confirmation of thermocompressor operation capability on the cryogenic working fluid; -optimal working frequency was found; -value of the cold chamber temperature differs from the starting value much more than the temperature of the hot chamber; -main parameters which influence thermocompressor performance are regenerative heat exchanger COP and heat fluxes through regenerator and thermocompressor walls.

Keywords: cold energy, liquid natural gas, thermocompressor, regenerative heat exchanger

Procedia PDF Downloads 553
323 Water Footprint for the Palm Oil Industry in Malaysia

Authors: Vijaya Subramaniam, Loh Soh Kheang, Astimar Abdul Aziz

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Water footprint (WFP) has gained importance due to the increase in water scarcity in the world. This study analyses the WFP for an agriculture sector, i.e., the oil palm supply chain, which produces oil palm fresh fruit bunch (FFB), crude palm oil, palm kernel, and crude palm kernel oil. The water accounting and vulnerability evaluation (WAVE) method was used. This method analyses the water depletion index (WDI) based on the local blue water scarcity. The main contribution towards the WFP at the plantation was the production of FFB from the crop itself at 0.23m³/tonne FFB. At the mill, the burden shifts to the water added during the process, which consists of the boiler and process water, which accounted for 6.91m³/tonne crude palm oil. There was a 33% reduction in the WFP when there was no dilution or water addition after the screw press at the mill. When allocation was performed, the WFP reduced by 42% as the burden was shared with the palm kernel and palm kernel shell. At the kernel crushing plant (KCP), the main contributor towards the WFP 4.96 m³/tonne crude palm kernel oil which came from the palm kernel which carried the burden from upstream followed by electricity, 0.33 m³/tonne crude palm kernel oil used for the process and 0.08 m³/tonne crude palm kernel oil for transportation of the palm kernel. A comparison was carried out for mills with biogas capture versus no biogas capture, and the WFP had no difference for both scenarios. The comparison when the KCPs operate in the proximity of mills as compared to those operating in the proximity of ports only gave a reduction of 6% for the WFP. Both these scenarios showed no difference and insignificant difference, which differed from previous life cycle assessment studies on the carbon footprint, which showed significant differences. This shows that findings change when only certain impact categories are focused on. It can be concluded that the impact from the water used by the oil palm tree is low due to the practice of no irrigation at the plantations and the high availability of water from rainfall in Malaysia. This reiterates the importance of planting oil palm trees in regions with high rainfall all year long, like the tropics. The milling stage had the most significant impact on the WFP. Mills should avoid dilution to reduce this impact.

Keywords: life cycle assessment, water footprint, crude palm oil, crude palm kernel oil, WAVE method

Procedia PDF Downloads 139
322 An Analysis of Millennials Using Secondhand Clothing as an Ongoing Fashion Trend

Authors: Patricia Sumod

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There is a unique movement of fashion that features a trend around secondhand clothing. This is especially observed in the lifestyles of the millennials, where the concept of reusing apparel and accessories is noticeable and, therefore, slowly diminishing the high consumption of fast fashion and generating environmental awareness. This paper will focus on how this clothing trend influences and engages consumers in buying secondhand clothing and creating fashionable looks simultaneously. To further examine the millennials’ motivation towards consumption and using secondhand fashion, a concept as a trendsetter, this paper will take a closer look at their idea of concern for the environment. Considering second-hand clothing is a sustainable consumption practice, it will investigate the role of social influencers, trendsetters, and millennials in overall fashion consumption in this context. This study aims to understand how secondhand clothing and millennials differ from other consumers regarding the perception of fast-depleting natural resources, price sensitivity, vintage attachments, and psychographics. Secondly, the paper will also present the connection of emotion between millennials and secondhand clothing that may not be necessarily purchased but received. This study will reflect on the already identified influences in increased purchase behavior and an uncharted positive relationship between the consumer and the products. This behavior will further formulate into a habit by consumer segments, creating an expanded market for secondhand clothing. There is no definite indication that fast fashion will cease to exist, but slowing its rapid movement is an attempt to work toward a sustainable future. The conclusion will present possibilities for consumers to engage in C2C online interaction, thereby reinforcing a notable change in consumer behavior and attitude in contradiction to today’s extreme consumerism and willingness to be adaptable to a minimalist way of life. Fashion brands will then begin a new forecast to actively accommodate the new millennial concept of fashion that will advertise more concern than insatiability. The research will be with literature from various authors, insights provided by researchers on this new wave of consumers, and a qualitative approach with face-to-face interviews with a sample group who are in the practice of secondhand clothing consumption.

Keywords: second-hand clothing, millennials, sustainability, consumption practice, fashion environment.

Procedia PDF Downloads 43
321 Psycho-Social Consequences of Gynecological Health Disparities among Immigrant Women in the USA: An Integrative Review

Authors: Khadiza Akter, Tammy Greer, Raegan Bishop

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An in-depth study of the psycho-social effects of gynecological health disparities among immigrant women in the USA is the goal of this integrative review paper. Immigrant women frequently encounter unique obstacles that have severe psycho-social repercussions when it comes to receiving high-quality gynecological treatment. The review investigates the interaction of psychological, sociological, and health factors that affect the psycho-social effects that immigrant women experience in recognition of the significance of addressing these imbalances. The difficulties that immigrant women face in providing high-quality gynecological treatment in the USA are examined in this study. These difficulties are caused by a variety of psychological issues, including acculturation stress and stigma, as well as by social problems like prejudice, language hurdles, and cultural norms. Additionally, variations in healthcare access and affordability have a role. This study highlights the particular challenges that immigrant women have in receiving high-quality gynecological treatment in the United States. These difficulties are caused by both social problems like language obstacles, cultural norms, and biases, as well as psychological ones like acculturation stress and stigma. Additionally, variations in gynecological care for immigrant women are greatly influenced by variances in healthcare availability and price. To find pertinent research looking at the psychological effects of gynecological health disparities among immigrant women in the USA, a thorough search of numerous databases was done. Numerous approaches, including mixed, quantitative, and qualitative ones, were used in the studies. The important findings from various investigations were extracted and synthesized after they underwent a careful evaluation. In order to lessen these discrepancies and enhance the overall well-being of immigrant women, healthcare professionals, legislators, and researchers must collaborate to create specialized treatments, regulations, and health system reforms.

Keywords: cultural barriers, gynecological health disparities, health care access, immigrant women, mental health, psycho-social consequences, social stigma

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320 Factors Contributing to Farmers’ Attitude Towards Climate Adaptation Farming Practices: A Farm Level Study in Bangladesh

Authors: Md Rezaul Karim, Farha Taznin

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The purpose of this study was to assess and describe the individual and household characteristics of farmers, to measure the attitude of farmers towards climate adaptation farming practices and to explore the individual and household factors contributing in predicting their attitude towards climate adaptation farming practices. Data were collected through personal interviews using a pre-tested interview schedule. The data collection was done at Biral Upazila under Dinajpur district in Bangladesh from 1st November to 15 December 2018. Besides descriptive statistical parameters, Pearson’s Product Moment Correlation Coefficient (r), multiple regression and step-wise multiple regression analysis were used for the statistical analysis. Findings indicated that the highest proportion (77.6 percent) of the farmers had moderately favorable attitudes, followed by only 11.2 percent with highly favorable attitudes and 11.2 percent with slightly favorable attitudes towards climate adaptation farming practices. According to the computed correlation coefficients (r), among the 10 selected factors, five of them, such as education of household head, farm size, annual household income, organizational participation, and information access by extension services, had a significant relationship with the attitude of farmers towards climate-smart practices. The step-wise multiple regression results showed that two characteristics as education of household head and information access by extension services, contributed 26.2% and 5.1%, respectively, in predicting farmers' attitudes towards climate adaptation farming practices. In addition, more than two-thirds of farmers cited their opinion to the problems in response to ‘price of vermi species is high and it is not easily available’ as 1st ranked problem, followed by ‘lack of information for innovative climate-smart technologies’. This study suggests that policy implications are necessary to promote extension education and information services and overcome the obstacles to climate adaptation farming practices. It further recommends that research study should be conducted in diverse contexts of nationally or globally.

Keywords: factors, attitude, climate adaptation, farming practices, Bangladesh

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319 Comparative Analysis between Thailand and the United States of a Wholesale Exemption for Vertical Restraint Regarding Intellectual Property Licensing

Authors: Sanpetchuda Krutkrua, Suphawatchara Malanond

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Competition law is not a new thing in Thailand. Thailand first passed the first competition law during the Second World War in order to stop business operator monopolizing food and basic living supplies. The competition law in Thailand has been amended several times during the past eighty years in order to make it suitable for the current economic and social condition. In 2017, Thailand enacted the current Trade Competition Act of B.E. 2560, which contain several changes to the regime in order to enhance a prevention of collusive practices and monopolization through both vertical restraints and horizontal restraints. Section 56 of the Act provides exemptions for the vertical relationship; i.e., the arrangement in form of complementary relationship, between business operators, franchising agreements between franchisor and franchisee, and licensing agreement between licensor and licensee. The key is that such agreements must not be excessive, create monopolization or attempt to monopolize, or cause any impacts the consumers regarding price, quality, quantity of the goods. The goal of the paper is to explore the extent of the exemption under Section 56 and its sequential regulations regarding vertical trade restraints in the case intellectual property licensing. The research will be conducted in form of a comparative analysis on exemptions for collusive practices under the United States Antitrust law and the Thai Competition Act of B.E. 2560. The United Antitrust law, fairly similar to the Thai Competition Act of B.E. 2561, views the intellectual property licensing to have pro-competitive benefits to the market as long as the intellectual property licensing agreement does not harm the competition amongst the business operators that could have or would have been competitors. The United States Antitrust law identifies the relationship between the parties of the agreement whether such agreement is horizontal or vertical or both. Even though the nature of licensing agreements is primarily vertical, the relationship between licensor and licensees can also be horizontal if they could have been potential competitors in the market as well. The United States Antitrust law frowns upon, if not prohibits, the horizontal restraints regarding the intellectual property licensing but does not impose the same restrictions on the vertical trade restraints regarding intellectual property licensing.

Keywords: antitrust, competition law, vertical restraint, intellectual property, intellectual property licensing, comparative law

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318 The Price of Knowledge in the Times of Commodification of Higher Education: A Case Study on the Changing Face of Education

Authors: Joanna Peksa, Faith Dillon-Lee

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Current developments in the Western economies have turned some universities into corporate institutions driven by practices of production and commodity. Academia is increasingly becoming integrated into national economies as a result of students paying fees and is consequently using business practices in student retention and engagement. With these changes, pedagogy status as a priority within the institution has been changing in light of these new demands. New strategies have blurred the boundaries that separate a student from a client. This led to a change of the dynamic, disrupting the traditional idea of the knowledge market, and emphasizing the corporate aspect of universities. In some cases, where students are seen primarily as a customer, the purpose of academia is no longer to educate but sell a commodity and retain fee-paying students. This paper considers opposing viewpoints on the commodification of higher education, reflecting on the reality of maintaining a pedagogic grounding in an increasingly commercialized sector. By analysing a case study of the Student Success Festival, an event that involved academic and marketing teams, the differences are considered between the respective visions of the pedagogic arm of the university and the corporate. This study argues that the initial concept of the event, based on the principles of gamification, independent learning, and cognitive criticality, was more clearly linked to a grounded pedagogic approach. However, when liaising with the marketing team in a crucial step in the creative process, it became apparent that these principles were not considered a priority in terms of their remit. While the study acknowledges in the power of pedagogy, the findings show that a pact of concord is necessary between different stakeholders in order for students to benefit fully from their learning experience. Nevertheless, while issues of power prevail and whenever power is unevenly distributed, reaching a consensus becomes increasingly challenging and further research should closely monitor the developments in pedagogy in the UK higher education.

Keywords: economic pressure, commodification, pedagogy, gamification, public service, marketization

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317 Preliminary Experience in Multiple Green Health Hospital Construction

Authors: Ming-Jyh Chen, Wen-Ming Huang, Yi-Chu Liu, Li-Hui Yang

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Introduction: Social responsibility is the key to sustainable organizational development. Under the ground Green Health Hospital Declaration signed by our superintendent, we have launched comprehensive energy conservation management in medical services, the community, and the staff’s life. To execute environment-friendly promotion with robust strategies, we build up a low-carbon medical system and community with smart green public construction promotion as well as intensifying energy conservation education and communication. Purpose/Methods: With the support of the board and the superintendent, we construct an energy management team, commencing with an environment-friendly system, management, education, and ISO 50001 energy management system; we have ameliorated energy performance and energy efficiency and continuing. Results: In the year 2021, we have achieved multiple goals. The energy management system efficiently controls diesel, natural gas, and electricity usage. About 5% of the consumption is saved when compared to the numbers from 2018 and 2021. Our company develops intelligent services and promotes various paperless electronic operations to provide people with a vibrant and environmentally friendly lifestyle. The goal is to save 68.6% on printing and photocopying by reducing 35.15 million sheets of paper yearly. We strengthen the concept of environmental protection classification among colleagues. In the past two years, the amount of resource recycling has reached more than 650 tons, and the resource recycling rate has reached 70%. The annual growth rate of waste recycling is about 28 metric tons. Conclusions: To build a green medical system with “high efficacy, high value, low carbon, low reliance,” energy stewardship, economic prosperity, and social responsibility are our principles when it comes to formulation of energy conservation management strategies, converting limited sources to efficient usage, developing clean energy, and continuing with sustainable energy.

Keywords: energy efficiency, environmental education, green hospital, sustainable development

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316 Optimization of Waste Plastic to Fuel Oil Plants' Deployment Using Mixed Integer Programming

Authors: David Muyise

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Mixed Integer Programming (MIP) is an approach that involves the optimization of a range of decision variables in order to minimize or maximize a particular objective function. The main objective of this study was to apply the MIP approach to optimize the deployment of waste plastic to fuel oil processing plants in Uganda. The processing plants are meant to reduce plastic pollution by pyrolyzing the waste plastic into a cleaner fuel that can be used to power diesel/paraffin engines, so as (1) to reduce the negative environmental impacts associated with plastic pollution and also (2) to curb down the energy gap by utilizing the fuel oil. A programming model was established and tested in two case study applications that are, small-scale applications in rural towns and large-scale deployment across major cities in the country. In order to design the supply chain, optimal decisions on the types of waste plastic to be processed, size, location and number of plants, and downstream fuel applications were concurrently made based on the payback period, investor requirements for capital cost and production cost of fuel and electricity. The model comprises qualitative data gathered from waste plastic pickers at landfills and potential investors, and quantitative data obtained from primary research. It was found out from the study that a distributed system is suitable for small rural towns, whereas a decentralized system is only suitable for big cities. Small towns of Kalagi, Mukono, Ishaka, and Jinja were found to be the ideal locations for the deployment of distributed processing systems, whereas Kampala, Mbarara, and Gulu cities were found to be the ideal locations initially utilize the decentralized pyrolysis technology system. We conclude that the model findings will be most important to investors, engineers, plant developers, and municipalities interested in waste plastic to fuel processing in Uganda and elsewhere in developing economy.

Keywords: mixed integer programming, fuel oil plants, optimisation of waste plastics, plastic pollution, pyrolyzing

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315 Analyzing Competition in Public Construction Projects

Authors: Khaled Hesham Hyari, Amjad Almani

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Construction projects in the public sector are commonly awarded through competitive bidding. In the last decade, the Construction projects environment in the Middle East went through many changes. These changes have been caused by different factors including the economic crisis, delays in monthly payments, international competition and reduced number of projects. These factors had a great impact on the bidding behaviors of contractors and their pricing strategies. This paper examines the competition characteristics in public construction projects through an analysis of bidding results of contractors in public construction projects over a period of 6 years (2006-2011) in Jordan. The analyzed projects include all categories of projects such as infrastructure, buildings, transportation and engineering services (design and supervision contracts). Data for the projects were obtained from the General Tender’s Directorate in Jordan and includes 462 projects. The analysis performed in this projects includes, studying the bid spread in all projects as it is an indication of the level of competition in the analyzed bids. The analysis studied the factors that affect bid spread such as number of bidders, Value of the project, Project category and years. It also studying the “Signal to Noise Ratio” in all projects as it is an indication of the accuracy of cost estimating performed by competing bidders and bidder´s evaluation of project risks. The analysis performed includes the relationship between signal to noise ratio and different parameters such as project category, number of bidders and changes over years. Moreover, the analysis includes determining the bidder´s aggressiveness in bidding as it is an indication of competition level in such projects. This was performed by determining the pack price which can be considered as the true value of the project and comparing it with the lowest bid submitted for each project to determine the level of aggressiveness in submitted bids. The analysis performed in this project should prove to be useful to owners in understanding bidding behaviors of contractors and pointing out areas that needs improvement in preparing bidding documents. Also the project should be useful to contractors in understanding the competitive bidding environment and should help them to improve their bidding strategies to maximize the success rate in obtaining contracts.

Keywords: construction projects, competitive bidding, public construction, competition

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314 A System Dynamics Approach for Assessing Policy Impacts on Closed-Loop Supply Chain Efficiency: A Case Study on Electric Vehicle Batteries

Authors: Guannan Ren, Thomas Mazzuchi, Shahram Sarkani

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Electric vehicle battery recycling has emerged as a critical process in the transition toward sustainable transportation. As the demand for electric vehicles continues to rise, so does the need to address the end-of-life management of their batteries. Electric vehicle battery recycling benefits resource recovery and supply chain stability by reclaiming valuable metals like lithium, cobalt, nickel, and graphite. The reclaimed materials can then be reintroduced into the battery manufacturing process, reducing the reliance on raw material extraction and the environmental impacts of waste. Current battery recycling rates are insufficient to meet the growing demands for raw materials. While significant progress has been made in electric vehicle battery recycling, many areas can still improve. Standardization of battery designs, increased collection and recycling infrastructures, and improved efficiency in recycling processes are essential for scaling up recycling efforts and maximizing material recovery. This work delves into key factors, such as regulatory frameworks, economic incentives, and technological processes, that influence the cost-effectiveness and efficiency of battery recycling systems. A system dynamics model that considers variables such as battery production rates, demand and price fluctuations, recycling infrastructure capacity, and the effectiveness of recycling processes is created to study how these variables are interconnected, forming feedback loops that affect the overall supply chain efficiency. Such a model can also help simulate the effects of stricter regulations on battery disposal, incentives for recycling, or investments in research and development for battery designs and advanced recycling technologies. By using the developed model, policymakers, industry stakeholders, and researchers may gain insights into the effects of applying different policies or process updates on electric vehicle battery recycling rates.

Keywords: environmental engineering, modeling and simulation, circular economy, sustainability, transportation science, policy

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313 Effects of Rising Cost of Building Materials in Nigeria: A Case Study of Adamawa State

Authors: Ibrahim Yerima Gwalem, Jamila Ahmed Buhari

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In recent years, there has been an alarming rate of increase in the costs of building materials in Nigeria, and this ugly phenomenon threatens the contributions of the construction industry in national development. The purpose of this study was to assess the effects of the rising cost of building materials in Adamawa State Nigeria. Four research questions in line with the purpose of the study were raised to guide the study. Two null hypotheses were formulated and tested at 0.05 level of significance. The study adopted a survey research design. The population of the study comprises registered contractors, registered builders, selected merchants, and consultants in Adamawa state. Data were collected using researcher designed instrument tagged effects of the rising cost of building materials questionnaire (ERCBMQ). The instrument was subjected to face and content validation by two experts, one from Modibbo Adama University of Technology Yola and the other from Federal Polytechnic Mubi. The reliability of the instrument was determined by the Cronbach Alpha method and yielded a reliability index of 0.85 high enough to ascertain the reliability. Data collected from a field survey of 2019 was analyzed using mean and percentage. The means of the prices were used in the calculations of price indices and rates of inflation on building materials. Findings revealed that factors responsible for the rising cost of building materials are the exchange rate of the Nigeria Naira with a mean rating (MR) = 4.4; cost of fuel and power supply, MR = 4.3; and changes in government policies and legislation, MR = 4.2, while fluctuations in the construction cost with MR = 2.8; reduced volume of construction output, MR = 2.52; and risk of project abandonment, MRA = 2.51, were the three effects. The study concluded that adverse effects could result in a downward effect on the contributions of the construction industries on the gross domestic product (GDP) in the nation’s economy. Among the recommendations proffered include that the government should formulate a policy that will play down the agitations on the use of imported building materials by encouraging research in the production of local building materials.

Keywords: effects, rising, cost, building, materials

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312 The Analysis of Drill Bit Optimization by the Application of New Electric Impulse Technology in Shallow Water Absheron Peninsula

Authors: Ayshan Gurbanova

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Despite based on the fact that drill bit which is the smallest part of bottom hole assembly costs only in between 10% and 15% of the total expenses made, they are the first equipment that is in contact with the formation itself. Hence, it is consequential to choose the appropriate type and dimension of drilling bit, which will prevent majority of problems by not demanding many tripping procedure. However, within the advance in technology, it is now seamless to be beneficial in the terms of many concepts such as subsequent time of operation, energy, expenditure, power and so forth. With the intention of applying the method to Azerbaijan, the field of Shallow Water Absheron Peninsula has been suggested, where the mainland has been located 15 km away from the wildcat wells, named as “NKX01”. It has the water depth of 22 m as indicated. In 2015 and 2016, the seismic survey analysis of 2D and 3D have been conducted in contract area as well as onshore shallow water depth locations. With the aim of indicating clear elucidation, soil stability, possible submersible dangerous scenarios, geohazards and bathymetry surveys have been carried out as well. Within the seismic analysis results, the exact location of exploration wells have been determined and along with this, the correct measurement decisions have been made to divide the land into three productive zones. In the term of the method, Electric Impulse Technology (EIT) is based on discharge energies of electricity within the corrosivity in rock. Take it simply, the highest value of voltages could be created in the less range of nano time, where it is sent to the rock through electrodes’ baring as demonstrated below. These electrodes- higher voltage powered and grounded are placed on the formation which could be obscured in liquid. With the design, it is more seamless to drill horizontal well based on the advantage of loose contact of formation. There is also no chance of worn ability as there are no combustion, mechanical power exist. In the case of energy, the usage of conventional drilling accounts for 1000 𝐽/𝑐𝑚3 , where this value accounts for between 100 and 200 𝐽/𝑐𝑚3 in EIT. Last but not the least, from the test analysis, it has been yielded that it achieves the value of ROP more than 2 𝑚/ℎ𝑟 throughout 15 days. Taking everything into consideration, it is such a fact that with the comparison of data analysis, this method is highly applicable to the fields of Azerbaijan.

Keywords: drilling, drill bit cost, efficiency, cost

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311 Life Cycle Assessment of Biogas Energy Production from a Small-Scale Wastewater Treatment Plant in Central Mexico

Authors: Joel Bonales, Venecia Solorzano, Carlos Garcia

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A great percentage of the wastewater generated in developing countries don’t receive any treatment, which leads to numerous environmental impacts. In response to this, a paradigm change in the current wastewater treatment model based on large scale plants towards a small and medium scale based model has been proposed. Nevertheless, small scale wastewater treatment (SS-WTTP) with novel technologies such as anaerobic digesters, as well as the utilization of derivative co-products such as biogas, still presents diverse environmental impacts which must be assessed. This study consisted in a Life Cycle Assessment (LCA) performed to a SS-WWTP which treats wastewater from a small commercial block in the city of Morelia, Mexico. The treatment performed in the SS-WWTP consists in anaerobic and aerobic digesters with a daily capacity of 5,040 L. Two different scenarios were analyzed: the current plant conditions and a hypothetical energy use of biogas obtained in situ. Furthermore, two different allocation criteria were applied: full impact allocation to the system’s main product (treated water) and substitution credits for replacing Mexican grid electricity (biogas) and clean water pumping (treated water). The results showed that the analyzed plant had bigger impacts than what has been reported in the bibliography in the basis of wastewater volume treated, which may imply that this plant is currently operating inefficiently. The evaluated impacts appeared to be focused in the aerobic digestion and electric generation phases due to the plant’s particular configuration. Additional findings prove that the allocation criteria applied is crucial for the interpretation of impacts and that that the energy use of the biogas obtained in this plant can help mitigate associated climate change impacts. It is concluded that SS-WTTP is a environmentally sound alternative for wastewater treatment from a systemic perspective. However, this type of studies must be careful in the selection of the allocation criteria and replaced products, since these factors have a great influence in the results of the assessment.

Keywords: biogas, life cycle assessment, small scale treatment, wastewater treatment

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310 The Presence of Investor Overconfidence in the South African Exchange Traded Fund Market

Authors: Damien Kunjal, Faeezah Peerbhai

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Despite the increasing popularity of exchange-traded funds (ETFs), ETF investment choices may not always be rational. Excess trading volume, misevaluations of securities, and excess return volatility present in financial markets can be attributed to the influence of the overconfidence bias. Whilst previous research has explored the overconfidence bias in stock markets; this study focuses on trading in ETF markets. Therefore, the objective of this study is to investigate the presence of investor overconfidence in the South African ETF market. Using vector autoregressive models, the lead-lag relationship between market turnover and the market return is examined for the market of South African ETFs tracking domestic benchmarks and for the market of South African ETFs tracking international benchmarks over the period November 2000 till August 2019. Consistent with the overconfidence hypothesis, a positive relationship between current market turnover and lagged market return is found for both markets, even after controlling for market volatility and cross-sectional dispersion. This relationship holds for both market and individual ETF turnover suggesting that investors are overconfident when trading in South African ETFs tracking domestic benchmarks and South African ETFs tracking international benchmarks since trading activity depends on past market returns. Additionally, using the global recession as a structural break, this study finds that investor overconfidence is more pronounced after the global recession suggesting that investors perceive ETFs as risk-reducing assets due to their diversification benefits. Overall, the results of this study indicate that the overconfidence bias has a significant influence on ETF investment choices, therefore, suggesting that the South African ETF market is inefficient since investors’ decisions are based on their biases. As a result, the effect of investor overconfidence can account for the difference between the fair value of ETFs and its current market price. This finding has implications for policymakers whose responsibility is to promote the efficiency of the South African ETF market as well as ETF investors and traders who trade in the South African ETF market.

Keywords: exchange-traded fund, market return, market turnover, overconfidence, trading activity

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309 Methodical Approach for the Integration of a Digital Factory Twin into the Industry 4.0 Processes

Authors: R. Hellmuth

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The orientation of flexibility and adaptability with regard to factory planning is at machine and process level. Factory buildings are not the focus of current research. Factory planning has the task of designing products, plants, processes, organization, areas and the construction of a factory. The adaptability of a factory can be divided into three types: spatial, organizational and technical adaptability. Spatial adaptability indicates the ability to expand and reduce the size of a factory. Here, the area-related breathing capacity plays the essential role. It mainly concerns the factory site, the plant layout and the production layout. The organizational ability to change enables the change and adaptation of organizational structures and processes. This includes structural and process organization as well as logistical processes and principles. New and reconfigurable operating resources, processes and factory buildings are referred to as technical adaptability. These three types of adaptability can be regarded independently of each other as undirected potentials of different characteristics. If there is a need for change, the types of changeability in the change process are combined to form a directed, complementary variable that makes change possible. When planning adaptability, importance must be attached to a balance between the types of adaptability. The vision of the intelligent factory building and the 'Internet of Things' presupposes the comprehensive digitalization of the spatial and technical environment. Through connectivity, the factory building must be empowered to support a company's value creation process by providing media such as light, electricity, heat, refrigeration, etc. In the future, communication with the surrounding factory building will take place on a digital or automated basis. In the area of industry 4.0, the function of the building envelope belongs to secondary or even tertiary processes, but these processes must also be included in the communication cycle. An integrative view of a continuous communication of primary, secondary and tertiary processes is currently not yet available and is being developed with the aid of methods in this research work. A comparison of the digital twin from the point of view of production and the factory building will be developed. Subsequently, a tool will be elaborated to classify digital twins from the perspective of data, degree of visualization, and the trades. Thus a contribution is made to better integrate the secondary and tertiary processes in a factory into the added value.

Keywords: adaptability, digital factory twin, factory planning, industry 4.0

Procedia PDF Downloads 133
308 Experimental Investigation of the Impact of Biosurfactants on Residual-Oil Recovery

Authors: S. V. Ukwungwu, A. J. Abbas, G. G. Nasr

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The increasing high price of natural gas and oil with attendant increase in energy demand on world markets in recent years has stimulated interest in recovering residual oil saturation across the globe. In order to meet the energy security, efforts have been made in developing new technologies of enhancing the recovery of oil and gas, utilizing techniques like CO2 flooding, water injection, hydraulic fracturing, surfactant flooding etc. Surfactant flooding however optimizes production but poses risk to the environment due to their toxic nature. Amongst proven records that have utilized other type of bacterial in producing biosurfactants for enhancing oil recovery, this research uses a technique to combine biosurfactants that will achieve a scale of EOR through lowering interfacial tension/contact angle. In this study, three biosurfactants were produced from three Bacillus species from freeze dried cultures using sucrose 3 % (w/v) as their carbon source. Two of these produced biosurfactants were screened with the TEMCO Pendant Drop Image Analysis for reduction in IFT and contact angle. Interfacial tension was greatly reduced from 56.95 mN.m-1 to 1.41 mN.m-1 when biosurfactants in cell-free culture (Bacillus licheniformis) were used compared to 4. 83mN.m-1 cell-free culture of Bacillus subtilis. As a result, cell-free culture of (Bacillus licheniformis) changes the wettability of the biosurfactant treatment for contact angle measurement to more water-wet as the angle decreased from 130.75o to 65.17o. The influence of microbial treatment on crushed rock samples was also observed by qualitative wettability experiments. Treated samples with biosurfactants remained in the aqueous phase, indicating a water-wet system. These results could prove that biosurfactants can effectively change the chemistry of the wetting conditions against diverse surfaces, providing a desirable condition for efficient oil transport in this way serving as a mechanism for EOR. The environmental friendly effect of biosurfactants applications for industrial purposes play important advantages over chemically synthesized surfactants, with various possible structures, low toxicity, eco-friendly and biodegradability.

Keywords: bacillus, biosurfactant, enhanced oil recovery, residual oil, wettability

Procedia PDF Downloads 262